Exhibit | Title | |
99.1 | Brookfield Business Partners L.P.'s interim report for the quarter ended June 30, 2019. | |
99.2 | Form 52 — 109F2 — Certification of Interim Filings — CEO. | |
99.3 | Form 52 — 109F2 — Certification of Interim Filings — CFO. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
BROOKFIELD BUSINESS PARTNERS L.P., by its general partner, BROOKFIELD BUSINESS PARTNERS LIMITED | |||
/s/ Jane Sheere | |||
Date: August 9, 2019 | By: | Name: Jane Sheere Title: Corporate Secretary |
Unaudited Interim Condensed Consolidated Statements of Financial Position | 3 | |
Unaudited Interim Condensed Consolidated Statements of Operating Results | 4 | |
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) | 5 | |
Unaudited Interim Condensed Consolidated Statements of Changes in Equity | 6 | |
Unaudited Interim Condensed Consolidated Statements of Cash Flow | 7 | |
Notes to Unaudited Interim Condensed Consolidated Financial Statements | 8 |
(US$ MILLIONS) | Notes | June 30, 2019 | December 31, 2018 | |||||||
Current Assets | ||||||||||
Cash and cash equivalents | 4 | $ | 2,940 | $ | 1,949 | |||||
Financial assets | 5 | 565 | 886 | |||||||
Accounts and other receivable, net | 6 | 5,004 | 4,307 | |||||||
Inventory, net | 7 | 3,414 | 1,562 | |||||||
Assets held for sale | 8 | 516 | 63 | |||||||
Other assets | 9 | 1,279 | 1,014 | |||||||
13,718 | 9,781 | |||||||||
Financial assets | 5 | 634 | 483 | |||||||
Accounts and other receivable, net | 6 | 884 | 853 | |||||||
Other assets | 9 | 489 | 499 | |||||||
Property, plant and equipment | 10 | 13,859 | 6,947 | |||||||
Deferred income tax assets | 573 | 280 | ||||||||
Intangible assets | 3, 11 | 11,663 | 5,523 | |||||||
Equity accounted investments | 13 | 1,394 | 541 | |||||||
Goodwill | 3, 12 | 5,115 | 2,411 | |||||||
$ | 48,329 | $ | 27,318 | |||||||
Liabilities and equity | ||||||||||
Current Liabilities | ||||||||||
Accounts payable and other | 14 | $ | 9,446 | $ | 7,188 | |||||
Liabilities associated with assets held for sale | 8 | 250 | 9 | |||||||
Corporate borrowings | 16 | — | — | |||||||
Non-recourse subsidiary borrowings | 16 | 1,633 | 1,819 | |||||||
11,329 | 9,016 | |||||||||
Accounts payable and other | 14 | 4,984 | 1,894 | |||||||
Non-recourse subsidiary borrowings | 16 | 20,883 | 9,047 | |||||||
Deferred income tax liabilities | 1,843 | 867 | ||||||||
$ | 39,039 | $ | 20,824 | |||||||
Equity | ||||||||||
Limited partners | 19 | $ | 2,150 | $ | 1,548 | |||||
Non-controlling interests attributable to: | ||||||||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 19 | 1,736 | 1,415 | |||||||
Interest of others in operating subsidiaries | 5,404 | 3,531 | ||||||||
9,290 | 6,494 | |||||||||
$ | 48,329 | $ | 27,318 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(US$ MILLIONS, except per unit amounts) | Notes | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues | 22 | $ | 10,717 | $ | 8,775 | $ | 19,918 | $ | 16,969 | |||||||||
Direct operating costs | 21 | (9,776 | ) | (8,200 | ) | (17,969 | ) | (15,849 | ) | |||||||||
General and administrative expenses | 22 | (211 | ) | (142 | ) | (389 | ) | (260 | ) | |||||||||
Depreciation and amortization expense | 22 | (441 | ) | (105 | ) | (752 | ) | (211 | ) | |||||||||
Interest income (expense), net | 22 | (313 | ) | (83 | ) | (497 | ) | (169 | ) | |||||||||
Equity accounted income, net | 13 | 23 | (7 | ) | 30 | 10 | ||||||||||||
Impairment expense, net | 10, 12 | (324 | ) | — | (324 | ) | — | |||||||||||
Gain (loss) on acquisitions/dispositions, net | 8 | 522 | 90 | 520 | 106 | |||||||||||||
Other income (expenses), net | (181 | ) | (7 | ) | (271 | ) | (21 | ) | ||||||||||
Income (loss) before income tax | 16 | 321 | 266 | 575 | ||||||||||||||
Income tax (expense) recovery | ||||||||||||||||||
Current | (93 | ) | (52 | ) | (123 | ) | (80 | ) | ||||||||||
Deferred | 41 | 39 | 22 | 29 | ||||||||||||||
Net income (loss) | $ | (36 | ) | $ | 308 | $ | 165 | $ | 524 | |||||||||
Attributable to: | ||||||||||||||||||
Limited partners | $ | 55 | $ | 40 | $ | 87 | $ | 5 | ||||||||||
Non-controlling interests attributable to: | ||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | 52 | 38 | 82 | 4 | ||||||||||||||
Special Limited Partners | 19 | — | 41 | — | 184 | |||||||||||||
Interest of others in operating subsidiaries | (143 | ) | 189 | (4 | ) | 331 | ||||||||||||
$ | (36 | ) | $ | 308 | $ | 165 | $ | 524 | ||||||||||
Basic and diluted earnings per limited partner unit | 19 | $ | 0.82 | $ | 0.60 | $ | 1.30 | $ | 0.07 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(US$ MILLIONS) | Notes | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | (36 | ) | $ | 308 | $ | 165 | $ | 524 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||
Foreign currency translation | $ | 84 | $ | (280 | ) | $ | 100 | $ | (323 | ) | ||||||||
Net investment and cash flow hedges | 4 | (148 | ) | 57 | (124 | ) | 80 | |||||||||||
Equity accounted investment | 13 | — | (1 | ) | — | (3 | ) | |||||||||||
Taxes on the above items | 13 | 1 | 6 | (4 | ) | |||||||||||||
Reclassification to profit or loss on disposal | 8 | — | 8 | — | ||||||||||||||
(43 | ) | (223 | ) | (10 | ) | (250 | ) | |||||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||||||||||||
Revaluation of pension obligations | 11 | — | 15 | — | ||||||||||||||
Fair value through OCI | (27 | ) | 32 | 10 | 56 | |||||||||||||
Taxes on the above item | (1 | ) | — | (1 | ) | (1 | ) | |||||||||||
Total other comprehensive income (loss) | (60 | ) | (191 | ) | 14 | (195 | ) | |||||||||||
Comprehensive income (loss) | $ | (96 | ) | $ | 117 | $ | 179 | $ | 329 | |||||||||
Attributable to: | ||||||||||||||||||
Limited partners | $ | 46 | $ | 17 | $ | 88 | $ | (26 | ) | |||||||||
Non-controlling interests attributable to: | ||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | 44 | 15 | 83 | (26 | ) | |||||||||||||
Special Limited Partners | — | 41 | — | 184 | ||||||||||||||
Interest of others in operating subsidiaries | (186 | ) | 44 | 8 | 197 | |||||||||||||
$ | (96 | ) | $ | 117 | $ | 179 | $ | 329 |
Non-Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
Limited Partners | Redemption-Exchange Units held by Brookfield Asset Management Inc. | Special Limited Partners | Preferred Shares | |||||||||||||||||||||||||||||||||||||||||||||
(US$ MILLIONS) | Capital | Retained earnings | Ownership change | Accumulated other comprehensive income (loss) (1) | Limited partners | Capital | Retained earnings | Ownership change | Accumulated other comprehensive income (loss) (1) | Redemption- exchange units | Retained earnings | Capital | Interest of others in operating subsidiaries | Total equity | ||||||||||||||||||||||||||||||||||
Balance as at January 1, 2019 | $ | 1,766 | $ | (237 | ) | $ | 205 | $ | (186 | ) | $ | 1,548 | $ | 1,674 | $ | (234 | ) | $ | 195 | $ | (235 | ) | $ | 1,400 | $ | — | $ | 15 | $ | 3,531 | $ | 6,494 | ||||||||||||||||
Net income (loss) | — | 87 | — | — | 87 | — | 82 | — | — | 82 | — | — | (4 | ) | 165 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 1 | 1 | — | — | — | 1 | 1 | — | — | 12 | 14 | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | 87 | — | 1 | 88 | — | 82 | — | 1 | 83 | — | — | 8 | 179 | ||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | — | — | — | — | 121 | 121 | ||||||||||||||||||||||||||||||||||
Distributions | — | (8 | ) | — | — | (8 | ) | — | (8 | ) | — | — | (8 | ) | — | — | (783 | ) | (799 | ) | ||||||||||||||||||||||||||||
Unit repurchases (2) | (3 | ) | — | — | — | (3 | ) | — | — | — | — | — | — | — | — | (3 | ) | |||||||||||||||||||||||||||||||
Ownership change (3) | — | — | (6 | ) | — | (6 | ) | — | — | (4 | ) | — | (4 | ) | — | — | 12 | 2 | ||||||||||||||||||||||||||||||
Acquisition of interest (4) | — | — | — | — | — | — | — | — | — | — | — | — | 2,515 | 2,515 | ||||||||||||||||||||||||||||||||||
Unit Issuance (2) | 531 | — | — | — | 531 | 250 | — | — | — | 250 | — | — | — | 781 | ||||||||||||||||||||||||||||||||||
Balance as at June 30, 2019 | $ | 2,294 | $ | (158 | ) | $ | 199 | $ | (185 | ) | $ | 2,150 | $ | 1,924 | $ | (160 | ) | $ | 191 | $ | (234 | ) | $ | 1,721 | $ | — | $ | 15 | $ | 5,404 | $ | 9,290 | ||||||||||||||||
Balance as at January 1, 2018 | $ | 1,766 | $ | (69 | ) | $ | — | $ | (112 | ) | $ | 1,585 | $ | 1,674 | $ | (71 | ) | $ | — | $ | (165 | ) | $ | 1,438 | $ | — | $ | 15 | $ | 3,026 | $ | 6,064 | ||||||||||||||||
Adoption of new accounting standards | — | (132 | ) | — | — | (132 | ) | — | (128 | ) | — | — | (128 | ) | — | — | (5 | ) | (265 | ) | ||||||||||||||||||||||||||||
Revised opening balance January 1, 2018 | 1,766 | (201 | ) | — | (112 | ) | 1,453 | 1,674 | (199 | ) | — | (165 | ) | 1,310 | — | 15 | 3,021 | 5,799 | ||||||||||||||||||||||||||||||
Net income (loss) | — | 5 | — | — | 5 | — | 4 | — | — | 4 | 184 | — | 331 | 524 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (31 | ) | (31 | ) | — | — | — | (30 | ) | (30 | ) | — | — | (134 | ) | (195 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | 5 | — | (31 | ) | (26 | ) | — | 4 | — | (30 | ) | (26 | ) | 184 | — | 197 | 329 | ||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||||||||||||||||||||
Distributions (2) | — | (8 | ) | — | — | (8 | ) | — | (8 | ) | — | — | (8 | ) | (184 | ) | — | (1,658 | ) | (1,858 | ) | |||||||||||||||||||||||||||
Ownership change | — | (25 | ) | 83 | — | 58 | — | (24 | ) | 81 | — | 57 | — | — | 391 | 506 | ||||||||||||||||||||||||||||||||
Acquisition of interest (4) | — | — | — | — | — | — | — | — | — | — | — | — | 173 | 173 | ||||||||||||||||||||||||||||||||||
Balance as at June 30, 2018 | $ | 1,766 | $ | (229 | ) | $ | 83 | $ | (143 | ) | $ | 1,477 | $ | 1,674 | $ | (227 | ) | $ | 81 | $ | (195 | ) | $ | 1,333 | $ | — | $ | 15 | $ | 2,130 | $ | 4,955 |
(1) | See Note 20 for additional information. |
(2) | See Note 19 for additional information on distributions as it relates to the Special Limited Partners and for additional information on unit issuances and repurchases. |
(3) | Includes gains or losses on changes in ownership interests of consolidated subsidiaries. |
(4) | See Note 3 for additional information. |
Six Months Ended June 30, | ||||||||||
(US$ MILLIONS) | Notes | 2019 | 2018 | |||||||
Operating Activities | ||||||||||
Net income (loss) | $ | 165 | $ | 524 | ||||||
Adjusted for the following items: | ||||||||||
Equity accounted earnings, net of distributions | (10 | ) | 13 | |||||||
Impairment expense, net | 324 | — | ||||||||
Depreciation and amortization expense | 752 | 211 | ||||||||
Gain on acquisitions/dispositions, net | (520 | ) | (106 | ) | ||||||
Provisions and other items | 166 | 92 | ||||||||
Deferred income tax expense (recovery) | (22 | ) | (29 | ) | ||||||
Changes in non-cash working capital, net | 23 | 478 | (514 | ) | ||||||
Cash from operating activities | 1,333 | 191 | ||||||||
Financing Activities | ||||||||||
Proceeds from non-recourse subsidiary borrowings | 13,044 | 2,862 | ||||||||
Repayment of non-recourse subsidiary borrowings | (975 | ) | (1,113 | ) | ||||||
Lease liability repayment | (92 | ) | — | |||||||
Proceeds from other financing | 14 | 1,721 | — | |||||||
Proceeds from other credit facilities, net | 382 | 270 | ||||||||
Capital provided by limited partners and Redemption-Exchange Unitholders | 19 | 781 | — | |||||||
Capital provided by others who have interests in operating subsidiaries | 2,221 | 690 | ||||||||
Partnership units repurchased | (3 | ) | — | |||||||
Distributions to limited partners and Redemption-Exchange Unitholders | (16 | ) | (16 | ) | ||||||
Distributions to Special Limited Partners Unitholders | — | (191 | ) | |||||||
Distributions to others who have interests in operating subsidiaries | 19 | (827 | ) | (1,607 | ) | |||||
Cash from (used in) financing activities | 16,236 | 895 | ||||||||
Investing Activities | ||||||||||
Acquisitions | ||||||||||
Subsidiaries, net of cash acquired | 3 | (17,068 | ) | (216 | ) | |||||
Property, plant and equipment and intangible assets | (472 | ) | (156 | ) | ||||||
Equity accounted investments | (4 | ) | (8 | ) | ||||||
Financial assets and other | (42 | ) | (71 | ) | ||||||
Dispositions | ||||||||||
Subsidiaries, net of cash disposed | 709 | — | ||||||||
Property, plant and equipment | 55 | 55 | ||||||||
Equity accounted investments | — | 131 | ||||||||
Financial assets and other | 182 | 1 | ||||||||
Net settlement of hedges | 51 | 4 | ||||||||
Restricted cash and deposits | 75 | (18 | ) | |||||||
Cash from (used in) investing activities | (16,514 | ) | (278 | ) | ||||||
Cash | ||||||||||
Change during the period | 1,055 | 808 | ||||||||
Impact of foreign exchange on cash | 4 | (41 | ) | |||||||
Net change in cash classified within assets held for sale | (68 | ) | — | |||||||
Balance, beginning of year | 1,949 | 1,106 | ||||||||
Balance, end of period | $ | 2,940 | $ | 1,873 |
(a) | Basis of presentation |
(b) | New accounting policies adopted |
(i) | Leases |
• | To recognize the payments associated with short-term and low value leases on a straight-line basis as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed; and |
• | To not allocate contract consideration between lease and non-lease components, but rather account for each lease and non-lease component as a single lease component, on a lease-by-lease basis. |
(ii) | Uncertainty over Income Tax Treatments |
(iii) | Business Combinations |
(c) | Impact on adoption of new IFRS standards |
• | The accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019 as short-term leases; |
• | The application of a single discount rate to a portfolio of leases with reasonably similar characteristics; |
• | The application of the policy choice option on adoption to measure the right-of-use assets at an amount equal to the lease liabilities, adjusted for any prepaid or accrued lease payments; |
• | The reliance on our assessments of whether leases are onerous applied IAS 37, Provisions, Contingent Liabilities and Contingent Assets, immediately before January 1, 2019, instead of performing an impairment review; and |
• | The use of hindsight in determining the lease term if the contract contains options to extend or terminate the lease. |
(a) | Acquisitions completed in the six months ended June 30, 2019 |
(US$ MILLIONS) | Business Services | Industrials | Total (1) | |||||||||
Cash | $ | 1,156 | $ | 3,764 | $ | 4,920 | ||||||
Total Consideration (2) | $ | 1,156 | $ | 3,764 | $ | 4,920 | ||||||
(US$ MILLIONS) | ||||||||||||
Cash and cash equivalents | $ | 25 | $ | 11 | $ | 36 | ||||||
Accounts and other receivable, net | 171 | 1,154 | 1,325 | |||||||||
Inventory, net | 41 | 1,784 | 1,825 | |||||||||
Assets held for sale | 6 | — | 6 | |||||||||
Equity accounted investments | 9 | 838 | 847 | |||||||||
Property, plant and equipment | 2,612 | 3,567 | 6,179 | |||||||||
Intangible assets | 264 | 6,420 | 6,684 | |||||||||
Goodwill | 1,450 | 1,736 | 3,186 | |||||||||
Deferred income tax asset | 93 | 346 | 439 | |||||||||
Financial assets | 10 | 27 | 37 | |||||||||
Other assets | — | 358 | 358 | |||||||||
Accounts payable and other | (547 | ) | (1,898 | ) | (2,445 | ) | ||||||
Deferred income tax liabilities | (79 | ) | (1,122 | ) | (1,201 | ) | ||||||
Net assets acquired before non-controlling interest | 4,055 | 13,221 | 17,276 | |||||||||
Non-controlling interest (3) | (2,899 | ) | (9,457 | ) | (12,356 | ) | ||||||
Net Assets Acquired | $ | 1,156 | $ | 3,764 | $ | 4,920 |
(1) | The initial fair values of acquired assets, liabilities and goodwill for the acquisitions have been determined on a preliminary basis as at the dates of acquisition. |
(2) | Excludes consideration attributable to non-controlling interest which represents the interest of others in operating subsidiaries. |
(3) | Non-controlling interests recognized on business combination, were measured at fair value. |
(b) | Acquisitions completed in 2018 |
(US$ MILLIONS) | Business Services (6) | Infrastructure Services (5) | Industrials | Total (1) | ||||||||||||
Cash | $ | 25 | $ | 1,764 | $ | 45 | $ | 1,834 | ||||||||
Non-cash consideration | — | 275 | — | 275 | ||||||||||||
Total Consideration (2) | $ | 25 | $ | 2,039 | $ | 45 | $ | 2,109 | ||||||||
(US$ MILLIONS) | ||||||||||||||||
Cash and cash equivalents | $ | 36 | $ | 592 | $ | 30 | $ | 658 | ||||||||
Accounts and other receivable, net | 11 | 786 | 75 | 872 | ||||||||||||
Inventory, net | 2 | 626 | 58 | 686 | ||||||||||||
Equity accounted investments | — | 328 | 1 | 329 | ||||||||||||
Property, plant and equipment | 56 | 4,631 | 187 | 4,874 | ||||||||||||
Intangible assets | 28 | 2,544 | 231 | 2,803 | ||||||||||||
Goodwill | 36 | 721 | 180 | 937 | ||||||||||||
Deferred income tax assets | — | 11 | 27 | 38 | ||||||||||||
Financial assets | — | 410 | 2 | 412 | ||||||||||||
Other assets | — | 1,234 | — | 1,234 | ||||||||||||
Accounts payable and other | (28 | ) | (3,292 | ) | (199 | ) | (3,519 | ) | ||||||||
Borrowings | (50 | ) | (3,352 | ) | (266 | ) | (3,668 | ) | ||||||||
Deferred income tax liabilities | (2 | ) | (80 | ) | (72 | ) | (154 | ) | ||||||||
Net assets acquired before non-controlling interest | 89 | 5,159 | 254 | 5,502 | ||||||||||||
Non-controlling interest (3) (4) | (64 | ) | (3,120 | ) | (209 | ) | (3,393 | ) | ||||||||
Net Assets Acquired | $ | 25 | $ | 2,039 | $ | 45 | $ | 2,109 |
(1) | The initial fair values of acquired assets, liabilities and goodwill for the acquisitions have been determined on a preliminary basis at the end of the reporting period. |
(2) | Excludes consideration attributable to non-controlling interest, which represents the interest of others in operating subsidiaries. |
(3) | Non-controlling interest recognized on business combination were measured at fair value for business services and infrastructure services. |
(4) | Non-controlling interest recognized on business combination were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for industrials. |
(5) | Adjustments to a purchase price allocation within our infrastructure services segment resulted in a decrease in accounts and other receivable of $50 million, a decrease in property, plant and equipment of $38 million, a decrease in intangible assets of $139 million, a decrease in goodwill of $39 million, an increase in financial assets of $93 million, an increase in other assets of $208 million, a decrease in accounts payable and other of $139 million, and a decrease in deferred income tax liabilities of $3 million. |
(6) | Adjustments to a purchase price allocation within our business services segment resulted in a $5 million increase to goodwill. |
(US$ MILLIONS) | December 31, 2018 | |||
Fair value of investment immediately before acquiring control | $ | 651 | ||
Less: Carrying value of investment immediately before acquisition | 447 | |||
Add: Amounts recognized in OCI (1) | 2 | |||
Remeasurement gain | $ | 206 | ||
Gain on extinguishment (2) | 44 | |||
Gain (loss) on acquisitions/dispositions, net | $ | 250 | ||
Total gain on acquisition attributable to non-controlling interest | $ | 135 | ||
Total gain on acquisition attributable to the partnership | $ | 115 |
(1) | Included in carrying value of the investment immediately before acquisition. |
(2) | The partnership recognized a total gain on extinguishment of $44 million at the subsidiary level ($18 million on debt and $26 million on warrants). |
(US$ MILLIONS) | ||||||||||||||||
MEASUREMENT BASIS | Fair Value through Profit and Loss | Fair Value through Other Comprehensive Income | Amortized Cost | Total | ||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2,940 | $ | 2,940 | ||||||||
Accounts and other receivable, net (current and non-current) (1) | 62 | — | 5,826 | 5,888 | ||||||||||||
Other assets (current and non-current) (2) | — | — | 584 | 584 | ||||||||||||
Financial assets (current and non-current) (3) | 377 | 302 | 520 | 1,199 | ||||||||||||
Total | $ | 439 | $ | 302 | $ | 9,870 | $ | 10,611 | ||||||||
Financial liabilities | ||||||||||||||||
Accounts payable and other (4) | $ | 384 | $ | 130 | $ | 10,418 | $ | 10,932 | ||||||||
Borrowings (current and non-current) | — | — | 22,516 | 22,516 | ||||||||||||
Total | $ | 384 | $ | 130 | $ | 32,934 | $ | 33,448 |
(1) | Accounts receivable recognized at fair value relates to our mining business. |
(2) | Excludes prepayments and other assets of $1,184 million. |
(3) | Refer to Hedging Activities in Note 4(a) below. |
(4) | Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various taxes and duties of $3,498 million. |
(US$ MILLIONS) | ||||||||||||||||
MEASUREMENT BASIS | Fair Value through Profit and Loss | Fair Value through Other Comprehensive Income | Amortized Cost | Total | ||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,949 | $ | 1,949 | ||||||||
Accounts and other receivable, net (current and non-current) (1) | 67 | — | 5,093 | 5,160 | ||||||||||||
Other assets (current and non-current) (2) | — | — | 563 | 563 | ||||||||||||
Financial assets (current and non-current) (3) | 413 | 376 | 580 | 1,369 | ||||||||||||
Total | $ | 480 | $ | 376 | $ | 8,185 | $ | 9,041 | ||||||||
Financial liabilities | ||||||||||||||||
Accounts payable and other (4) | $ | 311 | $ | 48 | $ | 4,679 | $ | 5,038 | ||||||||
Borrowings (current and non-current) | — | — | 10,866 | 10,866 | ||||||||||||
Total | $ | 311 | $ | 48 | $ | 15,545 | $ | 15,904 |
(1) | Accounts receivable recognized at fair value relates to our mining business. |
(2) | Excludes prepayments and other assets of $950 million. |
(3) | Refer to Hedging Activities in Note 4(a) below. |
(4) | Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various taxes and duties of $4,044 million. |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
(US$ MILLIONS) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets | ||||||||||||||||||||||||
Common shares | $ | 256 | $ | — | $ | — | $ | 266 | $ | — | $ | — | ||||||||||||
Accounts receivable | — | 62 | — | — | 67 | — | ||||||||||||||||||
Derivative assets | 10 | 125 | — | 41 | 202 | — | ||||||||||||||||||
Other financial assets | 3 | — | 285 | — | — | 280 | ||||||||||||||||||
Total | $ | 269 | $ | 187 | $ | 285 | $ | 307 | $ | 269 | $ | 280 | ||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Derivative liabilities | $ | 6 | $ | 419 | $ | 2 | $ | 13 | $ | 296 | $ | 13 | ||||||||||||
Other financial liabilities | — | — | 87 | — | — | 37 | ||||||||||||||||||
Total | $ | 6 | $ | 419 | $ | 89 | $ | 13 | $ | 296 | $ | 50 |
(US$ MILLIONS) | June 30, 2019 | ||
Balance at beginning of year | $ | 280 | |
Fair value change recorded in net income | 5 | ||
Balance at end of period | $ | 285 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Current | ||||||||
Marketable securities | $ | 256 | $ | 265 | ||||
Restricted cash | 170 | 376 | ||||||
Derivative contracts | 108 | 223 | ||||||
Loans and notes receivable | 31 | 22 | ||||||
Total current | $ | 565 | $ | 886 | ||||
Non-current | ||||||||
Marketable securities (1) | $ | — | $ | 1 | ||||
Restricted cash | 198 | 32 | ||||||
Derivative contracts | 27 | 20 | ||||||
Loans and notes receivable | 122 | 150 | ||||||
Other financial assets (1) | 287 | 280 | ||||||
Total non-current | $ | 634 | $ | 483 |
(1) | Other financial assets include secured debentures to homebuilding companies in our business services segment. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Current, net | $ | 5,004 | $ | 4,307 | ||||
Non-current, net | ||||||||
Accounts receivable | 139 | 37 | ||||||
Retainer on customer contract | 103 | 103 | ||||||
Billing rights | 642 | 713 | ||||||
Total Non-current, net | $ | 884 | $ | 853 | ||||
Total | $ | 5,888 | $ | 5,160 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Current | ||||||||
Raw materials and consumables (1) | $ | 840 | $ | 605 | ||||
Fuel products (2) | 598 | 490 | ||||||
Work in progress | 832 | 258 | ||||||
RTFO certificates (3) | 162 | 95 | ||||||
Finished goods and other (4) | 982 | 114 | ||||||
Carrying amount of inventories | $ | 3,414 | $ | 1,562 |
(1) | Raw materials and consumables is mainly composed of raw materials in our industrials segment. |
(2) | Fuel products are traded in active markets and are purchased with a view to resell in the near future. As a result, stocks of fuel products are recorded at fair value based on quoted market prices. |
(3) | RTFO certificates held for trading as at June 30, 2019 have a fair value of $4 million (December 31, 2018: $nil). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. |
(4) | Finished goods and other is mainly composed of finished goods inventory in our infrastructure services and industrials segments. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 24 | $ | — | ||||
Accounts receivable, net | 145 | 28 | ||||||
Financial assets | 7 | — | ||||||
Inventory | 4 | 6 | ||||||
Deferred income tax asset | 1 | — | ||||||
Property, plant and equipment | 171 | 29 | ||||||
Intangible assets | 164 | — | ||||||
Assets held for sale | $ | 516 | $ | 63 | ||||
Accounts payable and other | $ | 37 | $ | 9 | ||||
Deferred income tax liabilities | 78 | — | ||||||
Borrowings | 135 | — | ||||||
Liabilities associated with assets held for sale | $ | 250 | $ | 9 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Current | ||||||||
Work in progress (1) | $ | 517 | $ | 506 | ||||
Prepayments and other assets | 762 | 508 | ||||||
Total current | $ | 1,279 | $ | 1,014 | ||||
Non-current | ||||||||
Work in progress (1) | $ | 67 | $ | 57 | ||||
Prepayments and other assets | 422 | 442 | ||||||
Total non-current | $ | 489 | $ | 499 |
(1) | See Note 15 for additional information. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Gross Carrying Amount: | ||||||||
Beginning Balance | $ | 8,415 | $ | 3,425 | ||||
Additions | 594 | 500 | ||||||
Disposals | (143 | ) | (131 | ) | ||||
Acquisitions through business combinations (1) | 6,141 | 4,913 | ||||||
Transfers and assets reclassified as held for sale (2) | (223 | ) | (38 | ) | ||||
Changes in accounting policy | 978 | — | ||||||
Net foreign currency exchange differences | 105 | (254 | ) | |||||
Ending Balance | $ | 15,867 | $ | 8,415 | ||||
Accumulated Depreciation and Impairment | ||||||||
Beginning Balance | $ | (1,468 | ) | $ | (895 | ) | ||
Depreciation/depletion/impairment expense (4) | (582 | ) | (720 | ) | ||||
Disposals | 62 | 62 | ||||||
Transfers and assets reclassified as held for sale (2) | 28 | 2 | ||||||
Net foreign currency exchange differences | (48 | ) | 83 | |||||
Ending Balance | $ | (2,008 | ) | $ | (1,468 | ) | ||
Net Book Value (3) | $ | 13,859 | $ | 6,947 |
(1) | See Note 3 for additional information. |
(2) | See Note 8 for additional information. |
(3) | Includes right-of-use assets of $1,144 million as at June 30, 2019. |
(4) | Includes $63 million of impairment expense for the three and six months ended June 30, 2019 resulting from a write-down of certain vessels related to our investment in Teekay Offshore. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Gross Carrying Amount: | ||||||||
Beginning Balance | $ | 6,001 | $ | 3,360 | ||||
Additions, net | 101 | 153 | ||||||
Disposals | (32 | ) | (8 | ) | ||||
Acquisitions through business combinations (1) | 6,545 | 2,911 | ||||||
Assets reclassified as held for sale (2) | (436 | ) | — | |||||
Net foreign currency exchange differences | 75 | (415 | ) | |||||
Ending Balance | $ | 12,254 | $ | 6,001 | ||||
Accumulated Amortization and Impairment | ||||||||
Beginning Balance | $ | (478 | ) | $ | (266 | ) | ||
Amortization expense | (224 | ) | (249 | ) | ||||
Disposals | 23 | 4 | ||||||
Assets reclassified as held for sale | 84 | — | ||||||
Net foreign currency exchange differences | 4 | 33 | ||||||
Ending Balance | $ | (591 | ) | $ | (478 | ) | ||
Net Book Value | $ | 11,663 | $ | 5,523 |
(1) | See Note 3 for additional information. |
(2) | See Note 8 for additional information. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Balance at beginning of period | $ | 2,411 | $ | 1,554 | ||||
Acquisitions through business combinations (1) | 3,152 | 957 | ||||||
Impairment losses | (261 | ) | — | |||||
Dispositions | (21 | ) | — | |||||
Assets reclassified as held for sale | (212 | ) | — | |||||
Foreign currency translation | 46 | (100 | ) | |||||
Balance at end of period | $ | 5,115 | $ | 2,411 |
(1) | See Note 3 for additional information. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Balance at beginning of year | $ | 541 | $ | 609 | ||||
Adoption of new accounting standard | — | (7 | ) | |||||
Acquisitions through business combinations (1) | 847 | 310 | ||||||
Additions (2) | 4 | 267 | ||||||
Dispositions (2) | (5 | ) | (599 | ) | ||||
Share of net income | 30 | 10 | ||||||
Share of other comprehensive income/(loss) | — | (1 | ) | |||||
Distributions received | (20 | ) | (29 | ) | ||||
Foreign currency translation | (3 | ) | (19 | ) | ||||
Balance at end of period | $ | 1,394 | $ | 541 |
(1) | See Note 3 for additional information. |
(2) | Includes non-cash additions/ dispositions related to the consolidation of our equity accounted investment in Teekay Offshore in 2018. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Current | ||||||||
Accounts payable | $ | 2,882 | $ | 1,819 | ||||
Accrued and other liabilities (1) (2) (4) (5) | 4,730 | 3,498 | ||||||
Work in progress (3) | 1,424 | 1,637 | ||||||
Provisions and decommissioning liabilities | 410 | 234 | ||||||
Total current | $ | 9,446 | $ | 7,188 | ||||
Non-current | ||||||||
Accounts payable | $ | 99 | $ | 97 | ||||
Accrued and other liabilities (2) (4) (5) | 3,978 | 1,206 | ||||||
Work in progress (3) | 58 | 71 | ||||||
Provisions and decommissioning liabilities | 849 | 520 | ||||||
Total non-current | $ | 4,984 | $ | 1,894 |
(1) | Includes bank overdrafts of $940 million as at June 30, 2019 (December 31, 2018: $581 million). |
(2) | Includes a defined benefit pension obligation of $592 million ($15 million current and $577 million non-current) and a post-retirement benefit obligation of $74 million ($5 million current and $69 million non-current) as at June 30, 2019. |
(3) | See Note 15 for additional information. |
(4) | Includes lease liabilities of $1,215 million ($209 million current and $1,006 million non-current) as at June 30, 2019. |
(5) | Includes financial liabilities of $1,735 million ($87 million current and $1,648 million non-current) as at June 30, 2019 related to the sale and leaseback of hospitals as described below. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Contract costs incurred to date | $ | 20,385 | $ | 20,455 | ||||
Profit recognized to date (less recognized losses) | 2,075 | 1,946 | ||||||
22,460 | 22,401 | |||||||
Less: progress billings | (23,358 | ) | (23,546 | ) | ||||
Contract work in progress (liability) | $ | (898 | ) | $ | (1,145 | ) | ||
Comprising: | ||||||||
Amounts due from customers — work in progress | $ | 584 | $ | 563 | ||||
Amounts due to customers — creditors | (1,482 | ) | (1,708 | ) | ||||
Net work in progress | $ | (898 | ) | $ | (1,145 | ) |
(a) | Corporate borrowings |
(b) | Non-recourse subsidiary borrowings |
(a) | Transactions with the parent company |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Transactions during the period (1) | |||||||||||||||
Business services revenues | $ | 103 | $ | 122 | $ | 194 | $ | 224 |
(1) | Within our business services segment, the partnership provides construction services to affiliates of Brookfield. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | |||||
Balances at end of period | |||||||
Accounts and other receivable, net | $ | 141 | $ | 63 | |||
Accounts payable and other (1) | $ | 833 | $ | 63 | |||
Property, plant and equipment (2) | $ | 30 | $ | — |
(1) | This balance as at June 30, 2019 includes $35 million of lease liabilities. |
(2) | This balance as at June 30, 2019 is comprised of right-of-use assets. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||||||||||
Financial Asset | Financial Liability | Financial Asset | Financial Liability | |||||||||||||
Foreign currency forward contracts | $ | 48 | $ | 82 | $ | 100 | $ | 47 | ||||||||
Warrants | — | 2 | — | 13 | ||||||||||||
Interest rate swaps | 2 | 279 | 3 | 144 | ||||||||||||
Commodities contracts | 85 | 64 | 131 | 114 | ||||||||||||
Cross currency swaps | — | — | — | 4 | ||||||||||||
Options Contracts | — | — | 9 | — | ||||||||||||
Total | $ | 135 | $ | 427 | $ | 243 | $ | 322 | ||||||||
Total Current | $ | 108 | $ | 167 | $ | 223 | $ | 157 | ||||||||
Total Non-current | $ | 27 | $ | 260 | $ | 20 | $ | 165 |
UNITS | General Partner Units | Limited Partnership Units | Total | ||||||
Balance as at January 1, 2019 | 4 | 66,185,798 | 66,185,802 | ||||||
Repurchased and canceled | — | (89,027 | ) | (89,027 | ) | ||||
Issued for cash | — | 13,837,000 | 13,837,000 | ||||||
Balance as at June 30, 2019 | 4 | 79,933,771 | 79,933,775 |
UNITS | Redemption Exchange Units held by Brookfield | ||
Balance as at January 1, 2019 | 63,095,497 | ||
Issued for cash | 6,610,000 | ||
Balance as at June 30, 2019 | 69,705,497 |
(a) | Attributable to Limited Partners |
(US$ MILLIONS) | Foreign currency translation | FVOCI | Other (1) | Accumulated other comprehensive income (loss) | ||||||||||||
Balance as at January 1, 2019 | $ | (182 | ) | $ | 9 | $ | (13 | ) | $ | (186 | ) | |||||
Other comprehensive income (loss) | 15 | 2 | (16 | ) | 1 | |||||||||||
Balance as at June 30, 2019 | $ | (167 | ) | $ | 11 | $ | (29 | ) | $ | (185 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
(US$ MILLIONS) | Foreign currency translation | Available for sale | Other (1) | Accumulated other comprehensive income (loss) | ||||||||||||
Balance as at January 1, 2018 | $ | (111 | ) | $ | 6 | $ | (7 | ) | $ | (112 | ) | |||||
Other comprehensive income (loss) | (49 | ) | 7 | 11 | (31 | ) | ||||||||||
Balance as at June 30, 2018 | $ | (160 | ) | $ | 13 | $ | 4 | $ | (143 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
(b) | Attributable to Non-controlling interest — Redemption-Exchange Units held by Brookfield Asset Management Inc. |
(US$ MILLIONS) | Foreign currency translation | FVOCI | Other (1) | Accumulated other comprehensive income (loss) | ||||||||||||
Balance as at January 1, 2019 | $ | (232 | ) | $ | 7 | $ | (10 | ) | $ | (235 | ) | |||||
Other comprehensive income (loss) | 14 | 2 | (15 | ) | 1 | |||||||||||
Balance as at June 30, 2019 | $ | (218 | ) | $ | 9 | $ | (25 | ) | $ | (234 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
(US$ MILLIONS) | Foreign currency translation | Available for sale | Other (1) | Accumulated other comprehensive income (loss) | ||||||||||||
Balance as at January 1, 2018 | $ | (165 | ) | $ | 4 | $ | (4 | ) | $ | (165 | ) | |||||
Other comprehensive income (loss) | (47 | ) | 6 | 11 | (30 | ) | ||||||||||
Balance as at June 30, 2018 | $ | (212 | ) | $ | 10 | $ | 7 | $ | (195 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
Three Months Ended | Six Months Ended | |||||||||||||||
(US$ MILLIONS) | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Cost of sales | $ | 8,720 | $ | 7,739 | $ | 16,036 | $ | 14,915 | ||||||||
Compensation | 1,036 | 449 | 1,892 | 903 | ||||||||||||
Property taxes, sales taxes and other | 20 | 12 | 41 | 31 | ||||||||||||
Total | $ | 9,776 | $ | 8,200 | $ | 17,969 | $ | 15,849 |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||
Revenues | $ | 7,345 | $ | 1,105 | $ | 2,267 | $ | — | $ | 10,717 | |||||||||
Direct operating costs | (7,169 | ) | (838 | ) | (1,767 | ) | (2 | ) | (9,776 | ) | |||||||||
General and administrative expenses | (67 | ) | (41 | ) | (85 | ) | (18 | ) | (211 | ) | |||||||||
Equity accounted Company EBITDA (3) | 11 | 35 | 17 | — | 63 | ||||||||||||||
Company EBITDA attributable to others (4) | (59 | ) | (173 | ) | (324 | ) | — | (556 | ) | ||||||||||
Company EBITDA (1) | 61 | 88 | 108 | (20 | ) | 237 | |||||||||||||
Realized disposition gain (loss) | 522 | — | — | — | 522 | ||||||||||||||
Other income (expenses), net (5) | — | 4 | — | — | 4 | ||||||||||||||
Interest income (expense), net | (38 | ) | (97 | ) | (186 | ) | 8 | (313 | ) | ||||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investment (3) | (2 | ) | (5 | ) | (3 | ) | — | (10 | ) | ||||||||||
Current income taxes | (47 | ) | — | (51 | ) | 5 | (93 | ) | |||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | (154 | ) | 64 | 178 | — | 88 | |||||||||||||
Company FFO (1) | 342 | 54 | 46 | (7 | ) | 435 | |||||||||||||
Depreciation and amortization expense (2) | (441 | ) | |||||||||||||||||
Impairment expense, net | (324 | ) | |||||||||||||||||
Other income (expense), net (5) | (185 | ) | |||||||||||||||||
Deferred income taxes | 41 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (30 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 611 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | 107 |
(1) | Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO, and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders. |
(2) | For the three month period ended June 30, 2019, depreciation and amortization by segment is as follows: business services $58 million, infrastructure services $179 million, industrials $204 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted income of $23 million. |
(4) | Total cash and non-cash items attributable to the interest of others equals net loss of $143 million as per the unaudited interim condensed consolidated statements of operating results. |
(5) | The sum of these amounts equates to other expenses of $181 million as per the unaudited interim condensed consolidated statements of operating results. |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||
Revenues | $ | 14,280 | $ | 2,394 | $ | 3,244 | $ | — | $ | 19,918 | |||||||||
Direct operating costs | (13,947 | ) | (1,730 | ) | (2,288 | ) | (4 | ) | (17,969 | ) | |||||||||
General and administrative expenses | (134 | ) | (75 | ) | (143 | ) | (37 | ) | (389 | ) | |||||||||
Equity accounted Company EBITDA (3) | 19 | 56 | 21 | — | 96 | ||||||||||||||
Company EBITDA attributable to others (4) | (112 | ) | (422 | ) | (619 | ) | — | (1,153 | ) | ||||||||||
Company EBITDA (1) | 106 | 223 | 215 | (41 | ) | 503 | |||||||||||||
Realized disposition gain (loss), net | 522 | — | (2 | ) | — | 520 | |||||||||||||
Other income (expenses), net (5) | — | — | 2 | — | 2 | ||||||||||||||
Interest income (expense), net | (58 | ) | (198 | ) | (255 | ) | 14 | (497 | ) | ||||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investment (3) | (3 | ) | (8 | ) | (4 | ) | — | (15 | ) | ||||||||||
Current income taxes | (57 | ) | 9 | (85 | ) | 10 | (123 | ) | |||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | (136 | ) | 130 | 256 | — | 250 | |||||||||||||
Company FFO (1) | 374 | 156 | 127 | (17 | ) | 640 | |||||||||||||
Depreciation and amortization expense (2) | (752 | ) | |||||||||||||||||
Impairment expense, net | (324 | ) | |||||||||||||||||
Other income (expense), net (5) | (273 | ) | |||||||||||||||||
Deferred income taxes | 22 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (51 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 907 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | 169 |
(1) | Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO, and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders. |
(2) | For the six month period ended June 30, 2019, depreciation and amortization by segment is as follows: business services $115 million, infrastructure services $348 million, industrials $289 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted income of $30 million. |
(4) | Total cash and non-cash items attributable to the interest of others equals net loss of $4 million as per the unaudited interim condensed consolidated statements of operating results. |
(5) | The sum of these amounts equates to other expenses of $271 million as per the unaudited interim condensed consolidated statements of operating results. |
Three Months Ended June 30, 2018 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||
Revenues | $ | 7,859 | $ | 3 | $ | 909 | $ | 4 | $ | 8,775 | |||||||||
Direct operating costs | (7,711 | ) | — | (487 | ) | (2 | ) | (8,200 | ) | ||||||||||
General and administrative expenses | (72 | ) | — | (54 | ) | (16 | ) | (142 | ) | ||||||||||
Equity accounted Company EBITDA (3) | 7 | 38 | 18 | — | 63 | ||||||||||||||
Company EBITDA attributable to others (4) | (46 | ) | — | (268 | ) | — | (314 | ) | |||||||||||
Company EBITDA (1) | 37 | 41 | 118 | (14 | ) | 182 | |||||||||||||
Realized disposition gain (loss) | 55 | — | 35 | — | 90 | ||||||||||||||
Interest income (expense), net | (22 | ) | — | (61 | ) | — | (83 | ) | |||||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investment (3) | (1 | ) | (15 | ) | (4 | ) | — | (20 | ) | ||||||||||
Current income taxes | (22 | ) | — | (30 | ) | — | (52 | ) | |||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | 19 | — | 41 | — | 60 | ||||||||||||||
Company FFO (1) | 66 | 26 | 99 | (14 | ) | 177 | |||||||||||||
Depreciation and amortization expense (2) | (105 | ) | |||||||||||||||||
Other income (expense), net | (7 | ) | |||||||||||||||||
Deferred income taxes | 39 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (50 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 65 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | 119 |
(1) | Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO, and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders. |
(2) | For the three month period ended June 30, 2018, depreciation and amortization by segment is as follows: business services $34 million, infrastructure services $nil, industrials $71 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted loss of $7 million. |
(4) | Total cash and non-cash items attributable to the interest of others equals net income of $189 million as per the unaudited interim condensed consolidated statements of operating results. |
Six Months Ended June 30, 2018 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | ||||||||||||||
Revenues | $ | 15,206 | $ | 5 | $ | 1,751 | $ | 7 | $ | 16,969 | |||||||||
Direct operating costs | (14,945 | ) | — | (900 | ) | (4 | ) | (15,849 | ) | ||||||||||
General and administrative expenses | (139 | ) | — | (89 | ) | (32 | ) | (260 | ) | ||||||||||
Equity accounted Company EBITDA (3) | 15 | 73 | 34 | — | 122 | ||||||||||||||
Company EBITDA attributable to others (4) | (71 | ) | — | (538 | ) | — | (609 | ) | |||||||||||
Company EBITDA (1) | 66 | 78 | 258 | (29 | ) | 373 | |||||||||||||
Realized disposition gain (loss) | 55 | — | 51 | — | 106 | ||||||||||||||
Interest income (expense), net | (41 | ) | — | (128 | ) | — | (169 | ) | |||||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investment (3) | (1 | ) | (30 | ) | (8 | ) | — | (39 | ) | ||||||||||
Current income taxes | (30 | ) | — | (50 | ) | — | (80 | ) | |||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | 34 | — | 90 | — | 124 | ||||||||||||||
Company FFO (1) | 83 | 48 | 213 | (29 | ) | 315 | |||||||||||||
Depreciation and amortization expense (2) | (211 | ) | |||||||||||||||||
Other income (expense), net | (21 | ) | |||||||||||||||||
Deferred income taxes | 29 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (73 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 154 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | 193 |
(1) | Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO, and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders. |
(2) | For the six month period ended June 30, 2018, depreciation and amortization by segment is as follows: business services $67 million, infrastructure services $nil, industrials $144 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted income of $10 million. |
(4) | Total cash and non-cash items attributable to the interest of others equals net income of $331 million as per the unaudited interim condensed consolidated statements of operating results. |
As at June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
Total assets | $ | 12,114 | $ | 10,813 | $ | 24,006 | $ | 1,396 | $ | 48,329 |
As at December 31, 2018 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
Total assets | $ | 7,613 | $ | 11,640 | $ | 7,650 | $ | 415 | $ | 27,318 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
United Kingdom | $ | 5,028 | $ | 84 | $ | 27 | $ | — | $ | 5,139 | ||||||||||
Canada | 859 | 15 | 173 | — | 1,047 | |||||||||||||||
Australia | 896 | 3 | — | — | 899 | |||||||||||||||
Brazil | 68 | 22 | 275 | — | 365 | |||||||||||||||
United States of America | 168 | 376 | 748 | — | 1,292 | |||||||||||||||
Middle East (1) | 122 | 2 | 3 | — | 127 | |||||||||||||||
Europe | 174 | 324 | 688 | — | 1,186 | |||||||||||||||
Other | 26 | 133 | 351 | — | 510 | |||||||||||||||
Total IFRS 15 revenue | $ | 7,341 | $ | 959 | $ | 2,265 | $ | — | $ | 10,565 | ||||||||||
Other non IFRS 15 revenue | $ | 4 | $ | 146 | $ | 2 | $ | — | $ | 152 | ||||||||||
Total revenue | $ | 7,345 | $ | 1,105 | $ | 2,267 | $ | — | $ | 10,717 |
(1) | Middle East primarily consists of United Arab Emirates. |
Six Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
United Kingdom | $ | 9,874 | $ | 161 | $ | 48 | $ | — | $ | 10,083 | ||||||||||
Canada | 1,749 | 28 | 364 | — | 2,141 | |||||||||||||||
Australia | 1,616 | 6 | — | — | 1,622 | |||||||||||||||
Brazil | 119 | 49 | 506 | — | 674 | |||||||||||||||
United States of America | 286 | 914 | 848 | — | 2,048 | |||||||||||||||
Middle East (1) | 256 | 5 | 6 | — | 267 | |||||||||||||||
Europe | 332 | 635 | 1,050 | — | 2,017 | |||||||||||||||
Other | 30 | 292 | 417 | — | 739 | |||||||||||||||
Total IFRS 15 revenue | $ | 14,262 | $ | 2,090 | $ | 3,239 | $ | — | $ | 19,591 | ||||||||||
Other non IFRS 15 revenue | $ | 18 | $ | 304 | $ | 5 | $ | — | $ | 327 | ||||||||||
Total revenue | $ | 14,280 | $ | 2,394 | $ | 3,244 | $ | — | $ | 19,918 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
Goods / services provided at a point in time | $ | 5,839 | $ | 288 | $ | 2,205 | $ | — | $ | 8,332 | ||||||||||
Services transferred over time | 1,502 | 671 | 60 | — | 2,233 | |||||||||||||||
Total IFRS 15 revenue | $ | 7,341 | $ | 959 | $ | 2,265 | $ | — | $ | 10,565 | ||||||||||
Other non IFRS 15 revenue | 4 | 146 | 2 | — | 152 | |||||||||||||||
Total revenues | $ | 7,345 | $ | 1,105 | $ | 2,267 | $ | — | $ | 10,717 |
Six Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
Goods / services provided at a point in time | $ | 11,139 | $ | 713 | $ | 3,128 | $ | — | $ | 14,980 | ||||||||||
Services transferred over time | 3,123 | 1,377 | 111 | — | 4,611 | |||||||||||||||
Total IFRS 15 revenue | $ | 14,262 | $ | 2,090 | $ | 3,239 | $ | — | $ | 19,591 | ||||||||||
Other non IFRS 15 revenue | 18 | 304 | 5 | — | 327 | |||||||||||||||
Total revenues | $ | 14,280 | $ | 2,394 | $ | 3,244 | $ | — | $ | 19,918 |
Six Months Ended | ||||||||
(US$ MILLIONS) | June 30, 2019 | June 30, 2018 | ||||||
Interest paid | $ | 417 | $ | 94 | ||||
Income taxes paid | $ | 118 | $ | 30 |
Six Months Ended | ||||||||
(US$ MILLIONS) | June 30, 2019 | June 30, 2018 | ||||||
Accounts receivable | $ | (147 | ) | $ | (324 | ) | ||
Inventory | 80 | (73 | ) | |||||
Prepayments and other | (12 | ) | (79 | ) | ||||
Accounts payable and other | 557 | (38 | ) | |||||
Changes in non-cash working capital, net | $ | 478 | $ | (514 | ) |
(a) | Distribution |
(b) | Exercise of underwriters' option |
(c) | Acquisition of Ouro Verde Locação e Seviços S.A. ("Ouro Verde") |
• | changes in the general economy; |
• | general economic and business conditions that could impact our ability to access capital markets and credit markets; |
• | the cyclical nature of most of our operations; |
• | exploration and development within our oil and gas operations may not result in commercially productive assets; |
• | actions of competitors; |
• | foreign currency risk; |
• | our ability to complete previously announced acquisitions or other transactions, on the timeframe contemplated or at all; |
• | risks associated with, and our ability to derive fully anticipated benefits from, future or existing acquisitions, joint ventures, investments or dispositions; |
• | actions or potential actions that could be taken by our co-venturers, partners, fund investors or co-tenants; |
• | risks commonly associated with a separation of economic interest from control; |
• | failure to maintain effective internal controls; |
• | actions or potential actions that could be taken by our parent company, or its subsidiaries (other than the partnership); |
• | the departure of some or all of Brookfield's key professionals; |
• | pending or threatened litigation; |
• | changes to legislation and regulations; |
• | possible environmental liabilities and other contingent liabilities; |
• | our ability to obtain adequate insurance at commercially reasonable rates; |
• | our financial condition and liquidity; |
• | alternative technologies that could impact the demand for, or use of, the businesses and assets that we own and operate and that could impair or eliminate the competitive advantage of our businesses and assets; |
• | downgrading of credit ratings and adverse conditions in the credit markets; |
• | potential difficulties in obtaining effective legal redress in foreign jurisdictions in which we operate; |
• | changes in financial markets, foreign currency exchange rates, interest rates or political conditions; |
• | the impact of the potential break-up of political-economic unions (or the departure of a union member); |
• | the general volatility of the capital markets and the market price of our limited partnership units; |
• | risks relating to our reliance on technology; |
• | the risk of loss resulting from fraud, bribery, corruption or other illegal acts; and |
• | other factors described elsewhere in this document and in our most recent Annual Report on Form 20-F under the heading "Risk Factors". |
i. | Business services, including health services, road fuel distribution and marketing, real estate services, logistics, financial advisory, entertainment, wireless broadband and construction services; |
ii. | Infrastructure services, which includes a global provider of services to the power generation industry and a service provider to the offshore oil production industry; |
iii. | Industrials, which includes mining, automotive batteries, graphite electrode and other manufacturing, water and wastewater services, and natural gas exploration and production; and |
iv. | Corporate and other, which includes corporate cash and liquidity management, and activities related to the management of the partnership's relationship with Brookfield. |
Operating Segments | Assets | Revenue | ||||||
As at June 30, 2019 | Six Months Ended June 30, 2019 | |||||||
(US$ MILLIONS) | ||||||||
Business Services | $ | 12,114 | $ | 14,280 | ||||
Infrastructure Services | 10,813 | 2,394 | ||||||
Industrials | 24,006 | 3,244 | ||||||
Corporate and Other | 1,396 | — | ||||||
Total | $ | 48,329 | $ | 19,918 |
Region | Assets | Revenue | ||||||
As at June 30, 2019 | Six Months Ended June 30, 2019 | |||||||
(US$ MILLIONS) | ||||||||
United Kingdom | $ | 5,067 | $ | 10,108 | ||||
Canada | 4,583 | 2,182 | ||||||
Australia | 5,678 | 1,625 | ||||||
Brazil | 5,401 | 753 | ||||||
United States of America | 11,012 | 2,052 | ||||||
Middle East | 954 | 266 | ||||||
Europe | 9,624 | 2,177 | ||||||
Other | 6,010 | 755 | ||||||
Total | $ | 48,329 | $ | 19,918 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS), except per unit amounts | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 10,717 | $ | 8,775 | $ | 19,918 | $ | 16,969 | ||||||||
Direct operating costs | (9,776 | ) | (8,200 | ) | (17,969 | ) | (15,849 | ) | ||||||||
General and administrative expenses | (211 | ) | (142 | ) | (389 | ) | (260 | ) | ||||||||
Depreciation and amortization expense | (441 | ) | (105 | ) | (752 | ) | (211 | ) | ||||||||
Interest income (expense), net | (313 | ) | (83 | ) | (497 | ) | (169 | ) | ||||||||
Equity accounted income (loss), net | 23 | (7 | ) | 30 | 10 | |||||||||||
Impairment expense, net | (324 | ) | — | (324 | ) | — | ||||||||||
Gain (loss) on acquisitions/dispositions, net | 522 | 90 | 520 | 106 | ||||||||||||
Other income (expense), net | (181 | ) | (7 | ) | (271 | ) | (21 | ) | ||||||||
Income (loss) before income tax | 16 | 321 | 266 | 575 | ||||||||||||
Current income tax (expense) recovery | (93 | ) | (52 | ) | (123 | ) | (80 | ) | ||||||||
Deferred income tax (expense) recovery | 41 | 39 | 22 | 29 | ||||||||||||
Net income (loss) | $ | (36 | ) | $ | 308 | $ | 165 | $ | 524 | |||||||
Attributable to: | ||||||||||||||||
Limited partners | $ | 55 | $ | 40 | $ | 87 | $ | 5 | ||||||||
Non-controlling interests attributable to: | ||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management | 52 | 38 | 82 | 4 | ||||||||||||
Special Limited Partners | — | 41 | — | 184 | ||||||||||||
Interest of others | (143 | ) | 189 | (4 | ) | 331 | ||||||||||
Net income (loss) | $ | (36 | ) | $ | 308 | $ | 165 | $ | 524 | |||||||
Basic and diluted earnings per limited partner unit (1) (2) | $ | 0.82 | $ | 0.60 | $ | 1.30 | $ | 0.07 |
(1) | Average number of partnership units outstanding on a fully diluted time weighted average basis, assuming the exchange of redemption exchange units held by Brookfield Asset Management for limited partnership units, for the three and six months ended June 30, 2019 was 129.9 million and 129.5 million, respectively, and for the three and six months ended June 30, 2018 was 129.3 million. |
(2) | Income (loss) attributed to limited partnership units on a fully diluted basis is reduced by incentive distributions paid to special limited partnership unitholders during the three and six months ended June 30, 2018. |
(US$ MILLIONS), except per unit amounts | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||
Revenues | $ | 10,717 | $ | 9,201 | $ | 10,209 | $ | 9,990 | $ | 8,775 | $ | 8,194 | $ | 8,379 | $ | 7,640 | |||||||||||||||
Direct operating costs | (9,776 | ) | (8,193 | ) | (9,205 | ) | (9,080 | ) | (8,200 | ) | (7,649 | ) | (8,034 | ) | (7,295 | ) | |||||||||||||||
General and administrative expenses | (211 | ) | (178 | ) | (209 | ) | (174 | ) | (142 | ) | (118 | ) | (107 | ) | (95 | ) | |||||||||||||||
Depreciation and amortization expense | (441 | ) | (311 | ) | (286 | ) | (251 | ) | (105 | ) | (106 | ) | (109 | ) | (109 | ) | |||||||||||||||
Interest income (expense), net | (313 | ) | (184 | ) | (181 | ) | (148 | ) | (83 | ) | (86 | ) | (67 | ) | (66 | ) | |||||||||||||||
Equity accounted income (loss), net | 23 | 7 | 9 | (9 | ) | (7 | ) | 17 | 8 | 37 | |||||||||||||||||||||
Impairment expense, net | (324 | ) | — | (38 | ) | (180 | ) | — | — | (9 | ) | — | |||||||||||||||||||
Gain (loss) on acquisitions/dispositions, net | 522 | (2 | ) | 147 | 247 | 90 | 16 | — | (14 | ) | |||||||||||||||||||||
Other income (expense), net | (181 | ) | (90 | ) | (73 | ) | (42 | ) | (7 | ) | (14 | ) | (72 | ) | (41 | ) | |||||||||||||||
Income (loss) before income tax | 16 | 250 | 373 | 353 | 321 | 254 | (11 | ) | 57 | ||||||||||||||||||||||
Current income tax (expense)/recovery | (93 | ) | (30 | ) | (63 | ) | (43 | ) | (52 | ) | (28 | ) | (11 | ) | (19 | ) | |||||||||||||||
Deferred income tax (expense)/recovery | 41 | (19 | ) | 84 | (25 | ) | 39 | (10 | ) | 16 | 6 | ||||||||||||||||||||
Net income (loss) | $ | (36 | ) | $ | 201 | $ | 394 | $ | 285 | $ | 308 | $ | 216 | $ | (6 | ) | $ | 44 | |||||||||||||
Attributable to: | |||||||||||||||||||||||||||||||
Limited partners | $ | 55 | $ | 32 | $ | 70 | $ | (1 | ) | $ | 40 | $ | (35 | ) | $ | (79 | ) | $ | (8 | ) | |||||||||||
Non-controlling interests attributable to: | |||||||||||||||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | 52 | 30 | 66 | — | 38 | (34 | ) | (83 | ) | (8 | ) | ||||||||||||||||||||
Special Limited Partners | — | — | — | 94 | 41 | 143 | 117 | 25 | |||||||||||||||||||||||
Interest of others | (143 | ) | 139 | 258 | 192 | 189 | 142 | 39 | 35 | ||||||||||||||||||||||
Net income (loss) | $ | (36 | ) | $ | 201 | $ | 394 | $ | 285 | $ | 308 | $ | 216 | $ | (6 | ) | $ | 44 | |||||||||||||
Basic and diluted earnings (loss) per limited partner unit (1) (2) | $ | 0.82 | $ | 0.48 | $ | 1.04 | $ | — | $ | 0.60 | $ | (0.53 | ) | $ | (1.25 | ) | $ | (0.15 | ) |
(1) | Average number of partnership units outstanding on a fully diluted time weighted average basis, assuming the exchange of redemption exchange units held by Brookfield Asset Management for limited partnership units, for the three and six months ended June 30, 2019 was 129.9 million and 129.5 million, respectively, and for the three and six months ended June 30, 2018 was 129.3 million. |
(2) | Income (loss) attributed to limited partnership units on a fully diluted basis is reduced by incentive distributions paid to special limited partnership unitholders during the three months ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018, and September 30, 2018. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,940 | $ | 1,949 | ||||
Financial assets | 1,199 | 1,369 | ||||||
Accounts and other receivable, net | 5,888 | 5,160 | ||||||
Inventory and other assets | 5,182 | 3,075 | ||||||
Assets held for sale | 516 | 63 | ||||||
Property, plant and equipment | 13,859 | 6,947 | ||||||
Deferred income tax assets | 573 | 280 | ||||||
Intangible assets | 11,663 | 5,523 | ||||||
Equity accounted investments | 1,394 | 541 | ||||||
Goodwill | 5,115 | 2,411 | ||||||
Total assets | $ | 48,329 | $ | 27,318 | ||||
Liabilities and equity | ||||||||
Liabilities | ||||||||
Accounts payable and other | $ | 14,430 | $ | 9,082 | ||||
Liabilities associated with assets held for sale | 250 | 9 | ||||||
Corporate borrowings | — | — | ||||||
Non-recourse borrowings in subsidiaries in Brookfield Business Partners | 22,516 | 10,866 | ||||||
Deferred income tax liabilities | 1,843 | 867 | ||||||
Total liabilities | $ | 39,039 | $ | 20,824 | ||||
Equity | ||||||||
Limited partners | $ | 2,150 | $ | 1,548 | ||||
Non-controlling interests attributable to: | ||||||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,736 | 1,415 | ||||||
Interest of others | 5,404 | 3,531 | ||||||
Total equity | 9,290 | 6,494 | ||||||
Total liabilities and equity | $ | 48,329 | $ | 27,318 |
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
June 30, 2019 | $ | 542 | $ | 337 | $ | 313 | $ | 7 | $ | 1,199 | ||||||||||
December 31, 2018 | $ | 623 | $ | 360 | $ | 333 | $ | 53 | $ | 1,369 |
UNITS | June 30, 2019 | December 31, 2018 | ||||
GP Units | 4 | 4 | ||||
LP Units | 79,933,771 | 66,185,798 | ||||
Non-controlling interests: | ||||||
Redemption-Exchange Units, held by Brookfield | 69,705,497 | 63,095,497 | ||||
Special LP Units | 4 | 4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 10,717 | $ | 8,775 | $ | 19,918 | $ | 16,969 | ||||||||
Direct operating costs | (9,776 | ) | (8,200 | ) | (17,969 | ) | (15,849 | ) | ||||||||
General and administrative expenses | (211 | ) | (142 | ) | (389 | ) | (260 | ) | ||||||||
Equity accounted Company EBITDA | 63 | 63 | 96 | 122 | ||||||||||||
Company EBITDA attributable to others (1) | (556 | ) | (314 | ) | (1,153 | ) | (609 | ) | ||||||||
Company EBITDA (2) | $ | 237 | $ | 182 | $ | 503 | $ | 373 | ||||||||
Realized disposition gains (loss), net | 522 | 90 | 520 | 106 | ||||||||||||
Other income (expense), net | 4 | — | 2 | — | ||||||||||||
Interest income (expense), net | (313 | ) | (83 | ) | (497 | ) | (169 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (10 | ) | (20 | ) | (15 | ) | (39 | ) | ||||||||
Current income taxes | (93 | ) | (52 | ) | (123 | ) | (80 | ) | ||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 88 | 60 | 250 | 124 | ||||||||||||
Company FFO (2) | $ | 435 | $ | 177 | $ | 640 | $ | 315 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments and other items. Company EBITDA and Company FFO are presented net to unitholders. For further information on Company FFO and Company EBITDA see the “Reconciliation of Non IFRS Measures” section of the MD&A. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 7,345 | $ | 7,859 | $ | 14,280 | $ | 15,206 | ||||||||
Direct operating costs | (7,169 | ) | (7,711 | ) | (13,947 | ) | (14,945 | ) | ||||||||
General and administrative expenses | (67 | ) | (72 | ) | (134 | ) | (139 | ) | ||||||||
Equity accounted Company EBITDA | 11 | 7 | 19 | 15 | ||||||||||||
Company EBITDA attributable to others (1) | (59 | ) | (46 | ) | (112 | ) | (71 | ) | ||||||||
Company EBITDA (2) | $ | 61 | $ | 37 | $ | 106 | $ | 66 | ||||||||
Realized disposition gain (losses), net | 522 | 55 | 522 | 55 | ||||||||||||
Other income (expense), net | — | — | — | — | ||||||||||||
Interest income (expense), net | (38 | ) | (22 | ) | (58 | ) | (41 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (2 | ) | (1 | ) | (3 | ) | (1 | ) | ||||||||
Current income taxes | (47 | ) | (22 | ) | (57 | ) | (30 | ) | ||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | (154 | ) | 19 | (136 | ) | 34 | ||||||||||
Company FFO (2) | $ | 342 | $ | 66 | $ | 374 | $ | 83 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Total assets | $ | 12,114 | $ | 7,613 | ||||
Total liabilities | 10,612 | 5,549 | ||||||
Interests of others in operating subsidiaries (1) | 385 | 571 | ||||||
Equity attributable to unitholders | 1,117 | 1,493 | ||||||
Total equity | $ | 1,502 | $ | 2,064 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments and other items. Company EBITDA and Company FFO are presented net to unitholders. For further information on Company FFO and Company EBITDA see the “Reconciliation of Non IFRS Measures” section of the MD&A. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 1,105 | $ | 3 | $ | 2,394 | $ | 5 | ||||||||
Direct operating costs | (838 | ) | — | (1,730 | ) | — | ||||||||||
General and administrative expenses | (41 | ) | — | (75 | ) | — | ||||||||||
Equity accounted Company EBITDA | 35 | 38 | 56 | 73 | ||||||||||||
Company EBITDA attributable to others (1) | (173 | ) | — | (422 | ) | — | ||||||||||
Company EBITDA (2) | $ | 88 | $ | 41 | $ | 223 | $ | 78 | ||||||||
Other income (expense), net | 4 | — | — | — | ||||||||||||
Interest income (expense), net | (97 | ) | — | (198 | ) | — | ||||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (5 | ) | (15 | ) | (8 | ) | (30 | ) | ||||||||
Current income taxes | — | — | 9 | — | ||||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 64 | — | 130 | — | ||||||||||||
Company FFO (2) | $ | 54 | $ | 26 | $ | 156 | $ | 48 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Total assets | $ | 10,813 | $ | 11,640 | ||||
Total liabilities | 9,141 | 9,129 | ||||||
Interests of others in operating subsidiaries (1) | 1,039 | 1,534 | ||||||
Equity attributable to unitholders | 633 | 977 | ||||||
Total equity | $ | 1,672 | $ | 2,511 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments and other items. Company EBITDA and Company FFO are presented net to unitholders. For further information on Company FFO and Company EBITDA see the “Reconciliation of Non IFRS Measures” section of the MD&A. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 2,267 | $ | 909 | $ | 3,244 | $ | 1,751 | ||||||||
Direct operating costs | (1,767 | ) | (487 | ) | (2,288 | ) | (900 | ) | ||||||||
General and administrative expenses | (85 | ) | (54 | ) | (143 | ) | (89 | ) | ||||||||
Equity accounted Company EBITDA | 17 | 18 | 21 | 34 | ||||||||||||
Company EBITDA attributable to others (1) | (324 | ) | (268 | ) | (619 | ) | (538 | ) | ||||||||
Company EBITDA (2) | $ | 108 | $ | 118 | $ | 215 | $ | 258 | ||||||||
Realized disposition gain (losses), net | — | 35 | (2 | ) | 51 | |||||||||||
Other income (expense), net | — | — | 2 | — | ||||||||||||
Interest income (expense), net | (186 | ) | (61 | ) | (255 | ) | (128 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (3 | ) | (4 | ) | (4 | ) | (8 | ) | ||||||||
Current income taxes | (51 | ) | (30 | ) | (85 | ) | (50 | ) | ||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 178 | 41 | 256 | 90 | ||||||||||||
Company FFO (2) | $ | 46 | $ | 99 | $ | 127 | $ | 213 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Total assets | $ | 24,006 | $ | 7,650 | ||||
Total liabilities | 19,286 | 5,865 | ||||||
Interests of others in operating subsidiaries (1) | 3,980 | 1,426 | ||||||
Equity attributable to unitholders | 740 | 359 | ||||||
Total equity | $ | 4,720 | $ | 1,785 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments and other items. Company EBITDA and Company FFO are presented net to unitholders. For further information on Company FFO and Company EBITDA see the “Reconciliation of Non IFRS Measures” section of the MD&A. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | — | $ | 4 | $ | — | $ | 7 | ||||||||
Direct operating costs | (2 | ) | (2 | ) | (4 | ) | (4 | ) | ||||||||
General and administrative expenses | (18 | ) | (16 | ) | (37 | ) | (32 | ) | ||||||||
Company EBITDA (1) | $ | (20 | ) | $ | (14 | ) | $ | (41 | ) | $ | (29 | ) | ||||
Interest income (expense), net | 8 | — | 14 | — | ||||||||||||
Current income taxes | 5 | — | 10 | — | ||||||||||||
Company FFO (1) | $ | (7 | ) | $ | (14 | ) | $ | (17 | ) | $ | (29 | ) |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Total assets | $ | 1,396 | $ | 415 | ||||
Total liabilities | — | 281 | ||||||
Equity attributable to unitholders | 1,396 | 134 | ||||||
Total equity | $ | 1,396 | $ | 134 |
(1) | Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments and other items. Company EBITDA and Company FFO are presented net to unitholders. For further information on Company FFO and Company EBITDA see the “Reconciliation of Non IFRS Measures” section of the MD&A. |
• | Company FFO does not include depreciation and amortization expense; because we own capital assets with finite lives, depreciation and amortization expense recognizes the fact that we must maintain or replace our asset base in order to preserve our revenue generating capability; |
• | Company FFO does not include deferred income taxes, which may become payable if we own our assets for a long period of time; and |
• | Company FFO does not include non-cash fair value adjustments or mark-to-market adjustments recorded to net income unless the underlying movement in the item being hedged is recorded within Company FFO. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 10,717 | $ | 8,775 | $ | 19,918 | $ | 16,969 | ||||||||
Direct operating costs | (9,776 | ) | (8,200 | ) | (17,969 | ) | (15,849 | ) | ||||||||
General and administrative expenses | (211 | ) | (142 | ) | (389 | ) | (260 | ) | ||||||||
Equity accounted investment Company EBITDA (1) | 63 | 63 | 96 | 122 | ||||||||||||
Company EBITDA attributable to others (2) | (556 | ) | (314 | ) | (1,153 | ) | (609 | ) | ||||||||
Company EBITDA | $ | 237 | $ | 182 | $ | 503 | $ | 373 | ||||||||
Realized disposition gain (loss), net | 522 | 90 | 520 | 106 | ||||||||||||
Other income (expense), net | 4 | — | 2 | — | ||||||||||||
Interest income (expense), net | (313 | ) | (83 | ) | (497 | ) | (169 | ) | ||||||||
Equity accounted current taxes and interest (1) | (10 | ) | (20 | ) | (15 | ) | (39 | ) | ||||||||
Current income taxes | (93 | ) | (52 | ) | (123 | ) | (80 | ) | ||||||||
Company FFO attributable to others (2) | 88 | 60 | 250 | 124 | ||||||||||||
Company FFO | $ | 435 | $ | 177 | $ | 640 | $ | 315 | ||||||||
Depreciation and amortization | (441 | ) | (105 | ) | (752 | ) | (211 | ) | ||||||||
Impairment expense, net | (324 | ) | — | (324 | ) | — | ||||||||||
Other income (expenses), net | (185 | ) | (7 | ) | (273 | ) | (21 | ) | ||||||||
Deferred income taxes | 41 | 39 | 22 | 29 | ||||||||||||
Non-cash items attributable to equity accounted investments (1) | (30 | ) | (50 | ) | (51 | ) | (73 | ) | ||||||||
Non-cash items attributable to others (2) | 611 | 65 | 907 | 154 | ||||||||||||
Net income attributable to unitholders | $ | 107 | $ | 119 | $ | 169 | $ | 193 |
(1) | The sum of these amounts equates to equity accounted income of $23 million and $30 million as per our IFRS statement of operating results for the three and six months ended June 30, 2019, respectively, and equity accounted loss of $7 million and income of $10 million for the three and six months ended June 30, 2018, respectively. |
(2) | Total cash and non-cash items attributable to the interest of others equals net loss of $143 million and $4 million as per our IFRS statement of operating results for the three and six months ended June 30, 2019, and net income of $189 million and $331 million for the three and six months ended June 30, 2018, respectively. |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Limited partners | $ | 2,150 | $ | 1,548 | ||||
Non-controlling interests attributable to: | ||||||||
Redemption-Exchange Units, Preferred Shares and Special LP Units held by Brookfield | 1,736 | 1,415 | ||||||
Equity attributable to unitholders | $ | 3,886 | $ | 2,963 |
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
June 30, 2019 | $ | 1,117 | $ | 633 | $ | 740 | $ | 1,396 | $ | 3,886 | ||||||||||
December 31, 2018 | $ | 1,493 | $ | 977 | $ | 359 | $ | 134 | $ | 2,963 |
(US$ MILLIONS) | Business Services | Infrastructure Services | Industrials | Corporate and Other | Total | |||||||||||||||
June 30, 2019 | $ | 2,410 | $ | 5,757 | $ | 14,349 | $ | — | $ | 22,516 | ||||||||||
December 31, 2018 | $ | 1,228 | $ | 5,748 | $ | 3,890 | $ | — | $ | 10,866 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Term loans and credit facilities | $ | 16,733 | $ | 8,505 | ||||
Project financing | 593 | 573 | ||||||
Securitization program | — | 260 | ||||||
Notes and debentures | 5,190 | 1,528 | ||||||
Total Borrowings | $ | 22,516 | $ | 10,866 |
(US$ MILLIONS) | June 30, 2019 | December 31, 2018 | ||||||
Borrowings | $ | 22,516 | $ | 10,866 | ||||
Cash and cash equivalents | (2,940 | ) | (1,949 | ) | ||||
Net debt | 19,576 | 8,917 | ||||||
Total equity | 9,290 | 6,494 | ||||||
Total capital and net debt | $ | 28,866 | $ | 15,411 | ||||
Net debt to capitalization ratio | 68 | % | 58 | % |
Six Months Ended June 30, | ||||||||
(US$ MILLIONS) | 2019 | 2018 | ||||||
Cash flows provided by (used in) operating activities | $ | 1,333 | $ | 191 | ||||
Cash flows provided by (used in) investing activities | (16,514 | ) | (278 | ) | ||||
Cash flows provided by (used in) financing activities | 16,236 | 895 | ||||||
Effect of foreign exchange rates on cash | 4 | (41 | ) | |||||
Net change in cash classified within assets held for sale | (68 | ) | — | |||||
Total | $ | 991 | $ | 767 |
Net Investment Hedges | ||||||||||||||||||||||||||||
(US$ MILLIONS) | USD | CAD | AUD | BRL | GBP | EUR | Other | |||||||||||||||||||||
Net Equity | $ | 2,199 | $ | 443 | $ | 302 | $ | 369 | $ | 417 | $ | (23 | ) | $ | 179 | |||||||||||||
FX Contracts — US$ | 612 | (475 | ) | — | — | (33 | ) | (104 | ) | — |
Payments as at June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Total | Less than One Year | One-Two Years | Three-Five Years | Thereafter | |||||||||||||||
Borrowings | $ | 23,063 | $ | 1,665 | $ | 1,666 | $ | 4,153 | $ | 15,579 | ||||||||||
Lease liabilities | 1,269 | 206 | 150 | 320 | 593 | |||||||||||||||
Interest expense | 6,273 | 1,039 | 1,001 | 2,751 | 1,482 | |||||||||||||||
Decommissioning liabilities | 1,140 | 5 | 2 | 32 | 1,101 | |||||||||||||||
Pension obligations | 1,097 | 102 | 106 | 344 | 545 | |||||||||||||||
Obligations under agreements | 893 | 542 | 182 | 60 | 109 | |||||||||||||||
Total | $ | 33,735 | $ | 3,559 | $ | 3,107 | $ | 7,660 | $ | 19,409 |
(i) | Leases |
• | To recognize the payments associated with short-term and low value leases on a straight-line basis as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed; and |
• | To not allocate contract consideration between lease and non-lease components, but rather account for each lease and non-lease component as a single lease component, on a lease-by-lease basis. |
(ii) | Uncertainty over Income Tax Treatments |
(iii) | Business Combinations |
1. | Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Business Partners L.P. (the "issuer") for the interim period ended June 30, 2019. |
2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
4. | Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer. |
5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings |
(a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
(i) | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
(ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
(b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
(a) | the fact that the issuer’s other certifying officer(s) and I have limited scope of our design of the DC&P and ICFR to exclude controls, policies and procedures of |
(i) | a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and |
(b) | summary financial information about the business that the issuer acquired that has been consolidated in the issuer’s financial statements. |
/s/ Cyrus Madon | ||
Cyrus Madon Chief Executive Officer of Brookfield Private Equity Holdings L.P. |
1. | Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Business Partners L.P. (the "issuer") for the interim period ended June 30, 2019. |
2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
4. | Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer. |
5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings |
(a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
(i) | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
(ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
(b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
(a) | the fact that the issuer’s other certifying officer(s) and I have limited scope of our design of the DC&P and ICFR to exclude controls, policies and procedures of |
(i) | a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and |
(b) | summary financial information about the business that the issuer acquired that has been consolidated in the issuer’s financial statements. |
/s/ Jaspreet Dehl | |
Jaspreet Dehl Chief Financial Officer of Brookfield Private Equity Group L.P. |
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Brookfield Business Partners L.P. |
Entity Central Index Key | 0001654795 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions |
Total |
Limited Partners |
Redemption-Exchange Units held by Brookfield Asset Management Inc. |
Capital
Limited Partners
|
Capital
Redemption-Exchange Units held by Brookfield Asset Management Inc.
|
Retained earnings
Limited Partners
|
Retained earnings
Redemption-Exchange Units held by Brookfield Asset Management Inc.
|
Retained earnings
Special Limited Partners
|
Ownership change
Limited Partners
|
Ownership change
Redemption-Exchange Units held by Brookfield Asset Management Inc.
|
Accumulated other comprehensive income (loss)
Limited Partners
|
[1] |
Accumulated other comprehensive income (loss)
Redemption-Exchange Units held by Brookfield Asset Management Inc.
|
[1] | Capital |
Interest of others in operating subsidiaries |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 6,064 | $ 1,585 | $ 1,438 | $ 1,766 | $ 1,674 | $ (69) | $ (71) | $ 0 | $ 0 | $ 0 | $ (112) | $ (165) | $ 15 | $ 3,026 | |||||||||||
Net income (loss) | 524 | 5 | 4 | 5 | 4 | 184 | 331 | ||||||||||||||||||
Other comprehensive income (loss) | (195) | (31) | (30) | (31) | (30) | (134) | |||||||||||||||||||
Comprehensive income (loss) | 329 | (26) | (26) | 5 | 4 | 184 | (31) | (30) | 197 | ||||||||||||||||
Contributions | 6 | 6 | |||||||||||||||||||||||
Distributions | [2] | (1,858) | (8) | (8) | (8) | (8) | (184) | (1,658) | |||||||||||||||||
Ownership change | 506 | 58 | 57 | (25) | (24) | 83 | 81 | 391 | |||||||||||||||||
Acquisition of interest | [3] | 173 | 173 | ||||||||||||||||||||||
Ending balance at Jun. 30, 2018 | 4,955 | 1,477 | 1,333 | 1,766 | 1,674 | (229) | (227) | 0 | 83 | 81 | (143) | (195) | 15 | 2,130 | |||||||||||
Beginning balance at Dec. 31, 2018 | 6,494 | 1,548 | 1,400 | 1,766 | 1,674 | (237) | (234) | 0 | 205 | 195 | (186) | (235) | 15 | 3,531 | |||||||||||
Net income (loss) | 165 | 87 | 82 | 87 | 82 | 0 | (4) | ||||||||||||||||||
Other comprehensive income (loss) | 14 | 1 | 1 | 1 | 1 | 12 | |||||||||||||||||||
Comprehensive income (loss) | 179 | 88 | 83 | 87 | 82 | 0 | 1 | 1 | 8 | ||||||||||||||||
Contributions | 121 | 121 | |||||||||||||||||||||||
Distributions | (799) | (8) | (8) | (8) | (8) | 0 | (783) | ||||||||||||||||||
Unit repurchases | [2] | (3) | (3) | (3) | |||||||||||||||||||||
Ownership change | [4] | 2 | (6) | (4) | 0 | 0 | (6) | (4) | 12 | ||||||||||||||||
Acquisition of interest | [3] | 2,515 | 2,515 | ||||||||||||||||||||||
Unit Issuance | [2] | 781 | 531 | 250 | 531 | 250 | |||||||||||||||||||
Ending balance at Jun. 30, 2019 | $ 9,290 | $ 2,150 | $ 1,721 | $ 2,294 | $ 1,924 | $ (158) | $ (160) | $ 0 | $ 199 | $ 191 | $ (185) | $ (234) | $ 15 | $ 5,404 | |||||||||||
|
NATURE AND DESCRIPTION OF THE PARTNERSHIP |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
NATURE AND DESCRIPTION OF THE PARTNERSHIP | NATURE AND DESCRIPTION OF THE PARTNERSHIP Brookfield Business Partners L.P. and its subsidiaries, (collectively, “the partnership”) own and operate business services and industrial operations (“the Business”) on a global basis. Brookfield Business Partners L.P. was registered as a limited partnership established under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as further amended on June 17, 2016. Brookfield Business Partners L.P. is a subsidiary of Brookfield Asset Management Inc. (“Brookfield Asset Management” or “Brookfield” or the “parent company”). Brookfield Business Partners L.P.'s limited partnership units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “BBU” and “BBU.UN”, respectively. The registered head office of Brookfield Business Partners L.P. is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. |
SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES
These unaudited interim condensed consolidated financial statements of the partnership have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, or IAS 34, as issued by the International Accounting Standards Board, or the IASB, and using the accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2018, except for the impact of the adoption of the accounting standards described below. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2018 are disclosed in Note 2 of such consolidated financial statements, with which reference should be made in reading these unaudited interim condensed consolidated financial statements. All defined terms are also described in the annual consolidated financial statements. The unaudited interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the accounting policies. The critical accounting estimates and judgments have been set out in Note 2 to the partnership's consolidated financial statements as at and for the year ended December 31, 2018. There have been no significant changes to the method of determining significant estimates and judgments since December 31, 2018, other than changes required as a result of adopting new standards as discussed below. These unaudited interim condensed consolidated financial statements were approved by the partnership's Board of Directors and authorized for issue on August 9, 2019.
The partnership has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2019.
The partnership has applied IFRS 16, Leases ("IFRS 16") as of its effective date of January 1, 2019. The new standard brings most leases on the statement of financial position, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17, Leases and related interpretations and is effective for periods beginning on or after January 1, 2019. The transition impact is outlined in Note 2(c). The partnership assesses whether a contract is, or contains, a lease at inception of the contract and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the partnership recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease, if that rate can be determined, or otherwise the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise i) fixed lease payments, including in-substance fixed payments, less any lease incentives; ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; iii) the amount expected to be payable by the lessee under residual value guarantees; iv) the exercise price of purchase options, if it is reasonably certain that the option will be exercised; and v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related right-of-use asset when i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the partnership expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts on the commencement date of the lease. The partnership applies IAS 36, Impairment of Assets, to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the property plant and equipment policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line "direct operating costs" in the Consolidated Statement of Operations. The partnership has applied critical judgments in the application of IFRS 16, including: i) identifying whether a contract (or part of a contract) includes a lease; and ii) determining whether it is reasonably certain that lease extension or termination options will be exercised in determining lease terms. The partnership also uses critical estimates in the application of IFRS 16, including the estimation of lease term and determination of the appropriate rate to discount the lease payments. The partnership has elected to apply the following practical expedients in its application of the standard:
In June 2017, the IASB published IFRIC 23, Uncertainty over Income Tax Treatments ("IFRIC 23"), effective for annual periods beginning on or after January 1, 2019. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. On January 1, 2019, the partnership adopted IFRIC 23 on a modified retrospective basis. The adoption did not have a significant impact on the partnership's financial results.
In October 2018, the IASB issued an amendment to IFRS 3, Business Combinations (“IFRS 3”), effective for annual periods beginning on or after January 1, 2020, with the option to early adopt beginning January 1, 2019. The amendment clarifies the definition of a business and assists entities in determining whether an acquisition is a business combination or an acquisition of a group of assets. The amendment emphasizes that to be considered a business, an acquired set of activities and assets must include an input and a substantive process that together significantly contribute to the ability to create outputs. The partnership adopted the IFRS 3 amendment on January 1, 2019 on a prospective basis and the adoption did not have an impact on the partnership’s consolidated financial statements.
The partnership has adopted IFRS 16 using the modified retrospective method, whereby any transitional impact is recorded in equity as at January 1, 2019, and comparative periods are not restated. In applying IFRS 16 for the first time, the partnership has applied the following practical expedients permitted by the standard on a lease-by-lease basis. These practical expedients are only available upon adoption and cannot be applied for any new lease executed after adoption:
In addition, the partnership has applied the practical expedient available on transition to not reassess whether a contract meets the definition of a lease under IFRS 16 if the contract was, or was not, previously classified as a lease under IAS 17 Leases and IFRIC 4 Determining whether an Arrangement Contains a Lease prior to the adoption of IFRS 16. As at January 1, 2019, the adoption of IFRS 16 resulted in the recognition of lease liabilities that are recorded in accounts payable and other of $987 million and right-of-use assets that are classified as property, plant, and equipment of $978 million, adjusted for any prepaid or accrued lease payments (including any lease incentives). The adoption of IFRS 16 did not have any impact on equity. The weighted average incremental borrowing rate used in determining the lease liabilities on January 1, 2019 was approximately 4.3%. The difference between the operating lease commitments disclosed applying IAS 17 as at December 31, 2018 and the lease liabilities recognized as at January 1, 2019 is due to discounting using the incremental borrowing rate on January 1, 2019, and short-term and low value leases recognized on a straight-line basis as expense. When comparing results to prior periods, the adoption of IFRS 16 resulted in a reduction of direct operating costs by $60 million and $113 million, an increase to interest and depreciation expense of $13 million and $25 million, and $47 million and $88 million, respectively, for the three and six month period ended June 30, 2019. In addition, under IFRS 16, lease payments are split between cash payments for the interest portion of the lease liability, which are classified as cash flows used in operating activities, and repayments of principal, which are classified as cash flows used in financing activities. In contrast under IAS 17, payments under operating leases were presented as part of cash flows used in operating activities. |
ACQUISITION OF BUSINESSES |
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Business Combinations 1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES When determining the basis of accounting for the partnership’s investees, the partnership evaluates the degree of influence that the partnership exerts directly or through an arrangement over the investees' relevant activities. Control is obtained when the partnership has power over the acquired entities and an ability to use its power to affect the returns of these entities. The partnership accounts for business combinations using the acquisition method of accounting, pursuant to which the cost of acquiring a business is allocated to its identifiable tangible and intangible assets and liabilities on the basis of the estimated fair values at the date of acquisition.
The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates for significant acquisitions.
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Business Services Healthscope Limited ("Healthscope") On June 6, 2019, together with institutional partners, the partnership acquired Healthscope, an Australian based healthcare provider that operates private hospitals and provides pathology services. The partnership's economic interest of 28% was acquired for consideration of $1,156 million. The partnership has a 100% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $22 million were recorded as other expense on the consolidated statements of operating results. Goodwill of $1,450 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. The goodwill recognized is not deductible for income tax purposes. Intangible assets of $264 million were acquired, primarily comprised of customer contracts. The partnership’s results from operations for the period ended June 30, 2019 includes $36 million of revenue and $5 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenue of $189 million and net loss of $21 million attributable to the partnership for the six months ended June 30, 2019. Industrials Clarios On April 30, 2019, together with institutional partners, the partnership acquired Clarios (formerly known as the “Power Solutions Business of Johnson Controls International plc”), a global producer and distributor of automotive batteries. The partnership's economic interest of 29% was acquired for consideration of $3,764 million. The partnership has a 100% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $41 million were recorded as other expense on the consolidated statements of operating results. Goodwill of $1,736 million was acquired, which is largely reflective of the potential to innovate and grow the business. $20 million of the goodwill recognized is deductible for income tax purposes. Intangible assets of $6,420 million were acquired, primarily comprised of customer relationships, patented technology, and trademarks. Intangible assets with a finite life will be amortized on a straight line basis over their remaining weighted average useful lives which range from 14 to 16 years. The partnership’s results from operations for the period ended June 30, 2019 includes $374 million of revenue and $78 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenue of $1,133 million and net loss of $10 million attributable to the partnership for the six months ended June 30, 2019.
The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates:
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Business Services In 2018, the partnership, together with institutional investors, acquired Imagine Communications Group Limited and completed tuck-in acquisitions through its investments in its facilities management business and fuel marketing business for total consideration of $25 million attributable to the partnership. On acquisition, the partnership’s voting interest in each of these acquisitions was greater than 50% and gave the partnership control over the business. Accordingly, the partnership consolidates these businesses for financial reporting purposes. Infrastructure Services Westinghouse Electric Company (“Westinghouse”) On August 1, 2018, the partnership, together with institutional investors, acquired a 100% interest in Westinghouse, a leading global provider of infrastructure services to the power generation industry. The partnership's economic interest of 44% was acquired for consideration of $1,686 million. As a result of the on-going negotiations a purchase price adjustment of $78 million was recorded during the first quarter of 2019. The partnership has a 100% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $55 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $174 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is not deductible for income tax purposes. Intangible assets of $2,544 million were acquired, primarily comprised of developed technology and the Westinghouse trade name. The partnership’s results from operations for the period ended December 31, 2018 includes $743 million of revenue and $37 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $1,715 million for the period ended December 31, 2018 and net loss of $105 million attributable to the partnership for the period ended December 31, 2018. Teekay Offshore Partners L.P. ("Teekay Offshore") Prior to July 3, 2018, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore and a 49% voting interest in Teekay Offshore's General Partner ("Teekay Offshore GP"). The 60% economic interest in Teekay Offshore was accounted for using the equity method. On July 3, 2018, the partnership, together with institutional investors, exercised its general partner option to acquire an additional 2% voting interest in Teekay Offshore GP, in exchange for one million of warrants and began consolidating the business. On acquisition, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore and a 51% voting interest in Teekay Offshore GP, which provided the partnership with control over the business. Accordingly, the partnership has consolidated this business for financial statement purposes. Total consideration for the acquisition was $275 million attributable to the partnership and acquisition costs of $nil were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $547 million was acquired, which represents benefits we expect to receive from the integration of the operations. Goodwill recognized is not deductible for income tax purposes. The partnership's results from operations for the period ended December 31, 2018 includes revenues of $181 million and approximately $46 million of net income attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $334 million for the period ended December 31, 2018 and net income of $54 million attributable to the partnership for the period ended December 31, 2018. The following table provides details of the business combination achieved in stages on a gross basis:
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Industrials Schoeller Allibert Group B.V. ("Schoeller Allibert") On May 15, 2018, the partnership, together with institutional investors, acquired a 70% interest in Schoeller Allibert, one of Europe's leading manufacturers of returnable plastic packaging systems. The partnership's economic interest of 14% was acquired for consideration of $45 million. The partnership has a 52% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $9 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $180 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is not deductible for income tax purposes. Intangible assets of $231 million were acquired, primarily comprised of patented technology and customer relationships. The partnership’s results from operations for the period ended December 31, 2018 includes $56 million of revenue and $3 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $86 million for the period ended December 31, 2018 and net loss of $4 million attributable to the partnership for the period ended December 31, 2018. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, the partnership looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatilities as applicable. Classification of Financial instruments classified as fair value through profit or loss are carried at fair value in the unaudited interim condensed consolidated statements of financial position and changes in fair values are recognized in profit or loss. The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2019:
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Included in cash and cash equivalents as at June 30, 2019 is $1,587 million of cash (December 31, 2018: $1,597 million) and $1,353 million of cash equivalents (December 31, 2018: $352 million) which includes $1,181 million on deposit with Brookfield (December 31, 2018: $244 million), as described in Note 17. The fair value of all financial assets and liabilities as at June 30, 2019 were consistent with carrying value. As at December 31, 2018 the fair value of all financial assets and liabilities were consistent with carrying value with the exception of the borrowings at Teekay Offshore, where fair value determined using Level 1 and Level 2 inputs resulted in a fair value of $2,611 versus a carrying value $2,638 million. Included in financial assets as at June 30, 2019 is $264 million (December 31, 2018: $283 million) of equity instruments designated as measured at fair value through OCI. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2018:
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(a)Hedging activities Net Investment Hedges The partnership uses foreign exchange contracts and foreign currency denominated debt instruments to manage foreign currency exposures arising from net investments in foreign operations. For the three and six months ended June 30, 2019, pre-tax net losses of $61 million and $75 million (June 30, 2018: net gains of $32 million and $65 million) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at June 30, 2019, there was a derivative asset balance of $14 million (December 31, 2018: $76 million) and derivative liability balance of $18 million (December 31, 2018: $nil) relating to derivative contracts designated as net investment hedges. Cash Flow Hedges The partnership uses commodity swap contracts to hedge the purchase price of decant oil. Foreign exchange contracts and option contracts may be used to hedge highly probable future transactions. The partnership also uses interest rate swaps to hedge the cash flows on its floating rate borrowings. A number of these contracts are designated as cash flow hedges. For the three and six months ended June 30, 2019, pre-tax net loss of $87 million and $49 million (June 30, 2018: net gains of $23 million and $13 million) were recorded in other comprehensive income for the effective portion of cash flow hedges. As at June 30, 2019, there was a derivative asset balance of $23 million (December 31, 2018: $17 million) and derivative liability balance of $112 million (December 31, 2018: $48 million) relating to the derivative contracts designated as cash flow hedges. Other derivative instruments are measured at fair value, with changes in fair value recognized in the consolidated statements of operating results. (b)Fair value hierarchical levels — financial instruments Level 3 assets and liabilities measured at fair value on a recurring basis include $285 million (December 31, 2018: $280 million) of financial assets and $89 million (December 31, 2018: $50 million) of financial liabilities, which are measured at fair value using valuation inputs based on management's best estimates of what market participants would use in pricing the asset or liability at the measurement date. There were no transfers between levels during the three and six month period ended June 30, 2019. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at June 30, 2019 and December 31, 2018:
The following table presents the change in the balance of financial assets classified as Level 3 as at June 30, 2019:
(c)Offsetting of financial assets and liabilities Financial assets and liabilities are offset with the net amount reported in the unaudited interim condensed consolidated statements of financial position where the partnership currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As at June 30, 2019, $nil gross, of financial assets (December 31, 2018: $nil) and $nil gross, of financial liabilities (December 31, 2018: $nil) were offset in the unaudited interim condensed consolidated statements of financial position related to derivative financial instruments. |
FINANCIAL ASSETS |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL ASSETS | FINANCIAL ASSETS
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The decrease in financial assets from December 31, 2018 is primarily due to a decrease in fair value of derivatives at Greenergy and the sale of public securities recorded as a financial asset in our corporate segment, combined with lower restricted cash at Westinghouse and the disposition of the partnership's facilities management business. |
ACCOUNTS AND OTHER RECEIVABLE, NET |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLE, NET
The increase in accounts and other receivable, net from December 31, 2018 is primarily due to the acquisition of Clarios and an increase in trade receivables at Greenergy due to an increase in fuel prices at the end of the quarter, partially offset by the disposition of the partnership's facilities management business and executive relocation business. Billing rights represent unbilled rights arising at BRK Ambiental from revenue earned from the construction on public concessions 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. |
INVENTORY, NET |
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY, NET | INVENTORY, NET
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ASSETS HELD FOR SALE |
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Assets And Liabilities Classified As Held For Sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE
Business Services - Facilities management business On May 31, 2019, the partnership completed the sale of its facilities management business for approximate gross proceeds of $1 billion, resulting in a $341 million pre-tax gain recognized by the partnership. Business Services - Executive relocation business In June 2019, the partnership completed the sale of its executive relocation business for proceeds of approximately $230 million, resulting in a $180 million pre-tax gain recognized by the partnership. Industrials - Infrastructure support products manufacturing At June 30, 2019, our infrastructure support products manufacturing operation has certain asset and liabilities related to plants within the precast operations classified as held for sale. Industrials - BRK Ambiental At June 30, 2019, BRK Ambiental classified certain assets and liabilities related to its industrial water treatment business segment as held for sale. |
OTHER ASSETS |
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Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | OTHER ASSETS
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PROPERTY PLANT AND EQUIPMENT |
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Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
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INTANGIBLE ASSETS |
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Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS
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GOODWILL |
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Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL | GOODWILL
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During the three and six months ended June 30, 2019, the partnership recorded a goodwill impairment loss of $261 million within our infrastructure services segment. This was related to our investment in Teekay Offshore as a result of changes in certain vessel redeployment opportunities and the reassessment of future assumptions. This reduced the carrying value of Teekay Offshore goodwill from $547 million to $286 million. The recoverable amount was based on the fair value less costs of disposal, using a discounted cash flow model incorporating significant unobservable inputs. The estimates regarding expected future cash flows and discount rates are level 3 fair value inputs based on various assumptions including existing contracts, future vessel redeployment rates, financial forecasts and industry trends. |
EQUITY ACCOUNTED INVESTMENTS |
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Interests In Other Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS
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ACCOUNTS PAYABLE AND OTHER |
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Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER
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The increase in accounts payable and other from December 31, 2018 is primarily attributable to the acquisitions of Clarios and Healthscope in the second quarter of 2019, as well as the recognition of lessee lease liabilities recorded on the adoption of IFRS 16. As part of the acquisition of Healthscope, the partnership received $1.7 billion as proceeds for the sale and leaseback of 22 wholly owned freehold hospital properties. The partnership did not relinquish control of these hospital properties and the hospital properties were not derecognized from property, plant, and equipment. The proceeds received were recognized as a financial liability. |
CONTRACTS IN PROGRESS |
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Construction Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTRACTS IN PROGRESS | CONTRACTS IN PROGRESS
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BORROWINGS |
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Financial Instruments [Abstract] | |||||||||
BORROWINGS | BORROWINGS
As at June 30, 2019, the partnership has a revolving credit facility with Brookfield that permits borrowings of up to $500 million for the purpose of funding acquisitions and investments. The credit facility is available in U.S. or Canadian dollars, and advances are made by way of LIBOR, base rate, bankers’ acceptance rate or prime rate loans. The credit facility bears interest at the specified LIBOR or bankers’ acceptance rate plus 3.75%, or the specified base rate or prime rate plus 2.75%. As at June 30, 2019, the credit facility remains undrawn. The partnership also has bilateral credit facilities with a diverse group of banks with aggregate borrowing capacity of $1,050 million. Advances under the facilities are available in Euros, Sterling, Australian, U.S. or Canadian dollars, and advances bear interest at the specified LIBOR, EURIBOR, CDOR, BBSY or bankers' acceptance rate plus 2.50%, or the specified base rate or prime rate plus 1.50%. The facilities are used for general corporate purposes and to fund acquisitions and investments. As at June 30, 2019, the credit facility remains undrawn.
Total current and non-current borrowings as at June 30, 2019 were $22,516 million (December 31, 2018: $10,866 million). The increase of $11,650 million compared to December 31, 2018 is primarily due to the acquisition of Healthscope and Clarios, partially offset by with debt repayments at GrafTech and the disposition of our facilities management business. Some of the partnership's businesses have credit facilities in which they borrow and repay on a monthly basis. This movement has been shown on a net basis in the partnership's unaudited interim condensed consolidated statements of cash flow. The partnership has credit facilities within its operating businesses with major financial institutions. The credit facilities are primarily composed of revolving term credit facilities and revolving operating facilities with variable interest rates. In certain cases, the facilities may have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. One of the partnership's real estate services businesses within our business services segment has a securitization program under which it transfers an undivided co-ownership interest in eligible receivables on a fully serviced basis, for cash proceeds, at their fair value under the terms of the agreement. While the sale of the co-ownership interest is considered a legal sale, the partnership has determined that the asset derecognition criteria has not been met as substantially all risk and rewards of ownership are not transferred. Our operations are currently in compliance with or have obtained waivers related to all material covenant requirements of their term loans and credit facilities. |
RELATED PARTY TRANSACTIONS |
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Related Party [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, the partnership entered into the transactions below with related parties on exchange value. These transactions have been measured at fair value and are recognized in the unaudited interim condensed consolidated financial statements.
As at June 30, 2019, $nil (December 31, 2018: $nil) was drawn on the credit facilities under the Brookfield Credit Agreements. The partnership has in place a Deposit Agreement with Brookfield whereby it may place funds on deposit with Brookfield, as approved by the Board of Directors. Any deposit balance is due on demand and earns an agreed upon rate of interest based on market terms. As at June 30, 2019, the amount of the deposit was $1,181 million (December 31, 2018: $244 million) and was included in cash and cash equivalents. For the three and six months ended June 30, 2019, the partnership earned interest income of $1 million and $4 million (June 30, 2018: $4 million and $7 million) on these deposits. The partnership pays Brookfield a quarterly base management fee. For purposes of calculating the base management fee, the total capitalization of Brookfield Business Partners L.P. is equal to the quarterly volume-weighted average trading price of a unit on the principal stock exchange for the partnership units (based on trading volumes) multiplied by the number of units outstanding at the end of the quarter (assuming full conversion of the redemption-exchange units into units of Brookfield Business Partners L.P.), plus the value of securities of the other Service Recipients that are not held by the partnership, plus all outstanding third party debt with recourse to a Service Recipient, less all cash held by such entities. The base management fee for the three and six month period ended June 30, 2019 was $12 million and $24 million (June 30, 2018: $13 million and $26 million). In its capacity as the holder of the special limited partner (“Special LP”) units of Holding LP, Brookfield is entitled to incentive distribution rights. The incentive distribution for the three and six months ended June 30, 2019 was $nil and $nil (June 30, 2018: $41 million and $184 million). In addition, at the time of spin-off, the partnership entered into indemnity agreements with Brookfield related to certain contracts that were in place prior to the spin-off. Under these indemnity agreements, Brookfield has agreed to indemnify us for the receipt of payments relating to such contracts. (b)Other The following table summarizes other transactions the partnership has entered into with related parties:
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DERIVATIVE FINANCIAL INSTRUMENTS |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The partnership's activities expose it to a variety of financial risks, including market risk (currency risk, interest rate risk, commodity risk and other price risks), credit risk and liquidity risk. The partnership and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate amount of the partnership derivatives financial instrument position is as follows:
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EQUITY |
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Equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY For the three and six month period ended June 30, 2019, the partnership distributed dividends to limited partner, general partner and redemption-exchange unitholders of $8 million and $16 million or approximately $0.0625 per partnership unit (June 30, 2018: $8 million and $16 million). For the three and six month period ended June 30, 2019, the partnership distributed to others who have interests in the operating subsidiaries $450 million and $783 million (June 30, 2018: $917 million and $1,658 million) primarily resulting from the distributions of proceeds on the sale of our Australian energy operation, distributions from the sale of our facilities management business and distributions from Westinghouse. During the six month period ended June 30, 2019, the partnership repurchased and cancelled 89,027 limited partnership units for $3 million (June 30, 2018: $nil). In June 2019, the partnership issued 13,837,000 limited partnership units at $39.40 per unit, for gross proceeds of approximately $545 million before equity issuances costs of $14 million. Concurrently, Holding LP issued 6,610,000 redemption-exchange units for net proceeds of approximately $250 million. The equity offering resulted in a decrease in Brookfield’s ownership in the partnership from 68% to 63.1%, before giving effect to the over-allotment option. (a)Earnings per limited partner unit Net income attributable to limited partnership unitholders for the three and six month period ended June 30, 2019 was $55 million and $87 million, respectively. The weighted average number of limited partnership units was 66 million for the three and six month period ended June 30, 2019 (June 30, 2018: 66 million). (b)Incentive distribution to Special Limited Partnership Units In its capacity as the holder of the special limited partnership units of Holding LP, Brookfield is entitled to incentive distribution rights which are based on a 20% increase in the unit price of the partnership over an initial threshold based on the volume-weighted average price of the units, subject to a high water mark. During the three months ended June 30, 2019, the volume weighted average price per unit was $38.64, which was below the previous incentive distribution threshold of $41.96 per unit, resulting in an incentive distribution of $nil and $nil for the three and six month period ended June 30, 2019 (June 30, 2018: $41 million and $184 million). (c)General and Limited Partnership Units
(d)Redemption-Exchange Units held by Brookfield
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Disclosure of analysis of other comprehensive income by item [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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DIRECT OPERATING COSTS |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The partnership has no key employees or directors and does not remunerate key management personnel. Key decision makers of the partnership are all employees of the ultimate parent company or its subsidiaries, which provides management services under the master services agreement with Brookfield. Direct operating costs include all attributable expenses except interest, depreciation and amortization, impairment expense, other expenses, and taxes and primarily relate to cost of sales and compensation. The following table lists direct operating costs for the three and six months ended June 30, 2019, and June 30, 2018 by nature:
Inventories recognized as expenses during the three and six month period ended June 30, 2019 amounted to $6,146 million and $10,751 million (June 30, 2018: $5,160 million and $9,801 million). |
SEGMENT INFORMATION |
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Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Our operations are organized into four operating segments which are regularly reviewed by our Chief Operating Decision Maker (the "CODM") for the purpose of allocating resources to the segment and to assess its performance. The key measures used by the CODM in assessing performance and in making resource allocation decisions are company funds from operations, or Company FFO and Company EBITDA. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses as appropriate, and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investment. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest expenses, current income taxes, and realized disposition gains, current income taxes and interest expenses related to equity accounted investments.
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Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of the partnership's assets by reportable operating segment as at June 30, 2019 and December 31, 2018:
Revenues from Contracts with Customers The tables below summarize our segment revenue by geography for IFRS 15 revenue for the three and six months ended June 30, 2019:
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The tables below summarize our segment revenue by timing of revenue recognition for IFRS 15 revenue for the three and six months ended June 30, 2019:
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Cash Flow Statement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION
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:
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SUBSEQUENT EVENTS |
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Events After Reporting Period [Abstract] | |||||||||||||
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS
On July 31, 2019, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 30, 2019 to unitholders of record as at the close of business on August 30, 2019.
On July 23, 2019 the underwriters for the public offering of the limited partnership units that closed on June 28, 2019, purchased an additional 1,070,000 limited partnership units at a price of $39.40 per unit, pursuant to the exercise of the underwriter's over-allotment option. The partnership received additional gross proceeds of approximately $42 million from the over-allotment option before approximately $2 million in equity issuance costs. This resulted in a decrease in Brookfield's ownership of the partnership to 62.7%.
On July 8, 2019, together with institutional partners, the partnership acquired a 100% interest in Ouro Verde, a Brazilian fleet management company, for approximately $131 million. The partnership’s share is expected to be approximately $50 million which will be determined once institutional partner participation is finalized, and the partnership expects to consolidate this business for financial reporting purposes. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination is not available as at the date of release of these unaudited interim condensed consolidated financial statements. As a result, the partnership has not provided amounts recognized as at the acquisition date for major classes of assets acquired and liability assumed. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||
Basis of presentation | Basis of presentation These unaudited interim condensed consolidated financial statements of the partnership have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, or IAS 34, as issued by the International Accounting Standards Board, or the IASB, and using the accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2018, except for the impact of the adoption of the accounting standards described below. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2018 are disclosed in Note 2 of such consolidated financial statements, with which reference should be made in reading these unaudited interim condensed consolidated financial statements. All defined terms are also described in the annual consolidated financial statements. The unaudited interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the accounting policies. The critical accounting estimates and judgments have been set out in Note 2 to the partnership's consolidated financial statements as at and for the year ended December 31, 2018. There have been no significant changes to the method of determining significant estimates and judgments since December 31, 2018, other than changes required as a result of adopting new standards as discussed below. These unaudited interim condensed consolidated financial statements were approved by the partnership's Board of Directors and authorized for issue on August 9, 2019. |
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New accounting policies adopted | New accounting policies adopted The partnership has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2019.
The partnership has applied IFRS 16, Leases ("IFRS 16") as of its effective date of January 1, 2019. The new standard brings most leases on the statement of financial position, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17, Leases and related interpretations and is effective for periods beginning on or after January 1, 2019. The transition impact is outlined in Note 2(c). The partnership assesses whether a contract is, or contains, a lease at inception of the contract and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the partnership recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease, if that rate can be determined, or otherwise the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise i) fixed lease payments, including in-substance fixed payments, less any lease incentives; ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; iii) the amount expected to be payable by the lessee under residual value guarantees; iv) the exercise price of purchase options, if it is reasonably certain that the option will be exercised; and v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related right-of-use asset when i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the partnership expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts on the commencement date of the lease. The partnership applies IAS 36, Impairment of Assets, to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the property plant and equipment policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line "direct operating costs" in the Consolidated Statement of Operations. The partnership has applied critical judgments in the application of IFRS 16, including: i) identifying whether a contract (or part of a contract) includes a lease; and ii) determining whether it is reasonably certain that lease extension or termination options will be exercised in determining lease terms. The partnership also uses critical estimates in the application of IFRS 16, including the estimation of lease term and determination of the appropriate rate to discount the lease payments. The partnership has elected to apply the following practical expedients in its application of the standard:
In June 2017, the IASB published IFRIC 23, Uncertainty over Income Tax Treatments ("IFRIC 23"), effective for annual periods beginning on or after January 1, 2019. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. On January 1, 2019, the partnership adopted IFRIC 23 on a modified retrospective basis. The adoption did not have a significant impact on the partnership's financial results.
In October 2018, the IASB issued an amendment to IFRS 3, Business Combinations (“IFRS 3”), effective for annual periods beginning on or after January 1, 2020, with the option to early adopt beginning January 1, 2019. The amendment clarifies the definition of a business and assists entities in determining whether an acquisition is a business combination or an acquisition of a group of assets. The amendment emphasizes that to be considered a business, an acquired set of activities and assets must include an input and a substantive process that together significantly contribute to the ability to create outputs. The partnership adopted the IFRS 3 amendment on January 1, 2019 on a prospective basis and the adoption did not have an impact on the partnership’s consolidated financial statements. |
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Impact on adoption of new IFRS standards | Impact on adoption of new IFRS standards The partnership has adopted IFRS 16 using the modified retrospective method, whereby any transitional impact is recorded in equity as at January 1, 2019, and comparative periods are not restated. In applying IFRS 16 for the first time, the partnership has applied the following practical expedients permitted by the standard on a lease-by-lease basis. These practical expedients are only available upon adoption and cannot be applied for any new lease executed after adoption:
In addition, the partnership has applied the practical expedient available on transition to not reassess whether a contract meets the definition of a lease under IFRS 16 if the contract was, or was not, previously classified as a lease under IAS 17 Leases and IFRIC 4 Determining whether an Arrangement Contains a Lease prior to the adoption of IFRS 16. As at January 1, 2019, the adoption of IFRS 16 resulted in the recognition of lease liabilities that are recorded in accounts payable and other of $987 million and right-of-use assets that are classified as property, plant, and equipment of $978 million, adjusted for any prepaid or accrued lease payments (including any lease incentives). The adoption of IFRS 16 did not have any impact on equity. The weighted average incremental borrowing rate used in determining the lease liabilities on January 1, 2019 was approximately 4.3%. The difference between the operating lease commitments disclosed applying IAS 17 as at December 31, 2018 and the lease liabilities recognized as at January 1, 2019 is due to discounting using the incremental borrowing rate on January 1, 2019, and short-term and low value leases recognized on a straight-line basis as expense. When comparing results to prior periods, the adoption of IFRS 16 resulted in a reduction of direct operating costs by $60 million and $113 million, an increase to interest and depreciation expense of $13 million and $25 million, and $47 million and $88 million, respectively, for the three and six month period ended June 30, 2019. In addition, under IFRS 16, lease payments are split between cash payments for the interest portion of the lease liability, which are classified as cash flows used in operating activities, and repayments of principal, which are classified as cash flows used in financing activities. In contrast under IAS 17, payments under operating leases were presented as part of cash flows used in operating activities. |
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Leases | Leases The partnership has applied IFRS 16, Leases ("IFRS 16") as of its effective date of January 1, 2019. The new standard brings most leases on the statement of financial position, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17, Leases and related interpretations and is effective for periods beginning on or after January 1, 2019. The transition impact is outlined in Note 2(c). The partnership assesses whether a contract is, or contains, a lease at inception of the contract and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the partnership recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease, if that rate can be determined, or otherwise the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise i) fixed lease payments, including in-substance fixed payments, less any lease incentives; ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; iii) the amount expected to be payable by the lessee under residual value guarantees; iv) the exercise price of purchase options, if it is reasonably certain that the option will be exercised; and v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related right-of-use asset when i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the partnership expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts on the commencement date of the lease. The partnership applies IAS 36, Impairment of Assets, to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the property plant and equipment policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line "direct operating costs" in the Consolidated Statement of Operations. The partnership has applied critical judgments in the application of IFRS 16, including: i) identifying whether a contract (or part of a contract) includes a lease; and ii) determining whether it is reasonably certain that lease extension or termination options will be exercised in determining lease terms. The partnership also uses critical estimates in the application of IFRS 16, including the estimation of lease term and determination of the appropriate rate to discount the lease payments. The partnership has elected to apply the following practical expedients in its application of the standard:
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ACQUISITION OF BUSINESSES (Tables) |
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Business Combinations 1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combinations | The following table provides details of the business combination achieved in stages on a gross basis:
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The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates for significant acquisitions.
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The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets classification | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2018:
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The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2019:
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Financial liabilities classification | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2018:
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The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2019:
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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, 2019 and December 31, 2018:
The following table presents the change in the balance of financial assets classified as Level 3 as at June 30, 2019:
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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, 2019 and December 31, 2018:
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FINANCIAL ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2018:
____________________________________
The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2019:
____________________________________
____________________________________
|
ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2018:
____________________________________
The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2019:
____________________________________
____________________________________
|
INVENTORY, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of current inventories |
____________________________________
|
ASSETS HELD FOR SALE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Classified As Held For Sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of assets and liabilities classified as held for sale |
|
OTHER ASSETS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Assets |
____________________________________
|
PROPERTY PLANT AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment |
____________________________________
|
INTANGIBLE ASSETS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in intangible assets |
____________________________________
____________________________________
|
GOODWILL (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in Goodwill |
____________________________________
____________________________________
|
EQUITY ACCOUNTED INVESTMENTS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests In Other Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of change in equity investments |
____________________________________
|
ACCOUNTS PAYABLE AND OTHER (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accounts payable and other |
____________________________________
|
CONTRACTS IN PROGRESS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of contracts in progress |
|
RELATED PARTY TRANSACTIONS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of transactions between related parties | The following table summarizes other transactions the partnership has entered into with related parties:
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about hedging instruments | The aggregate amount of the partnership derivatives financial instrument position is as follows:
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EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital | (c)General and Limited Partnership Units
(d)Redemption-Exchange Units held by Brookfield
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accumulated other comprehensive income (loss) |
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DIRECT OPERATING COSTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of direct operating costs | The following table lists direct operating costs for the three and six months ended June 30, 2019, and June 30, 2018 by nature:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments |
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Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of the partnership's assets by reportable operating segment as at June 30, 2019 and December 31, 2018:
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Disclosure of revenues by geographical areas | The tables below summarize our segment revenue by geography for IFRS 15 revenue for the three and six months ended June 30, 2019:
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Disclosure of disaggregation of revenue from contracts with customers [text block] | The tables below summarize our segment revenue by timing of revenue recognition for IFRS 15 revenue for the three and six months ended June 30, 2019:
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Statement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest and income taxes paid |
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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:
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SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 01, 2019 |
|
Disclosure of changes in accounting estimates [line items] | |||||
Lease liabilities | $ 1,215 | $ 1,215 | |||
Right-of-use assets | 1,144 | 1,144 | |||
Weighted average incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.30% | ||||
Direct operating costs | 9,776 | $ 8,200 | 17,969 | $ 15,849 | |
Interest expense | 313 | $ 83 | 497 | $ 169 | |
IFRS 16 | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Lease liabilities | $ 987 | ||||
Right-of-use assets | $ 978 | ||||
Direct operating costs | (60) | (113) | |||
Interest expense | 13 | 25 | |||
Depreciation expense | $ 47 | $ 88 |
ACQUISITION OF BUSINESSES - Business Services (Details) - Business services - Imagine Communications Group Limited and tuck-in acquisitions $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 25 |
Percentage of voting equity interests acquired | 50.00% |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Financial Assets Classified as Level 3 (Details) - Recurring fair value measurement - Level 3 $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Reconciliation of changes in fair value measurement, assets [abstract] | |
Balance at beginning of year | $ 280 |
Fair value change recorded in net income | 5 |
Balance at end of period | $ 285 |
FINANCIAL ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Current | ||
Marketable securities | $ 256 | $ 265 |
Restricted cash | 170 | 376 |
Derivative contracts | 108 | 223 |
Loans and notes receivable | 31 | 22 |
Total current | 565 | 886 |
Non-current | ||
Marketable securities | 0 | 1 |
Restricted cash | 198 | 32 |
Derivative contracts | 27 | 20 |
Loans and notes receivable | 122 | 150 |
Other financial assets | 287 | 280 |
Total non-current | $ 634 | $ 483 |
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 5,004 | $ 4,307 |
Non-current, net | ||
Accounts receivable | 139 | 37 |
Retainer on customer contract | 103 | 103 |
Billing rights | 642 | 713 |
Total Non-current, net | 884 | 853 |
Total | $ 5,888 | $ 5,160 |
INVENTORY, NET (Details) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Current | ||
Raw materials and consumables | $ 840,000,000 | $ 605,000,000 |
Fuel products | 598,000,000 | 490,000,000 |
Work in progress | 832,000,000 | 258,000,000 |
RTFO certificates | 162,000,000 | 95,000,000 |
Finished goods and other | 982,000,000 | 114,000,000 |
Carrying amount of inventories | 3,414,000,000 | 1,562,000,000 |
RTFO certificates held for trading and recorded at fair value | $ 4,000,000 | $ 0 |
ASSETS HELD FOR SALE - Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||
Cash and cash equivalents | $ 2,940 | $ 1,949 | $ 1,873 | $ 1,106 |
Deferred income tax asset | 573 | 280 | ||
Property, plant and equipment | 13,859 | 6,947 | ||
Intangible assets | 11,663 | 5,523 | ||
Total assets | 48,329 | 27,318 | ||
Accounts payable and other | 9,446 | 7,188 | ||
Deferred income tax liabilities | 1,843 | 867 | ||
Borrowings | 22,516 | 10,866 | ||
Total liabilities | 39,039 | 20,824 | ||
Assets and liabilities classified as held for sale | ||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||
Cash and cash equivalents | 24 | 0 | ||
Accounts receivable, net | 145 | 28 | ||
Financial assets | 7 | 0 | ||
Inventory | 4 | 6 | ||
Deferred income tax asset | 1 | 0 | ||
Property, plant and equipment | 171 | 29 | ||
Intangible assets | 164 | 0 | ||
Total assets | 516 | 63 | ||
Accounts payable and other | 37 | 9 | ||
Deferred income tax liabilities | 78 | 0 | ||
Borrowings | 135 | 0 | ||
Total liabilities | $ 250 | $ 9 |
ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
May 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Gain on dispositions | $ 522 | $ 90 | $ 520 | $ 106 | ||
Disposal group, disposed of by sale, not discontinued operations | Business services | Facilities Management | ||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Consideration received | $ 1,000 | |||||
Gain on dispositions | $ 341 | |||||
Disposal group, disposed of by sale, not discontinued operations | Business services | Executive relocation | ||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Gain on dispositions | $ 180 | |||||
Proceeds from sale | $ 230 |
OTHER ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Current | ||
Work in progress | $ 517 | $ 506 |
Prepayments and other assets | 762 | 508 |
Total current | 1,279 | 1,014 |
Non-current | ||
Work in progress | 67 | 57 |
Prepayments and other assets | 422 | 442 |
Total non-current | $ 489 | $ 499 |
INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | $ 5,523 | |
Ending Balance | 11,663 | $ 5,523 |
Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | 6,001 | 3,360 |
Additions, net | 101 | 153 |
Disposals | (32) | (8) |
Acquisitions through business combinations | 6,545 | 2,911 |
Assets reclassified as held for sale | (436) | 0 |
Net foreign currency exchange differences | 75 | (415) |
Ending Balance | 12,254 | 6,001 |
Accumulated Amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | (478) | (266) |
Amortization expense | (224) | (249) |
Disposals | 23 | 4 |
Assets reclassified as held for sale | 84 | 0 |
Net foreign currency exchange differences | 4 | 33 |
Ending Balance | $ (591) | $ (478) |
GOODWILL (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Goodwill | $ 5,115 | $ 5,115 | $ 2,411 |
Goodwill | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Balance at beginning of period | 2,411 | 1,554 | |
Acquisitions through business combinations | 3,152 | 957 | |
Impairment losses | (261) | 0 | |
Dispositions | (21) | 0 | |
Assets reclassified as held for sale | (212) | 0 | |
Foreign currency translation | 46 | (100) | |
Balance at end of period | 5,115 | 5,115 | 2,411 |
Infrastructure Services | Teekay Offshore | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Goodwill | 286 | 286 | $ 547 |
Infrastructure Services | Teekay Offshore | Goodwill | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Impairment losses | $ (261) | $ (261) |
EQUITY ACCOUNTED INVESTMENTS - Change in Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Interests In Other Entities [Abstract] | |||||
Balance at beginning of year | $ 541 | $ 609 | $ 609 | ||
Adoption of new accounting standard | 0 | (7) | |||
Acquisitions through business combinations | 847 | 310 | |||
Additions | 4 | 267 | |||
Dispositions | (5) | (599) | |||
Share of net income | $ 23 | $ (7) | 30 | $ 10 | 10 |
Share of other comprehensive income/(loss) | 0 | (1) | |||
Distributions received | (20) | (29) | |||
Foreign currency translation | (3) | (19) | |||
Balance at end of period | $ 1,394 | $ 1,394 | $ 541 |
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) - Healthscope Limited (Healthscope) $ in Billions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
property
| |
Disclosure of detailed information about business combination [line items] | |
Proceeds from sale and leaseback transaction | $ | $ 1.7 |
Number of properties in sale and leaseback transaction | property | 22 |
CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Construction Contracts [Abstract] | ||
Contract costs incurred to date | $ 20,385 | $ 20,455 |
Profit recognized to date (less recognized losses) | 2,075 | 1,946 |
Contract costs incurred and profit recognized (less recognized losses) | 22,460 | 22,401 |
Less: progress billings | (23,358) | (23,546) |
Contract Asset (Liability), Net | (898) | (1,145) |
Comprising: | ||
Contract assets | 584 | 563 |
Amounts due to customers — creditors | $ (1,482) | $ (1,708) |
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Disclosure of transactions between related parties [line items] | |||||
Deposits, classified as cash and cash equivalents | $ 1,181,000,000 | $ 1,181,000,000 | $ 244,000,000 | ||
Parent company | |||||
Disclosure of transactions between related parties [line items] | |||||
Outstanding commitments made by entity, related party transactions | 0 | 0 | 0 | ||
Deposits, classified as cash and cash equivalents | 1,181,000,000 | 1,181,000,000 | $ 244,000,000 | ||
Interest income on deposits | 1,000,000 | $ 4,000,000 | 4,000,000 | $ 7,000,000 | |
Base management fee expense | 12,000,000 | 13,000,000 | 24,000,000 | 26,000,000 | |
Dividends recognised as distributions to owners | $ 0 | $ 41,000,000 | $ 0 | $ 184,000,000 |
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - Other related parties - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Disclosure of transactions between related parties [line items] | |||||
Accounts and other receivable, net | $ 141 | $ 141 | $ 63 | ||
Accounts payable and other | 833 | 833 | 63 | ||
Property, plant and equipment | 30 | 30 | $ 0 | ||
Lease liabilities | 35 | 35 | |||
Business services | |||||
Disclosure of transactions between related parties [line items] | |||||
Business services revenues | $ 103 | $ 122 | $ 194 | $ 224 |
EQUITY - General and Limited Partnership Units (Details) - shares |
1 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 66,185,802 | |
Repurchased and canceled | (89,027.00) | |
Issued for cash | 13,837,000 | |
Balance at end of period | 79,933,775 | 79,933,775 |
Brookfield Asset Management Inc. | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 4 | |
Repurchased and canceled | 0 | |
Issued for cash | 0 | |
Balance at end of period | 4 | 4 |
Limited Partners | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 66,185,798 | |
Repurchased and canceled | (89,027) | |
Issued for cash | 13,837,000 | 13,837,000 |
Balance at end of period | 79,933,771 | 79,933,771 |
EQUITY - Redemption-Exchange Units Held by Brookfield (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
shares
| |
Disclosure of classes of share capital [line items] | |
Balance at beginning of period | 66,185,802 |
Issued for cash | 13,837,000 |
Balance at end of period | 79,933,775 |
Redemption-Exchange Units held by Brookfield Asset Management Inc. | |
Disclosure of classes of share capital [line items] | |
Balance at beginning of period | 63,095,497 |
Issued for cash | 6,610,000 |
Balance at end of period | 69,705,497 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | $ 6,494 | $ 6,064 | |||||
Other comprehensive income (loss) | $ (60) | $ (191) | 14 | (195) | |||
Ending balance | 9,290 | 4,955 | 9,290 | 4,955 | |||
Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 1,548 | 1,585 | |||||
Other comprehensive income (loss) | 1 | (31) | |||||
Ending balance | 2,150 | 1,477 | 2,150 | 1,477 | |||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 1,400 | 1,438 | |||||
Other comprehensive income (loss) | 1 | (30) | |||||
Ending balance | 1,721 | 1,333 | 1,721 | 1,333 | |||
Foreign currency translation | Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | (182) | (111) | |||||
Other comprehensive income (loss) | 15 | (49) | |||||
Ending balance | (167) | (160) | (167) | (160) | |||
Foreign currency translation | Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | (232) | (165) | |||||
Other comprehensive income (loss) | 14 | (47) | |||||
Ending balance | (218) | (212) | (218) | (212) | |||
FVOCI | Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 9 | ||||||
Other comprehensive income (loss) | 2 | ||||||
Ending balance | 11 | 11 | |||||
FVOCI | Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 7 | ||||||
Other comprehensive income (loss) | 2 | ||||||
Ending balance | 9 | 9 | |||||
Available for sale | Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 6 | ||||||
Other comprehensive income (loss) | 7 | ||||||
Ending balance | 13 | 13 | |||||
Available for sale | Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | 4 | ||||||
Other comprehensive income (loss) | 6 | ||||||
Ending balance | 10 | 10 | |||||
Other | Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | (13) | (7) | |||||
Other comprehensive income (loss) | (16) | 11 | |||||
Ending balance | (29) | 4 | (29) | 4 | |||
Other | Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | (10) | (4) | |||||
Other comprehensive income (loss) | (15) | 11 | |||||
Ending balance | (25) | 7 | (25) | 7 | |||
Accumulated other comprehensive income (loss) | Limited Partners | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | [1] | (186) | (112) | ||||
Other comprehensive income (loss) | [1] | 1 | (31) | ||||
Ending balance | [1] | (185) | (143) | (185) | (143) | ||
Accumulated other comprehensive income (loss) | Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||
Beginning balance | [1] | (235) | (165) | ||||
Other comprehensive income (loss) | [1] | 1 | (30) | ||||
Ending balance | [1] | $ (234) | $ (195) | $ (234) | $ (195) | ||
|
DIRECT OPERATING COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Analysis of income and expense [abstract] | ||||
Cost of sales | $ 8,720 | $ 7,739 | $ 16,036 | $ 14,915 |
Compensation | 1,036 | 449 | 1,892 | 903 |
Property taxes, sales taxes and other | 20 | 12 | 41 | 31 |
Total | $ 9,776 | $ 8,200 | $ 17,969 | $ 15,849 |
DIRECT OPERATING COSTS - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Analysis of income and expense [abstract] | ||||
Inventories recognized as expense during the period | $ 6,146 | $ 5,160 | $ 10,751 | $ 9,801 |
SEGMENT INFORMATION - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
segment
| |
Operating Segments [Abstract] | |
Number of operating segments | 4 |
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Disclosure of operating segments [line items] | |||||
Revenues | $ 10,717,000,000 | $ 8,775,000,000 | $ 19,918,000,000 | $ 16,969,000,000 | |
Direct operating costs | (9,776,000,000) | (8,200,000,000) | (17,969,000,000) | (15,849,000,000) | |
General and administrative expenses | (211,000,000) | (142,000,000) | (389,000,000) | (260,000,000) | |
Equity accounted Company EBITDA | 63,000,000 | 63,000,000 | 96,000,000 | 122,000,000 | |
Company EBITDA attributable to others | (556,000,000) | (314,000,000) | (1,153,000,000) | (609,000,000) | |
Company EBITDA | 237,000,000 | 182,000,000 | 503,000,000 | 373,000,000 | |
Realized disposition gain (loss) | 522,000,000 | 90,000,000 | 520,000,000 | 106,000,000 | |
Other income (expenses), net | 4,000,000 | 2,000,000 | |||
Interest income (expense), net | (313,000,000) | (83,000,000) | (497,000,000) | (169,000,000) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (10,000,000) | (20,000,000) | (15,000,000) | (39,000,000) | |
Current income taxes | (93,000,000) | (52,000,000) | (123,000,000) | (80,000,000) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 88,000,000 | 60,000,000 | 250,000,000 | 124,000,000 | |
Company FFO | 435,000,000 | 177,000,000 | 640,000,000 | 315,000,000 | |
Depreciation and amortization expense | (441,000,000) | (105,000,000) | (752,000,000) | (211,000,000) | |
Impairment expense, net | (324,000,000) | 0 | (324,000,000) | 0 | |
Other income (expenses), net | (185,000,000) | (7,000,000) | (273,000,000) | (21,000,000) | |
Deferred income taxes | 41,000,000 | 39,000,000 | 22,000,000 | 29,000,000 | |
Non-cash items attributable to equity accounted investments | (30,000,000) | (50,000,000) | (51,000,000) | (73,000,000) | |
Non-cash items attributable to others | 611,000,000 | 65,000,000 | 907,000,000 | 154,000,000 | |
Net income (loss) attributable to unitholders | 107,000,000 | 119,000,000 | 169,000,000 | 193,000,000 | |
Equity accounted income, net | 23,000,000 | (7,000,000) | 30,000,000 | 10,000,000 | $ 10,000,000 |
Interest of others in operating subsidiaries | (143,000,000) | 189,000,000 | (4,000,000) | 331,000,000 | |
Other income (expenses), net | (181,000,000) | (7,000,000) | (271,000,000) | (21,000,000) | |
Business services | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 7,345,000,000 | 7,859,000,000 | 14,280,000,000 | 15,206,000,000 | |
Direct operating costs | (7,169,000,000) | (7,711,000,000) | (13,947,000,000) | (14,945,000,000) | |
General and administrative expenses | (67,000,000) | (72,000,000) | (134,000,000) | (139,000,000) | |
Equity accounted Company EBITDA | 11,000,000 | 7,000,000 | 19,000,000 | 15,000,000 | |
Company EBITDA attributable to others | (59,000,000) | (46,000,000) | (112,000,000) | (71,000,000) | |
Company EBITDA | 61,000,000 | 37,000,000 | 106,000,000 | 66,000,000 | |
Realized disposition gain (loss) | 522,000,000 | 55,000,000 | 522,000,000 | 55,000,000 | |
Other income (expenses), net | 0 | 0 | |||
Interest income (expense), net | (38,000,000) | (22,000,000) | (58,000,000) | (41,000,000) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (2,000,000) | (1,000,000) | (3,000,000) | (1,000,000) | |
Current income taxes | (47,000,000) | (22,000,000) | (57,000,000) | (30,000,000) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | (154,000,000) | 19,000,000 | (136,000,000) | 34,000,000 | |
Company FFO | 342,000,000 | 66,000,000 | 374,000,000 | 83,000,000 | |
Depreciation and amortization expense | (58,000,000) | (34,000,000) | (115,000,000) | (67,000,000) | |
Infrastructure Services | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,105,000,000 | 3,000,000 | 2,394,000,000 | 5,000,000 | |
Direct operating costs | (838,000,000) | 0 | (1,730,000,000) | 0 | |
General and administrative expenses | (41,000,000) | 0 | (75,000,000) | 0 | |
Equity accounted Company EBITDA | 35,000,000 | 38,000,000 | 56,000,000 | 73,000,000 | |
Company EBITDA attributable to others | (173,000,000) | 0 | (422,000,000) | 0 | |
Company EBITDA | 88,000,000 | 41,000,000 | 223,000,000 | 78,000,000 | |
Realized disposition gain (loss) | 0 | 0 | 0 | 0 | |
Other income (expenses), net | 4,000,000 | 0 | |||
Interest income (expense), net | (97,000,000) | 0 | (198,000,000) | 0 | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (5,000,000) | (15,000,000) | (8,000,000) | (30,000,000) | |
Current income taxes | 0 | 0 | 9,000,000 | 0 | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 64,000,000 | 0 | 130,000,000 | 0 | |
Company FFO | 54,000,000 | 26,000,000 | 156,000,000 | 48,000,000 | |
Depreciation and amortization expense | (179,000,000) | 0 | (348,000,000) | 0 | |
Industrials | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 2,267,000,000 | 909,000,000 | 3,244,000,000 | 1,751,000,000 | |
Direct operating costs | (1,767,000,000) | (487,000,000) | (2,288,000,000) | (900,000,000) | |
General and administrative expenses | (85,000,000) | (54,000,000) | (143,000,000) | (89,000,000) | |
Equity accounted Company EBITDA | 17,000,000 | 18,000,000 | 21,000,000 | 34,000,000 | |
Company EBITDA attributable to others | (324,000,000) | (268,000,000) | (619,000,000) | (538,000,000) | |
Company EBITDA | 108,000,000 | 118,000,000 | 215,000,000 | 258,000,000 | |
Realized disposition gain (loss) | 0 | 35,000,000 | (2,000,000) | 51,000,000 | |
Other income (expenses), net | 0 | 2,000,000 | |||
Interest income (expense), net | (186,000,000) | (61,000,000) | (255,000,000) | (128,000,000) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (3,000,000) | (4,000,000) | (4,000,000) | (8,000,000) | |
Current income taxes | (51,000,000) | (30,000,000) | (85,000,000) | (50,000,000) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 178,000,000 | 41,000,000 | 256,000,000 | 90,000,000 | |
Company FFO | 46,000,000 | 99,000,000 | 127,000,000 | 213,000,000 | |
Depreciation and amortization expense | (204,000,000) | (71,000,000) | (289,000,000) | (144,000,000) | |
Corporate and Other | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 4,000,000 | 0 | 7,000,000 | |
Direct operating costs | (2,000,000) | (2,000,000) | (4,000,000) | (4,000,000) | |
General and administrative expenses | (18,000,000) | (16,000,000) | (37,000,000) | (32,000,000) | |
Equity accounted Company EBITDA | 0 | 0 | 0 | 0 | |
Company EBITDA attributable to others | 0 | 0 | 0 | 0 | |
Company EBITDA | (20,000,000) | (14,000,000) | (41,000,000) | (29,000,000) | |
Realized disposition gain (loss) | 0 | 0 | 0 | 0 | |
Other income (expenses), net | 0 | 0 | |||
Interest income (expense), net | 8,000,000 | 0 | 14,000,000 | 0 | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | 0 | 0 | 0 | 0 | |
Current income taxes | 5,000,000 | 0 | 10,000,000 | 0 | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 0 | 0 | 0 | 0 | |
Company FFO | (7,000,000) | (14,000,000) | (17,000,000) | (29,000,000) | |
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Disclosure of operating segments [line items] | ||
Total assets | $ 48,329 | $ 27,318 |
Business services | ||
Disclosure of operating segments [line items] | ||
Total assets | 12,114 | 7,613 |
Infrastructure Services | ||
Disclosure of operating segments [line items] | ||
Total assets | 10,813 | 11,640 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Total assets | 24,006 | 7,650 |
Corporate and Other | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 1,396 | $ 415 |
SEGMENT INFORMATION - Revenue by Geography (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 10,565 | $ 19,591 | ||
Other non IFRS 15 revenue | 152 | 327 | ||
Total revenue | 10,717 | $ 8,775 | 19,918 | $ 16,969 |
United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 5,139 | 10,083 | ||
Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,047 | 2,141 | ||
Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 899 | 1,622 | ||
Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 365 | 674 | ||
United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,292 | 2,048 | ||
Middle East | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 127 | 267 | ||
Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,186 | 2,017 | ||
Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 510 | 739 | ||
Business services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 7,341 | 14,262 | ||
Other non IFRS 15 revenue | 4 | 18 | ||
Total revenue | 7,345 | 7,859 | 14,280 | 15,206 |
Business services | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 5,028 | 9,874 | ||
Business services | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 859 | 1,749 | ||
Business services | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 896 | 1,616 | ||
Business services | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 68 | 119 | ||
Business services | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 168 | 286 | ||
Business services | Middle East | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 122 | 256 | ||
Business services | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 174 | 332 | ||
Business services | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 26 | 30 | ||
Infrastructure Services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 959 | 2,090 | ||
Other non IFRS 15 revenue | 146 | 304 | ||
Total revenue | 1,105 | 3 | 2,394 | 5 |
Infrastructure Services | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 84 | 161 | ||
Infrastructure Services | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 15 | 28 | ||
Infrastructure Services | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 3 | 6 | ||
Infrastructure Services | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 22 | 49 | ||
Infrastructure Services | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 376 | 914 | ||
Infrastructure Services | Middle East | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2 | 5 | ||
Infrastructure Services | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 324 | 635 | ||
Infrastructure Services | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 133 | 292 | ||
Industrials | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,265 | 3,239 | ||
Other non IFRS 15 revenue | 2 | 5 | ||
Total revenue | 2,267 | 909 | 3,244 | 1,751 |
Industrials | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 27 | 48 | ||
Industrials | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 173 | 364 | ||
Industrials | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Industrials | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 275 | 506 | ||
Industrials | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 748 | 848 | ||
Industrials | Middle East | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 3 | 6 | ||
Industrials | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 688 | 1,050 | ||
Industrials | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 351 | 417 | ||
Corporate and Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Other non IFRS 15 revenue | 0 | 0 | ||
Total revenue | 0 | $ 4 | 0 | $ 7 |
Corporate and Other | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Middle East | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Corporate and Other | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 0 | $ 0 |
SEGMENT INFORMATION - Timing of Revenue Recognition (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 10,565 | $ 19,591 | ||
Other non IFRS 15 revenue | 152 | 327 | ||
Total revenue | 10,717 | $ 8,775 | 19,918 | $ 16,969 |
Business services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 7,341 | 14,262 | ||
Other non IFRS 15 revenue | 4 | 18 | ||
Total revenue | 7,345 | 7,859 | 14,280 | 15,206 |
Infrastructure Services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 959 | 2,090 | ||
Other non IFRS 15 revenue | 146 | 304 | ||
Total revenue | 1,105 | 3 | 2,394 | 5 |
Industrials | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,265 | 3,239 | ||
Other non IFRS 15 revenue | 2 | 5 | ||
Total revenue | 2,267 | 909 | 3,244 | 1,751 |
Corporate and Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Other non IFRS 15 revenue | 0 | 0 | ||
Total revenue | 0 | $ 4 | 0 | $ 7 |
Goods / services provided at a point in time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 8,332 | 14,980 | ||
Goods / services provided at a point in time | Business services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 5,839 | 11,139 | ||
Goods / services provided at a point in time | Infrastructure Services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 288 | 713 | ||
Goods / services provided at a point in time | Industrials | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,205 | 3,128 | ||
Goods / services provided at a point in time | Corporate and Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | ||
Services transferred over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,233 | 4,611 | ||
Services transferred over time | Business services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,502 | 3,123 | ||
Services transferred over time | Infrastructure Services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 671 | 1,377 | ||
Services transferred over time | Industrials | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 60 | 111 | ||
Services transferred over time | Corporate and Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 0 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash Flow Statement [Abstract] | ||
Interest paid | $ 417 | $ 94 |
Income taxes paid | $ 118 | $ 30 |
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash Flow Statement [Abstract] | ||
Accounts receivable | $ (147) | $ (324) |
Inventory | 80 | (73) |
Prepayments and other | (12) | (79) |
Accounts payable and other | 557 | (38) |
Changes in non-cash working capital, net | $ 478 | $ (514) |
SUBSEQUENT EVENTS - Distribution (Details) |
Jul. 31, 2019
$ / shares
|
---|---|
Distribution | |
Disclosure of non-adjusting events after reporting period [line items] | |
Distributions declared (in dollars per share) | $ 0.0625 |
SUBSEQUENT EVENTS - Exercise of underwriter's option (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 5 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jul. 23, 2019 |
Jun. 30, 2019 |
May 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disclosure of non-adjusting events after reporting period [line items] | |||||
Unites issued (in shares) | 13,837,000 | ||||
Proceeds from issuing shares | $ 781 | $ 0 | |||
Over-allotment option | Exercise of underwriter's option | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Unites issued (in shares) | 1,070,000 | ||||
Stock issued, per share (in dollars per share) | $ 39.40 | ||||
Proceeds from issuing shares | $ 42 | ||||
Share issue related cost | $ 2 | ||||
Brookfield Asset Management Inc. | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Unites issued (in shares) | 0 | ||||
Proportion of ownership interest in subsidiary | 62.70% | 63.10% | 68.00% |
SUBSEQUENT EVENTS - Acquisition of Ouro Verde Locação e Seviços S.A. ("Ouro Verde") (Details) - Major business combination - Ouro Verde $ in Millions |
Jul. 08, 2019
USD ($)
|
---|---|
Disclosure of non-adjusting events after reporting period [line items] | |
Consideration transferred, acquisition-date fair value | $ 50 |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of non-adjusting events after reporting period [line items] | |
Percentage of voting equity interests acquired | 100.00% |
Consideration transferred, acquisition-date fair value | $ 131 |
Label | Element | Value | ||
---|---|---|---|---|
Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | $ (265,000,000) | ||
Limited Partners 1 [Member] | ||||
Equity | ifrs-full_Equity | 1,453,000,000 | ||
Limited Partners 1 [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | (132,000,000) | ||
Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | ||||
Equity | ifrs-full_Equity | 1,310,000,000 | ||
Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | (128,000,000) | ||
Changes In Ownership Interests Of Consolidated Subsidiaries [Member] | Limited Partners 1 [Member] | ||||
Equity | ifrs-full_Equity | 0 | ||
Changes In Ownership Interests Of Consolidated Subsidiaries [Member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | ||||
Equity | ifrs-full_Equity | 0 | ||
Accumulated other comprehensive income [member] | Limited Partners 1 [Member] | ||||
Equity | ifrs-full_Equity | (112,000,000) | [1] | |
Accumulated other comprehensive income [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | ||||
Equity | ifrs-full_Equity | (165,000,000) | [1] | |
Retained earnings [member] | Noncontrolling Interest Attributable To Special Limited Partners [Member] | ||||
Equity | ifrs-full_Equity | 0 | ||
Retained earnings [member] | Limited Partners 1 [Member] | ||||
Equity | ifrs-full_Equity | (201,000,000) | ||
Retained earnings [member] | Limited Partners 1 [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | (132,000,000) | ||
Retained earnings [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | ||||
Equity | ifrs-full_Equity | (199,000,000) | ||
Retained earnings [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | (128,000,000) | ||
Issued capital [member] | Limited Partners 1 [Member] | ||||
Equity | ifrs-full_Equity | 1,766,000,000 | ||
Issued capital [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | ||||
Equity | ifrs-full_Equity | 1,674,000,000 | ||
Other equity interest [member] | ||||
Equity | ifrs-full_Equity | 3,021,000,000 | ||
Other equity interest [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Equity | ifrs-full_Equity | (5,000,000) | ||
Noncontrolling Interest Attributable To Preference Shares [Member] | ||||
Equity | ifrs-full_Equity | $ 15,000,000 | ||
|
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