Brookfield Business (BBUC) 6-K 8 Aug 23 2023 Q2 Unaudited Interim Condensed Consolidated Financial Statements of Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	BROOKFIELD BUSINESS CORPORATION
Entity Central Index Key	0001871130
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED INTERIM CONDENSED CON

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 836	$ 736
Financial assets	115	80
Accounts and other receivable, net	2,016	2,303
Inventory, net	706	635
Other assets	1,012	1,126
Current Assets	4,685	4,880
Non-Current Assets
Financial assets	521	417
Accounts and other receivable, net	967	888
Other assets	395	340
Property, plant and equipment	3,750	3,765
Deferred income tax assets	565	626
Intangible assets	9,082	9,295
Equity accounted investments	249	251
Goodwill	6,712	6,914
Assets	26,926	27,376
Current Liabilities
Accounts payable and other	4,214	4,333
Loan payable to Brookfield Business Partners	0	228
Non-recourse borrowings in subsidiaries of the company	1,429	415
Exchangeable and class B shares	1,257	1,237
Current Liabilities	6,900	5,985
Non-Current Liabilities
Accounts payable and other	3,179	3,306
Non-recourse borrowings in subsidiaries of the company	11,742	12,498
Deferred income tax liabilities	1,405	1,516
Liabilities	23,226	23,305
Equity
Brookfield Business Partners	327	359
Non-controlling interests	3,373	3,712
Equity	3,700	4,071
Liabilities and Equity	$ 26,926	$ 27,376

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenues		$ 2,914	$ 2,318	$ 5,835	$ 4,569
Direct operating costs		(2,566)	(2,110)	(5,117)	(4,135)
General and administrative expenses		(117)	(72)	(224)	(140)
Interest income (expense), net		(307)	(133)	(586)	(240)
Equity accounted income (loss), net		3	2	0	3
Impairment expense, net		(7)	0	(7)	0
Gain (loss) on acquisitions/dispositions, net		87	0	101	0
Remeasurement of exchangeable and class B shares		101	696	(20)	528
Other income (expense), net		145	(24)	88	(67)
Income (loss) before income tax		253	677	70	518
Income tax (expense) recovery
Current		(113)	(17)	(158)	(33)
Deferred		18	390	61	402
Net income (loss)		158	1,050	(27)	887
Attributable to:
Brookfield Business Partners	[1]	108	789	(32)	625
Non-controlling interests		$ 50	$ 261	$ 5	$ 262
[1]Net income (loss) is attributable to Brookfield Business Partners both prior to the special distribution and subsequent thereto as a result of the partnership holding all of the class C shares issued by the company. See Note 1(b) for further details.

UNAUDITED INTERIM CONDENSED C_3

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Net income (loss)		$ 158	$ 1,050	$ (27)	$ 887
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation		41	(275)	44	(62)
Net investment and cash flow hedges		87	141	25	221
Taxes on the above items		(20)	(25)	0	(28)
Reclassification to profit or loss		(18)	6	(36)	17
Total other comprehensive income (loss)		90	(153)	33	148
Items that will not be reclassified subsequently to profit or loss:
Taxes on revaluation of pension obligations		0	5	0	5
Total other comprehensive income		90	(148)	33	153
Comprehensive income (loss)		248	902	6	1,040
Attributable to:
Brookfield Business Partners	[1]	138	730	(24)	671
Non-controlling interests		$ 110	$ 172	$ 30	$ 369
[1]Comprehensive income is attributable to Brookfield Business Partners both prior to the special distribution and subsequently as a result of the partnership holding all of the class C shares issued by the company. See Note 1(b) for further details.

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions		Total	Capital	Retained earnings	Ownership changes	Accumulated other comprehensive income (loss)	[1]	Brookfield Business Partners (3)	[2]	Non-controlling interests
Beginning balance at Dec. 31, 2021		$ 1,136	$ 159	$ (712)	$ 445	$ (408)		$ (516)		$ 1,652
Net income (loss)		887		625				625		262
Other comprehensive income		153				46		46		107
Total comprehensive income (loss)		1,040		625		46		671		369
Contributions		12	7					7		5
Distributions		(831)		(81)				(81)		(750)
Ownership changes		(25)			(25)			(25)
Special distribution	[3]		571		(571)
Ending balance at Jun. 30, 2022		1,332	737	(168)	(151)	(362)		56		1,276
Beginning balance at Dec. 31, 2022		4,071	737	118	(161)	(335)		359		3,712
Net income (loss)		(27)		(32)				(32)		5
Other comprehensive income		33				8		8		25
Total comprehensive income (loss)		6		(32)		8		(24)		30
Contributions		478								478
Distributions		(944)								(944)
Ownership changes		89			(8)			(8)		97
Ending balance at Jun. 30, 2023		$ 3,700	$ 737	$ 86	$ (169)	$ (327)		$ 327		$ 3,373
[1]See Note 18 for additional information.[2]Comprehensive income is attributable to Brookfield Business Partners both prior to the special distribution and subsequently as a result of the partnership holding all of the class C shares issued by the company. See Note 1(b) for further details.[3]See Note 1(b) for additional information. (3) Comprehensive income is attributable to Brookfield Business Partners both prior to the special distribution and subsequently as a result of the partnership holding all of the class C shares issued by the company. See Note 1(b) for further details.

UNAUDITED INTERIM CONDENSED C_5

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income (loss)	$ (27)	$ 887
Adjusted for the following items:
Equity accounted earnings, net of distributions	9	(1)
Impairment expense, net	7	0
Depreciation and amortization expense	554	305
Gain on acquisitions/dispositions, net	(101)	0
Provisions and other items	(156)	63
Deferred income tax expense (recovery)	(61)	(402)
Remeasurement of exchangeable and class B shares	20	(528)
Changes in non-cash working capital, net	(314)	(128)
Cash from (used in) operating activities	(69)	196
Financing Activities
Proceeds from non-recourse borrowings in subsidiaries of the company	845	2,881
Repayment of non-recourse borrowings in subsidiaries of the company	(617)	(335)
Proceeds from other financing	53	20
Repayment of other financing	(57)	(37)
Lease liability repayment	(62)	(48)
Capital provided by others who have interests in operating subsidiaries	942	0
Distributions to exchangeable shareholders	(9)	(5)
Repayment from Brookfield Business Partners	97	271
Repayment to Brookfield Business Partners	(309)	(478)
Distributions and capital paid to others who have interests in operating subsidiaries	(1,122)	(747)
Contributions from (distributions to) Brookfield Business Partners	0	(81)
Cash from (used in) financing activities	(239)	1,441
Acquisitions
Subsidiaries, net of cash acquired	0	(717)
Property, plant and equipment and intangible assets	(333)	(273)
Financial assets and other	(2)	0
Dispositions
Subsidiaries, net of cash disposed	700	0
Property, plant and equipment and intangible assets	12	15
Financial assets and other	3	0
Net settlement of derivative assets and liabilities	(10)	42
Restricted cash and deposits	5	(750)
Cash from (used in) investing activities	375	(1,683)
Cash and cash equivalents
Change during the period	67	(46)
Impact of foreign exchange	33	(20)
Balance, beginning of year	736	894
Balance, end of period	$ 836	$ 828

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF THE COMPANY	6 Months Ended
	Jun. 30, 2023
Corporate information and statement of IFRS compliance [abstract]
ORGANIZATION AND DESCRIPTION OF THE COMPANY	ORGANIZATION AND DESCRIPTION OF THE COMPANYBrookfield Business Corporation Brookfield Business Corporation and its subsidiaries (the “company”) is an owner and operator of services and industrials operations on a global basis (the “businesses”). The company was formed as a corporation established under the British Columbia Business Corporations Act on June 21, 2021 and is a subsidiary of Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN) (the “partnership”, or collectively with its subsidiaries, excluding the company, “Brookfield Business Partners”). Brookfield Business Partners, the company and respective subsidiaries are referred to collectively as the “group”. Brookfield Corporation, formerly Brookfield Asset Management Inc. (“Brookfield Corporation” or together with its controlled subsidiaries, excluding the group, “Brookfield”), is the ultimate parent of the company and the group. Brookfield Business Partners holds all the issued and outstanding class B shares and class C shares of the company as at June 30, 2023. The registered head office of the company is 250 Vesey Street, New York, NY 10281, United States. The class A exchangeable subordinate voting shares (each, an “exchangeable share”) of the company are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbol “BBUC”. The exchangeable shares are structured with the intention of being economically equivalent to the non-voting limited partnership units (“LP Units”) of the partnership. Given the economic equivalence, the market price of the exchangeable shares will be significantly impacted by the market price of the LP Units and the combined business performance of the company and Brookfield Business Partners as a whole. (b) Special Distribution of the Company On March 15, 2022, the group completed a special distribution (the “special distribution”) whereby the partnership’s unitholders of record as of March 7, 2022 received one exchangeable share for every two LP Units held. Prior to the special distribution, the company amended its articles of incorporation to provide for the exchangeable shares, class B shares and class C shares. See Note 1(b) (i) and (ii) below for further details. The approximate 7 million common shares of the company were converted into approximately 26 million class C shares and a subsidiary of the partnership subscribed for one class B share of the company for nominal consideration. The conversion of common equity to class C shares is shown as “Special distribution” in the unaudited interim condensed consolidated statements of changes in equity for the six months ended June 30, 2022 and represents the value of the share capital which relates to the class C shares. Prior to filing the articles of amendment, a subsidiary of the partnership contributed cash of $271 million to the company in exchange for a non interest-bearing demand promissory note of the company. The company issued approximately 73 million exchangeable shares and $50 million cash to the subsidiary of the partnership to settle the $271 million non-interest bearing demand promissory note along with the approximately $1.9 billion of non-interest bearing demand promissory notes issued in November 2021. The subsidiary of the partnership then distributed the exchangeable shares to Brookfield Business L.P. (“Holding LP”). Immediately prior to the special distribution, the partnership received exchangeable shares through a distribution by Holding LP (the “Holding LP Distribution”) of the exchangeable shares to all the holders of its equity units. As a result of the Holding LP Distribution, (i) Brookfield and its subsidiaries (other than entities within the group) received approximately 35 million exchangeable shares and (ii) the partnership received approximately 38 million 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 exchangeable shares of the company, (ii) Brookfield and its affiliates held approximately 64.7% of the issued and outstanding 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 the company, and all of the issued and outstanding class C non-voting shares, or class C shares, of the company. The class C shares entitle Brookfield Business Partners to all of the residual value in the company after payment in full of the amount due to holders of exchangeable shares and class B shares. Holders of exchangeable shares held an aggregate 25% voting interest in the company. Immediately after the special distribution, Brookfield, through its ownership of exchangeable shares, held an approximate 16% voting interest in the company. Holders of exchangeable shares, excluding Brookfield, held an approximate 9% aggregate voting interest in the company. Together, Brookfield and Brookfield Business Partners held an approximate 91% voting interest in the company. The following describes the agreements resulting from the special distribution: (i) Class A exchangeable subordinate voting shares At any time, holders of exchangeable shares have the right to exchange all or a portion of their exchangeable shares for one LP Unit per exchangeable share held or its cash equivalent based on the NYSE closing price of one LP Unit on the date that the request for exchange is received. Due to their exchangeable features, the exchangeable shares are classified as liabilities. The company has the right upon sixty (60) days’ prior written notice to holders of exchangeable shares to redeem all of the then outstanding exchangeable shares at any time and for any reason, in its sole discretion and subject to applicable law, including without limitation following the occurrence of certain redemption events. (ii) Class B shares and class C shares At any time, holders of class B shares and class C shares have the right to redeem for cash an amount equal to the market price of an LP Unit. Due to this cash redemption feature, both class B shares and class C shares are classified as financial liabilities. However, the class C shares, the most subordinated class of all of the company’s common shares, meet certain qualifying criteria and will be presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32, Financial instruments: presentation (“IAS 32”). (iii) Credit facilities The company entered into two credit agreements with Brookfield Business Partners, one as borrower and one as lender, each providing for a ten-year revolving $1 billion credit facility to facilitate the movement of cash within the group. The credit agreement under which the company is the borrower permits it to borrow up to $1 billion from Brookfield Business Partners, and the other credit agreement permits Brookfield Business Partners to borrow up to $1 billion from the company. Each credit facility contemplates a deposit arrangement pursuant to which the lender thereunder may, with the consent of the borrower, deposit funds on a demand basis to such borrower’s account at a reduced rate of interest. (iv) Equity commitment Brookfield Business Partners provided the company an equity commitment in the amount of $2 billion. The equity commitment may be called by the company in exchange for the issuance of a number of class C shares or preferred shares, as the case may be, to Brookfield Business Partners, corresponding to the amount of the equity commitment called divided by (i) in the case of a subscription for class C shares, the volume-weighted average of the trading price for one exchangeable share on the principal stock exchange on which the exchangeable shares are listed for the five (5) days immediately preceding the date of the call, or (ii) in the case of a subscription for preferred shares, $25.00 per share. The equity commitment will be available in minimum amounts of $10 million and the amount available under the equity commitment will be reduced permanently by the amount so called. Before funds may be called on the equity commitment, a number of conditions precedent must be met, including that Brookfield Business Partners continues to control the company and has the ability to elect a majority of the company’s board of directors (the “Board of Directors”). (v) Other arrangements with Brookfield Wholly-owned subsidiaries of Brookfield provide management services to the company pursuant to Brookfield Business Partners’ existing master services agreement, or the Master Services Agreement. There was no change in how the base management fee and incentive distribution fees are calculated as a result of the special distribution. The company is responsible for paying its proportionate share of the total base management fee. The company’s proportionate share of the base management fee is calculated on the basis of the value of the company’s business relative to that of Brookfield Business Partners. Further details of the Master Services Agreements are described in Note 22. (vi) Credit guarantee agreement A wholly-owned subsidiary of the company fully and unconditionally guaranteed the obligations of Brookfield Business Partners under Brookfield Business Partners’ $2.3 billion bilateral credit facilities with global banks and its $1 billion revolving acquisition credit facility with Brookfield.

MATERIAL ACCOUNTING POLICY INFO

MATERIAL ACCOUNTING POLICY INFORMATION	6 Months Ended
	Jun. 30, 2023
Corporate information and statement of IFRS compliance [abstract]
MATERIAL ACCOUNTING POLICY INFORMATION	MATERIAL ACCOUNTING POLICY INFORMATION (a) Statement of compliance The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34, Interim financial reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the annual audited financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the IASB, have been omitted or condensed. The unaudited interim condensed consolidated financial statements were approved by the Board of Directors of the company and authorized for issue on August 8, 2023. (b) Basis of presentation These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s December 31, 2022 audited financial statements. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2022 audited financial statements, unless otherwise noted. The results reported in these unaudited interim condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. All figures are presented in millions of U.S. dollars, unless otherwise noted. The unaudited interim condensed consolidated financial statements have been prepared on the basis of historical cost except for certain financial instruments measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets. (c) Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company 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 company’s subsidiaries are shown separately in equity in the unaudited interim condensed consolidated statements of financial position. (d) Earnings per Share The company’s basic and diluted earnings per share have not been presented in the unaudited interim condensed consolidated financial statements. As outlined in Note 6, exchangeable shares and class B shares are classified as financial liabilities, while class C shares are classified as financial liabilities but presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. As each share classification represents a financial liability, they do not constitute ordinary shares. Refer to the aforementioned note for further details. (e) Critical accounting judgements and measurement uncertainty The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period that are not readily apparent from other sources. 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. (f) New accounting policies adopted The company has applied certain new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2023. (i) Amendments to IAS 12 Income taxes (“IAS 12”) In May 2021, IAS 12 was amended to 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 company adopted this amendment for the fiscal period beginning January 1, 2023 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. In May 2023, IAS 12 was amended to clarify requirements relating to International Tax Reform - Pillar Two model rules. The amendments (i) introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules published by the Organization for Economic Co-operation and Development (“OECD”) and (ii) require additional disclosures. The amendments became effective immediately upon their issue and retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The company adopted this amendment for the fiscal period beginning January 1, 2023 and has elected to apply the temporary exception to the accounting requirements for deferred taxes related to Pillar Two income taxes. The adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. (ii) Amendments to IAS 1 Presentation of financial statements (“IAS 1”) The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. The company adopted these amendments on January 1, 2023 and the adoption did not have a material impact on the company’s unaudited interim condensed consolidated financial statements. (g) Future changes in accounting policies (i) 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 company is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with expected material impacts on the company.

ACQUISITION OF BUSINESSES

ACQUISITION OF BUSINESSES	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
ACQUISITION OF BUSINESSES	ACQUISITION OF BUSINESSES When determining the basis of accounting for the company’s investees, the company evaluates the degree of influence that the company exerts directly or through an arrangement over the investees’ relevant activities. Control is obtained when the company has power over the acquired entities and an ability to use its power to affect the returns of these entities. The company accounts for business combinations using the acquisition method of accounting, pursuant to which identifiable tangible and intangible assets and liabilities are recognized and measured on the basis of the estimated fair values at the date of acquisition. (a) Acquisitions completed in the six months ended June 30, 2023 There were no significant acquisitions during the six months ended June 30, 2023. (b) Acquisitions completed in 2022 CDK Global, Inc. (“CDK Global”) On July 6, 2022, the company, 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 company received 100% of the voting rights, which provided the company with control, and accordingly, the company has consolidated the business for financial reporting purposes. Goodwill of $4.6 billion was recognized and represents growth the company expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets acquired comprise a customer relationship asset of $3.8 billion with a useful life of 15 years, developed technology of $0.7 billion with a useful life of 3-5 years, and a brand intangible asset of $0.3 billion with a useful life of 15 years. Other items included $301 million of cash and cash equivalents, $377 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 2022 consolidated statements of operating results. Non-controlling interests of $81 million were recognized and measured at fair value. The acquired customer relationship intangible was valued with significant inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model. The useful life of 15 years represents the pattern of economic benefits realized by the business, primarily due to the low customer attrition rate observed, and reflects the period of time over which the majority of the cumulative present value of cash flows from the intangible asset would be realized, and after which any remaining forward-looking cash flows from the asset were determined to be de minimis in present value terms. BHI Energy, Inc. (“BHI Energy”) On May 27, 2022, the company’s nuclear technology services operations acquired 100% economic interest in BHI Energy for total consideration of $737 million. The company received 100% of voting rights through its nuclear technology operations, which provided the company with control, and accordingly, the company 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 company’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 2022 consolidated statements of operating results. Spanish engineering and outages services business In March 2022, the company’s nuclear technology services operations closed the acquisition of a Spanish engineering and outage services business for cash consideration of $23 million, subject to purchase price adjustments, and accounted for the transaction as a business combination under IFRS 3.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . Included in cash and cash equivalents as at June 30, 2023 is $482 million of cash (December 31, 2022 : $522 million ) and $354 million of cash equivalents (December 31, 2022: $214 million ). The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. (a) Hedging activities Net investment hedges The company uses foreign exchange derivative contracts to manage foreign currency exposures arising from net investments in foreign operations. For the three and six-month periods ended June 30, 2023 , a pre-tax net loss of $2 million and $13 million (June 30, 2022: pre-tax net gain of $99 million and $87 million, respectively), was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at June 30, 2023 , there was a derivative asset balance of $nil (December 31, 2022: $nil) and derivative liability balance of $36 million (December 31, 2022: $28 million) relating to derivative contracts designated as net investment hedges. Cash flow hedges The company 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 three and six- month periods ended June 30, 2023, a pre-tax net gain of $89 million and $38 million ( June 30, 2022 : pre-tax net gain of $42 million and $134 million, respectively ), was recorded in other comprehensive income for the effective portion of cash flow hedges. As at June 30, 2023, there was derivative asset balance of $260 million ( December 31, 2022 : $208 million ) and a derivative liability balance of $77 million ( December 31, 2022 : $42 million ) relating to the derivative contracts designated as cash flow hedges. (b) Fair value hierarchical levels – financial instruments The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Derivative assets $ — $ 260 $ — $ — $ 214 $ — Other financial assets 16 — — 14 — — $ 16 $ 260 $ — $ 14 $ 214 $ — Financial liabilities Derivative liabilities $ — $ 118 $ — $ — $ 71 $ — Other financial liabilities — — — — — 2 $ — $ 118 $ — $ — $ 71 $ 2 There were no transfers between levels during the six months ended June 30, 2023.

FINANCIAL ASSETS

FINANCIAL ASSETS	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
FINANCIAL ASSETS	FINANCIAL ASSETS (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Restricted cash $ 45 $ 44 Derivative assets 38 34 Loans and notes receivable 32 2 Total current $ 115 $ 80 Non-current Restricted cash $ 218 $ 215 Derivative assets 222 180 Loans and notes receivable 65 8 Other financial assets 16 14 Total non-current $ 521 $ 417

EXCHANGEABLE SHARES, CLASS B SH

EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES	6 Months Ended
	Jun. 30, 2023
Equity [abstract]
EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES	EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES The exchangeable shares and the class B shares are classified as liabilities due to their exchangeable and cash redemption features. Upon issuance, the exchangeable shares and the class B shares were recognized at their fair value. Subsequent to initial recognition, the exchangeable shares and the class B shares are recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one LP Unit. During the six months ended June 30, 2023, there were 622 exchangeable shares exchanged for LP Units ( June 30, 2022: 50,825). As at June 30, 2023, the exchangeable shares and the class B shares were remeasured to reflect the closing price of one LP Unit, which was $17.23 per unit. Remeasurement gains or losses associated with the exchangeable shares and class B shares are recorded in remeasurement of exchangeable and class B shares in the unaudited interim condensed consolidated statements of operating results. During the six months ended June 30, 2023 $9 million of dividends (June 30, 2022: $5 million of dividends) were declared on the outstanding exchangeable shares of the company and included in interest income (expense), net in the unaudited interim condensed consolidated statements of operating results. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses: (US$ MILLIONS, except as noted) Exchangeable shares outstanding (Shares) Class B shares outstanding (Shares) Exchangeable shares and class B shares Balance as at January 1, 2023 72,955,585 1 $ 1,237 Shares exchanged to LP Units (622) — — Remeasurement (gains) losses — — 20 Balance as at June 30, 2023 72,954,963 1 $ 1,257 Similar to the exchangeable shares and class B shares, the class C shares are classified as liabilities due to their cash redemption feature. However, the class C shares, the most subordinated class of all the company’s classes of common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 21 for further details related to class C shares. The following table provides a continuity of the company’s outstanding equity for the six-month period ended June 30, 2023: Class C shares (US$ MILLIONS, except as noted) Shares outstanding (Shares) Share capital Balance as at January 1, 2023 25,934,121 $ 737 Balance as at June 30, 2023 25,934,121 $ 737 In connection with the special distribution, the company issued approximately 73 million exchangeable shares, 1 class B share and approximately 26 million class C shares. Due to the exchange feature of the exchangeable shares and the cash redemption feature of the class B and class C shares, the exchangeable shares, the class B shares, and the class C shares are classified as financial liabilities. However, the class C shares, the most subordinated of all of the company’s classes of common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 6 for further details related to the exchangeable shares and the class B shares. The value of share capital, which relates to the class C shares, was determined to be $28.41 based on the opening price of an LP Unit on March 15, 2022, the date of the special distribution.

ACCOUNTS AND OTHER RECEIVABLE,

ACCOUNTS AND OTHER RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS AND OTHER RECEIVABLE, NET	ACCOUNTS AND OTHER RECEIVABLE, NET (US$ MILLIONS) June 30, 2023 December 31, 2022 Current, net $ 2,016 $ 2,303 Non-current, net Accounts receivable 120 137 Retainer on customer contract 84 70 Billing rights 763 681 Total non-current, net $ 967 $ 888 Total $ 2,983 $ 3,191 Non-current billing rights represent unbilled rights from the company’s water and wastewater operations in Brazil from revenues earned from the construction on 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 company’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 the current accounts and other receivable, net as at June 30, 2023 was $145 million (December 31, 2022: $142 million).

INVENTORY, NET

INVENTORY, NET	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
INVENTORY, NET	INVENTORY, NET (US$ MILLIONS) June 30, 2023 December 31, 2022 Raw materials and consumables $ 269 $ 270 Work in progress 161 155 Finished goods and other 276 210 Carrying amount of inventories $ 706 $ 635

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2023
Disposals Of Non-current Assets [Abstract]
DISPOSITIONS	DISPOSITIONS (a) Dispositions completed in the six months ended June 30, 2023 Business Services - Dealer software and technology services operations On May 1, 2023, the company’s dealer software and technology services operations completed the sale of its non-core division servicing the heavy equipment sector for consideration of approximately $490 million, resulting in a gain of $87 million recorded in the unaudited interim condensed consolidated statements of operating results, included in gain (loss) on acquisitions/dispositions, net. Infrastructure Services - Power delivery business During February 2023, th e company’s nuclear technology services operations completed the sale of its power delivery business for gross proceeds of approximately $275 million , resulting in a gain of $14 million recorded in the unaudited interim condensed consolidated statements of operating results, included in gain (loss) on acquisitions/dispositions, net. (b) Dispositions completed in the six months ended June 30, 2022 For the six- month period ended June 30, 2022, the company did not recognize any gains or losses on dispositions.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
OTHER ASSETS	OTHER ASSETS (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Work in progress (1) $ 513 $ 435 Prepayments and other assets 490 391 Assets held for sale 9 300 Total current $ 1,012 $ 1,126 Non-current Prepayments and other assets $ 395 $ 340 Total non-current $ 395 $ 340 ____________________________________ (1) See Note 16 for additional information.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The following table presents the change in the balance of property, plant and equipment for the six -month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Gross carrying amount Balance at beginning of period $ 4,810 $ 4,820 Additions (cash and non-cash) 230 386 Dispositions (65) (57) Acquisitions through business combinations (1) — 152 Assets reclassified as held for sale — (79) Foreign currency translation and other (43) (412) Balance at end of period $ 4,932 $ 4,810 Accumulated depreciation and impairment Balance at beginning of period $ (1,045) $ (784) Depreciation and impairment expense (172) (346) Dispositions 30 36 Assets reclassified as held for sale — 7 Foreign currency translation and other 5 42 Balance at end of period $ (1,182) $ (1,045) Net book value (2) $ 3,750 $ 3,765 ____________________________________ (1) See Note 3 for additional information. (2) Includes right-of-use assets of $426 million as at June 30, 2023 (December 31, 2022: $418 million).

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table presents the change in the balance of intangible assets for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Gross carrying amount Balance at beginning of period $ 10,693 $ 5,087 Additions 217 439 Dispositions (335) (1) Acquisitions through business combinations (1) — 5,217 Assets reclassified as held for sale — (159) Foreign currency translation 257 110 Balance at end of period $ 10,832 $ 10,693 Accumulated amortization Balance at beginning of period $ (1,398) $ (861) Amortization and impairment expense (384) (561) Dispositions 78 2 Assets reclassified as held for sale — 29 Foreign currency translation (46) (7) Balance at end of period $ (1,750) $ (1,398) Net book value $ 9,082 $ 9,295 ____________________________________ (1) See Note 3 for additional information. In connection with the company’s acquisition of CDK Global, the company acquired customer relationship intangible assets which pertain to strong and continuing relationships with many of the company’s customers which contribute to the revenues and cash flows generated by the company’s respective operations. These customer relationships were valued at the date of acquisition using a multi-period excess earnings approach. The customer relationship intangible assets acquired in connection with the CDK Global acquisition have a carrying value of $3.4 billion at June 30, 2023 and a remaining useful life of 14 years.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
GOODWILL	GOODWILL The following table presents the change in the balance of goodwill for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Balance at beginning of period $ 6,914 $ 2,216 Acquisitions through business combinations (1) — 4,836 Dispositions (142) — Assets reclassified as held for sale — (11) Foreign currency translation (60) (127) Balance at end of period $ 6,712 $ 6,914 ____________________________________ (1) See Note 3 for additional information.

EQUITY ACCOUNTED INVESTMENTS

EQUITY ACCOUNTED INVESTMENTS	6 Months Ended
	Jun. 30, 2023
Interests In Other Entities [Abstract]
EQUITY ACCOUNTED INVESTMENTS	EQUITY ACCOUNTED INVESTMENTS The following table presents the change in the balance of equity accounted investments for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Balance at beginning of period $ 251 $ 70 Acquisitions through business combinations — 184 Share of net income (loss) — 13 Distributions received (9) (16) Foreign currency translation 7 — Balance at end of period $ 249 $ 251

ACCOUNTS PAYABLE AND OTHER

ACCOUNTS PAYABLE AND OTHER	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
ACCOUNTS PAYABLE AND OTHER	ACCOUNTS PAYABLE AND OTHER (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Accounts payable $ 1,227 $ 1,253 Accrued and other liabilities (1) 868 805 Lease liabilities 75 76 Financial liabilities (2) 135 145 Work in progress (3) 1,313 1,175 Provisions and decommissioning liabilities 591 609 Liabilities associated with assets held for sale 5 42 Loan payable to Brookfield Business Partners — 228 Total current $ 4,214 $ 4,333 Non-current Accounts payable $ 90 $ 84 Accrued and other liabilities (1) 628 573 Lease liabilities 422 423 Financial liabilities (2) 1,502 1,694 Work in progress (3) 50 49 Provisions and decommissioning liabilities 487 483 Total non-current $ 3,179 $ 3,306 ____________________________________ (1) Includes post-employment benefits of $391 million ($9 million current and $382 million non-current) as at June 30, 2023, and $385 million ($14 million current and $371 million non-current) as at December 31, 2022. (2) Includes financial liabilities of $1,429 million ($64 million current and $1,365 million non-current) as at June 30, 2023, and $1,673 million ($74 million current and $1,599 million non-current) as at December 31, 2022 related to a failed sale and leaseback of hospitals. During the quarter, a gain of $208 million was recognized in other income (expense), net in the unaudited interim condensed statement of operating results for the three months ended June 30, 2023 from the extinguishment of a liability related to leased hospitals. During the period the company entered into a new failed sale leaseback arrangement with a different counterparty for the same hospitals.

CONTRACTS IN PROGRESS

CONTRACTS IN PROGRESS	6 Months Ended
	Jun. 30, 2023
Construction Contracts [Abstract]
CONTRACTS IN PROGRESS	CONTRACTS IN PROGRESS (US$ MILLIONS) June 30, 2023 December 31, 2022 Contract costs incurred to date $ 21,064 $ 21,014 Profit recognized to date (less recognized losses) 2,086 2,044 $ 23,150 $ 23,058 Less: progress billings (24,000) (23,847) Contract work in progress (liability) $ (850) $ (789) Comprising: Amounts due from customers – work in progress $ 513 $ 435 Amounts due to customers – creditors (1,363) (1,224) Net work in progress $ (850) $ (789)

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
BORROWINGS	BORROWINGS Current and non-current non-recourse borrowings in subsidiaries of the company as at June 30, 2023, net of deferred financing costs, premiums and discounts were $1,429 million and $11,742 million (December 31, 2022: $415 million and $12,498 million). Non-recourse borrowings in subsidiaries of the company include borrowings made under subscription facilities of Brookfield-sponsored private equity funds. The company 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 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 company’s operations are currently in compliance with all covenant requirements, and the company continues to work with its subsidiaries to monitor performance against such covenant requirements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2023
Disclosure of analysis of other comprehensive income by item [abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Attributable to Brookfield Business Partners The following tables present the changes in accumulated other comprehensive income (loss) reserves attributable to Brookfield Business Partners for the six-month period ended June 30, 2023 and 2022: (US$ MILLIONS) Foreign currency Other (1) Accumulated other Balance as at January 1, 2023 $ (466) $ 131 $ (335) Other comprehensive income (loss) 13 (5) 8 Balance as at June 30, 2023 $ (453) $ 126 $ (327) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency Other (1) Accumulated other Balance as at January 1, 2022 $ (440) $ 32 $ (408) Other comprehensive income (loss) (18) 64 46 Balance as at June 30, 2022 $ (458) $ 96 $ (362) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves.

DIRECT OPERATING COSTS

DIRECT OPERATING COSTS	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
DIRECT OPERATING COSTS	DIRECT OPERATING COSTS The company 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 company are disclosed in Note 22. Key decision makers of the company are all employees of the ultimate parent company or its subsidiaries, which provide 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 three and six-month periods ended June 30, 2023 and 2022: Three Months Ended Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Inventory costs $ 270 $ 254 $ 639 $ 501 Subcontractor and consultant costs 677 736 1,298 1,417 Concession construction materials and labor costs 85 81 160 160 Depreciation and amortization expense 272 156 554 305 Compensation 967 679 1,880 1,305 Other direct costs 295 204 586 447 Total $ 2,566 $ 2,110 $ 5,117 $ 4,135 Other direct costs include freight, cost of construction expensed and expected credit loss provisions on financial assets.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2023
Revenue [abstract]
REVENUES	REVENUES (a) Revenues by type The following table summarizes the company’s revenues by type of revenue for the three and six-month periods ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Revenues by type Revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549 Other revenues 1 — 1 20 Total revenues $ 2,914 $ 2,318 $ 5,835 $ 4,569 (b) Timing of recognition of revenues from contracts with customers The following table summarizes the company ’s revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six-month periods ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Timing of revenue recognition Goods and services provided at a point in time $ 989 $ 944 $ 2,099 $ 1,860 Services transferred over a period of time 1,924 1,374 3,735 2,689 Total revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549 (c) Revenues by geography The following table summarizes the company ’s revenues by geography for revenues from contracts with customers for the three and six-month period ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 United Kingdom $ 301 $ 216 $ 535 $ 422 United States of America 1,064 371 2,197 816 Europe 233 238 452 453 Australia 928 1,093 1,874 2,134 Canada 81 45 154 83 Brazil 245 225 469 431 Other 61 130 153 210 Total revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549 Other revenues 1 — 1 20 Total revenues $ 2,914 $ 2,318 $ 5,835 $ 4,569

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves and Other Equity Interest [Abstract]
EQUITY	EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES The exchangeable shares and the class B shares are classified as liabilities due to their exchangeable and cash redemption features. Upon issuance, the exchangeable shares and the class B shares were recognized at their fair value. Subsequent to initial recognition, the exchangeable shares and the class B shares are recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one LP Unit. During the six months ended June 30, 2023, there were 622 exchangeable shares exchanged for LP Units ( June 30, 2022: 50,825). As at June 30, 2023, the exchangeable shares and the class B shares were remeasured to reflect the closing price of one LP Unit, which was $17.23 per unit. Remeasurement gains or losses associated with the exchangeable shares and class B shares are recorded in remeasurement of exchangeable and class B shares in the unaudited interim condensed consolidated statements of operating results. During the six months ended June 30, 2023 $9 million of dividends (June 30, 2022: $5 million of dividends) were declared on the outstanding exchangeable shares of the company and included in interest income (expense), net in the unaudited interim condensed consolidated statements of operating results. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses: (US$ MILLIONS, except as noted) Exchangeable shares outstanding (Shares) Class B shares outstanding (Shares) Exchangeable shares and class B shares Balance as at January 1, 2023 72,955,585 1 $ 1,237 Shares exchanged to LP Units (622) — — Remeasurement (gains) losses — — 20 Balance as at June 30, 2023 72,954,963 1 $ 1,257 Similar to the exchangeable shares and class B shares, the class C shares are classified as liabilities due to their cash redemption feature. However, the class C shares, the most subordinated class of all the company’s classes of common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 21 for further details related to class C shares. The following table provides a continuity of the company’s outstanding equity for the six-month period ended June 30, 2023: Class C shares (US$ MILLIONS, except as noted) Shares outstanding (Shares) Share capital Balance as at January 1, 2023 25,934,121 $ 737 Balance as at June 30, 2023 25,934,121 $ 737 In connection with the special distribution, the company issued approximately 73 million exchangeable shares, 1 class B share and approximately 26 million class C shares. Due to the exchange feature of the exchangeable shares and the cash redemption feature of the class B and class C shares, the exchangeable shares, the class B shares, and the class C shares are classified as financial liabilities. However, the class C shares, the most subordinated of all of the company’s classes of common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 6 for further details related to the exchangeable shares and the class B shares. The value of share capital, which relates to the class C shares, was determined to be $28.41 based on the opening price of an LP Unit on March 15, 2022, the date of the special distribution.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In the normal course of operations, the company entered into the transactions below with related parties. The ultimate parent of the company is Brookfield Corporation. Other related parties of the company represent Brookfield Corporation’s subsidiaries and operating entities. Pursuant to the Master Services Agreement, on a quarterly basis, Brookfield Business Partners pays a base management fee, referred to as the Base Management Fee, to the Service Providers equal to 0.3125% per quarter (1.25% annually) of the total capitalization of Brookfield Business Partners. For purposes of calculating the Base Management Fee, the total capitalization of Brookfield Business Partners 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), plus the value of securities of the other service recipients (including the exchangeable shares) that are not held by Brookfield Business Partners, plus all outstanding debt with recourse to a service recipient, less all cash held by such entities. The company is responsible for paying its proportionate share of the total Base Management Fee in connection with the Master Services Agreement. The Base Management Fee attributable to the company for the three and six-month periods ended June 30, 2023 was $5 million and $9 million, respectively (June 30, 2022: $4 million and $5 million, respectively). The expense related to the services received under the Master Services Agreement has been recorded as part of general and administrative expenses in the unaudited interim condensed consolidated statements of operating results. An integral part of the company’s strategy is to participate with institutional investors in Brookfield-sponsored private equity funds that target acquisitions that suit the company’s investment mandate. In the normal course of business, the group and institutional investors have made commitments to Brookfield-sponsored private equity funds, and in connection therewith, the group, 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 group’s best interests. Brookfield has entered into indemnity agreements with the company related to certain projects that were in place prior to the creation of Brookfield Business Partners. Under these indemnity agreements, Brookfield has agreed to indemnify or refund the company, as appropriate, for the receipt of payments relating to such projects. Brookfield entered into an agreement to subscribe for up to $1.5 billion of 6% perpetual preferred equity securities of subsidiaries of the partnership (including subsidiaries of the company). As at June 30, 2023, the amount subscribed from the company was $nil (December 31, 2022: $nil) and the amount subscribed from Brookfield Business Partners was $1,475 million (December 31, 2022: $1,475 million). Brookfield will have the right to cause the company or Brookfield Business Partners to redeem the preferred securities at par plus accrued and unpaid dividends to the extent of any net proceeds received by the company or Brookfield Business Partners from the issuance of equity, incurrence of indebtedness or sale of assets. Brookfield has the right to waive its redemption option. As discussed in Note 1(b), prior to the special distribution, the company entered into two credit agreements with Brookfield Business Partners, one as borrower and one as lender, each providing for a 10-year revolving $1 billion credit facility to facilitate the movement of cash within the group. The credit facility permits the company to borrow up to $1 billion from Brookfield Business Partners and the other permits Brookfield Business Partners to borrow up to $1 billion from the company. Each credit facility contemplates potential deposit arrangements pursuant to which the lender thereunder would, with the consent of the borrower, deposit funds on a demand basis. As at June 30, 2023, the amount outstanding on deposit is $12 million receivable from Brookfield Business Partners included in accounts and other receivable, net (December 31, 2022: $25 million). In connection with the special distribution, Brookfield Business Partners provided the company an equity commitment in the amount of $2 billion. The equity commitment may be called by the company in exchange for the issuance of a number of class C shares or preferred shares, as the case may be, to Brookfield Business Partners, corresponding to the amount of the equity commitment called divided (i) in the case of a subscription for class C shares, by the volume-weighted average of the trading price for one exchangeable share on the principal stock exchange on which the exchangeable shares are listed for the five (5) days immediately preceding the date of the call, and (ii) in the case of a subscription for preferred shares, by $25.00 per share. The equity commitment will be available in minimum amounts of $10 million and the amount available under the equity commitment will be reduced permanently by the amount so called. Before funds may be called on the equity commitment, a number of conditions precedent must be met, including that Brookfield Business Partners continues to control the company and has the ability to elect a majority of the Board of Directors. From time to time, Brookfield may place funds on deposit with Brookfield Business Partners and the company, on terms approved by the independent directors of the company. Interest earned or incurred on such deposits is at market terms. As at June 30, 2023, the net deposit from Brookfield was $nil (December 31, 2022: $nil) and the company incurred interest expense of $nil and $nil for the three and six months ended June 30, 2023 on these deposits (June 30, 2022: $nil and $nil). A wholly-owned subsidiary of the company fully and unconditionally guaranteed the obligations of Brookfield Business Partners under Brookfield Business Partners’ $2.3 billion bilateral credit facilities with global banks and its $1 billion revolving acquisition credit facility with Brookfield. Inclusive of those described above, the following table summarizes the transactions the company has entered into with related parties and balances the company has entered into for the three and six-month periods ended June 30, 2023 and 2022: Three Months Ended Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Transactions during the period Revenues (1) $ 6 $ 53 $ 53 $ 124 Interest income 3 — 11 — ____________________________________ (1) The company provides construction services to affiliates of Brookfield. (US$ MILLIONS) June 30, 2023 December 31, 2022 Balances at end of period: Accounts and other receivable, net $ 202 $ 602 Accounts payable and other 35 269 Non-recourse borrowings in subsidiaries of the company 44 —

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS The company’s activities expose it to a variety of financial risks, including market risk (currency risk and interest rate risk) and liquidity risk. The company and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2023
Cash Flow Statement [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended (US$ MILLIONS) 2023 2022 Net interest paid (received) $ 467 $ 196 Net income taxes paid (received) 70 34 Amounts paid and received for interest were reflected as operating cash flows in the unaudited interim condensed consolidated statements of cash flow. Details of “ Changes in non-cash working capital, net ” on the unaudited interim condensed consolidated statements of cash flow are as follows: Six Months Ended (US$ MILLIONS) 2023 2022 Accounts receivable $ (104) $ 135 Inventory (73) (57) Prepayments and other (195) (5) Accounts payable and other 58 (201) Changes in non-cash working capital, net $ (314) $ (128)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Events After Reporting Period [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS (a) Distribution On August 3, 2023, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per exchangeable share, payable on September 29, 2023 to shareholders of record as at the close of business on August 31, 2023.

MATERIAL ACCOUNTING POLICY IN_2

MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	6 Months Ended
	Jun. 30, 2023
Corporate information and statement of IFRS compliance [abstract]
Earnings per share	Earnings per ShareThe company’s basic and diluted earnings per share have not been presented in the unaudited interim condensed consolidated financial statements. As outlined in Note 6, exchangeable shares and class B shares are classified as financial liabilities, while class C shares are classified as financial liabilities but presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. As each share classification represents a financial liability, they do not constitute ordinary shares.
New accounting policies adopted	New accounting policies adopted The company has applied certain new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2023. (i) Amendments to IAS 12 Income taxes (“IAS 12”) In May 2021, IAS 12 was amended to 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 company adopted this amendment for the fiscal period beginning January 1, 2023 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. In May 2023, IAS 12 was amended to clarify requirements relating to International Tax Reform - Pillar Two model rules. The amendments (i) introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules published by the Organization for Economic Co-operation and Development (“OECD”) and (ii) require additional disclosures. The amendments became effective immediately upon their issue and retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The company adopted this amendment for the fiscal period beginning January 1, 2023 and has elected to apply the temporary exception to the accounting requirements for deferred taxes related to Pillar Two income taxes. The adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. (ii) Amendments to IAS 1 Presentation of financial statements (“IAS 1”) The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. The company adopted these amendments on January 1, 2023 and the adoption did not have a material impact on the company’s unaudited interim condensed consolidated financial statements.
Future changes in accounting policies	Future changes in accounting policies (i) 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 company is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with expected material impacts on the company.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement [Abstract]
Financial assets classification	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Restricted cash $ 45 $ 44 Derivative assets 38 34 Loans and notes receivable 32 2 Total current $ 115 $ 80 Non-current Restricted cash $ 218 $ 215 Derivative assets 222 180 Loans and notes receivable 65 8 Other financial assets 16 14 Total non-current $ 521 $ 417 (US$ MILLIONS) June 30, 2023 December 31, 2022 Current, net $ 2,016 $ 2,303 Non-current, net Accounts receivable 120 137 Retainer on customer contract 84 70 Billing rights 763 681 Total non-current, net $ 967 $ 888 Total $ 2,983 $ 3,191 The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)
Financial liabilities classification	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)
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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Derivative assets $ — $ 260 $ — $ — $ 214 $ — Other financial assets 16 — — 14 — — $ 16 $ 260 $ — $ 14 $ 214 $ — Financial liabilities Derivative liabilities $ — $ 118 $ — $ — $ 71 $ — Other financial liabilities — — — — — 2 $ — $ 118 $ — $ — $ 71 $ 2
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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Derivative assets $ — $ 260 $ — $ — $ 214 $ — Other financial assets 16 — — 14 — — $ 16 $ 260 $ — $ 14 $ 214 $ — Financial liabilities Derivative liabilities $ — $ 118 $ — $ — $ 71 $ — Other financial liabilities — — — — — 2 $ — $ 118 $ — $ — $ 71 $ 2

FINANCIAL ASSETS (Tables)

FINANCIAL ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Disclosure of financial assets	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Restricted cash $ 45 $ 44 Derivative assets 38 34 Loans and notes receivable 32 2 Total current $ 115 $ 80 Non-current Restricted cash $ 218 $ 215 Derivative assets 222 180 Loans and notes receivable 65 8 Other financial assets 16 14 Total non-current $ 521 $ 417 (US$ MILLIONS) June 30, 2023 December 31, 2022 Current, net $ 2,016 $ 2,303 Non-current, net Accounts receivable 120 137 Retainer on customer contract 84 70 Billing rights 763 681 Total non-current, net $ 967 $ 888 Total $ 2,983 $ 3,191 The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)

EXCHANGEABLE SHARES, CLASS B _2

EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [abstract]
Disclosure of outstanding common equity	The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses: (US$ MILLIONS, except as noted) Exchangeable shares outstanding (Shares) Class B shares outstanding (Shares) Exchangeable shares and class B shares Balance as at January 1, 2023 72,955,585 1 $ 1,237 Shares exchanged to LP Units (622) — — Remeasurement (gains) losses — — 20 Balance as at June 30, 2023 72,954,963 1 $ 1,257 The following table provides a continuity of the company’s outstanding equity for the six-month period ended June 30, 2023: Class C shares (US$ MILLIONS, except as noted) Shares outstanding (Shares) Share capital Balance as at January 1, 2023 25,934,121 $ 737 Balance as at June 30, 2023 25,934,121 $ 737

ACCOUNTS AND OTHER RECEIVABLE_2

ACCOUNTS AND OTHER RECEIVABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of accounts and other receivables, net	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Restricted cash $ 45 $ 44 Derivative assets 38 34 Loans and notes receivable 32 2 Total current $ 115 $ 80 Non-current Restricted cash $ 218 $ 215 Derivative assets 222 180 Loans and notes receivable 65 8 Other financial assets 16 14 Total non-current $ 521 $ 417 (US$ MILLIONS) June 30, 2023 December 31, 2022 Current, net $ 2,016 $ 2,303 Non-current, net Accounts receivable 120 137 Retainer on customer contract 84 70 Billing rights 763 681 Total non-current, net $ 967 $ 888 Total $ 2,983 $ 3,191 The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)

INVENTORY, NET (Tables)

INVENTORY, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
Disclosure of inventories	(US$ MILLIONS) June 30, 2023 December 31, 2022 Raw materials and consumables $ 269 $ 270 Work in progress 161 155 Finished goods and other 276 210 Carrying amount of inventories $ 706 $ 635

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of Other Assets	(US$ MILLIONS) June 30, 2023 December 31, 2022 Current Work in progress (1) $ 513 $ 435 Prepayments and other assets 490 391 Assets held for sale 9 300 Total current $ 1,012 $ 1,126 Non-current Prepayments and other assets $ 395 $ 340 Total non-current $ 395 $ 340 ____________________________________ (1) See Note 16 for additional information.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2023
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	(US$ MILLIONS) June 30, 2023 December 31, 2022 Gross carrying amount Balance at beginning of period $ 4,810 $ 4,820 Additions (cash and non-cash) 230 386 Dispositions (65) (57) Acquisitions through business combinations (1) — 152 Assets reclassified as held for sale — (79) Foreign currency translation and other (43) (412) Balance at end of period $ 4,932 $ 4,810 Accumulated depreciation and impairment Balance at beginning of period $ (1,045) $ (784) Depreciation and impairment expense (172) (346) Dispositions 30 36 Assets reclassified as held for sale — 7 Foreign currency translation and other 5 42 Balance at end of period $ (1,182) $ (1,045) Net book value (2) $ 3,750 $ 3,765 ____________________________________ (1) See Note 3 for additional information. (2) Includes right-of-use assets of $426 million as at June 30, 2023 (December 31, 2022: $418 million).

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets	The following table presents the change in the balance of intangible assets for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Gross carrying amount Balance at beginning of period $ 10,693 $ 5,087 Additions 217 439 Dispositions (335) (1) Acquisitions through business combinations (1) — 5,217 Assets reclassified as held for sale — (159) Foreign currency translation 257 110 Balance at end of period $ 10,832 $ 10,693 Accumulated amortization Balance at beginning of period $ (1,398) $ (861) Amortization and impairment expense (384) (561) Dispositions 78 2 Assets reclassified as held for sale — 29 Foreign currency translation (46) (7) Balance at end of period $ (1,750) $ (1,398) Net book value $ 9,082 $ 9,295 ____________________________________ (1) See Note 3 for additional information. The following table presents the change in the balance of goodwill for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Balance at beginning of period $ 6,914 $ 2,216 Acquisitions through business combinations (1) — 4,836 Dispositions (142) — Assets reclassified as held for sale — (11) Foreign currency translation (60) (127) Balance at end of period $ 6,712 $ 6,914 ____________________________________ (1) See Note 3 for additional information.

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in goodwill	The following table presents the change in the balance of intangible assets for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Gross carrying amount Balance at beginning of period $ 10,693 $ 5,087 Additions 217 439 Dispositions (335) (1) Acquisitions through business combinations (1) — 5,217 Assets reclassified as held for sale — (159) Foreign currency translation 257 110 Balance at end of period $ 10,832 $ 10,693 Accumulated amortization Balance at beginning of period $ (1,398) $ (861) Amortization and impairment expense (384) (561) Dispositions 78 2 Assets reclassified as held for sale — 29 Foreign currency translation (46) (7) Balance at end of period $ (1,750) $ (1,398) Net book value $ 9,082 $ 9,295 ____________________________________ (1) See Note 3 for additional information. The following table presents the change in the balance of goodwill for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Balance at beginning of period $ 6,914 $ 2,216 Acquisitions through business combinations (1) — 4,836 Dispositions (142) — Assets reclassified as held for sale — (11) Foreign currency translation (60) (127) Balance at end of period $ 6,712 $ 6,914 ____________________________________ (1) See Note 3 for additional information.

EQUITY ACCOUNTED INVESTMENTS (T

EQUITY ACCOUNTED INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Interests In Other Entities [Abstract]
Disclosure of change in equity investments	The following table presents the change in the balance of equity accounted investments for the six-month period ended June 30, 2023 and the twelve-month period ended December 31, 2022: (US$ MILLIONS) June 30, 2023 December 31, 2022 Balance at beginning of period $ 251 $ 70 Acquisitions through business combinations — 184 Share of net income (loss) — 13 Distributions received (9) (16) Foreign currency translation 7 — Balance at end of period $ 249 $ 251

ACCOUNTS PAYABLE AND OTHER (Tab

ACCOUNTS PAYABLE AND OTHER (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of accounts payable and other	(US$ MILLIONS) June 30, 2023 December 31, 2022 Current Accounts payable $ 1,227 $ 1,253 Accrued and other liabilities (1) 868 805 Lease liabilities 75 76 Financial liabilities (2) 135 145 Work in progress (3) 1,313 1,175 Provisions and decommissioning liabilities 591 609 Liabilities associated with assets held for sale 5 42 Loan payable to Brookfield Business Partners — 228 Total current $ 4,214 $ 4,333 Non-current Accounts payable $ 90 $ 84 Accrued and other liabilities (1) 628 573 Lease liabilities 422 423 Financial liabilities (2) 1,502 1,694 Work in progress (3) 50 49 Provisions and decommissioning liabilities 487 483 Total non-current $ 3,179 $ 3,306 ____________________________________ (1) Includes post-employment benefits of $391 million ($9 million current and $382 million non-current) as at June 30, 2023, and $385 million ($14 million current and $371 million non-current) as at December 31, 2022. (2) Includes financial liabilities of $1,429 million ($64 million current and $1,365 million non-current) as at June 30, 2023, and $1,673 million ($74 million current and $1,599 million non-current) as at December 31, 2022 related to a failed sale and leaseback of hospitals. During the quarter, a gain of $208 million was recognized in other income (expense), net in the unaudited interim condensed statement of operating results for the three months ended June 30, 2023 from the extinguishment of a liability related to leased hospitals. During the period the company entered into a new failed sale leaseback arrangement with a different counterparty for the same hospitals.

CONTRACTS IN PROGRESS (Tables)

CONTRACTS IN PROGRESS (Tables)	6 Months Ended
	Jun. 30, 2023
Construction Contracts [Abstract]
Disclosure of contracts in progress	(US$ MILLIONS) June 30, 2023 December 31, 2022 Contract costs incurred to date $ 21,064 $ 21,014 Profit recognized to date (less recognized losses) 2,086 2,044 $ 23,150 $ 23,058 Less: progress billings (24,000) (23,847) Contract work in progress (liability) $ (850) $ (789) Comprising: Amounts due from customers – work in progress $ 513 $ 435 Amounts due to customers – creditors (1,363) (1,224) Net work in progress $ (850) $ (789)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of analysis of other comprehensive income by item [abstract]
Disclosure of accumulated other comprehensive income (loss)	(US$ MILLIONS) Foreign currency Other (1) Accumulated other Balance as at January 1, 2023 $ (466) $ 131 $ (335) Other comprehensive income (loss) 13 (5) 8 Balance as at June 30, 2023 $ (453) $ 126 $ (327) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency Other (1) Accumulated other Balance as at January 1, 2022 $ (440) $ 32 $ (408) Other comprehensive income (loss) (18) 64 46 Balance as at June 30, 2022 $ (458) $ 96 $ (362) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves.

DIRECT OPERATING COSTS (Tables)

DIRECT OPERATING COSTS (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Disclosure of direct operating costs	The following table presents direct operating costs by nature for the three and six-month periods ended June 30, 2023 and 2022: Three Months Ended Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Inventory costs $ 270 $ 254 $ 639 $ 501 Subcontractor and consultant costs 677 736 1,298 1,417 Concession construction materials and labor costs 85 81 160 160 Depreciation and amortization expense 272 156 554 305 Compensation 967 679 1,880 1,305 Other direct costs 295 204 586 447 Total $ 2,566 $ 2,110 $ 5,117 $ 4,135

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue [abstract]
Disclosure of segment revenue by type	The following table summarizes the company’s revenues by type of revenue for the three and six-month periods ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Revenues by type Revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549 Other revenues 1 — 1 20 Total revenues $ 2,914 $ 2,318 $ 5,835 $ 4,569
Disclosure of segment revenue by timing of revenue recognition for revenue from contracts with customers	The following table summarizes the company ’s revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six-month periods ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Timing of revenue recognition Goods and services provided at a point in time $ 989 $ 944 $ 2,099 $ 1,860 Services transferred over a period of time 1,924 1,374 3,735 2,689 Total revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549
Disclosure of revenues by geographical areas	The following table summarizes the company ’s revenues by geography for revenues from contracts with customers for the three and six-month period ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 United Kingdom $ 301 $ 216 $ 535 $ 422 United States of America 1,064 371 2,197 816 Europe 233 238 452 453 Australia 928 1,093 1,874 2,134 Canada 81 45 154 83 Brazil 245 225 469 431 Other 61 130 153 210 Total revenues from contracts with customers $ 2,913 $ 2,318 $ 5,834 $ 4,549 Other revenues 1 — 1 20 Total revenues $ 2,914 $ 2,318 $ 5,835 $ 4,569

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves and Other Equity Interest [Abstract]
Disclosure of outstanding common equity	The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses: (US$ MILLIONS, except as noted) Exchangeable shares outstanding (Shares) Class B shares outstanding (Shares) Exchangeable shares and class B shares Balance as at January 1, 2023 72,955,585 1 $ 1,237 Shares exchanged to LP Units (622) — — Remeasurement (gains) losses — — 20 Balance as at June 30, 2023 72,954,963 1 $ 1,257 The following table provides a continuity of the company’s outstanding equity for the six-month period ended June 30, 2023: Class C shares (US$ MILLIONS, except as noted) Shares outstanding (Shares) Share capital Balance as at January 1, 2023 25,934,121 $ 737 Balance as at June 30, 2023 25,934,121 $ 737

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party [Abstract]
Disclosure of transactions between related parties	following table summarizes the transactions the company has entered into with related parties and balances the company has entered into for the three and six-month periods ended June 30, 2023 and 2022: Three Months Ended Six Months Ended (US$ MILLIONS) 2023 2022 2023 2022 Transactions during the period Revenues (1) $ 6 $ 53 $ 53 $ 124 Interest income 3 — 11 — ____________________________________ (1) The company provides construction services to affiliates of Brookfield. (US$ MILLIONS) June 30, 2023 December 31, 2022 Balances at end of period: Accounts and other receivable, net $ 202 $ 602 Accounts payable and other 35 269 Non-recourse borrowings in subsidiaries of the company 44 —

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Disclosure of financial assets	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. (US$ MILLIONS) June 30, 2023 December 31, 2022 Current Restricted cash $ 45 $ 44 Derivative assets 38 34 Loans and notes receivable 32 2 Total current $ 115 $ 80 Non-current Restricted cash $ 218 $ 215 Derivative assets 222 180 Loans and notes receivable 65 8 Other financial assets 16 14 Total non-current $ 521 $ 417 (US$ MILLIONS) June 30, 2023 December 31, 2022 Current, net $ 2,016 $ 2,303 Non-current, net Accounts receivable 120 137 Retainer on customer contract 84 70 Billing rights 763 681 Total non-current, net $ 967 $ 888 Total $ 2,983 $ 3,191 The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)
Disclosure of financial liabilities	The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2023: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 836 $ 836 Accounts and other receivable, net (current and non-current) — — 2,983 2,983 Other assets (current and non-current) (1) — — 513 513 Financial assets (current and non-current) (2) 16 260 360 636 Total $ 16 $ 260 $ 4,692 $ 4,968 Financial liabilities Accounts payable and other (current and non-current) (2) (3) $ 5 $ 113 $ 4,289 $ 4,407 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 13,171 13,171 Exchangeable and class B shares (4) — — 1,257 1,257 Total $ 5 $ 113 $ 18,717 $ 18,835 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $894 million. (2) FVOCI includes $260 million of derivative assets and $113 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,986 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information . The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 736 $ 736 Accounts and other receivable, net (current and non-current) — — 3,191 3,191 Other assets (current and non-current) (1) — — 435 435 Financial assets (current and non-current) (2) 20 208 269 497 Total (3) $ 20 $ 208 $ 4,631 $ 4,859 Financial liabilities Accounts payable and other (2) (3) $ 3 $ 70 $ 4,684 $ 4,757 Non-recourse borrowings in subsidiaries of the company (current and non-current) — — 12,913 12,913 Exchangeable and class B shares (4) — — 1,237 1,237 Total $ 3 $ 70 $ 18,834 $ 18,907 ____________________________________ (1) Excludes prepayments, assets held for sale and other non-financial assets of $1,031 million. (2) FVOCI includes $208 million of derivative assets and $70 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below. (3) Includes derivative liabilities and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and other liabilities of $2,882 million. (4) Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity instruments in accordance with IAS 32. See Note 21 for additional information. The aggregate fair values of the company’s derivative financial instruments are as follows: June 30, 2023 December 31, 2022 (US$ MILLIONS) Financial Assets Financial Liabilities Financial Assets Financial Liabilities Foreign exchange contracts $ 35 $ (111) $ 39 $ (59) Cross currency swaps — (7) 14 (12) Interest rate derivatives 225 — 161 — Total $ 260 $ (118) $ 214 $ (71) Total current $ 38 $ (36) $ 34 $ (26) Total non-current $ 222 $ (82) $ 180 $ (45)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Cash Flow Statement [Abstract]
Disclosure of interest and income taxes paid	Six Months Ended (US$ MILLIONS) 2023 2022 Net interest paid (received) $ 467 $ 196 Net income taxes paid (received) 70 34
Disclosure of changes in non-cash working capital	Details of “ Changes in non-cash working capital, net ” on the unaudited interim condensed consolidated statements of cash flow are as follows: Six Months Ended (US$ MILLIONS) 2023 2022 Accounts receivable $ (104) $ 135 Inventory (73) (57) Prepayments and other (195) (5) Accounts payable and other 58 (201) Changes in non-cash working capital, net $ (314) $ (128)

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF THE COMPANY (Details) $ / shares in Units, $ in Millions				4 Months Ended	6 Months Ended
	Mar. 15, 2022 USD ($) unit agreement $ / shares shares	Mar. 14, 2022 USD ($) shares	Nov. 29, 2021 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of classes of share capital [line items]
Common shares transferred (in shares) | shares			7,000,000
Repayment from Brookfield Business Partners				$ 271	$ 97	$ 271
Repayment of promissory note to subsidiary of the partnership		$ 50		$ 271	309	$ 478
Loan payable to Brookfield Business Partners			$ 1,900		$ 0		$ 228
Equity commitment amount	$ 2,000
Equity commitment, subscription of Class C Shares, days listed for exchangeable shares prior to call date	5 days
Equity commitment, subscription of preferred shares, price (in dollars per share) | $ / shares	$ 25
Equity commitment, minimum amount per tranche	$ 10
Bilateral credit facilities | Brookfield Business Partners
Disclosure of classes of share capital [line items]
Provision of related party guarantee by entity	2,300
Revolving acquisition credit facility | Brookfield Business Partners
Disclosure of classes of share capital [line items]
Provision of related party guarantee by entity	$ 1,000
Brookfield Business Partners L.P.
Disclosure of classes of share capital [line items]
Number of credit agreements entered into | agreement	2
Term of credit facility	10 years
Maximum borrowing capacity	$ 1,000
Brookfield Business Partners L.P. | Brookfield Business Corporation
Disclosure of classes of share capital [line items]
Percentage of voting interest	75%
Brookfield Business Partners L.P. | Brookfield Business Corporation
Disclosure of classes of share capital [line items]
Term of credit facility	10 years
Maximum borrowing capacity	$ 1,000
Shareholders, excluding Brookfield
Disclosure of classes of share capital [line items]
Proportion of voting rights held	9%
Brookfield
Disclosure of classes of share capital [line items]
Proportion of voting rights held	16%
Shareholders
Disclosure of classes of share capital [line items]
Proportion of voting rights held	25%
Brookfield and Brookfield Business Partners L.P.
Disclosure of classes of share capital [line items]
Proportion of voting rights held	91%
Exchangeable shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares		73,000,000
Number of partnership units issued upon conversion of shares (in units) | unit	1
Notice period for redemption of all outstanding shares	60 days
Exchangeable shares | Brookfield and its subsidiaries, other than entities within the group
Disclosure of classes of share capital [line items]
Number of shares distributed (in shares) | shares		35,000,000
Exchangeable shares | Brookfield Business Partners L.P.
Disclosure of classes of share capital [line items]
Number of shares distributed (in shares) | shares		38,000,000
Exchangeable shares | Brookfield Business Partners L.P.
Disclosure of classes of share capital [line items]
Number of shares received per two limited partnership units held (in shares) | shares	0.5
Exchangeable shares | Shareholders, excluding Brookfield
Disclosure of classes of share capital [line items]
Proportion of issued and outstanding shares held	35.30%
Exchangeable shares | Brookfield
Disclosure of classes of share capital [line items]
Proportion of issued and outstanding shares held	64.70%
Class C Shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares		26,000,000
Class B shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares		1

MATERIAL ACCOUNTING POLICY IN_3

MATERIAL ACCOUNTING POLICY INFORMATION (Details) - USD ($) shares in Millions, $ in Millions	Nov. 29, 2021	Jun. 30, 2023	Dec. 31, 2022
Corporate information and statement of IFRS compliance [abstract]
Loan payable to Brookfield Business Partners	$ 1,900	$ 0	$ 228
Common shares transferred (in shares)	7

ACQUISITION OF BUSINESSES (Deta

ACQUISITION OF BUSINESSES (Details) - USD ($) $ in Millions			6 Months Ended
	Jul. 06, 2022	May 27, 2022	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2022
Disclosure of detailed information about business combination [line items]
Goodwill			$ 6,712	$ 6,914
Customer Relationships
Disclosure of detailed information about business combination [line items]
Intangible assets recognized	$ 3,800
Intangible asset amortization periods	15 years		14 years
Developed Technology
Disclosure of detailed information about business combination [line items]
Intangible assets recognized	$ 700
Developed Technology | Maximum
Disclosure of detailed information about business combination [line items]
Intangible asset amortization periods	5 years
Developed Technology | Minimum
Disclosure of detailed information about business combination [line items]
Intangible asset amortization periods	3 years
Brand Names
Disclosure of detailed information about business combination [line items]
Intangible assets recognized	$ 300
Intangible asset amortization periods	15 years
BHI Energy
Disclosure of detailed information about business combination [line items]
Percentage of voting rights acquired		100%
Total consideration		$ 737
Intangible assets recognized		390
Transaction costs		$ 8
Percentage of economic interests acquired		100%
Goodwill recognized		$ 257
Goodwill expected to be deductible for tax purposes		68
Net other assets recognised		$ 90
Spanish Engineering and Outage Services Business
Disclosure of detailed information about business combination [line items]
Cash consideration					$ 23
CDK Global
Disclosure of detailed information about business combination [line items]
Percentage of voting rights acquired	100%
Total consideration	$ 8,300
Goodwill	4,600
Cash and cash equivalents recognized	301
Current assets recognised as of acquisition date	377
Trade and other payables recognised as of acquisition date	953
Deferred tax liabilities recognized	1,100
Other liabilities	361
Transaction costs	15
Non-controlling interest in acquiree recognised at acquisition date	$ 81

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Financial assets	$ 4,968	$ 4,859
Derivative financial assets	260	214
Disclosure of financial liabilities [line items]
Financial liabilities	18,835	18,907
Derivative financial liabilities	(118)	(71)
Cash flow hedges
Disclosure of financial assets [line items]
Derivative financial assets	260	208
Disclosure of financial liabilities [line items]
Derivative financial liabilities	77	42
FVOCI
Disclosure of financial liabilities [line items]
Financial liabilities	113	70
Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	18,717	18,834
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	5	3
Fair value through profit or loss | Cash flow hedges
Disclosure of financial liabilities [line items]
Derivative financial liabilities	113	70
FVTPL
Disclosure of financial assets [line items]
Financial assets	16	20
FVOCI
Disclosure of financial assets [line items]
Financial assets	260	208
FVOCI | Cash flow hedges
Disclosure of financial assets [line items]
Derivative financial assets	260	208
Amortized cost
Disclosure of financial assets [line items]
Financial assets	4,692	4,631
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	4,407	4,757
Accounts payable and other (current and non-current) | FVOCI
Disclosure of financial liabilities [line items]
Financial liabilities	113	70
Accounts payable and other (current and non-current) | Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	4,289	4,684
Accounts payable and other (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	5	3
Non-recourse borrowings in subsidiaries of the company (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	13,171	12,913
Non-recourse borrowings in subsidiaries of the company (current and non-current) | FVOCI
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Non-recourse borrowings in subsidiaries of the company (current and non-current) | Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	13,171	12,913
Non-recourse borrowings in subsidiaries of the company (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Exchangeable And Class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities	1,257	1,237
Exchangeable And Class B Shares | FVOCI
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Exchangeable And Class B Shares | Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	1,257	1,237
Exchangeable And Class B Shares | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Provisions, decommissioning liabilities, deferred revenue, work in progress and post-employment benefits
Disclosure of financial liabilities [line items]
Financial liabilities		2,882
Derivative financial liabilities	2,986
Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	836	736
Cash and cash equivalents | FVTPL
Disclosure of financial assets [line items]
Financial assets	0	0
Cash and cash equivalents | FVOCI
Disclosure of financial assets [line items]
Financial assets	0	0
Cash and cash equivalents | Amortized cost
Disclosure of financial assets [line items]
Financial assets	836	736
Accounts and other receivable, net (current and non-current)
Disclosure of financial assets [line items]
Financial assets	2,983	3,191
Accounts and other receivable, net (current and non-current) | FVTPL
Disclosure of financial assets [line items]
Financial assets	0	0
Accounts and other receivable, net (current and non-current) | FVOCI
Disclosure of financial assets [line items]
Financial assets	0	0
Accounts and other receivable, net (current and non-current) | Amortized cost
Disclosure of financial assets [line items]
Financial assets	2,983	3,191
Other assets (current and non-current)
Disclosure of financial assets [line items]
Financial assets	513	435
Other assets (current and non-current) | FVTPL
Disclosure of financial assets [line items]
Financial assets	0	0
Other assets (current and non-current) | FVOCI
Disclosure of financial assets [line items]
Financial assets	0	0
Other assets (current and non-current) | Amortized cost
Disclosure of financial assets [line items]
Financial assets	513	435
Financial assets (current and non-current)
Disclosure of financial assets [line items]
Financial assets	636	497
Financial assets (current and non-current) | FVTPL
Disclosure of financial assets [line items]
Financial assets	16	20
Financial assets (current and non-current) | FVOCI
Disclosure of financial assets [line items]
Financial assets	260	208
Financial assets (current and non-current) | Amortized cost
Disclosure of financial assets [line items]
Financial assets	360	269
Prepayments, assets held for sale and other non-financial assets
Disclosure of financial assets [line items]
Financial assets	$ 894	$ 1,031

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Cash	$ 482		$ 482		$ 522
Cash equivalents	354		354		214
Derivative financial assets	260		260		214
Derivative financial liabilities	(118)		(118)		(71)
Hedges of net investment in foreign operations
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	0		0		0
Derivative financial liabilities	36		36		28
Hedges of net investment in foreign operations | 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	(2)	$ 99	(13)	$ 87
Cash flow hedges
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	260		260		208
Derivative financial liabilities	77		77		42
Cash flow hedges | Fair value through profit or loss
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial liabilities	113		113		70
Cash flow hedges | 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	89	$ 42	38	$ 134
Derivative financial assets	$ 260		$ 260		$ 208

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	$ 18,835	$ 18,907
Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	16	14
Financial liabilities	0	0
Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	260	214
Financial liabilities	118	71
Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
Financial liabilities	0	2
Derivative assets/liabilities | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Derivative assets/liabilities | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	118	71
Derivative assets/liabilities | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Other financial liabilities | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Other financial liabilities | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Other financial liabilities | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	2
Derivative assets/liabilities | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
Derivative assets/liabilities | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	260	214
Derivative assets/liabilities | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
Other financial assets | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	16	14
Other financial assets | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
Other financial assets | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 0	$ 0

FINANCIAL ASSETS (Details)

FINANCIAL ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current
Restricted cash	$ 45	$ 44
Derivative assets	38	34
Loans and notes receivable	32	2
Total current	115	80
Non-current
Restricted cash	218	215
Derivative assets	222	180
Loans and notes receivable	65	8
Other financial assets	16	14
Total non-current	$ 521	$ 417

EXCHANGEABLE SHARES, CLASS B _3

EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES - Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares $ / shares	Jun. 30, 2022 shares
Number of classes of units	1
Par value per share (in USD per share) | $ / shares	$ 17.23
Distributions to exchangeable shareholders | $	$ 9
Exchangeable Shares
Shares exchanged to LP Units	622
Class B shares
Number of classes of units	1
Class B shares | Exchangeable Shares
Shares exchanged to LP Units	622	50,825

EXCHANGEABLE SHARES, CLASS B _4

EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES - Schedule of Units (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Exchangeable Shares
Beginning balance (in shares)	72,955,585
Shares exchanged to LP Units	(622)
Remeasurement (gains) losses (in shares)	0
Ending balance (in shares)	72,954,963
Class B shares
Beginning balance (in shares)	1
Shares exchanged to LP Units	0
Remeasurement (gains) losses (in shares)	0
Ending balance (in shares)	1
Exchangeable shares and class B Shares
Beginning balance | $	$ 1,237,000,000
Shares exchanged to LP Units | $	0
Remeasurement (gains) losses | $	20,000,000
Ending balance | $	$ 1,257,000,000

ACCOUNTS AND OTHER RECEIVABLE_3

ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Current, net	$ 2,016	$ 2,303
Non-current, net
Accounts receivable	120	137
Retainer on customer contract	84	70
Billing rights	763	681
Total non-current, net	967	888
Total	$ 2,983	$ 3,191

ACCOUNTS AND OTHER RECEIVABLE_4

ACCOUNTS AND OTHER RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Retention balance, current	$ 513	$ 435
Construction operations
Disclosure of financial assets [line items]
Retention balance, current	$ 145	$ 142

INVENTORY, NET (Details)

INVENTORY, NET (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Raw materials and consumables	$ 269	$ 270
Work in progress	161	155
Finished goods and other	276	210
Carrying amount of inventories	$ 706	$ 635

DISPOSITIONS (Details)

DISPOSITIONS (Details) - Disposal group, disposed of by sale, not discontinued operations - USD ($) $ in Millions		1 Months Ended
	May 01, 2023	Feb. 28, 2023
Business Services Segment
Disclosure of operating segments [line items]
Gross proceeds	$ 490
Gain on dispositions	$ 87
Infrastructure Services Segment
Disclosure of operating segments [line items]
Gross proceeds		$ 275
Gain on dispositions		$ 14

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current
Work in progress	$ 513	$ 435
Prepayments and other assets	490	391
Assets held for sale	9	300
Total current	1,012	1,126
Non-current
Prepayments and other assets	395	340
Total non-current	$ 395	$ 340

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	$ 3,765
Balance at end of period	3,750	$ 3,765
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	418
Balance at end of period	426	418
Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	4,810	4,820
Additions (cash and non-cash)	230	386
Dispositions	(65)	(57)
Acquisitions through business combinations	0	152
Assets reclassified as held for sale	0	(79)
Foreign currency translation and other	(43)	(412)
Balance at end of period	4,932	4,810
Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	(1,045)	(784)
Dispositions	30	36
Assets reclassified as held for sale	0	7
Depreciation and impairment expense	(172)	(346)
Foreign currency translation and other	5	42
Balance at end of period	$ (1,182)	$ (1,045)

INTANGIBLE ASSETS - Changes in

INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	$ 9,295
Balance at end of period	9,082	$ 9,295
Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	10,693	5,087
Additions	217	439
Dispositions	(335)	(1)
Acquisitions through business combinations	0	5,217
Assets reclassified as held for sale	0	(159)
Foreign currency translation	257	110
Balance at end of period	10,832	10,693
Accumulated depreciation and impairment
Reconciliation of changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	(1,398)	(861)
Dispositions	78	2
Assets reclassified as held for sale	0	29
Foreign currency translation	(46)	(7)
Amortization and impairment expense	(384)	(561)
Balance at end of period	$ (1,750)	$ (1,398)

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - Customer Relationships - USD ($) $ in Billions		6 Months Ended
	Jul. 06, 2022	Jun. 30, 2023
Disclosure of detailed information about intangible assets [line items]
Intangible asset amortization periods	15 years	14 years
CDK Global
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill		$ 3.4

GOODWILL (Details)

GOODWILL (Details) - Goodwill - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of period	$ 6,914	$ 2,216
Acquisitions through business combinations	0	4,836
Dispositions	(142)	0
Assets reclassified as held for sale	0	(11)
Foreign currency translation	(60)	(127)
Balance at end of period	$ 6,712	$ 6,914

EQUITY ACCOUNTED INVESTMENTS (D

EQUITY ACCOUNTED INVESTMENTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Interests In Other Entities [Abstract]
Balance at beginning of period			$ 251	$ 70	$ 70
Acquisitions through business combinations			0		184
Share of net income (loss)	$ 3	$ 2	0	$ 3	13
Distributions received			(9)		(16)
Foreign currency translation			7		0
Balance at end of period	$ 249		$ 249		$ 251

ACCOUNTS PAYABLE AND OTHER (Det

ACCOUNTS PAYABLE AND OTHER (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Nov. 29, 2021
Current
Accounts payable	$ 1,227	$ 1,253
Accrued and other liabilities	868	805
Lease liabilities	75	76
Financial liabilities	135	145
Work in progress	1,313	1,175
Provisions and decommissioning liabilities	591	609
Liabilities associated with assets held for sale	5	42
Loan payable to Brookfield Business Partners	0	228	$ 1,900
Total current	4,214	4,333
Non-current
Accounts payable	90	84
Accrued and other liabilities	628	573
Lease liabilities	422	423
Financial liabilities	1,502	1,694
Work in progress	50	49
Provisions and decommissioning liabilities	487	483
Total non-current	3,179	3,306
Net defined benefit liability	391	385
Current net defined benefit liability	9	14
Non-current net defined benefit liability	382	371
Financial liability recognized for proceeds received from sale and leaseback transaction	1,429	1,673
Current financial liability recognized related to sale and leaseback of hospitals	64	74
Noncurrent financial liability recognized related to sale and leaseback of hospitals	1,365	$ 1,599
Gain from extinguishment and recognition of financial liability, leased hospitals	$ 208

CONTRACTS IN PROGRESS (Details)

CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Construction Contracts [Abstract]
Contract costs incurred to date	$ 21,064	$ 21,014
Profit recognized to date (less recognized losses)	2,086	2,044
Contract costs incurred and profit recognized (less recognized losses)	23,150	23,058
Less: progress billings	(24,000)	(23,847)
Contract work in progress (liability)	(850)	(789)
Comprising:
Amounts due from customers – work in progress	513	435
Amounts due to customers – creditors	(1,363)	(1,224)
Contract work in progress (liability)	$ (850)	$ (789)

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments [Abstract]
Current non-recourse borrowings in subsidiaries of the company	$ 1,429	$ 415
Non-current non-recourse borrowings in subsidiaries of the company	$ 11,742	$ 12,498

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of analysis of other comprehensive income by item [line items]
Beginning balance				$ 4,071	$ 1,136
Other comprehensive income (loss)		$ 90	$ (148)	33	153
Ending balance		3,700	1,332	3,700	1,332
Accumulated other comprehensive income (loss)
Disclosure of analysis of other comprehensive income by item [line items]
Beginning balance	[1]			(335)	(408)
Other comprehensive income (loss)	[1]			8	46
Ending balance	[1]	(327)	(362)	(327)	(362)
Foreign currency translation
Disclosure of analysis of other comprehensive income by item [line items]
Beginning balance				(466)	(440)
Other comprehensive income (loss)				13	(18)
Ending balance		(453)	(458)	(453)	(458)
Other
Disclosure of analysis of other comprehensive income by item [line items]
Beginning balance				131	32
Other comprehensive income (loss)				(5)	64
Ending balance		$ 126	$ 96	$ 126	$ 96
[1]See Note 18 for additional information.

DIRECT OPERATING COSTS - Direct

DIRECT OPERATING COSTS - Direct Costs by Nature (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Total	$ 2,566	$ 2,110	$ 5,117	$ 4,135
Direct costs
Disclosure of attribution of expenses by nature to their function [line items]
Inventory costs	270	254	639	501
Subcontractor and consultant costs	677	736	1,298	1,417
Concession construction materials and labor costs	85	81	160	160
Depreciation and amortization expense	272	156	554	305
Compensation	967	679	1,880	1,305
Other direct costs	$ 295	$ 204	$ 586	$ 447

REVENUES - Segment Revenue By T

REVENUES - Segment Revenue By Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue [abstract]
Revenues from contracts with customers	$ 2,913	$ 2,318	$ 5,834	$ 4,549
Other revenues	1	0	1	20
Total revenues	$ 2,914	$ 2,318	$ 5,835	$ 4,569

REVENUES - Timing of Revenue Re

REVENUES - Timing of Revenue Recognition From Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Revenues from contracts with customers	$ 2,913	$ 2,318	$ 5,834	$ 4,549
Goods and services provided at a point in time
Disclosure of operating segments [line items]
Revenues from contracts with customers	989	944	2,099	1,860
Services transferred over a period of time
Disclosure of operating segments [line items]
Revenues from contracts with customers	$ 1,924	$ 1,374	$ 3,735	$ 2,689

REVENUES - Revenue by geography

REVENUES - Revenue by geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Total revenues from contracts with customers	$ 2,913	$ 2,318	$ 5,834	$ 4,549
Other revenues	1	0	1	20
Revenues	2,914	2,318	5,835	4,569
United Kingdom
Disclosure of operating segments [line items]
Total revenues from contracts with customers	301	216	535	422
United States of America
Disclosure of operating segments [line items]
Total revenues from contracts with customers	1,064	371	2,197	816
Europe
Disclosure of operating segments [line items]
Total revenues from contracts with customers	233	238	452	453
Australia
Disclosure of operating segments [line items]
Total revenues from contracts with customers	928	1,093	1,874	2,134
Canada
Disclosure of operating segments [line items]
Total revenues from contracts with customers	81	45	154	83
Brazil
Disclosure of operating segments [line items]
Total revenues from contracts with customers	245	225	469	431
Other
Disclosure of operating segments [line items]
Total revenues from contracts with customers	$ 61	$ 130	$ 153	$ 210

EQUITY - Outstanding Common Equ

EQUITY - Outstanding Common Equity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Reconciliation of number of shares outstanding [abstract]
Beginning balance	$ 4,071	$ 1,332	$ 1,136
Ending balance	3,700	4,071	1,332
Capital
Reconciliation of number of shares outstanding [abstract]
Beginning balance	737	737	159
Ending balance	$ 737	737	$ 737
Capital | Class C Shares
Reconciliation of number of shares outstanding [abstract]
Beginning balance (in shares)	25,934,121
Beginning balance	$ 737
Ending balance	$ 737	$ 737
Ending balance (in shares)	25,934,121	25,934,121

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - $ / shares	Mar. 14, 2022	Mar. 15, 2022
Exchangeable shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	73,000,000
Class B shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	1
Class C Shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	26,000,000
LP Unit
Disclosure of classes of share capital [line items]
Unit price (in dollars per share)		$ 28.41

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 15, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of transactions between related parties [line items]
Expected dividend as percentage, share options granted				6%
Number of credit agreements expected to entered into | segment				2
Par value per share (in USD per share) | $ / shares		$ 17.23		$ 17.23
Accounts and other receivable, net		$ 0		$ 0		$ 0
Brookfield Business Corporation
Disclosure of transactions between related parties [line items]
Capital commitments		0		0		0
Brookfield Business Partners L.P.
Disclosure of transactions between related parties [line items]
Capital commitments		1,475		1,475		1,475
Brookfield Business Partners | Top of range
Disclosure of transactions between related parties [line items]
Contractual capital commitments		1,500		$ 1,500
Bilateral Credit Facility
Disclosure of transactions between related parties [line items]
Term of credit facility				10 years
Revolving credit facility, face amount		1,000		$ 1,000
Maximum borrowing capacity		1,000		1,000
Amount outstanding		$ 12		12		25
Bilateral Credit Facility | Brookfield Business Partners
Disclosure of transactions between related parties [line items]
Revolving credit facility, face amount						$ 1,000
Provision of related party guarantee by entity	$ 2,300
Brookfield Business Partners
Disclosure of transactions between related parties [line items]
Base Management Fee, quarterly percentage		0.3125%
Base Management Fee, annual percentage		1.25%
Base Management Fee allocated		$ 5	$ 4	$ 9	$ 5
Capital commitments	$ 2,000
Weighted average remaining contractual life of outstanding share options	5 days
Par value per share (in USD per share) | $ / shares		$ 25		$ 25
Interest costs incurred		$ 0	$ 0	$ 0	$ 0
Brookfield Business Partners | Minimum
Disclosure of transactions between related parties [line items]
Capital commitments	$ 10

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Accounts and other receivable, net	$ 0		$ 0		$ 0
Other related parties
Disclosure of transactions between related parties [line items]
Revenues	6	$ 53	53	$ 124
Interest income	3	$ 0	11	$ 0
Accounts and other receivable, net	202		202		602
Accounts payable and other	35		35		269
Non-recourse borrowings in subsidiaries of the company	$ 44		$ 44		$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about hedging instruments [line items]
Financial Assets	$ 260	$ 214
Current Financial Asset	38	34
Non-current Financial Assets	222	180
Financial Liabilities	(118)	(71)
Current Financial Liability	(36)	(26)
Non-current financial Liability	(82)	(45)
Foreign exchange contracts
Disclosure of detailed information about hedging instruments [line items]
Financial Assets	35	39
Financial Liabilities	(111)	(59)
Cross currency swaps
Disclosure of detailed information about hedging instruments [line items]
Financial Assets	0	14
Financial Liabilities	(7)	(12)
Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Financial Assets	225	161
Financial Liabilities	$ 0	$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flow Statement [Abstract]
Net interest paid (received)	$ 467	$ 196
Net income taxes paid (received)	$ 70	$ 34

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flow Statement [Abstract]
Accounts receivable	$ (104)	$ 135
Inventory	(73)	(57)
Prepayments and other	(195)	(5)
Accounts payable and other	58	(201)
Changes in non-cash working capital, net	$ (314)	$ (128)

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details)	Aug. 03, 2023 $ / shares
Quarterly dividend
Disclosure of non-adjusting events after reporting period [line items]
Distribution declared (in dollars per share)	$ 0.0625