Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-37775 |
Entity Registrant Name | Brookfield Business Partners L.P. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Entity Common Stock, Shares Outstanding | 74,612,503 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001654795 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Contact Personnel Name | Jane Sheere |
City Area Code | +441 |
Local Phone Number | 294-3309 |
New York Stock Exchange | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Limited Partnership Units |
Trading Symbol | BBU |
Security Exchange Name | NYSE |
Toronto Stock Exchange | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Limited Partnership Units |
Trading Symbol | BBU.UN |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte LLP |
Auditor Firm ID | 1208 |
Auditor Location | Toronto, Canada |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 2,870 | $ 2,588 |
Financial assets | 1,979 | 2,014 |
Accounts and other receivable, net | 6,401 | 4,945 |
Inventory, net | 5,186 | 4,512 |
Other assets | 1,876 | 1,359 |
Current Assets | 18,312 | 15,418 |
Non-Current Assets | ||
Financial assets | 10,929 | 6,536 |
Accounts and other receivable, net | 877 | 693 |
Other assets | 650 | 488 |
Property, plant and equipment | 15,893 | 15,325 |
Deferred income tax assets | 1,245 | 888 |
Intangible assets | 24,048 | 14,806 |
Equity accounted investments | 2,065 | 1,480 |
Goodwill | 15,479 | 8,585 |
Total assets | 89,498 | 64,219 |
Current Liabilities | ||
Accounts payable and other | 13,196 | 11,850 |
Non-recourse borrowings in subsidiaries of the partnership | 3,758 | 2,062 |
Current Liabilities | 16,954 | 13,912 |
Non-Current Liabilities | ||
Accounts payable and other | 7,433 | 7,786 |
Corporate borrowings | 2,100 | 1,619 |
Non-recourse borrowings in subsidiaries of the partnership | 40,835 | 25,395 |
Deferred income tax liabilities | 3,711 | 2,507 |
Total liabilities | 71,033 | 51,219 |
Equity | ||
Limited partners | 1,415 | 2,252 |
Non-controlling interests attributable to: | ||
Redemption-exchange units | 1,322 | 2,011 |
Special limited partners | 0 | 0 |
BBUC exchangeable shares | 1,383 | 0 |
Preferred securities | 1,490 | 15 |
Interest of others in operating subsidiaries | 12,855 | 8,722 |
Total equity | 18,465 | 13,000 |
Total liabilities and equity | $ 89,498 | $ 64,219 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 |
Direct operating costs | (53,102) | (43,151) | (34,630) |
General and administrative expenses | (1,372) | (1,012) | (968) |
Interest income (expense), net | (2,538) | (1,468) | (1,482) |
Equity accounted income (loss), net | 165 | 13 | 57 |
Impairment reversal (expense), net | 9 | (440) | (263) |
Gain (loss) on acquisitions/dispositions, net | 28 | ||
Other income (expense), net | (658) | (34) | 111 |
Income (loss) before income tax | 77 | 2,318 | 734 |
Income tax (expense) recovery | |||
Current | (458) | (536) | (284) |
Deferred | 736 | 371 | 130 |
Net income (loss) | 355 | 2,153 | 580 |
Attributable to: | |||
Limited partners | 55 | 258 | (91) |
Non-controlling interests attributable to: | |||
Redemption-exchange units | 49 | 228 | (78) |
Special limited partners | 0 | 157 | 0 |
BBUC exchangeable shares | 42 | 0 | 0 |
Preferred securities | 27 | 0 | 0 |
Interest of others in operating subsidiaries | 182 | 1,510 | 749 |
Net income (loss) | $ 355 | $ 2,153 | $ 580 |
Basic earnings (loss) per limited partner unit (in usd per share) | $ 0.73 | $ 3.28 | $ (1.13) |
Diluted earnings (loss) per limited partner unit (in usd per share) | $ 0.73 | $ 3.28 | $ (1.13) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) | $ 355 | $ 2,153 | $ 580 |
Items that may be reclassified subsequently to profit or loss: | |||
Fair value through other comprehensive income | (329) | (139) | 168 |
Foreign currency translation | (682) | (385) | 163 |
Net investment and cash flow hedges | 674 | 234 | (245) |
Equity accounted investments | 2 | (16) | 6 |
Taxes on the above items | (10) | 17 | (70) |
Reclassification to profit or loss | 55 | 52 | 85 |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (290) | (237) | 107 |
Items that will not be reclassified subsequently to profit or loss: | |||
Revaluation of pension obligations | 127 | 345 | (139) |
Fair value through other comprehensive income | (240) | 235 | 100 |
Taxes on the above items | 9 | (60) | 4 |
Total other comprehensive income (loss) | (394) | 283 | 72 |
Comprehensive income (loss) | (39) | 2,436 | 652 |
Attributable to: | |||
Limited partners | 4 | 322 | (55) |
Non-controlling interests attributable to: | |||
Redemption-exchange units | 2 | 285 | (47) |
Special limited partners | 0 | 157 | 0 |
BBUC exchangeable shares | (18) | 0 | 0 |
Preferred securities | 27 | 0 | 0 |
Interest of others in operating subsidiaries | (54) | 1,672 | 754 |
Comprehensive income (loss) | $ (39) | $ 2,436 | $ 652 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Limited partners | Redemption-exchange units | Special limited partner units | BBUC exchangeable shares | Capital Limited partners | Retained earnings Limited partners | Ownership changes Limited partners | Accumulated other comprehensive income (loss) Limited partners | [1] | Preferred securities | Interest of others in operating subsidiaries | |||||||
Beginning balance at Dec. 31, 2019 | $ 11,053 | $ 2,116 | $ 1,661 | $ 0 | $ 0 | $ 2,331 | $ (217) | $ 220 | $ (218) | $ 15 | $ 7,261 | ||||||||
Net income (loss) | 580 | (91) | (78) | (91) | 749 | ||||||||||||||
Other comprehensive income (loss) | 72 | 36 | 31 | 36 | 5 | ||||||||||||||
Comprehensive income (loss) | 652 | (55) | (47) | (91) | 36 | 754 | |||||||||||||
Contributions | 715 | 715 | |||||||||||||||||
Distributions | [2] | (1,262) | (20) | (17) | (20) | (1,225) | |||||||||||||
Ownership changes | [3] | 2 | (57) | (48) | 93 | (152) | 2 | 107 | |||||||||||
Unit repurchases | [2] | (56) | (56) | ||||||||||||||||
Acquisition of interest | [4] | 233 | 233 | ||||||||||||||||
Unit issuances, net of repurchases | [2] | (56) | |||||||||||||||||
Ending balance at Dec. 31, 2020 | 11,337 | 1,928 | 1,549 | 0 | 0 | 2,275 | (235) | 68 | (180) | 15 | 7,845 | ||||||||
Net income (loss) | 2,153 | 258 | 228 | 157 | 258 | 1,510 | |||||||||||||
Other comprehensive income (loss) | 283 | 64 | 57 | 64 | 162 | ||||||||||||||
Comprehensive income (loss) | 2,436 | 322 | 285 | 157 | 258 | 64 | 1,672 | ||||||||||||
Contributions | 1,094 | 0 | 1,094 | ||||||||||||||||
Distributions | [2] | (2,129) | (20) | (17) | (157) | (20) | (1,935) | ||||||||||||
Ownership changes | [3] | (1,740) | 105 | 194 | 60 | 82 | (37) | (2,039) | |||||||||||
Unit repurchases | [2] | (83) | (83) | (83) | |||||||||||||||
Acquisition of interest | [4] | 2,085 | 2,085 | ||||||||||||||||
Ending balance at Dec. 31, 2021 | 13,000 | 2,252 | 2,011 | 0 | 0 | 2,192 | 63 | 150 | (153) | 15 | 8,722 | ||||||||
Net income (loss) | 355 | 55 | 49 | 42 | 55 | 27 | 182 | ||||||||||||
Other comprehensive income (loss) | (394) | (51) | (47) | (60) | (51) | (236) | |||||||||||||
Comprehensive income (loss) | (39) | 4 | 2 | (18) | 55 | (51) | 27 | (54) | |||||||||||
Contributions | 3,262 | 1,475 | 1,787 | ||||||||||||||||
Distributions | [2] | (2,496) | (19) | (17) | (14) | (19) | (27) | (2,419) | |||||||||||
Ownership changes | 870 | [3] | (5) | [3] | 6 | [3] | (4) | 15 | [3] | (25) | [3] | 5 | [3] | 873 | [3] | ||||
Unit repurchases | [2] | (78) | (78) | (78) | |||||||||||||||
Issuance of BBUC exchangeable shares | 0 | [5] | (739) | [5] | (680) | [5] | 1,419 | (786) | [5] | 47 | [5] | ||||||||
Acquisition of interest | [4] | 3,946 | 3,946 | ||||||||||||||||
Unit issuances, net of repurchases | 1,475 | ||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 18,465 | $ 1,415 | $ 1,322 | $ 0 | $ 1,383 | $ 2,114 | $ 114 | $ (661) | $ (152) | $ 1,490 | $ 12,855 | ||||||||
[1]See Note 20 for additional information.[2]See Note 19 for additional information on distributions and Unit repurchases.[3]Includes gains or losses on changes in ownership interests of consolidated subsidiaries.[4]See Note 3 for additional information.[5]See Note 2 and Note 19 for additional information on BBUC exchangeable shares. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net income (loss) | $ 355 | $ 2,153 | $ 580 |
Adjusted for the following items: | |||
Equity accounted earnings, net of distributions | 2 | 76 | (17) |
Impairment reversal (expense), net | (9) | 440 | 263 |
Depreciation and amortization expense | 3,260 | 2,283 | 2,165 |
Gain on acquisitions/dispositions, net | (28) | (1,823) | (274) |
Provisions and other items | 430 | 77 | 282 |
Deferred income tax expense (recovery) | (736) | (371) | (130) |
Changes in non-cash working capital, net | (2,263) | (1,142) | 1,336 |
Cash from (used in) operating activities | 1,011 | 1,693 | 4,205 |
Financing Activities | |||
Proceeds from non-recourse subsidiary borrowings of the partnership | 24,366 | 10,758 | 4,357 |
Repayment of non-recourse subsidiary borrowings of the partnership | (10,946) | (5,031) | (5,069) |
Proceeds from corporate borrowings | 847 | 2,006 | 1,742 |
Repayment of corporate borrowings | (366) | (997) | (1,132) |
Proceeds from other financing | 214 | 144 | 174 |
Repayment of other financing | (126) | (130) | (111) |
Proceeds from (repayment of) other credit facilities, net | 44 | 343 | (520) |
Lease liability repayment | (356) | (264) | (229) |
Capital provided by others who have interests in operating subsidiaries | 5,719 | 3,667 | 841 |
Capital paid to others who have interests in operating subsidiaries | 0 | (1,336) | (56) |
Capital provided by preferred securities holders | 1,475 | 0 | 0 |
Partnership units repurchased | (78) | (83) | (56) |
Distributions to limited partners, Redemption-Exchange unitholders and BBUC exchangeable shareholders | (50) | (37) | (37) |
Distributions to preferred securities holders | 9 | 0 | 0 |
Distributions to Special LP Unitholder | (78) | (79) | 0 |
Distributions to others who have interests in operating subsidiaries | (2,586) | (1,898) | (981) |
Cash from (used in) financing activities | 18,070 | 7,063 | (1,077) |
Acquisitions | |||
Subsidiaries, net of cash acquired | (17,145) | (8,944) | 101 |
Property, plant and equipment and intangible assets | (1,748) | (1,450) | (1,405) |
Equity accounted investments | (134) | (6) | (446) |
Financial assets and other | (2,959) | (3,412) | (2,372) |
Dispositions | |||
Subsidiaries, net of cash disposed | 0 | 349 | 537 |
Property, plant and equipment and intangible assets | 181 | 124 | 41 |
Equity accounted investments | 1 | 327 | 0 |
Financial assets and other | 2,596 | 3,483 | 1,716 |
Net settlement of hedges | 411 | 27 | 179 |
Restricted cash and deposits | 76 | 576 | (685) |
Cash from (used in) investing activities | (18,721) | (8,926) | (2,334) |
Cash and cash equivalents | |||
Change during the period | 360 | (170) | 794 |
Impact of foreign exchange | (78) | 15 | (37) |
Balance, beginning of year | 2,588 | 2,743 | 1,986 |
Balance, end of year | $ 2,870 | $ 2,588 | $ 2,743 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ORGANIZATION AND DESCRIPTION OF THE BUSINESS Brookfield Business Partners L.P. and its subsidiaries (collectively, the “partnership”) is an owner and operator of business services and industrials operations (“the Business”) on a global basis. Brookfield Business Partners L.P. was established as a limited partnership under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as thereafter amended. Brookfield Corporation, formerly Brookfield Asset Management Inc. (“Brookfield Corporation” or together with its controlled subsidiaries, excluding the partnership, “Brookfield”) is the ultimate parent of the partnership. Brookfield Business Partners L.P.’s limited partnership units are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbols “BBU” and “BBU.UN”, respectively. The registered head office of Brookfield Business Partners L.P. is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. Brookfield Business Partners L.P.’s sole direct investment is a managing general partnership interest in Brookfield Business L.P. (the “Holding LP”), which holds the partnership’s interests in business services and industrial operations. The partnership’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP Units”) held by public unitholders and Brookfield, general partner units held by Brookfield (“GP Units”), redemption-exchange partnership units (“Redemption-Exchange Units”) in the Holding LP held by Brookfield, special limited partnership units (“Special LP Units”) in the Holding LP held by Brookfield and class A exchangeable subordinate voting shares (“BBUC exchangeable shares”) of Brookfield Business Corporation (“BBUC”), a consolidated subsidiary of the partnership, held by the public and Brookfield. Holders of the LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as “Unitholders”, unless the context indicates or requires otherwise. LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as “Units” unless the context indicates or requires otherwise. The partnership’s principal operations include business services operations, such as a residential mortgage insurer, healthcare services, construction operations and dealer software and technology services operations. The partnership’s principal industrial operations include advanced energy storage operations and engineered components manufacturing operations. The partnership’s operations also include infrastructure services which comprise nuclear technology services operations, offshore oil services operations, modular building leasing services operations and lottery services operations. The partnership’s operations are primarily located in Canada, Australia, the U.K., the United States, India and Brazil. Brookfield Business Corporation On March 15, 2022, the partnership completed a special distribution (the “special distribution”) whereby holders of LP Units and GP Units of record as of March 7, 2022 (the “Record Date”) received one BBUC exchangeable share for every two Units held. Immediately prior to the special distribution, the partnership received BBUC exchangeable shares through a distribution of BBUC exchangeable shares by the Holding LP (the “Holding LP Distribution”) to all of the holders of its equity units. As a result of the Holding LP Distribution, (i) Brookfield and its subsidiaries received approximately 35 million BBUC exchangeable shares and (ii) the partnership received approximately 38 million BBUC exchangeable shares, which it subsequently distributed to its unitholders pursuant to the special distribution. Immediately following the special distribution, (i) holders of LP Units, excluding Brookfield, held approximately 35.3% of the issued and outstanding BBUC exchangeable shares, (ii) Brookfield and its affiliates held approximately 64.7% of the issued and outstanding BBUC exchangeable shares, and (iii) a subsidiary of the partnership owned all of the issued and outstanding class B multiple voting shares, or class B shares, which represent a 75% voting interest in BBUC, and all of the issued and outstanding class C non-voting shares, or class C shares, of BBUC. The class C shares entitle the partnership to all of the residual value in BBUC after payment in full of the amount due to holders of BBUC exchangeable shares and class B shares. The partnership directly and indirectly controlled BBUC prior to the special distribution and continues to control BBUC subsequent to the special distribution through its interests in BBUC. The exchangeable shares are listed on the NYSE and the TSX under the symbol “BBUC”. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation These consolidated financial statements of the partnership and its subsidiaries (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. Certain comparative figures have been reclassified to conform to the current year’s presentation. The accounting policies and methodologies set out below have been applied consistently. Policies not effective for the current accounting period are described later in Note 2 (af), under Future changes in accounting policies. These consolidated financial statements were approved by the Board of Directors of the partnership’s general partner and authorized for issue on March 6, 2023. (b) Basis of consolidation The consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the partnership’s subsidiaries held by others and the Redemption-Exchange Units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. Brookfield Business Partners L.P., through its managing general partnership interest, is the managing general partner of the Holding LP, and thus controls the Holding LP. The partnership has entered into voting agreements with various affiliates of Brookfield whereby the partnership effectively obtains control of the subsidiaries with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of the Holding LP and its other subsidiaries. (c) Interests in other entities (i) Subsidiaries These consolidated financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about the partnership’s wholly-owned subsidiaries as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest Economic interest 2022 2021 2022 2021 Business services Real estate services Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction operations Multiplex Global Limited United Kingdom 100 % 100 % 100 % 100 % The following table presents details of material non-wholly owned subsidiaries of the partnership as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest (1) Economic interest 2022 2021 2022 2021 Business services Road fuels Greenergy Fuels Holding Limited England 88 % 89 % 18 % 18 % Healthcare services Healthscope Limited Australia 100 % 100 % 28 % 28 % Fleet management services Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Car rental services (2) Unidas Locadora S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurer Sagen MI Canada Inc. Canada 100 % 100 % 41 % 41 % Non-bank financial services IndoStar Capital Finance Limited India 56 % 57 % 20 % 20 % Technology services Everise Holdings Pte Ltd. Singapore 84 % 100 % 28 % 36 % Residential mortgage lender (2) La Trobe Financial Services Pty Limited Australia 100 % — % 40 % — % Dealer software and technology services (2)(3) CDK Global, Inc. United States 100 % — % 29 % — % Payment processing services (2) Magnati - Sole Proprietorship LLC United Arab Emirates 60 % — % 22 % — % Infrastructure services Nuclear technology services Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure L.P. United States 99 % 99 % 43 % 43 % Modular building leasing services Modulaire Investments 2 S.à r.l. Luxembourg 100 % 100 % 28 % 36 % Lottery services Scientific Games Corporation United States 100 % — % 36 % — % Industrials Water and wastewater BRK Ambiental Participações S.A. Brazil 70 % 70 % 26 % 26 % Returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Natural gas production Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Advanced energy storage Clarios Global LP United States 100 % 100 % 28 % 28 % Solar power solutions Aldo Componentes Eletrônicos LTDA Brazil 100 % 100 % 35 % 35 % Engineered components manufacturing (2) DexKo Global Inc. United States 100 % 100 % 34 % 35 % ____________________________________ (1) The partnership has entered into voting arrangements that provide the partnership with the ability to direct the relevant activities of the investee. The partnership controls these investees given that the partnership is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. The partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. The following were considered to determine whether the partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 3 for additional information. (3) The partnership’s economic interest after finalization of syndications to institutional partners is expected to be approximately 20%. (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures in the consolidated financial statements using the equity method. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the fair value of the investee’s identifiable assets and liabilities, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the fair value of the investee’s identifiable assets and liabilities, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership’s interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2 (l) . (d) Foreign currency translation The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the consolidated financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the exchange rate prevailing at the reporting date and non-monetary assets and liabilities are measured at their historic cost and translated at the exchange rate on the transaction date. Gains or losses on translation of these items are included in the consolidated statements of operating results. (e) Business combinations Business acquisitions, in which control is acquired, are accounted for using the acquisition method in accordance with IFRS 3, Business combinations (“IFRS 3”), other than those between entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed and equity instruments issued by the partnership in exchange for control of the acquiree. Transaction costs are recognized in the consolidated statements of operating results as incurred and included in other income (expense), net. Where applicable, the consideration for each acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as assets or liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently remeasured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control. The resulting gain or loss, if any, is recognized in the consolidated statements of operating results or consolidated statements of other comprehensive income (loss). Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income (loss) shall be recognized on the same basis as would be required if the partnership had disposed directly of the previously held equity interest. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree, if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, contingent liabilities and contingent assets (“IAS 37”), and the amount initially recognized less cumulative amortization recognized in accordance with IFRS 15, Revenue from contract with customers (“IFRS 15”), if applicable. (f) Cash and cash equivalents Cash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. (g) Accounts and other receivable, net Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. Accounts and other receivable, net also includes subrogation recoverable and deferred insurance policy acquisition costs from the partnership’s residential mortgage insurer which are accounted for as described in Note 2 (x) below. (h) Inventory, net Inventory, net, with the exception of certain fuel inventories, is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to quoted prices in an active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the consolidated statements of operating results in direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. (i) Renewable transport fuel obligations (“RTFO”) Under the U.K. government’s RTFO Order, which regulates biofuels used for transport and non-road mobile machinery, the partnership’s U.K. road fuel distribution service business is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statements of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. (j) Related party transactions In the normal course of operations, the partnership enters into various transactions with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. Related party transactions are further described in Note 25. (k) Property, plant and equipment, or PP&E PP&E, which includes right-of-use assets, is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Right-of-use assets Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 30 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production Depreciation on PP&E is calculated so as to recognize in the consolidated statements of operating results the net cost of each asset over its expected useful life to its estimated residual value. Buildings, machinery, equipment and vessels are depreciated over their expected useful lives on a straight-line basis. Right-of-use assets are depreciated over the period of the lease or estimated useful life, whichever is shorter, on a straight-line basis. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. Upon determination that proved and/or probable reserves exist and the technology to extract the resource economically exists, exploration and evaluation expenditures attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the units-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to the partnership’s mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the units-of-production method over the proven and probable reserves. As part of the aggregate production, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: (i) improved access to the ore body is probable; (ii) the component of the ore body can be accurately identified; and (iii) the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. (l) Asset impairment At each reporting date, the partnership assesses whether for assets, other than those measured at fair value with changes in fair value recorded in net income, there is any indication that such assets are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological progress. An impairment is recognized if the recoverable amount of the asset, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than its carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. (m) Intangible assets Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair values at the acquisition date. The partnership’s intangible assets comprise primarily water and sewage concession rights, brands and trademarks, computer software, customer relationships, and proprietary technology. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less any accumulated amortization and any accumulated impairment losses, on the same basis as intangible assets acquired separately. Finite life intangible assets are amortized on a straight-line basis over the following useful lives: Water and sewage concession rights Up to 40 years Brand and trademarks Up to 40 years Computer software Up to 10 years Customer relationships Up to 30 years Proprietary technology Up to 20 years Certain of the partnership’s intangible assets have an indefinite life, as described in Note 12, as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the partnership’s indefinite life intangible assets is recorded in the period in which the impairment is identified. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. Any impairment losses or subsequent reversals are recorded in the consolidated statements of operating results in impairment reversal (expense), net. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds, if any, and the carrying amount of the asset and are recognized in the consolidated statements of operating results in other income (expense), net when the asset is derecognized. (n) Goodwill Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the identifiable assets and liabilities acquired. Goodwill is allocated to the cash-generating unit or units to which it relates. The partnership identifies cash-generating units as identifiable groups of assets whose cash inflows are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment on an annual basis or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to impairment expense, net in the consolidated statements of operating results in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. (o) Revenues from contracts with customers Business services Construction services The partnership’s construction services business provides end-to-end design and development solutions under contracts with its customers. The partnership recognizes revenues on these contracts over a period of time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. As work is performed, a contract asset in the form of contracts in progress is recognized, which is reclassified to accounts receivable when invoiced to the customer. If payment is received in advance of work being completed, a contract liability is recognized. Refer to Note 16 for further information on contracts in progress balances. There is not considered to be a significant financing component in construction contracts as the period between the recognition of revenues under the cost-to-cost method and when payment is received is typically less than one year. IFRS 15 requires a highly probable criterion be met with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. Claims are accounted for as variable considerations only when it is highly probable that revenue will not reverse in the future. Revenues from contract modifications are treated as variable consideration when changes to the contract are approved by the customer but the price is not agreed or is not fixed. Road fuels operations Fees and related costs are recognized at a point in time when road fuels operations services are provided. Revenues from the sale of goods in the partnership’s road fuels operations represent net invoiced sales of fuel products and RTFO certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of consideration received. Revenues are recognized at the point that title passes to the customer. Healthcare services operations Revenues from contracts with customers are recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the partnership’s healthcare services is entitled to in exchange for those goods or services. The partnership’s healthcare services operations has concluded that it is the principal in its revenue arrangements as it typically controls the goods or services before transferring them to the customers. The partnership’s healthcare services operations has two types of performance obligations: hospital services and hospital management services. For hospital services, revenue for each surgical and non-surgical service provided to a patient is recognized over the period from admission of the patient to discharge. For hospital management services, revenue from management fee income is recognized in accordance with the relevant agreement. Dealer software and technology services operations The majority of revenue generated by the partnership’s dealer software and technology services operations is from contracts with multiple performance obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The partnership is required to develop its best estimate of standalone selling price for each distinct good or service as the basis for allocating the total transaction price. The primary method used to estimate standalone selling price is the adjusted market assessment approach, with some product categories using the expected cost plus a margin approach. The partnership’s dealer software and technology services operations primarily generates revenues from the provision of software and technology solutions for automotive retailers and OEMs, which includes: • Dealer Management Systems (“DMSs”) and layered applications, which may be installed on-site at the customer’s location, or hosted and provided on a software-as-a-service |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES When determining the basis of accounting for the partnership’s investees, the partnership evaluates the degree of influence that the partnership exerts directly or through an arrangement over the investees’ relevant activities. Control is obtained when the partnership has power over the acquired entities and an ability to use its power to affect the returns of these entities. The partnership accounts for business combinations using the acquisition method of accounting, pursuant to which the cost of acquiring a business is allocated to its identifiable tangible and intangible assets and liabilities on the basis of the estimated fair values at the date of acquisition. (a) Acquisitions completed in 2022 The following table summarizes the consideration transferred, assets acquired, liabilities assumed and non-controlling interests recognized at the applicable acquisition dates for significant acquisitions. The consideration transferred reflects the partnership’s equity contribution, debt raised alongside institutional partners to fund the acquisition, contingent and other non-cash consideration: (US$ MILLIONS) Business services Infrastructure services Industrials Total (1) Cash $ 10,317 $ 6,488 $ 661 $ 17,466 Contingent and other non-cash consideration 535 29 225 789 Total consideration $ 10,852 $ 6,517 $ 886 $ 18,255 Cash and cash equivalents $ 736 $ 76 $ 14 $ 826 Accounts receivable and other, net 521 461 31 1,013 Inventory, net 15 171 129 315 Property, plant and equipment 774 364 42 1,180 Intangible assets 5,718 4,373 348 10,439 Goodwill 5,569 1,492 363 7,424 Financial assets 4,543 4 — 4,547 Equity accounted investments and other assets 426 309 1 736 Accounts payable and other (1,460) (451) (42) (1,953) Non-recourse borrowings in subsidiaries of the partnership (4,543) — — (4,543) Deferred income tax liabilities (1,366) (282) — (1,648) Net assets acquired before non-controlling interests $ 10,933 $ 6,517 $ 886 $ 18,336 Non-controlling interests acquired (81) — — (81) Net assets acquired $ 10,852 $ 6,517 $ 886 $ 18,255 __________________________________________ (1) The fair values of acquired assets, assumed liabilities and goodwill for the acquisition have been determined on a preliminary basis at the end of the reporting period. Business services La Trobe Financial Services Pty Limited (“La Trobe”) On May 31, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in La Trobe, an Australian residential mortgage lender, for total consideration of $1.1 billion, funded with debt, equity, non-cash and contingent consideration. The partnership received 100% of the voting rights in La Trobe, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $392 million was recognized and represents the growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $646 million were acquired as part of the transaction, comprising management contract rights, mortgage broker channel, computer software and brand name. Other items include $4.5 billion of loans receivable, $4.5 billion of borrowings and $27 million of other net liabilities. Transaction costs of approximately $8 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $259 million and $17 million of net income attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $402 million and net income of $35 million attributable to Unitholders for the year ended December 31, 2022. CDK Global, Inc. (“CDK Global”) On July 6, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in CDK Global, a provider of technology services and software solutions to automotive dealers. Total consideration was $8.3 billion, funded with debt and equity. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $4.6 billion was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $4.8 billion were acquired as part of the transaction, comprising customer relationships, trademarks and developed technology. Other items included $301 million of cash and cash equivalents, $375 million of accounts receivable and other, $953 million of accounts payable and other, $1.1 billion of deferred tax liabilities and $361 million of other net assets. Transaction costs of approximately $15 million were recorded as other expenses in the consolidated statements of operating results. Non-controlling interests of $81 million were recognized and measured at fair value. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $889 million and $42 million of net loss attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $1.8 billion and a net loss of $107 million attributable to Unitholders for the year ended December 31, 2022. Magnati - Sole Proprietorship LLC (“Magnati”) On August 8, 2022, the partnership, together with institutional partners, acquired a 60% economic interest in Magnati, a technology-enabled services provider in the payment processing space. Total consideration for the business was $763 million, funded with debt and equity and included contingent consideration payable to the former shareholder if certain performance targets are met and non-cash consideration from the former shareholder for retention of their 40% economic interest. The partnership received 60% of the voting rights in Magnati, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $500 million was recognized and represents the growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $226 million were acquired as part of the transaction, comprising customer relationships, trade name and service contracts. Other items include $345 million of financial assets and $308 million of other net liabilities. Transaction costs of approximately $3 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $59 million and $3 million of net income attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $127 million and a net income of $8 million attributable to Unitholders for the year ended December 31, 2022. Unidas Locadora S.A. (“Unidas”) On October 1, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in Unidas, a leading full-service car rental business in Brazil. Total consideration was $726 million, funded with debt, equity, non-cash and contingent consideration. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $98 million was recognized and represents growth the partnership expects to experience from the operations. Other items include $664 million of property, plant and equipment primarily related to the fleet of rental cars and $36 million of other net liabilities. Transaction costs of approximately $1 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $105 million and $2 million of net loss attributable to Unitholders from the acquisition. Infrastructure services Scientific Games, LLC (“Scientific Games”) On April 4, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in Scientific Games, a service provider to government-sponsored lottery programs with capabilities in game design, distribution, systems and terminals and turnkey technology solutions. Total consideration was $5.8 billion, comprising debt and equity. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $1.2 billion was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $4.0 billion were acquired as part of the transaction which primarily comprised customer relationships, brand names and software. Other items include $562 million of other net assets. Transaction costs of approximately $16 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $832 million and $32 million of net loss attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $1.1 billion and net loss of $30 million attributable to Unitholders for the year ended December 31, 2022. BHI Energy, Inc. (“BHI Energy”) On May 27, 2022, the partnership’s nuclear technology services operations acquired a 100% economic interest in BHI Energy for total consideration of $737 million. The partnership received 100% of the voting rights through its nuclear technology services operations, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $257 million was recognized, of which $68 million was deductible for tax purposes and represents growth the partnership’s nuclear technology services operations expect to experience from the operations. Intangible assets of $390 million were acquired as part of the transaction, comprising customer relationships and brand names. Other items include $90 million of other net assets. Transaction costs of approximately $8 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $649 million and $17 million of net loss attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $1.1 billion and net loss of $20 million attributable to Unitholders for the year ended December 31, 2022. Industrials TexTrail Inc. (“TexTrail”) On October 5, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in TexTrail, a leading distributor of axles and trailer components. Total consideration was $886 million, funded with debt and equity. The partnership received 100% of the voting rights through its engineered components manufacturing operations, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $363 million was recognized, of which $278 million was deductible for tax purposes and represents growth the partnership expects to experience from the operations. Intangible assets of $348 million were acquired as part of the transaction which primarily comprised customer relationships, trade names and trademarks. Other items include $175 million of other net assets. Transaction costs of approximately $6 million were recorded as other expenses in the consolidated statements of operating results. The partnership’s results from operations for the period ended December 31, 2022 include revenues of $73 million and $7 million of net loss attributable to Unitholders from the acquisition. If the acquisition had been effective January 1, 2022, the partnership would have recorded revenues of $382 million and net income of $9 million attributable to Unitholders for the year ended December 31, 2022. (b) Acquisitions completed in 2021 The following table summarizes the consideration transferred, assets acquired, liabilities assumed and non-controlling interests recognized at the applicable acquisition dates for significant acquisitions. The consideration transferred reflects the partnership’s equity contribution, debt raised alongside institutional partners to fund the acquisition, contingent consideration and other non-cash consideration: (US$ MILLIONS) Business services Infrastructure services Industrials Total Cash $ 219 $ 4,806 $ 4,040 $ 9,065 Contingent and other non-cash consideration 63 19 358 440 Total consideration $ 282 $ 4,825 $ 4,398 $ 9,505 Cash and cash equivalents $ 11 $ 100 $ 165 $ 276 Accounts receivable and other, net 52 412 304 768 Inventory, net — 104 484 588 Property, plant and equipment 56 1,967 467 2,490 Intangible assets 84 1,941 2,509 4,534 Goodwill 290 1,759 1,821 3,870 Equity accounted investments and other assets 9 5 28 42 Accounts payable and other (96) (846) (769) (1,711) Non-recourse borrowings in subsidiaries of the partnership (103) (27) (2) (132) Deferred income tax liabilities (21) (590) (599) (1,210) Net assets acquired before non-controlling interests $ 282 $ 4,825 $ 4,408 $ 9,515 Non-controlling interests acquired — — (10) (10) Net assets acquired $ 282 $ 4,825 $ 4,398 $ 9,505 Business services Everise Holdings Pte Ltd. (“Everise”) On January 8, 2021, the partnership, together with institutional partners, acquired a 100% economic interest in Everise, a customer management solutions provider that specializes in managing customer interactions for large global healthcare and technology clients primarily based in the U.S. Total consideration was $282 million, funded with equity, and included contingent consideration payable to former shareholders if certain performance targets are met. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. The acquisition contributed $84 million of intangible assets, $103 million of non-recourse borrowings and $11 million of other net assets. Goodwill of $290 million was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Transaction costs of $7 million were recorded as other expenses in the 2021 consolidated statements of operating results. Industrials Aldo Componentes Eletrônicos LTDA (“Aldo”) On August 31, 2021, the partnership, together with institutional partners, acquired a 100% economic interest in Aldo, a leading distributor of solar power solutions for the distributed generation market in Brazil. Total consideration was $623 million, funded with equity and included contingent consideration payable to former shareholder if certain performance targets are met. The determination of the final settlement amount ranges from $nil to $340 million. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. The acquisition contributed $297 million of intangible assets, $59 million of cash and cash equivalents, $48 million of inventory, $100 million of deferred tax liabilities and other net liabilities of $100 million. Goodwill of $419 million was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized is not deductible for income tax purposes. DexKo Global Inc. (“DexKo”) On October 4, 2021, the partnership, together with institutional partners, acquired a 100% economic interest in DexKo, a leading global manufacturer of highly engineered components primarily for industrial trailers and other towable-equipment providers and a related acquisition shortly thereafter that was not significant to the partnership. Total consideration was $3.8 billion, funded with debt and equity and included contingent consideration payable to former shareholders related to the realization of tax savings from the utilization of certain tax deductions which arose in connection with the acquisition. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. Goodwill of $1.4 billion was recognized and represents the growth the partnership expects to experience from the integration of the operations. The goodwill recognized is not deductible for income tax purposes. Intangible assets of $2.2 billion were acquired as part of the transaction, primarily comprised customer relationships, proprietary technology and patents and trademarks. Transaction costs of approximately $9 million were recorded as other expenses in the 2021 consolidated statements of operating results. Non-controlling interests of $10 million were recognized and measured at fair value. Infrastructure services Modulaire Investments 2 S.à r.l. (“Modulaire”) On December 15, 2021, the partnership, together with institutional partners, acquired a 100% economic interest in Modulaire, a provider of modular building leasing services in Europe and Asia-Pacific. Total consideration was $4.8 billion, funded with equity, debt and non-cash consideration. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate, for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs when available. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, the partnership looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates and price and rate volatility as applicable. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,870 $ 2,870 Accounts and other receivable, net (current and non-current) — — 7,278 7,278 Other assets (current and non-current) (1) — — 469 469 Financial assets (current and non-current) (2) 960 5,585 6,363 12,908 Total (3) $ 960 $ 5,585 $ 16,980 $ 23,525 Financial liabilities Accounts payable and other (current and non-current) (2) (4) $ 818 $ 223 $ 11,752 $ 12,793 Borrowings (current and non-current) — — 46,693 46,693 Total $ 818 $ 223 $ 58,445 $ 59,486 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs, assets held for sale and other assets of $2,057 million. (2) FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $5,626 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,836 million. Included in cash and cash equivalents as at December 31, 2022 was $2,229 million of cash (2021: $2,180 million) and $641 million of cash equivalents (2021: $408 million). Included in financial assets (current and non-current) as at December 31, 2022 was $1,136 million (2021: $1,369 million) of equity instruments and $4,031 million (2021: $4,697 million) of debt instruments designated as measured at fair value through other comprehensive income. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2021: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,588 $ 2,588 Accounts and other receivable, net (current and non-current) — — 5,638 5,638 Other assets (current and non-current) (1) — — 478 478 Financial assets (current and non-current) (2) 518 6,243 1,789 8,550 Total (3) $ 518 $ 6,243 $ 10,493 $ 17,254 Financial liabilities Accounts payable and other (current and non-current) (4) $ 640 $ 220 $ 10,847 $ 11,707 Borrowings (current and non-current) — — 29,076 29,076 Total $ 640 $ 220 $ 39,923 $ 40,783 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million. (2) FVOCI includes $176 million of derivative assets and $220 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Total financial assets include $5,200 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,929 million. (a) Hedging activities Derivative instruments not designated in a hedging relationship are classified as FVTPL, with changes in fair value recognized in the consolidated statements of operating results. Net Investment hedge The partnership uses foreign exchange contracts and foreign currency denominated debt instruments to manage foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2022, a pre-tax net gain of $298 million (2021: net gain of $146 million, 2020: net loss of $34 million) was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2022, there was a derivative asset balance of $29 million (2021: $87 million) and derivative liability balance of $101 million (2021: $58 million) relating to derivative contracts designated as net investment hedges. Cash Flow hedge The partnership uses commodity swap contracts to hedge the sale price of its natural gas contracts, and the purchase price of oil, lead, polypropylene, tin, and uses foreign exchange contracts and option contracts to hedge highly probable future transactions, and interest rate contracts to hedge the cash flows on its floating rate borrowings. For the year ended December 31, 2022, a pre-tax net gain of $376 million (2021: net gain of $88 million, 2020: net loss of $216 million) was recorded in other comprehensive income for the effective portion of cash flow hedges. As at December 31, 2022, there was a derivative asset balance of $389 million (2021: $89 million) and derivative liability balance of $122 million (2021: $162 million) relating to derivative contracts designated as cash flow hedges. (b) Fair value hierarchical levels - financial instruments Level 3 assets and liabilities measured at fair value on a recurring basis include $692 million (2021: $297 million) of financial assets and $589 million (2021: $498 million) of financial liabilities, which are measured at fair value using valuation inputs based on management’s best estimates. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2022 and 2021: 2022 2021 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 736 $ — $ — $ 865 $ — $ — Corporate and government bonds 91 3,266 — 43 3,956 — Derivative assets 12 628 — 2 300 — Other financial assets (1) 429 691 692 586 712 297 $ 1,268 $ 4,585 $ 692 $ 1,496 $ 4,968 $ 297 Financial liabilities Derivative liabilities $ 7 $ 445 $ 17 $ 14 $ 348 $ 19 Other financial liabilities (2) — — 572 — — 479 $ 7 $ 445 $ 589 $ 14 $ 348 $ 498 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and preferred shares. Level 1 other financial assets are primarily publicly traded preferred shares and mutual funds. Level 2 other financial assets are primarily asset backed securities. Level 3 financial assets are primarily secured debentures and non-listed debt instruments. (2) Includes $544 million (2021: $411 million) of contingent consideration payable between 2023 and 2024 in relation to the acquisition of subsidiaries. Refer to Note 3 for further information. There were no transfers between levels during the year ended December 31, 2022. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) and key input(s) Corporate and government bonds $ 3,266 $ 3,956 Fair value of bonds is obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 628 $ 300 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 691 $ 712 Other financial assets primarily represent amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 445 $ 348 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. The fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining unobservable inputs, the partnership uses internally developed information, external research, and observable market data, as applicable, in order to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of material Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 84 $ 144 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 193 $ 143 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - debt instruments measured at FVTPL $ 415 $ 10 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial liabilities - contingent consideration $ 544 $ 411 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 297 $ 341 Fair value change recorded in net income (9) (5) Fair value change recorded in other comprehensive income (5) 17 Additions 523 121 Disposals (111) (172) Foreign currency translation and other (3) (5) Balance at end of period $ 692 $ 297 The following table presents the change in the balance of financial liabilities classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 498 $ 11 Fair value change recorded in net income 12 3 Additions 408 510 Disposals/settlements (356) (5) Foreign currency translation and other 27 (21) Balance at end of period $ 589 $ 498 Securities lending The partnership’s residential mortgage insurance business participates in a securities lending program through an intermediary that is a financial institution for the purpose of generating fee income. Non-cash collateral, in the form of U.S. or Canadian government securities, which is equal to at least 105% of the fair value of the loaned securities, is retained by the partnership until the underlying securities have been returned. In addition to earning fee income under the securities lending program, interest, dividends and other income generated by the loaned securities continues to be earned while the securities are in the possession of counterparties. As at December 31, 2022, the partnership had $502 million (2021: $450 million) of financial assets loaned under its securities lending program. The partnership has accepted eligible securities as collateral with a fair value of $531 million (2021: $472 million). |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCIAL ASSETS | FINANCIAL ASSETS (US$ MILLIONS) 2022 2021 Current Marketable securities $ 1,227 $ 1,262 Restricted cash 214 224 Derivative assets 133 179 Loans and notes receivable 257 211 Other financial assets (1) 148 138 Total current $ 1,979 $ 2,014 Non-current Marketable securities $ 2,682 $ 3,601 Restricted cash 245 297 Derivative assets 507 123 Loans and notes receivable (2) 5,500 936 Other financial assets (1) 1,995 1,579 Total non-current $ 10,929 $ 6,536 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and convertible preferred shares. (2) The increase in loans and notes receivable from December 31, 2021 is primarily attributable to the acquisition of the partnership’s Australian residential mortgage lender, which accounted for $4,866 million of the change. |
ACCOUNTS AND OTHER RECEIVABLE,
ACCOUNTS AND OTHER RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLE, NET (US$ MILLIONS) 2022 2021 Current, net $ 6,401 $ 4,945 Non-current, net Accounts receivable 126 60 Retainer on customer contract 70 61 Billing rights 681 572 Total non-current, net $ 877 $ 693 Total $ 7,278 $ 5,638 Non-current billing rights primarily represent unbilled rights from the partnership’s water and wastewater operations in Brazil from revenues earned from the construction of public concession contracts classified as financial assets, which are recognized when there is an unconditional right to receive cash or other financial assets from the concession authority for the construction services. The partnership’s construction operations has a retention balance, which comprises amounts that have been earned but held back until the satisfaction of certain conditions specified in the contract. The retention balance included in current accounts and other receivable, net as at December 31, 2022 was $142 million ( 2021 : $231 million). The following table summarizes the change in the loss allowance for bad debts on accounts and other receivables for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Loss allowance - beginning $ 157 $ 156 Add: increase in allowance 85 54 Deduct: bad debt write-offs (79) (47) Foreign currency translation and other (1) (6) Loss allowance - ending $ 162 $ 157 |
INVENTORY, NET
INVENTORY, NET | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORY, NET | INVENTORY, NET (US$ MILLIONS) 2022 2021 Raw materials and consumables $ 1,485 $ 1,340 Fuel products (1) 850 727 Work in progress 778 723 RTFO certificates 415 391 Finished goods and other (2) 1,658 1,331 Carrying amount of inventories $ 5,186 $ 4,512 ____________________________________ (1) Fuel products that are traded in active markets are purchased with a view to resell in the near future. As a result, these stocks of fuel products are recorded at fair value based on quoted market prices. (2) Finished goods and other are primarily composed of finished goods inventory in the infrastructure services and industrials segments. The following table summarizes the change in the inventory obsolescence provision for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Inventory obsolescence provision - beginning $ 69 $ 55 Add: increase in provision 29 35 Deduct: inventory obsolescence write-off (31) (20) Impact of foreign exchange — (1) Inventory obsolescence provision - ending $ 67 $ 69 |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2022 | |
Disposals Of Non-current Assets [Abstract] | |
DISPOSITIONS | DISPOSITIONS (a) Dispositions completed in 2022 Industrials – Public securities For the year ended December 31, 2022, the partnership recognized a pre-tax gain of $19 million (2021: $1,823 million, 2020: $274 million) in the consolidated statements of operating results in gain (loss) on acquisitions/dispositions, net from the partial disposition of the partnership’s public securities. Business Services – Digital cloud services operations In December 2022, the partnership completed the sale of its digital cloud services business for gross proceeds of approximately $13 million, resulting in a $9 million pre-tax gain recorded in the consolidated statements of operating results in gain (loss) on acquisitions/dispositions, net. (b) Dispositions completed in 2021 Industrials – Graphite electrode operations On January 14, 2021, the partnership, together with institutional partners, sold 20 million common shares of its graphite electrode operations as part of a block trade transaction for total proceeds of $214 million. The transaction decreased the partnership’s voting interest in the investment to 48% but did not result in a loss of control. The partnership recorded a pre-tax gain of $239 million in the consolidated statements of changes in equity, of which $82 million was attributable to the partnership. On March 1, 2021, the partnership, together with institutional partners, sold an additional 30 million common shares of its graphite electrode operations as part of a block trade for total proceeds of $350 million, which decreased the partnership’s voting interest to 37% and resulted in the deconsolidation of its investment. The partnership retained significant influence and continued to account for its 13% economic ownership in the investment using the equity method. As a result of the loss of control, a pre-tax gain of $1,764 million was recorded in the consolidated statements of operating results. The partnership’s share of the total pre-tax gain recorded in gain (loss) on acquisitions/dispositions was $609 million. The gain on deconsolidation was calculated as the fair value of the interest retained by the partnership, together with institutional partners, in shares of the investment, cash proceeds received on the sale of shares to third parties, net of the derecognition of net assets and non-controlling interests in the graphite electrode operations. In May 2021, the partnership sold 11.3 million common shares of its graphite electrode operations through two block trade transactions for pre-tax proceeds of approximately $150 million. The transactions decreased the partnership’s economic ownership to 8%. The partnership recorded a pre-tax gain of $5 million in the consolidated statements of operating results. Industrials – Public securities The partnership recognized a pre-tax gain of $41 million in the first quarter of 2021 from the partial disposition the partnership’s public securities. The prior period unrealized fair value changes related to these securities were recorded in other income (expense), net in the consolidated statements of operating results. (c) Dispositions completed in 2020 Business services – Cold storage logistics business In January 2020, the partnership completed the sale of its cold storage logistics business for gross proceeds of approximately $255 million, resulting in a $186 million pre-tax gain recognized by the partnership. Business services – New Zealand pathology business In November 2020, the partnership’s healthcare service operations completed the sale of its New Zealand pathology business for gross proceeds of $390 million, resulting in a $55 million pre-tax gain recognized by the partnership. Industrials – Public securities In November and December 2020, the partnership recognized a pre-tax gain of $40 million from the partial disposition of the partnership’s public securities. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER ASSETS | OTHER ASSETS (US$ MILLIONS) 2022 2021 Current Work in progress (1) $ 469 $ 478 Prepayments and other assets 1,057 872 Assets held for sale 350 9 Total current $ 1,876 $ 1,359 Non-current Prepayments and other assets $ 650 $ 488 Total non-current $ 650 $ 488 ____________________________________ (1) See Note 16 for additional information. |
NON-WHOLLY OWNED SUBSIDIARIES
NON-WHOLLY OWNED SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Interests In Other Entities [Abstract] | |
NON-WHOLLY OWNED SUBSIDIARIES | NON-WHOLLY OWNED SUBSIDIARIES The following tables present the gross assets and liabilities as at December 31, 2022 and 2021 as well as gross amounts of revenues, net income (loss), other comprehensive income (loss) and distributions for the years ended December 31, 2022, 2021 and 2020 from the partnership’s investments in material non-wholly owned subsidiaries: Year ended December 31, 2022 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 5,847 $ 29,186 $ 7,405 $ 18,831 $ 31,592 $ 312 $ (407) $ 162 $ (1,122) $ 6,010 Infrastructure services 3,739 18,360 4,277 14,031 7,516 (30) 128 (53) (1,083) 2,474 Industrials 5,439 20,773 3,540 17,385 14,448 202 76 112 (44) 3,642 Total $ 15,025 $ 68,319 $ 15,222 $ 50,247 $ 53,556 $ 484 $ (203) $ 221 $ (2,249) $ 12,126 Year ended December 31, 2021 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,223 $ 13,275 $ 5,301 $ 7,153 $ 26,162 $ 526 $ (71) $ 351 $ (821) $ 3,257 Infrastructure services 2,918 13,096 3,224 10,642 4,458 (294) 274 (179) (74) 1,296 Industrials 5,705 20,799 3,669 17,598 12,139 1,820 (81) 1,238 (728) 3,513 Total $ 12,846 $ 47,170 $ 12,194 $ 35,393 $ 42,759 $ 2,052 $ 122 $ 1,410 $ (1,623) $ 8,066 Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Revenues Net income (loss) OCI Business services $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 4,399 (281) (120) (161) (249) 355 Industrials 10,652 3 (360) 144 (324) 2,746 Total $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 6,010 $ 3,257 Infrastructure services 2,474 1,296 Industrials 3,642 3,513 Total non-controlling interests in material non-wholly owned subsidiaries $ 12,126 $ 8,066 Total individually immaterial non-controlling interests balance 729 656 Total non-controlling interests $ 12,855 $ 8,722 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Right-of-use assets Total Gross carrying amount Balance at January 1, 2021 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Additions (cash and non-cash) — 181 799 208 57 174 1,419 Dispositions (1) (44) (99) (838) (61) (46) (85) (1,173) Acquisitions through business combinations (2) 105 157 1,862 — 28 366 2,518 Transfers and assets reclassified as held for sale (3) (36) 11 (39) (121) 4 42 (139) Foreign currency translation and other (4) (15) (154) (170) — 51 1 (287) Balance at December 31, 2021 $ 392 $ 4,367 $ 7,206 $ 4,197 $ 2,025 $ 2,155 $ 20,342 Additions (cash and non-cash) 2 257 1,389 120 66 276 2,110 Dispositions (10) (24) (304) — (9) (119) (466) Acquisitions through business combinations (2) 23 66 982 — 39 131 1,241 Transfers and assets reclassified as held for sale (3) (36) 19 (78) (182) — (10) (287) Foreign currency translation and other (4) (5) (413) (293) — (122) (127) (960) Balances at December 31, 2022 $ 366 $ 4,272 $ 8,902 $ 4,135 $ 1,999 $ 2,306 $ 21,980 Accumulated depreciation and impairment Balance at January 1, 2021 $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Depreciation/depletion/impairment expense — (206) (711) (431) (69) (263) (1,680) Dispositions (1) — 26 399 46 29 53 553 Transfers and assets reclassified as held for sale (3) — (23) 24 106 — (4) 103 Foreign currency translation and other — (41) 68 — (13) 15 29 Balances at December 31, 2021 $ — $ (437) $ (1,665) $ (1,339) $ (972) $ (604) $ (5,017) Depreciation/depletion/impairment expense — (147) (945) (277) 81 (338) (1,626) Dispositions — 21 129 — 7 88 245 Transfers and assets reclassified as held for sale (2) — — 32 116 — 1 149 Foreign currency translation and other — 20 54 — 51 37 162 Balance at December 31, 2022 $ — $ (543) $ (2,395) $ (1,500) $ (833) $ (816) $ (6,087) Net book value December 31, 2021 $ 392 $ 3,930 $ 5,541 $ 2,858 $ 1,053 $ 1,551 $ 15,325 December 31, 2022 $ 366 $ 3,729 $ 6,507 $ 2,635 $ 1,166 $ 1,490 $ 15,893 ____________________________________ (1) During the first quarter of 2021, the partnership derecognized $505 million of property, plant and equipment, net of accumulated amortization related to the deconsolidation of the partnership’s graphite electrode operations on March 1, 2021. Refer to Note 8 for additional information. (2) See Note 3 for additional information. (3) See Note 9 for additional information. (4) Includes a decrease of $194 million (2021: increase of $11 million) in capitalized costs associated with decommissioning certain assets primarily at the partnership’s nuclear technology services operations as a result of updates to the discount rate used. During the year ended December 31, 2022, the partnership recorded $223 million of impairment reversals primarily related to the partnership’s natural gas production operations as a result of a change in estimate of future natural gas prices and $86 million of impairment expense primarily related to machinery and equipment at the partnerships’ road fuels operations. The right-of-use assets and assets subject to operating leases in which the partnership is a lessor by class of underlying asset as at December 31, 2022 and the depreciation/impairment expense of right-of-use assets by class of underlying asset for the year ended December 31, 2022 are outlined below: Year ended December 31, 2022 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 107 $ 866 $ 467 $ — $ 50 $ 1,490 Depreciation/impairment expense (12) (160) (132) (12) (22) (338) Lessor Assets subject to operating leases 1 25 2,198 2,329 — 4,553 Year ended December 31, 2021 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 113 $ 809 $ 565 $ 11 $ 53 $ 1,551 Depreciation/impairment expense — (150) (88) (12) (13) (263) Lessor Assets subject to operating leases 1 20 2,095 2,437 — 4,553 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software and proprietary technology Brands and trademarks (3) Other Total Gross carrying amount Balance at January 1, 2021 $ 2,035 $ 5,842 $ 3,058 $ 1,181 $ 758 $ 12,874 Additions 165 — 103 4 50 322 Acquisitions through business combinations (1) — 3,028 588 916 4 4,536 Dispositions — (64) (66) (23) (2) (155) Foreign currency translation (146) (187) 6 (99) (23) (449) Balance at December 31, 2021 $ 2,054 $ 8,619 $ 3,689 $ 1,979 $ 787 $ 17,128 Additions 256 — 204 4 78 542 Acquisitions through business combinations (1) — 7,495 952 1,445 689 10,581 Dispositions (1) — (5) — (9) (15) Assets reclassified as held for sale (2) (19) (140) — — — (159) Foreign currency translation 142 (256) (86) (41) (52) (293) Balance at December 31, 2022 $ 2,432 $ 15,718 $ 4,754 $ 3,387 $ 1,493 $ 27,784 Accumulated amortization and impairment Balance at January 1, 2021 $ (181) $ (748) $ (497) $ (79) $ (108) $ (1,613) Amortization and impairment expense (71) (420) (241) (30) (79) (841) Dispositions — 25 1 47 — 73 Foreign currency translation 15 50 3 (5) (4) 59 Balances at December 31, 2021 $ (237) $ (1,093) $ (734) $ (67) $ (191) $ (2,322) Amortization and impairment expense (96) (879) (375) (68) (85) (1,503) Dispositions 2 — 4 — 1 7 Assets reclassified as held for sale (2) 10 19 — — — 29 Foreign currency translation (16) 37 6 13 13 53 Balance at December 31, 2022 $ (337) $ (1,916) $ (1,099) $ (122) $ (262) $ (3,736) Net book value December 31, 2021 $ 1,817 $ 7,526 $ 2,955 $ 1,912 $ 596 $ 14,806 December 31, 2022 $ 2,095 $ 13,802 $ 3,655 $ 3,265 $ 1,231 $ 24,048 ____________________________________ (1) See Note 3 for additional information. (2) See Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $2,425 million (2021: $1,470 million) primarily in the partnership’s infrastructure services and industrials segments. The terms and conditions of the water and sewage concession agreements, including fees that can be charged to the users and the duties to be performed by the operator, are regulated by various grantors, the majority of which are municipal governments across Brazil. The concession agreements provide the operator the right to charge fees to users using the services of the operator over the term of the concessions in exchange for water treatment services, ongoing and regular maintenance work on water distributions assets and improvements to the water treatment and distribution system. Fees are revised annually for inflation in Brazil. The concession arrangements have expiration dates that range from 2037 to 2056 at which point the underlying concessions assets will be returned to the various grantors. The proprietary technology within the partnership pertains to the combination of processes, tools, techniques and developed systems for exclusive use and benefit within the partnership’s operations that have the potential to provide competitive advantage and product differentiation. This relates to technology within the partnership’s nuclear technology services operations, advanced energy storage operations, engineered components manufacturing operations and dealer software and technology services operations, assessed to have estimated useful lives ranging between 10 – 20 years. These intangible assets were valued at the date of acquisition using the relief from royalty method. The brand names and trademarks acquired by the partnership through acquisitions pertain to trade names which carry strong reputations in their respective industries and positive brand recognition. These relate to brand names and trademarks from the acquisitions of the partnership’s nuclear technology services operations, dealer software and technology services operations, modular building leasing services operations, advanced energy storage operations, engineered components manufacturing operations, fleet management and car rental services operations and lottery services operations. The brand names were valued at the date of acquisition using the relief from royalty method. As at December 31, 2022, $2.4 billion of the partnership’s brand names and trademarks have indefinite useful lives, and the remainder were assessed to have estimated useful lives ranging between 11 – 40 years. Customer relationships pertain to strong and continuing relationships with many of the partnership’s customers which contribute to the revenues and cash flows generated by the partnership’s respective operations. The partnership has recognized customer relationships from acquisitions of the partnership’s nuclear technology services operations, modular building leasing services operations, lottery services operations, advanced energy storage operations, dealer software and technology services operations and engineered components manufacturing operations. These customer relationships were valued at the date of acquisition using a multi-period excess earnings approach. A cost replacement approach was used to estimate the cost to recreate the existing customer base at the partnership’s nuclear technology services operations. The customer relationships acquired were assessed to have estimated useful lives ranging between 6 – 30 years. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
GOODWILL | GOODWILL (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 8,585 $ 5,244 Acquisitions through business combinations (1) 7,446 3,967 Impairment (2) (111) (175) Dispositions (3) (3) (171) Assets reclassified as held for sale (11) — Foreign currency translation (427) (280) Balance at end of year $ 15,479 $ 8,585 ____________________________________ (1) See Note 3 for additional information. (2) Relates to a goodwill impairment of $111 million at the partnership’s offshore oil services operations (2021: $175 million). (3) Refer to Note 8 for additional information. To determine whether goodwill is impaired, the partnership compares the carrying amount of its cash-generating units to which goodwill has been allocated to their recoverable amounts. The recoverable amounts of the partnership’s cash-generating units are primarily determined by calculating their value in use. For each cash-generating unit, this involves estimating expected future cash flows, determining an appropriate discount rate and aggregating discounted expected cash flows to arrive at value in use. The most significant assumptions used in this determination are revenue growth rates, discount rates and perpetuity growth rates which individually range from 0.6% to 13.3%, 7.8% to 13.1%, and 0.8% to 3.3%, respectively. These assumptions and inputs are forecasted over a period of 5 years except for cases where a longer period can be justified for certain cash-generating units and are based on market information and internal management budgets, reflective of historical experience and macroeconomic expectations. At the partnership’s healthcare services operations, no impairments were recorded in the year, however, an increase in the discount rate used of 30 basis points or a decrease in the perpetuity growth rate assumption of 30 basis points from the rate used would result in an impairment. During the year ended December 31, 2022, the partnership recorded a goodwill impairment loss of $111 million on a cash-generating unit within the infrastructure services segment. The impairment is related to the partnership’s investment in the operations of offshore oil services and is a result of changes in forecasted cash flow assumptions. The recoverable amount calculated to assess goodwill impairment was based on an estimate of fair value less costs of disposal contemplated using a discounted cash flow analysis incorporating significant unobservable inputs. The estimates regarding expected future cash flows and discount rates are Level 3 fair value inputs based on various assumptions including existing contracts, future vessel redeployment rates, financial forecasts and industry trends. Goodwill is allocated to the following cash-generating units as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Dealer software and technology services operations $ 4,580 $ — Engineered components manufacturing 1,765 1,521 Advanced energy storage operations 1,702 1,771 Modular building leasing services operations 1,674 1,683 Healthcare services operations 1,310 1,397 Lottery services operations 1,197 — Other operations 3,251 2,213 Total $ 15,479 $ 8,585 |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the economic interest, voting interest and carrying value of the partnership’s equity accounted investments as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) Economic interest (%) Voting interest (%) Carrying value 2022 2021 2022 2021 2022 2021 Business services 14% - 50% 14% - 70% 14% - 50% 14% - 57% $ 243 $ 23 Infrastructure services 17% - 50% 17% - 50% 17% - 50% 17% - 50% 889 670 Industrials 9% - 54% 9% - 54% 9% - 50% 24% - 50% 933 787 Total $ 2,065 $ 1,480 The following table presents the change in the equity accounted investments balance for the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 1,480 $ 1,690 Acquisitions through business combinations (1) 461 20 Additions 134 430 Dispositions — (534) Impairment — (29) Share of net income 165 13 Share of other comprehensive income (loss) 2 (16) Distributions received (167) (89) Foreign currency translation (10) (5) Balance at end of period $ 2,065 $ 1,480 ____________________________________ (1) See Note 3 for additional information. On May 31, 2022, the partnership completed the acquisition of a 23% economic interest in CUPA Finance, S.L. (“Cupa”) for consideration of $100 million. The partnership has joint control over Cupa and has accounted for its investment as an equity accounted investment. The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as at December 31, 2022 and 2021: Year ended December 31, 2022 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 372 $ 432 $ 804 $ 337 $ 107 $ 444 $ 360 Infrastructure services 2,529 8,458 10,987 1,595 5,695 7,290 3,697 Industrials 1,682 2,353 4,035 789 566 1,355 2,680 Total $ 4,583 $ 11,243 $ 15,826 $ 2,721 $ 6,368 $ 9,089 $ 6,737 Year ended December 31, 2021 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 380 $ 1,377 $ 1,757 $ 417 $ 1,656 $ 2,073 $ (316) Infrastructure services 1,545 7,749 9,294 873 5,571 6,444 2,850 Industrials 1,421 1,169 2,590 640 330 970 1,620 Total $ 3,346 $ 10,295 $ 13,641 $ 1,930 $ 7,557 $ 9,487 $ 4,154 Certain of the partnership’s equity accounted investments are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. The following tables summarize the gross amounts of revenues, net income and other comprehensive income from the partnership’s equity accounted investments for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 621 $ 197 $ 5 $ 202 Infrastructure services 5,614 95 2 97 Industrials 3,462 456 9 465 Total $ 9,697 $ 748 $ 16 $ 764 Year ended December 31, 2021 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 315 $ 51 $ (6) $ 45 Infrastructure services 4,900 (294) (99) (393) Industrials 3,082 424 (4) 420 Total $ 8,297 $ 181 $ (109) $ 72 Year ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 Certain of the partnership’s equity accounted investments are publicly listed entities with active pricing in a liquid market. The following table presents the fair value of the equity accounted investments based on the publicly listed price and the partnership’s carrying value as at December 31, 2022 and 2021: 2022 2021 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 35 $ — $ 43 $ — Industrials 107 336 265 304 Total $ 142 $ 336 $ 308 $ 304 |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER (US$ MILLIONS) 2022 2021 Current Accounts payable $ 4,099 $ 3,665 Accrued and other liabilities (1) (2) 5,840 4,977 Lease liability 332 312 Financial liabilities (3) 352 316 Unearned premiums reserve 586 620 Work in progress (4) 1,175 1,397 Provisions and decommissioning liabilities (5) 770 563 Liabilities associated with assets held for sale 42 — Total current $ 13,196 $ 11,850 Non-current Accounts payable $ 90 $ 119 Accrued and other liabilities (2) 1,627 1,556 Lease liability 1,274 1,293 Financial liabilities (3) 2,141 2,159 Unearned premiums reserve 1,463 1,608 Work in progress (4) 49 1 Provisions and decommissioning liabilities (5) 789 1,050 Total non-current $ 7,433 $ 7,786 ____________________________________ (1) Includes bank overdrafts of $636 million as at December 31, 2022 (2021: $727 million). (2) Includes post-employment benefits of $642 million ($20 million current and $622 million non-current) as at December 31, 2022 and $771 million ($20 million current and $751 million non-current) as at December 31, 2021. See Note 30 for additional information. (3) Includes financial liabilities of $1,673 million ($74 million current and $1,599 million non-current) as at December 31, 2022 and $1,732 million ($66 million current and $1,666 million non-current) as at December 31, 2021 related to the sale and leaseback of hospitals. (4) See Note 16 for additional information. (5) Includes decommissioning liabilities of $443 million (2021: $665 million) primarily from the partnership’s nuclear technology services operations, natural gas production and advanced energy storage operations. The liabilities were determined using a discount rate between 2.8% and 8.5% (2021: 1.0% and 8.5%) and an inflation rate between 2.0% and 3.0% (2021: 2.0% and 3.0%), determined as appropriate for the underlying assets. Included within accounts payable and other at December 31, 2022 was $1,606 million of lease liabilities (2021: $1,605 million). Interest expense on lease liabilities was $63 million for the year ended December 31, 2022 (2021: $52 million). The partnership’s exposure to currency and liquidity risk related to accounts payable and other is disclosed in Note 27. The following table presents the change in the provision balances for the years ended December 31, 2022 and 2021 : (US$ MILLIONS) Decommissioning liability Warranties and provisions for defects Other Total provisions Balance at January 1, 2021 $ 673 $ 253 $ 765 $ 1,691 Additional provisions recognized 6 248 257 511 Reduction arising from payments/derecognition (17) (249) (236) (502) Accretion expenses 17 — — 17 Change in discount rate 12 — (7) 5 Change in other estimates (20) (14) (31) (65) Foreign currency translation (6) (6) (32) (44) Balance at December 31, 2021 $ 665 $ 232 $ 716 $ 1,613 Additional provisions recognized 5 236 525 766 Reduction arising from payments/derecognition (12) (277) (262) (551) Accretion expenses 16 — — 16 Change in discount rate (214) — (12) (226) Change in other estimates (3) (6) — (9) Foreign currency translation (14) (7) (29) (50) Balance at December 31, 2022 $ 443 $ 178 $ 938 $ 1,559 |
CONTRACTS IN PROGRESS
CONTRACTS IN PROGRESS | 12 Months Ended |
Dec. 31, 2022 | |
Construction Contracts [Abstract] | |
CONTRACTS IN PROGRESS | CONTRACTS IN PROGRESS (US$ MILLIONS) 2022 2021 2020 Contract costs incurred to date $ 21,066 $ 21,381 $ 26,411 Profit recognized to date (less recognized losses) 2,055 1,783 1,476 23,121 23,164 27,887 Less: progress billings (23,876) (24,084) (28,913) Contract work in progress (liability) $ (755) $ (920) $ (1,026) Comprising: Amounts due from customers — work in progress (1) $ 469 $ 478 $ 536 Amounts due to customers — creditors (2) (1,224) (1,398) (1,562) Net work in progress $ (755) $ (920) $ (1,026) ____________________________________ (1) The change in the balance from December 31, 2021 was due to billed amounts of $3,166 million, additions to work in progress of $3,149 million, and an increase of $8 million from other changes. (2) The change in the balance from December 31, 2021 was due to recognized revenue of $1,394 million, additions to work in progress of $1,278 million, and a decrease of $58 million from other changes. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
BORROWINGS | BORROWINGS Principal repayments on total borrowings due over the next five years and thereafter are as follows: (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total borrowings 2023 $ 1,900 $ 1,584 $ 359 $ — $ 3,843 2024 3,010 1,319 932 — 5,261 2025 932 3,688 555 — 5,175 2026 955 276 7,600 — 8,831 2027 1,297 74 2,256 2,100 5,727 Thereafter 8,139 6,791 3,818 — 18,748 Total - principal repayments $ 16,233 $ 13,732 $ 15,520 $ 2,100 $ 47,585 Deferred financing costs and other accounting adjustments (304) (321) (267) — (892) Total - December 31, 2022 $ 15,929 $ 13,411 $ 15,253 $ 2,100 $ 46,693 Total - December 31, 2021 $ 3,872 $ 9,099 $ 14,486 $ 1,619 $ 29,076 (a) Corporate borrowings The partnership has bilateral credit facilities backed by large global banks. The credit facilities are available in Euros, British pounds, Australian dollars, U.S. dollars and Canadian dollars. Advances under the credit facilities bear interest at the specified SOFR, SONIA, EURIBOR, CDOR, BBSY or bankers’ acceptance rate plus 2.50%, or the specified base rate or prime rate plus 1.50%. The credit facilities require the partnership to maintain a minimum tangible net worth and deconsolidated debt to capitalization ratio at the corporate level. The total capacity on the bilateral credit facilities is $2,300 million with a maturity date of June 29, 2027. The balance drawn on the bilateral credit facility at December 31, 2022 was $2,100 million (2021: $1,619 million). The partnership had $1.0 billion available on its revolving credit facility with Brookfield (the “Brookfield Credit Agreement”) at December 31, 2022. The credit facility is guaranteed by the partnership, the Holding LP and certain of the partnership’s subsidiaries. The credit facility is available in U.S. dollars or Canadian dollars and advances are made by way of LIBOR, base rate, bankers’ acceptance rate or prime rate loans. The credit facility bears interest at the specified LIBOR or bankers’ acceptance rate plus 3.45%, or the specified base rate or prime rate plus 2.45%. The credit facility requires the partnership to maintain a minimum deconsolidated net worth and contains restrictions on the ability of the borrowers and the guarantors to, among other things, incur certain liens or enter into speculative hedging arrangements. Net proceeds above a specified threshold that are received by the borrowers from asset dispositions, debt incurrences or equity issuances by the borrowers or their subsidiaries must be used to pay down the credit facility (which can then be redrawn to fund future investments). The credit facility automatically renews for consecutive one-year periods until June 26, 2026. The total available amount on the credit facility will decrease to $500 million on April 27, 2023. As at December 31, 2022, the credit facility remained undrawn. The partnership is currently in compliance with covenant requirements of its corporate borrowings and continues to monitor performance against such covenant requirements. As at December 31, 2022, there were no funds on deposit from Brookfield (2021: $nil). Refer to Note 25 for further details on the Deposit Agreements (defined herein) with Brookfield. (b) Non-recourse subsidiary borrowings of the partnership Current and non-current non-recourse borrowings in subsidiaries of the partnership as at December 31, 2022, net of deferred financing costs and other accounting adjustments were $3,758 million and $40,835 million, respectively (2021: $2,062 million and $25,395 million, respectively). Non-recourse borrowings in subsidiaries of the partnership include borrowings made under subscription facilities of Brookfield-sponsored private equity funds. Some of the partnership’s businesses have credit facilities in which they borrow and repay on a short-term basis. This movement has been shown on a net basis in the partnership’s consolidated statements of cash flow. The partnership has financing arrangements within its operating businesses that trade in public markets or are held at major financial institutions. The financing arrangements are primarily composed of term loans, credit facilities and notes and debentures which are subject to fixed or floating interest rates. Most of these borrowings are not subject to financial maintenance covenants, however, some are subject to fixed charge coverage, leverage ratios and minimum equity or liquidity covenants. The partnership principally finances assets at the subsidiary level with debt that is non-recourse to both the partnership and to its other subsidiaries and is generally secured against assets within the respective subsidiaries. Moreover, debt instruments at the partnership’s subsidiaries do not cross-accelerate or cross-default to debt at other subsidiaries. All of the partnership’s subsidiaries are currently in compliance with all material covenant requirements and the partnership continues to work with its businesses to monitor performance against such covenant requirements. The following table summarizes the weighted average interest rates and terms of non-recourse subsidiary borrowings in subsidiaries of the partnership as at December 31, 2022 and 2021: Weighted average rate (%) Weighted average term (years) Consolidated (US$ MILLIONS, except as noted) 2022 2021 2022 2021 2022 2021 Business services 7.6 % 5.7 % 8.3 5.5 $ 15,929 $ 3,872 Infrastructure services 6.9 % 4.2 % 4.1 4.7 13,411 9,099 Industrials 7.8 % 5.3 % 4.7 5.2 15,253 14,486 Total 7.4 % 4.9 % 5.8 5.0 $ 44,593 $ 27,457 The following table summarizes the non-recourse borrowings in subsidiaries of the partnership by currency as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) 2022 Local currency 2021 Local currency U.S. dollars $ 25,843 $ 25,843 $ 15,037 $ 15,037 Euros 7,481 € 6,997 7,569 € 6,672 Brazilian reais 2,908 R$ 15,171 1,638 R$ 9,138 Australian dollars 6,033 A$ 8,855 985 A$ 1,357 Indian rupees 660 INR 54,560 760 INR 56,728 Canadian dollars 1,136 C$ 1,539 1,443 C$ 1,824 Other 532 25 Total $ 44,593 $ 27,457 In August 2022, the partnership’s offshore oil services operations voluntarily entered Chapter 11 reorganization proceedings with the objective of executing a comprehensive financial restructuring to reduce debt and strengthen its financial position. Subsequently, on January 6, 2023, the partnership’s offshore oil services operations emerged from the Chapter 11 restructuring process with a significantly deleveraged balance sheet. The restructuring reprofiled the company’s bank loan facilities to better align cash flow with debt service obligations. Following the restructuring, the partnership’s economic interest was approximately 53%. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES Income taxes are recognized for the amount of taxes payable by the partnership’s corporate subsidiaries and for the impact of deferred income tax assets and liabilities related to such subsidiaries. The major components of income tax expense (recovery) include the following for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Current income tax expense (recovery) $ 458 $ 536 $ 284 Deferred income tax expense (recovery): Origination and reversal of temporary differences (242) (182) (134) Recovery arising from previously unrecognized tax assets (440) (195) (1) Change of tax rates and imposition of new legislations (54) 6 5 Deferred income tax expense (recovery) (736) (371) (130) Total income tax expense (recovery) $ (278) $ 165 $ 154 The below reconciliation has been prepared using a composite statutory-rate for jurisdictions where the partnership’s subsidiaries operate. The partnership’s effective income tax rate is different from the partnership’s composite income tax rate due to the following differences set out below: (%) 2022 2021 2020 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates (7) (4) 2 International operations subject to different tax rates 123 1 23 Taxable income attributable to non-controlling interests (12) (14) (19) Recognition of deferred tax assets (589) (9) (10) Non-recognition of the benefit of current year’s tax losses 147 5 2 Change in tax rates and imposition of new legislation (64) — (1) Other 14 2 (3) Effective income tax rate (361) % 8 % 21 % Deferred income tax assets and liabilities as at December 31, 2022 and 2021 relate to the following: (US$ MILLIONS) 2022 2021 Non-capital losses (Canada) $ 186 $ 104 Capital losses (Canada) — 18 Losses (U.S.) 388 281 Losses (International) 501 440 Difference in basis (3,541) (2,462) Total net deferred tax (liability) asset $ (2,466) $ (1,619) Reflected in the statement of financial position as follows: Deferred income tax assets $ 1,245 $ 888 Deferred income tax liabilities (3,711) (2,507) Total net deferred tax (liability) asset $ (2,466) $ (1,619) The deferred income tax movements are as follows: (US$ MILLIONS) 2022 2021 Opening net deferred tax (liability) asset $ (1,619) $ (940) Recognized in income 736 371 Recognized in other comprehensive income (1) (41) Other (1) (1,582) (1,009) Net deferred tax (liability) asset $ (2,466) $ (1,619) ____________________________________ (1) The other category primarily relates to acquisitions and dispositions and the foreign exchange impact of the deferred tax asset calculated in the functional currency of the operating entities. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 One year from reporting date $ 18 $ 1 Two years from reporting date 1 18 Three years from reporting date 5 1 After three years from reporting date 231 283 No expiry 812 836 Total $ 1,067 $ 1,139 The components of the income taxes in other comprehensive income for the years ended December 31, 2022, 2021 and 2020 are set out below: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Fair value through other comprehensive income $ (119) $ (13) $ 49 Net investment hedges 17 9 26 Cash flow hedges 86 15 — Equity accounted investments 1 (2) — Pension plan actuarial changes 16 32 (9) Total deferred tax expense (recovery) in other comprehensive income $ 1 $ 41 $ 66 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
EQUITY | EQUITY The partnership’s consolidated equity interests include LP Units held by the public and Brookfield, GP Units held by Brookfield, Redemption-Exchange Units held by Brookfield, Special LP Units held by Brookfield and BBUC exchangeable shares held by the public and Brookfield, collectively, “Units” or “Unitholders” as described in Note 1, and $1,490 million of preferred securities held by Brookfield. As at December 31, 2022, Brookfield owns approximately 65.2% of the partnership on a fully exchanged basis. For the year ended December 31, 2022, the partnership made distributions on the LP Units, GP Units, Redemption-Exchange Units and BBUC exchangeable shares of $50 million, or approximately $0.0625 per Unit (2021: $37 million). For the year ended December 31, 2022, the partnership distributed to others who have interests in operating subsidiaries $2,419 million (2021: $1,935 million), primarily as a result of the distribution of proceeds from the syndication to institutional partners of the partnership’s modular building leasing services operations, lottery services operations, and dealer and technology services operations, a dividend distribution from a non-recourse financing relating to the partnership’s investment in its nuclear technology services operations, combined with a dividend distribution from the partnership’s residential mortgage insurer. (a) GP and LP Units LP Units entitle the holder to their proportionate share of distributions. GP Units entitle the holder the right to govern the financial and operating policies of Brookfield Business Partners L.P. The GP Units are not quantitatively material to the consolidated financial statements and therefore have not been separately presented on the consolidated statements of financial position. The following table provides a continuity of GP Units and LP Units outstanding for the years ended December 31, 2022 and 2021: GP Units LP Units Total UNITS 2022 2021 2022 2021 2022 2021 Authorized and issued Opening balance 4 4 77,085,493 79,031,984 77,085,497 79,031,988 Repurchased and canceled — — (2,525,490) (1,946,491) (2,525,490) (1,946,491) Conversion from BBUC exchangeable shares — — 52,500 — 52,500 — On issue at December 31 4 4 74,612,503 77,085,493 74,612,507 77,085,497 The weighted average number of LP Units outstanding for the year ended December 31, 2022 was 75.3 million (2021: 78.3 million). During the year ended December 31, 2022, the partnership repurchased and canceled 2,525,490 LP Units (2021: 1,946,491). Net income (loss) attributable to limited partnership unitholders was $55 million for the year ended December 31, 2022 (2021: net income of $258 million). (b) Redemption-Exchange Units held by Brookfield Redemption-Exchange Units held by Brookfield UNITS 2022 2021 Authorized and issued Opening balance 69,705,497 69,705,497 On issue at December 31 69,705,497 69,705,497 The weighted average number of Redemption-Exchange Units outstanding for the year ended December 31, 2022 was 69.7 million (2021: 69.7 million). As at December 31, 2022, the Holding LP had issued 69.7 million Redemption-Exchange Units to Brookfield. Both the LP Units and GP Units issued by Brookfield Business Partners L.P. and the Redemption-Exchange Units issued by the Holding LP have the same economic attributes in all respects, except as noted below. The Redemption-Exchange Units may, at the request of Brookfield, be redeemed in whole or in part, for cash in an amount equal to the market value of one of the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain customary adjustments). This right is subject to the partnership’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of the partnership’s LP Units (subject to certain customary adjustments). If the partnership elects not to exchange the Redemption-Exchange Units for LP Units, the Redemption-Exchange Units are required to be redeemed for cash. The Redemption-Exchange Units are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Business Partners L.P. Since this redemption right is subject to the partnership’s right, at its sole discretion, to satisfy the redemption request with LP Units of Brookfield Business Partners L.P. on a one-for-one basis, the Redemption-Exchange Units are classified as equity in accordance with IAS 32, Financial instruments: presentation (“IAS 32”). (c) BBUC exchangeable shares SHARES BBUC exchangeable shares Balance as at January 1, 2022 — Special distribution 73,088,510 Converted to class C shares (80,425) Converted to LP Units (52,500) Balance as at December 31, 2022 72,955,585 On March 15, 2022, the partnership completed a special distribution whereby Unitholders as of the Record Date received one BBUC exchangeable share, for every two Units held. The special distribution resulted in the issuance of 73 million BBUC exchangeable shares to public unitholders and Brookfield. Both the LP Units and GP Units issued by the partnership and the BBUC exchangeable shares issued by BBUC have the same economic attributes in all respects, except as noted below. Each BBUC exchangeable share is exchangeable at the option of the holder for one LP Unit (subject to adjustment to reflect certain capital events) or for cash in an amount equal to the market value of one of the partnership’s LP Units. The partnership may elect to satisfy the exchange obligation by acquiring such tendered BBUC exchangeable shares for an equivalent number of LP Units or its cash equivalent. The partnership intends to satisfy any exchange requests on the BBUC exchangeable shares through the delivery of LP Units rather than cash. The BBUC exchangeable shares are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Business Partners L.P. Since this exchange right is subject to the partnership’s right, at its sole discretion, to satisfy the exchange request with LP Units of Brookfield Business Partners L.P. on a one-for-one basis, the BBUC exchangeable shares are classified as equity in accordance with IAS 32. During the year ended December 31, 2022, 52,500 BBUC exchangeable shares were exchanged into LP Units. (d) Special limited partner units held by Brookfield Special Limited Partner Units held by Brookfield UNITS 2022 2021 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 The weighted average number of special limited partner units outstanding for the year ended December 31, 2022 was 4 (2021: 4). In its capacity as the holder of the Special LP Units of the Holding LP, the special limited partner is entitled to incentive distributions which are calculated as 20% of the increase in the market value of the LP Units over an initial threshold based on the volume-weighted average price of the LP Units, subject to a high-water mark. In order to account for the dilutive effect of the special distribution which occurred on March 15, 2022, the incentive distribution threshold was reduced by one-third, commensurate with the distribution ratio of one (1) BBUC exchangeable share for every two (2) LP Units. Accordingly, the resulting incentive distribution threshold is $31.53 per LP Unit following the completion of the special distribution. During the twelve months ended December 31, 2022, the volume-weighted average price was $19.36 per LP Unit, which was below the current incentive distribution threshold of $31.53 per LP Unit, resulting in an incentive distribution of $nil (2021: $157 million). (e) Preferred securities held by Brookfield Preferred securities held by Brookfield ($US MILLIONS) 2022 2021 Opening balance $ 15 $ 15 Subscriptions during the year 1,475 — Balance as at December 31, 2022 $ 1,490 $ 15 Brookfield has subscribed for an aggregate of $15 million of preferred shares of three subsidiaries of the partnership. The preferred shares are entitled to receive a cumulative preferential cash dividend equal to 5% of their redemption value per annum as and when declared by the board of the directors of the applicable entity and are redeemable at the option of the applicable entity at any time after the twentieth anniversary of their issuance. The partnership is not obligated to redeem the preferred shares and accordingly, the preferred shares have been determined to be equity of the applicable entities and are reflected as a component of non-controlling interests in the consolidated statements of financial position. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the changes in accumulated other comprehensive income (loss) reserves attributable to limited partners for the years ended December 31, 2022, 2021 and 2020: (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2022 $ (252) $ 76 $ 23 $ (153) Other comprehensive income (loss) (66) (69) 84 (51) Ownership changes 4 — 1 5 Issuance of BBUC exchangeable shares (2) 67 (15) (5) 47 Balance as at December 31, 2022 $ (247) $ (8) $ 103 $ (152) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (2) In connection with the special distribution of BBUC, $47 million of accumulated other comprehensive income (loss) was reallocated to BBUC exchangeable shares. Refer to Note 1 for further details. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2021 $ (144) $ 52 $ (88) $ (180) Other comprehensive income (loss) (70) 24 110 64 Ownership changes (38) — 1 (37) Balance as at December 31, 2021 $ (252) $ 76 $ 23 $ (153) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (169) $ 11 $ (60) $ (218) Other comprehensive income (loss) 25 39 (28) 36 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (144) $ 52 $ (88) $ (180) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The partnership has no key employees or directors and does not remunerate key management personnel. Details of the allocations of costs incurred by Brookfield on behalf of the partnership are disclosed in Note 25 . Key decision makers of the partnership are all employees of Brookfield or its subsidiaries, which provides management services under a master services agreement with Brookfield (the “Master Services Agreement”). Direct operating costs are costs incurred to earn revenues and include all attributable expenses. The following table presents direct operating costs by nature for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Inventory costs $ 36,736 $ 30,333 $ 22,854 Subcontractor and consultant costs 3,163 3,426 3,557 Concession construction materials and labor costs 323 235 163 Depreciation and amortization expense 3,260 2,283 2,165 Compensation 5,594 4,123 3,546 Other direct costs 4,026 2,751 2,345 Total $ 53,102 $ 43,151 $ 34,630 Other direct costs include freight, cost of construction expensed and expected credit loss provisions on financial assets. Total lease expenses relating to short-term and low-value leases included in other direct operating costs for the year ended December 31, 2022 were $26 million (2021: $25 million) and $14 million (2021: $17 million), respectively. |
GUARANTEES AND CONTINGENCIES
GUARANTEES AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
GUARANTEES AND CONTINGENCIES | GUARANTEES AND CONTINGENCIES In the normal course of operations, the partnership’s operating subsidiaries have bank guarantees, insurance bonds, and letters of credit outstanding to third parties. As at December 31, 2022, the total outstanding amount was approximately $2.5 billion (2021: approximately $2.3 billion). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not consolidated in these consolidated financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these consolidated financial statements. The partnership is contingently liable with respect to litigation and claims that arise in the normal course of operations. It is not expected that any of the ongoing litigation and claims as at December 31, 2022 could result in a material settlement liability to the partnership. |
CONTRACTUAL COMMITMENTS
CONTRACTUAL COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Contractual Commitments [Abstract] | |
CONTRACTUAL COMMITMENTS | CONTRACTUAL COMMITMENTS (a) Commitments There were no material contractual commitments for capital expenditures as at December 31, 2022. (b) Lease liabilities The following table summarizes the partnership’s undiscounted maturity schedule for lease obligations as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Lease obligations Less than 1 year $ 368 $ 355 1 to 5 years 920 856 5+ years 843 959 Total $ 2,131 $ 2,170 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
REVENUES | REVENUES (a) Revenues by type The following tables summarize the partnership’s segment revenues by type of revenue for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues 1,315 1,406 16 — 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues 1,041 579 21 — 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 (b) Timing of recognition of revenues from contracts with customers The following tables summarize the partnership’s segment revenues by timing of revenue recognition for total revenues from contracts with customers for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 29,092 $ 2,391 $ 14,661 $ — $ 46,144 Services transferred over a period of time 4,539 3,727 398 — 8,664 Total revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 24,810 $ 1,403 $ 11,864 $ — $ 38,077 Services transferred over a period of time 4,137 2,475 257 — 6,869 Total revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 17,665 $ 1,382 $ 10,436 $ — $ 29,483 Services transferred over a period of time 4,015 2,423 215 — 6,653 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 (c) Revenues by geography The following table summarizes the partnership’s total revenues by geography for the years ended December 31, 2022, 2021 and 2020: (US$ MILLIONS) 2022 2021 2020 United Kingdom $ 21,921 $ 18,827 $ 13,996 United States 10,297 6,715 5,848 Europe 8,742 7,107 5,184 Australia 4,950 4,529 4,299 Canada 4,965 3,916 3,137 Brazil 2,558 1,711 1,403 Mexico 941 813 765 Other 3,171 2,969 3,003 Total revenues $ 57,545 $ 46,587 $ 37,635 The following tables summarize the partnership’s segment revenues by geography for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 20,939 $ 492 $ 329 $ — $ 21,760 United States 1,233 2,754 6,300 — 10,287 Europe 2,867 1,770 3,190 — 7,827 Australia 4,323 226 137 — 4,686 Canada 3,185 165 730 — 4,080 Brazil 228 112 1,955 — 2,295 Mexico — — 941 — 941 Other 856 599 1,477 — 2,932 Total revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues $ 1,315 $ 1,406 $ 16 $ — $ 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 18,257 $ 344 $ 206 $ — $ 18,807 United States 344 1,591 4,775 — 6,710 Europe 2,495 1,257 3,007 — 6,759 Australia 4,404 11 84 — 4,499 Canada 2,436 85 554 — 3,075 Brazil 259 82 1,155 — 1,496 Mexico — — 813 — 813 Other 752 508 1,527 — 2,787 Total revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues $ 1,041 $ 579 $ 21 $ — $ 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 Other 836 432 1,598 — 2,866 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 (d) Lease income The leases in which the partnership is a lessor are operating in nature. Total lease income from operating leases totaled $1,558 million for the year ended December 31, 2022 (2021: $684 million). The following table presents the undiscounted contractual earnings receivable of the partnership’s leases by expected period of receipt as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Lease earnings receivable Less than 1 year $ 877 $ 843 2 to 5 years 1,110 978 5+ years 332 409 Total $ 2,319 $ 2,230 (e) Remaining performance obligations Business services In the partnership’s construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract or work order. As at December 31, 2022, the partnership’s backlog of construction projects was approximately $5.7 billion (2021: $7.5 billion). The partnership expects to recognize most of this amount within the next 5 years. The partnership’s dealer software and technology services operations had remaining performance obligations related to its long-term software and maintenance and support contracts of approximately $2.5 billion. The partnership expects to recognize most of this amount within the next 5 years. The remaining performance obligations exclude future transaction revenue where revenue is recognized as the services are rendered and in the amount to which the partnership has the right to invoice. Infrastructure services The partnership’s service provider to the nuclear power generation industry had remaining backlog of approximately $9.2 billion as at December 31, 2022 (2021: $9.3 billion). Included in this amount is an estimate of expected future performance obligations related to long-term arrangements to provide fuel assemblies and associated components. The partnership expects to recognize most of this amount within the next 10 years. Industrials The partnership’s Brazilian water and wastewater services business is party to certain remaining performance obligations which have a duration of more than one year. As at December 31, 2022, the remaining performance obligations were approximately $10.4 billion (2021: $8.9 billion), with the most significant relating to the service concession arrangements with various municipalities which have an average remaining term of 23 years. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, the partnership entered into the transactions below with related parties. These transactions have been measured at fair value and are recognized in the consolidated financial statements. (a) Transactions with Brookfield The partnership is a party to the Brookfield Credit Agreement, which permits borrowings of up to $1 billion. As at December 31, 2022, $nil was drawn on the Brookfield Credit Agreement (2021: $nil). From time to time, each of Brookfield and the partnership may place funds on deposit with the other, on terms approved by the independent directors of the partnership’s General Partner, pursuant to deposit agreements entered into between Brookfield and the partnership (the “Deposit Agreements”). Interest earned or incurred on such deposits is at market terms. As at December 31, 2022, the net deposit from Brookfield was $nil (2021: $nil) and the partnership incurred interest expense of $nil for the year ended December 31, 2022 (2021: interest expense of $4 million, 2020: interest expense of $3 million) on these deposits. Pursuant to the Master Services Agreement, Holding LP pays Brookfield a quarterly base management fee, which is reflected within general and administrative expenses. For purposes of calculating the base management fee, the total capitalization of the partnership is equal to the quarterly volume-weighted average trading price of an LP Unit on the principal stock exchange for the LP Units (based on trading volumes) multiplied by the number of LP Units outstanding at the end of the quarter (assuming full conversion of the Redemption-Exchange Units into LP Units of Brookfield Business Partners L.P.), plus the value of securities of the other service recipients (including the BBUC exchangeable shares) that are not held by the partnership, plus all outstanding debt with recourse to a service recipient, less all cash held by such entities. The base management fee for the year ended December 31, 2022 was $94 million (2021: $92 million, 2020: $63 million). In its capacity as the holder of the Special LP units of Holding LP, Brookfield is entitled to incentive distribution rights. The total incentive distribution for the year ended December 31, 2022 was $nil (2021: $157 million, 2020: $nil). An integral part of the partnership’s strategy is to participate with institutional investors in Brookfield-sponsored private equity funds that target acquisitions that suit the partnership’s investment mandate. In the normal course of business, the partnership and institutional investors have made commitments to Brookfield-sponsored private equity funds, and in connection therewith, the partnership, together with institutional investors, has access to short-term financing using the private equity funds’ credit facilities to facilitate investments that Brookfield has determined to be in the partnership’s best interests. In addition, at the time of spin-off of the partnership from Brookfield in 2016, the partnership entered into indemnity agreements with Brookfield that relate to certain contracts that were in place prior to the spin-off. Under these indemnity agreements, Brookfield has agreed to indemnify the partnership for the receipt of payments relating to such contracts. As at December 31, 2022, the partnership had a loan payable of $85 million to Brookfield included in accounts payable and other, and loan receivable from Brookfield of approximately $460 million included in accounts and other receivable, net. The loan payable is non-interest bearing and payable on demand, and the loan receivable accrues interest at the partnership’s cost of capital and is due on demand. (b) Other Inclusive of those described above, the following table summarizes the transactions the partnership has entered into with related parties for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Transactions during the period Business services revenues (1) $ 259 $ 439 $ 612 Interest income 11 — — ____________________________________ (1) Within the business services segment, the partnership provides construction services to affiliates of Brookfield. Inclusive of those described above, the following table summarizes balances with related parties as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balances at end of period Financial assets $ 118 $ — Accounts and other receivable, net 579 138 Accounts payable and other (1) 603 549 Non-recourse borrowings in subsidiaries of the partnership 55 56 ____________________________________ (1) Includes $315 million (2021: $326 million) related to a tax receivable agreement payable to related parties by the partnership’s advanced energy storage operations. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The partnership’s activities expose it to a variety of financial risks, including market risk (currency risk, interest rate risk, commodity risk and equity price risk), credit risk and liquidity risk. The partnership selectively uses derivative financial instruments principally to manage these risks. The following tables summarizes the aggregate notional amounts of the partnership’s derivative positions as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) 2022 2021 Foreign exchange contracts $ 8,332 $ 12,591 Cross currency swaps 726 271 Interest rate derivatives 7,592 14,686 Equity derivatives 17 69 $ 16,667 $ 27,617 Commodity instruments 2022 2021 Oil based fuel (Cbm - millions) 14.02 17.11 Natural gas (Mcf - millions) 65.38 90.37 Lead (metric tons) 71,883 69,427 Tin (metric tons) 2,540 2,454 Polypropylene (metric tons) 28,078 24,129 Foreign exchange contracts The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2022 and 2021. The notional amounts as at December 31, 2022 and 2021 include both buy and sell contracts. Notional amount Average exchange rate (US$ MILLIONS, except as noted) 2022 2021 2022 2021 Foreign exchange contracts Australian dollars $ 1,115 $ 963 1.48 1.40 Brazilian real 637 473 6.29 5.73 British pounds 576 1,129 0.85 0.75 Canadian dollars 1,683 2,916 1.35 1.26 Euros 2,209 3,847 0.94 0.87 Indian rupees 372 465 84.82 78.30 Swedish krona 1,086 1,475 9.78 9.08 U.S dollars 392 657 1.00 1.00 Other 262 666 $ 8,332 $ 12,591 Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying the partnership’s derivative instruments by term to maturity as at December 31, 2022 and the comparative notional amounts as at December 31, 2021, for both derivatives that are classified as FVTPL and derivatives that qualify for hedge accounting: 2022 2021 (US$ MILLIONS) < 1 Year 1-5 Years 5+ Years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts $ 3,236 $ 305 $ 118 $ 3,659 $ 5,759 Cross currency swaps 20 100 109 229 271 Interest rate derivatives — 7 — 7 6,094 Equity derivatives 8 5 4 17 69 Designated for hedge accounting Foreign exchange contracts 855 3,818 — 4,673 6,832 Cross currency swaps — 497 — 497 — Interest rate derivatives — 7,585 — 7,585 8,592 $ 4,119 $ 12,317 $ 231 $ 16,667 $ 27,617 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT Capital Management The capital structure of the partnership consists of corporate borrowings and non-recourse borrowings in subsidiaries of the partnership, offset by cash and cash equivalents and equity. (US$ MILLIONS, except as noted) 2022 2021 Corporate borrowings $ 2,100 $ 1,619 Non-recourse borrowings in subsidiaries of the partnership 44,593 27,457 Cash and cash equivalents (2,870) (2,588) Net debt 43,823 26,488 Total equity 18,465 13,000 Total capital $ 62,288 $ 39,488 Net debt to capital ratio 70 % 67 % The partnership manages its debt exposure by financing its operations with non-recourse borrowings in subsidiaries of the partnership, ensuring a diversity of funding sources as well as managing its maturity profile. The partnership also borrows in the currencies where its subsidiaries operate, where possible, in order to mitigate currency risk. The partnership’s financing plan is to fund its recurring growth capital expenditures with cash flow generated by operations after maintenance capital expenditures, as well as debt financing that is sized to maintain its credit profile. To fund large-scale development projects and acquisitions, the partnership evaluates a variety of capital sources including proceeds from selling non-core and mature assets, equity and debt financing. The partnership seeks to raise additional equity if the partnership believes it can earn returns on these investments in excess of the cost of the incremental capital. As disclosed within Note 17, the partnership has various credit facilities in place. In certain cases, the facilities may have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. The partnership does not have any market capitalization covenants attached to any of its borrowings and the partnership is in compliance with or has obtained waivers related to its externally imposed capital requirements. Risk Management The partnership recognizes that risk management is an integral part of good management practice. As a result of holding financial instruments, the partnership is exposed to the following risks: liquidity risk, market risk (i.e. interest rate risk, foreign currency risk, commodity price risk and other price risk), credit risk and insurance risk. The following is a description of these risks and how they are managed: (a) Liquidity risk The partnership maintains sufficient financial liquidity to be able to meet ongoing operating requirements and to be able to fund acquisitions. Principal liquidity needs for the next year include funding recurring expenses, meeting scheduled debt repayments and payment of debt service obligations, funding required capital expenditures and funding acquisitions as they arise. The operating subsidiaries of the partnership also generate liquidity by accessing capital markets on an opportunistic basis. The following tables detail the contractual maturities for the partnership’s financial liabilities as at December 31, 2022 and 2021. The tables reflect the undiscounted future cash flows of financial liabilities based on the earliest date on which the partnership can be required to repay. The tables include both interest and principal cash flows: 2022 Total contractual cash flows (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Non-derivative financial liabilities Accounts payable and other (1) $ 10,853 $ 646 $ 707 $ 1,881 $ 14,087 Interest-bearing liabilities 6,759 8,003 25,726 20,411 60,899 Lease liabilities 368 327 593 843 2,131 ____________________________________ (1) Excludes decommissioning liabilities, other provisions, post-employment benefits, unearned premiums reserve, deferred revenue, liabilities associated with assets held for sale and related party loans and notes payable of $5,242 million. 2021 Total contractual cash flows (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Non-derivative financial liabilities Accounts payable and other (1) $ 10,108 $ 619 $ 580 $ 1,950 $ 13,257 Interest-bearing liabilities 3,419 3,159 19,358 11,114 37,050 Lease liabilities 355 289 567 959 2,170 ___________________________________ (1) Excludes decommissioning liabilities, other provisions, post-employment benefits, unearned premiums reserve, deferred revenue and related party loans and notes payable of $5,380 million. (b) Market risk Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the partnership will fluctuate because of changes in market factors. Market risk includes the risk of changes in interest rates, foreign currency exchange rates, equity prices and commodity prices. Financial instruments held by the partnership that are subject to market risk include loans and notes receivable, other financial assets, borrowings, derivative contracts, such as interest rate and foreign currency contracts, and marketable securities. Interest rate risk The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the fair values of financial instruments whose cash flows are fixed in nature. The partnership monitors interest rate fluctuations and may enter into interest rate derivative contracts to mitigate the impact from interest rate movements. As at December 31, 2022, a 50 basis point increase or decrease in interest rates would have the following impact on the partnership’s profit measures on a pre-tax basis, assuming all other variables were held constant: Net income (loss) Other comprehensive income (loss) (US$ MILLIONS) 50 bps decrease 50 bps increase 50 bps decrease 50 bps increase December 31, 2022 $ 118 $ (118) $ (29) $ 29 Foreign currency risk Changes in currency rates will impact the carrying value of financial instruments and the partnership’s net investment and cash flows denominated in currencies other than the U.S. dollar. The partnership enters into foreign exchange contracts designated as net investment hedges to mitigate the impact from movements in foreign exchange rates against the U.S. dollar. The following tables summarize the partnership’s currency exposure as at December 31, 2022 and 2021: 2022 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 7,452 $ 1,336 $ 2,888 $ 1,332 $ 2,126 $ 1,411 $ 529 $ 1,238 $ 18,312 Non-current assets 32,465 11,257 2,584 6,347 9,177 5,882 982 2,492 71,186 $ 39,917 $ 12,593 $ 5,472 $ 7,679 $ 11,303 $ 7,293 $ 1,511 $ 3,730 $ 89,498 Liabilities Current liabilities $ 6,696 $ 1,821 $ 3,505 $ 1,315 $ 1,497 $ 1,220 $ 358 $ 542 $ 16,954 Non-current liabilities 32,102 7,759 941 3,071 5,802 3,807 356 241 54,079 $ 38,798 $ 9,580 $ 4,446 $ 4,386 $ 7,299 $ 5,027 $ 714 $ 783 $ 71,033 Interest of others in operating subsidiaries 1,862 1,649 773 1,801 2,684 1,568 422 2,096 12,855 Preferred securities 1,490 — — — — — — — 1,490 Unitholder equity $ (2,233) $ 1,364 $ 253 $ 1,492 $ 1,320 $ 698 $ 375 $ 851 $ 4,120 2021 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,784 $ 1,181 $ 2,260 $ 1,300 $ 2,167 $ 771 $ 509 $ 1,446 $ 15,418 Non-current assets 19,698 5,384 1,726 6,692 8,210 4,011 1,265 1,815 48,801 $ 25,482 $ 6,565 $ 3,986 $ 7,992 $ 10,377 $ 4,782 $ 1,774 $ 3,261 $ 64,219 Liabilities Current liabilities $ 4,801 $ 1,283 $ 3,005 $ 1,470 $ 1,543 $ 657 $ 557 $ 596 $ 13,912 Non-current liabilities 21,328 3,226 555 3,220 5,901 2,519 264 294 37,307 $ 26,129 $ 4,509 $ 3,560 $ 4,690 $ 7,444 $ 3,176 $ 821 $ 890 $ 51,219 Interest of others in operating subsidiaries 874 887 178 1,815 2,051 1,086 553 1,278 8,722 Preferred securities 15 — — — — — — — 15 Unitholder equity $ (1,536) $ 1,169 $ 248 $ 1,487 $ 882 $ 520 $ 400 $ 1,093 $ 4,263 T he impact of currency risk on net income associated with foreign currency denominated financial instruments is limited as the partnership’s financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the partnership is exposed to foreign currency risk on the net assets of its foreign currency denominated operations. The following tables summarize the partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar for the years ended December 31, 2022, 2021 and 2020: December 31, 2022 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (1) $ 1 $ (85) $ 85 Canadian dollar (4) 4 (146) 146 Brazilian real — — (48) 48 Euro 94 (94) (92) 92 Other 71 (71) (121) 121 December 31, 2021 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ 12 $ (12) $ (85) $ 85 Canadian dollar 21 (21) (83) 83 Brazilian real (1) 1 (36) 36 Euro 324 (324) 4 (4) Other (74) 74 (108) 108 December 31, 2020 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ 6 $ (6) $ (86) $ 86 Canadian dollar 25 (25) (120) 120 Brazilian real — — (40) 40 Euro 53 (53) (29) 29 Other (108) 108 (72) 72 Commodity price risk As certain of the partnership’s operating subsidiaries are exposed to commodity price risk, the fair value of financial instruments will fluctuate as a result of changes in commodity prices. A 10 basis point increase or decrease in commodity prices, as it relates to financial instruments, is not expected to have a material impact on the partnership’s net income and other comprehensive income. Other price risk As at December 31, 2022, the partnership is exposed to other price risk arising from marketable securities and other financial assets, with a balance of $6,052 million (2021: $6,580 million). A 10% change in the fair value of these assets would impact the consolidated statements of comprehensive income by $605 million (2021: $658 million). (c) Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The partnership assesses the creditworthiness of each counterparty before entering into contracts and ensures that counterparties meet minimum credit quality requirements. The partnership also evaluates and monitors counterparty credit risk for derivative financial instruments and endeavors to minimize counterparty credit risk through diversification, collateral arrangements and other credit risk mitigation techniques. All of the partnership’s derivative financial instruments involve either counterparties that are banks or other financial institutions. The partnership does not have any significant credit risk exposure to any single counterparty. Credit quality of the bonds and debentures held by the partnership is assessed based on ratings supplied by rating agencies. As at December 31, 2022 , the partnership held $3,913 million of bonds and debentures (2021: $4,763 million), of which $1,485 million were rated AAA ( 2021 : $1,881 million) and $1,669 million were rated A or AA ( 2021 : $2,089 million) and $759 million were rated B or BB (2021: $793 million). The partnership recognizes ECL allowance on financial assets including loans receivable and debt securities measured at amortized cost, debt securities measured at FVOCI, undrawn loan commitments, trade receivables and contract assets. The partnership held a significant debt securities portfolio through its residential mortgage insurer in Canada which is measured at amortized cost and FVOCI. The gross carrying amount of the debt securities measured at amortized cost and FVOCI at December 31, 2022 were $42 million and $3,913 million, respectively ( 2021 : $nil and $4,693 million, respectively). The ECL allowance as at December 31, 2022 was $6 million ( 2021 : $2 million). The partnership held a significant loans receivable portfolio through its non-bank financial services operations in India and its residential mortgage lender in Australia, which are measured at amortized cost. There are comprehensive credit policies and credit approval processes in place for these portfolios. The appraisal process includes detailed risk assessments of the borrowers and there is a monitoring process in place to identify credit portfolio trends and early warning signals, enabling the implementation of necessary actions to mitigate credit losses. The partnership organizes its loans receivable and ECL allowance into three stages based on varying degrees of credit risk as described in Note 2. The following table shows changes in the gross carrying amount of the partnership’s significant loans receivable portfolio for the years ended December 31, 2022 and 2021: (US$ MILLIONS) Stage 1 Stage 2 Stage 3 Total Gross carrying amount Balance at January 1, 2021 $ 779 $ 276 $ 39 $ 1,093 New assets originated or purchased 515 7 2 524 Assets derecognized (excluding write-offs) (223) (127) (15) (365) Transfers to stage 1 22 (21) (1) — Transfers to stage 2 (255) 256 (1) — Transfers to stage 3 (20) (24) 44 — Amounts written-off (net of recovery) (14) (11) (17) (42) Other (35) (39) (1) (75) Balance at December 31, 2021 $ 769 $ 317 $ 49 $ 1,135 Acquisitions through business combinations 4,578 — — 4,578 New assets originated or purchased 834 43 — 877 Assets derecognized (excluding write-offs) (280) (76) (22) (378) Transfers to stage 1 49 (48) (1) — Transfers to stage 2 (94) 94 — — Transfers to stage 3 (88) (42) 130 — Amounts written-off (net of recovery) (30) (68) (24) (122) Other 144 (5) (10) 129 Foreign currency translation (369) (25) (6) (400) Balance at December 31, 2022 $ 5,513 $ 190 $ 116 $ 5,819 The following table shows changes in the corresponding ECL allowance of the partnership’s significant loans receivable portfolio for the years ended December 31, 2022 and 2021: (US$ MILLIONS) Stage 1 Stage 2 Stage 3 Total ECL allowance Balance at January 1, 2021 $ 45 $ 19 $ 19 $ 83 New assets originated or purchased 22 1 1 24 Assets derecognized (excluding write-offs) (2) (6) (1) (9) Transfers to stage 1 1 (1) — — Transfers to stage 2 (12) 12 — — Transfers to stage 3 (3) (2) 5 — Impact on ECL for exposures transferred between stages during the year (31) 17 16 2 Amounts written-off (net of recovery) — (5) (15) (20) Balance at December 31, 2021 $ 20 $ 35 $ 25 $ 80 New assets originated or purchased 14 1 — 15 Assets derecognized (excluding write-offs) (7) (2) (3) (12) Changes to models and inputs used 10 2 2 14 Transfers to stage 1 4 (4) — — Transfers to stage 2 (9) 8 1 — Transfers to stage 3 (8) (4) 12 — Impact on ECL for exposures transferred between stages during the year — 4 25 29 Amounts written-off (net of recovery) (2) (14) (18) (34) Foreign currency translation (2) (4) (4) (10) Balance at December 31, 2022 $ 20 $ 22 $ 40 $ 82 (d) Insurance risk The partnership’s residential mortgage insurance business is exposed to insurance risk from underwriting of mortgage insurance contracts. Mortgage insurance contracts transfer risk to the partnership by indemnifying lending institutions against credit losses arising from borrower mortgage default. Under a mortgage insurance policy, a lending institution is insured against risk of loss for the entire unpaid principal balance of a loan plus interest, customary mortgage enforcement and property management costs and expenses related to the sale of the underlying property. Insurance risk impacts the amount, timing and certainty of cash flows arising from insurance contracts. The partnership has identified pricing risk, underwriting risk, claims management risk, loss reserving risk and insurance portfolio concentration risk as its most significant sources of insurance risk. Each of these risks is described separately below. (i) Pricing risk Pricing risk arises when actual claims experience differs from the assumptions included in the determination of premium rates. Premium rates vary with the perceived risk of a claim on an insured loan, which takes into account the long-term historical loss experience on loans with similar loan-to-value ratios, terms and types of mortgages, borrower credit histories and capital required to support the product. Before a new mortgage insurance product is introduced, the partnership establishes specific performance targets, including delinquency rates and loss ratios, which the partnership monitors frequently to identify any deviations from expected performance so that corrective action when necessary. These performance targets are adjusted periodically to ensure they reflect the current environment. (ii) Underwriting risk Underwriting risk is the risk that the underwriting function will underwrite mortgage insurance under terms that do not comply with pre-established risk guidelines, resulting in inappropriate risk acceptance by the partnership. The underwriting results of the residential mortgage insurance business can fluctuate significantly due to the cyclicality of the Canadian mortgage market. The mortgage market is affected primarily by housing supply and demand, interest rates and general economic factors including unemployment rates. The partnership’s risk management function establishes risk guidelines based on its underwriting goals. Underwriter performance is reviewed to facilitate continuous improvement or remedial action where necessary. (iii) Claims management risk The partnership enforces a policy of actively managing and promptly settling claims in order to reduce exposure to unpredictable future developments that can adversely impact losses using loss mitigation programs. These programs allow for better control of the property marketing process, potential reduction of carrying costs and potential of realization of a higher property sales price. In addition to its current loss mitigation programs in place, under its agreement with lending institutions, the partnership has the right to recover losses from borrowers once a claim has been paid. The partnership actively pursues such recoveries. (iv) Loss reserving risk Loss reserving risk is the risk that loss reserves differ significantly from the ultimate amount paid to settle claims, principally due to additional information received and external factors that influence claim frequency and severity (including performance of the Canadian housing market). The partnership reviews its loss reserves and reserving assumptions on an ongoing basis and updates the loss reserves as appropriate. (v) Insurance portfolio concentration risk Insurance portfolio concentration risk is the risk that losses increase disproportionately where portfolio concentrations exist. This is mitigated by a portfolio that is diversified across geographic regions. Additional scrutiny is given to geographic regions where property values are particularly sensitive to an economic downturn. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATIONThe partnership’s operations are organized into four operating segments which are regularly reviewed by the CODM for the purpose of allocating resources to the segment and to assess its performance. The CODM uses adjusted earnings from operations (“Adjusted EFO”) to assess performance and make resource allocation decisions. Adjusted EFO allows the CODM to evaluate the partnership’s segments on the basis of return on invested capital generated by its operations and to evaluate the performance of its segments on a levered basis. Adjusted EFO is calculated as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Other income (expense), net in the partnership’s consolidated statements of operating results includes amounts that are not related to revenue generating activities, and are not normal, recurring operating income and expenses necessary for business operations. These include revaluation gains and losses, transaction costs, restructuring charges, stand-up costs and business separation expenses, gains or losses on debt extinguishments or modifications, gains or losses on dispositions of property, plant and equipment, non-recurring and one-time provisions that may occur from time to time at one of the partnership’s operations that are not reflective of normal operations, and other items. Other income (expense), net included within Adjusted EFO in the tables below corresponds to items of other income (expense), net at the partnership’s economic ownership interest that are considered by the partnership when evaluating operating performance and returns on invested capital generated by its businesses and may include realized revaluation gains and losses, realized gains or losses on the disposition of property, plant and equipment and other items. Refer to the footnotes to the tables below for additional details on items included therein. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO reflects the partnership’s economic ownership interest in the gains or losses on acquisitions/dispositions recognized during the period in the consolidated statements of operating results that are considered by the partnership when evaluating the performance and returns on invested capital generated by its businesses. Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO corresponds to the partnership’s economic ownership interest in gains and losses recorded in the consolidated statements of changes in equity that have been realized through a completed disposition. Material realized disposition gains or losses may be recorded in equity on the partial disposition of a subsidiary where the partnership retains control or through the sale of an investment in securities accounted for as financial assets measured at fair value with changes in fair value recorded in other comprehensive income. The following tables provide each segment’s results at the partnership’s economic ownership interest, in the format that the CODM organizes reporting segments to make resource allocation decisions and assess performance. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. The tables below reconcile the partnership’s economic ownership interest in its consolidated results to the partnership’s consolidated statements of operating results. Year ended December 31, 2022 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total (1) Revenues $ 9,627 $ 2,968 $ 4,591 $ — $ 17,186 $ 40,359 $ 57,545 Direct operating costs (2) (8,811) (2,089) (3,666) (28) (14,594) (35,248) (49,842) General and administrative expenses (145) (146) (135) (110) (536) (836) (1,372) Gain (loss) on acquisitions /dispositions, net (3) 9 — 7 — 16 12 28 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) 19 — 33 — 52 61 113 Other income (expense), net (5) 2 2 2 — 6 19 25 Interest income (expense), net (155) (288) (335) (71) (849) (1,689) (2,538) Current income tax (expense) recovery (6) (80) (19) (92) 58 (133) (312) (445) Preferred equity distributions — — — (27) (27) 27 — Equity accounted Adjusted EFO (7) 42 85 68 — 195 119 314 Adjusted EFO 508 513 473 (178) 1,316 Depreciation and amortization expense (2)(8) (1,065) (2,195) (3,260) Impairment reversal (expense), net 34 (25) 9 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (52) (61) (113) Current income tax (expense) recovery (6) (4) (9) (13) Other income (expense), net (5) (258) (425) (683) Deferred income tax (expense) recovery 287 449 736 Non-cash items attributable to equity accounted investments (7) (112) (37) (149) Net income (loss) $ 146 $ 209 $ 355 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $53,102 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $28 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $16 million represents the partnership’s economic ownership interest in gains on dispositions of $9 million related to the sale of the partnership’s digital cloud services and $7 million related to the partial disposition of public securities. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $52 million represents the partnership’s economic ownership interest in gains on dispositions of which $33 million related to the partial disposition of public securities and $19 million related to the disposition of a financial asset measured at FVOCI. (5) The sum of these amounts equates to other income (expense), net of $(658) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $6 million includes $15 million of net gains on the sale of property, plant and equipment and $9 million of realized net revaluation losses. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(258) million includes $76 million of net unrealized revaluation losses, $108 million of business separation expenses, stand-up costs and restructuring charges, $68 million of transaction costs and $6 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(458) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $165 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2022, depreciation and amortization expense by segment is as follows: business services $721 million, infrastructure services $1,220 million, industrials $1,319 million and corporate and other $nil. Year ended December 31, 2021 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,060 $ 1,928 $ 3,438 $ — $ 14,426 $ 32,161 $ 46,587 Direct operating costs (2) (8,383) (1,370) (2,722) (19) (12,494) (28,374) (40,868) General and administrative expenses (146) (68) (88) (107) (409) (603) (1,012) Gain (loss) on acquisitions /dispositions, net (3) — — 158 — 158 740 898 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) — — 414 — 414 — 414 Other income (expense), net (5) 24 (4) 12 — 32 29 61 Interest income (expense), net (69) (152) (236) (20) (477) (991) (1,468) Current income tax (expense) recovery (6) (111) (4) (159) 47 (227) (318) (545) Equity accounted Adjusted EFO (7) 22 66 62 — 150 112 262 Adjusted EFO 397 396 879 (99) 1,573 Depreciation and amortization expense (2)(8) (780) (1,503) (2,283) Impairment reversal (expense), net (160) (280) (440) Gain (loss) on acquisitions /dispositions, net (3) 474 451 925 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (414) — (414) Current income tax (expense) recovery (6) 9 — 9 Other income (expense), net (5) (42) (53) (95) Deferred income tax (expense) recovery 132 239 371 Non-cash items attributable to equity accounted investments (7) (149) (100) (249) Net income (loss) $ 643 $ 1,510 $ 2,153 _____________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $43,151 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $1,823 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $158 million represents the partnership’s economic ownership interest in gains (losses) of $141 million related to the disposition of the partnership’s graphite electrode operations, $14 million related to the partial disposition of public securities and other gains of $3 million. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $414 million represents the partnership’s economic ownership interest in gains on dispositions of which $245 million related to the disposition of the partnership’s graphite electrode operations and $169 million related to the partial disposition of public securities. (5) The sum of these amounts equates to other income (expense), net of $(34) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $32 million includes $4 million of realized net revaluation losses and $36 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(42) million includes $79 million of unrealized net revaluation gains, $52 million of business separation expenses, stand-up costs restructuring charges, $24 million of transaction costs, $14 million of net loss on debt extinguishment/modification and $31 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(536) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $13 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2021, depreciation and amortization expense by segment is as follows: business services $465 million, infrastructure services $705 million, industrials $1,113 million and corporate and other $nil. Year ended December 31, 2020 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (2) (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Equity accounted Adjusted EFO (5) 12 74 25 — 111 114 225 Adjusted EFO 229 364 336 (59) 870 Depreciation and amortization expense (2)(6) (719) (1,446) (2,165) Impairment reversal (expense), net (112) (151) (263) Gain (loss) on acquisitions /dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (5) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $34,630 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $85 million represents partnership’s economic ownership interest in gains (losses) of which $47 million related to the sale of the partnership’s cold storage business, $15 million related to the sale of the pathology business at the partnership’s healthcare services operations, $25 million related to the partnership’s sale of investments in public securities and other disposition losses of $2 million. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $(25) million includes $28 million of realized net revaluation losses and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(121) million includes $168 million of unrealized net revaluation gains, $134 million of provisions for potential productivity impacts and damages related to business interruption and work stoppages which are not considered normal or recurring, $67 million of non-recurring, one-time provisions including product line exits, contract write-offs and production relocation costs, as a result of the recapitalization of one of the partnership’s operations, $60 million of business separation expenses, stand-up costs and restructuring charges, $30 million of transaction costs, $8 million of net gains on debt extinguishment/modification and $6 million of other expenses. (5) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the consolidated statements of operating results. (6) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million and corporate and other $nil. Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following table summarizes the partnership’s total assets by reportable operating segment as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Total assets Business services $ 38,187 $ 20,376 Infrastructure services 22,606 16,380 Industrials 28,112 27,315 Corporate and other 593 148 Total $ 89,498 $ 64,219 The following table summarizes the partnership’s total non-current assets by geography as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 United States $ 24,205 $ 10,989 Europe 12,563 13,138 Australia 11,257 5,380 Canada 7,079 7,101 Brazil 6,631 4,971 United Kingdom 3,799 2,326 Mexico 2,354 1,855 Other 3,298 3,041 Total non-current assets $ 71,186 $ 48,801 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Year ended December 31 (US$ MILLIONS) 2022 2021 2020 Net interest paid (received) $ 2,037 $ 1,223 $ 1,135 Net income taxes paid (received) 285 448 428 Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flow. Total cash outflows across the partnership’s lease contracts for the year ended December 31, 2022 were $465 million (2021: $362 million). Details of “Changes in non-cash working capital, net” on the consolidated statements of cash flow are as follows: Year ended December 31 (US$ MILLIONS) 2022 2021 2020 Accounts receivable $ (1,053) $ (684) $ 546 Inventory (629) (494) 453 Prepayments and other (192) 9 53 Accounts payable and other (389) 27 284 Changes in non-cash working capital, net $ (2,263) $ (1,142) $ 1,336 The following table presents the change in the balance of borrowings arising from financing activities as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 29,076 $ 23,776 Cash flows 13,901 6,736 Non-cash changes: Acquisitions / (dispositions) of subsidiaries 4,570 (1,341) Foreign currency translation (817) (397) Fair value (4) (31) Other changes (33) 333 Balance at end of year $ 46,693 $ 29,076 |
POST-EMPLOYMENT BENEFITS
POST-EMPLOYMENT BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
POST-EMPLOYMENT BENEFITS | POST-EMPLOYMENT BENEFITS The partnership maintains several defined benefit pension plans within its industrials and infrastructure services segments. These plans are administered in various countries, the most significant of which is in the United States. These benefits are provided through various insurance companies and the estimated net post-employment benefit costs are accrued during the employees’ credited service periods. The following table shows the changes in the present value of the defined benefit pension plan obligation and the fair values of plan assets as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 3,034 $ 3,308 Defined benefit obligation through business combinations 159 107 Service cost 38 33 Interest cost 78 67 Participant contributions 2 2 Foreign currency exchange translation (4) (218) Actuarial (gain) loss due to financial assumption changes (853) (123) Actuarial (gain) loss due to demographic assumption changes (4) 15 Actuarial experience adjustments 51 16 Benefits paid from plan assets (127) (157) Benefits paid from employer (20) (16) Defined benefit obligation at end of year $ 2,354 $ 3,034 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (2,400) $ (2,391) Fair value of plan assets through business combinations (150) (7) Interest income (63) (47) Loss (return) on plan assets (excluding interest income) 687 (225) Foreign currency exchange translation 55 152 Employer contributions (43) (64) Participant contributions (2) (2) Employer direct settlements (1) 1 Benefits paid from plan assets 128 157 Benefits paid from employer 15 16 Administrative expenses paid from plan assets 10 10 Fair value of plan assets at end of year $ (1,764) $ (2,400) Net asset at end of year $ — $ (75) Net liability at end of year $ 590 $ 709 In addition to the defined benefit pension plan obligation, the partnership also recorded other post-employment benefits with a net liability carrying value of $52 million as at December 31, 2022 (2021: $62 million). The net liabilities for the defined benefit pension plan and post-employment plan are recorded within accounts payable and other in the consolidated statements of financial position. The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2022: (US$ MILLIONS) United States Canada Other Total Defined benefit obligation $ 1,729 $ 65 $ 560 $ 2,354 Fair value of plan assets (1,348) (52) (364) (1,764) Net liability $ 381 $ 13 $ 196 $ 590 The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2021: (US$ MILLIONS) United States Canada Other Total Defined benefit obligation $ 2,216 $ 20 $ 798 $ 3,034 Fair value of plan assets (1,867) — (533) (2,400) Net liability $ 349 $ 20 $ 265 $ 634 The following tables summarize the amounts recognized in respect of these defined benefit pension plans during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Amounts recognized in profit and loss Current service cost $ 38 $ 41 Past service cost — (8) Net interest expense 15 20 Administrative expense 10 10 Total expense recognized in profit and loss $ 63 $ 63 Amounts recognized in other comprehensive income Loss (return) on plan assets (excluding net interest expense) $ 687 $ (225) Actuarial (gain) loss due to demographic assumption changes (4) 15 Actuarial (gain) loss due to financial assumption changes (853) (123) Actuarial experience adjustments 51 16 Total expense (gain) recognized in other comprehensive income $ (119) $ (317) Total expense (gain) recognized in comprehensive income $ (56) $ (254) For the year ended December 31, 2022, the partnership recorded other post-employment benefits which contributed a total gain recognized in other comprehensive income of $8 million (2021: total gain of $28 million). The expense recorded in profit and loss is recognized within general and administrative expenses in the consolidated statements of operating results. The defined benefit pension plans expose the partnership to certain actuarial risks such as investment risk, interest rate risk and compensation risk. The present value of the defined benefit pension plan obligation is calculated using a discount rate. If the return on plan assets is below this rate, a plan deficit occurs. The partnership mitigates this investment risk by establishing a sound investment policy to be followed by the investment manager. The investment policy requires plan assets to be invested in a diversified portfolio and is set based on both asset return and local statutory requirements. A change in interest and compensation rates will also affect the defined benefit obligation. A sensitivity analysis of the discount rate and compensation rate is provided below. The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2022: (US$ MILLIONS) Level 1 Level 2 (1) Level 3 Total Cash and cash equivalents $ 46 $ 4 $ — $ 50 Equity instruments 68 636 — 704 Debt instruments 179 673 20 872 Real estate 1 98 — 99 Investment funds — 14 — 14 Fixed insurance contracts 14 $ 11 — 25 Total plan assets $ 308 $ 1,436 $ 20 $ 1,764 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators. The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2021 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 45 $ 7 $ — $ 52 Equity instruments 69 833 — 902 Debt instruments 275 943 105 1,323 Real Estate — 106 — 106 Fixed insurance contracts 16 1 — 17 Total plan assets $ 405 $ 1,890 $ 105 $ 2,400 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators. (2) Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator. Significant Assumptions The partnership annually re-evaluates assumptions and estimates used in projecting the defined benefit obligation. These assumptions and estimates may affect the carrying value of the defined benefit liabilities in the partnership’s consolidated statements of financial position. The significant actuarial assumptions adopted are as follows: 2022 2021 Discount rate 0.2% to 7.9% 0.2% to 8.0% Rate of compensation increase 0.5% to 5.0% 0.0% to 5.0% These assumptions have a significant impact on the defined benefit liabilities reported in the consolidated statements of financial position. The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2022: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Discount rate 1% $(200) 1% $241 Rate of compensation increase 1% $19 1% $(18) The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2021: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Discount rate 1% $(387) 1% $473 Rate of compensation increase 1% $38 1% $(34) The sensitivity analysis above has been determined based on reasonably possible changes of the respective assumptions occurring as at December 31, 2022 and December 31, 2021, while holding all other assumptions constant. These analyses may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another. The following table summarizes the undiscounted future planned benefit payments under the partnership’s defined benefit plans as at December 31, 2022: (US$ MILLIONS) Future Planned Benefit Payments 2023 $ 135 2024 136 2025 139 2026 141 2027 144 Thereafter 4,030 Total $ 4,725 |
INSURANCE CONTRACTS
INSURANCE CONTRACTS | 12 Months Ended |
Dec. 31, 2022 | |
Insurance Contracts [Abstract] | |
INSURANCE CONTRACTS | INSURANCE CONTRACTS The following summarizes the balances related to the partnership’s insurance contracts from its residential mortgage insurer: (a) Premiums and unearned premiums reserve The following table summarizes the movement in the unearned premiums reserve during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Unearned premiums reserve, beginning of year $ 2,228 $ 1,889 Premiums written during the year 636 967 Premiums earned during the year (666) (639) Foreign currency translation (149) 11 Unearned premiums reserve, end of year $ 2,049 $ 2,228 Key methodologies and assumptions Premiums written are recognized as premiums earned using a factor-based premium recognition curve that is based on expected loss emergence pattern. Approximately 80% of the mortgage insurance premiums written are recognized as premiums earned within the first five years of policy inception based on the premium recognition curve. An appointed actuary performs a liability adequacy test on the unearned premiums reserve using a dynamic regression model. The purpose of the test is to ensure the unearned premiums liability at year end is sufficient to pay for future claims and expenses that may arise from unexpired insurance contracts. The liability adequacy test for the years ended December 31, 2022 and 2021 identified a surplus in the unearned premiums reserve and thus no premium deficiency reserve is required at this reporting date. (b) Losses on claims and loss reserves The carrying value of loss reserves reflects the present value of expected claims expenses and provisions for adverse deviation and is considered to be an indicator of fair value. The following table summarizes the loss reserves at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Case reserves $ 38 $ 54 Incurred but not reported reserves 12 13 Discounting (1) (1) Provisions for adverse deviation 4 5 Total loss reserves $ 53 $ 71 The following table summarizes the movement in loss reserves during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Loss reserves, beginning of year $ 71 $ 144 Claims paid during the year (31) (48) Changes in loss reserves related to the current year 17 44 Favorable development on losses on claims related to prior years — (71) Foreign currency translation (4) 2 Loss reserves, end of year $ 53 $ 71 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a) Distribution On February 2, 2023, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per Unit, payable on March 31, 2023 to Unitholders of record as at the close of business on February 28, 2023. (b) Other On January 31, 2023, the partnership completed a tuck-in acquisition of a leading rental provider in the U.K. at its modular building leasing services operations. The business was acquired for approximately $415 million, funded with debt and equity. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination are not available as at the date of release of these consolidated financial statements. As a result, the partnership has not provided amounts recognized as at the acquisition date for certain major classes of assets acquired and liabilities assumed. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of presentation | Basis of presentationThese consolidated financial statements of the partnership and its subsidiaries (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. Certain comparative figures have been reclassified to conform to the current year’s presentation. The accounting policies and methodologies set out below have been applied consistently. Policies not effective for the current accounting period are described later in Note 2 (af), under Future changes in accounting policies. These consolidated financial statements were approved by the Board of Directors of the partnership’s general partner and authorized for issue on March 6, 2023. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the partnership’s subsidiaries held by others and the Redemption-Exchange Units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. Brookfield Business Partners L.P., through its managing general partnership interest, is the managing general partner of the Holding LP, and thus controls the Holding LP. The partnership has entered into voting agreements with various affiliates of Brookfield whereby the partnership effectively obtains control of the subsidiaries with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of the Holding LP and its other subsidiaries. |
Interests in other entities | Interests in other entities (i) Subsidiaries These consolidated financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about the partnership’s wholly-owned subsidiaries as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest Economic interest 2022 2021 2022 2021 Business services Real estate services Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction operations Multiplex Global Limited United Kingdom 100 % 100 % 100 % 100 % The following table presents details of material non-wholly owned subsidiaries of the partnership as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest (1) Economic interest 2022 2021 2022 2021 Business services Road fuels Greenergy Fuels Holding Limited England 88 % 89 % 18 % 18 % Healthcare services Healthscope Limited Australia 100 % 100 % 28 % 28 % Fleet management services Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Car rental services (2) Unidas Locadora S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurer Sagen MI Canada Inc. Canada 100 % 100 % 41 % 41 % Non-bank financial services IndoStar Capital Finance Limited India 56 % 57 % 20 % 20 % Technology services Everise Holdings Pte Ltd. Singapore 84 % 100 % 28 % 36 % Residential mortgage lender (2) La Trobe Financial Services Pty Limited Australia 100 % — % 40 % — % Dealer software and technology services (2)(3) CDK Global, Inc. United States 100 % — % 29 % — % Payment processing services (2) Magnati - Sole Proprietorship LLC United Arab Emirates 60 % — % 22 % — % Infrastructure services Nuclear technology services Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure L.P. United States 99 % 99 % 43 % 43 % Modular building leasing services Modulaire Investments 2 S.à r.l. Luxembourg 100 % 100 % 28 % 36 % Lottery services Scientific Games Corporation United States 100 % — % 36 % — % Industrials Water and wastewater BRK Ambiental Participações S.A. Brazil 70 % 70 % 26 % 26 % Returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Natural gas production Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Advanced energy storage Clarios Global LP United States 100 % 100 % 28 % 28 % Solar power solutions Aldo Componentes Eletrônicos LTDA Brazil 100 % 100 % 35 % 35 % Engineered components manufacturing (2) DexKo Global Inc. United States 100 % 100 % 34 % 35 % ____________________________________ (1) The partnership has entered into voting arrangements that provide the partnership with the ability to direct the relevant activities of the investee. The partnership controls these investees given that the partnership is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. The partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. The following were considered to determine whether the partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 3 for additional information. (3) The partnership’s economic interest after finalization of syndications to institutional partners is expected to be approximately 20%. (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures in the consolidated financial statements using the equity method. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the fair value of the investee’s identifiable assets and liabilities, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the fair value of the investee’s identifiable assets and liabilities, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership’s interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2 (l) . |
Foreign currency translation | Foreign currency translation The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the consolidated financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the exchange rate prevailing at the reporting date and non-monetary assets and liabilities are measured at their historic cost and translated at the exchange rate on the transaction date. Gains or losses on translation of these items are included in the consolidated statements of operating results. |
Business combinations | Business combinations Business acquisitions, in which control is acquired, are accounted for using the acquisition method in accordance with IFRS 3, Business combinations (“IFRS 3”), other than those between entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed and equity instruments issued by the partnership in exchange for control of the acquiree. Transaction costs are recognized in the consolidated statements of operating results as incurred and included in other income (expense), net. Where applicable, the consideration for each acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as assets or liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently remeasured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control. The resulting gain or loss, if any, is recognized in the consolidated statements of operating results or consolidated statements of other comprehensive income (loss). Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income (loss) shall be recognized on the same basis as would be required if the partnership had disposed directly of the previously held equity interest. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree, if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, contingent liabilities and contingent assets (“IAS 37”), and the amount initially recognized less cumulative amortization recognized in accordance with IFRS 15, Revenue from contract with customers (“IFRS 15”), if applicable. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. |
Accounts and other receivable, net | Accounts and other receivable, net Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. Accounts and other receivable, net also includes subrogation recoverable and deferred insurance policy acquisition costs from the partnership’s residential mortgage insurer which are accounted for as described in Note 2 (x) |
Inventory, net | Inventory, netInventory, net, with the exception of certain fuel inventories, is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to quoted prices in an active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the consolidated statements of operating results in direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. |
Renewable transport fuel obligations ("RTFO") | Renewable transport fuel obligations (“RTFO”) Under the U.K. government’s RTFO Order, which regulates biofuels used for transport and non-road mobile machinery, the partnership’s U.K. road fuel distribution service business is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statements of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. |
Related party transactions | Related party transactionsIn the normal course of operations, the partnership enters into various transactions with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. Related party transactions are further described in Note 25. |
Property, plant and equipment, or PP&E | Property, plant and equipment, or PP&E PP&E, which includes right-of-use assets, is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Right-of-use assets Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 30 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production Depreciation on PP&E is calculated so as to recognize in the consolidated statements of operating results the net cost of each asset over its expected useful life to its estimated residual value. Buildings, machinery, equipment and vessels are depreciated over their expected useful lives on a straight-line basis. Right-of-use assets are depreciated over the period of the lease or estimated useful life, whichever is shorter, on a straight-line basis. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. Upon determination that proved and/or probable reserves exist and the technology to extract the resource economically exists, exploration and evaluation expenditures attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the units-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to the partnership’s mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the units-of-production method over the proven and probable reserves. As part of the aggregate production, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: (i) improved access to the ore body is probable; (ii) the component of the ore body can be accurately identified; and (iii) the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. |
Asset impairment | Asset impairmentAt each reporting date, the partnership assesses whether for assets, other than those measured at fair value with changes in fair value recorded in net income, there is any indication that such assets are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological progress. An impairment is recognized if the recoverable amount of the asset, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than its carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Intangible assets | Intangible assetsIntangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair values at the acquisition date. The partnership’s intangible assets comprise primarily water and sewage concession rights, brands and trademarks, computer software, customer relationships, and proprietary technology. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less any accumulated amortization and any accumulated impairment losses, on the same basis as intangible assets acquired separately. Finite life intangible assets are amortized on a straight-line basis over the following useful lives: Water and sewage concession rights Up to 40 years Brand and trademarks Up to 40 years Computer software Up to 10 years Customer relationships Up to 30 years Proprietary technology Up to 20 years Certain of the partnership’s intangible assets have an indefinite life, as described in Note 12, as there is no foreseeable limit to the period over which the asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified which requires a write-down to its recoverable amount. Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment. Any impairment of the partnership’s indefinite life intangible assets is recorded in the period in which the impairment is identified. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. Any impairment losses or subsequent reversals are recorded in the consolidated statements of operating results in impairment reversal (expense), net. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds, if any, and the carrying amount of the asset and are recognized in the consolidated statements of operating results in other income (expense), net when the asset is derecognized. |
Goodwill | Goodwill Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the identifiable assets and liabilities acquired. Goodwill is allocated to the cash-generating unit or units to which it relates. The partnership identifies cash-generating units as identifiable groups of assets whose cash inflows are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment on an annual basis or more often if events or circumstances indicate there may be an impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is charged to impairment expense, net in the consolidated statements of operating results in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. |
Revenues from contracts with customers | Revenues from contracts with customers Business services Construction services The partnership’s construction services business provides end-to-end design and development solutions under contracts with its customers. The partnership recognizes revenues on these contracts over a period of time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. As work is performed, a contract asset in the form of contracts in progress is recognized, which is reclassified to accounts receivable when invoiced to the customer. If payment is received in advance of work being completed, a contract liability is recognized. Refer to Note 16 for further information on contracts in progress balances. There is not considered to be a significant financing component in construction contracts as the period between the recognition of revenues under the cost-to-cost method and when payment is received is typically less than one year. IFRS 15 requires a highly probable criterion be met with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. Claims are accounted for as variable considerations only when it is highly probable that revenue will not reverse in the future. Revenues from contract modifications are treated as variable consideration when changes to the contract are approved by the customer but the price is not agreed or is not fixed. Road fuels operations Fees and related costs are recognized at a point in time when road fuels operations services are provided. Revenues from the sale of goods in the partnership’s road fuels operations represent net invoiced sales of fuel products and RTFO certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of consideration received. Revenues are recognized at the point that title passes to the customer. Healthcare services operations Revenues from contracts with customers are recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the partnership’s healthcare services is entitled to in exchange for those goods or services. The partnership’s healthcare services operations has concluded that it is the principal in its revenue arrangements as it typically controls the goods or services before transferring them to the customers. The partnership’s healthcare services operations has two types of performance obligations: hospital services and hospital management services. For hospital services, revenue for each surgical and non-surgical service provided to a patient is recognized over the period from admission of the patient to discharge. For hospital management services, revenue from management fee income is recognized in accordance with the relevant agreement. Dealer software and technology services operations The majority of revenue generated by the partnership’s dealer software and technology services operations is from contracts with multiple performance obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The partnership is required to develop its best estimate of standalone selling price for each distinct good or service as the basis for allocating the total transaction price. The primary method used to estimate standalone selling price is the adjusted market assessment approach, with some product categories using the expected cost plus a margin approach. The partnership’s dealer software and technology services operations primarily generates revenues from the provision of software and technology solutions for automotive retailers and OEMs, which includes: • Dealer Management Systems (“DMSs”) and layered applications, which may be installed on-site at the customer’s location, or hosted and provided on a software-as-a-service (“SaaS”) basis, including ongoing maintenance and support; • Interrelated services such as installation, initial training, and data updates. SaaS and other hosted service arrangements, which allow the customer continuous access to the software over the contract period without taking control of the software, are provided on a subscription basis. Under these arrangements the customer obtains access to the software which resides and is maintained on the managed servers of the dealer software and technology operations of the partnership. The customer does not obtain the right to take possession of the software therefore these arrangements are determined not to include a software license. The support, maintenance and hosting services are not distinct from the SaaS and other hosted services within the context of the contract and are provided over the same period and have the same pattern of transfer of control, and therefore are combined and recognized as a single performance obligation. Setup activities such as installation, initial training and data updates that must be undertaken to fulfill the contract are considered fulfillment activities that do not transfer service to the customer. In addition to the core DMS software application, the customer may also contract for layered applications, which are each considered a distinct performance obligation. Revenue for SaaS and other hosted service arrangements are recognized ratably over the duration of the contract. The partnership’s obligation under these arrangements is to stand ready to perform the underlying services as required by the customer. The customer receives the benefit of the services, and the partnership’s dealer software and technology operations has the right to payment as the services are performed. A time-elapsed output method is used to measure progress as the partnership’s dealer software and technology operations transfers control evenly over the duration of the contract. Technology services operations The partnership’s technology services operations recognizes revenue from the following major sources: (i) business process outsourcing, (ii) training services and (iii) supplemental activities. Business process outsourcing revenues are recognized as the services are performed based on hourly or per-connect minute contractual rates. Training services revenues represents amounts billable to the client at an agreed hourly rate for the agents being trained prior to servicing a particular account. Revenues from supplemental activities such as IT services are recognized when the services are rendered. Revenues comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the partnership’s technology services operations activities. Sales are presented net of value-added tax, rebates and discounts. Revenues from the rendering of services is recognized in the accounting period in which the services are rendered based on agreed price with the customers. Infrastructure services Modular building leasing services operations The primary source of revenues from the partnership’s modular building leasing services operations is leasing modular units and other product offerings, including rentals of steps, ramps, furniture, fire extinguishers, air conditioners, wireless internet access points, damage waivers and service plans. Leasing revenue is recognized under the requirements of IFRS 16, Leases (“IFRS 16”), whereas the other revenue streams are recognized under IFRS 15. Modular delivery and installation services revenue includes fees charged for the delivery, setup, knockdown and pick-up of leasing equipment to and from the customers’ premises and repositioning the leasing equipment. Modular delivery and installation services revenue is generally recognized over time as the customer simultaneously receives and consumes the benefits of the performance as services are performed. Revenues generated from the sale of new and used modular space and portable storage units are recognized at a point in time when the customer obtains control of the asset, which includes a present right to payment, legal title, physical possession, risk and rewards of ownership and acceptance of the asset, which generally occurs upon delivery of the asset. Revenues generated from modular construction projects are generally recognized over time as the performance creates or enhances an asset that the customer controls and/or in some cases, creates a specific asset with no alternative use with an enforceable right to payment for performance completed to date. Fixed price construction projects generally use a cost-to-cost input method to measure the progress towards complete satisfaction of the performance obligations as it best depicts the transfer of control to the customer. Revenues generated from remote accommodation leasing and services revenue relates to the leasing and operation of remote workforce accommodations where the business provides housing, catering and transportation to meet the customers’ requirements. This activity has been determined to be a series of accommodation services for which the customer simultaneously receives and consumes the benefits provided as they are performed. The revenue is recognized over time based on the number of nights of accommodation services delivered. Nuclear technology services operations Revenues from sales of products are recognized at a point in time when the product is shipped and control passes to the customer. Revenues from contracts to provide engineering, design or other services are recognized and reported over time based on an appropriate measure of progress. The partnership’s nuclear technology services uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. IFRS 15 requires a highly probable criterion be met with regards to recognizing revenues arising from variable consideration and contract modification and claims. For variable consideration, revenues are only to be recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The partnership’s nuclear technology services includes in its contract estimates additional revenue for submitted contract modifications or claims against the customer or others when it believes that it has an enforceable right to the modification or claim, the amount can be estimated reliably, and its realization is probable. The partnership’s nuclear technology services includes incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. Offshore oil services operations The primary source of revenues from the partnership’s offshore oil services operations is chartering its vessels and offshore units to its customers. The partnership’s primary forms of contracts consist of floating production storage and offloading (“FPSO”) contracts and contracts of affreightment (“CoA”). • FPSO contracts: Pursuant to an FPSO contract, the partnership charters an FPSO unit to a customer for a fixed period of time, generally more than one year. The performance obligations within an FPSO contract, which will include the use of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Some FPSO contracts include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. Variable consideration under the partnership’s contracts is typically recognized as earned as either such revenues are allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to the distinct period in which such variable consideration was earned. • Contracts of Affreightment: Voyages performed pursuant to a CoA for the partnership’s shuttle tankers are priced based on the pre-agreed terms in the CoA. The performance obligations within a voyage performed pursuant to a CoA, which typically include the use of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. The duration of a single voyage will typically be less than two weeks. Industrials Manufacturing Sales of goods are recognized at a point in time when control of the product is passed to the customer. Services revenues are recognized over time when the services are provided over time. Water and wastewater operations Revenues from the provision of water and wastewater services are recognized over time as the provision of water and wastewater services are delivered. Revenues from the sale of industrial water is recognized when control of the product passes to the customer, which generally coincides with the time of billing. Revenues from construction are determined and recognized using an input method based on the costs incurred on an accrual basis plus an applicable profit margin. |
Contract work in progress | Contract work in progress The gross amount due from customers for contract work for all contracts in progress for which costs incurred plus recognized profits (less recognized losses) exceed progress billings, is generally presented as an asset. Progress billings not yet paid by customers and retentions are included in accounts and other receivable, net on the consolidated statements of financial position. The gross amounts due to customers for contract work for all contracts in progress for which progress billings exceed costs incurred plus recognized profits (less recognized losses) is generally presented as a liability in accounts payable and other. Construction work in progress on construction contracts is stated at cost plus profit recognized to date calculated in accordance with performance obligations satisfied over time, including retentions payable and receivable, less a provision for foreseeable losses and progress payments received to date. |
Financial instruments and hedge accounting | Financial instruments and hedge accounting Classification and measurement The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial instruments (“IFRS 9”): IFRS 9 measurement category Consolidated statements of financial position account Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Accounts receivable Amortized cost Accounts and other receivable, net Restricted cash Amortized cost Financial assets Equity securities FVTPL / FVOCI Financial assets Debt securities Amortized cost / FVTPL / FVOCI Financial assets Derivative assets FVTPL (1) Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Financial assets Financial liabilities Borrowings Amortized cost Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings Accounts payable and other Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Accounts payable and other ____________________________________ (1) Derivative assets and liabilities are classified and measured at FVTPL except those designated in hedging relationships. The classification of financial instruments depends on the specific business model for managing the financial instruments and the contractual cash flow characteristics of the financial asset. The partnership maintains a portfolio of marketable securities comprising equity and debt securities. Marketable securities are recognized at fair value on their trade date. They are subsequently measured at fair value at each reporting date with the change in fair value recorded in either profit or loss (“FVTPL”) or other comprehensive income (“FVOCI”). For investments in debt instruments, subsequent measurement will depend on the business model for which the investments are held and the cash flow characteristics of the debt instruments. At initial recognition, the partnership measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets measured at FVTPL are expensed in other income (expense), net in the consolidated statements of operating results. Financial assets carried at amortized cost are measured based on their contractual cash flow characteristics and the business model for which they are held. Financial assets classified as amortized cost are recorded initially at fair value, then subsequently measured at amortized cost using the effective interest method, less any impairment. Derivatives and hedging activities The partnership selectively utilizes derivative financial instruments primarily to manage financial risks, including foreign exchange risks, interest rate risks and commodity price risks. Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. (i) Items classified as hedges Net investment hedges Realized and unrealized gains and losses on foreign exchange contracts and foreign currency debt that are designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Fair value hedges Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities are measured at fair value with changes in fair value recorded in profit or loss against the fair value changes recorded in profit or loss corresponding to the hedged item. Cash flow hedges Unrealized gains and losses on commodity contracts designated as hedges of commodity price fluctuations are included in equity as a cash flow hedge when the commodity price risk relates to inputs to production of inventory. Upon settlement of the commodity contracts designated as cash flow hedges, the realized gains and losses are reclassified from equity into inventory as a basis adjustment. The impact of the commodity contracts designated as cash flow hedges is recognized in profit or loss when the inventory is sold. Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. Unrealized gains and losses on forward currency contracts designated as hedges of the partnership’s exposure to foreign currency risk in forecast transactions and firm commitments are included in equity as a cash flow hedge. The amounts accumulated in equity are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. (ii) Items not classified as hedges |
Impairment of financial assets | Impairment of financial assets The partnership recognizes an allowance for expected credit losses (“ECL”) on financial assets including loans receivable and debt securities measured at amortized cost, debt securities measured at FVOCI and undrawn loan commitments. ECLs are also determined for trade receivables and contract assets. The ECL model consists of three stages: Stage 1 – twelve-month ECLs for performing financial assets, Stage 2 – Lifetime ECLs for financial assets that have experienced a significant increase in credit risk since initial recognition and Stage 3 – Lifetime ECLs for financial assets that are impaired. The partnership calculates ECLs based on the probability weighted expected cash collected shortfall against the carrying value of the loan or investment and considers reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions that may impact the credit profile of the loans. Forward-looking information is considered when determining significant increase in credit risk and measuring expected credit losses. Forward-looking macroeconomic factors are incorporated in the risk parameters as relevant. The partnership utilizes a simplified approach for measuring the loss allowance at an amount equal to the lifetime ECL for trade receivables and contract assets. The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The ECL provision is presented net within the corresponding financial asset balance on the consolidated statements of financial position with a corresponding expense recorded in direct operating costs in the consolidated statements of operating results. |
Derivatives and hedging activities | Financial instruments and hedge accounting Classification and measurement The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial instruments (“IFRS 9”): IFRS 9 measurement category Consolidated statements of financial position account Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Accounts receivable Amortized cost Accounts and other receivable, net Restricted cash Amortized cost Financial assets Equity securities FVTPL / FVOCI Financial assets Debt securities Amortized cost / FVTPL / FVOCI Financial assets Derivative assets FVTPL (1) Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Financial assets Financial liabilities Borrowings Amortized cost Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings Accounts payable and other Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Accounts payable and other ____________________________________ (1) Derivative assets and liabilities are classified and measured at FVTPL except those designated in hedging relationships. The classification of financial instruments depends on the specific business model for managing the financial instruments and the contractual cash flow characteristics of the financial asset. The partnership maintains a portfolio of marketable securities comprising equity and debt securities. Marketable securities are recognized at fair value on their trade date. They are subsequently measured at fair value at each reporting date with the change in fair value recorded in either profit or loss (“FVTPL”) or other comprehensive income (“FVOCI”). For investments in debt instruments, subsequent measurement will depend on the business model for which the investments are held and the cash flow characteristics of the debt instruments. At initial recognition, the partnership measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets measured at FVTPL are expensed in other income (expense), net in the consolidated statements of operating results. Financial assets carried at amortized cost are measured based on their contractual cash flow characteristics and the business model for which they are held. Financial assets classified as amortized cost are recorded initially at fair value, then subsequently measured at amortized cost using the effective interest method, less any impairment. Derivatives and hedging activities The partnership selectively utilizes derivative financial instruments primarily to manage financial risks, including foreign exchange risks, interest rate risks and commodity price risks. Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. (i) Items classified as hedges Net investment hedges Realized and unrealized gains and losses on foreign exchange contracts and foreign currency debt that are designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Fair value hedges Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities are measured at fair value with changes in fair value recorded in profit or loss against the fair value changes recorded in profit or loss corresponding to the hedged item. Cash flow hedges Unrealized gains and losses on commodity contracts designated as hedges of commodity price fluctuations are included in equity as a cash flow hedge when the commodity price risk relates to inputs to production of inventory. Upon settlement of the commodity contracts designated as cash flow hedges, the realized gains and losses are reclassified from equity into inventory as a basis adjustment. The impact of the commodity contracts designated as cash flow hedges is recognized in profit or loss when the inventory is sold. Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. Unrealized gains and losses on forward currency contracts designated as hedges of the partnership’s exposure to foreign currency risk in forecast transactions and firm commitments are included in equity as a cash flow hedge. The amounts accumulated in equity are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. (ii) Items not classified as hedges |
Interest income | Interest incomeInterest from interest-bearing assets and liabilities not measured at FVTPL is recognized as interest income using the effective interest method. The effective interest rate is the rate that discounts expected future cash flows for the expected life of the financial instrument to its carrying value. The calculation takes into account the contractual interest rate, along with any fees or incremental costs that are directly attributable to the instrument and all other premiums or discounts. |
Fair value measurement | Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which th e inputs to the fair value measurement are observable. The levels are as follows: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Further information on fair value measurements is available in Note 4 . |
Income taxes | Income taxes Brookfield Business Partners L.P. is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the holding entities, and any direct or indirect corporate subsidiaries of such holding entities. Income tax expense represents the sum of the current tax accrued in the period and deferred income tax. (i) Current income taxes Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. (ii) Deferred income taxes Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and equity accounted investments and interests in joint ventures, except where the partnership is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflect the tax consequences that would follow from the manner in which the partnership expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or the partnership intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. |
Provisions | Provisions Provisions are recognized when the partnership has a present obligation, either legal or constructive, as a result of a past event, it is probable that the partnership will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recorded within accounts payable and other in the consolidated statements of financial position with a corresponding expense recorded in other income (expense), net in the consolidated statements of operating results. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (i) Provisions for defects Provisions made for defects are based on a standard percentage charge of the aggregate contract value of completed construction projects and represents a provision for potential latent defects that generally manifest over a period of time following practical completion. Claims against the partnership are also recorded as part of provisions for defects when it is probable that the partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. (ii) Decommissioning liabilities Certain of the partnership’s subsidiaries record decommissioning liabilities related to the requirement to remediate the property where operations are conducted. The partnership recognizes a decommissioning liability in the period in which it has a present legal or constructive liability and a reasonable estimate of the amount can be made. Liabilities are measured based on current requirements, technology and price levels and the present value is calculated using amounts discounted over the useful economic lives of the assets. Amounts are discounted using a rate that reflects the risks specific to the liability. On a periodic basis, management reviews these estimates and changes, if any, will be applied prospectively. The fair value of the estimated decommissioning liability is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. The liability amount is increased in each reporting period due to the passage of time, and the amount of accretion is charged to other income (expense), net in the period. Periodic revisions to the estimated timing of cash flows, to the original estimated undiscounted cost and to changes in the discount rate can also result in an increase or decrease to the decommissioning liability. Actual costs incurred upon settlement of the obligation are recorded against the decommissioning liability to the extent of the liability recorded. (iii) Provisions for onerous contracts Present obligations arising from onerous contracts are recognized as provisions in accounts payable and other, and measured at the present value of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. An onerous contract is considered to exist where the partnership has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received. |
Pensions and other post-employment benefits | Pensions and other post-employment benefits Certain of the partnership’s subsidiaries offer post-employment benefits to their employees by way of a defined contribution plan. Payments to defined contribution pension plans are expensed as they fall due. Certain of the partnership’s subsidiaries offer defined benefit plans. Defined benefit pension expense, which includes the current year’s service cost and net interest cost, is included in direct operating costs within the consolidated statements of operating results. For each defined benefit plan, the partnership recognizes the present value of its defined benefit obligations less the fair value of the plan assets, as a defined benefit asset or liability reported as other assets or accounts payable and other, respectively, in the consolidated statements of financial position. The partnership’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The cost of pensions and other retirement benefits earned by employees is actuarially determined using the projected unit credit method (also known as the projected benefit method pro-rated on service) and management’s best estimate of salary escalation, retirement ages of employees and their expected future longevity. For the purposes of calculating the expected return on plan assets, the plan assets are measured at fair value. The partnership recognizes actuarial gains and losses in other comprehensive income (loss) in the period in which those gains and losses occur. |
Assets held for sale | Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are classified as current. Once classified as held for sale, neither of property, plant and equipment and intangible assets are depreciated or amortized. |
Insurance contracts | Insurance contracts The following items described below are derived from the partnership’s residential mortgage insurance contracts: (i) Premiums written, premiums earned and unearned premiums reserve Mortgage insurance premiums are deferred and taken into revenues over the terms of the related policies. The unearned portion of premiums is included in accounts payable and other on the consolidated statements of financial position. Premiums written are recognized as premiums earned using a factor based premium recognition curve that is based on an expected loss emergence pattern. The partnership performs actuarial studies of loss emergence at least annually and may adjust the factors under which the premiums are earned in accordance with the results of such studies. Changes in the premium recognition curve are treated as a change in estimate and are recognized on a prospective basis. A premium deficiency provision, if required, is determined as the excess of the present value of expected future losses on claims and expenses on policies in force (using an appropriate discount rate) over the unearned premiums reserve. (ii) Risk fee In conjunction with receiving credit support in the form of the Government of Canada guarantee, the partnership’s residential mortgage insurer is subject to a risk fee equal to 2.25% of gross premiums written. The risk fee relates directly to the acquisition of new mortgage insurance business. Accordingly, it is subsequently deferred and expensed in proportion to and over the period in which premiums are earned and reflected in deferred policy acquisition costs under accounts and other receivable, net on the consolidated statements of financial position. (iii) Losses on claims and loss reserves Losses on claims include internal and external claims adjustment expenses and are recorded net of amounts received or expected to be received from recoveries. Loss reserves represent the amount needed to provide for the expected ultimate net cost of settling claims including adjustment expenses related to defaults by borrowers (both reported and unreported) that have occurred on or before each reporting date. Loss reserves are recognized in accounts payable and other on the consolidated statements of financial position, and are discounted to take into account the time value of money. The partnership records a supplemental provision for adverse deviation based on an explicit margin for adverse deviation determined by an appointed actuary. Increases to loss reserves are recognized as an expense in direct operating costs on the consolidated statements of operating results. Loss reserves are derecognized after a claim has been paid and the partnership’s obligation under the policy has been fulfilled, or after a borrower has remedied a delinquent loan and management estimates that no loss will be incurred under the policy. |
Earnings (loss) per LP Unit | Earnings (loss) per LP Unit The partnership calculates basic earnings (loss) per unit by dividing net income (loss) attributable to limited partners by the weighted average number of LP Units outstanding during the period. For the purpose of calculating diluted earnings (loss) per unit, the partnership adjusts net income (loss) attributable to limited partners, and the weighted average number of LP Units outstand ing for the effects of all dilutive potential LP Units. |
Segments | Segments The partnership’s operating segments are components of the business for which discrete financial information is reviewed regularly by the Chief Operating Decision Maker (the “ CODM ” ) to assess performance and make decisions regarding resource allocation. The partnership has assessed the CODM to be the Chief Executive Officer and Chief Financial Officer. The partnership’s operating segments are business services, infrastructure services, industrials and corporate and other. |
Leases | Leases The partnership accounts for leases under IFRS 16. When the partnership is a lessee, the partnership assesses whether a contract is, or contains, a lease at inception of the contract and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the partnership recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease, if that rate can be determined, or otherwise the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: (i) fixed lease payments, including in-substance fixed payments, less any lease incentives; (ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; (iii) the amount expected to be payable by the lessee under residual value guarantees; (iv) the exercise price of purchase options, if it is reasonably certain that the option will be exercised; and (v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related right-of-use asset when: (i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; (ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or (iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the partnership expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts on the commencement date of the lease. The partnership applies IAS 36, Impairment of assets , to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the asset impairment policy in Note 2 (l). Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are recorded in direct operating costs on the consolidated statements of operating results. |
Government assistance | Government assistance The partnership applies IAS 20, Accounting for government grants and disclosure of government assistance (“IAS 20”) to account for government grants and other government assistance received by its subsidiaries. Government grants are recognized when there is reasonable assurance that the assistance will be received and the partnership will comply with all relevant conditions. The partnership recognizes government grants in the consolidated statements of operating results on a systematic basis over the periods in which the partnership recognizes expenses for which the grants were provided. |
Extinguishment of financial liabilities with equity instruments | Extinguishment of financial liabilities with equity instruments The partnership applies IFRIC 19, Extinguishing financial liabilities with equity instruments (“IFRIC 19”) to account for financial liabilities that are extinguished either fully, or partially by issuing equity instruments. This interpretation provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. IFRIC 19 clarifies that the entity’s equity instruments issued to a creditor, which are part of the consideration paid to extinguish the financial liability, are measured at their fair value. Differences between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued are included in the partnership’s consolidated statements of operating results. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of the partnership’s consolidated financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments made by management and utilized in the normal course of preparing the partnership’s consolidated financial statements are outlined below. (i) Business combinations The partnership accounts for business combinations using the acquisition method of accounting. The allocation of fair values to assets acquired and liabilities assumed through an acquisition requires numerous estimates that affect the valuation of certain assets and liabilities acquired including discount rates and estimates of future operating costs, revenues, commodity prices, capital costs and other factors. The determination of the fair values may remain provisional during the measurement period due to the time required to obtain independent valuations of individual assets and to complete assessments of provisions. When the accounting for a business combination has not been completed as of the reporting date, the partnership will disclose that fact in the consolidated financial statements, including observations on the estimates and judgments made as of the reporting date. (ii) Determination of control The partnership consolidates an investee when it controls the investee, with control existing if, and only if, the partnership has power over the investee; exposure or rights to variable returns from its involvement with the investee; and the ability to use that power over the investee to affect the amount of the partnership’s returns. In determining if the partnership has power over an investee, judgments are made when identifying which activities of the investee are relevant in significantly affecting returns of the investee and the extent of existing rights that give the partnership the current ability to direct the relevant activities of the investee. Judgments are made as to the amount of potential voting rights that provide voting powers, the existence of contractual relationships that provide voting power and the ability for the partnership to appoint directors. The partnership enters into voting agreements which provide it the ability to contractually direct the relevant activities of the investee (formally referred to as “ power ” within IFRS 10, Consolidated financial statements ). In assessing if the partnership has exposure or rights to variable returns from involvement with the investee, judgments are made concerning whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement, the magnitude of those returns and the magnitude of those returns relative to others, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. In determining if the partnership has the ability to use its power over the investee to affect the amount of its returns, judgments are made when the partnership is an investor as to whether the partnership is a principal or agent and whether another entity with decision making rights is acting as the partnership’s agent. If it is determined that the partnership is acting as an agent, as opposed to a principal, the partnership does not control the investee. (iii) Common control transactions IFRS 3 does not include specific measurement guidance for the acquisition of a business from an entity that is under common control. Accordingly, the partnership has developed an accounting policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. The partnership’s policy is to record assets and liabilities recognized as a result of an acquisition of a business from an entity that is under common control at the carrying values in the transferor’s financial statements. (iv) Indicators of impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets, including the determination of the partnership’s ability to hold financial assets, the estimation of a cash-generating unit’s future revenues and direct costs, the determination of discount rates, and when an asset’s or cash-generating unit’s carrying value is above its recoverable amount. For some of the partnership’s assets, forecasting the recoverability and economic viability of property and equipment requires an estimate of reserves. The process for estimating reserves is complex and requires significant interpretation and judgment. It is affected by economic conditions, production, operating and development activities, and is performed using available geological, geophysical, engineering and economic data. (v) Revenue recognition Judgment is applied where certain of the partnership’s subsidiaries use the cost-to-cost method to account for their contract revenue. The stage of completion is measured by reference to actual costs incurred to date as a percentage of estimated total costs for each contract. Significant assumptions are required to estimate the total contract costs and the recoverable variation works that affect the stage of completion and the contract revenue, respectively. In making these estimates, management has relied on past experience or the work of experts, where necessary. Judgement is also applied where certain of the company’s subsidiaries generate revenues from contracts with multiple performance obligations. The partnership applies judgment in order to identify and determine the number of performance obligations, estimate the total transaction price, determine the allocation of the transaction price to each identified performance obligation, and determine the appropriate method and timing of revenue recognition. (vi) Financial instruments Judgments inherent in accounting policies relating to derivative financial instruments relate to applying the criteria to the assessment of the effectiveness of hedging relationships and estimates and assumptions used in determining the fair value of financial instruments, such as: equity or commodity prices; future interest rates; the creditworthiness of the partnership relative to its counterparties; the credit risk of the partnership’s counterparties; estimated future cash flows; discount rates and volatility utilized in option valuations. (vii) Decommissioning liabilities Decommissioning costs will be incurred at the end of the operating life of some of the partnership’s oil and gas facilities, mining properties, manufacturing facilities and licensed nuclear facilities serviced by the partnership. These obligations are typically many years in the future and require judgment to estimate. The estimate of decommissioning costs can vary in response to many factors including changes in relevant legal, regulatory, and environmental requirements, the emergence of new restoration techniques or experience at other production sites. Inherent in the calculations of these costs are assumptions and estimates including the ultimate settlement amounts, inflation factors, discount rates, and timing of settlements. (viii) Insurance contracts The partnership has applied critical estimates for its residential mortgage insurance business, including: (i) timing of revenue recognition for deferred insurance premiums; (ii) insurance loss reserves representing the amount needed to provide for the expected ultimate net cost of settling claims; (iii) the fair value of subrogation rights related to real estate based on third party property appraisals or other types of third party valuations deemed to be more appropriate for a particular property; and (iv) estimated deferred policy acquisition costs to be amortized over the term of the policy. (ix) Measurement of expected credit losses The partnership exercises judgment when determining expected credit losses on financial assets. Judgment is applied in the determination of probability weighted expected cash flows, the probability of default of borrowers, and in selecting forward looking information to determine increase in credit risk and other risk parameters. (x) Uncertainty of income tax treatments The partnership applies IFRIC 23, Uncertainty over income tax treatments (“IFRIC 23”). The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity is required to make its assessment assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. (xi) Other Other estimates and assumptions utilized in the preparation of the partnership’s consolidated financial statements are: depreciation and amortization rates and useful lives; estimation of recoverable amounts of assets and cash-generating units for impairment assessment of long-lived assets and goodwill; and the ability of the partnership to utilize tax losses and other tax measurements. Other critical judgments include the determination of the functional currency of the partnership’s subsidiaries. |
New accounting policies adopted | New accounting policies adopted The partnership has applied certain new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2022. (i) Amendments to IAS 37 – Provisions, contingent liabilities and contingent assets (“IAS 37”) These amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The partnership adopted these amendments on January 1, 2022 and the adoption did not have an impact on the partnership’s consolidated financial statements. (ii) IFRS 9 – Financial instruments (“IFRS 9”) – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The partnership adopted this amendment on January 1, 2022 and the adoption did not have an impact on the partnership’s consolidated financial statements. |
Future changes in accounting policies | Future changes in accounting policies (i) IFRS 17 - Insurance contracts (“IFRS 17”) In May 2017, the IASB published IFRS 17, a comprehensive standard that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 will replace IFRS 4, Insurance contracts. The adoption of IFRS 17 is mandatory for annual periods beginning on or after January 1, 2023. The partnership will be adopting IFRS 17, and has performed preliminary transition assessments of the new standard on the partnership’s residential mortgage insurer operations. Adoption of the new standard is expected to introduce new measurement and presentation disclosures to the consolidated financial statements relating to amounts that arise from insurance contracts, particularly, contract liabilities and revenues. The measurement approach under IFRS 17 is based on the following: • fulfillment cash flows which comprise: ◦ a current, unbiased probability-weighted estimate of future cash flows expected to arise as the insurer fulfills the contract; ◦ the effect of the time value of money; and ◦ a risk adjustment that measures the effects of uncertainty about the amount and timing of future cash flows; • a contractual service margin which represents the unearned profit in a contract and that is recognized in profit or loss over time as the insurance coverage is provided. There will also be a new financial statement presentation for insurance contracts and additional disclosure requirements. IFRS 17 requires the partnership to distinguish between groups of contracts expected to be profit-making and groups of contracts expected to be onerous. IFRS 17 is to be applied retrospectively to each group of insurance contracts. If full retrospective application to a group of contracts is impracticable, the modified retrospective or fair value method may be used. The partnership is currently assessing the impact of these amendments on the consolidated financial statements. (ii) Amendments to IAS 1 – Presentation of financial statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. The partnership is currently assessing the impact of these amendments on the consolidated financial statements. (iii) Amendments to IAS 12 – Income taxes (“IAS 12”) The amendments clarify that the initial recognition exception does not apply to the initial recognition of transactions that give rise to equal taxable and deductible temporary differences. The amendments to IAS 12 apply to annual reporting periods beginning on or after January 1, 2023. The partnership does not anticipate the application of these amendments to result into any impact on the consolidated financial statements. T here are currently no other future changes to IFRS with potential impact on the partnership. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about the partnership’s wholly-owned subsidiaries as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest Economic interest 2022 2021 2022 2021 Business services Real estate services Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction operations Multiplex Global Limited United Kingdom 100 % 100 % 100 % 100 % The following table presents details of material non-wholly owned subsidiaries of the partnership as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest (1) Economic interest 2022 2021 2022 2021 Business services Road fuels Greenergy Fuels Holding Limited England 88 % 89 % 18 % 18 % Healthcare services Healthscope Limited Australia 100 % 100 % 28 % 28 % Fleet management services Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Car rental services (2) Unidas Locadora S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurer Sagen MI Canada Inc. Canada 100 % 100 % 41 % 41 % Non-bank financial services IndoStar Capital Finance Limited India 56 % 57 % 20 % 20 % Technology services Everise Holdings Pte Ltd. Singapore 84 % 100 % 28 % 36 % Residential mortgage lender (2) La Trobe Financial Services Pty Limited Australia 100 % — % 40 % — % Dealer software and technology services (2)(3) CDK Global, Inc. United States 100 % — % 29 % — % Payment processing services (2) Magnati - Sole Proprietorship LLC United Arab Emirates 60 % — % 22 % — % Infrastructure services Nuclear technology services Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure L.P. United States 99 % 99 % 43 % 43 % Modular building leasing services Modulaire Investments 2 S.à r.l. Luxembourg 100 % 100 % 28 % 36 % Lottery services Scientific Games Corporation United States 100 % — % 36 % — % Industrials Water and wastewater BRK Ambiental Participações S.A. Brazil 70 % 70 % 26 % 26 % Returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Natural gas production Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Advanced energy storage Clarios Global LP United States 100 % 100 % 28 % 28 % Solar power solutions Aldo Componentes Eletrônicos LTDA Brazil 100 % 100 % 35 % 35 % Engineered components manufacturing (2) DexKo Global Inc. United States 100 % 100 % 34 % 35 % ____________________________________ (1) The partnership has entered into voting arrangements that provide the partnership with the ability to direct the relevant activities of the investee. The partnership controls these investees given that the partnership is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. The partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. The following were considered to determine whether the partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 3 for additional information. (3) The partnership’s economic interest after finalization of syndications to institutional partners is expected to be approximately 20%. The following tables present the gross assets and liabilities as at December 31, 2022 and 2021 as well as gross amounts of revenues, net income (loss), other comprehensive income (loss) and distributions for the years ended December 31, 2022, 2021 and 2020 from the partnership’s investments in material non-wholly owned subsidiaries: Year ended December 31, 2022 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 5,847 $ 29,186 $ 7,405 $ 18,831 $ 31,592 $ 312 $ (407) $ 162 $ (1,122) $ 6,010 Infrastructure services 3,739 18,360 4,277 14,031 7,516 (30) 128 (53) (1,083) 2,474 Industrials 5,439 20,773 3,540 17,385 14,448 202 76 112 (44) 3,642 Total $ 15,025 $ 68,319 $ 15,222 $ 50,247 $ 53,556 $ 484 $ (203) $ 221 $ (2,249) $ 12,126 Year ended December 31, 2021 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,223 $ 13,275 $ 5,301 $ 7,153 $ 26,162 $ 526 $ (71) $ 351 $ (821) $ 3,257 Infrastructure services 2,918 13,096 3,224 10,642 4,458 (294) 274 (179) (74) 1,296 Industrials 5,705 20,799 3,669 17,598 12,139 1,820 (81) 1,238 (728) 3,513 Total $ 12,846 $ 47,170 $ 12,194 $ 35,393 $ 42,759 $ 2,052 $ 122 $ 1,410 $ (1,623) $ 8,066 Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Revenues Net income (loss) OCI Business services $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 4,399 (281) (120) (161) (249) 355 Industrials 10,652 3 (360) 144 (324) 2,746 Total $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 6,010 $ 3,257 Infrastructure services 2,474 1,296 Industrials 3,642 3,513 Total non-controlling interests in material non-wholly owned subsidiaries $ 12,126 $ 8,066 Total individually immaterial non-controlling interests balance 729 656 Total non-controlling interests $ 12,855 $ 8,722 |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Right-of-use assets Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 30 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Right-of-use assets Total Gross carrying amount Balance at January 1, 2021 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Additions (cash and non-cash) — 181 799 208 57 174 1,419 Dispositions (1) (44) (99) (838) (61) (46) (85) (1,173) Acquisitions through business combinations (2) 105 157 1,862 — 28 366 2,518 Transfers and assets reclassified as held for sale (3) (36) 11 (39) (121) 4 42 (139) Foreign currency translation and other (4) (15) (154) (170) — 51 1 (287) Balance at December 31, 2021 $ 392 $ 4,367 $ 7,206 $ 4,197 $ 2,025 $ 2,155 $ 20,342 Additions (cash and non-cash) 2 257 1,389 120 66 276 2,110 Dispositions (10) (24) (304) — (9) (119) (466) Acquisitions through business combinations (2) 23 66 982 — 39 131 1,241 Transfers and assets reclassified as held for sale (3) (36) 19 (78) (182) — (10) (287) Foreign currency translation and other (4) (5) (413) (293) — (122) (127) (960) Balances at December 31, 2022 $ 366 $ 4,272 $ 8,902 $ 4,135 $ 1,999 $ 2,306 $ 21,980 Accumulated depreciation and impairment Balance at January 1, 2021 $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Depreciation/depletion/impairment expense — (206) (711) (431) (69) (263) (1,680) Dispositions (1) — 26 399 46 29 53 553 Transfers and assets reclassified as held for sale (3) — (23) 24 106 — (4) 103 Foreign currency translation and other — (41) 68 — (13) 15 29 Balances at December 31, 2021 $ — $ (437) $ (1,665) $ (1,339) $ (972) $ (604) $ (5,017) Depreciation/depletion/impairment expense — (147) (945) (277) 81 (338) (1,626) Dispositions — 21 129 — 7 88 245 Transfers and assets reclassified as held for sale (2) — — 32 116 — 1 149 Foreign currency translation and other — 20 54 — 51 37 162 Balance at December 31, 2022 $ — $ (543) $ (2,395) $ (1,500) $ (833) $ (816) $ (6,087) Net book value December 31, 2021 $ 392 $ 3,930 $ 5,541 $ 2,858 $ 1,053 $ 1,551 $ 15,325 December 31, 2022 $ 366 $ 3,729 $ 6,507 $ 2,635 $ 1,166 $ 1,490 $ 15,893 ____________________________________ (1) During the first quarter of 2021, the partnership derecognized $505 million of property, plant and equipment, net of accumulated amortization related to the deconsolidation of the partnership’s graphite electrode operations on March 1, 2021. Refer to Note 8 for additional information. (2) See Note 3 for additional information. (3) See Note 9 for additional information. (4) Includes a decrease of $194 million (2021: increase of $11 million) in capitalized costs associated with decommissioning certain assets primarily at the partnership’s nuclear technology services operations as a result of updates to the discount rate used. During the year ended December 31, 2022, the partnership recorded $223 million of impairment reversals primarily related to the partnership’s natural gas production operations as a result of a change in estimate of future natural gas prices and $86 million of impairment expense primarily related to machinery and equipment at the partnerships’ road fuels operations. The right-of-use assets and assets subject to operating leases in which the partnership is a lessor by class of underlying asset as at December 31, 2022 and the depreciation/impairment expense of right-of-use assets by class of underlying asset for the year ended December 31, 2022 are outlined below: Year ended December 31, 2022 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 107 $ 866 $ 467 $ — $ 50 $ 1,490 Depreciation/impairment expense (12) (160) (132) (12) (22) (338) Lessor Assets subject to operating leases 1 25 2,198 2,329 — 4,553 Year ended December 31, 2021 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 113 $ 809 $ 565 $ 11 $ 53 $ 1,551 Depreciation/impairment expense — (150) (88) (12) (13) (263) Lessor Assets subject to operating leases 1 20 2,095 2,437 — 4,553 |
Disclosure of detailed information about intangible asset amortization periods | Finite life intangible assets are amortized on a straight-line basis over the following useful lives: Water and sewage concession rights Up to 40 years Brand and trademarks Up to 40 years Computer software Up to 10 years Customer relationships Up to 30 years Proprietary technology Up to 20 years |
Classification and measurement of financial assets and liabilities | The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial instruments (“IFRS 9”): IFRS 9 measurement category Consolidated statements of financial position account Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Accounts receivable Amortized cost Accounts and other receivable, net Restricted cash Amortized cost Financial assets Equity securities FVTPL / FVOCI Financial assets Debt securities Amortized cost / FVTPL / FVOCI Financial assets Derivative assets FVTPL (1) Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Financial assets Financial liabilities Borrowings Amortized cost Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings Accounts payable and other Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Accounts payable and other ____________________________________ (1) Derivative assets and liabilities are classified and measured at FVTPL except those designated in hedging relationships. |
Disclosure of fair value hierarchy levels | Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which th e inputs to the fair value measurement are observable. The levels are as follows: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 – Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Disclosure of detailed information about business combinations | The following table summarizes the consideration transferred, assets acquired, liabilities assumed and non-controlling interests recognized at the applicable acquisition dates for significant acquisitions. The consideration transferred reflects the partnership’s equity contribution, debt raised alongside institutional partners to fund the acquisition, contingent and other non-cash consideration: (US$ MILLIONS) Business services Infrastructure services Industrials Total (1) Cash $ 10,317 $ 6,488 $ 661 $ 17,466 Contingent and other non-cash consideration 535 29 225 789 Total consideration $ 10,852 $ 6,517 $ 886 $ 18,255 Cash and cash equivalents $ 736 $ 76 $ 14 $ 826 Accounts receivable and other, net 521 461 31 1,013 Inventory, net 15 171 129 315 Property, plant and equipment 774 364 42 1,180 Intangible assets 5,718 4,373 348 10,439 Goodwill 5,569 1,492 363 7,424 Financial assets 4,543 4 — 4,547 Equity accounted investments and other assets 426 309 1 736 Accounts payable and other (1,460) (451) (42) (1,953) Non-recourse borrowings in subsidiaries of the partnership (4,543) — — (4,543) Deferred income tax liabilities (1,366) (282) — (1,648) Net assets acquired before non-controlling interests $ 10,933 $ 6,517 $ 886 $ 18,336 Non-controlling interests acquired (81) — — (81) Net assets acquired $ 10,852 $ 6,517 $ 886 $ 18,255 __________________________________________ (1) The fair values of acquired assets, assumed liabilities and goodwill for the acquisition have been determined on a preliminary basis at the end of the reporting period. The following table summarizes the consideration transferred, assets acquired, liabilities assumed and non-controlling interests recognized at the applicable acquisition dates for significant acquisitions. The consideration transferred reflects the partnership’s equity contribution, debt raised alongside institutional partners to fund the acquisition, contingent consideration and other non-cash consideration: (US$ MILLIONS) Business services Infrastructure services Industrials Total Cash $ 219 $ 4,806 $ 4,040 $ 9,065 Contingent and other non-cash consideration 63 19 358 440 Total consideration $ 282 $ 4,825 $ 4,398 $ 9,505 Cash and cash equivalents $ 11 $ 100 $ 165 $ 276 Accounts receivable and other, net 52 412 304 768 Inventory, net — 104 484 588 Property, plant and equipment 56 1,967 467 2,490 Intangible assets 84 1,941 2,509 4,534 Goodwill 290 1,759 1,821 3,870 Equity accounted investments and other assets 9 5 28 42 Accounts payable and other (96) (846) (769) (1,711) Non-recourse borrowings in subsidiaries of the partnership (103) (27) (2) (132) Deferred income tax liabilities (21) (590) (599) (1,210) Net assets acquired before non-controlling interests $ 282 $ 4,825 $ 4,408 $ 9,515 Non-controlling interests acquired — — (10) (10) Net assets acquired $ 282 $ 4,825 $ 4,398 $ 9,505 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Financial assets classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,870 $ 2,870 Accounts and other receivable, net (current and non-current) — — 7,278 7,278 Other assets (current and non-current) (1) — — 469 469 Financial assets (current and non-current) (2) 960 5,585 6,363 12,908 Total (3) $ 960 $ 5,585 $ 16,980 $ 23,525 Financial liabilities Accounts payable and other (current and non-current) (2) (4) $ 818 $ 223 $ 11,752 $ 12,793 Borrowings (current and non-current) — — 46,693 46,693 Total $ 818 $ 223 $ 58,445 $ 59,486 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs, assets held for sale and other assets of $2,057 million. (2) FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $5,626 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,836 million. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2021: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,588 $ 2,588 Accounts and other receivable, net (current and non-current) — — 5,638 5,638 Other assets (current and non-current) (1) — — 478 478 Financial assets (current and non-current) (2) 518 6,243 1,789 8,550 Total (3) $ 518 $ 6,243 $ 10,493 $ 17,254 Financial liabilities Accounts payable and other (current and non-current) (4) $ 640 $ 220 $ 10,847 $ 11,707 Borrowings (current and non-current) — — 29,076 29,076 Total $ 640 $ 220 $ 39,923 $ 40,783 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million. (2) FVOCI includes $176 million of derivative assets and $220 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Total financial assets include $5,200 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,929 million. (US$ MILLIONS) 2022 2021 Current Marketable securities $ 1,227 $ 1,262 Restricted cash 214 224 Derivative assets 133 179 Loans and notes receivable 257 211 Other financial assets (1) 148 138 Total current $ 1,979 $ 2,014 Non-current Marketable securities $ 2,682 $ 3,601 Restricted cash 245 297 Derivative assets 507 123 Loans and notes receivable (2) 5,500 936 Other financial assets (1) 1,995 1,579 Total non-current $ 10,929 $ 6,536 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and convertible preferred shares. (2) The increase in loans and notes receivable from December 31, 2021 is primarily attributable to the acquisition of the partnership’s Australian residential mortgage lender, which accounted for $4,866 million of the change. (US$ MILLIONS) 2022 2021 Current, net $ 6,401 $ 4,945 Non-current, net Accounts receivable 126 60 Retainer on customer contract 70 61 Billing rights 681 572 Total non-current, net $ 877 $ 693 Total $ 7,278 $ 5,638 The following table summarizes the change in the loss allowance for bad debts on accounts and other receivables for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Loss allowance - beginning $ 157 $ 156 Add: increase in allowance 85 54 Deduct: bad debt write-offs (79) (47) Foreign currency translation and other (1) (6) Loss allowance - ending $ 162 $ 157 |
Financial liabilities classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,870 $ 2,870 Accounts and other receivable, net (current and non-current) — — 7,278 7,278 Other assets (current and non-current) (1) — — 469 469 Financial assets (current and non-current) (2) 960 5,585 6,363 12,908 Total (3) $ 960 $ 5,585 $ 16,980 $ 23,525 Financial liabilities Accounts payable and other (current and non-current) (2) (4) $ 818 $ 223 $ 11,752 $ 12,793 Borrowings (current and non-current) — — 46,693 46,693 Total $ 818 $ 223 $ 58,445 $ 59,486 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs, assets held for sale and other assets of $2,057 million. (2) FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $5,626 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,836 million. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2021: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,588 $ 2,588 Accounts and other receivable, net (current and non-current) — — 5,638 5,638 Other assets (current and non-current) (1) — — 478 478 Financial assets (current and non-current) (2) 518 6,243 1,789 8,550 Total (3) $ 518 $ 6,243 $ 10,493 $ 17,254 Financial liabilities Accounts payable and other (current and non-current) (4) $ 640 $ 220 $ 10,847 $ 11,707 Borrowings (current and non-current) — — 29,076 29,076 Total $ 640 $ 220 $ 39,923 $ 40,783 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million. (2) FVOCI includes $176 million of derivative assets and $220 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Total financial assets include $5,200 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,929 million. |
Carrying and fair values of financial assets | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2022 and 2021: 2022 2021 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 736 $ — $ — $ 865 $ — $ — Corporate and government bonds 91 3,266 — 43 3,956 — Derivative assets 12 628 — 2 300 — Other financial assets (1) 429 691 692 586 712 297 $ 1,268 $ 4,585 $ 692 $ 1,496 $ 4,968 $ 297 Financial liabilities Derivative liabilities $ 7 $ 445 $ 17 $ 14 $ 348 $ 19 Other financial liabilities (2) — — 572 — — 479 $ 7 $ 445 $ 589 $ 14 $ 348 $ 498 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and preferred shares. Level 1 other financial assets are primarily publicly traded preferred shares and mutual funds. Level 2 other financial assets are primarily asset backed securities. Level 3 financial assets are primarily secured debentures and non-listed debt instruments. (2) Includes $544 million (2021: $411 million) of contingent consideration payable between 2023 and 2024 in relation to the acquisition of subsidiaries. Refer to Note 3 for further information. There were no transfers between levels during the year ended December 31, 2022. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) and key input(s) Corporate and government bonds $ 3,266 $ 3,956 Fair value of bonds is obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 628 $ 300 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 691 $ 712 Other financial assets primarily represent amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 445 $ 348 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. |
Carrying and fair values of financial liabilities | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2022 and 2021: 2022 2021 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 736 $ — $ — $ 865 $ — $ — Corporate and government bonds 91 3,266 — 43 3,956 — Derivative assets 12 628 — 2 300 — Other financial assets (1) 429 691 692 586 712 297 $ 1,268 $ 4,585 $ 692 $ 1,496 $ 4,968 $ 297 Financial liabilities Derivative liabilities $ 7 $ 445 $ 17 $ 14 $ 348 $ 19 Other financial liabilities (2) — — 572 — — 479 $ 7 $ 445 $ 589 $ 14 $ 348 $ 498 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and preferred shares. Level 1 other financial assets are primarily publicly traded preferred shares and mutual funds. Level 2 other financial assets are primarily asset backed securities. Level 3 financial assets are primarily secured debentures and non-listed debt instruments. (2) Includes $544 million (2021: $411 million) of contingent consideration payable between 2023 and 2024 in relation to the acquisition of subsidiaries. Refer to Note 3 for further information. There were no transfers between levels during the year ended December 31, 2022. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) and key input(s) Corporate and government bonds $ 3,266 $ 3,956 Fair value of bonds is obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 628 $ 300 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 691 $ 712 Other financial assets primarily represent amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 445 $ 348 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data, and for foreign exchange, interest rate and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. |
Schedule of significant unobservable inputs used and change in balance of financial assets | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of material Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 84 $ 144 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 193 $ 143 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - debt instruments measured at FVTPL $ 415 $ 10 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial liabilities - contingent consideration $ 544 $ 411 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 297 $ 341 Fair value change recorded in net income (9) (5) Fair value change recorded in other comprehensive income (5) 17 Additions 523 121 Disposals (111) (172) Foreign currency translation and other (3) (5) Balance at end of period $ 692 $ 297 The following table presents the change in the balance of financial liabilities classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 498 $ 11 Fair value change recorded in net income 12 3 Additions 408 510 Disposals/settlements (356) (5) Foreign currency translation and other 27 (21) Balance at end of period $ 589 $ 498 |
Schedule of significant unobservable inputs used and change in balance of financial liabilities | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of material Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2022 Carrying value December 31, 2021 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 84 $ 144 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 193 $ 143 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial assets - debt instruments measured at FVTPL $ 415 $ 10 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value Other financial liabilities - contingent consideration $ 544 $ 411 Discounted cash flows Future cash flows Discount rate Increases (decreases) in future cash flows increase (decrease) fair value Increases (decreases) in discount rate decrease (increase) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 297 $ 341 Fair value change recorded in net income (9) (5) Fair value change recorded in other comprehensive income (5) 17 Additions 523 121 Disposals (111) (172) Foreign currency translation and other (3) (5) Balance at end of period $ 692 $ 297 The following table presents the change in the balance of financial liabilities classified as Level 3 as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 498 $ 11 Fair value change recorded in net income 12 3 Additions 408 510 Disposals/settlements (356) (5) Foreign currency translation and other 27 (21) Balance at end of period $ 589 $ 498 |
FINANCIAL ASSETS (Tables)
FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,870 $ 2,870 Accounts and other receivable, net (current and non-current) — — 7,278 7,278 Other assets (current and non-current) (1) — — 469 469 Financial assets (current and non-current) (2) 960 5,585 6,363 12,908 Total (3) $ 960 $ 5,585 $ 16,980 $ 23,525 Financial liabilities Accounts payable and other (current and non-current) (2) (4) $ 818 $ 223 $ 11,752 $ 12,793 Borrowings (current and non-current) — — 46,693 46,693 Total $ 818 $ 223 $ 58,445 $ 59,486 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs, assets held for sale and other assets of $2,057 million. (2) FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $5,626 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,836 million. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2021: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,588 $ 2,588 Accounts and other receivable, net (current and non-current) — — 5,638 5,638 Other assets (current and non-current) (1) — — 478 478 Financial assets (current and non-current) (2) 518 6,243 1,789 8,550 Total (3) $ 518 $ 6,243 $ 10,493 $ 17,254 Financial liabilities Accounts payable and other (current and non-current) (4) $ 640 $ 220 $ 10,847 $ 11,707 Borrowings (current and non-current) — — 29,076 29,076 Total $ 640 $ 220 $ 39,923 $ 40,783 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million. (2) FVOCI includes $176 million of derivative assets and $220 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Total financial assets include $5,200 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,929 million. (US$ MILLIONS) 2022 2021 Current Marketable securities $ 1,227 $ 1,262 Restricted cash 214 224 Derivative assets 133 179 Loans and notes receivable 257 211 Other financial assets (1) 148 138 Total current $ 1,979 $ 2,014 Non-current Marketable securities $ 2,682 $ 3,601 Restricted cash 245 297 Derivative assets 507 123 Loans and notes receivable (2) 5,500 936 Other financial assets (1) 1,995 1,579 Total non-current $ 10,929 $ 6,536 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and convertible preferred shares. (2) The increase in loans and notes receivable from December 31, 2021 is primarily attributable to the acquisition of the partnership’s Australian residential mortgage lender, which accounted for $4,866 million of the change. (US$ MILLIONS) 2022 2021 Current, net $ 6,401 $ 4,945 Non-current, net Accounts receivable 126 60 Retainer on customer contract 70 61 Billing rights 681 572 Total non-current, net $ 877 $ 693 Total $ 7,278 $ 5,638 The following table summarizes the change in the loss allowance for bad debts on accounts and other receivables for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Loss allowance - beginning $ 157 $ 156 Add: increase in allowance 85 54 Deduct: bad debt write-offs (79) (47) Foreign currency translation and other (1) (6) Loss allowance - ending $ 162 $ 157 |
ACCOUNTS AND OTHER RECEIVABLE_2
ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,870 $ 2,870 Accounts and other receivable, net (current and non-current) — — 7,278 7,278 Other assets (current and non-current) (1) — — 469 469 Financial assets (current and non-current) (2) 960 5,585 6,363 12,908 Total (3) $ 960 $ 5,585 $ 16,980 $ 23,525 Financial liabilities Accounts payable and other (current and non-current) (2) (4) $ 818 $ 223 $ 11,752 $ 12,793 Borrowings (current and non-current) — — 46,693 46,693 Total $ 818 $ 223 $ 58,445 $ 59,486 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs, assets held for sale and other assets of $2,057 million. (2) FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $5,626 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,836 million. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2021: Measurement Basis Total (US$ MILLIONS) FVTPL FVOCI Amortized cost Financial assets Cash and cash equivalents $ — $ — $ 2,588 $ 2,588 Accounts and other receivable, net (current and non-current) — — 5,638 5,638 Other assets (current and non-current) (1) — — 478 478 Financial assets (current and non-current) (2) 518 6,243 1,789 8,550 Total (3) $ 518 $ 6,243 $ 10,493 $ 17,254 Financial liabilities Accounts payable and other (current and non-current) (4) $ 640 $ 220 $ 10,847 $ 11,707 Borrowings (current and non-current) — — 29,076 29,076 Total $ 640 $ 220 $ 39,923 $ 40,783 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million. (2) FVOCI includes $176 million of derivative assets and $220 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Total financial assets include $5,200 million of assets pledged as collateral. (4) Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and other liabilities of $7,929 million. (US$ MILLIONS) 2022 2021 Current Marketable securities $ 1,227 $ 1,262 Restricted cash 214 224 Derivative assets 133 179 Loans and notes receivable 257 211 Other financial assets (1) 148 138 Total current $ 1,979 $ 2,014 Non-current Marketable securities $ 2,682 $ 3,601 Restricted cash 245 297 Derivative assets 507 123 Loans and notes receivable (2) 5,500 936 Other financial assets (1) 1,995 1,579 Total non-current $ 10,929 $ 6,536 ____________________________________ (1) Other financial assets include secured debentures, asset-backed securities and convertible preferred shares. (2) The increase in loans and notes receivable from December 31, 2021 is primarily attributable to the acquisition of the partnership’s Australian residential mortgage lender, which accounted for $4,866 million of the change. (US$ MILLIONS) 2022 2021 Current, net $ 6,401 $ 4,945 Non-current, net Accounts receivable 126 60 Retainer on customer contract 70 61 Billing rights 681 572 Total non-current, net $ 877 $ 693 Total $ 7,278 $ 5,638 The following table summarizes the change in the loss allowance for bad debts on accounts and other receivables for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Loss allowance - beginning $ 157 $ 156 Add: increase in allowance 85 54 Deduct: bad debt write-offs (79) (47) Foreign currency translation and other (1) (6) Loss allowance - ending $ 162 $ 157 |
INVENTORY, NET (Tables)
INVENTORY, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Disclosure of current inventories | (US$ MILLIONS) 2022 2021 Raw materials and consumables $ 1,485 $ 1,340 Fuel products (1) 850 727 Work in progress 778 723 RTFO certificates 415 391 Finished goods and other (2) 1,658 1,331 Carrying amount of inventories $ 5,186 $ 4,512 ____________________________________ (1) Fuel products that are traded in active markets are purchased with a view to resell in the near future. As a result, these stocks of fuel products are recorded at fair value based on quoted market prices. (2) Finished goods and other are primarily composed of finished goods inventory in the infrastructure services and industrials segments. |
Disclosure of inventory obsolescence provision | The following table summarizes the change in the inventory obsolescence provision for the years ended December 31, 2022, and 2021: (US$ MILLIONS) 2022 2021 Inventory obsolescence provision - beginning $ 69 $ 55 Add: increase in provision 29 35 Deduct: inventory obsolescence write-off (31) (20) Impact of foreign exchange — (1) Inventory obsolescence provision - ending $ 67 $ 69 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other assets | (US$ MILLIONS) 2022 2021 Current Work in progress (1) $ 469 $ 478 Prepayments and other assets 1,057 872 Assets held for sale 350 9 Total current $ 1,876 $ 1,359 Non-current Prepayments and other assets $ 650 $ 488 Total non-current $ 650 $ 488 ____________________________________ (1) See Note 16 for additional information. |
NON-WHOLLY-OWNED SUBSIDIARIES (
NON-WHOLLY-OWNED SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about the partnership’s wholly-owned subsidiaries as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest Economic interest 2022 2021 2022 2021 Business services Real estate services Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction operations Multiplex Global Limited United Kingdom 100 % 100 % 100 % 100 % The following table presents details of material non-wholly owned subsidiaries of the partnership as of December 31, 2022 and 2021: Business type Name of entity Country of incorporation Voting interest (1) Economic interest 2022 2021 2022 2021 Business services Road fuels Greenergy Fuels Holding Limited England 88 % 89 % 18 % 18 % Healthcare services Healthscope Limited Australia 100 % 100 % 28 % 28 % Fleet management services Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Car rental services (2) Unidas Locadora S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurer Sagen MI Canada Inc. Canada 100 % 100 % 41 % 41 % Non-bank financial services IndoStar Capital Finance Limited India 56 % 57 % 20 % 20 % Technology services Everise Holdings Pte Ltd. Singapore 84 % 100 % 28 % 36 % Residential mortgage lender (2) La Trobe Financial Services Pty Limited Australia 100 % — % 40 % — % Dealer software and technology services (2)(3) CDK Global, Inc. United States 100 % — % 29 % — % Payment processing services (2) Magnati - Sole Proprietorship LLC United Arab Emirates 60 % — % 22 % — % Infrastructure services Nuclear technology services Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure L.P. United States 99 % 99 % 43 % 43 % Modular building leasing services Modulaire Investments 2 S.à r.l. Luxembourg 100 % 100 % 28 % 36 % Lottery services Scientific Games Corporation United States 100 % — % 36 % — % Industrials Water and wastewater BRK Ambiental Participações S.A. Brazil 70 % 70 % 26 % 26 % Returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Natural gas production Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Advanced energy storage Clarios Global LP United States 100 % 100 % 28 % 28 % Solar power solutions Aldo Componentes Eletrônicos LTDA Brazil 100 % 100 % 35 % 35 % Engineered components manufacturing (2) DexKo Global Inc. United States 100 % 100 % 34 % 35 % ____________________________________ (1) The partnership has entered into voting arrangements that provide the partnership with the ability to direct the relevant activities of the investee. The partnership controls these investees given that the partnership is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. The partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. The following were considered to determine whether the partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 3 for additional information. (3) The partnership’s economic interest after finalization of syndications to institutional partners is expected to be approximately 20%. The following tables present the gross assets and liabilities as at December 31, 2022 and 2021 as well as gross amounts of revenues, net income (loss), other comprehensive income (loss) and distributions for the years ended December 31, 2022, 2021 and 2020 from the partnership’s investments in material non-wholly owned subsidiaries: Year ended December 31, 2022 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 5,847 $ 29,186 $ 7,405 $ 18,831 $ 31,592 $ 312 $ (407) $ 162 $ (1,122) $ 6,010 Infrastructure services 3,739 18,360 4,277 14,031 7,516 (30) 128 (53) (1,083) 2,474 Industrials 5,439 20,773 3,540 17,385 14,448 202 76 112 (44) 3,642 Total $ 15,025 $ 68,319 $ 15,222 $ 50,247 $ 53,556 $ 484 $ (203) $ 221 $ (2,249) $ 12,126 Year ended December 31, 2021 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,223 $ 13,275 $ 5,301 $ 7,153 $ 26,162 $ 526 $ (71) $ 351 $ (821) $ 3,257 Infrastructure services 2,918 13,096 3,224 10,642 4,458 (294) 274 (179) (74) 1,296 Industrials 5,705 20,799 3,669 17,598 12,139 1,820 (81) 1,238 (728) 3,513 Total $ 12,846 $ 47,170 $ 12,194 $ 35,393 $ 42,759 $ 2,052 $ 122 $ 1,410 $ (1,623) $ 8,066 Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity allocated to others’ ownership interest (US$ MILLIONS) Revenues Net income (loss) OCI Business services $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 4,399 (281) (120) (161) (249) 355 Industrials 10,652 3 (360) 144 (324) 2,746 Total $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 6,010 $ 3,257 Infrastructure services 2,474 1,296 Industrials 3,642 3,513 Total non-controlling interests in material non-wholly owned subsidiaries $ 12,126 $ 8,066 Total individually immaterial non-controlling interests balance 729 656 Total non-controlling interests $ 12,855 $ 8,722 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Right-of-use assets Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 30 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Right-of-use assets Total Gross carrying amount Balance at January 1, 2021 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Additions (cash and non-cash) — 181 799 208 57 174 1,419 Dispositions (1) (44) (99) (838) (61) (46) (85) (1,173) Acquisitions through business combinations (2) 105 157 1,862 — 28 366 2,518 Transfers and assets reclassified as held for sale (3) (36) 11 (39) (121) 4 42 (139) Foreign currency translation and other (4) (15) (154) (170) — 51 1 (287) Balance at December 31, 2021 $ 392 $ 4,367 $ 7,206 $ 4,197 $ 2,025 $ 2,155 $ 20,342 Additions (cash and non-cash) 2 257 1,389 120 66 276 2,110 Dispositions (10) (24) (304) — (9) (119) (466) Acquisitions through business combinations (2) 23 66 982 — 39 131 1,241 Transfers and assets reclassified as held for sale (3) (36) 19 (78) (182) — (10) (287) Foreign currency translation and other (4) (5) (413) (293) — (122) (127) (960) Balances at December 31, 2022 $ 366 $ 4,272 $ 8,902 $ 4,135 $ 1,999 $ 2,306 $ 21,980 Accumulated depreciation and impairment Balance at January 1, 2021 $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Depreciation/depletion/impairment expense — (206) (711) (431) (69) (263) (1,680) Dispositions (1) — 26 399 46 29 53 553 Transfers and assets reclassified as held for sale (3) — (23) 24 106 — (4) 103 Foreign currency translation and other — (41) 68 — (13) 15 29 Balances at December 31, 2021 $ — $ (437) $ (1,665) $ (1,339) $ (972) $ (604) $ (5,017) Depreciation/depletion/impairment expense — (147) (945) (277) 81 (338) (1,626) Dispositions — 21 129 — 7 88 245 Transfers and assets reclassified as held for sale (2) — — 32 116 — 1 149 Foreign currency translation and other — 20 54 — 51 37 162 Balance at December 31, 2022 $ — $ (543) $ (2,395) $ (1,500) $ (833) $ (816) $ (6,087) Net book value December 31, 2021 $ 392 $ 3,930 $ 5,541 $ 2,858 $ 1,053 $ 1,551 $ 15,325 December 31, 2022 $ 366 $ 3,729 $ 6,507 $ 2,635 $ 1,166 $ 1,490 $ 15,893 ____________________________________ (1) During the first quarter of 2021, the partnership derecognized $505 million of property, plant and equipment, net of accumulated amortization related to the deconsolidation of the partnership’s graphite electrode operations on March 1, 2021. Refer to Note 8 for additional information. (2) See Note 3 for additional information. (3) See Note 9 for additional information. (4) Includes a decrease of $194 million (2021: increase of $11 million) in capitalized costs associated with decommissioning certain assets primarily at the partnership’s nuclear technology services operations as a result of updates to the discount rate used. During the year ended December 31, 2022, the partnership recorded $223 million of impairment reversals primarily related to the partnership’s natural gas production operations as a result of a change in estimate of future natural gas prices and $86 million of impairment expense primarily related to machinery and equipment at the partnerships’ road fuels operations. The right-of-use assets and assets subject to operating leases in which the partnership is a lessor by class of underlying asset as at December 31, 2022 and the depreciation/impairment expense of right-of-use assets by class of underlying asset for the year ended December 31, 2022 are outlined below: Year ended December 31, 2022 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 107 $ 866 $ 467 $ — $ 50 $ 1,490 Depreciation/impairment expense (12) (160) (132) (12) (22) (338) Lessor Assets subject to operating leases 1 25 2,198 2,329 — 4,553 Year ended December 31, 2021 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 113 $ 809 $ 565 $ 11 $ 53 $ 1,551 Depreciation/impairment expense — (150) (88) (12) (13) (263) Lessor Assets subject to operating leases 1 20 2,095 2,437 — 4,553 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software and proprietary technology Brands and trademarks (3) Other Total Gross carrying amount Balance at January 1, 2021 $ 2,035 $ 5,842 $ 3,058 $ 1,181 $ 758 $ 12,874 Additions 165 — 103 4 50 322 Acquisitions through business combinations (1) — 3,028 588 916 4 4,536 Dispositions — (64) (66) (23) (2) (155) Foreign currency translation (146) (187) 6 (99) (23) (449) Balance at December 31, 2021 $ 2,054 $ 8,619 $ 3,689 $ 1,979 $ 787 $ 17,128 Additions 256 — 204 4 78 542 Acquisitions through business combinations (1) — 7,495 952 1,445 689 10,581 Dispositions (1) — (5) — (9) (15) Assets reclassified as held for sale (2) (19) (140) — — — (159) Foreign currency translation 142 (256) (86) (41) (52) (293) Balance at December 31, 2022 $ 2,432 $ 15,718 $ 4,754 $ 3,387 $ 1,493 $ 27,784 Accumulated amortization and impairment Balance at January 1, 2021 $ (181) $ (748) $ (497) $ (79) $ (108) $ (1,613) Amortization and impairment expense (71) (420) (241) (30) (79) (841) Dispositions — 25 1 47 — 73 Foreign currency translation 15 50 3 (5) (4) 59 Balances at December 31, 2021 $ (237) $ (1,093) $ (734) $ (67) $ (191) $ (2,322) Amortization and impairment expense (96) (879) (375) (68) (85) (1,503) Dispositions 2 — 4 — 1 7 Assets reclassified as held for sale (2) 10 19 — — — 29 Foreign currency translation (16) 37 6 13 13 53 Balance at December 31, 2022 $ (337) $ (1,916) $ (1,099) $ (122) $ (262) $ (3,736) Net book value December 31, 2021 $ 1,817 $ 7,526 $ 2,955 $ 1,912 $ 596 $ 14,806 December 31, 2022 $ 2,095 $ 13,802 $ 3,655 $ 3,265 $ 1,231 $ 24,048 ____________________________________ (1) See Note 3 for additional information. (2) See Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $2,425 million (2021: $1,470 million) primarily in the partnership’s infrastructure services and industrials segments. (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 8,585 $ 5,244 Acquisitions through business combinations (1) 7,446 3,967 Impairment (2) (111) (175) Dispositions (3) (3) (171) Assets reclassified as held for sale (11) — Foreign currency translation (427) (280) Balance at end of year $ 15,479 $ 8,585 ____________________________________ (1) See Note 3 for additional information. (2) Relates to a goodwill impairment of $111 million at the partnership’s offshore oil services operations (2021: $175 million). (3) Refer to Note 8 for additional information. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in goodwill | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software and proprietary technology Brands and trademarks (3) Other Total Gross carrying amount Balance at January 1, 2021 $ 2,035 $ 5,842 $ 3,058 $ 1,181 $ 758 $ 12,874 Additions 165 — 103 4 50 322 Acquisitions through business combinations (1) — 3,028 588 916 4 4,536 Dispositions — (64) (66) (23) (2) (155) Foreign currency translation (146) (187) 6 (99) (23) (449) Balance at December 31, 2021 $ 2,054 $ 8,619 $ 3,689 $ 1,979 $ 787 $ 17,128 Additions 256 — 204 4 78 542 Acquisitions through business combinations (1) — 7,495 952 1,445 689 10,581 Dispositions (1) — (5) — (9) (15) Assets reclassified as held for sale (2) (19) (140) — — — (159) Foreign currency translation 142 (256) (86) (41) (52) (293) Balance at December 31, 2022 $ 2,432 $ 15,718 $ 4,754 $ 3,387 $ 1,493 $ 27,784 Accumulated amortization and impairment Balance at January 1, 2021 $ (181) $ (748) $ (497) $ (79) $ (108) $ (1,613) Amortization and impairment expense (71) (420) (241) (30) (79) (841) Dispositions — 25 1 47 — 73 Foreign currency translation 15 50 3 (5) (4) 59 Balances at December 31, 2021 $ (237) $ (1,093) $ (734) $ (67) $ (191) $ (2,322) Amortization and impairment expense (96) (879) (375) (68) (85) (1,503) Dispositions 2 — 4 — 1 7 Assets reclassified as held for sale (2) 10 19 — — — 29 Foreign currency translation (16) 37 6 13 13 53 Balance at December 31, 2022 $ (337) $ (1,916) $ (1,099) $ (122) $ (262) $ (3,736) Net book value December 31, 2021 $ 1,817 $ 7,526 $ 2,955 $ 1,912 $ 596 $ 14,806 December 31, 2022 $ 2,095 $ 13,802 $ 3,655 $ 3,265 $ 1,231 $ 24,048 ____________________________________ (1) See Note 3 for additional information. (2) See Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $2,425 million (2021: $1,470 million) primarily in the partnership’s infrastructure services and industrials segments. (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 8,585 $ 5,244 Acquisitions through business combinations (1) 7,446 3,967 Impairment (2) (111) (175) Dispositions (3) (3) (171) Assets reclassified as held for sale (11) — Foreign currency translation (427) (280) Balance at end of year $ 15,479 $ 8,585 ____________________________________ (1) See Note 3 for additional information. (2) Relates to a goodwill impairment of $111 million at the partnership’s offshore oil services operations (2021: $175 million). (3) Refer to Note 8 for additional information. |
Disclosure of goodwill allocated by segments | Goodwill is allocated to the following cash-generating units as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Dealer software and technology services operations $ 4,580 $ — Engineered components manufacturing 1,765 1,521 Advanced energy storage operations 1,702 1,771 Modular building leasing services operations 1,674 1,683 Healthcare services operations 1,310 1,397 Lottery services operations 1,197 — Other operations 3,251 2,213 Total $ 15,479 $ 8,585 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Disclosure of ownership interest, voting interest, and carrying value of joint ventures | The following table presents the economic interest, voting interest and carrying value of the partnership’s equity accounted investments as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) Economic interest (%) Voting interest (%) Carrying value 2022 2021 2022 2021 2022 2021 Business services 14% - 50% 14% - 70% 14% - 50% 14% - 57% $ 243 $ 23 Infrastructure services 17% - 50% 17% - 50% 17% - 50% 17% - 50% 889 670 Industrials 9% - 54% 9% - 54% 9% - 50% 24% - 50% 933 787 Total $ 2,065 $ 1,480 |
Disclosure of ownership interest, voting interest, and carrying value of associates | The following table presents the economic interest, voting interest and carrying value of the partnership’s equity accounted investments as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) Economic interest (%) Voting interest (%) Carrying value 2022 2021 2022 2021 2022 2021 Business services 14% - 50% 14% - 70% 14% - 50% 14% - 57% $ 243 $ 23 Infrastructure services 17% - 50% 17% - 50% 17% - 50% 17% - 50% 889 670 Industrials 9% - 54% 9% - 54% 9% - 50% 24% - 50% 933 787 Total $ 2,065 $ 1,480 |
Disclosure of change in equity investments | The following table presents the change in the equity accounted investments balance for the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 1,480 $ 1,690 Acquisitions through business combinations (1) 461 20 Additions 134 430 Dispositions — (534) Impairment — (29) Share of net income 165 13 Share of other comprehensive income (loss) 2 (16) Distributions received (167) (89) Foreign currency translation (10) (5) Balance at end of period $ 2,065 $ 1,480 ____________________________________ (1) See Note 3 for additional information. |
Disclosure of interests in joint ventures | The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as at December 31, 2022 and 2021: Year ended December 31, 2022 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 372 $ 432 $ 804 $ 337 $ 107 $ 444 $ 360 Infrastructure services 2,529 8,458 10,987 1,595 5,695 7,290 3,697 Industrials 1,682 2,353 4,035 789 566 1,355 2,680 Total $ 4,583 $ 11,243 $ 15,826 $ 2,721 $ 6,368 $ 9,089 $ 6,737 Year ended December 31, 2021 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 380 $ 1,377 $ 1,757 $ 417 $ 1,656 $ 2,073 $ (316) Infrastructure services 1,545 7,749 9,294 873 5,571 6,444 2,850 Industrials 1,421 1,169 2,590 640 330 970 1,620 Total $ 3,346 $ 10,295 $ 13,641 $ 1,930 $ 7,557 $ 9,487 $ 4,154 The following tables summarize the gross amounts of revenues, net income and other comprehensive income from the partnership’s equity accounted investments for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 621 $ 197 $ 5 $ 202 Infrastructure services 5,614 95 2 97 Industrials 3,462 456 9 465 Total $ 9,697 $ 748 $ 16 $ 764 Year ended December 31, 2021 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 315 $ 51 $ (6) $ 45 Infrastructure services 4,900 (294) (99) (393) Industrials 3,082 424 (4) 420 Total $ 8,297 $ 181 $ (109) $ 72 Year ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 |
Disclosure of interests in associates | The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as at December 31, 2022 and 2021: Year ended December 31, 2022 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 372 $ 432 $ 804 $ 337 $ 107 $ 444 $ 360 Infrastructure services 2,529 8,458 10,987 1,595 5,695 7,290 3,697 Industrials 1,682 2,353 4,035 789 566 1,355 2,680 Total $ 4,583 $ 11,243 $ 15,826 $ 2,721 $ 6,368 $ 9,089 $ 6,737 Year ended December 31, 2021 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 380 $ 1,377 $ 1,757 $ 417 $ 1,656 $ 2,073 $ (316) Infrastructure services 1,545 7,749 9,294 873 5,571 6,444 2,850 Industrials 1,421 1,169 2,590 640 330 970 1,620 Total $ 3,346 $ 10,295 $ 13,641 $ 1,930 $ 7,557 $ 9,487 $ 4,154 The following tables summarize the gross amounts of revenues, net income and other comprehensive income from the partnership’s equity accounted investments for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 621 $ 197 $ 5 $ 202 Infrastructure services 5,614 95 2 97 Industrials 3,462 456 9 465 Total $ 9,697 $ 748 $ 16 $ 764 Year ended December 31, 2021 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 315 $ 51 $ (6) $ 45 Infrastructure services 4,900 (294) (99) (393) Industrials 3,082 424 (4) 420 Total $ 8,297 $ 181 $ (109) $ 72 Year ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 |
Disclosure of fair value of equity accounted investments | 2022 2021 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 35 $ — $ 43 $ — Industrials 107 336 265 304 Total $ 142 $ 336 $ 308 $ 304 |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payable and other | (US$ MILLIONS) 2022 2021 Current Accounts payable $ 4,099 $ 3,665 Accrued and other liabilities (1) (2) 5,840 4,977 Lease liability 332 312 Financial liabilities (3) 352 316 Unearned premiums reserve 586 620 Work in progress (4) 1,175 1,397 Provisions and decommissioning liabilities (5) 770 563 Liabilities associated with assets held for sale 42 — Total current $ 13,196 $ 11,850 Non-current Accounts payable $ 90 $ 119 Accrued and other liabilities (2) 1,627 1,556 Lease liability 1,274 1,293 Financial liabilities (3) 2,141 2,159 Unearned premiums reserve 1,463 1,608 Work in progress (4) 49 1 Provisions and decommissioning liabilities (5) 789 1,050 Total non-current $ 7,433 $ 7,786 ____________________________________ (1) Includes bank overdrafts of $636 million as at December 31, 2022 (2021: $727 million). (2) Includes post-employment benefits of $642 million ($20 million current and $622 million non-current) as at December 31, 2022 and $771 million ($20 million current and $751 million non-current) as at December 31, 2021. See Note 30 for additional information. (3) Includes financial liabilities of $1,673 million ($74 million current and $1,599 million non-current) as at December 31, 2022 and $1,732 million ($66 million current and $1,666 million non-current) as at December 31, 2021 related to the sale and leaseback of hospitals. (4) See Note 16 for additional information. (5) Includes decommissioning liabilities of $443 million (2021: $665 million) primarily from the partnership’s nuclear technology services operations, natural gas production and advanced energy storage operations. The liabilities were determined using a discount rate between 2.8% and 8.5% (2021: 1.0% and 8.5%) and an inflation rate between 2.0% and 3.0% (2021: 2.0% and 3.0%), determined as appropriate for the underlying assets. |
Disclosure of other provisions | The following table presents the change in the provision balances for the years ended December 31, 2022 and 2021 : (US$ MILLIONS) Decommissioning liability Warranties and provisions for defects Other Total provisions Balance at January 1, 2021 $ 673 $ 253 $ 765 $ 1,691 Additional provisions recognized 6 248 257 511 Reduction arising from payments/derecognition (17) (249) (236) (502) Accretion expenses 17 — — 17 Change in discount rate 12 — (7) 5 Change in other estimates (20) (14) (31) (65) Foreign currency translation (6) (6) (32) (44) Balance at December 31, 2021 $ 665 $ 232 $ 716 $ 1,613 Additional provisions recognized 5 236 525 766 Reduction arising from payments/derecognition (12) (277) (262) (551) Accretion expenses 16 — — 16 Change in discount rate (214) — (12) (226) Change in other estimates (3) (6) — (9) Foreign currency translation (14) (7) (29) (50) Balance at December 31, 2022 $ 443 $ 178 $ 938 $ 1,559 |
CONTRACTS IN PROGRESS (Tables)
CONTRACTS IN PROGRESS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Construction Contracts [Abstract] | |
Disclosure of contracts in progress | (US$ MILLIONS) 2022 2021 2020 Contract costs incurred to date $ 21,066 $ 21,381 $ 26,411 Profit recognized to date (less recognized losses) 2,055 1,783 1,476 23,121 23,164 27,887 Less: progress billings (23,876) (24,084) (28,913) Contract work in progress (liability) $ (755) $ (920) $ (1,026) Comprising: Amounts due from customers — work in progress (1) $ 469 $ 478 $ 536 Amounts due to customers — creditors (2) (1,224) (1,398) (1,562) Net work in progress $ (755) $ (920) $ (1,026) ____________________________________ (1) The change in the balance from December 31, 2021 was due to billed amounts of $3,166 million, additions to work in progress of $3,149 million, and an increase of $8 million from other changes. (2) The change in the balance from December 31, 2021 was due to recognized revenue of $1,394 million, additions to work in progress of $1,278 million, and a decrease of $58 million from other changes. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Disclosure of detailed information about borrowings | Principal repayments on total borrowings due over the next five years and thereafter are as follows: (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total borrowings 2023 $ 1,900 $ 1,584 $ 359 $ — $ 3,843 2024 3,010 1,319 932 — 5,261 2025 932 3,688 555 — 5,175 2026 955 276 7,600 — 8,831 2027 1,297 74 2,256 2,100 5,727 Thereafter 8,139 6,791 3,818 — 18,748 Total - principal repayments $ 16,233 $ 13,732 $ 15,520 $ 2,100 $ 47,585 Deferred financing costs and other accounting adjustments (304) (321) (267) — (892) Total - December 31, 2022 $ 15,929 $ 13,411 $ 15,253 $ 2,100 $ 46,693 Total - December 31, 2021 $ 3,872 $ 9,099 $ 14,486 $ 1,619 $ 29,076 The following table summarizes the weighted average interest rates and terms of non-recourse subsidiary borrowings in subsidiaries of the partnership as at December 31, 2022 and 2021: Weighted average rate (%) Weighted average term (years) Consolidated (US$ MILLIONS, except as noted) 2022 2021 2022 2021 2022 2021 Business services 7.6 % 5.7 % 8.3 5.5 $ 15,929 $ 3,872 Infrastructure services 6.9 % 4.2 % 4.1 4.7 13,411 9,099 Industrials 7.8 % 5.3 % 4.7 5.2 15,253 14,486 Total 7.4 % 4.9 % 5.8 5.0 $ 44,593 $ 27,457 The following table summarizes the non-recourse borrowings in subsidiaries of the partnership by currency as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) 2022 Local currency 2021 Local currency U.S. dollars $ 25,843 $ 25,843 $ 15,037 $ 15,037 Euros 7,481 € 6,997 7,569 € 6,672 Brazilian reais 2,908 R$ 15,171 1,638 R$ 9,138 Australian dollars 6,033 A$ 8,855 985 A$ 1,357 Indian rupees 660 INR 54,560 760 INR 56,728 Canadian dollars 1,136 C$ 1,539 1,443 C$ 1,824 Other 532 25 Total $ 44,593 $ 27,457 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Disclosure of major components of income tax expense (recovery) | The major components of income tax expense (recovery) include the following for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Current income tax expense (recovery) $ 458 $ 536 $ 284 Deferred income tax expense (recovery): Origination and reversal of temporary differences (242) (182) (134) Recovery arising from previously unrecognized tax assets (440) (195) (1) Change of tax rates and imposition of new legislations (54) 6 5 Deferred income tax expense (recovery) (736) (371) (130) Total income tax expense (recovery) $ (278) $ 165 $ 154 |
Disclosure of effective tax rate differences | The partnership’s effective income tax rate is different from the partnership’s composite income tax rate due to the following differences set out below: (%) 2022 2021 2020 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates (7) (4) 2 International operations subject to different tax rates 123 1 23 Taxable income attributable to non-controlling interests (12) (14) (19) Recognition of deferred tax assets (589) (9) (10) Non-recognition of the benefit of current year’s tax losses 147 5 2 Change in tax rates and imposition of new legislation (64) — (1) Other 14 2 (3) Effective income tax rate (361) % 8 % 21 % |
Disclosure of temporary difference, unused tax losses and unused tax credits | Deferred income tax assets and liabilities as at December 31, 2022 and 2021 relate to the following: (US$ MILLIONS) 2022 2021 Non-capital losses (Canada) $ 186 $ 104 Capital losses (Canada) — 18 Losses (U.S.) 388 281 Losses (International) 501 440 Difference in basis (3,541) (2,462) Total net deferred tax (liability) asset $ (2,466) $ (1,619) Reflected in the statement of financial position as follows: Deferred income tax assets $ 1,245 $ 888 Deferred income tax liabilities (3,711) (2,507) Total net deferred tax (liability) asset $ (2,466) $ (1,619) The deferred income tax movements are as follows: (US$ MILLIONS) 2022 2021 Opening net deferred tax (liability) asset $ (1,619) $ (940) Recognized in income 736 371 Recognized in other comprehensive income (1) (41) Other (1) (1,582) (1,009) Net deferred tax (liability) asset $ (2,466) $ (1,619) ____________________________________ |
Disclosure of expiry date of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 One year from reporting date $ 18 $ 1 Two years from reporting date 1 18 Three years from reporting date 5 1 After three years from reporting date 231 283 No expiry 812 836 Total $ 1,067 $ 1,139 |
Disclosure of components of income tax in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2022, 2021 and 2020 are set out below: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Fair value through other comprehensive income $ (119) $ (13) $ 49 Net investment hedges 17 9 26 Cash flow hedges 86 15 — Equity accounted investments 1 (2) — Pension plan actuarial changes 16 32 (9) Total deferred tax expense (recovery) in other comprehensive income $ 1 $ 41 $ 66 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Disclosure of classes of share capital | The following table provides a continuity of GP Units and LP Units outstanding for the years ended December 31, 2022 and 2021: GP Units LP Units Total UNITS 2022 2021 2022 2021 2022 2021 Authorized and issued Opening balance 4 4 77,085,493 79,031,984 77,085,497 79,031,988 Repurchased and canceled — — (2,525,490) (1,946,491) (2,525,490) (1,946,491) Conversion from BBUC exchangeable shares — — 52,500 — 52,500 — On issue at December 31 4 4 74,612,503 77,085,493 74,612,507 77,085,497 Redemption-Exchange Units held by Brookfield UNITS 2022 2021 Authorized and issued Opening balance 69,705,497 69,705,497 On issue at December 31 69,705,497 69,705,497 SHARES BBUC exchangeable shares Balance as at January 1, 2022 — Special distribution 73,088,510 Converted to class C shares (80,425) Converted to LP Units (52,500) Balance as at December 31, 2022 72,955,585 Special Limited Partner Units held by Brookfield UNITS 2022 2021 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 Preferred securities held by Brookfield ($US MILLIONS) 2022 2021 Opening balance $ 15 $ 15 Subscriptions during the year 1,475 — Balance as at December 31, 2022 $ 1,490 $ 15 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Disclosure of accumulated other comprehensive income (loss) | The following tables present the changes in accumulated other comprehensive income (loss) reserves attributable to limited partners for the years ended December 31, 2022, 2021 and 2020: (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2022 $ (252) $ 76 $ 23 $ (153) Other comprehensive income (loss) (66) (69) 84 (51) Ownership changes 4 — 1 5 Issuance of BBUC exchangeable shares (2) 67 (15) (5) 47 Balance as at December 31, 2022 $ (247) $ (8) $ 103 $ (152) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (2) In connection with the special distribution of BBUC, $47 million of accumulated other comprehensive income (loss) was reallocated to BBUC exchangeable shares. Refer to Note 1 for further details. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2021 $ (144) $ 52 $ (88) $ (180) Other comprehensive income (loss) (70) 24 110 64 Ownership changes (38) — 1 (37) Balance as at December 31, 2021 $ (252) $ 76 $ 23 $ (153) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (169) $ 11 $ (60) $ (218) Other comprehensive income (loss) 25 39 (28) 36 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (144) $ 52 $ (88) $ (180) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of direct operating costs | The following table presents direct operating costs by nature for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Inventory costs $ 36,736 $ 30,333 $ 22,854 Subcontractor and consultant costs 3,163 3,426 3,557 Concession construction materials and labor costs 323 235 163 Depreciation and amortization expense 3,260 2,283 2,165 Compensation 5,594 4,123 3,546 Other direct costs 4,026 2,751 2,345 Total $ 53,102 $ 43,151 $ 34,630 |
CONTRACTUAL COMMITMENTS (Tables
CONTRACTUAL COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contractual Commitments [Abstract] | |
Disclosure of maturity analysis for lease liabilities | The following table summarizes the partnership’s undiscounted maturity schedule for lease obligations as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Lease obligations Less than 1 year $ 368 $ 355 1 to 5 years 920 856 5+ years 843 959 Total $ 2,131 $ 2,170 (US$ MILLIONS) 2022 2021 Lease earnings receivable Less than 1 year $ 877 $ 843 2 to 5 years 1,110 978 5+ years 332 409 Total $ 2,319 $ 2,230 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Disclosure of segment revenue by type | The following tables summarize the partnership’s segment revenues by type of revenue for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues 1,315 1,406 16 — 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues 1,041 579 21 — 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2022 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total (1) Revenues $ 9,627 $ 2,968 $ 4,591 $ — $ 17,186 $ 40,359 $ 57,545 Direct operating costs (2) (8,811) (2,089) (3,666) (28) (14,594) (35,248) (49,842) General and administrative expenses (145) (146) (135) (110) (536) (836) (1,372) Gain (loss) on acquisitions /dispositions, net (3) 9 — 7 — 16 12 28 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) 19 — 33 — 52 61 113 Other income (expense), net (5) 2 2 2 — 6 19 25 Interest income (expense), net (155) (288) (335) (71) (849) (1,689) (2,538) Current income tax (expense) recovery (6) (80) (19) (92) 58 (133) (312) (445) Preferred equity distributions — — — (27) (27) 27 — Equity accounted Adjusted EFO (7) 42 85 68 — 195 119 314 Adjusted EFO 508 513 473 (178) 1,316 Depreciation and amortization expense (2)(8) (1,065) (2,195) (3,260) Impairment reversal (expense), net 34 (25) 9 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (52) (61) (113) Current income tax (expense) recovery (6) (4) (9) (13) Other income (expense), net (5) (258) (425) (683) Deferred income tax (expense) recovery 287 449 736 Non-cash items attributable to equity accounted investments (7) (112) (37) (149) Net income (loss) $ 146 $ 209 $ 355 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $53,102 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $28 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $16 million represents the partnership’s economic ownership interest in gains on dispositions of $9 million related to the sale of the partnership’s digital cloud services and $7 million related to the partial disposition of public securities. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $52 million represents the partnership’s economic ownership interest in gains on dispositions of which $33 million related to the partial disposition of public securities and $19 million related to the disposition of a financial asset measured at FVOCI. (5) The sum of these amounts equates to other income (expense), net of $(658) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $6 million includes $15 million of net gains on the sale of property, plant and equipment and $9 million of realized net revaluation losses. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(258) million includes $76 million of net unrealized revaluation losses, $108 million of business separation expenses, stand-up costs and restructuring charges, $68 million of transaction costs and $6 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(458) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $165 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2022, depreciation and amortization expense by segment is as follows: business services $721 million, infrastructure services $1,220 million, industrials $1,319 million and corporate and other $nil. Year ended December 31, 2021 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,060 $ 1,928 $ 3,438 $ — $ 14,426 $ 32,161 $ 46,587 Direct operating costs (2) (8,383) (1,370) (2,722) (19) (12,494) (28,374) (40,868) General and administrative expenses (146) (68) (88) (107) (409) (603) (1,012) Gain (loss) on acquisitions /dispositions, net (3) — — 158 — 158 740 898 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) — — 414 — 414 — 414 Other income (expense), net (5) 24 (4) 12 — 32 29 61 Interest income (expense), net (69) (152) (236) (20) (477) (991) (1,468) Current income tax (expense) recovery (6) (111) (4) (159) 47 (227) (318) (545) Equity accounted Adjusted EFO (7) 22 66 62 — 150 112 262 Adjusted EFO 397 396 879 (99) 1,573 Depreciation and amortization expense (2)(8) (780) (1,503) (2,283) Impairment reversal (expense), net (160) (280) (440) Gain (loss) on acquisitions /dispositions, net (3) 474 451 925 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (414) — (414) Current income tax (expense) recovery (6) 9 — 9 Other income (expense), net (5) (42) (53) (95) Deferred income tax (expense) recovery 132 239 371 Non-cash items attributable to equity accounted investments (7) (149) (100) (249) Net income (loss) $ 643 $ 1,510 $ 2,153 _____________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $43,151 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $1,823 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $158 million represents the partnership’s economic ownership interest in gains (losses) of $141 million related to the disposition of the partnership’s graphite electrode operations, $14 million related to the partial disposition of public securities and other gains of $3 million. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $414 million represents the partnership’s economic ownership interest in gains on dispositions of which $245 million related to the disposition of the partnership’s graphite electrode operations and $169 million related to the partial disposition of public securities. (5) The sum of these amounts equates to other income (expense), net of $(34) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $32 million includes $4 million of realized net revaluation losses and $36 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(42) million includes $79 million of unrealized net revaluation gains, $52 million of business separation expenses, stand-up costs restructuring charges, $24 million of transaction costs, $14 million of net loss on debt extinguishment/modification and $31 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(536) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $13 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2021, depreciation and amortization expense by segment is as follows: business services $465 million, infrastructure services $705 million, industrials $1,113 million and corporate and other $nil. Year ended December 31, 2020 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (2) (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Equity accounted Adjusted EFO (5) 12 74 25 — 111 114 225 Adjusted EFO 229 364 336 (59) 870 Depreciation and amortization expense (2)(6) (719) (1,446) (2,165) Impairment reversal (expense), net (112) (151) (263) Gain (loss) on acquisitions /dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (5) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $34,630 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $85 million represents partnership’s economic ownership interest in gains (losses) of which $47 million related to the sale of the partnership’s cold storage business, $15 million related to the sale of the pathology business at the partnership’s healthcare services operations, $25 million related to the partnership’s sale of investments in public securities and other disposition losses of $2 million. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $(25) million includes $28 million of realized net revaluation losses and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(121) million includes $168 million of unrealized net revaluation gains, $134 million of provisions for potential productivity impacts and damages related to business interruption and work stoppages which are not considered normal or recurring, $67 million of non-recurring, one-time provisions including product line exits, contract write-offs and production relocation costs, as a result of the recapitalization of one of the partnership’s operations, $60 million of business separation expenses, stand-up costs and restructuring charges, $30 million of transaction costs, $8 million of net gains on debt extinguishment/modification and $6 million of other expenses. (5) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the consolidated statements of operating results. (6) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million and corporate and other $nil. The following table summarizes the partnership’s total assets by reportable operating segment as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Total assets Business services $ 38,187 $ 20,376 Infrastructure services 22,606 16,380 Industrials 28,112 27,315 Corporate and other 593 148 Total $ 89,498 $ 64,219 |
Disclosure of segment revenue by timing of revenue recognition for revenue from contracts with customers | The following tables summarize the partnership’s segment revenues by timing of revenue recognition for total revenues from contracts with customers for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 29,092 $ 2,391 $ 14,661 $ — $ 46,144 Services transferred over a period of time 4,539 3,727 398 — 8,664 Total revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 24,810 $ 1,403 $ 11,864 $ — $ 38,077 Services transferred over a period of time 4,137 2,475 257 — 6,869 Total revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 17,665 $ 1,382 $ 10,436 $ — $ 29,483 Services transferred over a period of time 4,015 2,423 215 — 6,653 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 |
Disclosure of revenues by geographical areas | The following table summarizes the partnership’s total revenues by geography for the years ended December 31, 2022, 2021 and 2020: (US$ MILLIONS) 2022 2021 2020 United Kingdom $ 21,921 $ 18,827 $ 13,996 United States 10,297 6,715 5,848 Europe 8,742 7,107 5,184 Australia 4,950 4,529 4,299 Canada 4,965 3,916 3,137 Brazil 2,558 1,711 1,403 Mexico 941 813 765 Other 3,171 2,969 3,003 Total revenues $ 57,545 $ 46,587 $ 37,635 The following tables summarize the partnership’s segment revenues by geography for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 20,939 $ 492 $ 329 $ — $ 21,760 United States 1,233 2,754 6,300 — 10,287 Europe 2,867 1,770 3,190 — 7,827 Australia 4,323 226 137 — 4,686 Canada 3,185 165 730 — 4,080 Brazil 228 112 1,955 — 2,295 Mexico — — 941 — 941 Other 856 599 1,477 — 2,932 Total revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues $ 1,315 $ 1,406 $ 16 $ — $ 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 18,257 $ 344 $ 206 $ — $ 18,807 United States 344 1,591 4,775 — 6,710 Europe 2,495 1,257 3,007 — 6,759 Australia 4,404 11 84 — 4,499 Canada 2,436 85 554 — 3,075 Brazil 259 82 1,155 — 1,496 Mexico — — 813 — 813 Other 752 508 1,527 — 2,787 Total revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues $ 1,041 $ 579 $ 21 $ — $ 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 Other 836 432 1,598 — 2,866 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 The following table summarizes the partnership’s total non-current assets by geography as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 United States $ 24,205 $ 10,989 Europe 12,563 13,138 Australia 11,257 5,380 Canada 7,079 7,101 Brazil 6,631 4,971 United Kingdom 3,799 2,326 Mexico 2,354 1,855 Other 3,298 3,041 Total non-current assets $ 71,186 $ 48,801 |
Disclosure of maturity analysis of lessor operating lease payments | The following table summarizes the partnership’s undiscounted maturity schedule for lease obligations as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Lease obligations Less than 1 year $ 368 $ 355 1 to 5 years 920 856 5+ years 843 959 Total $ 2,131 $ 2,170 (US$ MILLIONS) 2022 2021 Lease earnings receivable Less than 1 year $ 877 $ 843 2 to 5 years 1,110 978 5+ years 332 409 Total $ 2,319 $ 2,230 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Disclosure of transactions between related parties | the following table summarizes the transactions the partnership has entered into with related parties for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, (US$ MILLIONS) 2022 2021 2020 Transactions during the period Business services revenues (1) $ 259 $ 439 $ 612 Interest income 11 — — ____________________________________ (1) Within the business services segment, the partnership provides construction services to affiliates of Brookfield. Inclusive of those described above, the following table summarizes balances with related parties as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balances at end of period Financial assets $ 118 $ — Accounts and other receivable, net 579 138 Accounts payable and other (1) 603 549 Non-recourse borrowings in subsidiaries of the partnership 55 56 ____________________________________ (1) Includes $315 million (2021: $326 million) related to a tax receivable agreement payable to related parties by the partnership’s advanced energy storage operations. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about hedging instruments | The following tables summarizes the aggregate notional amounts of the partnership’s derivative positions as at December 31, 2022 and 2021: (US$ MILLIONS, except as noted) 2022 2021 Foreign exchange contracts $ 8,332 $ 12,591 Cross currency swaps 726 271 Interest rate derivatives 7,592 14,686 Equity derivatives 17 69 $ 16,667 $ 27,617 Commodity instruments 2022 2021 Oil based fuel (Cbm - millions) 14.02 17.11 Natural gas (Mcf - millions) 65.38 90.37 Lead (metric tons) 71,883 69,427 Tin (metric tons) 2,540 2,454 Polypropylene (metric tons) 28,078 24,129 The following table presents the notional amounts underlying the partnership’s derivative instruments by term to maturity as at December 31, 2022 and the comparative notional amounts as at December 31, 2021, for both derivatives that are classified as FVTPL and derivatives that qualify for hedge accounting: 2022 2021 (US$ MILLIONS) < 1 Year 1-5 Years 5+ Years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts $ 3,236 $ 305 $ 118 $ 3,659 $ 5,759 Cross currency swaps 20 100 109 229 271 Interest rate derivatives — 7 — 7 6,094 Equity derivatives 8 5 4 17 69 Designated for hedge accounting Foreign exchange contracts 855 3,818 — 4,673 6,832 Cross currency swaps — 497 — 497 — Interest rate derivatives — 7,585 — 7,585 8,592 $ 4,119 $ 12,317 $ 231 $ 16,667 $ 27,617 |
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2022 and 2021. The notional amounts as at December 31, 2022 and 2021 include both buy and sell contracts. Notional amount Average exchange rate (US$ MILLIONS, except as noted) 2022 2021 2022 2021 Foreign exchange contracts Australian dollars $ 1,115 $ 963 1.48 1.40 Brazilian real 637 473 6.29 5.73 British pounds 576 1,129 0.85 0.75 Canadian dollars 1,683 2,916 1.35 1.26 Euros 2,209 3,847 0.94 0.87 Indian rupees 372 465 84.82 78.30 Swedish krona 1,086 1,475 9.78 9.08 U.S dollars 392 657 1.00 1.00 Other 262 666 $ 8,332 $ 12,591 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
Disclosure of capital structure | The capital structure of the partnership consists of corporate borrowings and non-recourse borrowings in subsidiaries of the partnership, offset by cash and cash equivalents and equity. (US$ MILLIONS, except as noted) 2022 2021 Corporate borrowings $ 2,100 $ 1,619 Non-recourse borrowings in subsidiaries of the partnership 44,593 27,457 Cash and cash equivalents (2,870) (2,588) Net debt 43,823 26,488 Total equity 18,465 13,000 Total capital $ 62,288 $ 39,488 Net debt to capital ratio 70 % 67 % |
Disclosure of liquidity management | The following tables detail the contractual maturities for the partnership’s financial liabilities as at December 31, 2022 and 2021. The tables reflect the undiscounted future cash flows of financial liabilities based on the earliest date on which the partnership can be required to repay. The tables include both interest and principal cash flows: 2022 Total contractual cash flows (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Non-derivative financial liabilities Accounts payable and other (1) $ 10,853 $ 646 $ 707 $ 1,881 $ 14,087 Interest-bearing liabilities 6,759 8,003 25,726 20,411 60,899 Lease liabilities 368 327 593 843 2,131 ____________________________________ (1) Excludes decommissioning liabilities, other provisions, post-employment benefits, unearned premiums reserve, deferred revenue, liabilities associated with assets held for sale and related party loans and notes payable of $5,242 million. 2021 Total contractual cash flows (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Non-derivative financial liabilities Accounts payable and other (1) $ 10,108 $ 619 $ 580 $ 1,950 $ 13,257 Interest-bearing liabilities 3,419 3,159 19,358 11,114 37,050 Lease liabilities 355 289 567 959 2,170 ___________________________________ (1) Excludes decommissioning liabilities, other provisions, post-employment benefits, unearned premiums reserve, deferred revenue and related party loans and notes payable of $5,380 million. |
Disclosure of interest rate risk | Net income (loss) Other comprehensive income (loss) (US$ MILLIONS) 50 bps decrease 50 bps increase 50 bps decrease 50 bps increase December 31, 2022 $ 118 $ (118) $ (29) $ 29 |
Disclosure of foreign currency exposure | The following tables summarize the partnership’s currency exposure as at December 31, 2022 and 2021: 2022 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 7,452 $ 1,336 $ 2,888 $ 1,332 $ 2,126 $ 1,411 $ 529 $ 1,238 $ 18,312 Non-current assets 32,465 11,257 2,584 6,347 9,177 5,882 982 2,492 71,186 $ 39,917 $ 12,593 $ 5,472 $ 7,679 $ 11,303 $ 7,293 $ 1,511 $ 3,730 $ 89,498 Liabilities Current liabilities $ 6,696 $ 1,821 $ 3,505 $ 1,315 $ 1,497 $ 1,220 $ 358 $ 542 $ 16,954 Non-current liabilities 32,102 7,759 941 3,071 5,802 3,807 356 241 54,079 $ 38,798 $ 9,580 $ 4,446 $ 4,386 $ 7,299 $ 5,027 $ 714 $ 783 $ 71,033 Interest of others in operating subsidiaries 1,862 1,649 773 1,801 2,684 1,568 422 2,096 12,855 Preferred securities 1,490 — — — — — — — 1,490 Unitholder equity $ (2,233) $ 1,364 $ 253 $ 1,492 $ 1,320 $ 698 $ 375 $ 851 $ 4,120 2021 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,784 $ 1,181 $ 2,260 $ 1,300 $ 2,167 $ 771 $ 509 $ 1,446 $ 15,418 Non-current assets 19,698 5,384 1,726 6,692 8,210 4,011 1,265 1,815 48,801 $ 25,482 $ 6,565 $ 3,986 $ 7,992 $ 10,377 $ 4,782 $ 1,774 $ 3,261 $ 64,219 Liabilities Current liabilities $ 4,801 $ 1,283 $ 3,005 $ 1,470 $ 1,543 $ 657 $ 557 $ 596 $ 13,912 Non-current liabilities 21,328 3,226 555 3,220 5,901 2,519 264 294 37,307 $ 26,129 $ 4,509 $ 3,560 $ 4,690 $ 7,444 $ 3,176 $ 821 $ 890 $ 51,219 Interest of others in operating subsidiaries 874 887 178 1,815 2,051 1,086 553 1,278 8,722 Preferred securities 15 — — — — — — — 15 Unitholder equity $ (1,536) $ 1,169 $ 248 $ 1,487 $ 882 $ 520 $ 400 $ 1,093 $ 4,263 |
Disclosure of sensitivity analysis for foreign currency risk | The following tables summarize the partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar for the years ended December 31, 2022, 2021 and 2020: December 31, 2022 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (1) $ 1 $ (85) $ 85 Canadian dollar (4) 4 (146) 146 Brazilian real — — (48) 48 Euro 94 (94) (92) 92 Other 71 (71) (121) 121 December 31, 2021 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ 12 $ (12) $ (85) $ 85 Canadian dollar 21 (21) (83) 83 Brazilian real (1) 1 (36) 36 Euro 324 (324) 4 (4) Other (74) 74 (108) 108 December 31, 2020 Pre-tax net income OCI attributable to Unitholders, before taxes (US$ MILLIONS) 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ 6 $ (6) $ (86) $ 86 Canadian dollar 25 (25) (120) 120 Brazilian real — — (40) 40 Euro 53 (53) (29) 29 Other (108) 108 (72) 72 Commodity price risk As certain of the partnership’s operating subsidiaries are exposed to commodity price risk, the fair value of financial instruments will fluctuate as a result of changes in commodity prices. A 10 basis point increase or decrease in commodity prices, as it relates to financial instruments, is not expected to have a material impact on the partnership’s net income and other comprehensive income. Other price risk As at December 31, 2022, the partnership is exposed to other price risk arising from marketable securities and other financial assets, with a balance of $6,052 million (2021: $6,580 million). A 10% change in the fair value of these assets would impact the consolidated statements of comprehensive income by $605 million (2021: $658 million). |
Disclosure of reconciliation of gross carrying amounts | The following table shows changes in the gross carrying amount of the partnership’s significant loans receivable portfolio for the years ended December 31, 2022 and 2021: (US$ MILLIONS) Stage 1 Stage 2 Stage 3 Total Gross carrying amount Balance at January 1, 2021 $ 779 $ 276 $ 39 $ 1,093 New assets originated or purchased 515 7 2 524 Assets derecognized (excluding write-offs) (223) (127) (15) (365) Transfers to stage 1 22 (21) (1) — Transfers to stage 2 (255) 256 (1) — Transfers to stage 3 (20) (24) 44 — Amounts written-off (net of recovery) (14) (11) (17) (42) Other (35) (39) (1) (75) Balance at December 31, 2021 $ 769 $ 317 $ 49 $ 1,135 Acquisitions through business combinations 4,578 — — 4,578 New assets originated or purchased 834 43 — 877 Assets derecognized (excluding write-offs) (280) (76) (22) (378) Transfers to stage 1 49 (48) (1) — Transfers to stage 2 (94) 94 — — Transfers to stage 3 (88) (42) 130 — Amounts written-off (net of recovery) (30) (68) (24) (122) Other 144 (5) (10) 129 Foreign currency translation (369) (25) (6) (400) Balance at December 31, 2022 $ 5,513 $ 190 $ 116 $ 5,819 The following table shows changes in the corresponding ECL allowance of the partnership’s significant loans receivable portfolio for the years ended December 31, 2022 and 2021: (US$ MILLIONS) Stage 1 Stage 2 Stage 3 Total ECL allowance Balance at January 1, 2021 $ 45 $ 19 $ 19 $ 83 New assets originated or purchased 22 1 1 24 Assets derecognized (excluding write-offs) (2) (6) (1) (9) Transfers to stage 1 1 (1) — — Transfers to stage 2 (12) 12 — — Transfers to stage 3 (3) (2) 5 — Impact on ECL for exposures transferred between stages during the year (31) 17 16 2 Amounts written-off (net of recovery) — (5) (15) (20) Balance at December 31, 2021 $ 20 $ 35 $ 25 $ 80 New assets originated or purchased 14 1 — 15 Assets derecognized (excluding write-offs) (7) (2) (3) (12) Changes to models and inputs used 10 2 2 14 Transfers to stage 1 4 (4) — — Transfers to stage 2 (9) 8 1 — Transfers to stage 3 (8) (4) 12 — Impact on ECL for exposures transferred between stages during the year — 4 25 29 Amounts written-off (net of recovery) (2) (14) (18) (34) Foreign currency translation (2) (4) (4) (10) Balance at December 31, 2022 $ 20 $ 22 $ 40 $ 82 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments | The following tables summarize the partnership’s segment revenues by type of revenue for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues 1,315 1,406 16 — 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues 1,041 579 21 — 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2022 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total (1) Revenues $ 9,627 $ 2,968 $ 4,591 $ — $ 17,186 $ 40,359 $ 57,545 Direct operating costs (2) (8,811) (2,089) (3,666) (28) (14,594) (35,248) (49,842) General and administrative expenses (145) (146) (135) (110) (536) (836) (1,372) Gain (loss) on acquisitions /dispositions, net (3) 9 — 7 — 16 12 28 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) 19 — 33 — 52 61 113 Other income (expense), net (5) 2 2 2 — 6 19 25 Interest income (expense), net (155) (288) (335) (71) (849) (1,689) (2,538) Current income tax (expense) recovery (6) (80) (19) (92) 58 (133) (312) (445) Preferred equity distributions — — — (27) (27) 27 — Equity accounted Adjusted EFO (7) 42 85 68 — 195 119 314 Adjusted EFO 508 513 473 (178) 1,316 Depreciation and amortization expense (2)(8) (1,065) (2,195) (3,260) Impairment reversal (expense), net 34 (25) 9 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (52) (61) (113) Current income tax (expense) recovery (6) (4) (9) (13) Other income (expense), net (5) (258) (425) (683) Deferred income tax (expense) recovery 287 449 736 Non-cash items attributable to equity accounted investments (7) (112) (37) (149) Net income (loss) $ 146 $ 209 $ 355 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $53,102 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $28 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $16 million represents the partnership’s economic ownership interest in gains on dispositions of $9 million related to the sale of the partnership’s digital cloud services and $7 million related to the partial disposition of public securities. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $52 million represents the partnership’s economic ownership interest in gains on dispositions of which $33 million related to the partial disposition of public securities and $19 million related to the disposition of a financial asset measured at FVOCI. (5) The sum of these amounts equates to other income (expense), net of $(658) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $6 million includes $15 million of net gains on the sale of property, plant and equipment and $9 million of realized net revaluation losses. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(258) million includes $76 million of net unrealized revaluation losses, $108 million of business separation expenses, stand-up costs and restructuring charges, $68 million of transaction costs and $6 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(458) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $165 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2022, depreciation and amortization expense by segment is as follows: business services $721 million, infrastructure services $1,220 million, industrials $1,319 million and corporate and other $nil. Year ended December 31, 2021 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,060 $ 1,928 $ 3,438 $ — $ 14,426 $ 32,161 $ 46,587 Direct operating costs (2) (8,383) (1,370) (2,722) (19) (12,494) (28,374) (40,868) General and administrative expenses (146) (68) (88) (107) (409) (603) (1,012) Gain (loss) on acquisitions /dispositions, net (3) — — 158 — 158 740 898 Gain (loss) on acquisitions /dispositions, net recorded in equity (4) — — 414 — 414 — 414 Other income (expense), net (5) 24 (4) 12 — 32 29 61 Interest income (expense), net (69) (152) (236) (20) (477) (991) (1,468) Current income tax (expense) recovery (6) (111) (4) (159) 47 (227) (318) (545) Equity accounted Adjusted EFO (7) 22 66 62 — 150 112 262 Adjusted EFO 397 396 879 (99) 1,573 Depreciation and amortization expense (2)(8) (780) (1,503) (2,283) Impairment reversal (expense), net (160) (280) (440) Gain (loss) on acquisitions /dispositions, net (3) 474 451 925 Gain (loss) on acquisitions / dispositions, net recorded in equity (4) (414) — (414) Current income tax (expense) recovery (6) 9 — 9 Other income (expense), net (5) (42) (53) (95) Deferred income tax (expense) recovery 132 239 371 Non-cash items attributable to equity accounted investments (7) (149) (100) (249) Net income (loss) $ 643 $ 1,510 $ 2,153 _____________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $43,151 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $1,823 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $158 million represents the partnership’s economic ownership interest in gains (losses) of $141 million related to the disposition of the partnership’s graphite electrode operations, $14 million related to the partial disposition of public securities and other gains of $3 million. (4) Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $414 million represents the partnership’s economic ownership interest in gains on dispositions of which $245 million related to the disposition of the partnership’s graphite electrode operations and $169 million related to the partial disposition of public securities. (5) The sum of these amounts equates to other income (expense), net of $(34) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $32 million includes $4 million of realized net revaluation losses and $36 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(42) million includes $79 million of unrealized net revaluation gains, $52 million of business separation expenses, stand-up costs restructuring charges, $24 million of transaction costs, $14 million of net loss on debt extinguishment/modification and $31 million of other expenses. (6) The sum of these amounts equates to current income tax (expense) recovery of $(536) million as per the consolidated statements of operating results. (7) The sum of these amounts equates to equity accounted income (loss), net of $13 million as per the consolidated statements of operating results. (8) For the year ended December 31, 2021, depreciation and amortization expense by segment is as follows: business services $465 million, infrastructure services $705 million, industrials $1,113 million and corporate and other $nil. Year ended December 31, 2020 Total attributable to Unitholders Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (2) (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Equity accounted Adjusted EFO (5) 12 74 25 — 111 114 225 Adjusted EFO 229 364 336 (59) 870 Depreciation and amortization expense (2)(6) (719) (1,446) (2,165) Impairment reversal (expense), net (112) (151) (263) Gain (loss) on acquisitions /dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (5) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares. (2) The sum of these amounts equates to direct operating costs of $34,630 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $85 million represents partnership’s economic ownership interest in gains (losses) of which $47 million related to the sale of the partnership’s cold storage business, $15 million related to the sale of the pathology business at the partnership’s healthcare services operations, $25 million related to the partnership’s sale of investments in public securities and other disposition losses of $2 million. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $(25) million includes $28 million of realized net revaluation losses and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(121) million includes $168 million of unrealized net revaluation gains, $134 million of provisions for potential productivity impacts and damages related to business interruption and work stoppages which are not considered normal or recurring, $67 million of non-recurring, one-time provisions including product line exits, contract write-offs and production relocation costs, as a result of the recapitalization of one of the partnership’s operations, $60 million of business separation expenses, stand-up costs and restructuring charges, $30 million of transaction costs, $8 million of net gains on debt extinguishment/modification and $6 million of other expenses. (5) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the consolidated statements of operating results. (6) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million and corporate and other $nil. The following table summarizes the partnership’s total assets by reportable operating segment as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Total assets Business services $ 38,187 $ 20,376 Infrastructure services 22,606 16,380 Industrials 28,112 27,315 Corporate and other 593 148 Total $ 89,498 $ 64,219 |
Disclosure of revenues and non-current assets by geographical areas | The following table summarizes the partnership’s total revenues by geography for the years ended December 31, 2022, 2021 and 2020: (US$ MILLIONS) 2022 2021 2020 United Kingdom $ 21,921 $ 18,827 $ 13,996 United States 10,297 6,715 5,848 Europe 8,742 7,107 5,184 Australia 4,950 4,529 4,299 Canada 4,965 3,916 3,137 Brazil 2,558 1,711 1,403 Mexico 941 813 765 Other 3,171 2,969 3,003 Total revenues $ 57,545 $ 46,587 $ 37,635 The following tables summarize the partnership’s segment revenues by geography for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 20,939 $ 492 $ 329 $ — $ 21,760 United States 1,233 2,754 6,300 — 10,287 Europe 2,867 1,770 3,190 — 7,827 Australia 4,323 226 137 — 4,686 Canada 3,185 165 730 — 4,080 Brazil 228 112 1,955 — 2,295 Mexico — — 941 — 941 Other 856 599 1,477 — 2,932 Total revenues from contracts with customers $ 33,631 $ 6,118 $ 15,059 $ — $ 54,808 Other revenues $ 1,315 $ 1,406 $ 16 $ — $ 2,737 Total revenues $ 34,946 $ 7,524 $ 15,075 $ — $ 57,545 Year ended December 31, 2021 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 18,257 $ 344 $ 206 $ — $ 18,807 United States 344 1,591 4,775 — 6,710 Europe 2,495 1,257 3,007 — 6,759 Australia 4,404 11 84 — 4,499 Canada 2,436 85 554 — 3,075 Brazil 259 82 1,155 — 1,496 Mexico — — 813 — 813 Other 752 508 1,527 — 2,787 Total revenues from contracts with customers $ 28,947 $ 3,878 $ 12,121 $ — $ 44,946 Other revenues $ 1,041 $ 579 $ 21 $ — $ 1,641 Total revenues $ 29,988 $ 4,457 $ 12,142 $ — $ 46,587 Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 Other 836 432 1,598 — 2,866 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 The following table summarizes the partnership’s total non-current assets by geography as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 United States $ 24,205 $ 10,989 Europe 12,563 13,138 Australia 11,257 5,380 Canada 7,079 7,101 Brazil 6,631 4,971 United Kingdom 3,799 2,326 Mexico 2,354 1,855 Other 3,298 3,041 Total non-current assets $ 71,186 $ 48,801 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Disclosure of interest and income taxes paid | Year ended December 31 (US$ MILLIONS) 2022 2021 2020 Net interest paid (received) $ 2,037 $ 1,223 $ 1,135 Net income taxes paid (received) 285 448 428 |
Disclosure of changes in non-cash working capital | Details of “Changes in non-cash working capital, net” on the consolidated statements of cash flow are as follows: Year ended December 31 (US$ MILLIONS) 2022 2021 2020 Accounts receivable $ (1,053) $ (684) $ 546 Inventory (629) (494) 453 Prepayments and other (192) 9 53 Accounts payable and other (389) 27 284 Changes in non-cash working capital, net $ (2,263) $ (1,142) $ 1,336 |
Disclosure of reconciliation of liabilities arising from financing activities | The following table presents the change in the balance of borrowings arising from financing activities as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Balance at beginning of year $ 29,076 $ 23,776 Cash flows 13,901 6,736 Non-cash changes: Acquisitions / (dispositions) of subsidiaries 4,570 (1,341) Foreign currency translation (817) (397) Fair value (4) (31) Other changes (33) 333 Balance at end of year $ 46,693 $ 29,076 |
POST-EMPLOYMENT BENEFITS (Table
POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The following table shows the changes in the present value of the defined benefit pension plan obligation and the fair values of plan assets as at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 3,034 $ 3,308 Defined benefit obligation through business combinations 159 107 Service cost 38 33 Interest cost 78 67 Participant contributions 2 2 Foreign currency exchange translation (4) (218) Actuarial (gain) loss due to financial assumption changes (853) (123) Actuarial (gain) loss due to demographic assumption changes (4) 15 Actuarial experience adjustments 51 16 Benefits paid from plan assets (127) (157) Benefits paid from employer (20) (16) Defined benefit obligation at end of year $ 2,354 $ 3,034 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (2,400) $ (2,391) Fair value of plan assets through business combinations (150) (7) Interest income (63) (47) Loss (return) on plan assets (excluding interest income) 687 (225) Foreign currency exchange translation 55 152 Employer contributions (43) (64) Participant contributions (2) (2) Employer direct settlements (1) 1 Benefits paid from plan assets 128 157 Benefits paid from employer 15 16 Administrative expenses paid from plan assets 10 10 Fair value of plan assets at end of year $ (1,764) $ (2,400) Net asset at end of year $ — $ (75) Net liability at end of year $ 590 $ 709 The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2022: (US$ MILLIONS) United States Canada Other Total Defined benefit obligation $ 1,729 $ 65 $ 560 $ 2,354 Fair value of plan assets (1,348) (52) (364) (1,764) Net liability $ 381 $ 13 $ 196 $ 590 The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2021: (US$ MILLIONS) United States Canada Other Total Defined benefit obligation $ 2,216 $ 20 $ 798 $ 3,034 Fair value of plan assets (1,867) — (533) (2,400) Net liability $ 349 $ 20 $ 265 $ 634 The following tables summarize the amounts recognized in respect of these defined benefit pension plans during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Amounts recognized in profit and loss Current service cost $ 38 $ 41 Past service cost — (8) Net interest expense 15 20 Administrative expense 10 10 Total expense recognized in profit and loss $ 63 $ 63 Amounts recognized in other comprehensive income Loss (return) on plan assets (excluding net interest expense) $ 687 $ (225) Actuarial (gain) loss due to demographic assumption changes (4) 15 Actuarial (gain) loss due to financial assumption changes (853) (123) Actuarial experience adjustments 51 16 Total expense (gain) recognized in other comprehensive income $ (119) $ (317) Total expense (gain) recognized in comprehensive income $ (56) $ (254) |
Disclosure of fair value of plan assets | The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2022: (US$ MILLIONS) Level 1 Level 2 (1) Level 3 Total Cash and cash equivalents $ 46 $ 4 $ — $ 50 Equity instruments 68 636 — 704 Debt instruments 179 673 20 872 Real estate 1 98 — 99 Investment funds — 14 — 14 Fixed insurance contracts 14 $ 11 — 25 Total plan assets $ 308 $ 1,436 $ 20 $ 1,764 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators. The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2021 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 45 $ 7 $ — $ 52 Equity instruments 69 833 — 902 Debt instruments 275 943 105 1,323 Real Estate — 106 — 106 Fixed insurance contracts 16 1 — 17 Total plan assets $ 405 $ 1,890 $ 105 $ 2,400 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators. (2) Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator. |
Disclosure of defined benefit plans and significant assumptions | The significant actuarial assumptions adopted are as follows: 2022 2021 Discount rate 0.2% to 7.9% 0.2% to 8.0% Rate of compensation increase 0.5% to 5.0% 0.0% to 5.0% |
Disclosure of sensitivity analysis for actuarial assumptions | The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2022: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Discount rate 1% $(200) 1% $241 Rate of compensation increase 1% $19 1% $(18) The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2021: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Discount rate 1% $(387) 1% $473 Rate of compensation increase 1% $38 1% $(34) |
Disclosure of future planned benefit payments under post-employment benefit plans | The following table summarizes the undiscounted future planned benefit payments under the partnership’s defined benefit plans as at December 31, 2022: (US$ MILLIONS) Future Planned Benefit Payments 2023 $ 135 2024 136 2025 139 2026 141 2027 144 Thereafter 4,030 Total $ 4,725 |
INSURANCE CONTRACTS (Tables)
INSURANCE CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance Contracts [Abstract] | |
Schedule of liabilities under insurance contracts | The following table summarizes the movement in the unearned premiums reserve during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Unearned premiums reserve, beginning of year $ 2,228 $ 1,889 Premiums written during the year 636 967 Premiums earned during the year (666) (639) Foreign currency translation (149) 11 Unearned premiums reserve, end of year $ 2,049 $ 2,228 The following table summarizes the loss reserves at December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Case reserves $ 38 $ 54 Incurred but not reported reserves 12 13 Discounting (1) (1) Provisions for adverse deviation 4 5 Total loss reserves $ 53 $ 71 The following table summarizes the movement in loss reserves during the years ended December 31, 2022 and 2021: (US$ MILLIONS) 2022 2021 Loss reserves, beginning of year $ 71 $ 144 Claims paid during the year (31) (48) Changes in loss reserves related to the current year 17 44 Favorable development on losses on claims related to prior years — (71) Foreign currency translation (4) 2 Loss reserves, end of year $ 53 $ 71 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details) - shares | Mar. 16, 2022 | Dec. 31, 2022 | Mar. 15, 2022 | Mar. 14, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||||
Exchangeable shares received for every two LP Units held (in shares) | 1 | ||||
Exchange ratio, exchangeable shares (in shares) | 2 | ||||
Beginning balance (in shares) | 72,955,585 | 0 | |||
BBUC exchangeable shares | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Beginning balance (in shares) | 35,000,000 | ||||
Proportion of ownership interest in subsidiary | 35.30% | ||||
Proportion of ownership interest in joint venture | 64.70% | ||||
Proportion of ownership interest in subsidiary | 75% | ||||
BBUC exchangeable shares | Holding LP | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Beginning balance (in shares) | 38,000,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Interests in Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CDK Global, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Economic interest | 20% | |
Dealer software and technology services operations | Bridgemarq Real Estate Services | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 100% | 100% |
Dealer software and technology services operations | Multiplex Global Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 100% | 100% |
Dealer software and technology services operations | Greenergy Fuels Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 88% | 89% |
Economic interest | 18% | 18% |
Dealer software and technology services operations | Healthscope Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 28% | 28% |
Dealer software and technology services operations | Ouro Verde Locação e Seviços S.A. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 35% | 35% |
Dealer software and technology services operations | Unidas Locadora S.A. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 35% | 35% |
Dealer software and technology services operations | Sagen MI Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 41% | 41% |
Dealer software and technology services operations | IndoStar Capital Finance Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 56% | 57% |
Economic interest | 20% | 20% |
Dealer software and technology services operations | Everise Holdings Pte Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 84% | 100% |
Economic interest | 28% | 36% |
Dealer software and technology services operations | La Trobe Financial Services Pty Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 0% |
Economic interest | 40% | 0% |
Dealer software and technology services operations | CDK Global, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 0% |
Economic interest | 29% | 0% |
Dealer software and technology services operations | Magnati - Sole Proprietorship LLC | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 60% | 0% |
Economic interest | 22% | 0% |
Engineered components manufacturing | Westinghouse Electric Company | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 44% | 44% |
Engineered components manufacturing | Altera Infrastructure L.P. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 99% | 99% |
Economic interest | 43% | 43% |
Engineered components manufacturing | Modulaire Investments 2 S.à r.l. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 28% | 36% |
Engineered components manufacturing | Scientific Games Corporation | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 0% |
Economic interest | 36% | 0% |
Industrials | BRK Ambiental Participações S.A. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 70% | 70% |
Economic interest | 26% | 26% |
Industrials | Schoeller Allibert Group B.V. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 52% | 52% |
Economic interest | 14% | 14% |
Industrials | Ember Resources Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 46% | 46% |
Industrials | Clarios Global LP | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 28% | 28% |
Industrials | Aldo Componentes Eletrônicos LTDA | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 35% | 35% |
Industrials | DexKo Global Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest | 100% | 100% |
Economic interest | 34% | 35% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Renewable transport fuel obligation certificates, offsetting carryforward percentage | 25% |
Risk fee, as percentage of gross premiums | 2.25% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Life of Property, Plant and Equipment (Details) - Top of range | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 50 years |
Right-of-use assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 40 years |
Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 30 years |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 35 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Life of Intangible Assets (Details) - Top of range | 12 Months Ended |
Dec. 31, 2022 | |
Water and sewage concession rights | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 40 years |
Brand and trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 40 years |
Computer software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 10 years |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 30 years |
Proprietary technology | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 20 years |
ACQUISITION OF BUSINESSES - Sch
ACQUISITION OF BUSINESSES - Schedule of Acquisitions Completed in 2022 and 2021 (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Oct. 05, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Financial assets | $ 10,929 | $ 6,536 | |
Various acquisitions | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 17,466 | 9,065 | |
Contingent and other non-cash consideration | 789 | 440 | |
Total consideration | 18,255 | 9,505 | |
Cash and cash equivalents | 826 | 276 | |
Accounts receivable and other, net | 1,013 | 768 | |
Inventory, net | 315 | 588 | |
Property, plant and equipment | 1,180 | 2,490 | |
Intangible assets | 10,439 | 4,534 | |
Goodwill | 7,424 | 3,870 | |
Financial assets | 4,547 | ||
Equity accounted investments and other assets | 736 | 42 | |
Accounts payable and other | (1,953) | (1,711) | |
Non-recourse borrowings in subsidiaries of the partnership | (4,543) | (132) | |
Deferred income tax liabilities | (1,648) | (1,210) | |
Net assets acquired before non-controlling interests | 18,336 | 9,515 | |
Non-controlling interests acquired | (81) | (10) | |
Net assets acquired | 18,255 | 9,505 | |
Various acquisitions | Dealer software and technology services operations | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 10,317 | 219 | |
Contingent and other non-cash consideration | 535 | 63 | |
Total consideration | 10,852 | 282 | |
Cash and cash equivalents | 736 | 11 | |
Accounts receivable and other, net | 521 | 52 | |
Inventory, net | 15 | 0 | |
Property, plant and equipment | 774 | 56 | |
Intangible assets | 5,718 | 84 | |
Goodwill | 5,569 | 290 | |
Financial assets | 4,543 | ||
Equity accounted investments and other assets | 426 | 9 | |
Accounts payable and other | (1,460) | (96) | |
Non-recourse borrowings in subsidiaries of the partnership | (4,543) | (103) | |
Deferred income tax liabilities | (1,366) | (21) | |
Net assets acquired before non-controlling interests | 10,933 | 282 | |
Non-controlling interests acquired | (81) | 0 | |
Net assets acquired | 10,852 | 282 | |
Various acquisitions | Engineered components manufacturing | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 6,488 | 4,806 | |
Contingent and other non-cash consideration | 29 | 19 | |
Total consideration | 6,517 | 4,825 | |
Cash and cash equivalents | 76 | 100 | |
Accounts receivable and other, net | 461 | 412 | |
Inventory, net | 171 | 104 | |
Property, plant and equipment | 364 | 1,967 | |
Intangible assets | 4,373 | 1,941 | |
Goodwill | 1,492 | 1,759 | |
Financial assets | 4 | ||
Equity accounted investments and other assets | 309 | 5 | |
Accounts payable and other | (451) | (846) | |
Non-recourse borrowings in subsidiaries of the partnership | 0 | (27) | |
Deferred income tax liabilities | (282) | (590) | |
Net assets acquired before non-controlling interests | 6,517 | 4,825 | |
Non-controlling interests acquired | 0 | 0 | |
Net assets acquired | 6,517 | 4,825 | |
Various acquisitions | Industrials | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 661 | 4,040 | |
Contingent and other non-cash consideration | 225 | 358 | |
Total consideration | 886 | 4,398 | |
Cash and cash equivalents | 14 | 165 | |
Accounts receivable and other, net | 31 | 304 | |
Inventory, net | 129 | 484 | |
Property, plant and equipment | 42 | 467 | |
Intangible assets | 348 | 2,509 | |
Goodwill | 363 | 1,821 | |
Financial assets | 0 | ||
Equity accounted investments and other assets | 1 | 28 | |
Accounts payable and other | (42) | (769) | |
Non-recourse borrowings in subsidiaries of the partnership | 0 | (2) | |
Deferred income tax liabilities | 0 | (599) | |
Net assets acquired before non-controlling interests | 886 | 4,408 | |
Non-controlling interests acquired | 0 | (10) | |
Net assets acquired | $ 886 | $ 4,398 | |
Tex Trail Inc. | Dealer software and technology services operations | |||
Disclosure of detailed information about business combination [line items] | |||
Intangible assets | $ 348 | ||
Goodwill | $ 363 |
ACQUISITION OF BUSINESSES - La
ACQUISITION OF BUSINESSES - La Trobe Financial Services Pty Limited (“La Trobe”) (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | ||||
May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 06, 2022 | |
Disclosure of detailed information about business combination [line items] | ||||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | |||
Net income (loss) | 355 | 2,153 | 580 | |||
Dealer software and technology services operations | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Revenues | 34,946 | $ 29,988 | $ 22,580 | |||
La Trobe Financial Services Pty Limited | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Acquisition-related costs | $ 8 | |||||
La Trobe Financial Services Pty Limited | Dealer software and technology services operations | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Proportion of voting rights held in subsidiary | 100% | |||||
Goodwill | $ 392 | |||||
Intangible assets | 646 | |||||
Loans Receivable as of Acquisition Date | 4,500 | |||||
Non-recourse borrowings | $ 4,500 | |||||
Other net liabilities | $ 27 | |||||
Revenues | $ 259 | 402 | ||||
Net income (loss) | $ 17 | $ 35 | ||||
La Trobe Financial Services Pty Limited | Dealer software and technology services operations | Brookfield Business Partners L.P. and Institutional Investors | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 100% | |||||
Consideration transferred, acquisition-date fair value | $ 1,100 |
ACQUISITION OF BUSINESSES - CDK
ACQUISITION OF BUSINESSES - CDK Global, Inc. (“CDK Global”) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jul. 06, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Net income (loss) | 355 | 2,153 | 580 | ||
Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | 34,946 | $ 29,988 | $ 22,580 | ||
CDK Global, Inc. | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of voting rights held in subsidiary | 100% | ||||
Goodwill | $ 4,600 | ||||
Intangible assets | 4,800 | ||||
Cash and cash equivalents | 301 | ||||
Accounts receivable and other, net | 375 | ||||
Accounts payable and other | 953 | ||||
Deferred tax liabilities recognised as of acquisition date | 1,100 | ||||
Other net assets recognised as of acquisition date | 361 | ||||
Acquisition-related costs | $ 15 | ||||
Revenues | $ 889 | 1,800 | |||
Net income (loss) | $ (42) | $ (107) | |||
CDK Global, Inc. | Dealer software and technology services operations | Brookfield Business Partners L.P. and Institutional Investors | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Consideration transferred, acquisition-date fair value | $ 8,300 | ||||
Non-controlling interest in acquiree recognised at acquisition date | $ 81 |
ACQUISITION OF BUSINESSES - Mag
ACQUISITION OF BUSINESSES - Magnati - Sole Proprietorship LLC (“Magnati”) (Details) - USD ($) $ in Millions | 5 Months Ended | 12 Months Ended | |||
Aug. 08, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Net income (loss) | 355 | 2,153 | 580 | ||
Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | 34,946 | $ 29,988 | $ 22,580 | ||
Magnati - Sole Proprietorship LLC | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of voting rights held in subsidiary | 60% | ||||
Retention of voting equity interest percentage acquired | 40% | ||||
Intangible assets | $ 226 | ||||
Acquisitions through business combinations | 345 | ||||
Goodwill | 500 | ||||
Other net liabilities | 308 | ||||
Acquisition-related costs | $ 3 | ||||
Revenues | $ 59 | 127 | |||
Net income (loss) | $ 3 | $ 8 | |||
Magnati - Sole Proprietorship LLC | Dealer software and technology services operations | Brookfield Business Partners L.P. and Institutional Investors | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 60% | ||||
Consideration transferred, acquisition-date fair value | $ 763 |
ACQUISITION OF BUSINESSES - Uni
ACQUISITION OF BUSINESSES - Unidas Locadora S.A. (“Unidas”) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Profit (loss) | (355) | (2,153) | (580) | ||
Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 34,946 | $ 29,988 | $ 22,580 | ||
Unidas Locadora S.A. | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Voting interest | 100% | ||||
Goodwill | $ 98 | ||||
Property, plant and equipment | 664 | ||||
Other net liabilities | 36 | ||||
Acquisition-related costs | $ 1 | ||||
Revenues | $ 105 | ||||
Profit (loss) | $ 2 | ||||
Brookfield Business Partners L.P. and Institutional Investors | Unidas Locadora S.A. | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Consideration transferred, acquisition-date fair value | $ 726 |
ACQUISITION OF BUSINESSES - Sci
ACQUISITION OF BUSINESSES - Scientific Games, LLC (“Scientific Games”) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Apr. 04, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Profit (loss) | (355) | (2,153) | (580) | ||
Engineered components manufacturing | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | 7,524 | $ 4,457 | $ 4,399 | ||
Scientific Games LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of voting rights held in subsidiary | 100% | ||||
Scientific Games LLC | Engineered components manufacturing | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Consideration transferred, acquisition-date fair value | $ 5,800 | ||||
Goodwill | 1,200 | ||||
Intangible assets | 4,000 | ||||
Other net assets recognised as of acquisition date | 562 | ||||
Acquisition-related costs | $ 16 | ||||
Revenues | $ 832 | 1,100 | |||
Profit (loss) | $ 32 | $ 30 |
ACQUISITION OF BUSINESSES - BHI
ACQUISITION OF BUSINESSES - BHI Energy (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |||
May 27, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Profit (loss) | (355) | (2,153) | (580) | ||
Engineered components manufacturing | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | 7,524 | $ 4,457 | $ 4,399 | ||
BHI Energy | |||||
Disclosure of detailed information about business combination [line items] | |||||
Voting interest | 100% | ||||
Goodwill expected to be deductible for tax purposes | $ 68 | ||||
BHI Energy | Engineered components manufacturing | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Consideration transferred, acquisition-date fair value | $ 737 | ||||
Goodwill | 257 | ||||
Intangible assets | 390 | ||||
Other net assets recognised as of acquisition date | 90 | ||||
Acquisition-related costs | $ 8 | ||||
Revenues | $ 649 | 1,100 | |||
Profit (loss) | $ 17 | $ 20 |
ACQUISITION OF BUSINESSES - Tex
ACQUISITION OF BUSINESSES - TexTrail Inc. (“TexTrail”) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 05, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | ||
Net income (loss) | 355 | 2,153 | 580 | ||
Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenues | 34,946 | $ 29,988 | $ 22,580 | ||
Tex Trail Inc. | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Voting interest | 100% | ||||
Goodwill | $ 363 | ||||
Goodwill expected to be deductible for tax purposes | 278 | ||||
Intangible assets | 348 | ||||
Other net assets recognised as of acquisition date | 175 | ||||
Acquisition-related costs | $ 6 | ||||
Revenues | $ 73 | 382 | |||
Net income (loss) | $ (7) | $ 9 | |||
Brookfield Business Partners L.P. and Institutional Investors | Tex Trail Inc. | Dealer software and technology services operations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Consideration transferred, acquisition-date fair value | $ 886 |
ACQUISITION OF BUSINESSES - Eve
ACQUISITION OF BUSINESSES - Everise Holdings Pte Ltd. (“Everise”) (Details) - Everise Holdings Pte Ltd. - Dealer software and technology services operations $ in Millions | Jan. 08, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Voting interest | 100% |
Intangible assets | $ 84 |
Non-recourse borrowings | 103 |
Other net assets recognised as of acquisition date | 11 |
Goodwill | 290 |
Goodwill expected to be deductible for tax purposes | 0 |
Acquisition-related costs | $ 7 |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 100% |
Consideration transferred, acquisition-date fair value | $ 282 |
ACQUISITION OF BUSINESSES - Ald
ACQUISITION OF BUSINESSES - Aldo Componentes Eletrônicos LTDA (“Aldo”) (Details) - Aldo Componentes Eletrônicos LTDA - Industrials $ in Millions | Aug. 31, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Voting interest | 100% |
Intangible assets | $ 297 |
Cash and cash equivalents | 59 |
Inventory, net | 48 |
Deferred tax liabilities recognised as of acquisition date | 100 |
Net other liabilities recognized as of acquisition date | 100 |
Goodwill | $ 419 |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 100% |
Consideration transferred, acquisition-date fair value | $ 623 |
Bottom of range | Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Contingent consideration related to future performance | 0 |
Top of range | Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Contingent consideration related to future performance | $ 340 |
ACQUISITION OF BUSINESSES - Dex
ACQUISITION OF BUSINESSES - DexKo Global Inc. (“DexKo”) (Details) - DexKo Global Inc. - Industrials $ in Millions | Oct. 04, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Voting interest | 100% |
Goodwill | $ 1,400 |
Intangible assets | 2,200 |
Acquisition-related costs | $ 9 |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 100% |
Consideration transferred, acquisition-date fair value | $ 3,800 |
Non-controlling interest in acquiree recognised at acquisition date | $ 10 |
ACQUISITION OF BUSINESSES - Mod
ACQUISITION OF BUSINESSES - Modulaire Investments 2 SARL (“Modulaire”) (Details) - Modulaire Investments 2 S.à r.l. - Engineered components manufacturing $ in Millions | Dec. 15, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Voting interest | 100% |
Goodwill | $ 1,700 |
Intangible assets | 1,900 |
Acquisition-related costs | $ 23 |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 100% |
Consideration transferred, acquisition-date fair value | $ 4,800 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets and other assets | $ 23,525 | $ 17,254 |
Financial assets pledged as collateral for liabilities or contingent liabilities | 5,626 | 5,200 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 59,486 | 40,783 |
FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 818 | 640 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223 | 220 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 58,445 | 39,923 |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 960 | 518 |
FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 5,585 | 6,243 |
Derivative assets | 418 | 176 |
Disclosure of financial liabilities [line items] | ||
Derivative liabilities | 223 | 220 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 16,980 | 10,493 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,793 | 11,707 |
Accounts payable and other | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 818 | 640 |
Accounts payable and other | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223 | 220 |
Accounts payable and other | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 11,752 | 10,847 |
Borrowings (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 46,693 | 29,076 |
Borrowings (current and non-current) | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 46,693 | 29,076 |
Provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and tax/duties | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 7,836 | 7,929 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 2,870 | 2,588 |
Cash and cash equivalents | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Cash and cash equivalents | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 2,870 | 2,588 |
Accounts and other receivable, net (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 7,278 | 5,638 |
Accounts and other receivable, net (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 7,278 | 5,638 |
Other assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 469 | 478 |
Other assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Other assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Other assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 469 | 478 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 12,908 | 8,550 |
Financial assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 960 | 518 |
Financial assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 5,585 | 6,243 |
Financial assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 6,363 | 1,789 |
Prepayments, subrogation recoverable, deferred policy acquisition costs | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | $ 2,057 | $ 1,369 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Cash | $ 2,229 | $ 2,180 | |
Cash equivalents | 641 | 408 | |
Financial assets and other assets | 23,525 | 17,254 | |
Financial liabilities | $ 59,486 | 40,783 | |
Minimum percentage of collateral held | 105% | ||
Fair value of collateral held | $ 531 | 472 | |
Equity investments | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 1,136 | 1,369 | |
Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 5,585 | 6,243 | |
Derivative financial assets | 418 | 176 | |
Derivative financial liabilities | 223 | 220 | |
Financial assets at fair value through other comprehensive income | Other financial assets - debt instruments measured at FVTPL | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 4,031 | 4,697 | |
Hedges of net investment in foreign operations | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 29 | 87 | |
Derivative financial liabilities | 101 | 58 | |
Hedges of net investment in foreign operations | Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | 298 | 146 | $ (34) |
Cash flow hedges | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 389 | 89 | |
Derivative financial liabilities | 122 | 162 | |
Cash flow hedges | Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | 376 | 88 | (216) |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 589 | 498 | 11 |
Financial assets | 692 | 297 | $ 341 |
Securities lending | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets loaned under securities lending program | $ 502 | $ 450 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 59,486 | $ 40,783 | |
Recurring fair value measurement | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 1,268 | 1,496 | |
Financial liabilities | 7 | 14 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,585 | 4,968 | |
Financial liabilities | 445 | 348 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 692 | 297 | $ 341 |
Financial liabilities | 589 | 498 | $ 11 |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 7 | 14 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 445 | 348 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 17 | 19 | |
Recurring fair value measurement | Other financial liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 572 | 479 | |
Recurring fair value measurement | Other financial liabilities, contingent consideration | Level 3 | Discounted cash flows | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 544 | 411 | |
Recurring fair value measurement | Common shares | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 736 | 865 | |
Recurring fair value measurement | Common shares | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Common shares | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate and government bonds | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 91 | 43 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 3,266 | 3,956 | |
Recurring fair value measurement | Corporate and government bonds | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 12 | 2 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 628 | 300 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 429 | 586 | |
Recurring fair value measurement | Other financial assets | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 691 | 712 | |
Recurring fair value measurement | Other financial assets | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 692 | $ 297 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 59,486 | $ 40,783 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,585 | 4,968 | |
Financial liabilities | 445 | 348 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 692 | 297 | $ 341 |
Financial liabilities | 589 | 498 | $ 11 |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 445 | 348 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 445 | 348 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 17 | 19 | |
Recurring fair value measurement | Other financial liabilities, contingent consideration | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 544 | 411 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 3,266 | 3,956 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 3,266 | 3,956 | |
Recurring fair value measurement | Corporate and government bonds | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 628 | 300 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 628 | 300 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 691 | 712 | |
Recurring fair value measurement | Other financial assets | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 691 | 712 | |
Recurring fair value measurement | Other financial assets | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 692 | 297 | |
Recurring fair value measurement | Other financial assets - secured debentures | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 84 | 144 | |
Recurring fair value measurement | Other financial assets - equity instruments designated as measured at FVOCI | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 193 | 143 | |
Recurring fair value measurement | Other financial assets - debt instruments measured at FVTPL | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 415 | $ 10 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Assets (Details) - Recurring fair value measurement - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets at beginning of period | $ 297 | $ 341 |
Fair value change recorded in net income | (9) | (5) |
Fair value change recorded in other comprehensive income | (5) | 17 |
Additions | 523 | 121 |
Disposals | (111) | (172) |
Foreign currency translation and other | (3) | (5) |
Financial assets at end of period | $ 692 | $ 297 |
FAIR VALUE OF FINANCIAL INSTR_8
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Financial liabilities at beginning of period | $ 40,783 | |
Financial liabilities at end of period | 59,486 | $ 40,783 |
Recurring fair value measurement | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Financial liabilities at beginning of period | 498 | 11 |
Fair value change recorded in net income | 12 | 3 |
Additions | 408 | 510 |
Disposals/settlements | (356) | (5) |
Foreign currency translation and other | 27 | (21) |
Financial liabilities at end of period | $ 589 | $ 498 |
FINANCIAL ASSETS (Details)
FINANCIAL ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current | ||
Marketable securities | $ 1,227 | $ 1,262 |
Restricted cash | 214 | 224 |
Derivative assets | 133 | 179 |
Loans and notes receivable | 257 | 211 |
Other financial assets | 148 | 138 |
Total current | 1,979 | 2,014 |
Non-current | ||
Marketable securities | 2,682 | 3,601 |
Restricted cash | 245 | 297 |
Derivative assets | 507 | 123 |
Loans and notes receivable (2) | 5,500 | 936 |
Other financial assets | 1,995 | 1,579 |
Total non-current | 10,929 | $ 6,536 |
Increase in loans and notes receivable | $ 4,866 |
ACCOUNTS AND OTHER RECEIVABLE_3
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 6,401 | $ 4,945 |
Non-current, net | ||
Accounts receivable | 126 | 60 |
Retainer on customer contract | 70 | 61 |
Billing rights | 681 | 572 |
Total non-current, net | 877 | 693 |
Total | $ 7,278 | $ 5,638 |
ACCOUNTS AND OTHER RECEIVABLE_4
ACCOUNTS AND OTHER RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Retention balance, current | $ 469 | $ 478 |
Construction services | ||
Disclosure of financial assets [line items] | ||
Retention balance, current | $ 142 | $ 231 |
ACCOUNTS AND OTHER RECEIVABLE_5
ACCOUNTS AND OTHER RECEIVABLE, NET - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Loss allowance - beginning | $ 2 | |
Loss allowance - ending | 6 | $ 2 |
Accounts receivable | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Loss allowance - beginning | 157 | 156 |
Add: increase in allowance | 85 | 54 |
Deduct: bad debt write-offs | (79) | (47) |
Foreign currency translation and other | (1) | (6) |
Loss allowance - ending | $ 162 | $ 157 |
INVENTORY, NET - Carrying Amoun
INVENTORY, NET - Carrying Amount of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Raw materials and consumables | $ 1,485 | $ 1,340 |
Fuel products | 850 | 727 |
Work in progress | 778 | 723 |
RTFO certificates | 415 | 391 |
Finished goods and other | 1,658 | 1,331 |
Carrying amount of inventories | $ 5,186 | $ 4,512 |
INVENTORY, NET - Inventory Obso
INVENTORY, NET - Inventory Obsolescence Provision (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories [Abstract] | ||
Inventory obsolescence provision - beginning | $ 69 | $ 55 |
Add: increase in provision | 29 | 35 |
Deduct: inventory obsolescence write-off | (31) | (20) |
Impact of foreign exchange | 0 | (1) |
Inventory obsolescence provision - ending | $ 67 | $ 69 |
DISPOSITIONS (Details)
DISPOSITIONS (Details) shares in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2021 USD ($) shares | Jan. 14, 2021 USD ($) shares | Dec. 31, 2022 USD ($) | May 31, 2022 transaction | May 31, 2021 USD ($) shares | Nov. 30, 2020 USD ($) | Jan. 31, 2020 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 28 | ||||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 113 | $ 414 | |||||||||||
Operating segments | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 52 | 414 | |||||||||||
Operating segments | Industrials | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | 19 | 1,823 | $ 274 | ||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 33 | 414 | |||||||||||
Operating segments | Dealer software and technology services operations | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | $ 19 | 0 | |||||||||||
GrafTech International Ltd | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 1,764 | $ 82 | $ 5 | ||||||||||
Voting interest | 37% | 48% | |||||||||||
Proportion of ownership interest in subsidiary | 13% | 8% | |||||||||||
GrafTech International Ltd | Brookfield Business Partners L.P. and Institutional Investors | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 609 | $ 239 | |||||||||||
Number of shares in entity disposed (in shares) | shares | 30 | 20 | 11.3 | ||||||||||
Proceeds from sale of assets held for sale | $ 350 | $ 214 | $ 150 | ||||||||||
Number of block trade transactions (in transactions) | transaction | 2 | ||||||||||||
Digital Cloud Services Operations | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 9 | ||||||||||||
Gross proceeds | $ 13 | ||||||||||||
Public securities | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 40 | $ 41 | |||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 33 | 169 | |||||||||||
Cold storage logistics business | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 186 | ||||||||||||
Gross proceeds | $ 255 | ||||||||||||
New Zealand pathology business | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gains on disposals of non-current assets | $ 55 | ||||||||||||
Gross proceeds | $ 390 | ||||||||||||
GrafTech International Ltd | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | $ 19 | $ 245 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Work in progress | $ 469 | $ 478 |
Prepayments and other assets | 1,057 | 872 |
Assets held for sale | 350 | 9 |
Total current | 1,876 | 1,359 |
Non-current | ||
Prepayments and other assets | 650 | 488 |
Total non-current | $ 650 | $ 488 |
NON-WHOLLY OWNED SUBSIDIARIES -
NON-WHOLLY OWNED SUBSIDIARIES - Investments in Material Non-Wholly Owned Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 18,312 | $ 15,418 | |
Non-current assets | 71,186 | 48,801 | |
Current liabilities | 16,954 | 13,912 | |
Non-current liabilities | 54,079 | 37,307 | |
Revenues | 57,545 | 46,587 | $ 37,635 |
Net income (loss) | 355 | 2,153 | 580 |
OCI | (394) | 283 | 72 |
Equity allocated to others’ ownership interest | 12,855 | 8,722 | |
Dealer software and technology services operations | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 34,946 | 29,988 | 22,580 |
Engineered components manufacturing | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 7,524 | 4,457 | 4,399 |
Industrials | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 15,075 | 12,142 | 10,656 |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 15,025 | 12,846 | |
Non-current assets | 68,319 | 47,170 | |
Current liabilities | 15,222 | 12,194 | |
Non-current liabilities | 50,247 | 35,393 | |
Revenues | 53,556 | 42,759 | 33,635 |
Net income (loss) | 484 | 2,052 | 181 |
OCI | (203) | 122 | (63) |
Profit/(loss) allocated to others’ ownership interest | 221 | 1,410 | 333 |
Distributions to others’ ownership interest | (2,249) | (1,623) | (1,223) |
Equity allocated to others’ ownership interest | 12,126 | 8,066 | 7,070 |
Subsidiaries with material non-controlling interests | Dealer software and technology services operations | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 5,847 | 4,223 | |
Non-current assets | 29,186 | 13,275 | |
Current liabilities | 7,405 | 5,301 | |
Non-current liabilities | 18,831 | 7,153 | |
Revenues | 31,592 | 26,162 | 18,584 |
Net income (loss) | 312 | 526 | 459 |
OCI | (407) | (71) | 417 |
Profit/(loss) allocated to others’ ownership interest | 162 | 351 | 350 |
Distributions to others’ ownership interest | (1,122) | (821) | (650) |
Equity allocated to others’ ownership interest | 6,010 | 3,257 | 3,969 |
Subsidiaries with material non-controlling interests | Engineered components manufacturing | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 3,739 | 2,918 | |
Non-current assets | 18,360 | 13,096 | |
Current liabilities | 4,277 | 3,224 | |
Non-current liabilities | 14,031 | 10,642 | |
Revenues | 7,516 | 4,458 | 4,399 |
Net income (loss) | (30) | (294) | (281) |
OCI | 128 | 274 | (120) |
Profit/(loss) allocated to others’ ownership interest | (53) | (179) | (161) |
Distributions to others’ ownership interest | (1,083) | (74) | (249) |
Equity allocated to others’ ownership interest | 2,474 | 1,296 | 355 |
Subsidiaries with material non-controlling interests | Industrials | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 5,439 | 5,705 | |
Non-current assets | 20,773 | 20,799 | |
Current liabilities | 3,540 | 3,669 | |
Non-current liabilities | 17,385 | 17,598 | |
Revenues | 14,448 | 12,139 | 10,652 |
Net income (loss) | 202 | 1,820 | 3 |
OCI | 76 | (81) | (360) |
Profit/(loss) allocated to others’ ownership interest | 112 | 1,238 | 144 |
Distributions to others’ ownership interest | (44) | (728) | (324) |
Equity allocated to others’ ownership interest | $ 3,642 | $ 3,513 | $ 2,746 |
NON-WHOLLY OWNED SUBSIDIARIES_2
NON-WHOLLY OWNED SUBSIDIARIES - Composition of Accumulated NCI (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | $ 12,855 | $ 8,722 | |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 12,126 | 8,066 | $ 7,070 |
Subsidiaries with material non-controlling interests | Dealer software and technology services operations | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 6,010 | 3,257 | 3,969 |
Subsidiaries with material non-controlling interests | Engineered components manufacturing | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 2,474 | 1,296 | 355 |
Subsidiaries with material non-controlling interests | Industrials | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 3,642 | 3,513 | $ 2,746 |
Individually Immaterial Subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | $ 729 | $ 656 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | $ 15,325 | ||
Property, plant and equipment, ending balance | 15,893 | $ 15,325 | |
Increase decrease in capitalized cost | (194) | 11 | |
Reversal of impairment loss | 223 | ||
Impairment loss | 86 | ||
GrafTech International Ltd | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Dispositions | $ (505) | ||
Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 18,004 | 20,342 | 18,004 |
Additions (cash and non-cash) | 2,110 | 1,419 | |
Dispositions | (466) | (1,173) | |
Acquisitions through business combinations | 1,241 | 2,518 | |
Transfers and assets reclassified as held for sale | (287) | (139) | |
Foreign currency translation and other | (960) | (287) | |
Property, plant and equipment, ending balance | 21,980 | 20,342 | |
Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (4,022) | (5,017) | (4,022) |
Depreciation/depletion/impairment expense | (1,626) | (1,680) | |
Dispositions | 245 | 553 | |
Transfers and assets reclassified as held for sale | 149 | 103 | |
Foreign currency translation and other | 162 | 29 | |
Property, plant and equipment, ending balance | (6,087) | (5,017) | |
Land | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 392 | ||
Property, plant and equipment, ending balance | 366 | 392 | |
Land | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 382 | 392 | 382 |
Additions (cash and non-cash) | 2 | 0 | |
Dispositions | (10) | (44) | |
Acquisitions through business combinations | 23 | 105 | |
Transfers and assets reclassified as held for sale | (36) | (36) | |
Foreign currency translation and other | (5) | (15) | |
Property, plant and equipment, ending balance | 366 | 392 | |
Land | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Depreciation/depletion/impairment expense | 0 | 0 | |
Dispositions | 0 | 0 | |
Transfers and assets reclassified as held for sale | 0 | 0 | |
Foreign currency translation and other | 0 | 0 | |
Property, plant and equipment, ending balance | 0 | 0 | |
Buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 3,930 | ||
Property, plant and equipment, ending balance | 3,729 | 3,930 | |
Buildings | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 4,271 | 4,367 | 4,271 |
Additions (cash and non-cash) | 257 | 181 | |
Dispositions | (24) | (99) | |
Acquisitions through business combinations | 66 | 157 | |
Transfers and assets reclassified as held for sale | 19 | 11 | |
Foreign currency translation and other | (413) | (154) | |
Property, plant and equipment, ending balance | 4,272 | 4,367 | |
Buildings | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (193) | (437) | (193) |
Depreciation/depletion/impairment expense | (147) | (206) | |
Dispositions | 21 | 26 | |
Transfers and assets reclassified as held for sale | 0 | (23) | |
Foreign currency translation and other | 20 | (41) | |
Property, plant and equipment, ending balance | (543) | (437) | |
Machinery and equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,541 | ||
Property, plant and equipment, ending balance | 6,507 | 5,541 | |
Machinery and equipment | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,592 | 7,206 | 5,592 |
Additions (cash and non-cash) | 1,389 | 799 | |
Dispositions | (304) | (838) | |
Acquisitions through business combinations | 982 | 1,862 | |
Transfers and assets reclassified as held for sale | (78) | (39) | |
Foreign currency translation and other | (293) | (170) | |
Property, plant and equipment, ending balance | 8,902 | 7,206 | |
Machinery and equipment | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,445) | (1,665) | (1,445) |
Depreciation/depletion/impairment expense | (945) | (711) | |
Dispositions | 129 | 399 | |
Transfers and assets reclassified as held for sale | 32 | 24 | |
Foreign currency translation and other | 54 | 68 | |
Property, plant and equipment, ending balance | (2,395) | (1,665) | |
Vessels | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 2,858 | ||
Property, plant and equipment, ending balance | 2,635 | 2,858 | |
Vessels | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 4,171 | 4,197 | 4,171 |
Additions (cash and non-cash) | 120 | 208 | |
Dispositions | 0 | (61) | |
Acquisitions through business combinations | 0 | 0 | |
Transfers and assets reclassified as held for sale | (182) | (121) | |
Foreign currency translation and other | 0 | 0 | |
Property, plant and equipment, ending balance | 4,135 | 4,197 | |
Vessels | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,060) | (1,339) | (1,060) |
Depreciation/depletion/impairment expense | (277) | (431) | |
Dispositions | 0 | 46 | |
Transfers and assets reclassified as held for sale | 116 | 106 | |
Foreign currency translation and other | 0 | 0 | |
Property, plant and equipment, ending balance | (1,500) | (1,339) | |
Others | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 1,053 | ||
Property, plant and equipment, ending balance | 1,166 | 1,053 | |
Others | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 1,931 | 2,025 | 1,931 |
Additions (cash and non-cash) | 66 | 57 | |
Dispositions | (9) | (46) | |
Acquisitions through business combinations | 39 | 28 | |
Transfers and assets reclassified as held for sale | 0 | 4 | |
Foreign currency translation and other | (122) | 51 | |
Property, plant and equipment, ending balance | 1,999 | 2,025 | |
Others | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (919) | (972) | (919) |
Depreciation/depletion/impairment expense | 81 | (69) | |
Dispositions | 7 | 29 | |
Transfers and assets reclassified as held for sale | 0 | 0 | |
Foreign currency translation and other | 51 | (13) | |
Property, plant and equipment, ending balance | (833) | (972) | |
Right-of-use assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 1,551 | ||
Property, plant and equipment, ending balance | 1,490 | 1,551 | |
Right-of-use assets | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 1,657 | 2,155 | 1,657 |
Additions (cash and non-cash) | 276 | 174 | |
Dispositions | (119) | (85) | |
Acquisitions through business combinations | 131 | 366 | |
Transfers and assets reclassified as held for sale | (10) | 42 | |
Foreign currency translation and other | (127) | 1 | |
Property, plant and equipment, ending balance | 2,306 | 2,155 | |
Right-of-use assets | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | $ (405) | (604) | (405) |
Depreciation/depletion/impairment expense | (338) | (263) | |
Dispositions | 88 | 53 | |
Transfers and assets reclassified as held for sale | 1 | (4) | |
Foreign currency translation and other | 37 | 15 | |
Property, plant and equipment, ending balance | $ (816) | $ (604) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Summary of Right-of-Use Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 1,490 | $ 1,551 |
Depreciation/impairment expense | (338) | (263) |
Property, plant and equipment | 15,893 | 15,325 |
Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 4,553 | 4,553 |
Land | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 107 | 113 |
Depreciation/impairment expense | (12) | 0 |
Property, plant and equipment | 366 | 392 |
Land | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 1 | 1 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 866 | 809 |
Depreciation/impairment expense | (160) | (150) |
Property, plant and equipment | 3,729 | 3,930 |
Buildings | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 25 | 20 |
Machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 467 | 565 |
Depreciation/impairment expense | (132) | (88) |
Property, plant and equipment | 6,507 | 5,541 |
Machinery and equipment | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,198 | 2,095 |
Vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 0 | 11 |
Depreciation/impairment expense | (12) | (12) |
Property, plant and equipment | 2,635 | 2,858 |
Vessels | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,329 | 2,437 |
Others | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 50 | 53 |
Depreciation/impairment expense | (22) | (13) |
Property, plant and equipment | 1,166 | 1,053 |
Others | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 0 | $ 0 |
INTANGIBLE ASSETS - Disclosure
INTANGIBLE ASSETS - Disclosure of Reconciliation of Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | $ 14,806 | |
Intangible assets, Ending Balance | 24,048 | $ 14,806 |
Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 17,128 | 12,874 |
Additions | 542 | 322 |
Acquisitions through business combinations | 10,581 | 4,536 |
Dispositions | (15) | (155) |
Assets reclassified as held for sale | 159 | |
Foreign currency translation | (293) | (449) |
Intangible assets, Ending Balance | 27,784 | 17,128 |
Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (2,322) | (1,613) |
Amortization and impairment expense | (1,503) | (841) |
Dispositions | 7 | 73 |
Assets reclassified as held for sale | (29) | |
Foreign currency translation | 53 | 59 |
Intangible assets, Ending Balance | (3,736) | (2,322) |
Water and sewage concession agreements | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 1,817 | |
Intangible assets, Ending Balance | 2,095 | 1,817 |
Water and sewage concession agreements | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 2,054 | 2,035 |
Additions | 256 | 165 |
Acquisitions through business combinations | 0 | 0 |
Dispositions | (1) | 0 |
Assets reclassified as held for sale | 19 | |
Foreign currency translation | 142 | (146) |
Intangible assets, Ending Balance | 2,432 | 2,054 |
Water and sewage concession agreements | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (237) | (181) |
Amortization and impairment expense | (96) | (71) |
Dispositions | 2 | 0 |
Assets reclassified as held for sale | (10) | |
Foreign currency translation | (16) | 15 |
Intangible assets, Ending Balance | (337) | (237) |
Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 7,526 | |
Intangible assets, Ending Balance | 13,802 | 7,526 |
Customer relationships | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 8,619 | 5,842 |
Additions | 0 | 0 |
Acquisitions through business combinations | 7,495 | 3,028 |
Dispositions | 0 | (64) |
Assets reclassified as held for sale | 140 | |
Foreign currency translation | (256) | (187) |
Intangible assets, Ending Balance | 15,718 | 8,619 |
Customer relationships | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (1,093) | (748) |
Amortization and impairment expense | (879) | (420) |
Dispositions | 0 | 25 |
Assets reclassified as held for sale | (19) | |
Foreign currency translation | 37 | 50 |
Intangible assets, Ending Balance | (1,916) | (1,093) |
Computer software and proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 2,955 | |
Intangible assets, Ending Balance | 3,655 | 2,955 |
Computer software and proprietary technology | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 3,689 | 3,058 |
Additions | 204 | 103 |
Acquisitions through business combinations | 952 | 588 |
Dispositions | (5) | (66) |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | (86) | 6 |
Intangible assets, Ending Balance | 4,754 | 3,689 |
Computer software and proprietary technology | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (734) | (497) |
Amortization and impairment expense | (375) | (241) |
Dispositions | 4 | 1 |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | 6 | 3 |
Intangible assets, Ending Balance | (1,099) | (734) |
Brand and trademarks | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 1,912 | |
Intangible assets, Ending Balance | 3,265 | 1,912 |
Indefinite life intangible assets | 2,425 | 1,470 |
Brand and trademarks | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 1,979 | 1,181 |
Additions | 4 | 4 |
Acquisitions through business combinations | 1,445 | 916 |
Dispositions | 0 | (23) |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | (41) | (99) |
Intangible assets, Ending Balance | 3,387 | 1,979 |
Brand and trademarks | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (67) | (79) |
Amortization and impairment expense | (68) | (30) |
Dispositions | 0 | 47 |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | 13 | (5) |
Intangible assets, Ending Balance | (122) | (67) |
Other | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 596 | |
Intangible assets, Ending Balance | 1,231 | 596 |
Other | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 787 | 758 |
Additions | 78 | 50 |
Acquisitions through business combinations | 689 | 4 |
Dispositions | (9) | (2) |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | (52) | (23) |
Intangible assets, Ending Balance | 1,493 | 787 |
Other | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (191) | (108) |
Amortization and impairment expense | (85) | (79) |
Dispositions | 1 | 0 |
Assets reclassified as held for sale | 0 | |
Foreign currency translation | 13 | (4) |
Intangible assets, Ending Balance | $ (262) | $ (191) |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Proprietary technology | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 10 years |
Proprietary technology | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 20 years |
Proprietary technology | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 20 years |
Customer relationships | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 6 years |
Customer relationships | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 30 years |
Customer relationships | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 30 years |
Computer software and proprietary technology | |
Disclosure of detailed information about intangible assets [line items] | |
Indefinite life intangible assets | $ 2.4 |
Computer software and proprietary technology | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 11 years |
Computer software and proprietary technology | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible asset amortization periods (in years) | 40 years |
GOODWILL - Change in Balance of
GOODWILL - Change in Balance of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Impairment | $ 111 | $ 175 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of year | 8,585 | 5,244 |
Acquisitions through business combinations | 7,446 | 3,967 |
Impairment | 111 | 175 |
Dispositions | (3) | (171) |
Assets reclassified as held for sale | (11) | 0 |
Foreign currency translation | (427) | (280) |
Balance at end of year | $ 15,479 | $ 8,585 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of information for cash-generating units [line items] | ||
Cash generating units assumptions forecasting period | 5 years | |
Increase In discount rate resulted in impairment | 0.0030 | |
Decrease in perpetuity growth rate assumption resulted in impairment | 0.0030 | |
Goodwill impairment loss | $ 111 | $ 175 |
Minimum | Cash-generating units | ||
Disclosure of information for cash-generating units [line items] | ||
Growth rate used to extrapolate cash flow projections | 0.60% | |
Discount rate applied to cash flow projections | 7.80% | |
Perpetuity growth rate applied to cash flow projections | 0.80% | |
Maximum | Cash-generating units | ||
Disclosure of information for cash-generating units [line items] | ||
Growth rate used to extrapolate cash flow projections | 13.30% | |
Discount rate applied to cash flow projections | 13.10% | |
Perpetuity growth rate applied to cash flow projections | 3.30% |
GOODWILL - Goodwill by Segment
GOODWILL - Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | ||
Goodwill | $ 15,479 | $ 8,585 |
Dealer software and technology services operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | 4,580 | 0 |
Engineered components manufacturing | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,765 | 1,521 |
Advanced energy storage operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,702 | 1,771 |
Modular building leasing services operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,674 | 1,683 |
Healthcare services operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,310 | 1,397 |
Lottery services operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,197 | 0 |
Other operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | $ 3,251 | $ 2,213 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Ownership, Voting Interest, and Carrying Value of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 2,065 | $ 1,480 | $ 1,690 |
Dealer software and technology services operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 243 | $ 23 | |
Dealer software and technology services operations | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 14% | 14% | |
Voting interest (%) | 14% | 14% | |
Dealer software and technology services operations | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 50% | 70% | |
Voting interest (%) | 50% | 57% | |
Engineered components manufacturing | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 889 | $ 670 | |
Engineered components manufacturing | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 17% | 17% | |
Voting interest (%) | 17% | 17% | |
Engineered components manufacturing | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 50% | 50% | |
Voting interest (%) | 50% | 50% | |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 933 | $ 787 | |
Industrials | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 9% | 9% | |
Voting interest (%) | 9% | 24% | |
Industrials | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest (%) | 54% | 54% | |
Voting interest (%) | 50% | 50% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Change in Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance at beginning of year | $ 1,480 | $ 1,690 | |
Acquisitions through business combinations | 461 | 20 | |
Additions | 134 | 430 | |
Dispositions | 0 | (534) | |
Impairment | 0 | (29) | |
Share of net income | 165 | 13 | $ 57 |
Share of other comprehensive income (loss) | 2 | (16) | |
Distributions received | (167) | (89) | |
Foreign currency translation | (10) | (5) | |
Balance at end of period | $ 2,065 | $ 1,480 | $ 1,690 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) - CUPA Finance $ in Millions | May 31, 2022 USD ($) |
Disclosure Of Associates And Joint Ventures [Line Items] | |
Percentage of voting equity interests acquired | 23% |
Consideration transferred, acquisition-date fair value | $ 100 |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Gross Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | $ 18,312 | $ 15,418 |
Non-current assets | 71,186 | 48,801 |
Total assets | 89,498 | 64,219 |
Current liabilities | 16,954 | 13,912 |
Non-current liabilities | 54,079 | 37,307 |
Total liabilities | 71,033 | 51,219 |
Dealer software and technology services operations | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 38,187 | 20,376 |
Engineered components manufacturing | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 22,606 | 16,380 |
Industrials | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 28,112 | 27,315 |
Investments accounted for using equity method | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 4,583 | 3,346 |
Non-current assets | 11,243 | 10,295 |
Total assets | 15,826 | 13,641 |
Current liabilities | 2,721 | 1,930 |
Non-current liabilities | 6,368 | 7,557 |
Total liabilities | 9,089 | 9,487 |
Total net assets | 6,737 | 4,154 |
Investments accounted for using equity method | Dealer software and technology services operations | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 372 | 380 |
Non-current assets | 432 | 1,377 |
Total assets | 804 | 1,757 |
Current liabilities | 337 | 417 |
Non-current liabilities | 107 | 1,656 |
Total liabilities | 444 | 2,073 |
Total net assets | 360 | (316) |
Investments accounted for using equity method | Engineered components manufacturing | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 2,529 | 1,545 |
Non-current assets | 8,458 | 7,749 |
Total assets | 10,987 | 9,294 |
Current liabilities | 1,595 | 873 |
Non-current liabilities | 5,695 | 5,571 |
Total liabilities | 7,290 | 6,444 |
Total net assets | 3,697 | 2,850 |
Investments accounted for using equity method | Industrials | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,682 | 1,421 |
Non-current assets | 2,353 | 1,169 |
Total assets | 4,035 | 2,590 |
Current liabilities | 789 | 640 |
Non-current liabilities | 566 | 330 |
Total liabilities | 1,355 | 970 |
Total net assets | $ 2,680 | $ 1,620 |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Gross Revenue, Net Income, Other Comprehensive Income and Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 |
Net income | 355 | 2,153 | 580 |
OCI | (394) | 283 | 72 |
Comprehensive income (loss) | (39) | 2,436 | 652 |
Dealer software and technology services operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 34,946 | 29,988 | 22,580 |
Engineered components manufacturing | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 7,524 | 4,457 | 4,399 |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 15,075 | 12,142 | 10,656 |
Investments accounted for using equity method | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 9,697 | 8,297 | 7,045 |
Net income | 748 | 181 | (8) |
OCI | 16 | (109) | 39 |
Comprehensive income (loss) | 764 | 72 | 31 |
Investments accounted for using equity method | Dealer software and technology services operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 621 | 315 | 252 |
Net income | 197 | 51 | (18) |
OCI | 5 | (6) | 8 |
Comprehensive income (loss) | 202 | 45 | (10) |
Investments accounted for using equity method | Engineered components manufacturing | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 5,614 | 4,900 | 4,080 |
Net income | 95 | (294) | (123) |
OCI | 2 | (99) | 31 |
Comprehensive income (loss) | 97 | (393) | (92) |
Investments accounted for using equity method | Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 3,462 | 3,082 | 2,713 |
Net income | 456 | 424 | 133 |
OCI | 9 | (4) | 0 |
Comprehensive income (loss) | $ 465 | $ 420 | $ 133 |
EQUITY ACCOUNTED INVESTMENTS _6
EQUITY ACCOUNTED INVESTMENTS - Fair Value of Equity Accounted Investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 2,065 | $ 1,480 | $ 1,690 |
Dealer software and technology services operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 243 | 23 | |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 933 | 787 | |
Publicly Listed | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 142 | 308 | |
Carrying value | 336 | 304 | |
Publicly Listed | Dealer software and technology services operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 35 | 43 | |
Carrying value | 0 | 0 | |
Publicly Listed | Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 107 | 265 | |
Carrying value | $ 336 | $ 304 |
ACCOUNTS PAYABLE AND OTHER - Ac
ACCOUNTS PAYABLE AND OTHER - Accounts Payable and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current | ||
Accounts payable | $ 4,099 | $ 3,665 |
Accrued and other liabilities | 5,840 | 4,977 |
Lease liability | 332 | 312 |
Financial liabilities | 352 | 316 |
Unearned premiums reserve | 586 | 620 |
Work in progress | 1,175 | 1,397 |
Provisions and decommissioning liabilities | 770 | 563 |
Liabilities associated with assets held for sale | 42 | 0 |
Total current | 13,196 | 11,850 |
Non-current | ||
Accounts payable | 90 | 119 |
Accrued and other liabilities | 1,627 | 1,556 |
Lease liability | 1,274 | 1,293 |
Financial liabilities | 2,141 | 2,159 |
Unearned premiums reserve | 1,463 | 1,608 |
Work in progress | 49 | 1 |
Provisions and decommissioning liabilities | 789 | 1,050 |
Total non-current | 7,433 | 7,786 |
Bank overdrafts | 636 | 727 |
Net defined benefit liability | 642 | 771 |
Current net defined benefit liability | 20 | 20 |
Non-current net defined benefit liability | 622 | 751 |
Financial liability recognized for proceeds received from sale and leaseback transaction | 1,673 | 1,732 |
Current financial liability recognized related to sale and leaseback of hospitals | 74 | 66 |
Noncurrent financial liability recognized related to sale and leaseback of hospitals | $ 1,599 | $ 1,666 |
Bottom of range | ||
Non-current | ||
Liability risk rate | 2.80% | 1% |
Liability inflation rate | 2% | 2% |
Top of range | ||
Non-current | ||
Liability risk rate | 8.50% | 8.50% |
Liability inflation rate | 3% | 3% |
ACCOUNTS PAYABLE AND OTHER - Na
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Lease liabilities | $ 1,606 | $ 1,605 |
Interest expense on lease liabilities | $ 63 | $ 52 |
ACCOUNTS PAYABLE AND OTHER - Ot
ACCOUNTS PAYABLE AND OTHER - Other Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Other provisions at beginning of period | $ 1,613 | $ 1,691 |
Additional provisions recognized | 766 | 511 |
Reduction arising from payments/derecognition | (551) | (502) |
Accretion expenses | 16 | 17 |
Change in discount rate | (226) | 5 |
Change in other estimates | (9) | (65) |
Foreign currency translation | (50) | (44) |
Other provisions at end of period | 1,559 | 1,613 |
Decommissioning liability | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions at beginning of period | 665 | 673 |
Additional provisions recognized | 5 | 6 |
Reduction arising from payments/derecognition | (12) | (17) |
Accretion expenses | 16 | 17 |
Change in discount rate | (214) | 12 |
Change in other estimates | (3) | (20) |
Foreign currency translation | (14) | (6) |
Other provisions at end of period | 443 | 665 |
Warranties and provisions for defects | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions at beginning of period | 232 | 253 |
Additional provisions recognized | 236 | 248 |
Reduction arising from payments/derecognition | (277) | (249) |
Accretion expenses | 0 | 0 |
Change in discount rate | 0 | 0 |
Change in other estimates | (6) | (14) |
Foreign currency translation | (7) | (6) |
Other provisions at end of period | 178 | 232 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions at beginning of period | 716 | 765 |
Additional provisions recognized | 525 | 257 |
Reduction arising from payments/derecognition | (262) | (236) |
Accretion expenses | 0 | 0 |
Change in discount rate | (12) | (7) |
Change in other estimates | 0 | (31) |
Foreign currency translation | (29) | (32) |
Other provisions at end of period | $ 938 | $ 716 |
CONTRACTS IN PROGRESS (Details)
CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Construction Contracts [Abstract] | |||
Contract costs incurred to date | $ 21,066 | $ 21,381 | $ 26,411 |
Profit recognized to date (less recognized losses) | 2,055 | 1,783 | 1,476 |
Contract costs incurred and profit recognized (less recognized losses) | 23,121 | 23,164 | 27,887 |
Less: progress billings | (23,876) | (24,084) | (28,913) |
Contract work in progress (liability) | (755) | (920) | (1,026) |
Comprising: | |||
Amounts due from customers — work in progress | 469 | 478 | 536 |
Amounts due to customers — creditors | (1,224) | (1,398) | (1,562) |
Contract work in progress (liability) | (755) | (920) | $ (1,026) |
Decrease through right to consideration becoming unconditional, contract assets | (3,166) | ||
Increase in amounts due from customers asset, additions to work in progress | 3,149 | ||
Increase from other changes in contract assets | 8 | ||
Decrease in amounts due from customers liability, recognized revenue | (1,394) | ||
Increase in amounts due from customers liability, additions to work in progress | $ 1,278 | ||
Decrease from other changes in contract liabilities | $ (58) |
BORROWINGS - Borrowings Maturit
BORROWINGS - Borrowings Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 46,693 | $ 29,076 |
Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,872 | |
Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 9,099 | |
Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 14,486 | |
Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,619 | |
principal repayments | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 47,585 | |
principal repayments | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 16,233 | |
principal repayments | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 13,732 | |
principal repayments | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 15,520 | |
principal repayments | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,100 | |
principal repayments | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,843 | |
principal repayments | 2023 | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,900 | |
principal repayments | 2023 | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,584 | |
principal repayments | 2023 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 359 | |
principal repayments | 2023 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
principal repayments | 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,261 | |
principal repayments | 2024 | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,010 | |
principal repayments | 2024 | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,319 | |
principal repayments | 2024 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 932 | |
principal repayments | 2024 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
principal repayments | 2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,175 | |
principal repayments | 2025 | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 932 | |
principal repayments | 2025 | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,688 | |
principal repayments | 2025 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 555 | |
principal repayments | 2025 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
principal repayments | 2026 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 8,831 | |
principal repayments | 2026 | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 955 | |
principal repayments | 2026 | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 276 | |
principal repayments | 2026 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 7,600 | |
principal repayments | 2026 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
principal repayments | 2027 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,727 | |
principal repayments | 2027 | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,297 | |
principal repayments | 2027 | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 74 | |
principal repayments | 2027 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,256 | |
principal repayments | 2027 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,100 | |
principal repayments | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 18,748 | |
principal repayments | Thereafter | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 8,139 | |
principal repayments | Thereafter | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 6,791 | |
principal repayments | Thereafter | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,818 | |
principal repayments | Thereafter | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Deferred financing costs and other accounting adjustments | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 892 | |
Deferred financing costs and other accounting adjustments | Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 304 | |
Deferred financing costs and other accounting adjustments | Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 321 | |
Deferred financing costs and other accounting adjustments | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 267 | |
Deferred financing costs and other accounting adjustments | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 0 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 06, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 46,693,000,000 | $ 29,076,000,000 | |
Current borrowings | 0 | 0 | |
Non-recourse borrowings in subsidiaries of the partnership | 3,758,000,000 | 2,062,000,000 | |
Non-recourse borrowings in subsidiaries of the partnership | 40,835,000,000 | 25,395,000,000 | |
Proportion of voting rights held in joint operation | 53% | ||
Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 2,100,000,000 | ||
Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 2,100,000,000 | $ 1,619,000,000 | |
Revolving Credit Facility | Floating interest rate | LIBOR or Bankers' Acceptance Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 2.50% | ||
Revolving Credit Facility | Floating interest rate | Base Rate or Prime Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 1.50% | ||
Brookfield Credit Agreements | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities | $ 2,300,000,000 | ||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||
Renewal period | 1 year | ||
Brookfield Credit Agreements | At April 27, 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | $ 500,000,000 | ||
Brookfield Credit Agreements | Floating interest rate | LIBOR or Bankers' Acceptance Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 3.45% | ||
Brookfield Credit Agreements | Floating interest rate | Base Rate or Prime Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 2.45% |
BORROWINGS - Weighted Average I
BORROWINGS - Weighted Average Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 46,693 | $ 29,076 |
Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 44,593 | $ 27,457 |
Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.40% | 4.90% |
Term | 5 years 9 months 18 days | 5 years |
Dealer software and technology services operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 3,872 | |
Dealer software and technology services operations | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 15,929 | $ 3,872 |
Dealer software and technology services operations | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.60% | 5.70% |
Term | 8 years 3 months 18 days | 5 years 6 months |
Engineered components manufacturing | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 9,099 | |
Engineered components manufacturing | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 13,411 | $ 9,099 |
Engineered components manufacturing | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.90% | 4.20% |
Term | 4 years 1 month 6 days | 4 years 8 months 12 days |
Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 14,486 | |
Industrials | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 15,253 | $ 14,486 |
Industrials | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.80% | 5.30% |
Term | 4 years 8 months 12 days | 5 years 2 months 12 days |
BORROWINGS - Borrowings by Curr
BORROWINGS - Borrowings by Currency (Details) € in Millions, ₨ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2021 AUD ($) | Dec. 31, 2021 INR (₨) | Dec. 31, 2021 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 46,693 | $ 29,076 | ||||||||||
Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 44,593 | 27,457 | ||||||||||
U.S. dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 25,843 | 15,037 | ||||||||||
Euros | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 7,481 | € 6,997 | 7,569 | € 6,672 | ||||||||
Brazilian real | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 2,908 | R$ 15171 | 1,638 | R$ 9138 | ||||||||
Australian dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 6,033 | $ 8,855 | 985 | $ 1,357 | ||||||||
Indian rupees | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 660 | ₨ 54,560 | 760 | ₨ 56,728 | ||||||||
Canadian dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 1,136 | $ 1,539 | 1,443 | $ 1,824 | ||||||||
Other | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 532 | $ 25 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Current income tax expense (recovery) | $ 458 | $ 536 | $ 284 |
Deferred income tax expense (recovery): | |||
Origination and reversal of temporary differences | (242) | (182) | (134) |
Recovery arising from previously unrecognized tax assets | (440) | (195) | (1) |
Change of tax rates and imposition of new legislations | (54) | 6 | 5 |
Deferred income tax expense (recovery) | (736) | (371) | (130) |
Total income tax expense (recovery) | $ (278) | $ 165 | $ 154 |
INCOME TAXES - Differences in T
INCOME TAXES - Differences in Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Composite income tax rate | 27% | 27% | 27% |
Increase (reduction) in rate resulting from: | |||
Portion of gains subject to different tax rates | (7.00%) | (4.00%) | 2% |
International operations subject to different tax rates | 123% | 1% | 23% |
Taxable income attributable to non-controlling interests | (12.00%) | (14.00%) | (19.00%) |
Recognition of deferred tax assets | (589.00%) | (9.00%) | (10.00%) |
Non-recognition of the benefit of current year’s tax losses | 147% | 5% | 2% |
Change in tax rates and imposition of new legislation | (64.00%) | 0% | (1.00%) |
Other | 14% | 2% | (3.00%) |
Effective income tax rate | (361.00%) | 8% | 21% |
INCOME TAXES - Change in Deferr
INCOME TAXES - Change in Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | $ (2,466) | $ (1,619) | $ (940) |
Deferred income tax assets | 1,245 | 888 | |
Deferred income tax liabilities | (3,711) | (2,507) | |
Non-capital losses (Canada) | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 186 | 104 | |
Capital losses (Canada) | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 0 | 18 | |
Losses | U.S. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 388 | 281 | |
Losses | International | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 501 | 440 | |
Difference in basis | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | $ (3,541) | $ (2,462) |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Movement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening net deferred tax (liability) asset | $ (1,619) | $ (940) | |
Recognized in income | 736 | 371 | |
Recognized in other comprehensive income | (1) | (41) | $ (66) |
Other | (1,582) | (1,009) | |
Net deferred tax (liability) asset | $ (2,466) | $ (1,619) | $ (940) |
INCOME TAXES - Expiry Date of U
INCOME TAXES - Expiry Date of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,067 | $ 1,139 |
One year from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 18 | 1 |
Two years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 1 | 18 |
Three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 5 | 1 |
After three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 231 | 283 |
No expiry | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 812 | $ 836 |
INCOME TAXES - Components of _2
INCOME TAXES - Components of Income Taxes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Fair value through other comprehensive income | $ (119) | $ (13) | $ 49 |
Net investment hedges | 17 | 9 | 26 |
Cash flow hedges | 86 | 15 | 0 |
Equity accounted investments | 1 | (2) | 0 |
Pension plan actuarial changes | 16 | 32 | (9) |
Total deferred tax expense (recovery) in other comprehensive income | $ 1 | $ 41 | $ 66 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Current tax relating to items credited (charged) directly to equity | $ 0 | $ 42 | $ 20 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) | 12 Months Ended | ||||||
Feb. 02, 2023 $ / shares | Dec. 31, 2022 USD ($) subsidiary $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | Mar. 15, 2022 shares | |||
Issue of equity | $ | $ 1,475,000,000 | $ (56,000,000) | [1] | ||||
Decrease through other distributions to owners, equity | $ | [1] | 2,496,000,000 | $ 2,129,000,000 | 1,262,000,000 | |||
Limited partners | $ | $ 55,000,000 | $ 258,000,000 | (91,000,000) | ||||
Beginning balance (in shares) | shares | 72,955,585 | 0 | |||||
Redemption-exchange units, LP units held, exchange ratio (in shares) | shares | 1 | ||||||
Exchangeable shares received for every two LP Units held (in shares) | shares | 1 | ||||||
Exchange ratio, exchangeable shares (in shares) | shares | 2 | ||||||
Preferred equity security subscription under partnership maximum amount related party transactions | $ | $ 1,500,000,000 | ||||||
Preferred equity security subscription under partnership annual cumulative distribution percentage related party transactions | 6% | ||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | $ | [2] | $ 870,000,000 | $ (1,740,000,000) | 2,000,000 | |||
Incentive distribution threshold reduction percentage | 33.33% | ||||||
Entities with joint control or significant influence over entity | |||||||
Dividends recognised as distributions to owners | $ | $ 0 | $ 157,000,000 | |||||
Incentive distribution rights based on percent increase in unit price | 20% | ||||||
Dividends recognised as distributions to owners, volume weighted average share price threshold (in dollars per share) | $ / shares | $ 19.36 | $ 31.53 | |||||
Associates | |||||||
Beginning balance (in shares) | shares | 73,000,000 | ||||||
Interest of others in operating subsidiaries | |||||||
Decrease through other distributions to owners, equity | $ | [1] | $ 2,419,000,000 | $ 1,935,000,000 | 1,225,000,000 | |||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | $ | [2] | 873,000,000 | $ (2,039,000,000) | $ 107,000,000 | |||
Brookfield Asset Management Inc. | |||||||
Issue of equity | $ | $ 1,490,000,000 | ||||||
Proportion of ownership interest in subsidiary | 65.20% | ||||||
Repurchased and canceled (in shares) | shares | 0 | 0 | |||||
Beginning balance (in shares) | shares | 4 | 4 | 4 | ||||
Conversion of exchangeable (in shares) | shares | 0 | 0 | |||||
Brookfield Asset Management Inc. | Preferred shareholder's capital | |||||||
Issue of equity | $ | $ 15,000,000 | ||||||
Preference shares subscription, number pf partnership's subsidiaries (in subsidiaries) | subsidiary | 3 | ||||||
Preference shares subscription, cumulative preferencial cash dividend, in percentage of redemption value | 5% | ||||||
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Dividends recognised as distributions to owners | $ | $ 50,000,000 | $ 37,000,000 | |||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 0.0625 | ||||||
Limited partners | |||||||
Decrease through other distributions to owners, equity | $ | [1] | $ 19,000,000 | $ 20,000,000 | $ 20,000,000 | |||
Weighted average number of ordinary shares outstanding (in shares) | shares | 75,300,000 | 78,300,000 | |||||
Repurchased and canceled (in shares) | shares | (2,525,490) | (1,946,491) | |||||
Beginning balance (in shares) | shares | 74,612,503 | 77,085,493 | 79,031,984 | ||||
Conversion of exchangeable (in shares) | shares | 52,500 | 0 | |||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | $ | [2] | $ (5,000,000) | $ 105,000,000 | $ (57,000,000) | |||
Equity Attributable To Owners Of Parent, Special Limited Partner | |||||||
Beginning balance (in shares) | shares | 4 | 4 | 4 | ||||
[1]See Note 19 for additional information on distributions and Unit repurchases.[2]Includes gains or losses on changes in ownership interests of consolidated subsidiaries. |
EQUITY - General and Limited Pa
EQUITY - General and Limited Partnership Units (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of shares issued, opening balance (in shares) | 0 | |
Number of shares issued, closing balance (in shares) | 72,955,585 | 0 |
Weighted average number of redemptions exchange units (in shares) | 69,700,000 | 69,700,000 |
Redemption-exchange units | ||
Number of shares issued, opening balance (in shares) | 69,705,497 | 69,705,497 |
Number of shares issued, closing balance (in shares) | 69,705,497 | 69,705,497 |
Total | ||
Number of shares issued, opening balance (in shares) | 77,085,497 | 79,031,988 |
Repurchased and canceled (in shares) | (2,525,490) | (1,946,491) |
Conversion from BBUC exchangeable shares (in shares) | 52,500 | 0 |
Number of shares issued, closing balance (in shares) | 74,612,507 | 77,085,497 |
GP Units | ||
Number of shares issued, opening balance (in shares) | 4 | 4 |
Repurchased and canceled (in shares) | 0 | 0 |
Conversion from BBUC exchangeable shares (in shares) | 0 | 0 |
Number of shares issued, closing balance (in shares) | 4 | 4 |
LP Units | ||
Number of shares issued, opening balance (in shares) | 77,085,493 | 79,031,984 |
Repurchased and canceled (in shares) | (2,525,490) | (1,946,491) |
Conversion from BBUC exchangeable shares (in shares) | 52,500 | 0 |
Number of shares issued, closing balance (in shares) | 74,612,503 | 77,085,493 |
EQUITY - BBUC Exchangeable Shar
EQUITY - BBUC Exchangeable Shares (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Disclosure of classes of share capital [line items] | |
Number of shares issued, opening balance (in shares) | 0 |
Special Distribution (in shares) | 73,088,510 |
Number of shares issued, closing balance (in shares) | 72,955,585 |
BBUC exchangeable shares | |
Disclosure of classes of share capital [line items] | |
Converted to class C / LP units (in shares) | (80,425) |
Limited partners | |
Disclosure of classes of share capital [line items] | |
Number of shares issued, opening balance (in shares) | 77,085,493 |
Converted to class C / LP units (in shares) | (52,500) |
Number of shares issued, closing balance (in shares) | 74,612,503 |
EQUITY - Special Limited Partne
EQUITY - Special Limited Partner Units Held by Brookfield (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | ||
Number of shares issued, opening balance (in shares) | ||
Number of shares issued, closing balance (in shares) | 72,955,585 | 0 |
Special limited partner units held by Brookfield | ||
Disclosure of classes of share capital [line items] | ||
Number of shares issued, opening balance (in shares) | 4 | |
Number of shares issued, closing balance (in shares) | 4 | 4 |
EQUITY - Preferred Securities H
EQUITY - Preferred Securities Held by Brookfield (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 13,000 | $ 11,337 | $ 11,053 |
Subscriptions during the year | 3,262 | 1,094 | 715 |
Ending balance | 18,465 | 13,000 | 11,337 |
Preferred securities | |||
Beginning balance | 15 | 15 | 15 |
Subscriptions during the year | 1,475 | 0 | |
Ending balance | $ 1,490 | $ 15 | $ 15 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Disclosure of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | $ 13,000 | $ 11,337 | $ 11,053 | |
Other comprehensive income (loss) | (394) | 283 | 72 | |
Ownership changes | [1] | 870 | (1,740) | 2 |
Ending balance | 18,465 | 13,000 | 11,337 | |
Limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 2,252 | 1,928 | 2,116 | |
Other comprehensive income (loss) | (51) | 64 | 36 | |
Ownership changes | [1] | (5) | 105 | (57) |
Ending balance | 1,415 | 2,252 | 1,928 | |
Foreign currency translation | Limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | (252) | (144) | (169) | |
Other comprehensive income (loss) | (66) | (70) | 25 | |
Ownership changes | 4 | (38) | 0 | |
Issuance of BBUC exchangeable shares | 67 | |||
Ending balance | (247) | (252) | (144) | |
FVOCI | Limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 76 | 52 | 11 | |
Other comprehensive income (loss) | (69) | 24 | 39 | |
Ownership changes | 0 | 0 | 2 | |
Issuance of BBUC exchangeable shares | (15) | |||
Ending balance | (8) | 76 | 52 | |
Other | Limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 23 | (88) | (60) | |
Other comprehensive income (loss) | 84 | 110 | (28) | |
Ownership changes | 1 | 1 | 0 | |
Issuance of BBUC exchangeable shares | (5) | |||
Ending balance | 103 | 23 | (88) | |
Accumulated other comprehensive income (loss) | Limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | [2] | (153) | (180) | (218) |
Other comprehensive income (loss) | [2] | (51) | 64 | 36 |
Ownership changes | [1],[2] | 5 | (37) | 2 |
Issuance of BBUC exchangeable shares | 47 | |||
Ending balance | [2] | $ (152) | $ (153) | $ (180) |
[1]Includes gains or losses on changes in ownership interests of consolidated subsidiaries.[2]See Note 20 for additional information. |
DIRECT OPERATING COSTS - Schedu
DIRECT OPERATING COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Inventory costs | $ 36,736 | $ 30,333 | $ 22,854 |
Subcontractor and consultant costs | 3,163 | 3,426 | 3,557 |
Concession construction materials and labor costs | 323 | 235 | 163 |
Depreciation and amortization expense | 3,260 | 2,283 | 2,165 |
Compensation | 5,594 | 4,123 | 3,546 |
Other direct costs | 4,026 | 2,751 | 2,345 |
Total | $ 53,102 | $ 43,151 | $ 34,630 |
DIRECT OPERATING COSTS - Narrat
DIRECT OPERATING COSTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Expense relating to short-term leases | $ 26 | $ 25 |
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 14 | $ 17 |
GUARANTEES AND CONTINGENCIES (D
GUARANTEES AND CONTINGENCIES (Details) - USD ($) $ in Billions | Dec. 31, 2022 | Dec. 31, 2021 |
Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities related to third parties | $ 2.5 | $ 2.3 |
CONTRACTUAL COMMITMENTS - Lease
CONTRACTUAL COMMITMENTS - Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease obligations | $ 2,131 | $ 2,170 |
Less than 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease obligations | 368 | 355 |
1 to 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease obligations | 920 | 856 |
5+ years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease obligations | $ 843 | $ 959 |
REVENUES - Segment Revenue By T
REVENUES - Segment Revenue By Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 54,808 | $ 44,946 | $ 36,136 |
Other revenues | 2,737 | 1,641 | 1,499 |
Total revenues | 57,545 | 46,587 | 37,635 |
Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 33,631 | 28,947 | 21,680 |
Other revenues | 1,315 | 1,041 | 900 |
Total revenues | 34,946 | 29,988 | 22,580 |
Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 6,118 | 3,878 | 3,805 |
Other revenues | 1,406 | 579 | 594 |
Total revenues | 7,524 | 4,457 | 4,399 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 15,059 | 12,121 | 10,651 |
Other revenues | 16 | 21 | 5 |
Total revenues | 15,075 | 12,142 | 10,656 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | 0 | 0 | 0 |
Total revenues | $ 0 | $ 0 | $ 0 |
REVENUES - Timing of Revenue Re
REVENUES - Timing of Revenue Recognition From Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 54,808 | $ 44,946 | $ 36,136 |
Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 33,631 | 28,947 | 21,680 |
Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 6,118 | 3,878 | 3,805 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 15,059 | 12,121 | 10,651 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Goods and services provided at a point in time | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 46,144 | 38,077 | 29,483 |
Goods and services provided at a point in time | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 29,092 | 24,810 | 17,665 |
Goods and services provided at a point in time | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,391 | 1,403 | 1,382 |
Goods and services provided at a point in time | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 14,661 | 11,864 | 10,436 |
Goods and services provided at a point in time | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Services transferred over a period of time | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 8,664 | 6,869 | 6,653 |
Services transferred over a period of time | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,539 | 4,137 | 4,015 |
Services transferred over a period of time | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,727 | 2,475 | 2,423 |
Services transferred over a period of time | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 398 | 257 | 215 |
Services transferred over a period of time | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
REVENUES - Revenue by Geography
REVENUES - Revenue by Geography (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 54,808 | $ 44,946 | $ 36,136 |
Other revenues | 2,737 | 1,641 | 1,499 |
Total revenues | 57,545 | 46,587 | 37,635 |
Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 33,631 | 28,947 | 21,680 |
Other revenues | 1,315 | 1,041 | 900 |
Total revenues | 34,946 | 29,988 | 22,580 |
Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 6,118 | 3,878 | 3,805 |
Other revenues | 1,406 | 579 | 594 |
Total revenues | 7,524 | 4,457 | 4,399 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 15,059 | 12,121 | 10,651 |
Other revenues | 16 | 21 | 5 |
Total revenues | 15,075 | 12,142 | 10,656 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 21,760 | 18,807 | 13,980 |
United Kingdom | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 20,939 | 18,257 | 13,417 |
Total revenues | 21,921 | 18,827 | 13,996 |
United Kingdom | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 492 | 344 | 371 |
United Kingdom | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 329 | 206 | 192 |
United Kingdom | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
United States | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10,287 | 6,710 | 5,843 |
United States | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,233 | 344 | 21 |
Total revenues | 10,297 | 6,715 | 5,848 |
United States | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,754 | 1,591 | 1,685 |
United States | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 6,300 | 4,775 | 4,137 |
United States | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Europe | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 7,827 | 6,759 | 4,834 |
Europe | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,867 | 2,495 | 1,071 |
Total revenues | 8,742 | 7,107 | 5,184 |
Europe | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,770 | 1,257 | 1,139 |
Europe | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,190 | 3,007 | 2,624 |
Europe | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Australia | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,686 | 4,499 | 4,228 |
Australia | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,323 | 4,404 | 4,155 |
Total revenues | 4,950 | 4,529 | 4,299 |
Australia | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 226 | 11 | 10 |
Australia | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 137 | 84 | 63 |
Australia | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Canada | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,080 | 3,075 | 2,416 |
Canada | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,185 | 2,436 | 1,841 |
Total revenues | 4,965 | 3,916 | 3,137 |
Canada | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 165 | 85 | 90 |
Canada | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 730 | 554 | 485 |
Canada | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,295 | 1,496 | 1,204 |
Brazil | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 228 | 259 | 339 |
Total revenues | 2,558 | 1,711 | 1,403 |
Brazil | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 112 | 82 | 78 |
Brazil | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,955 | 1,155 | 787 |
Brazil | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Mexico | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 941 | 813 | 765 |
Mexico | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Total revenues | 941 | 813 | 765 |
Mexico | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Mexico | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 941 | 813 | 765 |
Mexico | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,932 | 2,787 | 2,866 |
Other | Dealer software and technology services operations | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 856 | 752 | 836 |
Total revenues | 3,171 | ||
Other | Engineered components manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 599 | 508 | 432 |
Total revenues | 2,969 | ||
Other | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,477 | 1,527 | 1,598 |
Total revenues | 3,003 | ||
Other | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Operating lease income | $ 1,558 | $ 684 |
Software and technology services | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 2,500 | |
Construction services | Nuclear power generation | ||
Disclosure of operating segments [line items] | ||
Remaining performance obligation, expected timing of satisfaction period | 5 years | |
Construction services | Construction services | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 5,700 | 7,500 |
Engineered components manufacturing | Nuclear power generation | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 9,200 | 9,300 |
Remaining performance obligation, expected timing of satisfaction period | 10 years | |
Industrials | Waste and wastewater services | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 10,400 | $ 8,900 |
Remaining performance obligation, expected timing of satisfaction period | 23 years |
REVENUES - Lease Income (Detail
REVENUES - Lease Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue [abstract] | ||
Operating lease income | $ 1,558 | $ 684 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 2,319 | 2,230 |
Less than 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 877 | 843 |
1 to 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 1,110 | 978 |
5+ years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | $ 332 | $ 409 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Interest expense | $ (2,538,000,000) | $ (1,468,000,000) | $ (1,482,000,000) |
Brookfield Credit Agreements | |||
Disclosure of transactions between related parties [line items] | |||
Credit facility, maximum borrowing capacity | 1,000,000,000 | ||
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Outstanding commitments made by entity, related party transactions | 0 | 0 | |
Deposits, classified as cash and cash equivalents | 0 | 0 | |
Interest expense | 0 | 4,000,000 | 3,000,000 |
Base management fee expense | 94,000,000 | 92,000,000 | 63,000,000 |
Dividends recognised as distributions to owners | 0 | 157,000,000 | $ 0 |
Loans payable in default | 85,000,000 | ||
Accounts and other receivable, net | 460,000,000 | ||
Entities with joint control or significant influence over entity | |||
Disclosure of transactions between related parties [line items] | |||
Dividends recognised as distributions to owners | 0 | 157,000,000 | |
Mortgage insurer | |||
Disclosure of transactions between related parties [line items] | |||
Accounts and other receivable, net | $ 579,000,000 | $ 138,000,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - Other related parties - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Revenues | $ 259 | $ 439 | $ 612 |
Interest income | 11 | 0 | $ 0 |
Financial assets | 118 | 0 | |
Accounts and other receivable, net | 579 | 138 | |
Accounts payable and other | 603 | 549 | |
Non-recourse borrowings in subsidiaries of the partnership | 55 | 56 | |
Tax receivable agreement, related party transactions | $ 315 | $ 326 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) cbm in Thousands, Mcf in Thousands, $ in Millions | Dec. 31, 2022 USD ($) T cbm Mcf | Dec. 31, 2021 USD ($) T Mcf cbm |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 16,667 | $ 27,617 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 8,332 | 12,591 |
Cross currency swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 726 | 271 |
Interest rate derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 7,592 | 14,686 |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 17 | $ 69 |
Commodity Swap Contract, Oil Based Fuel | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | cbm | 14,020 | 17,110 |
Commodity Swap Contract, Natural Gas | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | Mcf | 65,380 | 90,370 |
Commodity Swap Contract, Lead | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 71,883,000,000 | 69,427,000,000 |
Commodity Swap Contract, Tin | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 2,540,000,000 | 2,454,000,000 |
Commodity Swap Contract, Polypropylene | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 28,078,000,000 | 24,129,000,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Contracts (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 16,667 | $ 27,617 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 8,332 | 12,591 |
Australian dollars | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,115 | $ 963 |
Average exchange rate | 1,480,000 | 1,400,000 |
Brazilian real | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 637 | $ 473 |
Average exchange rate | 6,290,000 | 5,730,000 |
British pounds | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 576 | $ 1,129 |
Average exchange rate | 850,000 | 750,000 |
Canadian dollars | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,683 | $ 2,916 |
Average exchange rate | 1,350,000 | 1,260,000 |
Euros | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,209 | $ 3,847 |
Average exchange rate | 940,000 | 870,000 |
Indian rupees | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 372 | $ 465 |
Average exchange rate | 84,820,000 | 78,300,000 |
Swedish krona | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,086 | $ 1,475 |
Average exchange rate | 9,780,000 | 9,080,000 |
U.S. dollars | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 392 | $ 657 |
Average exchange rate | 1,000,000 | 1,000,000 |
Other | Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 262 | $ 666 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Instruments by Term to Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 16,667 | $ 27,617 |
Less than 1 year | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 4,119 | |
1-5 Years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 12,317 | |
5+ years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 231 | |
Foreign exchange contracts | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 4,673 | 6,832 |
Foreign exchange contracts | Less than 1 year | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 855 | |
Foreign exchange contracts | 1-5 Years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 3,818 | |
Foreign exchange contracts | 5+ years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate derivatives | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7,585 | 8,592 |
Interest rate derivatives | Less than 1 year | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate derivatives | 1-5 Years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7,585 | |
Interest rate derivatives | 5+ years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 8,332 | 12,591 |
Foreign exchange contracts | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 3,659 | 5,759 |
Foreign exchange contracts | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 3,236 | |
Foreign exchange contracts | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 305 | |
Foreign exchange contracts | 5+ years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 118 | |
Cross currency swaps | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 726 | 271 |
Cross currency swaps | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 229 | 271 |
Cross currency swaps | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 497 | 0 |
Cross currency swaps | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 20 | |
Cross currency swaps | Less than 1 year | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Cross currency swaps | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 100 | |
Cross currency swaps | 1-5 Years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 497 | |
Cross currency swaps | 5+ years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 109 | |
Cross currency swaps | 5+ years | Designated for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate derivatives | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7,592 | 14,686 |
Interest rate derivatives | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7 | 6,094 |
Interest rate derivatives | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate derivatives | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7 | |
Interest rate derivatives | 5+ years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Equity derivatives | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 17 | 69 |
Equity derivatives | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 17 | $ 69 |
Equity derivatives | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 8 | |
Equity derivatives | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 5 | |
Equity derivatives | 5+ years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 4 |
FINANCIAL RISK MANAGEMENT - Cap
FINANCIAL RISK MANAGEMENT - Capital Risk Management (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Risk Management [Abstract] | ||||
Corporate borrowings | $ 2,100 | $ 1,619 | ||
Non-recourse borrowings in subsidiaries of the partnership | 44,593 | 27,457 | ||
Cash and cash equivalents | (2,870) | (2,588) | $ (2,743) | $ (1,986) |
Net debt | 43,823 | 26,488 | ||
Total equity | 18,465 | 13,000 | $ 11,337 | $ 11,053 |
Total capital | $ 62,288 | $ 39,488 | ||
Net debt to capital ratio | 70% | 67% |
FINANCIAL RISK MANAGEMENT - Mat
FINANCIAL RISK MANAGEMENT - Maturity Analysis of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other | $ 14,087 | $ 13,257 | |
Interest-bearing liabilities | 60,899 | 37,050 | |
Lease liabilities | 2,131 | 2,170 | |
Decommissioning liabilities, other provisions and post-employment benefits | 5,242 | 5,380 | |
Unearned premiums | 2,049 | 2,228 | $ 1,889 |
Less than 1 year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other | 10,853 | 10,108 | |
Interest-bearing liabilities | 6,759 | 3,419 | |
Lease liabilities | 368 | 355 | |
1-2 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other | 646 | 619 | |
Interest-bearing liabilities | 8,003 | 3,159 | |
Lease liabilities | 327 | 289 | |
2-5 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other | 707 | 580 | |
Interest-bearing liabilities | 25,726 | 19,358 | |
Lease liabilities | 593 | 567 | |
5+ years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other | 1,881 | 1,950 | |
Interest-bearing liabilities | 20,411 | 11,114 | |
Lease liabilities | $ 843 | $ 959 |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase or decrease in interest rates basis point | 0.0050 | |
Basis point increase or decrease in commodity prices | 0.0010 | |
Bonds and debentures held | $ 3,913 | |
Current financial assets at amortised cost | 42 | $ 0 |
Financial assets at fair value through other comprehensive income | 3,913 | 4,693 |
Allowance account for credit losses of financial assets | 6 | 2 |
AAA Credit Rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 1,485 | |
A or AA Credit Rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 1,669 | |
B or BB credit rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 759 | |
Market risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Marketable securities | 6,052 | 6,580 |
Impact of 10% change in value of investments on Equity | $ 605 | 658 |
Credit risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 4,763 | |
Credit risk | AAA Credit Rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 1,881 | |
Credit risk | A or AA Credit Rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | 2,089 | |
Credit risk | B or BB credit rating | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Bonds and debentures held | $ 793 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Financial Risk Management [Abstract] | |
Impact of 50 basis point decrease in interest rates on net income | $ 118 |
Impact of 10 basis point increase in interest rates on net income | (118) |
Impact of 50 basis point decrease in interest rates on other comprehensive income | (29) |
Impact of 10 basis point increase in interest rates on other comprehensive income | $ 29 |
FINANCIAL RISK MANAGEMENT - Cur
FINANCIAL RISK MANAGEMENT - Currency Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Current assets | $ 18,312 | $ 15,418 |
Non-current assets | 71,186 | 48,801 |
Total assets | 89,498 | 64,219 |
Liabilities | ||
Current liabilities | 16,954 | 13,912 |
Non-current liabilities | 54,079 | 37,307 |
Total liabilities | 71,033 | 51,219 |
Interest of others in operating subsidiaries | 12,855 | 8,722 |
Preferred securities | 1,490 | 15 |
Unitholder equity | 4,120 | 4,263 |
USD | ||
Assets | ||
Current assets | 7,452 | 5,784 |
Non-current assets | 32,465 | 19,698 |
Total assets | 39,917 | 25,482 |
Liabilities | ||
Current liabilities | 6,696 | 4,801 |
Non-current liabilities | 32,102 | 21,328 |
Total liabilities | 38,798 | 26,129 |
Interest of others in operating subsidiaries | 1,862 | 874 |
Preferred securities | 1,490 | 15 |
Unitholder equity | (2,233) | (1,536) |
AUD | ||
Assets | ||
Current assets | 1,336 | 1,181 |
Non-current assets | 11,257 | 5,384 |
Total assets | 12,593 | 6,565 |
Liabilities | ||
Current liabilities | 1,821 | 1,283 |
Non-current liabilities | 7,759 | 3,226 |
Total liabilities | 9,580 | 4,509 |
Interest of others in operating subsidiaries | 1,649 | 887 |
Preferred securities | 0 | 0 |
Unitholder equity | 1,364 | 1,169 |
GBP | ||
Assets | ||
Current assets | 2,888 | 2,260 |
Non-current assets | 2,584 | 1,726 |
Total assets | 5,472 | 3,986 |
Liabilities | ||
Current liabilities | 3,505 | 3,005 |
Non-current liabilities | 941 | 555 |
Total liabilities | 4,446 | 3,560 |
Interest of others in operating subsidiaries | 773 | 178 |
Preferred securities | 0 | 0 |
Unitholder equity | 253 | 248 |
CAD | ||
Assets | ||
Current assets | 1,332 | 1,300 |
Non-current assets | 6,347 | 6,692 |
Total assets | 7,679 | 7,992 |
Liabilities | ||
Current liabilities | 1,315 | 1,470 |
Non-current liabilities | 3,071 | 3,220 |
Total liabilities | 4,386 | 4,690 |
Interest of others in operating subsidiaries | 1,801 | 1,815 |
Preferred securities | 0 | 0 |
Unitholder equity | 1,492 | 1,487 |
EUR | ||
Assets | ||
Current assets | 2,126 | 2,167 |
Non-current assets | 9,177 | 8,210 |
Total assets | 11,303 | 10,377 |
Liabilities | ||
Current liabilities | 1,497 | 1,543 |
Non-current liabilities | 5,802 | 5,901 |
Total liabilities | 7,299 | 7,444 |
Interest of others in operating subsidiaries | 2,684 | 2,051 |
Preferred securities | 0 | 0 |
Unitholder equity | 1,320 | 882 |
BRL | ||
Assets | ||
Current assets | 1,411 | 771 |
Non-current assets | 5,882 | 4,011 |
Total assets | 7,293 | 4,782 |
Liabilities | ||
Current liabilities | 1,220 | 657 |
Non-current liabilities | 3,807 | 2,519 |
Total liabilities | 5,027 | 3,176 |
Interest of others in operating subsidiaries | 1,568 | 1,086 |
Preferred securities | 0 | 0 |
Unitholder equity | 698 | 520 |
INR | ||
Assets | ||
Current assets | 529 | 509 |
Non-current assets | 982 | 1,265 |
Total assets | 1,511 | 1,774 |
Liabilities | ||
Current liabilities | 358 | 557 |
Non-current liabilities | 356 | 264 |
Total liabilities | 714 | 821 |
Interest of others in operating subsidiaries | 422 | 553 |
Preferred securities | 0 | 0 |
Unitholder equity | 375 | 400 |
Other | ||
Assets | ||
Current assets | 1,238 | 1,446 |
Non-current assets | 2,492 | 1,815 |
Total assets | 3,730 | 3,261 |
Liabilities | ||
Current liabilities | 542 | 596 |
Non-current liabilities | 241 | 294 |
Total liabilities | 783 | 890 |
Interest of others in operating subsidiaries | 2,096 | 1,278 |
Preferred securities | 0 | 0 |
Unitholder equity | $ 851 | $ 1,093 |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis for Foreign Currency Risk (Details) - Foreign currency risk - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Pre-tax income attributable to unitholders, 10% decrease | $ (1) | $ 12 | $ 6 |
Pre-tax income attributable to unitholders, 10% increase | 1 | (12) | (6) |
OCI attributable to unitholders, before taxes, 10% decrease | (85) | (85) | (86) |
OCI attributable to unitholders, before taxes, 10% increase | 85 | 85 | 86 |
CAD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Pre-tax income attributable to unitholders, 10% decrease | (4) | (1) | 25 |
Pre-tax income attributable to unitholders, 10% increase | 4 | 1 | (25) |
OCI attributable to unitholders, before taxes, 10% decrease | (146) | (36) | (120) |
OCI attributable to unitholders, before taxes, 10% increase | 146 | 36 | 120 |
Brazilian real | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Pre-tax income attributable to unitholders, 10% decrease | 0 | 21 | 0 |
Pre-tax income attributable to unitholders, 10% increase | 0 | (21) | 0 |
OCI attributable to unitholders, before taxes, 10% decrease | (48) | (83) | (40) |
OCI attributable to unitholders, before taxes, 10% increase | 48 | 83 | 40 |
EUR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Pre-tax income attributable to unitholders, 10% decrease | 94 | 324 | 53 |
Pre-tax income attributable to unitholders, 10% increase | (94) | (324) | (53) |
OCI attributable to unitholders, before taxes, 10% decrease | (92) | 4 | (29) |
OCI attributable to unitholders, before taxes, 10% increase | 92 | (4) | 29 |
Other | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Pre-tax income attributable to unitholders, 10% decrease | 71 | (74) | (108) |
Pre-tax income attributable to unitholders, 10% increase | (71) | 74 | 108 |
OCI attributable to unitholders, before taxes, 10% decrease | (121) | (108) | (72) |
OCI attributable to unitholders, before taxes, 10% increase | $ 121 | $ 108 | $ 72 |
FINANCIAL RISK MANAGEMENT - Dis
FINANCIAL RISK MANAGEMENT - Disclosure of Reconciliation of Gross Carrying Amounts (Details) - Loans to corporate entities - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gross carrying amount | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | $ 1,135 | $ 1,093 |
New assets originated or purchased | (877) | (524) |
Assets derecognized (excluding write-offs) | 378 | 365 |
Acquisitions through business combinations | (4,578) | |
Transfers to stage 1 | 0 | 0 |
Transfers to stage 2 | 0 | 0 |
Transfers to stage 3 | 0 | 0 |
Amounts written-off (net of recovery) | 122 | 42 |
Other | 129 | (75) |
Foreign currency translation | 400 | |
Financial assets at end of period | 5,819 | 1,135 |
Gross carrying amount | Financial instruments not credit-impaired | 12-month expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | 769 | 779 |
New assets originated or purchased | (834) | (515) |
Assets derecognized (excluding write-offs) | 280 | 223 |
Acquisitions through business combinations | (4,578) | |
Transfers to stage 1 | (49) | (22) |
Transfers to stage 2 | 94 | 255 |
Transfers to stage 3 | 88 | 20 |
Amounts written-off (net of recovery) | 30 | 14 |
Other | 144 | (35) |
Foreign currency translation | 369 | |
Financial assets at end of period | 5,513 | 769 |
Gross carrying amount | Financial instruments not credit-impaired | Lifetime expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | 317 | 276 |
New assets originated or purchased | (43) | (7) |
Assets derecognized (excluding write-offs) | 76 | 127 |
Acquisitions through business combinations | 0 | |
Transfers to stage 1 | 48 | 21 |
Transfers to stage 2 | (94) | (256) |
Transfers to stage 3 | 42 | 24 |
Amounts written-off (net of recovery) | 68 | 11 |
Other | (5) | (39) |
Foreign currency translation | 25 | |
Financial assets at end of period | 190 | 317 |
Gross carrying amount | Financial instruments credit-impaired | Lifetime expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | 49 | 39 |
New assets originated or purchased | 0 | (2) |
Assets derecognized (excluding write-offs) | 22 | 15 |
Acquisitions through business combinations | 0 | |
Transfers to stage 1 | 1 | 1 |
Transfers to stage 2 | 0 | 1 |
Transfers to stage 3 | (130) | (44) |
Amounts written-off (net of recovery) | 24 | 17 |
Other | (10) | (1) |
Foreign currency translation | 6 | |
Financial assets at end of period | 116 | 49 |
Accumulated impairment | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | (80) | (83) |
New assets originated or purchased | 15 | 24 |
Assets derecognized (excluding write-offs) | (12) | (9) |
Changes to models and inputs used | (14) | |
Transfers to stage 1 | 0 | 0 |
Transfers to stage 2 | 0 | 0 |
Transfers to stage 3 | 0 | 0 |
Impact on ECL for exposures transferred between stages during the year | 29 | 2 |
Amounts written-off (net of recovery) | (34) | (20) |
Foreign currency translation | (10) | |
Financial assets at end of period | (82) | (80) |
Accumulated impairment | Financial instruments not credit-impaired | 12-month expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | (20) | (45) |
New assets originated or purchased | 14 | 22 |
Assets derecognized (excluding write-offs) | (7) | (2) |
Changes to models and inputs used | (10) | |
Transfers to stage 1 | 4 | 1 |
Transfers to stage 2 | (9) | (12) |
Transfers to stage 3 | (8) | (3) |
Impact on ECL for exposures transferred between stages during the year | 0 | (31) |
Amounts written-off (net of recovery) | (2) | 0 |
Foreign currency translation | (2) | |
Financial assets at end of period | (20) | (20) |
Accumulated impairment | Financial instruments not credit-impaired | Lifetime expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | (35) | (19) |
New assets originated or purchased | 1 | 1 |
Assets derecognized (excluding write-offs) | (2) | (6) |
Changes to models and inputs used | (2) | |
Transfers to stage 1 | (4) | (1) |
Transfers to stage 2 | 8 | 12 |
Transfers to stage 3 | (4) | (2) |
Impact on ECL for exposures transferred between stages during the year | 4 | 17 |
Amounts written-off (net of recovery) | (14) | (5) |
Foreign currency translation | (4) | |
Financial assets at end of period | (22) | (35) |
Accumulated impairment | Financial instruments credit-impaired | Lifetime expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets at beginning of period | (25) | (19) |
New assets originated or purchased | 0 | 1 |
Assets derecognized (excluding write-offs) | (3) | (1) |
Changes to models and inputs used | (2) | |
Transfers to stage 1 | 0 | 0 |
Transfers to stage 2 | 1 | 0 |
Transfers to stage 3 | 12 | 5 |
Impact on ECL for exposures transferred between stages during the year | 25 | 16 |
Amounts written-off (net of recovery) | (18) | (15) |
Foreign currency translation | (4) | |
Financial assets at end of period | $ (40) | $ (25) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments (in segments) | 4 |
SEGMENT INFORMATION - Income St
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||||||||
Revenues | $ 57,545 | $ 46,587 | $ 37,635 | |||||
Direct operating costs | (49,842) | (40,868) | (32,465) | |||||
General and administrative expenses | (1,372) | (1,012) | (968) | |||||
Gain (loss) on acquisitions /dispositions, net | 28 | 898 | 304 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 113 | 414 | ||||||
Other income (expense), net | 25 | 61 | (52) | |||||
Interest income (expense), net | (2,538) | (1,468) | (1,482) | |||||
Current income tax (expense) recovery | (445) | (545) | (284) | |||||
Preferred equity distributions | 0 | |||||||
Equity accounted Ajusted EFO | 314 | 262 | 225 | |||||
Depreciation and amortization expense | 3,260 | 2,283 | 2,165 | |||||
Impairment reversal (expense), net | 9 | (440) | (263) | |||||
Gain (loss) on acquisitions / dispositions, net | 925 | (30) | ||||||
Gain (loss) on acquisitions / dispositions, net recorded in equity | (113) | (414) | ||||||
Current income tax (expense) recovery | (13) | 9 | ||||||
Other income (expense), net | (683) | (95) | 163 | |||||
Deferred income tax (expense) recovery | 736 | 371 | 130 | |||||
Non-cash items attributable to equity accounted investments | (149) | (249) | (168) | |||||
Net income (loss) | 355 | 2,153 | 580 | |||||
Direct costs | 53,102 | 43,151 | 34,630 | |||||
Gains on disposals of non-current assets | 28 | |||||||
Other operating income | (658) | (34) | 111 | |||||
Current income tax (expense) | 458 | 536 | 284 | |||||
Share of net income | 165 | 13 | 57 | |||||
Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 17,186 | 14,426 | 12,476 | |||||
Direct operating costs | (14,594) | (12,494) | (10,874) | |||||
General and administrative expenses | (536) | (409) | (384) | |||||
Gain (loss) on acquisitions /dispositions, net | 16 | 158 | 85 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 52 | 414 | ||||||
Other income (expense), net | 6 | 32 | (25) | |||||
Interest income (expense), net | (849) | (477) | (486) | |||||
Current income tax (expense) recovery | (133) | (227) | (33) | |||||
Preferred equity distributions | 27 | |||||||
Equity accounted Ajusted EFO | 195 | 150 | 111 | |||||
Adjusted EFO | 1,316 | 1,573 | (870) | |||||
Depreciation and amortization expense | 1,065 | 780 | 719 | |||||
Impairment reversal (expense), net | 34 | (160) | (112) | |||||
Gain (loss) on acquisitions / dispositions, net | 474 | 11 | ||||||
Gain (loss) on acquisitions / dispositions, net recorded in equity | (52) | (414) | ||||||
Current income tax (expense) recovery | (4) | 9 | ||||||
Other income (expense), net | (258) | (42) | (121) | |||||
Deferred income tax (expense) recovery | 287 | 132 | 37 | |||||
Non-cash items attributable to equity accounted investments | (112) | (149) | (113) | |||||
Net income (loss) | 146 | 643 | (169) | |||||
Net realized revaluation gain (losses) | (9) | (4) | (28) | |||||
Gains on sale of property, plant and equipment | 15 | |||||||
Net unrealized revaluation gain (losses) | (76) | 79 | (168) | |||||
Business separation expenses, stand-up costs and restructuring charges | 108 | (52) | 60 | |||||
Transaction costs | 68 | 24 | 30 | |||||
Other income | 36 | 3 | ||||||
Gains (losses) on extinguishment of debt | 14 | 8 | ||||||
Other expenses | 6 | 31 | 6 | |||||
Unallocated amounts | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 40,359 | 32,161 | 25,159 | |||||
Direct operating costs | (35,248) | (28,374) | (21,591) | |||||
General and administrative expenses | (836) | (603) | (584) | |||||
Gain (loss) on acquisitions /dispositions, net | 12 | 740 | 219 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 61 | 0 | ||||||
Other income (expense), net | 19 | 29 | (27) | |||||
Interest income (expense), net | (1,689) | (991) | (996) | |||||
Current income tax (expense) recovery | (312) | (318) | (251) | |||||
Preferred equity distributions | (27) | |||||||
Equity accounted Ajusted EFO | 119 | 112 | 114 | |||||
Depreciation and amortization expense | 2,195 | 1,503 | 1,446 | |||||
Impairment reversal (expense), net | (25) | (280) | (151) | |||||
Gain (loss) on acquisitions / dispositions, net | 451 | (19) | ||||||
Gain (loss) on acquisitions / dispositions, net recorded in equity | (61) | 0 | ||||||
Current income tax (expense) recovery | (9) | 0 | ||||||
Other income (expense), net | (425) | (53) | 284 | |||||
Deferred income tax (expense) recovery | 449 | 239 | 93 | |||||
Non-cash items attributable to equity accounted investments | (37) | (100) | (55) | |||||
Net income (loss) | 209 | 1,510 | 749 | |||||
Dealer software and technology services operations | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 34,946 | 29,988 | 22,580 | |||||
Depreciation and amortization expense | 721 | 465 | 435 | |||||
Dealer software and technology services operations | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 9,627 | 9,060 | 7,611 | |||||
Direct operating costs | (8,811) | (8,383) | (7,220) | |||||
General and administrative expenses | (145) | (146) | (136) | |||||
Gain (loss) on acquisitions /dispositions, net | 9 | 0 | 61 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | $ 19 | 0 | ||||||
Other income (expense), net | 2 | 24 | 4 | |||||
Interest income (expense), net | (155) | (69) | (62) | |||||
Current income tax (expense) recovery | (80) | (111) | (41) | |||||
Preferred equity distributions | 0 | |||||||
Equity accounted Ajusted EFO | 42 | 22 | 12 | |||||
Adjusted EFO | 508 | 397 | 229 | |||||
Engineered components manufacturing | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 7,524 | 4,457 | 4,399 | |||||
Depreciation and amortization expense | 1,220 | 705 | 665 | |||||
Engineered components manufacturing | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 2,968 | 1,928 | 1,900 | |||||
Direct operating costs | (2,089) | (1,370) | (1,340) | |||||
General and administrative expenses | (146) | (68) | (75) | |||||
Gain (loss) on acquisitions /dispositions, net | 0 | 0 | 0 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 0 | 0 | ||||||
Other income (expense), net | 2 | (4) | (29) | |||||
Interest income (expense), net | (288) | (152) | (163) | |||||
Current income tax (expense) recovery | (19) | (4) | (3) | |||||
Preferred equity distributions | 0 | |||||||
Equity accounted Ajusted EFO | 85 | 66 | 74 | |||||
Adjusted EFO | 513 | 396 | 364 | |||||
Industrials | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 15,075 | 12,142 | 10,656 | |||||
Depreciation and amortization expense | 1,319 | 1,113 | 1,065 | |||||
Industrials | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 4,591 | 3,438 | 2,965 | |||||
Direct operating costs | (3,666) | (2,722) | (2,303) | |||||
General and administrative expenses | (135) | (88) | (91) | |||||
Gain (loss) on acquisitions /dispositions, net | 7 | 158 | 24 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 33 | 414 | ||||||
Other income (expense), net | 2 | 12 | 0 | |||||
Interest income (expense), net | (335) | (236) | (255) | |||||
Current income tax (expense) recovery | (92) | (159) | (29) | |||||
Preferred equity distributions | 0 | |||||||
Equity accounted Ajusted EFO | 68 | 62 | 25 | |||||
Adjusted EFO | 473 | 879 | 336 | |||||
Gains on disposals of non-current assets | 19 | 1,823 | 274 | |||||
Corporate and other | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 0 | 0 | 0 | |||||
Depreciation and amortization expense | 0 | 0 | 0 | |||||
Corporate and other | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Revenues | 0 | 0 | 0 | |||||
Direct operating costs | (28) | (19) | (11) | |||||
General and administrative expenses | (110) | (107) | (82) | |||||
Gain (loss) on acquisitions /dispositions, net | 0 | 0 | 0 | |||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 0 | 0 | ||||||
Other income (expense), net | 0 | 0 | 0 | |||||
Interest income (expense), net | (71) | (20) | (6) | |||||
Current income tax (expense) recovery | 58 | 47 | 40 | |||||
Preferred equity distributions | 27 | |||||||
Equity accounted Ajusted EFO | 0 | 0 | 0 | |||||
Adjusted EFO | (178) | (99) | (59) | |||||
Productivity impact and business interruption risk | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
New provisions, other provisions | 134 | |||||||
Non-recurring provisions, recapitalization of partnership's operations | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
New provisions, other provisions | 67 | |||||||
Digital cloud services | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | 9 | |||||||
GrafTech International Ltd | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 19 | 245 | ||||||
GrafTech International Ltd | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | 141 | |||||||
Public securities | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net recorded in equity | 33 | 169 | ||||||
Gains on disposals of non-current assets | $ 40 | $ 41 | ||||||
Public securities | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | $ 7 | 14 | 25 | |||||
Other disposals | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | $ 3 | (2) | ||||||
Cold storage logistics business | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gains on disposals of non-current assets | $ 186 | |||||||
Cold storage logistics business | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | 47 | |||||||
New Zealand pathology business | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gains on disposals of non-current assets | $ 55 | |||||||
New Zealand pathology business | Operating segments | ||||||||
Disclosure of operating segments [line items] | ||||||||
Gain (loss) on acquisitions /dispositions, net | $ 15 |
SEGMENT INFORMATION - Assets by
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | ||
Assets | $ 89,498 | $ 64,219 |
Dealer software and technology services operations | ||
Disclosure of operating segments [line items] | ||
Assets | 38,187 | 20,376 |
Engineered components manufacturing | ||
Disclosure of operating segments [line items] | ||
Assets | 22,606 | 16,380 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Assets | 28,112 | 27,315 |
Corporate and other | ||
Disclosure of operating segments [line items] | ||
Assets | $ 593 | $ 148 |
SEGMENT INFORMATION - Noncurren
SEGMENT INFORMATION - Noncurrent Assets by Geographic Region (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 71,186 | $ 48,801 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 24,205 | 10,989 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 12,563 | 13,138 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 11,257 | 5,380 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 7,079 | 7,101 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 6,631 | 4,971 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,799 | 2,326 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,354 | 1,855 |
Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 3,298 | $ 3,041 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |||
Net interest paid (received) | $ 2,037 | $ 1,223 | $ 1,135 |
Net income taxes paid (received) | $ 285 | $ 448 | $ 428 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Statement [Abstract] | ||
Cash outflow for leases | $ 465 | $ 362 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |||
Accounts receivable | $ (1,053) | $ (684) | $ 546 |
Inventory | (629) | (494) | 453 |
Prepayments and other | (192) | 9 | 53 |
Accounts payable and other | (389) | 27 | 284 |
Changes in non-cash working capital, net | $ (2,263) | $ (1,142) | $ 1,336 |
SUPPLEMENTAL CASH FLOW INFORM_6
SUPPLEMENTAL CASH FLOW INFORMATION - Changes in Liabilities arising from Financing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Balance at beginning of year | $ 29,076 | $ 23,776 |
Cash flows | 13,901 | 6,736 |
Non-cash changes: | ||
Acquisitions / (dispositions) of subsidiaries | 4,570 | (1,341) |
Foreign currency translation | (817) | (397) |
Fair value | (4) | (31) |
Other changes | (33) | 333 |
Balance at end of year | $ 46,693 | $ 29,076 |
POST-EMPLOYMENT BENEFITS - Chan
POST-EMPLOYMENT BENEFITS - Change in Defined Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in fair value of plan assets | ||
Net liability at end of year | $ 642 | $ 771 |
Pension defined benefit plans | ||
Changes in defined benefit obligation | ||
Net defined benefit liability (asset) at beginning of period | 634 | |
Service cost | 38 | 41 |
Interest cost / interest income | 15 | 20 |
Actuarial (gain) loss due to financial assumption changes | (853) | (123) |
Actuarial (gain) loss due to demographic assumption changes | (4) | 15 |
Actuarial experience adjustments | 51 | 16 |
Net defined benefit liability (asset) at end of period | 590 | 634 |
Changes in fair value of plan assets | ||
Net defined benefit liability (asset) at beginning of period | 634 | |
Interest cost / interest income | 15 | 20 |
Loss (return) on plan assets (excluding interest income) | 687 | (225) |
Administrative expenses paid from plan assets | 10 | 10 |
Net defined benefit liability (asset) at end of period | 590 | 634 |
Net asset at end of year | 0 | (75) |
Net liability at end of year | 590 | 709 |
Pension defined benefit plans | Defined benefit obligation | ||
Changes in defined benefit obligation | ||
Net defined benefit liability (asset) at beginning of period | 3,034 | 3,308 |
Defined benefit obligation through business combinations | 159 | 107 |
Service cost | 38 | 33 |
Interest cost / interest income | 78 | 67 |
Participant contributions | 2 | 2 |
Foreign currency exchange translation | (4) | (218) |
Actuarial (gain) loss due to financial assumption changes | (853) | (123) |
Actuarial (gain) loss due to demographic assumption changes | (4) | 15 |
Actuarial experience adjustments | 51 | 16 |
Benefits paid from plan assets | (127) | (157) |
Benefits paid from employer | (20) | (16) |
Net defined benefit liability (asset) at end of period | 2,354 | 3,034 |
Changes in fair value of plan assets | ||
Net defined benefit liability (asset) at beginning of period | 3,034 | 3,308 |
Fair value of plan assets through business combinations | 159 | 107 |
Interest cost / interest income | 78 | 67 |
Foreign currency exchange translation | (4) | (218) |
Participant contributions | 2 | 2 |
Benefits paid from plan assets | (127) | (157) |
Benefits paid from employer | (20) | (16) |
Net defined benefit liability (asset) at end of period | 2,354 | 3,034 |
Pension defined benefit plans | Fair value of plan assets | ||
Changes in defined benefit obligation | ||
Net defined benefit liability (asset) at beginning of period | (2,400) | (2,391) |
Defined benefit obligation through business combinations | (150) | (7) |
Interest cost / interest income | (63) | (47) |
Participant contributions | (2) | (2) |
Foreign currency exchange translation | 55 | 152 |
Benefits paid from plan assets | 128 | 157 |
Benefits paid from employer | 15 | 16 |
Net defined benefit liability (asset) at end of period | (1,764) | (2,400) |
Changes in fair value of plan assets | ||
Net defined benefit liability (asset) at beginning of period | (2,400) | (2,391) |
Fair value of plan assets through business combinations | (150) | (7) |
Interest cost / interest income | (63) | (47) |
Loss (return) on plan assets (excluding interest income) | 687 | (225) |
Foreign currency exchange translation | 55 | 152 |
Employer contributions | (43) | (64) |
Participant contributions | (2) | (2) |
Employer direct settlements | (1) | 1 |
Benefits paid from plan assets | 128 | 157 |
Benefits paid from employer | 15 | 16 |
Administrative expenses paid from plan assets | 10 | 10 |
Net defined benefit liability (asset) at end of period | (1,764) | (2,400) |
Post-Retirement Insurance Benefit Plans | ||
Changes in fair value of plan assets | ||
Net liability at end of year | $ 52 | $ 62 |
POST-EMPLOYMENT BENEFITS - Bene
POST-EMPLOYMENT BENEFITS - Benefit Obligation and Plan Assets by Geographic Location (Details) - Pension defined benefit plans - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ 590 | $ 634 | |
United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 381 | 349 | |
Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 13 | 20 | |
Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 196 | 265 | |
Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 2,354 | 3,034 | $ 3,308 |
Defined benefit obligation | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1,729 | 2,216 | |
Defined benefit obligation | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 65 | 20 | |
Defined benefit obligation | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 560 | 798 | |
Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (1,764) | (2,400) | $ (2,391) |
Fair value of plan assets | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (1,348) | (1,867) | |
Fair value of plan assets | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (52) | 0 | |
Fair value of plan assets | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ (364) | $ (533) |
POST-EMPLOYMENT BENEFITS - Amou
POST-EMPLOYMENT BENEFITS - Amounts Recognized in Profit and Loss or Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pension defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | $ 38 | $ 41 |
Past service cost | 0 | (8) |
Net interest expense | 15 | 20 |
Administrative expense | 10 | 10 |
Total expense recognized in profit and loss | 63 | 63 |
Amounts recognized in other comprehensive income | ||
Loss (return) on plan assets (excluding net interest expense) | 687 | (225) |
Actuarial (gain) loss due to demographic assumption changes | (4) | 15 |
Actuarial (gain) loss due to financial assumption changes | (853) | (123) |
Actuarial experience adjustments | 51 | 16 |
Total expense (gain) recognized in other comprehensive income | (119) | (317) |
Total expense (gain) recognized in comprehensive income | (56) | (254) |
Post-Retirement Insurance Benefit Plans | ||
Amounts recognized in other comprehensive income | ||
Total expense (gain) recognized in other comprehensive income | $ (8) | $ (28) |
POST-EMPLOYMENT BENEFITS - Fair
POST-EMPLOYMENT BENEFITS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | $ 50 | $ 52 |
Equity instruments | 704 | 902 |
Debt instruments | 872 | 1,323 |
Real estate | 99 | 106 |
Investment funds | 14 | |
Fixed insurance contracts | 25 | 17 |
Total plan assets | 1,764 | 2,400 |
Level 1 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 46 | 45 |
Equity instruments | 68 | 69 |
Debt instruments | 179 | 275 |
Real estate | 1 | 0 |
Investment funds | 0 | |
Fixed insurance contracts | 14 | 16 |
Total plan assets | 308 | 405 |
Level 2 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 4 | 7 |
Equity instruments | 636 | 833 |
Debt instruments | 673 | 943 |
Real estate | 98 | 106 |
Investment funds | 14 | |
Fixed insurance contracts | 11 | 1 |
Total plan assets | 1,436 | 1,890 |
Level 3 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 0 | 0 |
Equity instruments | 0 | 0 |
Debt instruments | 20 | 105 |
Real estate | 0 | 0 |
Investment funds | 0 | |
Fixed insurance contracts | 0 | 0 |
Total plan assets | $ 20 | $ 105 |
POST-EMPLOYMENT BENEFITS - Sign
POST-EMPLOYMENT BENEFITS - Significant Assumptions (Details) - Pension defined benefit plans | Dec. 31, 2022 | Dec. 31, 2021 |
Bottom of range | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.20% | 0.20% |
Rate of compensation increase | 0.50% | 0% |
Top of range | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 7.90% | 8% |
Rate of compensation increase | 5% | 5% |
POST-EMPLOYMENT BENEFITS - Sens
POST-EMPLOYMENT BENEFITS - Sensitivity Analysis of Assumptions (Details) - Pension defined benefit plans - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1% | 1% |
Impact on liability | $ (200) | $ (387) |
Percentage decrease | 1% | 1% |
Impact on liability | $ 241 | $ 473 |
Rate of compensation increase | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1% | 1% |
Impact on liability | $ 19 | $ 38 |
Percentage decrease | 1% | 1% |
Impact on liability | $ (18) | $ (34) |
POST-EMPLOYMENT BENEFITS - Summ
POST-EMPLOYMENT BENEFITS - Summary of Future Planned Benefit Payments (Details) - Pension defined benefit plans $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 4,725 |
2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 135 |
2024 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 136 |
2025 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 139 |
2026 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 141 |
2027 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 144 |
Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 4,030 |
INSURANCE CONTRACTS - Movement
INSURANCE CONTRACTS - Movement in Unearned Premium Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance Contracts [Abstract] | ||
Unearned premiums reserve, beginning of year | $ 2,228 | $ 1,889 |
Premiums written during the year | 636 | 967 |
Premiums earned during the year | (666) | (639) |
Foreign currency translation | (149) | 11 |
Unearned premiums reserve, end of year | $ 2,049 | $ 2,228 |
INSURANCE CONTRACTS - Narrative
INSURANCE CONTRACTS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance Contracts [Abstract] | |
Premiums written recognised as premiums earned in the first five years, percentage | 80% |
INSURANCE CONTRACTS - Component
INSURANCE CONTRACTS - Components of Loss Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance Contracts [Abstract] | |||
Case reserves | $ 38 | $ 54 | |
Incurred but not reported reserves | 12 | 13 | |
Discounting | (1) | (1) | |
Provisions for adverse deviation | 4 | 5 | |
Total loss reserves | $ 53 | $ 71 | $ 144 |
INSURANCE CONTRACTS - Movemen_2
INSURANCE CONTRACTS - Movement in Loss Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance Contracts [Abstract] | ||
Loss reserves, beginning of year | $ 71 | $ 144 |
Claims paid during the year | (31) | (48) |
Changes in loss reserves related to the current year | 17 | 44 |
Favorable development on losses on claims related to prior years | 0 | (71) |
Foreign currency translation | (4) | 2 |
Loss reserves, end of year | $ 53 | $ 71 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) $ in Millions | Jan. 31, 2023 USD ($) |
Tuck-in Acquisition | |
Disclosure of non-adjusting events after reporting period [line items] | |
Consideration transferred, acquisition-date fair value | $ 415 |