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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

Disclosure of operating segments [abstract]

SEGMENT INFORMATIONThe partnership’s operations are organized into four operating segments which are regularly reviewed by the CODM for the purpose of allocating resources to the segment and to assess its performance. The CODM uses adjusted earnings from operations (“Adjusted EFO”) to assess performance and make resource allocation decisions. Adjusted EFO allows the CODM to evaluate the partnership’s segments on the basis of return on invested capital generated by its operations and to evaluate the performance of its segments on a levered basis. Adjusted EFO is calculated as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations.

Other income (expense), net in the partnership’s consolidated statements of operating results includes amounts that are not related to revenue generating activities, and are not normal, recurring operating income and expenses necessary for business operations. These include revaluation gains and losses, transaction costs, restructuring charges, stand-up costs and business separation expenses, gains or losses on debt extinguishments or modifications, gains or losses on dispositions of property, plant and equipment, non-recurring and one-time provisions that may occur from time to time at one of the partnership’s operations that are not reflective of normal operations, and other items. Other income (expense), net included within Adjusted EFO in the tables below corresponds to items of other income (expense), net at the partnership’s economic ownership interest that are considered by the partnership when evaluating operating performance and returns on invested capital generated by its businesses and may include realized revaluation gains and losses, realized gains or losses on the disposition of property, plant and equipment and other items. Refer to the footnotes to the tables below for additional details on items included therein.

Gain (loss) on acquisitions/dispositions, net in Adjusted EFO reflects the partnership’s economic ownership interest in the gains or losses on acquisitions/dispositions recognized during the period in the consolidated statements of operating results that are considered by the partnership when evaluating the performance and returns on invested capital generated by its businesses.

Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO corresponds to the partnership’s economic ownership interest in gains and losses recorded in the consolidated statements of changes in equity that have been realized through a completed disposition. Material realized disposition gains or losses may be recorded in equity on the partial disposition of a subsidiary where the partnership retains control or through the sale of an investment in securities accounted for as financial assets measured at fair value with changes in fair value recorded in other comprehensive income.

The following tables provide each segment’s results at the partnership’s economic ownership interest, in the format that the CODM organizes reporting segments to make resource allocation decisions and assess performance. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. The tables below reconcile the partnership’s economic ownership interest in its consolidated results to the partnership’s consolidated statements of operating results.


	Year ended December 31, 2022
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	9,627	$	2,968	$	4,591	$	—	$	17,186	$	40,359	$	57,545
Direct operating costs (2)	(8,811)		(2,089)		(3,666)		(28)		(14,594)		(35,248)		(49,842)
General and administrative expenses	(145)		(146)		(135)		(110)		(536)		(836)		(1,372)

Gain (loss) on acquisitions /dispositions, net (3)	9		—		7		—		16		12		28
Gain (loss) on acquisitions /dispositions, net recorded in equity (4)	19		—		33		—		52		61		113
Other income (expense), net (5)	2		2		2		—		6		19		25
Interest income (expense), net	(155)		(288)		(335)		(71)		(849)		(1,689)		(2,538)
Current income tax (expense) recovery (6)	(80)		(19)		(92)		58		(133)		(312)		(445)

Preferred equity distributions	—		—		—		(27)		(27)		27		—
Equity accounted Adjusted EFO (7)	42		85		68		—		195		119		314
Adjusted EFO	508		513		473		(178)		1,316
Depreciation and amortization expense (2)(8)									(1,065)		(2,195)		(3,260)
Impairment reversal (expense), net									34		(25)		9

Gain (loss) on acquisitions / dispositions, net recorded in equity (4)									(52)		(61)		(113)
Current income tax (expense) recovery (6)									(4)		(9)		(13)
Other income (expense), net (5)									(258)		(425)		(683)
Deferred income tax (expense) recovery									287		449		736
Non-cash items attributable to equity accounted investments(7)									(112)		(37)		(149)
Net income (loss)									$	146	$	209	$	355

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(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares.

(2)The sum of these amounts equates to direct operating costs of $53,102 million as per the consolidated statements of operating results.

(3)The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $28 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $16 million represents the partnership’s economic ownership interest in gains on dispositions of $9 million related to the sale of the partnership’s digital cloud services and $7 million related to the partial disposition of public securities.

(4)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $52 million represents the partnership’s economic ownership interest in gains on dispositions of which $33 million related to the partial disposition of public securities and $19 million related to the disposition of a financial asset measured at FVOCI.

(5)The sum of these amounts equates to other income (expense), net of $(658) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $6 million includes $15 million of net gains on the sale of property, plant and equipment and $9 million of realized net revaluation losses. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(258) million includes $76 million of net unrealized revaluation losses, $108 million of business separation expenses, stand-up costs and restructuring charges, $68 million of transaction costs and $6 million of other expenses.

(6)The sum of these amounts equates to current income tax (expense) recovery of $(458) million as per the consolidated statements of operating results.

(7)The sum of these amounts equates to equity accounted income (loss), net of $165 million as per the consolidated statements of operating results.

(8)For the year ended December 31, 2022, depreciation and amortization expense by segment is as follows: business services $721 million, infrastructure services $1,220 million, industrials $1,319 million and corporate and other $nil.


	Year ended December 31, 2021
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	9,060	$	1,928	$	3,438	$	—	$	14,426	$	32,161	$	46,587
Direct operating costs (2)	(8,383)		(1,370)		(2,722)		(19)		(12,494)		(28,374)		(40,868)
General and administrative expenses	(146)		(68)		(88)		(107)		(409)		(603)		(1,012)

Gain (loss) on acquisitions /dispositions, net (3)	—		—		158		—		158		740		898
Gain (loss) on acquisitions /dispositions, net recorded in equity (4)	—		—		414		—		414		—		414
Other income (expense), net (5)	24		(4)		12		—		32		29		61
Interest income (expense), net	(69)		(152)		(236)		(20)		(477)		(991)		(1,468)
Current income tax (expense) recovery (6)	(111)		(4)		(159)		47		(227)		(318)		(545)

Equity accounted Adjusted EFO (7)	22		66		62		—		150		112		262
Adjusted EFO	397		396		879		(99)		1,573
Depreciation and amortization expense (2)(8)									(780)		(1,503)		(2,283)
Impairment reversal (expense), net									(160)		(280)		(440)
Gain (loss) on acquisitions /dispositions, net (3)									474		451		925
Gain (loss) on acquisitions / dispositions, net recorded in equity (4)									(414)		—		(414)
Current income tax (expense) recovery (6)									9		—		9
Other income (expense), net (5)									(42)		(53)		(95)
Deferred income tax (expense) recovery									132		239		371
Non-cash items attributable to equity accounted investments(7)									(149)		(100)		(249)
Net income (loss)									$	643	$	1,510	$	2,153

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(2)The sum of these amounts equates to direct operating costs of $43,151 million as per the consolidated statements of operating results.

(3)The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $1,823 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $158 million represents the partnership’s economic ownership interest in gains (losses) of $141 million related to the disposition of the partnership’s graphite electrode operations, $14 million related to the partial disposition of public securities and other gains of $3 million.

(4)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $414 million represents the partnership’s economic ownership interest in gains on dispositions of which $245 million related to the disposition of the partnership’s graphite electrode operations and $169 million related to the partial disposition of public securities.

(5)The sum of these amounts equates to other income (expense), net of $(34) million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $32 million includes $4 million of realized net revaluation losses and $36 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(42) million includes $79 million of unrealized net revaluation gains, $52 million of business separation expenses, stand-up costs restructuring charges, $24 million of transaction costs, $14 million of net loss on debt extinguishment/modification and $31 million of other expenses.

(6)The sum of these amounts equates to current income tax (expense) recovery of $(536) million as per the consolidated statements of operating results.

(7)The sum of these amounts equates to equity accounted income (loss), net of $13 million as per the consolidated statements of operating results.

(8)For the year ended December 31, 2021, depreciation and amortization expense by segment is as follows: business services $465 million, infrastructure services $705 million, industrials $1,113 million and corporate and other $nil.


	Year ended December 31, 2020
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	7,611	$	1,900	$	2,965	$	—	$	12,476	$	25,159	$	37,635
Direct operating costs (2)	(7,220)		(1,340)		(2,303)		(11)		(10,874)		(21,591)		(32,465)
General and administrative expenses	(136)		(75)		(91)		(82)		(384)		(584)		(968)

Gain (loss) on acquisitions /dispositions, net (3)	61		—		24		—		85		219		304
Other income (expense), net (4)	4		(29)		—		—		(25)		(27)		(52)
Interest income (expense), net	(62)		(163)		(255)		(6)		(486)		(996)		(1,482)
Current income tax (expense) recovery	(41)		(3)		(29)		40		(33)		(251)		(284)

Equity accounted Adjusted EFO (5)	12		74		25		—		111		114		225
Adjusted EFO	229		364		336		(59)		870
Depreciation and amortization expense (2)(6)									(719)		(1,446)		(2,165)
Impairment reversal (expense), net									(112)		(151)		(263)
Gain (loss) on acquisitions /dispositions, net (3)									(11)		(19)		(30)

Other income (expense), net (4)									(121)		284		163
Deferred income tax (expense) recovery									37		93		130
Non-cash items attributable to equity accounted investments(5)									(113)		(55)		(168)
Net income (loss)									$	(169)	$	749	$	580

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(2)The sum of these amounts equates to direct operating costs of $34,630 million as per the consolidated statements of operating results.

(3)The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the consolidated statements of operating results. Gain (loss) on acquisitions/dispositions, net in Adjusted EFO of $85 million represents partnership’s economic ownership interest in gains (losses) of which $47 million related to the sale of the partnership’s cold storage business, $15 million related to the sale of the pathology business at the partnership’s healthcare services operations, $25 million related to the partnership’s sale of investments in public securities and other disposition losses of $2 million.

(4)The sum of these amounts equates to other income (expense), net of $111 million as per the consolidated statements of operating results. Other income (expense), net in Adjusted EFO of $(25) million includes $28 million of realized net revaluation losses and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(121) million includes $168 million of unrealized net revaluation gains, $134 million of provisions for potential productivity impacts and damages related to business interruption and work stoppages which are not considered normal or recurring, $67 million of non-recurring, one-time provisions including product line exits, contract write-offs and production relocation costs, as a result of the recapitalization of one of the partnership’s operations, $60 million of business separation expenses, stand-up costs and restructuring charges, $30 million of transaction costs, $8 million of net gains on debt extinguishment/modification and $6 million of other expenses.

(5)The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the consolidated statements of operating results.

(6)For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million and corporate and other $nil.

Segment Assets

For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment.

The following table summarizes the partnership’s total assets by reportable operating segment as at December 31, 2022 and 2021:


(US$ MILLIONS)	2022		2021
Total assets
Business services	$	38,187	$	20,376
Infrastructure services	22,606		16,380
Industrials	28,112		27,315
Corporate and other	593		148
Total	$	89,498	$	64,219

The following table summarizes the partnership’s total non-current assets by geography as at December 31, 2022 and 2021:


(US$ MILLIONS)	2022		2021
United States	$	24,205	$	10,989
Europe	12,563		13,138
Australia	11,257		5,380
Canada	7,079		7,101
Brazil	6,631		4,971
United Kingdom	3,799		2,326
Mexico	2,354		1,855
Other	3,298		3,041
Total non-current assets	$	71,186	$	48,801