Exhibit | Title | |
99.1 | Brookfield Business Partners L.P.'s interim report for the quarter ended June 30, 2020. | |
99.2 | Form 52 — 109F2 — Certification of Interim Filings — CEO. | |
99.3 | Form 52 — 109F2 — Certification of Interim Filings — CFO. | |
BROOKFIELD BUSINESS PARTNERS L.P., by its general partner, BROOKFIELD BUSINESS PARTNERS LIMITED | |||
/s/ Jane Sheere | |||
Date: August 7, 2020 | 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, 2020 | December 31, 2019 | |||||||
Current Assets | ||||||||||
Cash and cash equivalents | 4 | $ | 2,138 | $ | 1,986 | |||||
Financial assets | 5 | 1,599 | 1,148 | |||||||
Accounts and other receivable, net | 6 | 4,048 | 4,808 | |||||||
Inventory, net | 7 | 3,719 | 3,490 | |||||||
Other assets | 9 | 1,134 | 1,363 | |||||||
12,638 | 12,795 | |||||||||
Financial assets | 5 | 4,736 | 5,095 | |||||||
Accounts and other receivable, net | 6 | 697 | 823 | |||||||
Other assets | 9 | 335 | 429 | |||||||
Property, plant and equipment | 10 | 13,650 | 13,892 | |||||||
Deferred income tax assets | 718 | 667 | ||||||||
Intangible assets | 11 | 10,820 | 11,559 | |||||||
Equity accounted investments | 13 | 1,648 | 1,273 | |||||||
Goodwill | 12 | 5,036 | 5,218 | |||||||
$ | 50,278 | $ | 51,751 | |||||||
Liabilities and Equity | ||||||||||
Current Liabilities | ||||||||||
Accounts payable and other | 14 | $ | 9,542 | $ | 9,881 | |||||
Non-recourse borrowings in subsidiaries of the partnership | 16 | 789 | 1,143 | |||||||
10,331 | 11,024 | |||||||||
Accounts payable and other | 14 | 6,907 | 6,615 | |||||||
Non-recourse borrowings in subsidiaries of the partnership | 16 | 21,413 | 21,256 | |||||||
Corporate borrowings | 16 | 253 | — | |||||||
Deferred income tax liabilities | 1,617 | 1,803 | ||||||||
$ | 40,521 | $ | 40,698 | |||||||
Equity | ||||||||||
Limited partners | 19 | $ | 1,731 | $ | 2,116 | |||||
Non-controlling interests attributable to: | ||||||||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset | 19 | 1,354 | 1,676 | |||||||
Interest of others in operating subsidiaries | 6,672 | 7,261 | ||||||||
9,757 | 11,053 | |||||||||
$ | 50,278 | $ | 51,751 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(US$ MILLIONS, except per unit amounts) | Notes | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | 22, 23 | $ | 7,370 | $ | 10,717 | $ | 17,516 | $ | 19,918 | |||||||||
Direct operating costs | 21 | (6,285 | ) | (9,776 | ) | (15,186 | ) | (17,969 | ) | |||||||||
General and administrative expenses | 23 | (228 | ) | (211 | ) | (472 | ) | (389 | ) | |||||||||
Depreciation and amortization expense | 23 | (533 | ) | (441 | ) | (1,071 | ) | (752 | ) | |||||||||
Interest income (expense), net | 23 | (353 | ) | (313 | ) | (717 | ) | (497 | ) | |||||||||
Equity accounted income (loss), net | 13 | 18 | 23 | 9 | 30 | |||||||||||||
Impairment expense, net | 10 | (29 | ) | (324 | ) | (142 | ) | (324 | ) | |||||||||
Gain (loss) on acquisitions/dispositions, net | 8 | (4 | ) | 522 | 179 | 520 | ||||||||||||
Other income (expenses), net | 149 | (181 | ) | (68 | ) | (271 | ) | |||||||||||
Income (loss) before income tax | 105 | 16 | 48 | 266 | ||||||||||||||
Income tax (expense) recovery | ||||||||||||||||||
Current | (23 | ) | (93 | ) | (98 | ) | (123 | ) | ||||||||||
Deferred | 67 | 41 | 165 | 22 | ||||||||||||||
Net income (loss) | $ | 149 | $ | (36 | ) | $ | 115 | $ | 165 | |||||||||
Attributable to: | ||||||||||||||||||
Limited partners | $ | (59 | ) | $ | 55 | $ | (126 | ) | $ | 87 | ||||||||
Non-controlling interests attributable to: | ||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | (50 | ) | 52 | (109 | ) | 82 | ||||||||||||
Special Limited Partners | 19 | — | — | — | — | |||||||||||||
Interest of others in operating subsidiaries | 258 | (143 | ) | 350 | (4 | ) | ||||||||||||
$ | 149 | $ | (36 | ) | $ | 115 | $ | 165 | ||||||||||
Basic and diluted earnings per limited partner unit | 19 | $ | (0.73 | ) | $ | 0.82 | $ | (1.57 | ) | $ | 1.30 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(US$ MILLIONS) | Notes | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income (loss) | $ | 149 | $ | (36 | ) | $ | 115 | $ | 165 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||
Fair value through other comprehensive income | $ | 134 | $ | — | $ | 142 | $ | — | ||||||||||
Foreign currency translation | 281 | 84 | (799 | ) | 100 | |||||||||||||
Net investment and cash flow hedges | 4 | (50 | ) | (148 | ) | 7 | (124 | ) | ||||||||||
Equity accounted investment | 13 | 2 | — | (9 | ) | — | ||||||||||||
Taxes on the above items | (42 | ) | 13 | (55 | ) | 6 | ||||||||||||
Reclassification to profit or loss | 37 | 8 | 38 | 8 | ||||||||||||||
362 | (43 | ) | (676 | ) | (10 | ) | ||||||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||||||||||||
Revaluation of pension obligations | — | 11 | — | 15 | ||||||||||||||
Fair value through other comprehensive income | 93 | (27 | ) | (82 | ) | 10 | ||||||||||||
Taxes on the above item | (5 | ) | (1 | ) | 18 | (1 | ) | |||||||||||
Total other comprehensive income (loss) | 450 | (60 | ) | (740 | ) | 14 | ||||||||||||
Comprehensive income (loss) | $ | 599 | $ | (96 | ) | $ | (625 | ) | $ | 179 | ||||||||
Attributable to: | ||||||||||||||||||
Limited partners | $ | 17 | $ | 46 | $ | (225 | ) | $ | 88 | |||||||||
Non-controlling interests attributable to: | ||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | 16 | 44 | (194 | ) | 83 | |||||||||||||
Special Limited Partners | — | — | — | — | ||||||||||||||
Interest of others in operating subsidiaries | 566 | (186 | ) | (206 | ) | 8 | ||||||||||||
$ | 599 | $ | (96 | ) | $ | (625 | ) | $ | 179 |
Non-Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||
Limited Partners | Redemption-Exchange Units held by Brookfield Asset Management Inc. | 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 | Capital | Interest of others in operating subsidiaries | Total equity | |||||||||||||||||||||||||||||||
Balance as at January 1, 2020 | $ | 2,331 | $ | (217 | ) | $ | 220 | $ | (218 | ) | $ | 2,116 | $ | 1,924 | $ | (209 | ) | $ | 210 | $ | (264 | ) | $ | 1,661 | $ | 15 | $ | 7,261 | $ | 11,053 | ||||||||||||||
Net income (loss) | — | (126 | ) | — | — | (126 | ) | — | (109 | ) | — | — | (109 | ) | — | 350 | 115 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (99 | ) | (99 | ) | — | — | — | (85 | ) | (85 | ) | — | (556 | ) | (740 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) | — | (126 | ) | — | (99 | ) | (225 | ) | — | (109 | ) | — | (85 | ) | (194 | ) | — | (206 | ) | (625 | ) | |||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | — | — | — | 473 | 473 | |||||||||||||||||||||||||||||||
Distributions (2) | — | (10 | ) | — | — | (10 | ) | — | (8 | ) | — | — | (8 | ) | — | (739 | ) | (757 | ) | |||||||||||||||||||||||||
Ownership change (3) | — | 3 | (141 | ) | 1 | (137 | ) | — | 2 | (122 | ) | — | (120 | ) | — | (117 | ) | (374 | ) | |||||||||||||||||||||||||
Unit repurchases (2) | (13 | ) | — | — | — | (13 | ) | — | — | — | — | — | — | — | (13 | ) | ||||||||||||||||||||||||||||
Balance as at June 30, 2020 | $ | 2,318 | $ | (350 | ) | $ | 79 | $ | (316 | ) | $ | 1,731 | $ | 1,924 | $ | (324 | ) | $ | 88 | $ | (349 | ) | $ | 1,339 | $ | 15 | $ | 6,672 | $ | 9,757 | ||||||||||||||
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 (2) | — | (8 | ) | — | — | (8 | ) | — | (8 | ) | — | — | (8 | ) | — | (783 | ) | (799 | ) | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Unit repurchases (2) | (3 | ) | — | — | — | (3 | ) | — | — | — | — | — | — | — | (3 | ) | ||||||||||||||||||||||||||||
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 |
(1) | See Note 20 for additional information. |
(2) | See Note 19 for additional information on distributions and for additional information on unit 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 | 2020 | 2019 | |||||||
Operating Activities | ||||||||||
Net income (loss) | $ | 115 | $ | 165 | ||||||
Adjusted for the following items: | ||||||||||
Equity accounted earnings, net of distributions | 14 | (10 | ) | |||||||
Impairment expense, net | 10 | 142 | 324 | |||||||
Depreciation and amortization expense | 1,071 | 752 | ||||||||
Gain on acquisitions/dispositions, net | 3 | (179 | ) | (520 | ) | |||||
Provisions and other items | 140 | 166 | ||||||||
Deferred income tax expense (recovery) | (165 | ) | (22 | ) | ||||||
Changes in non-cash working capital, net | 24 | 824 | 478 | |||||||
Cash from operating activities | 1,962 | 1,333 | ||||||||
Financing Activities | ||||||||||
Proceeds from non-recourse subsidiary borrowings | 2,478 | 13,044 | ||||||||
Repayment of non-recourse subsidiary borrowings | (2,504 | ) | (975 | ) | ||||||
Proceeds from corporate borrowings | 283 | — | ||||||||
Repayment of corporate borrowings | (30 | ) | — | |||||||
Proceeds from other financing | 57 | 1,721 | ||||||||
Repayment of other financing | (63 | ) | — | |||||||
Proceeds from (repayment of) other credit facilities, net | (339 | ) | 382 | |||||||
Lease liability repayment | (114 | ) | (92 | ) | ||||||
Capital provided by limited partners and Redemption-Exchange Unitholders | 19 | — | 781 | |||||||
Capital provided by others who have interests in operating subsidiaries | 439 | 2,221 | ||||||||
Capital paid to others who have interests in operating subsidiaries | (36 | ) | — | |||||||
Partnership units repurchased | (13 | ) | (3 | ) | ||||||
Distributions to limited partners and Redemption-Exchange Unitholders | (18 | ) | (16 | ) | ||||||
Distributions to others who have interests in operating subsidiaries | 19 | (729 | ) | (827 | ) | |||||
Cash from (used in) financing activities | (589 | ) | 16,236 | |||||||
Investing Activities | ||||||||||
Acquisitions | ||||||||||
Subsidiaries, net of cash acquired | 3 | 90 | (17,068 | ) | ||||||
Property, plant and equipment and intangible assets | (671 | ) | (472 | ) | ||||||
Equity accounted investments | 13 | (445 | ) | (4 | ) | |||||
Financial assets and other | (914 | ) | (42 | ) | ||||||
Dispositions | ||||||||||
Subsidiaries, net of cash disposed | 165 | 709 | ||||||||
Property, plant and equipment | 26 | 55 | ||||||||
Financial assets and other | 777 | 182 | ||||||||
Net settlement of hedges | 124 | 51 | ||||||||
Restricted cash and deposits | (251 | ) | 75 | |||||||
Cash from (used in) investing activities | (1,099 | ) | (16,514 | ) | ||||||
Cash | ||||||||||
Change during the period | 274 | 1,055 | ||||||||
Impact of foreign exchange on cash | (122 | ) | 4 | |||||||
Net change in cash classified within assets held for sale | — | (68 | ) | |||||||
Balance, beginning of year | 1,986 | 1,949 | ||||||||
Balance, end of period | $ | 2,138 | $ | 2,940 |
(a) | Basis of presentation |
(b) | Government assistance |
(c) | Extinguishment of Financial Liabilities with Equity Instruments |
(d) | New accounting policies adopted |
(e) | Future changes in accounting policies |
• | a current, unbiased probability-weighted estimate of future cash flows expected to arise as the insurer fulfills the contract; |
• | the effect of the time value of money; |
• | a risk adjustment that measures the effects of uncertainty about the amount and timing of future cash flows; and |
• | a contractual service margin which represents the unearned profit in a contract and that is recognized in profit or loss over time as the insurance coverage is provided. |
(a) | Acquisitions completed in the six months ended June 30, 2020 |
(b) | Acquisitions completed in 2019 |
(US$ MILLIONS) | Business services (1) | Infrastructure services (1) | Industrials | Total | ||||||||||||
Cash | $ | 2,024 | $ | 7 | $ | 3,732 | $ | 5,763 | ||||||||
Non-cash consideration | 15 | 1 | — | 16 | ||||||||||||
Total consideration (2) | $ | 2,039 | $ | 8 | $ | 3,732 | $ | 5,779 | ||||||||
(US$ MILLIONS) | ||||||||||||||||
Cash and cash equivalents | $ | 319 | $ | — | $ | 11 | $ | 330 | ||||||||
Accounts and other receivable, net | 289 | 2 | 1,129 | 1,420 | ||||||||||||
Inventory, net | 41 | — | 1,765 | 1,806 | ||||||||||||
Assets held for sale | 6 | — | — | 6 | ||||||||||||
Equity accounted investments | 9 | — | 833 | 842 | ||||||||||||
Property, plant and equipment | 3,030 | 3 | 3,578 | 6,611 | ||||||||||||
Intangible assets | 542 | 7 | 6,550 | 7,099 | ||||||||||||
Goodwill (3) | 1,575 | 7 | 1,750 | 3,332 | ||||||||||||
Deferred income tax assets | 138 | — | 14 | 152 | ||||||||||||
Financial assets | 4,735 | — | 27 | 4,762 | ||||||||||||
Other assets | 48 | — | 339 | 387 | ||||||||||||
Acquisition gain | (4 | ) | — | — | (4 | ) | ||||||||||
Accounts payable and other | (2,734 | ) | (1 | ) | (2,003 | ) | (4,738 | ) | ||||||||
Borrowings | (709 | ) | — | — | (709 | ) | ||||||||||
Deferred income tax liabilities | (152 | ) | (2 | ) | (867 | ) | (1,021 | ) | ||||||||
Net assets acquired before non-controlling interests | 7,133 | 16 | 13,126 | 20,275 | ||||||||||||
Non-controlling interests (4) (5) | (5,094 | ) | (8 | ) | (9,394 | ) | (14,496 | ) | ||||||||
Net assets acquired | $ | 2,039 | $ | 8 | $ | 3,732 | $ | 5,779 |
(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 interests, which represents the interest of others in operating subsidiaries. |
(3) | The finalization of purchase price allocations within the business services and industrials segments resulted in adjustments to the preliminary fair values, including intangible assets, deferred income tax assets, deferred income tax liabilities, equity accounted investments and consideration paid. The offsetting adjustment to goodwill resulted in an increase of $3 million within the business services segment and a decrease of $144 million within the industrials segment. Adjustments to a purchase price allocation within the infrastructure services segment resulted in a decrease to goodwill of $5 million. |
(4) | Non-controlling interests recognized on business combination were measured at fair value for business services, industrials and infrastructure services. |
(5) | Non-controlling interests recognized on business combination were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for mortgage insurance services in our business services segment. |
(US$ MILLIONS) | ||||||||||||||||
MEASUREMENT BASIS | FVTPL | FVOCI | Amortized Cost | Total | ||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2,138 | $ | 2,138 | ||||||||
Accounts and other receivable, net (current and non-current) | — | — | 4,745 | 4,745 | ||||||||||||
Other assets (current and non-current) (1) | — | — | 510 | 510 | ||||||||||||
Financial assets (current and non-current) (2) | 649 | 4,873 | 813 | 6,335 | ||||||||||||
Total | $ | 649 | $ | 4,873 | $ | 8,206 | $ | 13,728 | ||||||||
Financial liabilities | ||||||||||||||||
Accounts payable and other (current and non-current) (3) | $ | 444 | $ | 362 | $ | 8,570 | $ | 9,376 | ||||||||
Borrowings (current and non-current) | — | — | 22,455 | 22,455 | ||||||||||||
Total | $ | 444 | $ | 362 | $ | 31,025 | $ | 31,831 |
(1) | Excludes prepayments and other assets of $959 million. |
(2) | Refer to Hedging Activities in Note 4(a) below. |
(3) | Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits, liabilities held for sale and various taxes and duties of $7,073 million. |
(US$ MILLIONS) | ||||||||||||||||
MEASUREMENT BASIS | FVTPL | FVOCI | Amortized Cost | Total | ||||||||||||
Financial assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,986 | $ | 1,986 | ||||||||
Accounts and other receivable, net (current and non-current) | — | — | 5,631 | 5,631 | ||||||||||||
Other assets (current and non-current) (1) | — | — | 577 | 577 | ||||||||||||
Financial assets (current and non-current) (2) | 883 | 4,612 | 748 | 6,243 | ||||||||||||
Total | $ | 883 | $ | 4,612 | $ | 8,942 | $ | 14,437 | ||||||||
Financial liabilities | ||||||||||||||||
Accounts payable and other (3) (4) | $ | 385 | $ | 159 | $ | 9,039 | $ | 9,583 | ||||||||
Borrowings (current and non-current) | — | — | 22,399 | 22,399 | ||||||||||||
Total | $ | 385 | $ | 159 | $ | 31,438 | $ | 31,982 |
(1) | Excludes prepayments, subrogation recoverable and other assets of $1,215 million. |
(2) | Refer to Hedging Activities in Note 4(a) below. |
(3) | Total financial assets include $3,832 million of assets pledged as collateral. |
(4) | Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits, liabilities held for sale and various taxes and duties of $6,913 million. |
(a) | Hedging activities |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
(US$ MILLIONS) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets | ||||||||||||||||||||||||
Common shares | $ | 367 | $ | — | $ | 116 | $ | 255 | $ | — | $ | — | ||||||||||||
Corporate and government bonds | — | 3,720 | — | — | 3,914 | — | ||||||||||||||||||
Derivative assets | 10 | 258 | — | 4 | 234 | — | ||||||||||||||||||
Other financial assets (1) | 337 | 412 | 302 | 401 | 400 | 287 | ||||||||||||||||||
Total | $ | 714 | $ | 4,390 | $ | 418 | $ | 660 | $ | 4,548 | $ | 287 | ||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Derivative liabilities | $ | 7 | $ | 785 | $ | — | $ | 18 | $ | 489 | $ | — | ||||||||||||
Other financial liabilities | — | — | 14 | — | — | 36 | ||||||||||||||||||
Total | $ | 7 | $ | 785 | $ | 14 | $ | 18 | $ | 489 | $ | 36 |
(1) | Other financial assets include secured debentures to homebuilding companies, asset-backed securities and preferred shares in our business services segment. Level 1 other financial assets are primarily preferred shares. Level 2 other financial assets are primarily asset-backed securities and Level 3 financial assets are primarily secured debentures to homebuilding companies. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Balance at beginning of year | $ | 251 | $ | 230 | ||||
Fair value change recorded in net income | 3 | 8 | ||||||
Fair value change recorded in other comprehensive income | (12 | ) | — | |||||
Net additions (disposals) | 162 | 13 | ||||||
Balance at end of period | $ | 404 | $ | 251 |
(b) | Offsetting of financial assets and liabilities |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Current | ||||||||
Marketable securities | $ | 948 | $ | 734 | ||||
Restricted cash | 400 | 172 | ||||||
Derivative contracts | 134 | 176 | ||||||
Loans and notes receivable | 71 | 66 | ||||||
Other financial assets (1) | 46 | — | ||||||
Total current | $ | 1,599 | $ | 1,148 | ||||
Non-current | ||||||||
Marketable securities | $ | 3,253 | $ | 3,435 | ||||
Restricted cash | 220 | 201 | ||||||
Derivative contracts | 134 | 62 | ||||||
Loans and notes receivable | 124 | 309 | ||||||
Other financial assets (1) | 1,005 | 1,088 | ||||||
Total non-current | $ | 4,736 | $ | 5,095 |
(1) | Other financial assets include secured debentures to homebuilding companies, asset-backed securities and preferred shares in our business services segment. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Current, net | $ | 4,048 | $ | 4,808 | ||||
Non-current, net | ||||||||
Accounts receivable | 78 | 40 | ||||||
Retainer on customer contract | 124 | 102 | ||||||
Billing rights | 495 | 681 | ||||||
Total Non-current, net | $ | 697 | $ | 823 | ||||
Total | $ | 4,745 | $ | 5,631 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Raw materials and consumables (1) | $ | 1,082 | $ | 941 | ||||
Fuel products (2) | 583 | 688 | ||||||
Work in progress | 775 | 674 | ||||||
RTFO certificates (3) | 372 | 342 | ||||||
Finished goods and other (4) | 907 | 845 | ||||||
Carrying amount of inventories | $ | 3,719 | $ | 3,490 |
(1) | Raw materials and consumables are mainly composed of raw materials in the 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) | Renewable Transport Fuel Obligations (“RTFO”) certificates held for trading as at June 30, 2020 have a fair value of $25 million (December 31, 2019: $66 million). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. |
(4) | Finished goods and other are mainly composed of finished goods inventory in the infrastructure services and industrials segments. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Current | ||||||||
Work in progress (1) | $ | 450 | $ | 505 | ||||
Prepayments and other assets | 646 | 719 | ||||||
Assets held for sale | 38 | 139 | ||||||
Total current | $ | 1,134 | $ | 1,363 | ||||
Non-current | ||||||||
Work in progress (1) | $ | 60 | $ | 72 | ||||
Prepayments and other assets | 275 | 357 | ||||||
Total non-current | $ | 335 | $ | 429 |
(1) | See Note 15 for additional information. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Gross Carrying Amount | ||||||||
Beginning Balance | $ | 16,502 | $ | 8,415 | ||||
Additions (1) | 997 | 1,529 | ||||||
Dispositions | (161 | ) | (772 | ) | ||||
Acquisitions through business combinations (2) | 12 | 6,577 | ||||||
Assets reclassified as held for sale (3) | (24 | ) | (332 | ) | ||||
Changes in accounting policy | — | 978 | ||||||
Foreign currency translation | (376 | ) | 107 | |||||
Ending Balance | $ | 16,950 | $ | 16,502 | ||||
Accumulated Depreciation and Impairment | ||||||||
Beginning Balance | $ | (2,610 | ) | $ | (1,468 | ) | ||
Depreciation/depletion/impairment expense (4) | (846 | ) | (1,407 | ) | ||||
Dispositions | 72 | 263 | ||||||
Assets reclassified as held for sale (3) | 9 | 62 | ||||||
Foreign currency translation | 75 | (60 | ) | |||||
Ending Balance | $ | (3,300 | ) | $ | (2,610 | ) | ||
Net Book Value (5) | $ | 13,650 | $ | 13,892 |
(1) | Includes assets acquired in a common control transaction. See Note 17 for additional information. |
(2) | See Note 3 for additional information. |
(3) | Includes assets that were reclassified as held for sale and subsequently disposed. |
(4) | Includes an impairment expense of $137 million resulting from a write-down of certain vessels within Altera due to changes in underlying assumptions such as the impact of contract modifications, changes in lay-up cost estimates, expected values on the sale of vessels, revenue forecasts, and vessel re-contracting. |
(5) | Includes right-of-use assets of $1,291 million as at June 30, 2020. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Gross Carrying Amount | ||||||||
Beginning Balance | $ | 12,504 | $ | 6,001 | ||||
Additions (1) | 126 | 231 | ||||||
Dispositions | (70 | ) | (32 | ) | ||||
Acquisitions through business combinations (2) | 144 | 6,816 | ||||||
Assets reclassified as held for sale (3) | — | (436 | ) | |||||
Foreign currency translation | (676 | ) | (76 | ) | ||||
Ending Balance | $ | 12,028 | $ | 12,504 | ||||
Accumulated Amortization and Impairment | ||||||||
Beginning Balance | $ | (945 | ) | $ | (478 | ) | ||
Amortization/impairment expense | (395 | ) | (582 | ) | ||||
Dispositions | 69 | 22 | ||||||
Assets reclassified as held for sale (3) | — | 97 | ||||||
Foreign currency translation | 63 | (4 | ) | |||||
Ending Balance | $ | (1,208 | ) | $ | (945 | ) | ||
Net Book Value | $ | 10,820 | $ | 11,559 |
(1) | Includes assets acquired in a common control transaction. See Note 17 for additional information. |
(2) | See Note 3 for additional information. |
(3) | Includes assets that were reclassified as held for sale and subsequently disposed. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Balance at beginning of period | $ | 5,218 | $ | 2,411 | ||||
Acquisitions through business combinations (1) | (137 | ) | 3,444 | |||||
Impairment losses | — | (418 | ) | |||||
Dispositions | — | (21 | ) | |||||
Assets reclassified as held for sale (2) | — | (212 | ) | |||||
Foreign currency translation | (45 | ) | 14 | |||||
Balance at end of period | $ | 5,036 | $ | 5,218 |
(1) | See Note 3 for additional information. |
(2) | Includes assets that were reclassified as held for sale and subsequently disposed. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Balance at beginning of year | $ | 1,273 | $ | 541 | ||||
Acquisitions through business combinations (1) | (5 | ) | 847 | |||||
Additions | 445 | 25 | ||||||
Dispositions (2) | — | (162 | ) | |||||
Share of net income | 9 | 114 | ||||||
Share of other comprehensive income (loss) | (9 | ) | — | |||||
Distributions received | (23 | ) | (62 | ) | ||||
Foreign currency translation | (42 | ) | (30 | ) | ||||
Balance at end of period | $ | 1,648 | $ | 1,273 |
(1) | See Note 3 for additional information. |
(2) | Includes derecognition of an equity accounted investment within Greenergy that was consolidated in 2019. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Current | ||||||||
Accounts payable | $ | 2,683 | $ | 2,919 | ||||
Accrued and other liabilities (1) (2) | 3,916 | 3,978 | ||||||
Lease liability | 218 | 224 | ||||||
Financial liabilities | 392 | 327 | ||||||
Unearned premiums reserve | 462 | 482 | ||||||
Work in progress (3) | 1,398 | 1,415 | ||||||
Provisions and decommissioning liabilities | 464 | 442 | ||||||
Liabilities held for sale | 9 | 94 | ||||||
Total current | $ | 9,542 | $ | 9,881 | ||||
Non-current | ||||||||
Accounts payable | $ | 127 | $ | 116 | ||||
Accrued and other liabilities (2) | 1,097 | 1,110 | ||||||
Lease liability | 1,169 | 1,109 | ||||||
Financial liabilities | 2,264 | 2,048 | ||||||
Unearned premiums reserve | 1,091 | 1,143 | ||||||
Work in progress (3) | 45 | 60 | ||||||
Provisions and decommissioning liabilities | 1,114 | 1,029 | ||||||
Total non-current | $ | 6,907 | $ | 6,615 |
(1) | Includes bank overdrafts of $512 million as at June 30, 2020 (December 31, 2019: $921 million). |
(2) | Includes post-employment benefits of $869 million ($13 million current and $856 million non-current) as at June 30, 2020 and $835 million ($18 million current and $817 million non-current) as at December 31, 2019. |
(3) | See Note 15 for additional information. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Contract costs incurred to date | $ | 23,737 | $ | 23,041 | ||||
Profit recognized to date (less recognized losses) | 1,501 | 1,843 | ||||||
25,238 | 24,884 | |||||||
Less: progress billings | (26,171 | ) | (25,782 | ) | ||||
Contract work in progress (liability) | $ | (933 | ) | $ | (898 | ) | ||
Comprising: | ||||||||
Amounts due from customers - work in progress | $ | 510 | $ | 577 | ||||
Amounts due to customers - creditors | (1,443 | ) | (1,475 | ) | ||||
Net work in progress | $ | (933 | ) | $ | (898 | ) |
(a) | Corporate borrowings |
(b) | Non-recourse subsidiary borrowings of the partnership |
(a) | Transactions with the parent company |
(b) | Subsidiary recapitalization |
(c) | Other |
Three Months Ended | Six Months Ended | |||||||||||||||
(US$ MILLIONS) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
Transactions during the period | ||||||||||||||||
Business services revenues (1) | $ | 144 | $ | 103 | $ | 264 | $ | 194 |
(1) | Within our business services segment, the partnership provides construction services to affiliates of Brookfield. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Balances at end of period | ||||||||
Financial assets | $ | — | $ | 174 | ||||
Accounts and other receivable, net | $ | 82 | $ | 36 | ||||
Accounts payable and other | $ | 416 | $ | 210 |
June 30, 2020 | December 31, 2019 | |||||||||||||||
(US$ MILLIONS) | Financial Asset | Financial Liability | Financial Asset | Financial Liability | ||||||||||||
Foreign exchange contracts | $ | 175 | $ | 70 | $ | 59 | $ | 96 | ||||||||
Cross Currency Swaps | — | 16 | 1 | 7 | ||||||||||||
Interest Rate Derivatives | 76 | 627 | 52 | 274 | ||||||||||||
Equity Derivatives | 1 | 29 | 2 | — | ||||||||||||
Commodities Contracts | 16 | 50 | 124 | 130 | ||||||||||||
Total | $ | 268 | $ | 792 | $ | 238 | $ | 507 | ||||||||
Total Current | $ | 134 | $ | 274 | $ | 176 | $ | 213 | ||||||||
Total Non-current | $ | 134 | $ | 518 | $ | 62 | $ | 294 |
(a) | Earnings per limited partner unit |
(b) | Incentive distribution to Special LP units |
(c) | General and limited partnership units |
UNITS | General Partner Units | Limited Partnership Units | Total | ||||||
Balance as at January 1, 2020 | 4 | 80,890,655 | 80,890,659 | ||||||
Repurchased and canceled | — | (560,491 | ) | (560,491 | ) | ||||
Balance as at June 30, 2020 | 4 | 80,330,164 | 80,330,168 |
(d) | Redemption-exchange units held by Brookfield |
UNITS | Redemption Exchange Units held by Brookfield | ||
Balance as at January 1, 2020 | 69,705,497 | ||
Repurchased and canceled | — | ||
Balance as at June 30, 2020 | 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, 2020 | $ | (169 | ) | $ | 11 | $ | (60 | ) | $ | (218 | ) | |||||
Other comprehensive income (loss) | (127 | ) | 6 | 22 | (99 | ) | ||||||||||
Ownership change | — | 1 | — | 1 | ||||||||||||
Balance as at June 30, 2020 | $ | (296 | ) | $ | 18 | $ | (38 | ) | $ | (316 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
(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. |
(b) | Attributable to Non-controlling interests — 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, 2020 | $ | (221 | ) | $ | 9 | $ | (52 | ) | $ | (264 | ) | |||||
Other comprehensive income (loss) | (110 | ) | 6 | 19 | (85 | ) | ||||||||||
Balance as at June 30, 2020 | $ | (331 | ) | $ | 15 | $ | (33 | ) | $ | (349 | ) |
(1) | Represents net investment hedges, cash flow hedges and other reserves. |
(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. |
Three Months Ended | Six Months Ended | |||||||||||||||
(US$ MILLIONS) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
Cost of sales | $ | 5,187 | $ | 8,720 | $ | 12,920 | $ | 16,036 | ||||||||
Compensation | 1,089 | 1,036 | 2,247 | 1,892 | ||||||||||||
Property taxes, sales taxes and other | 9 | 20 | 19 | 41 | ||||||||||||
Total | $ | 6,285 | $ | 9,776 | $ | 15,186 | $ | 17,969 |
(a) | Revenue by type |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Revenue by type | ||||||||||||||||||||
Revenue from contracts with customers | $ | 3,836 | $ | 968 | $ | 2,196 | $ | — | $ | 7,000 | ||||||||||
Other revenue | 217 | 152 | 1 | — | 370 | |||||||||||||||
Total revenue | $ | 4,053 | $ | 1,120 | $ | 2,197 | $ | — | $ | 7,370 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Revenue by type | ||||||||||||||||||||
Revenue from contracts with customers | $ | 10,176 | $ | 1,970 | $ | 4,641 | $ | — | $ | 16,787 | ||||||||||
Other revenue | 406 | 320 | 3 | — | 729 | |||||||||||||||
Total revenue | $ | 10,582 | $ | 2,290 | $ | 4,644 | $ | — | $ | 17,516 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Revenue by type | ||||||||||||||||||||
Revenue from contracts with customers | $ | 7,341 | $ | 959 | $ | 2,265 | $ | — | $ | 10,565 | ||||||||||
Other revenue | 4 | 146 | 2 | — | 152 | |||||||||||||||
Total revenue | $ | 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 | |||||||||||||||
Revenue by type | ||||||||||||||||||||
Revenue from contracts with customers | $ | 14,262 | $ | 2,090 | $ | 3,239 | $ | — | $ | 19,591 | ||||||||||
Other revenue | 18 | 304 | 5 | — | 327 | |||||||||||||||
Total revenue | $ | 14,280 | $ | 2,394 | $ | 3,244 | $ | — | $ | 19,918 |
(b) | Timing of recognition of revenue from contracts with customers |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||
Goods and services provided at a point in time | $ | 2,863 | $ | 367 | $ | 2,159 | $ | — | $ | 5,389 | ||||||||||
Services transferred over a period of time | 973 | 601 | 37 | — | 1,611 | |||||||||||||||
Total revenue from contracts with customers | $ | 3,836 | $ | 968 | $ | 2,196 | $ | — | $ | 7,000 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||
Goods and services provided at a point in time | $ | 8,199 | $ | 762 | $ | 4,564 | $ | — | $ | 13,525 | ||||||||||
Services transferred over a period of time | 1,977 | 1,208 | 77 | — | 3,262 | |||||||||||||||
Total revenue from contracts with customers | $ | 10,176 | $ | 1,970 | $ | 4,641 | $ | — | $ | 16,787 |
Three Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||
Goods and services provided at a point in time | $ | 5,839 | $ | 288 | $ | 2,205 | $ | — | $ | 8,332 | ||||||||||
Services transferred over a period of time | 1,502 | 671 | 60 | — | 2,233 | |||||||||||||||
Total revenue from contracts with customers | $ | 7,341 | $ | 959 | $ | 2,265 | $ | — | $ | 10,565 |
Six Months Ended June 30, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||
Goods and services provided at a point in time | $ | 11,139 | $ | 713 | $ | 3,128 | $ | — | $ | 14,980 | ||||||||||
Services transferred over a period of time | 3,123 | 1,377 | 111 | — | 4,611 | |||||||||||||||
Total revenue from contracts with customers | $ | 14,262 | $ | 2,090 | $ | 3,239 | $ | — | $ | 19,591 |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | ||||||||||||||
Revenues | $ | 4,053 | $ | 1,120 | $ | 2,197 | $ | — | $ | 7,370 | |||||||||
Direct operating costs | (3,763 | ) | (791 | ) | (1,728 | ) | (3 | ) | (6,285 | ) | |||||||||
General and administrative expenses | (80 | ) | (53 | ) | (74 | ) | (21 | ) | (228 | ) | |||||||||
Equity accounted Company EBITDA (3) | 4 | 42 | 17 | — | 63 | ||||||||||||||
Company EBITDA attributable to others (4) | (150 | ) | (170 | ) | (314 | ) | — | (634 | ) | ||||||||||
Company EBITDA (1) | 64 | 148 | 98 | (24 | ) | 286 | |||||||||||||
Gain (loss) on acquisitions / dispositions, net | — | — | (4 | ) | — | (4 | ) | ||||||||||||
Other income (expenses), net (5) | 3 | (23 | ) | 1 | — | (19 | ) | ||||||||||||
Interest income (expense), net | (52 | ) | (76 | ) | (224 | ) | (1 | ) | (353 | ) | |||||||||
Realized disposition gain (loss), current income taxes and interest expenses related to equity accounted investment (3) | (2 | ) | (16 | ) | (4 | ) | — | (22 | ) | ||||||||||
Current income taxes | (33 | ) | (4 | ) | 4 | 10 | (23 | ) | |||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | 59 | 58 | 191 | — | 308 | ||||||||||||||
Company FFO (1) | 39 | 87 | 62 | (15 | ) | 173 | |||||||||||||
Depreciation and amortization expense (2) | (533 | ) | |||||||||||||||||
Impairment expense, net | (29 | ) | |||||||||||||||||
Other income (expense), net (5) | 168 | ||||||||||||||||||
Deferred income taxes | 67 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (23 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 68 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | (109 | ) |
(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, 2020, depreciation and amortization by segment is as follows: business services $103 million, infrastructure services $163 million, industrials $267 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted income of $18 million as per the unaudited interim condensed consolidated statements of operating results. |
(4) | Total cash and non-cash items attributable to the interest of others equals net income of $258 million as per the unaudited interim condensed consolidated statements of operating results. |
(5) | The sum of these amounts equates to other income of $149 million as per the unaudited interim condensed consolidated statements of operating results. |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | ||||||||||||||
Revenues | $ | 10,582 | $ | 2,290 | $ | 4,644 | $ | — | $ | 17,516 | |||||||||
Direct operating costs | (10,021 | ) | (1,599 | ) | (3,561 | ) | (5 | ) | (15,186 | ) | |||||||||
General and administrative expenses | (171 | ) | (91 | ) | (165 | ) | (45 | ) | (472 | ) | |||||||||
Equity accounted Company EBITDA (3) | 15 | 77 | 43 | — | 135 | ||||||||||||||
Company EBITDA attributable to others (4) | (322 | ) | (373 | ) | (718 | ) | — | (1,413 | ) | ||||||||||
Company EBITDA (1) | 83 | 304 | 243 | (50 | ) | 580 | |||||||||||||
Gain (loss) on acquisitions / dispositions, net | 186 | — | (7 | ) | — | 179 | |||||||||||||
Other income (expenses), net (5) | 9 | (29 | ) | 1 | — | (19 | ) | ||||||||||||
Interest income (expense), net | (110 | ) | (165 | ) | (447 | ) | 5 | (717 | ) | ||||||||||
Realized disposition gain (loss), current income taxes and interest expenses related to equity accounted investment (3) | (4 | ) | (24 | ) | (8 | ) | — | (36 | ) | ||||||||||
Current income taxes | (52 | ) | (6 | ) | (61 | ) | 21 | (98 | ) | ||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (4) | (31 | ) | 111 | 398 | — | 478 | |||||||||||||
Company FFO (1) | 81 | 191 | 119 | (24 | ) | 367 | |||||||||||||
Depreciation and amortization expense (2) | (1,071 | ) | |||||||||||||||||
Impairment expense, net | (142 | ) | |||||||||||||||||
Other income (expense), net (5) | (49 | ) | |||||||||||||||||
Deferred income taxes | 165 | ||||||||||||||||||
Non-cash items attributable to equity accounted investments (3) | (90 | ) | |||||||||||||||||
Non-cash items attributable to others (4) | 585 | ||||||||||||||||||
Net income (loss) attributable to unitholders (1) | $ | (235 | ) |
(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, 2020, depreciation and amortization by segment is as follows: business services $213 million, infrastructure services $328 million, industrials $530 million, and corporate and other $nil. |
(3) | The sum of these amounts equates to equity accounted income of $9 million as per the unaudited interim condensed consolidated statements of operating results. |
(4) | Total cash and non-cash items attributable to the interest of others equals net income of $350 million as per the unaudited interim condensed consolidated statements of operating results. |
(5) | The sum of these amounts equates to other expenses of $68 million as per the unaudited interim condensed consolidated statements of operating results. |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Total attributable to the partnership | |||||||||||||||||||
(US$ 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 | |||||||||||||
Gain (loss) on acquisitions / dispositions, net | 522 | — | — | — | 522 | ||||||||||||||
Other income (expenses), net (5) | — | 4 | — | — | 4 | ||||||||||||||
Interest income (expense), net | (38 | ) | (97 | ) | (186 | ) | 8 | (313 | ) | ||||||||||
Realized disposition gain (loss), 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 as per the unaudited interim condensed consolidated statements of operating results. |
(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 | |||||||||||||
Gain (loss) on acquisitions / dispositions, net | 522 | — | (2 | ) | — | 520 | |||||||||||||
Other income (expenses), net (5) | — | — | 2 | — | 2 | ||||||||||||||
Interest income (expense), net | (58 | ) | (198 | ) | (255 | ) | 14 | (497 | ) | ||||||||||
Realized disposition gain (loss), 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 as per the unaudited interim condensed consolidated statements of operating results. |
(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 $271 million as per the unaudited interim condensed consolidated statements of operating results. |
As at June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Total assets | $ | 17,363 | $ | 10,845 | $ | 22,011 | $ | 59 | $ | 50,278 |
As at December 31, 2019 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
Total assets | $ | 18,132 | $ | 10,619 | $ | 22,742 | $ | 258 | $ | 51,751 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
United Kingdom | 2,000 | 112 | 44 | — | 2,156 | |||||||||||||||
United States of America | 12 | 370 | 883 | — | 1,265 | |||||||||||||||
Australia | 1,016 | 2 | 20 | — | 1,038 | |||||||||||||||
Europe | 233 | 349 | 417 | — | 999 | |||||||||||||||
Other | 181 | 98 | 428 | — | 707 | |||||||||||||||
Canada | 336 | 21 | 106 | — | 463 | |||||||||||||||
Brazil | 58 | 16 | 163 | — | 237 | |||||||||||||||
Mexico | — | — | 135 | — | 135 | |||||||||||||||
Total revenues from contracts with customers | $ | 3,836 | $ | 968 | $ | 2,196 | $ | — | $ | 7,000 | ||||||||||
Other revenues | $ | 217 | $ | 152 | $ | 1 | $ | — | $ | 370 | ||||||||||
Total revenues | $ | 4,053 | $ | 1,120 | $ | 2,197 | $ | — | $ | 7,370 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
United Kingdom | $ | 6,257 | $ | 187 | $ | 91 | $ | — | $ | 6,535 | ||||||||||
United States of America | 13 | 916 | 1,770 | — | 2,699 | |||||||||||||||
Australia | 2,003 | 6 | 31 | — | 2,040 | |||||||||||||||
Europe | 495 | 578 | 1,136 | — | 2,209 | |||||||||||||||
Other | 377 | 204 | 683 | — | 1,264 | |||||||||||||||
Canada | 830 | 40 | 234 | — | 1,104 | |||||||||||||||
Brazil | 201 | 39 | 369 | — | 609 | |||||||||||||||
Mexico | — | — | 327 | — | 327 | |||||||||||||||
Total revenues from contracts with customers | $ | 10,176 | $ | 1,970 | $ | 4,641 | $ | — | $ | 16,787 | ||||||||||
Other revenues | $ | 406 | $ | 320 | $ | 3 | $ | — | $ | 729 | ||||||||||
Total revenues | $ | 10,582 | $ | 2,290 | $ | 4,644 | $ | — | $ | 17,516 |
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 | ||||||||||
United States of America | 168 | 376 | 748 | — | 1,292 | |||||||||||||||
Europe | 174 | 324 | 688 | — | 1,186 | |||||||||||||||
Canada | 859 | 15 | 173 | — | 1,047 | |||||||||||||||
Australia | 896 | 3 | — | — | 899 | |||||||||||||||
Other | 148 | 133 | 178 | — | 459 | |||||||||||||||
Brazil | 68 | 22 | 275 | — | 365 | |||||||||||||||
Mexico | — | 2 | 176 | — | 178 | |||||||||||||||
Total revenues from contracts with customers | $ | 7,341 | $ | 959 | $ | 2,265 | $ | — | $ | 10,565 | ||||||||||
Other revenues | $ | 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 | |||||||||||||||
United Kingdom | $ | 9,874 | $ | 161 | $ | 48 | $ | — | $ | 10,083 | ||||||||||
United States of America | 286 | 914 | 848 | — | 2,048 | |||||||||||||||
Europe | 332 | 635 | 1,050 | — | 2,017 | |||||||||||||||
Canada | 1,749 | 28 | 364 | — | 2,141 | |||||||||||||||
Australia | 1,616 | 6 | — | — | 1,622 | |||||||||||||||
Other | 286 | 292 | 203 | — | 781 | |||||||||||||||
Brazil | 119 | 49 | 506 | — | 674 | |||||||||||||||
Mexico | — | 5 | 220 | — | 225 | |||||||||||||||
Total revenues from contracts with customers | $ | 14,262 | $ | 2,090 | $ | 3,239 | $ | — | $ | 19,591 | ||||||||||
Other revenues | $ | 18 | $ | 304 | $ | 5 | $ | — | $ | 327 | ||||||||||
Total revenues | $ | 14,280 | $ | 2,394 | $ | 3,244 | $ | — | $ | 19,918 |
Six Months Ended | ||||||||
(US$ MILLIONS) | June 30, 2020 | June 30, 2019 | ||||||
Interest paid | $ | 565 | $ | 417 | ||||
Income taxes paid | $ | 102 | $ | 118 |
Six Months Ended | ||||||||
(US$ MILLIONS) | June 30, 2020 | June 30, 2019 | ||||||
Accounts receivable | $ | 637 | $ | (147 | ) | |||
Inventory | 200 | 80 | ||||||
Prepayments and other | 89 | (12 | ) | |||||
Accounts payable and other | (102 | ) | 557 | |||||
Changes in non-cash working capital, net | $ | 824 | $ | 478 |
(a) | Premiums and unearned premiums reserve |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Unearned premiums reserve, beginning of the period | $ | 1,625 | $ | — | ||||
Acquisitions through business combinations | — | 1,603 | ||||||
Premiums written during the period | 249 | 26 | ||||||
Premiums earned during the period | (252 | ) | (28 | ) | ||||
Foreign currency translation | (69 | ) | 24 | |||||
Unearned premiums reserve, end of the period | $ | 1,553 | $ | 1,625 |
(b) | Losses on claims and loss reserves |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Case reserves | $ | 81 | $ | 69 | ||||
Incurred but not reported reserves | 36 | 30 | ||||||
Discounting | (1 | ) | (1 | ) | ||||
Provisions for adverse deviation | 5 | 7 | ||||||
Total loss reserves | $ | 121 | $ | 105 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Loss reserves, beginning of the period | $ | 105 | $ | — | ||||
Acquisitions through business combinations | — | 104 | ||||||
Claims paid during the period | (32 | ) | (5 | ) | ||||
Losses on claims related to the current period | 53 | 5 | ||||||
Foreign currency translation | (5 | ) | 1 | |||||
Loss reserves, end | $ | 121 | $ | 105 |
(a) | Acquisition of IndoStar |
(b) | Investment in Superior Plus Corp. |
(c) | Agreement to sell Healthscope Pathology Business |
(d) | Distribution |
• | our financial condition and liquidity; |
• | market volatility and the market price of our LP Units; |
• | changes in the economic, political and market factors in the countries in which we do business and other international jurisdictions including as a result of the ongoing and developing pandemic of a novel strain of coronavirus, COVID-19 (“COVID-19”); |
• | the behavior of financial markets, including fluctuations in interest and foreign exchange rates; |
• | adverse conditions in the global equity, capital and credit markets; |
• | the availability of equity and debt financing and refinancing within equity, capital and credit markets, and our ability to access these markets; |
• | strategic actions, including acquisitions and dispositions; |
• | the ability to complete previously announced acquisitions, dispositions 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; |
• | the effective integration of acquisitions into our existing operations; |
• | the cyclical nature of most of our operations; |
• | actions of competitors; |
• | risks commonly associated with a separation of economic interest from control; |
• | the ability to appropriately manage human capital and the impact of the departure of some or all of Brookfield’s key professionals; |
• | actions or potential actions that could be taken by our parent company, or its subsidiaries (other than the partnership); |
• | technological change, including the rise of 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; |
• | changes in government regulation and legislation within the countries in which we operate and the potential difficulties in obtaining effective legal redress in certain jurisdictions; |
• | changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); |
• | the effect of applying future accounting changes; |
• | failure to maintain effective internal controls; |
• | governmental investigations; |
• | pending or threatened litigation; |
• | changes in tax laws; |
• | ability to collect amounts owed; |
• | ability to obtain adequate insurance at commercially reasonable rates; |
• | possible environmental liabilities and other contingent liabilities, including those related to climate change; |
• | the impact of the potential break-up of political-economic unions (or the departure of a union member); |
• | catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; |
• | the possible impact of international conflicts and other developments including terrorist acts; |
• | risks relating to our reliance on technology, including cyberterrorism; |
• | the risk of loss resulting from fraud, bribery, corruption or other illegal acts; and |
• | other risks and factors described elsewhere in this document, under “Risks Associated with the COVID-19 Pandemic” in the “Risks and Uncertainties” section included in this MD&A and in our most recent Annual Report on Form 20-F under the heading “Risk Factors”. |
i. | Business services, including residential mortgage insurance services, healthcare services, road fuel distribution and marketing, real estate services and construction services, entertainment, and other businesses; |
ii. | Infrastructure services, which includes a global provider of services to the power generation industry, a service provider to the offshore oil production industry, and a global provider of access, forming and shoring solutions and specialized services; |
iii. | Industrials, including automotive batteries, graphite electrode and other manufacturing, water and wastewater services, natural gas production and well servicing, and a variety of other industrial operations; 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, 2020 | Six Months Ended June 30, 2020 | |||||||
(US$ MILLIONS) | ||||||||
Business services | $ | 17,363 | $ | 10,582 | ||||
Infrastructure services | 10,845 | 2,290 | ||||||
Industrials | 22,011 | 4,644 | ||||||
Corporate and other | 59 | — | ||||||
Total | $ | 50,278 | $ | 17,516 |
Regions | Assets | Revenue | ||||||
As at June 30, 2020 | Six Months Ended June 30, 2020 | |||||||
(US$ MILLIONS) | ||||||||
United Kingdom | $ | 4,179 | $ | 6,548 | ||||
Canada | 7,708 | 1,451 | ||||||
Australia | 5,820 | 2,088 | ||||||
Brazil | 4,225 | 718 | ||||||
United States of America | 12,008 | 2,703 | ||||||
Mexico | 3,149 | 327 | ||||||
Europe | 8,899 | 2,386 | ||||||
Other | 4,290 | 1,295 | ||||||
Total | $ | 50,278 | $ | 17,516 |
• | The risk of a material reduction in demand for the products and services of our portfolio companies due to job losses and associated financial hardship, or changes in consumer behavior, which may lead to a decline in revenue; |
• | Issues delivering certain products and services, due to supply chain disruptions and the impact of business closures, travel restrictions and other steps taken in response to COVID-19; |
• | Increased challenges collecting revenue or other accounts receivable; |
• | Potential challenges entering into, or consummating, proposed acquisitions on anticipated timelines, or at all; and |
• | Potential challenges accessing credit and capital markets. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS, except per unit amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 7,370 | $ | 10,717 | $ | 17,516 | $ | 19,918 | ||||||||
Direct operating costs | (6,285 | ) | (9,776 | ) | (15,186 | ) | (17,969 | ) | ||||||||
General and administrative expenses | (228 | ) | (211 | ) | (472 | ) | (389 | ) | ||||||||
Depreciation and amortization expense | (533 | ) | (441 | ) | (1,071 | ) | (752 | ) | ||||||||
Interest income (expense), net | (353 | ) | (313 | ) | (717 | ) | (497 | ) | ||||||||
Equity accounted income (loss), net | 18 | 23 | 9 | 30 | ||||||||||||
Impairment expense, net | (29 | ) | (324 | ) | (142 | ) | (324 | ) | ||||||||
Gain (loss) on acquisitions/dispositions, net | (4 | ) | 522 | 179 | 520 | |||||||||||
Other income (expense), net | 149 | (181 | ) | (68 | ) | (271 | ) | |||||||||
Income (loss) before income tax | 105 | 16 | 48 | 266 | ||||||||||||
Current income tax (expense) recovery | (23 | ) | (93 | ) | (98 | ) | (123 | ) | ||||||||
Deferred income tax (expense) recovery | 67 | 41 | 165 | 22 | ||||||||||||
Net income (loss) | $ | 149 | $ | (36 | ) | $ | 115 | $ | 165 | |||||||
Attributable to: | ||||||||||||||||
Limited partners | $ | (59 | ) | $ | 55 | $ | (126 | ) | $ | 87 | ||||||
Non-controlling interests attributable to: | ||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management | (50 | ) | 52 | (109 | ) | 82 | ||||||||||
Special Limited Partners | — | — | — | — | ||||||||||||
Interest of others | 258 | (143 | ) | 350 | (4 | ) | ||||||||||
Net income (loss) | $ | 149 | $ | (36 | ) | $ | 115 | $ | 165 | |||||||
Basic and diluted earnings per limited partner unit (1) | $ | (0.73 | ) | $ | 0.82 | $ | (1.57 | ) | $ | 1.30 |
(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, 2020 was 150.1 million, and 150.3 million, respectively for the three and six months ended June 30, 2019 was 129.9 million and 129.5 million. |
(US$ MILLIONS, except per unit amounts) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||
Revenues | $ | 7,370 | $ | 10,146 | $ | 11,320 | $ | 11,794 | $ | 10,717 | $ | 9,201 | $ | 10,209 | $ | 9,990 | |||||||||||||||
Direct operating costs | (6,285 | ) | (8,901 | ) | (9,969 | ) | (10,389 | ) | (9,776 | ) | (8,193 | ) | (9,205 | ) | (9,080 | ) | |||||||||||||||
General and administrative expenses | (228 | ) | (244 | ) | (228 | ) | (215 | ) | (211 | ) | (178 | ) | (209 | ) | (174 | ) | |||||||||||||||
Depreciation and amortization expense | (533 | ) | (538 | ) | (518 | ) | (534 | ) | (441 | ) | (311 | ) | (286 | ) | (251 | ) | |||||||||||||||
Interest income (expense), net | (353 | ) | (364 | ) | (388 | ) | (389 | ) | (313 | ) | (184 | ) | (181 | ) | (148 | ) | |||||||||||||||
Equity accounted income (loss), net | 18 | (9 | ) | 52 | 32 | 23 | 7 | 9 | (9 | ) | |||||||||||||||||||||
Impairment expense, net | (29 | ) | (113 | ) | (285 | ) | — | (324 | ) | — | (38 | ) | (180 | ) | |||||||||||||||||
Gain (loss) on acquisitions/dispositions, net | (4 | ) | 183 | 190 | 16 | 522 | (2 | ) | 147 | 247 | |||||||||||||||||||||
Other income (expense), net | 149 | (217 | ) | (46 | ) | (83 | ) | (181 | ) | (90 | ) | (73 | ) | (42 | ) | ||||||||||||||||
Income (loss) before income tax | 105 | (57 | ) | 128 | 232 | 16 | 250 | 373 | 353 | ||||||||||||||||||||||
Current income tax (expense)/recovery | (23 | ) | (75 | ) | (93 | ) | (108 | ) | (93 | ) | (30 | ) | (63 | ) | (43 | ) | |||||||||||||||
Deferred income tax (expense)/recovery | 67 | 98 | 52 | 58 | 41 | (19 | ) | 84 | (25 | ) | |||||||||||||||||||||
Net income (loss) | $ | 149 | $ | (34 | ) | $ | 87 | $ | 182 | $ | (36 | ) | $ | 201 | $ | 394 | $ | 285 | |||||||||||||
Attributable to: | |||||||||||||||||||||||||||||||
Limited partners | $ | (59 | ) | $ | (67 | ) | $ | (57 | ) | $ | 13 | $ | 55 | $ | 32 | $ | 70 | $ | (1 | ) | |||||||||||
Non-controlling interests attributable to: | |||||||||||||||||||||||||||||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | (50 | ) | (59 | ) | (48 | ) | 11 | 52 | 30 | 66 | — | ||||||||||||||||||||
Special Limited Partners | — | — | — | — | — | — | — | 94 | |||||||||||||||||||||||
Interest of others | 258 | 92 | 192 | 158 | (143 | ) | 139 | 258 | 192 | ||||||||||||||||||||||
Net income (loss) | $ | 149 | $ | (34 | ) | $ | 87 | $ | 182 | $ | (36 | ) | $ | 201 | $ | 394 | $ | 285 | |||||||||||||
Basic and diluted earnings (loss) per limited partner unit (1) (2) | $ | (0.73 | ) | $ | (0.84 | ) | $ | (0.70 | ) | $ | 0.16 | $ | 0.82 | $ | 0.48 | $ | 1.04 | $ | — |
(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, 2020 was 150.1 million and 150.3 million, and for the three and six months ended June 30, 2019 was 129.9 million and 129.5 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, 2018. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,138 | $ | 1,986 | ||||
Financial assets | 6,335 | 6,243 | ||||||
Accounts and other receivable, net | 4,745 | 5,631 | ||||||
Inventory and other assets | 5,188 | 5,282 | ||||||
Property, plant and equipment | 13,650 | 13,892 | ||||||
Deferred income tax assets | 718 | 667 | ||||||
Intangible assets | 10,820 | 11,559 | ||||||
Equity accounted investments | 1,648 | 1,273 | ||||||
Goodwill | 5,036 | 5,218 | ||||||
Total assets | $ | 50,278 | $ | 51,751 | ||||
Liabilities and equity in net assets | ||||||||
Liabilities | ||||||||
Accounts payable and other | $ | 16,449 | $ | 16,496 | ||||
Corporate borrowings | 253 | — | ||||||
Non-recourse borrowings in subsidiaries in Brookfield Business Partners | 22,202 | 22,399 | ||||||
Deferred income tax liabilities | 1,617 | 1,803 | ||||||
Total liabilities | $ | 40,521 | $ | 40,698 | ||||
Equity | ||||||||
Limited partners | $ | 1,731 | $ | 2,116 | ||||
Non-controlling interests attributable to: | ||||||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,354 | 1,676 | ||||||
Interest of others | 6,672 | 7,261 | ||||||
Total equity | 9,757 | 11,053 | ||||||
Total liabilities and equity | $ | 50,278 | $ | 51,751 |
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
June 30, 2020 | $ | 5,319 | $ | 308 | $ | 708 | $ | — | $ | 6,335 | ||||||||||
December 31, 2019 | $ | 5,407 | $ | 338 | $ | 324 | $ | 174 | $ | 6,243 |
UNITS | June 30, 2020 | December 31, 2019 | ||||
GP Units | 4 | 4 | ||||
LP Units | 80,330,164 | 80,890,655 | ||||
Non-controlling interests: | ||||||
Redemption-Exchange Units, held by Brookfield | 69,705,497 | 69,705,497 | ||||
Special LP Units | 4 | 4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(US$ MILLIONS) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 7,370 | $ | 10,717 | $ | 17,516 | $ | 19,918 | ||||||||
Direct operating costs | (6,285 | ) | (9,776 | ) | (15,186 | ) | (17,969 | ) | ||||||||
General and administrative expenses | (228 | ) | (211 | ) | (472 | ) | (389 | ) | ||||||||
Equity accounted Company EBITDA | 63 | 63 | 135 | 96 | ||||||||||||
Company EBITDA attributable to others (1) | (634 | ) | (556 | ) | (1,413 | ) | (1,153 | ) | ||||||||
Company EBITDA (2) | $ | 286 | $ | 237 | $ | 580 | $ | 503 | ||||||||
Gain (loss) on acquisitions / dispositions, net | (4 | ) | 522 | 179 | 520 | |||||||||||
Other income (expense), net | (19 | ) | 4 | (19 | ) | 2 | ||||||||||
Interest income (expense), net | (353 | ) | (313 | ) | (717 | ) | (497 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (22 | ) | (10 | ) | (36 | ) | (15 | ) | ||||||||
Current income taxes | (23 | ) | (93 | ) | (98 | ) | (123 | ) | ||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 308 | 88 | 478 | 250 | ||||||||||||
Company FFO (2) | $ | 173 | $ | 435 | $ | 367 | $ | 640 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO and Company EBITDA are non-IFRS measures. 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 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) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 4,053 | $ | 7,345 | $ | 10,582 | $ | 14,280 | ||||||||
Direct operating costs | (3,763 | ) | (7,169 | ) | (10,021 | ) | (13,947 | ) | ||||||||
General and administrative expenses | (80 | ) | (67 | ) | (171 | ) | (134 | ) | ||||||||
Equity accounted Company EBITDA | 4 | 11 | 15 | 19 | ||||||||||||
Company EBITDA attributable to others (1) | (150 | ) | (59 | ) | (322 | ) | (112 | ) | ||||||||
Company EBITDA (2) | $ | 64 | $ | 61 | $ | 83 | $ | 106 | ||||||||
Gain (loss) on acquisitions / dispositions, net | — | 522 | 186 | 522 | ||||||||||||
Other income (expense), net | 3 | — | 9 | — | ||||||||||||
Interest income (expense), net | (52 | ) | (38 | ) | (110 | ) | (58 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (2 | ) | (2 | ) | (4 | ) | (3 | ) | ||||||||
Current income taxes | (33 | ) | (47 | ) | (52 | ) | (57 | ) | ||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 59 | (154 | ) | (31 | ) | (136 | ) | |||||||||
Company FFO (2) | $ | 39 | $ | 342 | $ | 81 | $ | 374 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Total assets | $ | 17,363 | $ | 18,132 | ||||
Total liabilities | 12,153 | 12,646 | ||||||
Interests of others in operating subsidiaries (1) | 3,368 | 3,325 | ||||||
Equity attributable to unitholders | 1,842 | 2,161 | ||||||
Total equity | $ | 5,210 | $ | 5,486 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO and Company EBITDA are non-IFRS measures. 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 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) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 1,120 | $ | 1,105 | $ | 2,290 | $ | 2,394 | ||||||||
Direct operating costs | (791 | ) | (838 | ) | (1,599 | ) | (1,730 | ) | ||||||||
General and administrative expenses | (53 | ) | (41 | ) | (91 | ) | (75 | ) | ||||||||
Equity accounted Company EBITDA | 42 | 35 | 77 | 56 | ||||||||||||
Company EBITDA attributable to others (1) | (170 | ) | (173 | ) | (373 | ) | (422 | ) | ||||||||
Company EBITDA (2) | $ | 148 | $ | 88 | $ | 304 | $ | 223 | ||||||||
Other income (expense), net | (23 | ) | 4 | (29 | ) | — | ||||||||||
Interest income (expense), net | (76 | ) | (97 | ) | (165 | ) | (198 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (16 | ) | (5 | ) | (24 | ) | (8 | ) | ||||||||
Current income taxes | (4 | ) | — | (6 | ) | 9 | ||||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 58 | 64 | 111 | 130 | ||||||||||||
Company FFO (2) | $ | 87 | $ | 54 | $ | 191 | $ | 156 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Total assets | $ | 10,845 | $ | 10,619 | ||||
Total liabilities | 9,506 | 9,316 | ||||||
Interests of others in operating subsidiaries (1) | 582 | 833 | ||||||
Equity attributable to unitholders | 757 | 470 | ||||||
Total equity | $ | 1,339 | $ | 1,303 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO and Company EBITDA are non-IFRS measures. 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 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) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 2,197 | $ | 2,267 | $ | 4,644 | $ | 3,244 | ||||||||
Direct operating costs | (1,728 | ) | (1,767 | ) | (3,561 | ) | (2,288 | ) | ||||||||
General and administrative expenses | (74 | ) | (85 | ) | (165 | ) | (143 | ) | ||||||||
Equity accounted Company EBITDA | 17 | 17 | 43 | 21 | ||||||||||||
Company EBITDA attributable to others (1) | (314 | ) | (324 | ) | (718 | ) | (619 | ) | ||||||||
Company EBITDA (2) | $ | 98 | $ | 108 | $ | 243 | $ | 215 | ||||||||
Gain (loss) on acquisitions / dispositions, net | (4 | ) | — | (7 | ) | (2 | ) | |||||||||
Other income (expense), net | 1 | — | 1 | 2 | ||||||||||||
Interest income (expense), net | (224 | ) | (186 | ) | (447 | ) | (255 | ) | ||||||||
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (4 | ) | (3 | ) | (8 | ) | (4 | ) | ||||||||
Current income taxes | 4 | (51 | ) | (61 | ) | (85 | ) | |||||||||
Company FFO attributable to others (net of Company EBITDA attributable to others) (1) | 191 | 178 | 398 | 256 | ||||||||||||
Company FFO (2) | $ | 62 | $ | 46 | $ | 119 | $ | 127 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Total assets | $ | 22,011 | $ | 22,742 | ||||
Total liabilities | 18,460 | 18,692 | ||||||
Interests of others in operating subsidiaries (1) | 2,722 | 3,103 | ||||||
Equity attributable to unitholders | 829 | 947 | ||||||
Total equity | $ | 3,551 | $ | 4,050 |
(1) | Attributable to interests of others in our operating subsidiaries. |
(2) | Company FFO and Company EBITDA are non-IFRS measures. 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 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) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | — | ||||||||
Direct operating costs | (3 | ) | (2 | ) | (5 | ) | (4 | ) | ||||||||
General and administrative expenses | (21 | ) | (18 | ) | (45 | ) | (37 | ) | ||||||||
Company EBITDA (1) | $ | (24 | ) | $ | (20 | ) | $ | (50 | ) | $ | (41 | ) | ||||
Interest income (expense), net | (1 | ) | 8 | 5 | 14 | |||||||||||
Current income taxes | 10 | 5 | 21 | 10 | ||||||||||||
Company FFO (1) | $ | (15 | ) | $ | (7 | ) | $ | (24 | ) | $ | (17 | ) |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Total assets | $ | 59 | $ | 258 | ||||
Total liabilities | 402 | 44 | ||||||
Equity attributable to unitholders | (343 | ) | 214 | |||||
Total equity | $ | (343 | ) | $ | 214 |
(1) | Company FFO and Company EBITDA are non-IFRS measures. 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 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) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | 7,370 | $ | 10,717 | $ | 17,516 | $ | 19,918 | ||||||||
Direct operating costs | (6,285 | ) | (9,776 | ) | (15,186 | ) | (17,969 | ) | ||||||||
General and administrative expenses | (228 | ) | (211 | ) | (472 | ) | (389 | ) | ||||||||
Equity accounted Company EBITDA (1) | 63 | 63 | 135 | 96 | ||||||||||||
Company EBITDA attributable to others (2) | (634 | ) | (556 | ) | (1,413 | ) | (1,153 | ) | ||||||||
Company EBITDA | $ | 286 | $ | 237 | $ | 580 | $ | 503 | ||||||||
Realized disposition gain (loss), net | (4 | ) | 522 | 179 | 520 | |||||||||||
Other income (expense), net (3) | (19 | ) | 4 | (19 | ) | 2 | ||||||||||
Interest income (expense), net | (353 | ) | (313 | ) | (717 | ) | (497 | ) | ||||||||
Equity accounted current taxes and interest (1) | (22 | ) | (10 | ) | (36 | ) | (15 | ) | ||||||||
Current income taxes | (23 | ) | (93 | ) | (98 | ) | (123 | ) | ||||||||
Company FFO attributable to others (2) | 308 | 88 | 478 | 250 | ||||||||||||
Company FFO | $ | 173 | $ | 435 | $ | 367 | $ | 640 | ||||||||
Depreciation and amortization | (533 | ) | (441 | ) | (1,071 | ) | (752 | ) | ||||||||
Impairment expense, net | (29 | ) | (324 | ) | (142 | ) | (324 | ) | ||||||||
Other income (expenses), net (3) | 168 | (185 | ) | (49 | ) | (273 | ) | |||||||||
Deferred income taxes | 67 | 41 | 165 | 22 | ||||||||||||
Non-cash items attributable to equity accounted investments (1) | (23 | ) | (30 | ) | (90 | ) | (51 | ) | ||||||||
Non-cash items attributable to others (2) | 68 | 611 | 585 | 907 | ||||||||||||
Net income (loss) attributable to unitholders | $ | (109 | ) | $ | 107 | $ | (235 | ) | $ | 169 |
(1) | The sum of these amounts equates to equity accounted income of $18 million and $9 million as per our IFRS statement of operating results for the three and six months ended June 30, 2020 and equity accounted income of $23 million and $30 million for the three and six months ended June 30, 2019. |
(2) | Total cash and non-cash items attributable to the interest of others equals net income of $258 million and $350 million as per our IFRS statement of operating results for the three and six months ended June 30, 2020, and net loss of $143 million and $4 million for the three and six months ended June 30, 2019. |
(3) | The sum of these amounts equates to other income, net of $149 million and other expenses, net of $68 million as per our IFRS statement of operating results for the three and six months ended June 30, 2020, respectively, and other expenses, net of $181 million and $271 million for the three and six months ended June 30, 2019. |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Limited partners | $ | 1,731 | $ | 2,116 | ||||
General partner | — | — | ||||||
Non-controlling interests attributable to: | ||||||||
Redemption-Exchange Units, Preferred Shares and Special LP Units held by Brookfield | 1,354 | 1,676 | ||||||
Equity attributable to unitholders | $ | 3,085 | $ | 3,792 |
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
June 30, 2020 | $ | 1,842 | $ | 757 | $ | 829 | $ | (343 | ) | $ | 3,085 | |||||||||
December 31, 2019 | $ | 2,161 | $ | 470 | $ | 947 | $ | 214 | $ | 3,792 |
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Corporate and other | Total | |||||||||||||||
June 30, 2020 | $ | 2,781 | $ | 5,783 | $ | 13,638 | $ | 253 | $ | 22,455 | ||||||||||
December 31, 2019 | $ | 2,621 | $ | 5,860 | $ | 13,918 | $ | — | $ | 22,399 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Term loans and credit facilities | $ | 15,821 | $ | 15,965 | ||||
Project financing | 447 | 559 | ||||||
Notes and debentures | 6,187 | 5,875 | ||||||
Total Borrowings | $ | 22,455 | $ | 22,399 |
(US$ MILLIONS) | June 30, 2020 | December 31, 2019 | ||||||
Corporate borrowings | $ | 253 | $ | — | ||||
Non-recourse borrowings in subsidiaries of the partnership | 22,202 | 22,399 | ||||||
Cash and cash equivalents | (2,138 | ) | (1,986 | ) | ||||
Net debt | 20,317 | 20,413 | ||||||
Total equity | 9,757 | 11,053 | ||||||
Total capital and net debt | $ | 30,074 | $ | 31,466 | ||||
Net debt to capitalization ratio | 68 | % | 65 | % |
Six Months Ended June 30, | ||||||||
(US$ MILLIONS) | 2020 | 2019 | ||||||
Cash flows provided by (used in) operating activities | $ | 1,962 | $ | 1,333 | ||||
Cash flows provided by (used in) investing activities | (1,099 | ) | (16,514 | ) | ||||
Cash flows provided by (used in) financing activities | (589 | ) | 16,236 | |||||
Effect of foreign exchange rates on cash | (122 | ) | 4 | |||||
Net change in cash classified within assets held for sale | — | (68 | ) | |||||
Total | $ | 152 | $ | 991 |
Net Investment Hedges | ||||||||||||||||||||||||||||
(US$ MILLIONS) | USD | CAD | AUD | BRL | GBP | EUR | Other | |||||||||||||||||||||
Net Equity | $ | (1,252 | ) | $ | 1,102 | $ | 866 | $ | 328 | $ | 750 | $ | 342 | $ | 949 | |||||||||||||
FX Contracts — US$ | 49 | (49 | ) | — | — | — | — | — |
Payments as at June 30, 2020 | ||||||||||||||||||||
(US$ MILLIONS) | Total | Less than One Year | One-Two Years | Three-Five Years | Thereafter | |||||||||||||||
Borrowings | $ | 22,911 | $ | 824 | $ | 1,136 | $ | 5,437 | $ | 15,514 | ||||||||||
Lease liabilities | 1,517 | 205 | 190 | 410 | 712 | |||||||||||||||
Interest expense | 4,981 | 978 | 999 | 2,398 | 606 | |||||||||||||||
Decommissioning liabilities | 1,592 | 29 | 3 | 80 | 1,480 | |||||||||||||||
Pension obligations | 1,300 | 114 | 119 | 371 | 696 | |||||||||||||||
Obligations under agreements | 693 | 421 | 111 | 58 | 103 | |||||||||||||||
Total | $ | 32,994 | $ | 2,571 | $ | 2,558 | $ | 8,754 | $ | 19,111 |
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, 2020. |
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, 2020. |
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, 2020 | |
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, 2020 |
Document Fiscal Year Focus | 2020 |
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.
|
Ownership change
Limited Partners
|
Ownership change
Redemption-Exchange Units held by Brookfield Asset Management Inc.
|
Accumulated other comprehensive income (loss)
Limited Partners
|
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, 2018 | $ 6,494 | $ 1,548 | $ 1,400 | $ 1,766 | $ 1,674 | $ (237) | $ (234) | $ 205 | $ 195 | $ (186) | [1] | $ (235) | $ 15 | $ 3,531 | |||||||||||||||||
Net income (loss) | 165 | 87 | 82 | 87 | 82 | (4) | |||||||||||||||||||||||||
Other comprehensive income (loss) | 14 | 1 | 1 | 1 | [1] | 1 | 12 | ||||||||||||||||||||||||
Comprehensive income (loss) | 179 | 88 | 83 | 87 | 82 | 1 | [1] | 1 | 8 | ||||||||||||||||||||||
Contributions | 121 | 121 | |||||||||||||||||||||||||||||
Distributions | [2] | (799) | (8) | (8) | (8) | (8) | (783) | ||||||||||||||||||||||||
Ownership change (3) | [3] | 2 | (6) | (4) | (6) | (4) | 12 | ||||||||||||||||||||||||
Acquisition of interest | [4] | 2,515 | 2,515 | ||||||||||||||||||||||||||||
Unit Issuance | [2] | 781 | 531 | 250 | 531 | 250 | |||||||||||||||||||||||||
Unit repurchases | [2] | (3) | (3) | (3) | |||||||||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 9,290 | 2,150 | 1,721 | 2,294 | 1,924 | (158) | (160) | 199 | 191 | (185) | [1] | (234) | 15 | 5,404 | |||||||||||||||||
Beginning balance at Dec. 31, 2019 | 11,053 | 2,116 | 1,661 | 2,331 | 1,924 | (217) | (209) | 220 | 210 | (218) | [1] | (264) | 15 | 7,261 | |||||||||||||||||
Net income (loss) | 115 | (126) | (109) | (126) | (109) | 350 | |||||||||||||||||||||||||
Other comprehensive income (loss) | (740) | (99) | (85) | (99) | [1] | (85) | (556) | ||||||||||||||||||||||||
Comprehensive income (loss) | (625) | (225) | (194) | (126) | (109) | (99) | [1] | (85) | (206) | ||||||||||||||||||||||
Contributions | 473 | 0 | 0 | 0 | 0 | 0 | 0 | 473 | |||||||||||||||||||||||
Distributions | [2] | (757) | (10) | (8) | (10) | (8) | (739) | ||||||||||||||||||||||||
Ownership change (3) | (374) | [3] | (137) | [3] | (120) | [3] | 3 | [3] | 2 | [3] | (141) | [3] | (122) | [3] | 1 | (117) | [3] | ||||||||||||||
Unit repurchases | [2] | (13) | (13) | (13) | |||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | $ 9,757 | $ 1,731 | $ 1,339 | $ 2,318 | $ 1,924 | $ (350) | $ (324) | $ 79 | $ 88 | $ (316) | [1] | $ (349) | $ 15 | $ 6,672 | |||||||||||||||||
|
NATURE AND DESCRIPTION OF THE PARTNERSHIP |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
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 |
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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, 2019, except for the impact of the adoption of the new accounting policies and standards described below. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2019 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, 2019. There have been no significant changes to the method of determining significant estimates and judgments since December 31, 2019, other than changes 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 7, 2020. (i) Critical accounting judgments and measurement uncertainty The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In March 2020, the World Health Organization declared a global pandemic related to COVID-19. To date, there have been significant volatility in capital markets, commodity prices and foreign currencies, restrictions on the conduct of business in many jurisdictions, and the global movement of people and some goods has become restricted. The partnership considered the impacts of these circumstances on the key critical judgments, estimates and assumptions that affect the reported and contingent amount of assets, liabilities, revenues and expenses, including whether goodwill, intangible assets and property, plant and equipment needed to be reevaluated for impairment as of June 30, 2020. The partnership has a diversified portfolio of operating businesses, many of which provide essential products and services to their customers. Based on its assessments, no additional impairments were required as at June 30, 2020. The partnership will continue to monitor the situation and review its critical estimates and judgments as circumstances evolve.
The partnership applied IAS 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) to account for government grants and other government assistance received by its subsidiaries. Government grants are recognized when there is reasonable assurance that the assistance will be received and the partnership will comply with all relevant conditions. The partnership recognizes government grants in the consolidated statements of operating results on a systematic basis over the periods in which the partnership recognizes expenses for which the grants were provided.
The partnership applied IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments (“IFRIC 19”) to account for financial liabilities that are extinguished either fully, or partially by issuing equity instruments. This interpretation provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. IFRIC 19 clarifies that the entity's equity instruments issued to a creditor, which are part of the consideration paid to extinguish the financial liability are measured at their fair value. Differences between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued are included in the partnership’s consolidated statements of operating results.
(i) Definition of Material In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting policies, changes in accounting estimates and errors. These amendments clarify and align the definition of material and provide guidance to help improve consistency in the application of materiality when used in other IFRS standards. The partnership adopted these amendments on January 1, 2020 and the adoption did not have an impact on the partnership’s unaudited interim condensed consolidated financial statements. (ii) Rent Concessions In May 2020, the IASB issued an amendment to IFRS 16, Leases (“IFRS 16”), effective for annual and interim reporting periods beginning on or after June 1, 2020. The amendment provides lessees with a practical expedient that relieves a lessee from assessing whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification. The application of the practical expedient did not have a significant impact on the partnership’s financial results.
(i) Insurance contracts In May 2017, the IASB published IFRS 17, Insurance contracts a comprehensive standard that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. In June 2019, the IASB published an exposure draft that proposes targeted amendments to IFRS 17 and will replace IFRS 4, Insurance contracts (“IFRS 4”). In March 2020, the IASB decided on a further deferral of the effective date of IFRS 17 from annual periods beginning on or after January 1, 2021 to annual periods beginning on or after January 1, 2023. The measurement approach under IFRS 17 is based on the following:
There will also be a new financial statement presentation for insurance contracts and additional disclosure requirements. IFRS 17 requires the partnership to distinguish between groups of contracts expected to be profit-making and groups of contracts expected to be onerous. IFRS 17 is to be applied retrospectively to each group of insurance contracts. If full retrospective application to a group of contracts is impracticable, the modified retrospective or fair value method may be used. The partnership is currently assessing the impact of IFRS 17 on its financial statements. |
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.
There were no significant acquisitions for the six months ended June 30, 2020.
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 Genworth MI Canada Inc. (“Genworth”) On December 12, 2019, together with institutional partners, the partnership acquired Genworth, a Canadian based mortgage insurance company. The partnership’s economic interest prior to syndication to institutional partners was 31% and was acquired for consideration of $854 million. The partnership has a 57% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. On acquisition, a bargain purchase gain of $4 million was recognized. Intangible assets of $243 million were acquired, primarily comprised of the value of insurance contracts in force as at the date of acquisition. The partnership’s results from operations for the year ended December 31, 2019 includes $10 million of revenue and $9 million of net income attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenue of $207 million and net income of $98 million attributable to the partnership for the year ended December 31, 2019. 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 prior to syndication to institutional partners was 28% and was acquired for consideration of $1,156 million. The partnership has a 100% voting interest in this business, which provides the partnership 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 $1,551 million was acquired, which represents the growth the partnership expects to experience from the integration of the operations. The goodwill recognized is not deductible for income tax purposes. Intangible assets of $286 million were acquired, primarily comprised of customer contracts. The partnership’s results from operations for the year ended December 31, 2019 includes $297 million of revenue and $7 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 $453 million and net loss of $23 million attributable to the partnership for the year ended December 31, 2019. Ouro Verde Locação e Seviços S.A. (“Ouro Verde”) On July 8, 2019, the partnership, together with institutional partners, acquired Ouro Verde, a Brazilian heavy equipment and light fleet vehicle management company. The partnership’s economic interest prior to syndication to institutional partners was 38% and was acquired for total consideration of $16 million. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Others On August 20, 2019, the partnership, through its road fuel storage and distribution business, completed an acquisition for consideration of $12 million, acquiring the remaining ownership interests in a terminal storage operator in which it previously had an equity interest. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Industrials Clarios Global LP (“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 prior to syndication to institutional partners was 29% and was acquired for consideration of $3,732 million. The partnership has a 100% voting interest in this business, which provides the partnership 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 $1,750 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 $6,550 million were acquired, primarily comprised of customer relationships, patented technology, and trademarks. The partnership’s results from operations for the year ended December 31, 2019 includes $1,668 million of revenue and $89 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 $2,414 million and net loss of $21 million attributable to the partnership for the year ended December 31, 2019. |
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. Financial instruments classified as fair value through profit or loss or fair value through other comprehensive income are measured at fair value in the unaudited interim condensed consolidated statements of financial position, and changes in fair values are recognized in profit or loss or other comprehensive income, respectively. The following table provides the details of financial instruments and their associated classifications as at June 30, 2020:
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Included in cash and cash equivalents as at June 30, 2020 is $1,772 million of cash (December 31, 2019: $1,570 million) and $366 million of cash equivalents (December 31, 2019: $416 million). The fair value of all financial assets and liabilities as at June 30, 2020 were consistent with carrying value, with the exception of the borrowings at Altera Infrastructure L.P. (“Altera”), where fair value determined using Level 1 and Level 2 inputs resulted in a fair value of $2,689 million (December 31, 2019: $2,787 million) versus a carrying value of $2,696 million (December 31, 2019: $2,767 million). Included in financial assets as at June 30, 2020 is $607 million (December 31, 2019: $264 million) of equity instruments designated as measured at fair value through other comprehensive income. The remaining balance of instruments designated as measured at fair value through other comprehensive income relates primarily to corporate and government bonds. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2019:
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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, 2020, pre-tax net loss of $50 million and net gain $269 million (June 30, 2019: pre-tax net loss of $61 million and $75 million) was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at June 30, 2020, there was a derivative asset balance of $94 million (December 31, 2019: $13 million) and derivative liability balance of $10 million (December 31, 2019: $35 million) relating to derivative contracts designated as net investment hedges. Cash Flow Hedges The partnership uses commodity swap contracts to hedge the sale price of its gas contracts, purchase price of decant oil, lead, polypropylene, tin, foreign exchange contracts and option contracts to hedge highly probable future transactions, and interest rate contracts to hedge the cash flows on its floating rate borrowings. A number of these contracts are designated as cash flow hedges. For the three and six months ended June 30, 2020, pre-tax net loss of $nil and $262 million (June 30, 2019: pre-tax net loss of $87 million and $49 million) was recorded in other comprehensive income for the effective portion of cash flow hedges. As at June 30, 2020, there was a derivative asset balance of $40 million (December 31, 2019: $22 million) and derivative liability balance of $352 million (December 31, 2019: $123 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. Fair value hierarchical levels - financial instruments Level 3 assets and liabilities measured at fair value on a recurring basis include $418 million (December 31, 2019: $287 million) of financial assets and $14 million (December 31, 2019: $36 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 months ended June 30, 2020. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at June 30, 2020 and December 31, 2019:
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The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as at June 30, 2020 and December 31, 2019:
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, 2020, $50 million gross, of financial assets (December 31, 2019: $1 million) and $58 million gross, of financial liabilities (December 31, 2019: $3 million) were offset in the unaudited interim condensed consolidated statements of financial position. |
FINANCIAL ASSETS |
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Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL ASSETS | FINANCIAL ASSETS
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ACCOUNTS AND OTHER RECEIVABLE, NET |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLES, NET
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. The partnership’s construction services business has a retention balance which comprises amounts that have been earned but held back until certain conditions specified in the contract are satisfied. |
INVENTORY, NET |
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Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY, NET | INVENTORY, NET
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DISPOSITIONS DISPOSITIONS (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Disposals Of Non-current Assets [Abstract] | |
Dispositions | DISPOSITIONS For the three month period ended June 30, 2020, the partnership recognized a net loss on dispositions of $4 million (June 30, 2019: gain of $522 million). For the six month period ended June 30, 2020, the partnership recognized a net gain on dispositions of $179 million (June 30, 2019: gain of $520 million). The gain recognized in the six month period ended June 30, 2020 is primarily related to the partnership’s sale of its cold storage logistics business for gross proceeds of approximately $255 million, resulting in a $186 million pre-tax gain recognized by the partnership. The gain recognized in the six month period ended June 30, 2019 is primarily related to the partnership’s sale of its facilities management business and executive relocation business resulting in pre-tax gains of $341 million and $180 million, respectively. |
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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EQUITY ACCOUNTED INVESTMENTS |
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Interests In Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS
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On January 31, 2020, the partnership completed the acquisition of a 17% economic interest in Brand Industrial Holdings Inc. (“BrandSafway”) for consideration of $445 million. The partnership has joint control over BrandSafway and has accounted for its investment as an equity accounted investment. |
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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As part of the acquisition of Healthscope in 2019, the partnership received approximately $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. The liability is drawn down as payments are made to the lender. |
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
The partnership has bilateral credit facilities across a diverse group of global banks with an aggregate borrowings capacity of $1,575 million. The credit facilities are available in Euros, Sterling, Australian, U.S. and Canadian dollars. Advances under the credit facilities 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 credit facilities require us to maintain a minimum tangible net worth and deconsolidated debt to capitalization ratio at the corporate level. As at June 30, 2020, $253 million was drawn on the facilities. The partnership also has a revolving acquisition credit facility with Brookfield that permits borrowings of up to $500 million. The credit facility is guaranteed by the partnership, and each direct wholly-owned (in terms of outstanding common equity) subsidiary of the partnership or the Holding LP, that is not otherwise a borrower. 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 3.45%, or the specified base rate or prime rate plus 2.45%. The credit facility also requires us to maintain a minimum deconsolidated net worth and contains restrictions on the ability of the borrowers and the guarantors to, among other things, incur liens, engage in certain mergers and consolidations or enter into speculative hedging arrangements. Net proceeds above a specified threshold that are received by the borrowers from asset dispositions, debt incurrences or equity issuances by the borrowers or their subsidiaries must be used to pay down the credit facility (which can then be redrawn to fund future investments). As at June 30, 2020, the credit facility remains undrawn. Subsequent to quarter end, the partnership increased the total available amount on the credit facilities by $500 million to $2,075 million. The additional $500 million has been guaranteed by Brookfield and provides the partnership with additional liquidity.
Total current and non-current borrowings as at June 30, 2020 were $22,455 million (December 31, 2019: $22,399 million). 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. Our operations are currently in compliance with or have obtained waivers related to all material covenant requirements, and we continue to work with our portfolio to monitor performance against such covenant requirements. |
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, 2020, $nil (December 31, 2019: $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 and whereby Brookfield may place funds on deposit with the partnership. Any deposit balance is due on demand and earns an agreed upon rate of interest based on market terms. As at June 30, 2020, the amount of the deposit from Brookfield was $155 million (December 31, 2019: $4 million on deposit with Brookfield). For the three and six months ended June 30, 2020, the partnership paid interest expense of $1 million and $1 million (June 30, 2019: the partnership earned interest income of $1 million and $4 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 months ended June 30, 2020 was $16 million and $32 million (June 30, 2019: $12 million and $24 million). In its capacity as the holder of the special limited partnership units (“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, 2020 was $nil and $nil (June 30, 2019: $nil and $nil). 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 the partnership for the receipt of payments relating to such contracts. On February 5, 2020, the partnership entered into a voting agreement with a Brookfield subsidiary who had the power to direct the relevant activities of Cardone. The partnership consolidated Cardone commencing February 5, 2020. This transaction was accounted for as a common control transaction where the partnership recognized Cardone’s assets and liabilities at their carrying values. The assets, liabilities, and deficit in shareholder’s equity recognized on February 5, 2020 were $609 million, $957 million, and $348 million, respectively. The liabilities included $224 million of loans between Cardone and the partnership which eliminated upon consolidation. The partnership did not pay any consideration nor incur any expenses related to this transaction.
On May 13, 2020, as part of a debt restructuring agreement, former debtholders of Cardone agreed to participate in an equity rights offering, in exchange for extinguishment of their existing debt to Cardone. As part of this debt restructuring agreement Cardone received capital commitments of up to $180 million from some of its former debtholders. To date, the partnership has funded a portion of the $95 million it expects to contribute upon completion of the restructuring, subject to certain covenants and liquidity requirements. As a result of the recapitalization transaction, the partnership recorded a net gain of $244 million within other income (expense) in the consolidated statements of operating results.
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. The partnership and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate fair value 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 months ended June 30, 2020, the partnership distributed dividends to limited partner, general partner and redemption-exchange unitholders of $9 million and $18 million or approximately $0.0625 per partnership unit (June 30, 2019: $8 million and $16 million). For the three and six months ended June 30, 2020, the partnership distributed to others who have interests in the operating subsidiaries $64 million and $739 million (June 30, 2019: $450 million and $783 million) primarily resulting from the distributions of proceeds on the sale of our cold storage logistics business, and distributions received from Genworth and Westinghouse Electric Company (“Westinghouse”). During the six month period ended June 30, 2020, the partnership repurchased and canceled 560,491 limited partnership units (June 30, 2019: 89,027).
Net loss attributable to limited partnership unitholders for the three and six months ended June 30, 2020 was $59 million and $126 million (June 30, 2019: net income of $55 million and $87 million). The weighted average number of limited partnership units was 80 million for the three and six months ended June 30, 2020 (June 30, 2019: 66 million).
In its capacity as the holder of the Special LP 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, 2020, the volume weighted average price per unit was $29.75, 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 months ended June 30, 2020 (June 30, 2019: $nil and $nil).
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The partnership has no key employees or directors and does not remunerate key management personnel. Details of the allocations of costs incurred by Brookfield on behalf of the partnership are disclosed in Note 17. 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 at the subsidiary level. The following table lists direct operating costs for the three and six months ended June 30, 2020, and June 30, 2019 by nature:
Inventories recognized as cost of sales during the three and six month period ended June 30, 2020 amounted to $3,531 million and $9,640 million (June 30, 2019: $6,146 million and $10,751 million). |
REVENUES (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | REVENUES
The table below summarizes the partnership’s segment revenue by type of revenue for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by type of revenue for the three and six months ended June 30, 2019:
The table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2019:
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SEGMENT INFORMATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The partnership’s operations are organized into four operating segments which are regularly reviewed by the 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, which is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash valuation gains or losses and other items (“Company FFO”), and Company FFO excluding the impact of realized disposition gains (losses), interest expense, current income taxes, and realized disposition gains, current income taxes and interest expense related to equity accounted investments (“Company EBITDA”).
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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, 2020 and December 31, 2019:
Revenues from Contracts with Customers The tables below summarize the partnership’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2020:
The tables below summarize the partnership’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2019:
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SUPPLEMENTAL CASH FLOW INFORMATION |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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INSURANCE CONTRACTS |
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Insurance contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INSURANCE CONTRACTS | INSURANCE CONTRACTS The following summarizes the balances related to the partnership’s insurance contracts from its mortgage insurance business:
The following table presents movement in unearned premiums reserve:
Loss reserves comprise the following:
The following table presents movement in loss reserves and the impact on losses on claims:
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SUBSEQUENT EVENTS |
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Events After Reporting Period [Abstract] | |||||||||||||||||
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS
On May 27, 2020, the partnership, together with institutional partners, acquired a 31% ownership interest in IndoStar, an Indian financing company focused on commercial vehicle lending and affordable home finance, for consideration of $162 million. The partnership did not receive voting rights with its initial investment and classified the investment as a financial asset measured at fair value through profit and loss. On July 9, 2020, the partnership, together with institutional partners, completed an additional acquisition of common shares in IndoStar through a secondary offering and Mandatory Tender Offer, for an aggregate investment of $131 million, increasing its ownership interest to 57%. The partnership has determined it will control IndoStar and will account for the transaction as a business combination achieved in stages and will consolidate the business for financial reporting purposes starting in the third quarter of 2020. 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 certain major classes of assets acquired and liabilities assumed.
On July 13, 2020, the partnership, together with institutional partners, subscribed to $260 million of convertible preferred shares of Superior Plus Corp. (“Superior”). Superior is a leading North American propane distributor and specialty chemical producer. The partnership’s share of the investment is approximately $45 million.
On August 4, 2020, Healthscope entered into an agreement to sell its New Zealand pathology business for approximately $360 million. The sale is subject to customary closing approvals and protocols and is expected to close by the end of the year.
On August 5, 2020, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 30, 2020 to unitholders of record as at the close of business on August 31, 2020. |
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, 2019, except for the impact of the adoption of the new accounting policies and standards described below. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2019 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, 2019. There have been no significant changes to the method of determining significant estimates and judgments since December 31, 2019, other than changes 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 7, 2020. |
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Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and measurement uncertainty The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In March 2020, the World Health Organization declared a global pandemic related to COVID-19. To date, there have been significant volatility in capital markets, commodity prices and foreign currencies, restrictions on the conduct of business in many jurisdictions, and the global movement of people and some goods has become restricted. The partnership considered the impacts of these circumstances on the key critical judgments, estimates and assumptions that affect the reported and contingent amount of assets, liabilities, revenues and expenses, including whether goodwill, intangible assets and property, plant and equipment needed to be reevaluated for impairment as of June 30, 2020. The partnership has a diversified portfolio of operating businesses, many of which provide essential products and services to their customers. Based on its assessments, no additional impairments were required as at June 30, 2020. The partnership will continue to monitor the situation and review its critical estimates and judgments as circumstances evolve. |
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Description of accounting policy for government grants [text block] |
The partnership applied IAS 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) to account for government grants and other government assistance received by its subsidiaries. Government grants are recognized when there is reasonable assurance that the assistance will be received and the partnership will comply with all relevant conditions. The partnership recognizes government grants in the consolidated statements of operating results on a systematic basis over the periods in which the partnership recognizes expenses for which the grants were provided. |
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Disclosure of redemption prohibition, transfer between financial liabilities and equity [text block] |
The partnership applied IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments (“IFRIC 19”) to account for financial liabilities that are extinguished either fully, or partially by issuing equity instruments. This interpretation provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. IFRIC 19 clarifies that the entity's equity instruments issued to a creditor, which are part of the consideration paid to extinguish the financial liability are measured at their fair value. Differences between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued are included in the partnership’s consolidated statements of operating results. |
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New accounting policies adopted |
(i) Definition of Material In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting policies, changes in accounting estimates and errors. These amendments clarify and align the definition of material and provide guidance to help improve consistency in the application of materiality when used in other IFRS standards. The partnership adopted these amendments on January 1, 2020 and the adoption did not have an impact on the partnership’s unaudited interim condensed consolidated financial statements. (ii) Rent Concessions In May 2020, the IASB issued an amendment to IFRS 16, Leases (“IFRS 16”), effective for annual and interim reporting periods beginning on or after June 1, 2020. The amendment provides lessees with a practical expedient that relieves a lessee from assessing whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification. The application of the practical expedient did not have a significant impact on the partnership’s financial results. |
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Future changes in accounting policies | Future changes in accounting policies (i) Insurance contracts In May 2017, the IASB published IFRS 17, Insurance contracts a comprehensive standard that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. In June 2019, the IASB published an exposure draft that proposes targeted amendments to IFRS 17 and will replace IFRS 4, Insurance contracts (“IFRS 4”). In March 2020, the IASB decided on a further deferral of the effective date of IFRS 17 from annual periods beginning on or after January 1, 2021 to annual periods beginning on or after January 1, 2023. The measurement approach under IFRS 17 is based on the following:
There will also be a new financial statement presentation for insurance contracts and additional disclosure requirements. IFRS 17 requires the partnership to distinguish between groups of contracts expected to be profit-making and groups of contracts expected to be onerous. IFRS 17 is to be applied retrospectively to each group of insurance contracts. If full retrospective application to a group of contracts is impracticable, the modified retrospective or fair value method may be used. The partnership is currently assessing the impact of IFRS 17 on its financial statements. |
ACQUISITION OF BUSINESSES (Tables) |
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Business Combinations 1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combinations | The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates for significant acquisitions:
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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 details of financial instruments and their associated classifications as at June 30, 2020:
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The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2019:
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Financial liabilities classification | The following table provides the details of financial instruments and their associated classifications as at June 30, 2020:
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The following table provides the allocation of financial instruments and their associated classifications as at December 31, 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, 2020 and December 31, 2019:
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The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as at June 30, 2020 and December 31, 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, 2020 and December 31, 2019:
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The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as at June 30, 2020 and December 31, 2019:
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FINANCIAL ASSETS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the details of financial instruments and their associated classifications as at June 30, 2020:
____________________________________
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2019:
____________________________________
____________________________________
|
ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the details of financial instruments and their associated classifications as at June 30, 2020:
____________________________________
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2019:
____________________________________
____________________________________
|
INVENTORY, NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of current inventories |
____________________________________
|
OTHER ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Assets |
____________________________________
|
PROPERTY PLANT AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment |
____________________________________
|
INTANGIBLE ASSETS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in intangible assets |
____________________________________
____________________________________
|
GOODWILL (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in Goodwill |
____________________________________
____________________________________
|
EQUITY ACCOUNTED INVESTMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests In Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of change in equity investments |
____________________________________
|
ACCOUNTS PAYABLE AND OTHER (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accounts payable and other |
____________________________________
|
CONTRACTS IN PROGRESS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of contracts in progress |
|
RELATED PARTY TRANSACTIONS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about hedging instruments | The aggregate fair value of the partnership derivatives financial instrument position is as follows:
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EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital |
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020, and June 30, 2019 by nature:
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REVENUES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of segment revenue by type | The table below summarizes the partnership’s segment revenue by type of revenue for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by type of revenue for the three and six months ended June 30, 2019:
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Disclosure of segment revenue by timing of revenue recognition for revenue from contracts with customers | The table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2019:
The following is an analysis of the partnership’s assets by reportable operating segment as at June 30, 2020 and December 31, 2019:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments | The table below summarizes the partnership’s segment revenue by type of revenue for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by type of 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 table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2020:
The table below summarizes the partnership’s segment revenue by timing of revenue recognition for the total revenue from contracts with customers for the three and six months ended June 30, 2019:
The following is an analysis of the partnership’s assets by reportable operating segment as at June 30, 2020 and December 31, 2019:
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Disclosure of revenues by geographical areas | The tables below summarize the partnership’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2020:
The tables below summarize the partnership’s segment revenues by geography for revenues from contracts with customers 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, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
INSURANCE CONTRACTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of liabilities under insurance contracts | The following table presents movement in unearned premiums reserve:
The following table presents movement in loss reserves and the impact on losses on claims:
Loss reserves comprise the following:
|
ACQUISITION OF BUSINESSES Acquisitions completed in 2020 (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020
acquisition
| |
Business Combinations 1 [Abstract] | |
Significant acquisitions | 0 |
ACQUISITION OF BUSINESSES - Business Services, Genworth (Details) - Genworth MI Canada Inc - Business services - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 12, 2019 |
Dec. 31, 2019 |
|
Disclosure of detailed information about business combination [line items] | ||
Proportion of ownership interest in subsidiary | 31.00% | |
Consideration transferred, acquisition-date fair value | $ 854 | |
Proportion of voting rights held in subsidiary | 57.00% | |
Gain recognised in bargain purchase transaction | $ 4 | |
Intangible assets | $ 243 | |
Revenue of acquiree since acquisition date | $ 10 | |
Profit (loss) of acquiree since acquisition date | 9 | |
Revenue of acquiree as if combination occurred at beginning of period | 207 | |
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 98 |
ACQUISITION OF BUSINESSES - Business Services, Healthscope Limited ("Healthscope") (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jun. 06, 2019 |
Dec. 31, 2019 |
Jun. 30, 2020 |
|
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 5,218 | $ 5,036 | |
Business services | Healthscope Limited | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 28.00% | ||
Consideration transferred, acquisition-date fair value | $ 1,156 | ||
Proportion of voting rights held in subsidiary | 100.00% | ||
Acquisition-related costs | $ 22 | ||
Goodwill | 1,551 | ||
Intangible assets | $ 286 | ||
Revenue of acquiree since acquisition date | 297 | ||
Profit (loss) of acquiree since acquisition date | 7 | ||
Revenue of acquiree as if combination occurred at beginning of period | 453 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 23 |
ACQUISITION OF BUSINESSES - Business Services, Ouro Verde and Others (Details) - Business services - USD ($) $ in Millions |
Aug. 20, 2019 |
Jul. 08, 2019 |
---|---|---|
Ouro Verde Locação e Seviços S.A. | ||
Disclosure of detailed information about business combination [line items] | ||
Proportion of ownership interest in subsidiary | 38.00% | |
Consideration transferred, acquisition-date fair value | $ 16 | |
Proportion of voting rights held in subsidiary | 100.00% | |
Terminal Storage Operator | ||
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred, acquisition-date fair value | $ 12 | |
Proportion of voting rights held in subsidiary | 100.00% |
ACQUISITION OF BUSINESSES - Industrials, Clarios (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2019 |
Dec. 31, 2019 |
Jun. 30, 2020 |
|
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 5,218 | $ 5,036 | |
Industrials | Clarios Power Solutions | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 29.00% | ||
Consideration transferred, acquisition-date fair value | $ 3,732 | ||
Proportion of voting rights held in subsidiary | 100.00% | ||
Acquisition-related costs | $ 41 | ||
Goodwill | 1,750 | ||
Goodwill expected to be deductible for tax purposes | 20 | ||
Intangible assets | $ 6,550 | ||
Revenue of acquiree since acquisition date | 1,668 | ||
Profit (loss) of acquiree since acquisition date | 89 | ||
Revenue of acquiree as if combination occurred at beginning of period | 2,414 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 21 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Financial Assets Classified as Level 3 (Details) - Recurring fair value measurement - Level 3 - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Balance at beginning of year | $ 251 | $ 230 |
Fair value change recorded in net income | 3 | 8 |
Fair value change recorded in other comprehensive income | (12) | 0 |
Additions | 162 | 13 |
Balance at end of year | $ 404 | $ 251 |
FINANCIAL ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Current | ||
Marketable securities | $ 948 | $ 734 |
Restricted cash | 400 | 172 |
Derivative contracts | 134 | 176 |
Loans and notes receivable | 71 | 66 |
Other financial assets | 46 | 0 |
Total current | 1,599 | 1,148 |
Non-current | ||
Marketable securities | 3,253 | 3,435 |
Restricted cash | 220 | 201 |
Derivative contracts | 134 | 62 |
Loans and notes receivable | 124 | 309 |
Other financial assets | 1,005 | 1,088 |
Total non-current | $ 4,736 | $ 5,095 |
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 4,048 | $ 4,808 |
Non-current, net | ||
Accounts receivable | 78 | 40 |
Retainer on customer contract | 124 | 102 |
Billing rights | 495 | 681 |
Total Non-current, net | 697 | 823 |
Total | $ 4,745 | $ 5,631 |
INVENTORY, NET (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Current | ||
Raw materials and consumables | $ 1,082 | $ 941 |
Fuel products | 583 | 688 |
Work in progress | 775 | 674 |
RTFO certificates | 372 | 342 |
Finished goods and other | 907 | 845 |
Carrying amount of inventories | 3,719 | 3,490 |
RTFO certificates held for trading and recorded at fair value | $ 25 | $ 66 |
DISPOSITIONS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disclosure of operating segments [line items] | ||||
Gain (loss) on acquisitions/dispositions, net | $ (4) | $ 522 | $ 179 | $ 520 |
Disposal group, disposed of by sale, not discontinued operations | Facilities Management | ||||
Disclosure of operating segments [line items] | ||||
Gain (loss) on acquisitions/dispositions, net | 341 | |||
Disposal group, disposed of by sale, not discontinued operations | Executive relocation | ||||
Disclosure of operating segments [line items] | ||||
Gain (loss) on acquisitions/dispositions, net | $ 180 | |||
Business Services | Disposal group, disposed of by sale, not discontinued operations | Nova Cold Logistics | ||||
Disclosure of operating segments [line items] | ||||
Gain (loss) on acquisitions/dispositions, net | 186 | |||
Consideration paid (received) | $ (255) |
OTHER ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Current | ||
Work in progress | $ 450 | $ 505 |
Prepayments and other assets | 646 | 719 |
Non-current assets or disposal groups classified as held for sale | 38 | 139 |
Total current | 1,134 | 1,363 |
Non-current | ||
Work in progress | 60 | 72 |
Prepayments and other assets | 275 | 357 |
Total non-current | $ 335 | $ 429 |
INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | $ 11,559 | |
Ending Balance | 10,820 | $ 11,559 |
Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | 12,504 | 6,001 |
Additions | 126 | 231 |
Dispositions | (70) | (32) |
Acquisitions through business combinations | 144 | 6,816 |
Assets reclassified as held for sale | 0 | (436) |
Foreign currency translation | (676) | (76) |
Ending Balance | 12,028 | 12,504 |
Accumulated Amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Beginning Balance | (945) | (478) |
Amortization/impairment expense | (395) | (582) |
Dispositions | (69) | (22) |
Assets reclassified as held for sale | 0 | (97) |
Foreign currency translation | 63 | (4) |
Ending Balance | $ (1,208) | $ (945) |
GOODWILL (Details) - Goodwill - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of period | $ 5,218 | $ 2,411 |
Acquisitions through business combinations | (137) | |
Acquisitions through business combinations | 3,444 | |
Impairment losses | 0 | (418) |
Dispositions | 0 | (21) |
Assets reclassified as held for sale | 0 | (212) |
Foreign currency translation | (45) | 14 |
Balance at end of period | $ 5,036 | $ 5,218 |
EQUITY ACCOUNTED INVESTMENTS - Change in Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 31, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Disclosure of associates [line items] | ||||||
Balance at beginning of year | $ 1,273 | $ 541 | $ 541 | |||
Acquisitions through business combinations | (5) | 847 | ||||
Additions | 445 | 25 | ||||
Dispositions | 0 | (162) | ||||
Share of net income | $ 18 | $ 23 | 9 | $ 30 | 114 | |
Share of other comprehensive income (loss) | (9) | 0 | ||||
Distributions received | (23) | (62) | ||||
Foreign currency translation | (42) | (30) | ||||
Balance at end of period | $ 1,648 | $ 1,648 | $ 1,273 | |||
Brand Industrial Holdings Inc. | ||||||
Disclosure of associates [line items] | ||||||
Economic interest | 17.00% | |||||
Consideration paid (received) | $ 445 |
ACCOUNTS PAYABLE AND OTHER - Accounts Payable and Other (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Current | ||
Accounts payable | $ 2,683 | $ 2,919 |
Accrued and other liabilities | 3,916 | 3,978 |
Lease liability | 218 | 224 |
Financial liabilities | 392 | 327 |
Unearned premiums reserve | 462 | 482 |
Work in progress | 1,398 | 1,415 |
Provisions and decommissioning liabilities | 464 | 442 |
Liabilities held for sale | 9 | 94 |
Total current | 9,542 | 9,881 |
Non-current | ||
Accounts payable | 127 | 116 |
Accrued and other liabilities | 1,097 | 1,110 |
Lease liability | 1,169 | 1,109 |
Financial liabilities | 2,264 | 2,048 |
Unearned premiums reserve | 1,091 | 1,143 |
Work in progress | 45 | 60 |
Provisions and decommissioning liabilities | 1,114 | 1,029 |
Total non-current | 6,907 | 6,615 |
Bank overdrafts | 512 | 921 |
Net defined benefit liability | 869 | 835 |
Current net defined benefit liability | 13 | 18 |
Non-current net defined benefit liability | $ 856 | $ 817 |
ACCOUNTS PAYABLE AND OTHER - Narrative (Details) - Healthscope Limited $ in Billions |
12 Months Ended |
---|---|
Dec. 31, 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, 2020 |
Dec. 31, 2019 |
---|---|---|
Construction Contracts [Abstract] | ||
Contract costs incurred to date | $ 23,737 | $ 23,041 |
Profit recognized to date (less recognized losses) | 1,501 | 1,843 |
Contract costs incurred and profit recognized (less recognized losses) | 25,238 | 24,884 |
Less: progress billings | (26,171) | (25,782) |
Contract Asset (Liability), Net | (933) | (898) |
Comprising: | ||
Amounts due from customers - work in progress | 510 | 577 |
Amounts due to customers - creditors | $ (1,443) | $ (1,475) |
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - Other related parties - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Disclosure of transactions between related parties [line items] | |||||
Financial assets | $ 0 | $ 0 | $ 174 | ||
Accounts and other receivable, net | 82 | 82 | 36 | ||
Accounts payable and other | 416 | 416 | $ 210 | ||
Business services | |||||
Disclosure of transactions between related parties [line items] | |||||
Business services revenues | $ 144 | $ 103 | $ 264 | $ 194 |
EQUITY - General and Limited Partnership Units (Details) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 80,890,659 | |
Repurchased and canceled | (560,491) | |
Balance at end of period | 80,330,168 | |
Brookfield Asset Management Inc. | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 4 | |
Repurchased and canceled | 0 | |
Balance at end of period | 4 | |
Limited Partners | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | 80,890,655 | |
Repurchased and canceled | (560,491) | (89,027) |
Balance at end of period | 80,330,164 |
EQUITY - Redemption-Exchange Units Held by Brookfield (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020
shares
| |
Disclosure of classes of share capital [line items] | |
Balance at beginning of period | 80,890,659 |
Repurchased and canceled | (560,491) |
Balance at end of period | 80,330,168 |
Redemption-Exchange Units held by Brookfield Asset Management Inc. | |
Disclosure of classes of share capital [line items] | |
Balance at beginning of period | 69,705,497 |
Repurchased and canceled | 0 |
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | $ 11,053 | $ 6,494 | ||||||
Other comprehensive income (loss) | $ 450 | $ (60) | (740) | 14 | ||||
Ownership change | [1] | (374) | 2 | |||||
Ending balance | 9,757 | 9,290 | 9,757 | 9,290 | ||||
Limited Partners | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | 2,116 | 1,548 | ||||||
Other comprehensive income (loss) | (99) | 1 | ||||||
Ownership change | [1] | (137) | (6) | |||||
Ending balance | 1,731 | 2,150 | 1,731 | 2,150 | ||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | 1,661 | 1,400 | ||||||
Other comprehensive income (loss) | (85) | 1 | ||||||
Ownership change | [1] | (120) | (4) | |||||
Ending balance | 1,339 | 1,721 | 1,339 | 1,721 | ||||
Foreign currency translation | Limited Partners | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | (169) | (182) | ||||||
Other comprehensive income (loss) | (127) | 15 | ||||||
Ownership change | 0 | |||||||
Ending balance | (296) | (167) | (296) | (167) | ||||
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 | (221) | (232) | ||||||
Other comprehensive income (loss) | (110) | 14 | ||||||
Ending balance | (331) | (218) | (331) | (218) | ||||
FVOCI | Limited Partners | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | 11 | |||||||
Other comprehensive income (loss) | 6 | |||||||
Ownership change | 1 | |||||||
Ending balance | 18 | 18 | ||||||
FVOCI | Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | 9 | |||||||
Other comprehensive income (loss) | 6 | |||||||
Ending balance | 15 | 15 | ||||||
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 | ||||||
Other | Limited Partners | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | (60) | (13) | ||||||
Other comprehensive income (loss) | 22 | (16) | ||||||
Ownership change | 0 | |||||||
Ending balance | (38) | (29) | (38) | (29) | ||||
Other | Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | (52) | (10) | ||||||
Other comprehensive income (loss) | 19 | (15) | ||||||
Ending balance | (33) | (25) | (33) | (25) | ||||
Accumulated other comprehensive income (loss) | Limited Partners | ||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||
Beginning balance | [2] | (218) | (186) | |||||
Other comprehensive income (loss) | [2] | (99) | 1 | |||||
Ownership change | 1 | |||||||
Ending balance | [2] | (316) | (185) | (316) | (185) | |||
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 | [2] | (264) | (235) | |||||
Other comprehensive income (loss) | [2] | (85) | 1 | |||||
Ending balance | [2] | $ (349) | $ (234) | $ (349) | $ (234) | |||
|
DIRECT OPERATING COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Analysis of income and expense [abstract] | ||||
Cost of sales | $ 5,187 | $ 8,720 | $ 12,920 | $ 16,036 |
Compensation | 1,089 | 1,036 | 2,247 | 1,892 |
Property taxes, sales taxes and other | 9 | 20 | 19 | 41 |
Total | $ 6,285 | $ 9,776 | $ 15,186 | $ 17,969 |
DIRECT OPERATING COSTS - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Analysis of income and expense [abstract] | ||||
Inventories recognized as expense during the period | $ 3,531 | $ 6,146 | $ 9,640 | $ 10,751 |
REVENUES Segment revenue by type (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | $ 7,000 | $ 10,565 | $ 16,787 | $ 19,591 |
Other revenue | 370 | 152 | 729 | 327 |
Total revenues | 7,370 | 10,717 | 17,516 | 19,918 |
Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 3,836 | 7,341 | 10,176 | 14,262 |
Other revenue | 217 | 4 | 406 | 18 |
Total revenues | 4,053 | 7,345 | 10,582 | 14,280 |
Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 968 | 959 | 1,970 | 2,090 |
Other revenue | 152 | 146 | 320 | 304 |
Total revenues | 1,120 | 1,105 | 2,290 | 2,394 |
Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 2,196 | 2,265 | 4,641 | 3,239 |
Other revenue | 1 | 2 | 3 | 5 |
Total revenues | 2,197 | 2,267 | 4,644 | 3,244 |
Corporate and other | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other revenue | 0 | 0 | 0 | 0 |
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
REVENUES Timing of revenue recognition from contracts with customers (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | $ 7,000 | $ 10,565 | $ 16,787 | $ 19,591 |
Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 3,836 | 7,341 | 10,176 | 14,262 |
Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 968 | 959 | 1,970 | 2,090 |
Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 2,196 | 2,265 | 4,641 | 3,239 |
Corporate and other | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Goods and services provided at a point in time | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 5,389 | 8,332 | 13,525 | 14,980 |
Goods and services provided at a point in time | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 2,863 | 5,839 | 8,199 | 11,139 |
Goods and services provided at a point in time | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 367 | 288 | 762 | 713 |
Goods and services provided at a point in time | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 2,159 | 2,205 | 4,564 | 3,128 |
Goods and services provided at a point in time | Corporate and other | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Services transferred over time | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 1,611 | 2,233 | 3,262 | 4,611 |
Services transferred over time | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 973 | 1,502 | 1,977 | 3,123 |
Services transferred over time | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 601 | 671 | 1,208 | 1,377 |
Services transferred over time | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 37 | 60 | 77 | 111 |
Services transferred over time | Corporate and other | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020
segment
| |
Operating Segments [Abstract] | |
Number of operating segments | 4 |
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Disclosure of operating segments [line items] | |||||
Revenues | $ 7,370 | $ 10,717 | $ 17,516 | $ 19,918 | |
Direct operating costs | (6,285) | (9,776) | (15,186) | (17,969) | |
General and administrative expenses | (228) | (211) | (472) | (389) | |
Equity accounted Company EBITDA | 63 | 63 | 135 | 96 | |
Company EBITDA attributable to others | (634) | (556) | (1,413) | (1,153) | |
Company EBITDA | 286 | 237 | 580 | 503 | |
Gain (loss) on acquisitions / dispositions, net | (4) | 522 | 179 | 520 | |
Other income (expenses), net | (19) | 4 | (19) | 2 | |
Interest income (expense), net | (353) | (313) | (717) | (497) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (22) | (10) | (36) | (15) | |
Current income taxes | (23) | (93) | (98) | (123) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 308 | 88 | 478 | 250 | |
Company FFO | 173 | 435 | 367 | 640 | |
Depreciation and amortization expense | (533) | (441) | (1,071) | (752) | |
Impairment expense, net | (29) | (324) | (142) | (324) | |
Other income (expenses), net | 168 | (185) | (49) | (273) | |
Deferred income taxes | 67 | 41 | 165 | 22 | |
Non-cash items attributable to equity accounted investments | (23) | (30) | (90) | (51) | |
Non-cash items attributable to others | 68 | 611 | 585 | 907 | |
Net income (loss) attributable to unitholders | (109) | 107 | (235) | 169 | |
Equity accounted income (loss), net | 18 | 23 | 9 | 30 | $ 114 |
Interest of others in operating subsidiaries | 258 | (143) | 350 | (4) | |
Other income (expenses), net | 149 | (181) | (68) | (271) | |
Business services | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 4,053 | 7,345 | 10,582 | 14,280 | |
Direct operating costs | (3,763) | (7,169) | (10,021) | (13,947) | |
General and administrative expenses | (80) | (67) | (171) | (134) | |
Equity accounted Company EBITDA | 4 | 11 | 15 | 19 | |
Company EBITDA attributable to others | (150) | (59) | (322) | (112) | |
Company EBITDA | 64 | 61 | 83 | 106 | |
Gain (loss) on acquisitions / dispositions, net | 0 | 522 | 186 | 522 | |
Other income (expenses), net | 3 | 0 | 9 | 0 | |
Interest income (expense), net | (52) | (38) | (110) | (58) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (2) | (2) | (4) | (3) | |
Current income taxes | (33) | (47) | (52) | (57) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 59 | (154) | (31) | (136) | |
Company FFO | 39 | 342 | 81 | 374 | |
Depreciation and amortization expense | (103) | (58) | (213) | (115) | |
Infrastructure services | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,120 | 1,105 | 2,290 | 2,394 | |
Direct operating costs | (791) | (838) | (1,599) | (1,730) | |
General and administrative expenses | (53) | (41) | (91) | (75) | |
Equity accounted Company EBITDA | 42 | 35 | 77 | 56 | |
Company EBITDA attributable to others | (170) | (173) | (373) | (422) | |
Company EBITDA | 148 | 88 | 304 | 223 | |
Gain (loss) on acquisitions / dispositions, net | 0 | 0 | 0 | 0 | |
Other income (expenses), net | (23) | 4 | (29) | 0 | |
Interest income (expense), net | (76) | (97) | (165) | (198) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (16) | (5) | (24) | (8) | |
Current income taxes | (4) | 0 | (6) | 9 | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 58 | 64 | 111 | 130 | |
Company FFO | 87 | 54 | 191 | 156 | |
Depreciation and amortization expense | (163) | (179) | (328) | (348) | |
Industrials | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 2,197 | 2,267 | 4,644 | 3,244 | |
Direct operating costs | (1,728) | (1,767) | (3,561) | (2,288) | |
General and administrative expenses | (74) | (85) | (165) | (143) | |
Equity accounted Company EBITDA | 17 | 17 | 43 | 21 | |
Company EBITDA attributable to others | (314) | (324) | (718) | (619) | |
Company EBITDA | 98 | 108 | 243 | 215 | |
Gain (loss) on acquisitions / dispositions, net | (4) | 0 | (7) | (2) | |
Other income (expenses), net | 1 | 0 | 1 | 2 | |
Interest income (expense), net | (224) | (186) | (447) | (255) | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (4) | (3) | (8) | (4) | |
Current income taxes | 4 | (51) | (61) | (85) | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 191 | 178 | 398 | 256 | |
Company FFO | 62 | 46 | 119 | 127 | |
Depreciation and amortization expense | (267) | (204) | (530) | (289) | |
Corporate and Other | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Direct operating costs | (3) | (2) | (5) | (4) | |
General and administrative expenses | (21) | (18) | (45) | (37) | |
Equity accounted Company EBITDA | 0 | 0 | 0 | 0 | |
Company EBITDA attributable to others | 0 | 0 | 0 | 0 | |
Company EBITDA | (24) | (20) | (50) | (41) | |
Gain (loss) on acquisitions / dispositions, net | 0 | 0 | 0 | 0 | |
Other income (expenses), net | 0 | 0 | 0 | 0 | |
Interest income (expense), net | (1) | 8 | 5 | 14 | |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | 0 | 0 | 0 | 0 | |
Current income taxes | 10 | 5 | 21 | 10 | |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 0 | 0 | 0 | 0 | |
Company FFO | (15) | (7) | (24) | (17) | |
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Disclosure of operating segments [line items] | ||
Total assets | $ 50,278 | $ 51,751 |
Business services | ||
Disclosure of operating segments [line items] | ||
Total assets | 17,363 | 18,132 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Total assets | 10,845 | 10,619 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Total assets | 22,011 | 22,742 |
Corporate and Other | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 59 | $ 258 |
SEGMENT INFORMATION - Revenue by Geography (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 7,000 | $ 10,565 | $ 16,787 | $ 19,591 |
Other non IFRS 15 revenue | 370 | 152 | 729 | 327 |
Total revenues | 7,370 | 10,717 | 17,516 | 19,918 |
United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,156 | 5,139 | 6,535 | 10,083 |
United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,265 | 1,292 | 2,699 | 2,048 |
Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,038 | 1,186 | 2,040 | 2,017 |
Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 999 | 1,047 | 2,209 | 2,141 |
Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 707 | 899 | 1,264 | 1,622 |
Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 463 | 459 | 1,104 | 781 |
Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 237 | 365 | 609 | 674 |
Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 135 | 178 | 327 | 225 |
Business services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 3,836 | 7,341 | 10,176 | 14,262 |
Other non IFRS 15 revenue | 217 | 4 | 406 | 18 |
Total revenues | 4,053 | 7,345 | 10,582 | 14,280 |
Business services | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,000 | 5,028 | 6,257 | 9,874 |
Business services | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 12 | 168 | 13 | 286 |
Business services | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 1,016 | 174 | 2,003 | 332 |
Business services | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 233 | 859 | 495 | 1,749 |
Business services | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 181 | 896 | 377 | 1,616 |
Business services | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 336 | 148 | 830 | 286 |
Business services | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 58 | 68 | 201 | 119 |
Business services | Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Infrastructure services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 968 | 959 | 1,970 | 2,090 |
Other non IFRS 15 revenue | 152 | 146 | 320 | 304 |
Total revenues | 1,120 | 1,105 | 2,290 | 2,394 |
Infrastructure services | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 112 | 84 | 187 | 161 |
Infrastructure services | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 370 | 376 | 916 | 914 |
Infrastructure services | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2 | 324 | 6 | 635 |
Infrastructure services | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 349 | 15 | 578 | 28 |
Infrastructure services | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 98 | 3 | 204 | 6 |
Infrastructure services | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 21 | 133 | 40 | 292 |
Infrastructure services | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 16 | 22 | 39 | 49 |
Infrastructure services | Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 2 | 0 | 5 |
Industrials | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 2,196 | 2,265 | 4,641 | 3,239 |
Other non IFRS 15 revenue | 1 | 2 | 3 | 5 |
Total revenues | 2,197 | 2,267 | 4,644 | 3,244 |
Industrials | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 44 | 27 | 91 | 48 |
Industrials | United States of America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 883 | 748 | 1,770 | 848 |
Industrials | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 20 | 688 | 31 | 1,050 |
Industrials | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 417 | 173 | 1,136 | 364 |
Industrials | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 428 | 0 | 683 | 0 |
Industrials | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 106 | 178 | 234 | 203 |
Industrials | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 163 | 275 | 369 | 506 |
Industrials | Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 135 | 176 | 327 | 220 |
Corporate and Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Other non IFRS 15 revenue | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Corporate and Other | United Kingdom | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 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 | 0 | 0 |
Corporate and Other | Australia | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Corporate and Other | Europe | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Corporate and Other | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Corporate and Other | Canada | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Corporate and Other | Brazil | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | 0 | 0 | 0 | 0 |
Corporate and Other | Mexico | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total IFRS 15 revenue | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Cash Flow Statement [Abstract] | ||
Interest paid | $ 565 | $ 417 |
Income taxes paid | $ 102 | $ 118 |
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Cash Flow Statement [Abstract] | ||
Accounts receivable | $ 637 | $ (147) |
Inventory | 200 | 80 |
Prepayments and other | 89 | (12) |
Accounts payable and other | (102) | 557 |
Changes in non-cash working capital, net | $ 824 | $ 478 |
INSURANCE CONTRACTS Movement in unearned premium reserve (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Insurance contracts [Abstract] | ||
Unearned premiums reserve, beginning of the period | $ 1,625 | $ 0 |
Acquisitions through business combinations | 0 | 1,603 |
Premiums written during the period | 249 | 26 |
Premiums earned during the period | (252) | (28) |
Foreign currency translation | (69) | 24 |
Unearned premiums reserve, end of the period | $ 1,553 | $ 1,625 |
INSURANCE CONTRACTS Components of loss reserves (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Insurance contracts [Abstract] | |||
Case reserves | $ 81 | $ 69 | |
Incurred but not reported reserves | 36 | 30 | |
Discounting | (1) | (1) | |
Provisions for adverse deviation | 5 | 7 | |
Total loss reserves | $ 121 | $ 105 | $ 0 |
INSURANCE CONTRACTS Movement in loss reserves (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Insurance contracts [Abstract] | ||
Loss reserves, beginning of the period | $ 105 | $ 0 |
Acquisitions through business combinations | 0 | 104 |
Claims paid during the period | (32) | (5) |
Losses on claims related to the current period | 53 | 5 |
Foreign currency translation | (5) | 1 |
Loss reserves, end | $ 121 | $ 105 |
SUBSEQUENT EVENTS - Acquisition of additional shares in IndoStar (Details) - IndoStar - USD ($) $ in Millions |
Jul. 09, 2020 |
May 27, 2020 |
---|---|---|
Disclosure of non-adjusting events after reporting period [line items] | ||
Consideration transferred in conjunction with institutional partners | $ 162 | |
Proportion of ownership interest in subsidiary | 31.00% | |
Major business combination | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Consideration transferred in conjunction with institutional partners | $ 131 | |
Proportion of ownership interest in subsidiary | 57.00% |
SUBSEQUENT EVENTS - Subscription agreement with Superior Plus (Details) - Superior Plus Corp - Major purchases of assets $ in Millions |
Jul. 13, 2020
USD ($)
|
---|---|
Disclosure of non-adjusting events after reporting period [line items] | |
Subscription agreement | $ 260 |
Expected investment amount | $ 45 |
SUBSEQUENT EVENTS - Agreement to sell Healthscope Pathology Business (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Pathology, New Zealand | Announcement of plan to discontinue operation | |
Disclosure of non-adjusting events after reporting period [line items] | |
Expected proceeds from sale of subsidiary | $ 360 |
SUBSEQUENT EVENTS - Distribution (Details) |
Aug. 05, 2020
$ / shares
|
---|---|
Distribution | |
Disclosure of non-adjusting events after reporting period [line items] | |
Distribution declared (in dollars per share) | $ 0.0625 |
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