Exhibit | Title | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
BROOKFIELD BUSINESS CORPORATION | |||||||||||
/s/ A.J. Silber | |||||||||||
Date: August 5, 2022 | By: | Name: A.J. Silber Title: Senior Vice President |
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, 2022 | December 31, 2021 | |||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | 4 | $ | $ | |||||||||||||||||
Financial assets | 5 | |||||||||||||||||||
Accounts and other receivable, net | 7 | |||||||||||||||||||
Inventory, net | 8 | |||||||||||||||||||
Other assets | 9 | |||||||||||||||||||
Non-Current Assets | ||||||||||||||||||||
Financial assets | 5 | |||||||||||||||||||
Accounts and other receivable, net | 7 | |||||||||||||||||||
Other assets | 9 | |||||||||||||||||||
Property, plant and equipment | 10 | |||||||||||||||||||
Deferred income tax assets | ||||||||||||||||||||
Intangible assets | 11 | |||||||||||||||||||
Equity accounted investments | 13 | |||||||||||||||||||
Goodwill | 12 | |||||||||||||||||||
$ | $ | |||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable and other | 14 | $ | $ | |||||||||||||||||
Loan payable to Brookfield Business Partners | 21 | |||||||||||||||||||
Non-recourse borrowings in subsidiaries of the company | 16 | |||||||||||||||||||
Exchangeable and class B shares | 6 | |||||||||||||||||||
Non-Current Liabilities | ||||||||||||||||||||
Accounts payable and other | 14 | |||||||||||||||||||
Non-recourse borrowings in subsidiaries of the company | 16 | |||||||||||||||||||
Deferred income tax liabilities | ||||||||||||||||||||
$ | $ | |||||||||||||||||||
Equity | ||||||||||||||||||||
Brookfield Business Partners (1) | 20 | $ | $ | ( | ||||||||||||||||
Non-controlling interests | ||||||||||||||||||||
$ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(US$ MILLIONS) | Notes | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Revenues | 19 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Direct operating costs | 18 | ( | ( | ( | ( | |||||||||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Interest income (expense), net | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Equity accounted income (loss), net | 13 | |||||||||||||||||||||||||||||||
Remeasurement of exchangeable and class B shares | 6 | |||||||||||||||||||||||||||||||
Other income (expense), net | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Income (loss) before income tax | ( | |||||||||||||||||||||||||||||||
Income tax (expense) recovery | ||||||||||||||||||||||||||||||||
Current | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Deferred | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||||||
Brookfield Business Partners (1) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(US$ MILLIONS) | Notes | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||||||||
Net investment and cash flow hedges | 4 | |||||||||||||||||||||||||||||||
Taxes on the above items | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Reclassification to profit or loss | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||||||||||||||||||||||||||
Taxes on revaluation of pension obligations | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||||||
Brookfield Business Partners (1) | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Non-controlling interests | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
(US$ MILLIONS) | Capital | Retained earnings | Ownership changes | Accumulated other comprehensive income (loss) (1) | Brookfield Business Partners | Non-controlling interests | Total equity | ||||||||||||||||||||||
Balance as at January 1, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||
Net income (loss) | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | |||||||||||||||||||||||||||
Contributions | — | — | — | ||||||||||||||||||||||||||
Distributions | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||
Ownership changes | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||
Special distribution (2) | — | ( | — | — | — | ||||||||||||||||||||||||
Balance as at June 30, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||
Balance as at January 1, 2021 | $ | $ | ( | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
Net income (loss) | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Total comprehensive income (loss) | — | ( | — | ||||||||||||||||||||||||||
Contributions | — | — | — | — | |||||||||||||||||||||||||
Distributions | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||
Balance as at June 30, 2021 | $ | $ | ( | $ | $ | ( | $ | $ | $ |
Six Months Ended June 30, | ||||||||||||||||||||
(US$ MILLIONS) | Notes | 2022 | 2021 | |||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||||||||
Adjusted for the following items: | ||||||||||||||||||||
Equity accounted earnings, net of distributions | 13 | ( | ||||||||||||||||||
Depreciation and amortization expense | 18 | |||||||||||||||||||
Provisions and other items | ||||||||||||||||||||
Deferred income tax expense (recovery) | ( | ( | ||||||||||||||||||
Remeasurement of exchangeable and class B shares | 6 | ( | ||||||||||||||||||
Changes in non-cash working capital, net | 24 | ( | ( | |||||||||||||||||
Cash from (used in) operating activities | ||||||||||||||||||||
Financing Activities | ||||||||||||||||||||
Proceeds from non-recourse borrowings in subsidiaries of the company | 16 | |||||||||||||||||||
Repayment of non-recourse borrowings in subsidiaries of the company | 16 | ( | ( | |||||||||||||||||
Proceeds from other financing | ||||||||||||||||||||
Repayment of other financing | ( | ( | ||||||||||||||||||
Lease liability repayment | ( | ( | ||||||||||||||||||
Distributions to exchangeable shareholders | 6 | ( | ||||||||||||||||||
Proceeds received from loan with Brookfield Business Partners | 1 | |||||||||||||||||||
Repayment and issuance of loans with Brookfield Business Partners | 1, 21 | ( | ||||||||||||||||||
Distributions to others who have interests in operating subsidiaries | 20 | ( | ( | |||||||||||||||||
Distributions to Brookfield Business Partners | 20, 21 | ( | ( | |||||||||||||||||
Cash from (used in) financing activities | ( | |||||||||||||||||||
Investing Activities | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Subsidiaries, net of cash acquired | ( | ( | ||||||||||||||||||
Property, plant and equipment and intangible assets | 10, 11 | ( | ( | |||||||||||||||||
Equity accounted investments | 13 | ( | ||||||||||||||||||
Dispositions | ||||||||||||||||||||
Property, plant and equipment and intangible assets | 10, 11 | |||||||||||||||||||
Financial assets and other | 5 | |||||||||||||||||||
Net settlement of hedges | 4 | |||||||||||||||||||
Restricted cash and deposits | ( | |||||||||||||||||||
Cash from (used in) investing activities | ( | ( | ||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Change during the period | ( | ( | ||||||||||||||||||
Impact of foreign exchange | ( | |||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Balance, end of period | $ | $ |
(US$ MILLIONS) | ||||||||||||||||||||||||||
MEASUREMENT BASIS | FVTPL | FVOCI | Amortized cost | Total | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Accounts and other receivable, net (current and non-current) | ||||||||||||||||||||||||||
Other assets (current and non-current) (1) | ||||||||||||||||||||||||||
Financial assets (current and non-current) (2) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Accounts payable and other (current and non-current) (2) (3) | $ | $ | $ | $ | ||||||||||||||||||||||
Non-recourse borrowings in subsidiaries of the company (current and non-current) | ||||||||||||||||||||||||||
Exchangeable and class B shares (4) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(US$ MILLIONS) | ||||||||||||||||||||||||||
MEASUREMENT BASIS | FVTPL | FVOCI | Amortized cost | Total | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Accounts and other receivable, net (current and non-current) | ||||||||||||||||||||||||||
Other assets (current and non-current) (1) | ||||||||||||||||||||||||||
Financial assets (current and non-current) (2) | ||||||||||||||||||||||||||
Total (3) | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Accounts payable and other (2) (4) | $ | $ | $ | $ | ||||||||||||||||||||||
Non-recourse borrowings in subsidiaries of the company (current and non-current) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Current | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Derivative contracts | ||||||||||||||
Loans and notes receivable | ||||||||||||||
Total current | $ | $ | ||||||||||||
Non-current | ||||||||||||||
Restricted cash | $ | $ | ||||||||||||
Derivative contracts | ||||||||||||||
Loans and notes receivable | ||||||||||||||
Total non-current | $ | $ |
(US$ MILLIONS, except as noted) | Exchangeable shares outstanding (Shares) | Class B shares outstanding (Shares) | Exchangeable shares and class B shares | |||||||||||||||||
Balance at January 1, 2022 | $ | |||||||||||||||||||
Share issuance | ||||||||||||||||||||
Converted to class C shares | ( | ( | ||||||||||||||||||
Shares exchanged to LP Units | ( | ( | ||||||||||||||||||
Remeasurement (gains) losses | — | — | ( | |||||||||||||||||
Balance at June 30, 2022 | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Current, net | $ | $ | ||||||||||||
Non-current, net | ||||||||||||||
Accounts receivable | ||||||||||||||
Retainer on customer contract | ||||||||||||||
Billing rights | ||||||||||||||
Total non-current, net | $ | $ | ||||||||||||
Total | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Raw materials and consumables | $ | $ | ||||||||||||
Work in progress | ||||||||||||||
Finished goods and other | ||||||||||||||
Carrying amount of inventories | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Current | ||||||||||||||
Work in progress (1) | $ | $ | ||||||||||||
Prepayments and other assets | ||||||||||||||
Assets held for sale | ||||||||||||||
Total current | $ | $ | ||||||||||||
Non-current | ||||||||||||||
Prepayments and other assets | $ | $ | ||||||||||||
Total non-current | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Gross carrying amount | ||||||||||||||
Balance at beginning of period | $ | $ | ||||||||||||
Additions (cash and non-cash) | ||||||||||||||
Dispositions | ( | ( | ||||||||||||
Acquisitions through business combinations | ||||||||||||||
Transfers and assets reclassified as held for sale | ( | ( | ||||||||||||
Foreign currency translation and other | ( | ( | ||||||||||||
Balance at end of period | $ | $ | ||||||||||||
Accumulated depreciation | ||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | ||||||||||
Depreciation/depletion expense | ( | ( | ||||||||||||
Dispositions | ||||||||||||||
Transfers and assets reclassified as held for sale | ( | |||||||||||||
Foreign currency translation and other | ||||||||||||||
Balance at end of period | $ | ( | $ | ( | ||||||||||
Net book value (1) | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Gross carrying amount | ||||||||||||||
Balance at beginning of period | $ | $ | ||||||||||||
Additions | ||||||||||||||
Dispositions | ( | |||||||||||||
Acquisitions through business combinations | ||||||||||||||
Foreign currency translation | ( | |||||||||||||
Balance at end of period | $ | $ | ||||||||||||
Accumulated amortization | ||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | ||||||||||
Amortization expense | ( | ( | ||||||||||||
Dispositions | ||||||||||||||
Foreign currency translation | ( | |||||||||||||
Balance at end of period | $ | ( | $ | ( | ||||||||||
Net book value | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Balance at beginning of year | $ | $ | ||||||||||||
Acquisitions through business combinations | ||||||||||||||
Foreign currency translation | ( | ( | ||||||||||||
Balance at end of period | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Balance at beginning of year | $ | $ | ||||||||||||
Acquisitions through business combinations | ||||||||||||||
Additions | ||||||||||||||
Share of net income | ||||||||||||||
Distributions received | ( | ( | ||||||||||||
Foreign currency translation | ( | |||||||||||||
Balance at end of period | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Current | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued and other liabilities (1) | ||||||||||||||
Lease liabilities | ||||||||||||||
Financial liabilities (2) | ||||||||||||||
Work in progress (3) | ||||||||||||||
Provisions and decommissioning liabilities | ||||||||||||||
Liabilities held for sale | ||||||||||||||
Total current | $ | $ | ||||||||||||
Non-current | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued and other liabilities (1) | ||||||||||||||
Lease liabilities | ||||||||||||||
Financial liabilities (2) | ||||||||||||||
Work in progress (3) | ||||||||||||||
Provisions and decommissioning liabilities | ||||||||||||||
Total non-current | $ | $ |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Contract costs incurred to date | $ | $ | ||||||||||||
Profit recognized to date (less recognized losses) | ||||||||||||||
Less: progress billings | ( | ( | ||||||||||||
Contract work in progress (liability) | $ | ( | $ | ( | ||||||||||
Comprising: | ||||||||||||||
Amounts due from customers – work in progress | $ | $ | ||||||||||||
Amounts due to customers – creditors | ( | ( | ||||||||||||
Net work in progress | $ | ( | $ | ( |
(US$ MILLIONS) | Foreign currency translation | Other (1) | Accumulated other comprehensive income (loss) | |||||||||||||||||
Balance as at January 1, 2022 | $ | ( | $ | $ | ( | |||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||
Balance as at June 30, 2022 | $ | ( | $ | $ | ( |
(US$ MILLIONS) | Foreign currency translation | Other (1) | Accumulated other comprehensive income (loss) | |||||||||||||||||
Balance as at January 1, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||
Balance as at June 30, 2021 | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Inventory costs | $ | $ | $ | $ | ||||||||||||||||||||||
Subcontractor and consultant costs | ||||||||||||||||||||||||||
Concession construction materials and labor costs | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Compensation | ||||||||||||||||||||||||||
Other direct costs | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Revenues by type | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Revenues by type | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Revenues by type | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Revenues by type | ||||||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||
Goods and services provided at a point in time | $ | $ | $ | $ | ||||||||||||||||||||||
Services transferred over a period of time | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||
Goods and services provided at a point in time | $ | $ | $ | $ | ||||||||||||||||||||||
Services transferred over a period of time | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||
Goods and services provided at a point in time | $ | $ | $ | $ | ||||||||||||||||||||||
Services transferred over a period of time | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||
Goods and services provided at a point in time | $ | $ | $ | $ | ||||||||||||||||||||||
Services transferred over a period of time | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
United Kingdom | $ | $ | $ | $ | ||||||||||||||||||||||
United States of America | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
United Kingdom | $ | $ | $ | $ | ||||||||||||||||||||||
United States of America | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
United Kingdom | $ | $ | $ | $ | ||||||||||||||||||||||
United States of America | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
United Kingdom | $ | $ | $ | $ | ||||||||||||||||||||||
United States of America | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Class C shares | ||||||||||||||
(US$ MILLIONS, except as noted) | Shares outstanding (Shares) | Share capital | ||||||||||||
Balance at January 1, 2022 | $ | |||||||||||||
Share issuance | ||||||||||||||
Converted from class A shares | ||||||||||||||
Balance at June 30, 2022 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Transactions during the period | ||||||||||||||||||||||||||
Revenues (1) | $ | $ | $ | $ | ||||||||||||||||||||||
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Balances at end of period | ||||||||||||||
Accounts and other receivable, net (1) | $ | $ | ||||||||||||
Accounts payable and other | ||||||||||||||
Loan payable to Brookfield Business Partners (2) |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(US$ MILLIONS) | Financial Asset | Financial Liability | Financial Asset | Financial Liability | ||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate derivatives | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Total current | $ | $ | $ | $ | ||||||||||||||||||||||
Total non-current | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | |||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Direct operating costs (1) | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses (2) | ( | ( | ( | ( | |||||||||||||||||||
Adjusted net operating income | |||||||||||||||||||||||
Unallocated corporate expenses (2) | ( | ||||||||||||||||||||||
Depreciation and amortization expense (1) | ( | ||||||||||||||||||||||
Interest income (expense), net | ( | ||||||||||||||||||||||
Equity accounted income (loss), net | |||||||||||||||||||||||
Remeasurement of exchangeable and class B shares | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Income (loss) before income tax | |||||||||||||||||||||||
Income tax (expense) recovery: | |||||||||||||||||||||||
Current | ( | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Brookfield Business Partners | |||||||||||||||||||||||
Non-controlling interests | |||||||||||||||||||||||
Net income (loss) | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | |||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Direct operating costs (1) | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses (2) | ( | ( | ( | ( | |||||||||||||||||||
Adjusted net operating income | |||||||||||||||||||||||
Unallocated corporate expenses (2) | ( | ||||||||||||||||||||||
Depreciation and amortization expense (1) | ( | ||||||||||||||||||||||
Interest income (expense), net | ( | ||||||||||||||||||||||
Equity accounted income (loss), net | |||||||||||||||||||||||
Remeasurement of exchangeable and class B shares | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Income (loss) before income tax | |||||||||||||||||||||||
Income tax (expense) recovery: | |||||||||||||||||||||||
Current | ( | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Brookfield Business Partners | |||||||||||||||||||||||
Non-controlling interests | |||||||||||||||||||||||
Net income (loss) | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | |||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Direct operating costs (1) | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses (2) | ( | ( | ( | ( | |||||||||||||||||||
Adjusted net operating income | $ | ||||||||||||||||||||||
Unallocated corporate expenses (2) | ( | ||||||||||||||||||||||
Depreciation and amortization expense (1) | ( | ||||||||||||||||||||||
Interest income (expense), net | ( | ||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||
Income tax (expense) recovery: | |||||||||||||||||||||||
Current | ( | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||
Net income (loss) | $ | ( | |||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Brookfield Business Partners | ( | ||||||||||||||||||||||
Non-controlling interests | ( | ||||||||||||||||||||||
Net income (loss) | $ | ( |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | |||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Direct operating costs (1) | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses (2) | ( | ( | ( | ( | |||||||||||||||||||
Adjusted net operating income | $ | ||||||||||||||||||||||
Unallocated corporate expenses (2) | ( | ||||||||||||||||||||||
Depreciation and amortization expense (1) | ( | ||||||||||||||||||||||
Interest income (expense), net | ( | ||||||||||||||||||||||
Equity accounted income (loss), net | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Income (loss) before income tax | |||||||||||||||||||||||
Income tax (expense) recovery: | |||||||||||||||||||||||
Current | ( | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||
Net income (loss) | $ | ( | |||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Brookfield Business Partners | ( | ||||||||||||||||||||||
Non-controlling interests | ( | ||||||||||||||||||||||
Net income (loss) | $ | ( |
As at June 30, 2022 | ||||||||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Other | Total | |||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ |
As at December 31, 2021 | ||||||||||||||||||||||||||||||||
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Other | Total | |||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Six Months Ended June 30, | ||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | ||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid (received) |
Six Months Ended June 30, | ||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | ||||||||||||
Accounts receivable | $ | $ | ( | |||||||||||
Inventory | ( | |||||||||||||
Prepayments and other | ( | ( | ||||||||||||
Accounts payable and other | ( | ( | ||||||||||||
Changes in non-cash working capital, net | $ | ( | $ | ( |
Operating segments | Assets | Revenues | ||||||||||||
As at | For the Six Months Ended | |||||||||||||
(US$ MILLIONS) | June 30, 2022 | June 30, 2022 | ||||||||||||
Business services | $ | 7,669 | $ | 2,543 | ||||||||||
Infrastructure services | 6,600 | 1,601 | ||||||||||||
Industrials | 3,474 | 425 | ||||||||||||
Other | 427 | — | ||||||||||||
Total | $ | 18,170 | $ | 4,569 |
Regions | Assets | Revenues | ||||||||||||
As at | For the Six Months Ended | |||||||||||||
(US$ MILLIONS) | June 30, 2022 | June 30, 2022 | ||||||||||||
United Kingdom | $ | 983 | $ | 422 | ||||||||||
United States of America | 4,926 | 816 | ||||||||||||
Europe | 1,028 | 453 | ||||||||||||
Australia | 5,614 | 2,153 | ||||||||||||
Canada | 1,372 | 83 | ||||||||||||
Brazil | 3,485 | 431 | ||||||||||||
Other | 762 | 211 | ||||||||||||
Total | $ | 18,170 | $ | 4,569 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | $ | 2,318 | $ | 2,452 | $ | 4,569 | $ | 4,821 | ||||||||||||||||||
Direct operating costs | (2,110) | (2,269) | (4,135) | (4,444) | ||||||||||||||||||||||
General and administrative expenses | (72) | (80) | (140) | (142) | ||||||||||||||||||||||
Interest income (expense), net | (133) | (100) | (240) | (199) | ||||||||||||||||||||||
Equity accounted income (loss), net | 2 | — | 3 | 1 | ||||||||||||||||||||||
Remeasurement of exchangeable and class B shares | 696 | — | 528 | — | ||||||||||||||||||||||
Other income (expense), net | (24) | (38) | (67) | (27) | ||||||||||||||||||||||
Income (loss) before income tax | 677 | (35) | 518 | 10 | ||||||||||||||||||||||
Income tax (expense) recovery | ||||||||||||||||||||||||||
Current | (17) | (8) | (33) | (31) | ||||||||||||||||||||||
Deferred | 390 | — | 402 | 14 | ||||||||||||||||||||||
Net income (loss) | $ | 1,050 | $ | (43) | $ | 887 | $ | (7) | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
Brookfield Business Partners | $ | 789 | $ | (12) | $ | 625 | $ | (1) | ||||||||||||||||||
Non-controlling interests | 261 | (31) | 262 | (6) | ||||||||||||||||||||||
Net income (loss) | $ | 1,050 | $ | (43) | $ | 887 | $ | (7) |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(US$ MILLIONS) | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,318 | $ | 2,251 | $ | 2,488 | $ | 2,340 | $ | 2,452 | $ | 2,369 | $ | 2,420 | $ | 2,453 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Brookfield Business Partners | 789 | (164) | 36 | 1 | (12) | 11 | 3 | (24) |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 828 | $ | 894 | ||||||||||
Financial assets | 1,241 | 349 | ||||||||||||
Accounts and other receivable, net | 2,946 | 2,281 | ||||||||||||
Inventory, net | 615 | 580 | ||||||||||||
Other assets | 944 | 920 | ||||||||||||
Property, plant and equipment | 3,783 | 4,036 | ||||||||||||
Deferred income tax assets | 613 | 348 | ||||||||||||
Intangible assets | 4,685 | 4,226 | ||||||||||||
Equity accounted investments | 80 | 70 | ||||||||||||
Goodwill | 2,435 | 2,216 | ||||||||||||
Total assets | $ | 18,170 | $ | 15,920 | ||||||||||
Liabilities and equity | ||||||||||||||
Liabilities | ||||||||||||||
Accounts payable and other | $ | 6,908 | $ | 7,191 | ||||||||||
Loan payable to Brookfield Business Partners | — | 1,860 | ||||||||||||
Non-recourse borrowings in subsidiaries of the company | 7,893 | 5,246 | ||||||||||||
Exchangeable and class B shares | 1,546 | — | ||||||||||||
Deferred income tax liabilities | 491 | 487 | ||||||||||||
$ | 16,838 | $ | 14,784 | |||||||||||
Equity | ||||||||||||||
Brookfield Business Partners | $ | 56 | $ | (516) | ||||||||||
Non-controlling interests | 1,276 | 1,652 | ||||||||||||
1,332 | 1,136 | |||||||||||||
Total liabilities and equity | $ | 18,170 | $ | 15,920 |
(US$ MILLIONS) | Business services | Infrastructure services | Industrials | Total | ||||||||||||||||||||||
June 30, 2022 | $ | 893 | $ | 320 | $ | 28 | $ | 1,241 | ||||||||||||||||||
December 31, 2021 | 72 | 263 | 14 | 349 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Adjusted net operating income | $ | 96 | $ | 88 | $ | 164 | $ | 174 |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Total assets | $ | 7,669 | $ | 7,122 | ||||||||||
Total liabilities | 5,753 | 5,177 | ||||||||||||
Non-controlling interests | 875 | 889 | ||||||||||||
Equity attributable to Brookfield Business Partners | 1,041 | 1,056 | ||||||||||||
Total equity | $ | 1,916 | $ | 1,945 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Adjusted net operating income | $ | 130 | $ | 132 | $ | 316 | $ | 294 |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Total assets | $ | 6,600 | $ | 5,762 | ||||||||||
Total liabilities | 7,104 | 5,718 | ||||||||||||
Non-controlling interests | (370) | 34 | ||||||||||||
Equity attributable to Brookfield Business Partners | (134) | 10 | ||||||||||||
Total equity | $ | (504) | $ | 44 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Adjusted net operating income | $ | 71 | $ | 43 | $ | 126 | $ | 83 |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Total assets | $ | 3,474 | $ | 3,036 | ||||||||||
Total liabilities | 2,400 | 2,029 | ||||||||||||
Non-controlling interests | 771 | 729 | ||||||||||||
Equity attributable to Brookfield Business Partners | 303 | 278 | ||||||||||||
Total equity | $ | 1,074 | $ | 1,007 |
(US$ MILLIONS) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
IFRS Measures | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | $ | 14,626 | $ | 11,235 | $ | 28,098 | $ | 21,064 | ||||||||||||||||||
Net income (loss) | 294 | (29) | $ | 313 | $ | 1,738 |
(US$ MILLIONS) | As at | |||||||||||||
IFRS Measures | June 30, 2022 | December 31, 2021 | ||||||||||||
Total assets | $ | 77,295 | $ | 64,219 | ||||||||||
Total liabilities | 63,266 | 51,219 | ||||||||||||
Non-controlling interests | 12,613 | 10,748 | ||||||||||||
Equity attributable to Limited Partners | 1,416 | 2,252 | ||||||||||||
Total equity | $ | 14,029 | $ | 13,000 |
(US$ MILLIONS) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
Non-IFRS Measure | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 543 | $ | 381 | $ | 1,049 | $ | 768 |
(US$ MILLIONS) | June 30, 2022 | December 31, 2021 | ||||||||||||
Term loans and credit facilities | $ | 4,617 | $ | 3,761 | ||||||||||
Project financing | 568 | 518 | ||||||||||||
Notes and debentures | 1,820 | 835 | ||||||||||||
Credit facilities | 888 | 132 | ||||||||||||
Total non-recourse borrowings in subsidiaries | $ | 7,893 | $ | 5,246 |
Six Months Ended June 30, | ||||||||||||||
(US$ MILLIONS) | 2022 | 2021 | ||||||||||||
Cash flow provided by (used in) operating activities | $ | 196 | $ | 120 | ||||||||||
Cash flow provided by (used in) financing activities | 1,441 | (26) | ||||||||||||
Cash flow provided by (used in) investing activities | (1,683) | (178) | ||||||||||||
Effect of foreign exchange rates on cash | (20) | 3 | ||||||||||||
Change in cash and cash equivalents | $ | (66) | $ | (81) |
Payments as at June 30, 2022 | ||||||||||||||||||||||||||||||||
(US$ MILLIONS) | Total | < 1 Year | 1-2 Years | 2-5 Years | 5+ Years | |||||||||||||||||||||||||||
Borrowings | $ | 8,043 | $ | 474 | $ | 2,430 | $ | 3,909 | $ | 1,230 | ||||||||||||||||||||||
Lease liabilities | 812 | 66 | 71 | 150 | 525 | |||||||||||||||||||||||||||
Interest expense | 909 | 259 | 231 | 370 | 49 | |||||||||||||||||||||||||||
Decommissioning liabilities | 719 | 2 | — | — | 717 | |||||||||||||||||||||||||||
Pension obligations | 3,475 | 82 | 86 | 272 | 3,035 | |||||||||||||||||||||||||||
Exchangeable and class B shares | 1,546 | 1,546 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 15,504 | $ | 2,429 | $ | 2,818 | $ | 4,701 | $ | 5,556 |
/s/ Cyrus Madon | ||||||||
Cyrus Madon Chief Executive Officer, Brookfield Business Corporation |
/s/ Jaspreet Dehl | |||||
Jaspreet Dehl Chief Financial Officer, Brookfield Business Corporation |
Cover |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | BROOKFIELD BUSINESS CORPORATION |
Entity Central Index Key | 0001871130 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||
Profit or loss [abstract] | |||||||
Revenues | $ 2,318 | $ 2,452 | $ 4,569 | $ 4,821 | |||
Direct operating costs | (2,110) | (2,269) | (4,135) | (4,444) | |||
General and administrative expenses | (72) | (80) | (140) | (142) | |||
Interest income (expense), net | (133) | (100) | (240) | (199) | |||
Equity accounted income (loss), net | 2 | 0 | 3 | 1 | $ 5 | ||
Remeasurement of exchangeable and class B shares | 696 | 0 | 528 | 0 | |||
Other income (expense), net | (24) | (38) | (67) | (27) | |||
Income (loss) before income tax | 677 | (35) | 518 | 10 | |||
Income tax (expense) recovery | |||||||
Current | (17) | (8) | (33) | (31) | |||
Deferred | 390 | 0 | 402 | 14 | |||
Net income (loss) | 1,050 | (43) | 887 | (7) | |||
Attributable to: | |||||||
Brookfield Business Partners | [1] | 789 | (12) | 625 | (1) | ||
Non-controlling interests | $ 261 | $ (31) | $ 262 | $ (6) | |||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Statement of comprehensive income [abstract] | ||||||
Net income (loss) | $ 1,050 | $ (43) | $ 887 | $ (7) | ||
Items that may be reclassified subsequently to profit or loss: | ||||||
Foreign currency translation | (275) | 128 | (62) | (22) | ||
Net investment and cash flow hedges | 141 | 1 | 221 | 55 | ||
Taxes on the above items | (25) | (2) | (28) | (6) | ||
Reclassification to profit or loss | 6 | 13 | 17 | 26 | ||
Total other comprehensive income (loss) | (153) | 140 | 148 | 53 | ||
Items that will not be reclassified subsequently to profit or loss: | ||||||
Taxes on revaluation of pension obligations | 5 | 0 | 5 | 0 | ||
Total other comprehensive income (loss) | (148) | 140 | 153 | 53 | ||
Comprehensive income (loss) | 902 | 97 | 1,040 | 46 | ||
Attributable to: | ||||||
Brookfield Business Partners | [1] | 730 | 20 | 671 | 6 | |
Non-controlling interests | $ 172 | $ 77 | $ 369 | $ 40 | ||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions |
Total |
Capital |
Retained earnings |
Ownership changes |
Accumulated other comprehensive income (loss) |
[1] | Brookfield Business Partners |
Non-controlling interests |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 2,706 | $ 1,967 | $ (730) | $ 445 | $ (455) | $ 1,227 | $ 1,479 | |||||
Net income (loss) | (7) | (1) | (1) | (6) | ||||||||
Other comprehensive income | 53 | 7 | 7 | 46 | ||||||||
Comprehensive income (loss) | 46 | (1) | 7 | 6 | 40 | |||||||
Contributions | 11 | 11 | 11 | |||||||||
Distributions | (64) | (18) | (18) | (46) | ||||||||
Ending balance at Jun. 30, 2021 | 2,699 | 1,978 | (749) | 445 | (448) | 1,226 | 1,473 | |||||
Beginning balance at Dec. 31, 2021 | 1,136 | 159 | (712) | 445 | (408) | (516) | 1,652 | |||||
Net income (loss) | 887 | 625 | 625 | 262 | ||||||||
Other comprehensive income | 153 | 46 | 46 | 107 | ||||||||
Comprehensive income (loss) | 1,040 | 625 | 46 | 671 | 369 | |||||||
Contributions | 12 | 7 | 7 | 5 | ||||||||
Distributions | (831) | (81) | (81) | (750) | ||||||||
Ownership changes | (25) | (25) | (25) | |||||||||
Special distribution | [2] | 0 | 571 | (571) | ||||||||
Ending balance at Jun. 30, 2022 | $ 1,332 | $ 737 | $ (168) | $ (151) | $ (362) | $ 56 | $ 1,276 | |||||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Operating Activities | ||
Net income (loss) | $ 887 | $ (7) |
Adjusted for the following items: | ||
Equity accounted earnings, net of distributions | (1) | 1 |
Depreciation and amortization expense | 305 | 302 |
Provisions and other items | 63 | 74 |
Deferred income tax expense (recovery) | (402) | (14) |
Remeasurement of exchangeable and class B shares | (528) | 0 |
Changes in non-cash working capital, net | (128) | (236) |
Cash from (used in) operating activities | 196 | 120 |
Financing Activities | ||
Proceeds from non-recourse borrowings in subsidiaries of the company | 2,881 | 271 |
Repayment of non-recourse borrowings in subsidiaries of the company | (335) | (158) |
Proceeds from other financing | 20 | 25 |
Repayment of other financing | (37) | (50) |
Lease liability repayment | (48) | (47) |
Distributions to exchangeable shareholders | (5) | 0 |
Proceeds received from loan with Brookfield Business Partners | 271 | 0 |
Repayment and issuance of loans with Brookfield Business Partners | (478) | 0 |
Distributions to others who have interests in operating subsidiaries | (747) | (49) |
Distributions to Brookfield Business Partners | (81) | (18) |
Cash from (used in) financing activities | 1,441 | (26) |
Acquisitions | ||
Subsidiaries, net of cash acquired | (717) | (6) |
Property, plant and equipment and intangible assets | (273) | (208) |
Equity accounted investments | 0 | (2) |
Dispositions | ||
Property, plant and equipment and intangible assets | 15 | 5 |
Financial assets and other | 0 | 7 |
Net settlement of hedges | 42 | 1 |
Restricted cash and deposits | (750) | 25 |
Cash from (used in) investing activities | (1,683) | (178) |
Cash and cash equivalents | ||
Change during the period | (46) | (84) |
Impact of foreign exchange | (20) | 3 |
Balance, beginning of year | 894 | 777 |
Balance, end of period | $ 828 | $ 696 |
ORGANIZATION AND DESCRIPTION OF THE COMPANY |
6 Months Ended |
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Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
ORGANIZATION AND DESCRIPTION OF THE COMPANY | ORGANIZATION AND DESCRIPTION OF THE COMPANY (a)Brookfield Business Corporation Brookfield Business Corporation and its subsidiaries (“BBUC” or the “company”), is an owner and operator of services and industrials operations on a global basis (the “businesses”). The company was formed as a corporation established under the British Columbia Business Corporations Act on June 21, 2021 and is a subsidiary of Brookfield Business Partners L.P. (“BBU”, or collectively with its subsidiaries, excluding the company, the “partnership”), which we also refer to as the parent company and Brookfield Business Partners. The partnership, the company and respective subsidiaries, are referred to collectively as the group. Brookfield Asset Management Inc. (“Brookfield Asset Management” or together with its controlled subsidiaries, excluding the partnership, “Brookfield”) is the ultimate parent of the company and the partnership. The partnership holds all the issued and outstanding class B shares and class C shares of the company as at June 30, 2022. The registered head office of Brookfield Business Corporation is 250 Vesey Street, New York, NY, United States. The Class A exchangeable subordinate voting shares (each, an “exchangeable share”) of the company are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbol “BBUC”. The exchangeable shares are structured with the intention of being economically equivalent to the non-voting limited partnership units (“LP Units”) of Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN). Given the economic equivalence, the market price of the exchangeable shares will be significantly impacted by the market price of the partnership’s LP Units and the combined business performance of the company and Brookfield Business Partners as a whole. (b)Special Distribution of the Company On March 15, 2022, the group completed a special distribution (the “special distribution”) whereby Brookfield Business Partners L.P. unitholders of record as of March 7, 2022 received one exchangeable share for every two LP Units held. Prior to the special distribution, the company amended its articles of incorporation to provide for the exchangeable shares, class B shares and class C shares. See Note 1(b) (i) and (ii) below for further details. The approximate 7 million common shares of the company were converted into approximately 26 million class C shares and a subsidiary of the partnership subscribed for one class B share of the company for nominal consideration. The conversion of common equity to class C shares is shown as “Special distribution” in the unaudited interim condensed consolidated statements of changes in equity and represents the value of the share capital which relates to the class C shares. Prior to filing the articles of amendment, a subsidiary of the partnership contributed cash of $271 million to the company in exchange for a non-interest bearing demand promissory note of the company. The company issued approximately 73 million exchangeable shares and $50 million cash to the subsidiary of the partnership to settle the $271 million non-interest bearing demand promissory note along with the approximately $1.9 billion of non-interest bearing demand promissory notes issued in November 2021. The subsidiary of the partnership then distributed the exchangeable shares to Brookfield Business L.P. (“Holding LP”). Immediately prior to the special distribution, the partnership received exchangeable shares through a distribution by Holding LP (the “Holding LP Distribution”) of the exchangeable shares to all the holders of its equity units. As a result of the Holding LP Distribution, (i) Brookfield and its subsidiaries (other than entities within the group) received approximately 35 million exchangeable shares and (ii) the partnership received approximately 38 million exchangeable shares, which it subsequently distributed to its unitholders pursuant to the special distribution. Immediately following the special distribution, (i) holders of LP Units, excluding Brookfield, held approximately 35.3% of the issued and outstanding exchangeable shares of the company, (ii) Brookfield and its affiliates held approximately 64.7% of the issued and outstanding exchangeable shares, and (iii) a subsidiary of the partnership owned all of the issued and outstanding class B multiple voting shares, or class B shares, which represent a 75% voting interest in the company, and all of the issued and outstanding class C non-voting shares, or class C shares, of the company. The class C shares entitle the partnership to all of the residual value in the company after payment in full of the amount due to holders of exchangeable shares and class B shares. Holders of exchangeable shares held an aggregate 25% voting interest in the company. Immediately after the special distribution, Brookfield, through its ownership of exchangeable shares, held an approximate 16% voting interest in the company. Holders of exchangeable shares, excluding Brookfield, held an approximate 9% aggregate voting interest in the company. Together, Brookfield and Brookfield Business Partners held an approximate 91% voting interest in the company. The following describes the agreements resulting from the special distribution: (i)Class A exchangeable subordinate voting shares At any time, holders of exchangeable shares shall have the right to exchange all or a portion of their exchangeable shares for one LP Unit of the partnership per exchangeable share held or its cash equivalent based on the NYSE closing price of one LP Unit on the date that the request for exchange is received. Due to their exchangeable features, the exchangeable shares are classified as liabilities. The company has the right upon sixty (60) days’ prior written notice to holders of exchangeable shares to redeem all of the then outstanding exchangeable shares at any time and for any reason, in its sole discretion and subject to applicable law, including without limitation following the occurrence of certain redemption events. The exchangeable shares are listed on the NYSE and the TSX under the symbol “BBUC”. (ii)Class B shares and class C shares At any time, holders of class B shares and class C shares will have the right to redeem for cash in an amount equal to the market price of an LP Unit. Due to this cash redemption feature, both class B shares and class C shares will be classified as financial liabilities. However, class C shares, the most subordinated class of all common shares, meet certain qualifying criteria and will be presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32, Financial instruments: presentation (“IAS 32”). (iii)Credit facilities The company entered into two credit agreements with Brookfield Business Partners, one as borrower and one as lender, each providing for a ten-year revolving $1 billion credit facility to facilitate the movement of cash within the group. The credit facility will permit the company to borrow up to $1 billion from Brookfield Business Partners and the other will permit Brookfield Business Partners to borrow up to $1 billion from the company. Each credit facility will contemplate potential deposit arrangements pursuant to which the lender thereunder would, with the consent of the borrower, deposit funds on a demand basis to such borrower’s account at a reduced rate of interest. (iv)Equity commitment Brookfield Business Partners provided the company an equity commitment in the amount of $2 billion. The equity commitment may be called by the company in exchange for the issuance of a number of class C shares or preferred shares, as the case may be, to Brookfield Business Partners, corresponding to the amount of the equity commitment called divided by (i) in the case of a subscription for class C shares, the volume-weighted average of the trading price for one exchangeable share on the principal stock exchange on which the exchangeable shares are listed for the five (5) days immediately preceding the date of the call, or (ii) in the case of a subscription for preferred shares, $25.00 per share. The equity commitment will be available in minimum amounts of $10 million and the amount available under the equity commitment will be reduced permanently by the amount so called. Before funds may be called on the equity commitment, a number of conditions precedent must be met, including that Brookfield Business Partners continues to control the company and has the ability to elect a majority of the Board of Directors. (v)Other arrangements with Brookfield Wholly-owned subsidiaries of Brookfield provide management services to the company pursuant to the partnership’s existing master services agreement, or the Master Services Agreement. There was no change in how the base management fee and incentive distribution fees are calculated as a result of the special distribution. The company is responsible for reimbursing the partnership for its proportionate share of the total base management fee. The company’s proportionate share of the base management fee is calculated on the basis of the value of the company’s business relative to that of the partnership. Further details of the Master Services Agreements are described in Note 21. (vi)Credit guarantee agreement A wholly-owned subsidiary of the company fully and unconditionally guaranteed the obligations of the partnership under the partnership’s $2,300 million bilateral credit facilities with global banks and its $1 billion revolving acquisition credit facility with Brookfield.
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SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
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Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a)Statement of compliance The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34, Interim financial reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosures normally included in the annual audited financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the IASB, have been omitted or condensed. The unaudited interim condensed consolidated financial statements were approved by the Board of Directors of the company and authorized for issue on August 5, 2022. (b)Basis of presentation These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s December 31, 2021 audited financial statements. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2021 audited financial statements, unless otherwise noted. The results reported in these unaudited interim condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. All figures are presented in millions of U.S. dollars, unless otherwise noted. The unaudited interim condensed consolidated financial statements have been prepared on the basis of historical cost. Cost is recorded based on the fair value of the consideration given in exchange for assets. In advance of the special distribution, interests in the company’s operating businesses were transferred to the business on November 29, 2021 (“BBUC reorganization”). For the periods prior to the BBUC reorganization, the financial statements represent a combined carve-out of the assets, liabilities, revenues, expenses, and cash flows of the businesses that were contributed to the company. During this period, all of the assets and liabilities presented were controlled by the partnership. Subsequent to the BBUC reorganization, the assets and liabilities were transferred to the company at their carrying values. All intercompany balances, transactions, revenues and expenses within the company have been eliminated. Additionally, certain corporate costs have been allocated on the basis of direct usage where identifiable, with the remainder allocated based on management’s best estimate of costs attributable to the company. These allocated general corporate costs are being recognized in general and administrative expenses on the consolidated statements of operating results. Management believes the assumptions underlying the historical financial information, including the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by the company during the periods presented. However, due to the inherent limitations of carving out the assets, liabilities, operations and cash flows from larger entities, the historical financial information may not necessarily reflect the company’s financial position, operations and cash flow for future periods, nor do they reflect the financial position, results of operations and cash flow that would have been realized had the company been a stand-alone entity during the periods presented. Subsequent to the BBUC reorganization, the company is no longer allocated general corporate expenses of the parent company. Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the company’s subsidiaries are shown separately in equity in the unaudited interim condensed consolidated statements of financial position. Earnings per Share The company’s basic and diluted earnings per share have not been presented in the unaudited interim condensed consolidated financial statements. As outlined in Note 6, exchangeable shares and class B shares are classified as financial liabilities, while class C shares are classified as financial liabilities but presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. As each share classification represents a financial liability, they do not constitute ordinary shares. Refer to the aforementioned note for further details. (i)Critical accounting judgements and measurement uncertainty The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. (c)Continuity of interests As described above, the company was established on June 21, 2021 by the partnership. As part of the BBUC reorganization, the partnership contributed the businesses and a related receivable to the company in exchange for $1.9 billion of non-interest bearing demand promissory notes of the company and approximately 7 million common shares of the company. The partnership directly and indirectly controlled the company prior to the BBUC reorganization and continues to control the company subsequent to the BBUC reorganization through its interests in the company. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the company. In accordance with the company’s and the partnership’s accounting policy, the company has reflected the businesses in the consolidated statements of financial position and financial performance using the partnership’s carrying values prior to the BBUC reorganization. To reflect this continuity of interests, these unaudited interim condensed consolidated financial statements provide comparative information of the company for the periods prior to the BBUC reorganization, as previously reported by the partnership. The economic and accounting impact of contractual relationships created or modified in conjunction with the contribution of the businesses to the company have been reflected prospectively from the date of the contribution and have not been reflected in the results of operations or financial position of the company prior to the BBUC reorganization, as such items were in fact not created or modified prior thereto. Accordingly, the financial information for the periods prior to the BBUC reorganization is presented based on the historical financial information for the company as previously reported by the partnership. For the period after the BBUC reorganization, the results are based on the actual results of the company, including the impact of contractual relationships created or modified in association with the contribution of the businesses to the company. As the partnership holds all of the class C shares of the company, which is the only class of shares of the company presented as equity, net income and equity attributable to common equity have been allocated to the partnership prior to and after the BBUC reorganization. (d)New accounting policies adopted The company has applied certain new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2022. (i)Amendments to IAS 37 – Provisions, contingent liabilities and contingent assets (“IAS 37”) These amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The company adopted these amendments on January 1, 2022 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. (ii)IFRS 9 – Financial instruments (“IFRS 9”) – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The company adopted this amendment on January 1, 2022 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. (e)Future changes in accounting policies (i)Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. (ii)Amendment to IAS 12 – Income taxes (“IAS 12”) The amendments clarify that the initial recognition exception does not apply to the initial recognition of transactions that give rise to equal taxable and deductible temporary differences. The amendment to IAS 12 applies to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with potential impact on the company.
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ACQUISITION OF BUSINESSES |
6 Months Ended |
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Jun. 30, 2022 | |
Business Combinations [Abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES (a)Acquisitions completed in the six months ended June 30, 2022 BHI Energy On May 27, 2022, the company’s nuclear technology services operations acquired 100% economic interest in BHI Energy for total consideration of $741 million. The company received 100% of voting rights, which provided the company with control, and accordingly, the company has consolidated the business for financial reporting purposes. The acquisition contributed $325 million of intangible assets, $21 million of cash and cash equivalents, $153 million of net other assets and $78 million of deferred tax liabilities. Goodwill of $320 million was recognized and represents growth the nuclear technology services operations expect to experience from the operations. Transaction costs of approximately $4 million were recorded as other expenses in the consolidated statements of operating results. Non-controlling interests of $159 million attributable to institutional partners were recognized and measured at fair value. The company’s results from operations for the period ended June 30, 2022 include revenues of $75 million and net income of $nil attributable to the company from the acquisition. If the acquisition had been effective January 1, 2022, the company would have recorded revenues of $570 million and net loss of $1 million attributable to the company for the six months ended June 30, 2022. Spanish engineering and outages services business In March 2022, the company’s nuclear technology services operations closed the acquisition of a Spanish engineering and outage services business for cash consideration of $23 million, subject to purchase price adjustments, and accounted for the transaction as a business combination under IFRS 3, Business combinations. (b)Acquisitions completed in 2021 There were no significant acquisitions during the year ended December 31, 2021.
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Measurement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. Included in cash and cash equivalents as at June 30, 2022 is $587 million of cash (December 31, 2021: $704 million) and $241 million of cash equivalents (December 31, 2021: $190 million). The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million. (a)Hedging activities The company uses foreign exchange derivative contracts to manage foreign currency exposures arising from net investments in foreign operations. For the three and six months ended June 30, 2022, a pre-tax net gain of $99 million and $87 million, respectively (June 30, 2021: pre-tax net gain of $2 million and $24 million, respectively), was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at June 30, 2022, there was a derivative asset balance of $68 million (December 31, 2021: $30 million) and derivative liability balance of $8 million (December 31, 2021: $13 million) relating to derivative contracts designated as net investment hedges. The company uses foreign exchange contracts and option contracts to hedge highly probable future transactions and interest rate contracts to hedge the cash flows on its floating rate borrowings. A number of these contracts are designated as cash flow hedges. For the three and six months ended June 30, 2022, a pre-tax net gain of $42 million and $134 million, respectively (June 30, 2021: pre-tax net loss of $1 million and net gain of $31 million, respectively), was recorded in other comprehensive income for the effective portion of cash flow hedges. As at June 30, 2022, there was a derivative asset balance of $143 million (December 31, 2021: $54 million) and a derivative liability balance of $20 million (December 31, 2021: $76 million) relating to the derivative contracts designated as cash flow hedges. Other derivative instruments not designated in a hedging relationship are measured at fair value, with changes in fair value recognized in the unaudited interim condensed consolidated statements of operating results. As at June 30, 2022, financial instruments measured as FVOCI comprised derivatives in effective hedge accounting relationships and financial instruments measured at FVTPL comprised derivatives not designated in hedging relationship. In accordance with the fair value hierarchy of financial instruments, the derivatives are considered Level 2. As at June 30, 2022, the company reported $214 million of derivative assets (December 31, 2021: $85 million) and $30 million of derivative liabilities (December 31, 2021: $94 million).
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FINANCIAL ASSETS |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL ASSETS | FINANCIAL ASSETS
The exchangeable shares and the class B shares are classified as liabilities due to their exchangeable and cash redemption feature. Upon issuance, the exchangeable shares and the class B shares were recognized at their fair value. Subsequent to initial recognition, the exchangeable shares and the class B shares are recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one LP Unit. During the six months ended June 30, 2022, there were 50,825 exchangeable shares exchanged for LP Units. As at June 30, 2022, the exchangeable shares and the class B shares were remeasured to reflect the closing price of one LP Unit, $21.19 per share. Remeasurement gains or losses associated with these shares are recorded within remeasurement of exchangeable and class B shares in the unaudited interim condensed consolidated statements of operating results. During the six months ended June 30, 2022, $5 million of dividends were declared and paid on the outstanding exchangeable shares of the company. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses:
Similar to the class B shares, the class C shares are classified as liabilities due to their cash redemption feature. However, class C shares, the most subordinated class of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 20 for further details related to class C shares.
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EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES | FINANCIAL ASSETS
The exchangeable shares and the class B shares are classified as liabilities due to their exchangeable and cash redemption feature. Upon issuance, the exchangeable shares and the class B shares were recognized at their fair value. Subsequent to initial recognition, the exchangeable shares and the class B shares are recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one LP Unit. During the six months ended June 30, 2022, there were 50,825 exchangeable shares exchanged for LP Units. As at June 30, 2022, the exchangeable shares and the class B shares were remeasured to reflect the closing price of one LP Unit, $21.19 per share. Remeasurement gains or losses associated with these shares are recorded within remeasurement of exchangeable and class B shares in the unaudited interim condensed consolidated statements of operating results. During the six months ended June 30, 2022, $5 million of dividends were declared and paid on the outstanding exchangeable shares of the company. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses:
Similar to the class B shares, the class C shares are classified as liabilities due to their cash redemption feature. However, class C shares, the most subordinated class of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 20 for further details related to class C shares.
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ACCOUNTS AND OTHER RECEIVABLE, NET |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLE, NET
Non-current billing rights primarily represent unbilled rights arising at the company’s water and wastewater operations in Brazil from revenues earned from the construction on public concession contracts classified as financial assets, which are recognized when there is an unconditional right to receive cash or other financial assets from the concession authority for the construction services. The company’s construction operations has a retention balance, which comprised amounts that have been earned but held back until the satisfaction of certain conditions specified in the contract. The retention balance included in the current accounts and other receivable balance, net as at June 30, 2022, was $213 million (December 31, 2021: $231 million).
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INVENTORY, NET |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY, NET | INVENTORY, NET
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OTHER ASSETS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | OTHER ASSETS
____________________________________ (1)See Note 15 for additional information.
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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
____________________________________ (1)Includes right-of-use assets of $384 million as at June 30, 2022 (December 31, 2021: $409 million).
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INTANGIBLE ASSETS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS
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GOODWILL |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL | GOODWILL
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EQUITY ACCOUNTED INVESTMENTS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests In Other Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS
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ACCOUNTS PAYABLE AND OTHER |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER
____________________________________ (1)Includes post-employment benefits of $441 million ($8 million current and $433 million non-current) as at June 30, 2022, and $446 million ($14 million current and $432 million non-current) as at December 31, 2021. (2)Includes financial liabilities of $1,644 million ($62 million current and $1,582 million non-current) as at June 30, 2022, and $1,732 million ($66 million current and $1,666 million non-current) as at December 31, 2021 related to the sale and leaseback of hospitals. (3)See Note 15 for additional information. Uncertain Tax Position In May 2021, the Australian Taxation Office (“ATO”) provided the company’s healthcare services operations with conclusions of an internal ATO review related to a historical tax matter. The company’s healthcare services operations disagreed with the conclusions and lodged an objection with the ATO in August 2021. Subsequently, healthcare services and the ATO have engaged in discussions on this matter and as at June 30, 2022, the matter was pending resolution. The company’s healthcare services operations is regularly subject to information requests and audit activities by revenue authorities. The outcome of these reviews depends upon various factors which may result in further tax payments or refunds of tax payments already made. Provisions for potential further payments will be recognized if a present obligation in relation to a tax liability is assessed as probable and can be reliably estimated and measured using the guidance in IFRIC 23.
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CONTRACTS IN PROGRESS |
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTRACTS IN PROGRESS | CONTRACTS IN PROGRESS A summary of the company’s contracts in progress is presented below:
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BORROWINGS |
6 Months Ended |
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Jun. 30, 2022 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS Current and non-current non-recourse borrowings in subsidiaries of the company as at June 30, 2022 were $426 million and $7,467 million, respectively (December 31, 2021: $53 million and $5,193 million, respectively). Some of the company’s subsidiaries have credit facilities in which they borrow and repay on a monthly basis. These movements have been shown on a net basis in the unaudited interim condensed consolidated statements of cash flow. The company has financing arrangements within its operating businesses that trade in public markets or are held at major financial institutions. The financing arrangements are primarily composed of term loans, credit facilities, and notes and debentures which are subject to fixed or floating interest rates. Most of these borrowings are not subject to financial maintenance covenants, however, some are subject to fixed charge coverage, leverage ratios and minimum equity or liquidity covenants. The company’s operations are currently in compliance with all material covenant requirements and the company continues to work with its subsidiaries to monitor performance against such covenant requirements.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Disclosure of analysis of other comprehensive income by item [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Attributable to Brookfield Business Partners
____________________________________ (1)Represents net investment hedges, cash flow hedges and other reserves.
____________________________________ (1)Represents net investment hedges, cash flow hedges and other reserves.
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DIRECT OPERATING COSTS |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The company has no key employees or directors and does not remunerate key management personnel. Details of the allocations of costs incurred by Brookfield on behalf of the company are disclosed in Note 21. Key decision makers of the company 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 are costs incurred to earn revenues and include all attributable expenses. The following table presents direct operating costs by nature for the three and six months ended June 30, 2022 and 2021:
Expected credit loss provisions on financial assets are included within other direct costs.
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REVENUES |
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Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | REVENUES (a)Revenues by type The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2021:
(b)Timing of recognition of revenues from contracts with customers The following tables below summarize the company’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six months ended June 30, 2021:
(c) Revenues by geography The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2021:
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EQUITY |
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Share Capital, Reserves and Other Equity Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY The following table provides a continuity of the company’s outstanding common equity:
In connection with the special distribution, the company issued approximately 73 million exchangeable shares, 1 class B share and approximately 26 million class C shares. Due to the exchange feature of the exchangeable shares and the cash redemption feature of the class B and class C shares, the exchangeable shares, the class B shares, and the class C shares are classified as financial liabilities. However, class C shares, the most subordinated of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 6, for further details related to exchangeable shares and class B shares. The value of share capital, which relates to the class C shares, is determined based on the opening price of an LP Unit, $28.41 on March 15, 2022, the date of the special distribution.
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RELATED PARTY TRANSACTIONS |
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Related Party [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, the company entered into the transactions below with related parties. The ultimate parent of the company is Brookfield. Other related parties of the company represent Brookfield’s subsidiaries and operating entities. Since inception, the partnership has had a management agreement (the “Master Services Agreement”) with a subsidiary of Brookfield (the “Service Provider”). Pursuant to the Master Services Agreement, on a quarterly basis, the partnership pays a base management fee to the Service Provider equal to 0.3125% per quarter (1.25% annually) of the market value of the partnership. For purposes of calculating the base management fee, the market value of the partnership is equal to the aggregate value of all the outstanding LP Units (assuming full conversion of the redemption-exchange units into LP Units), plus the value of securities of the other recipients of services under the Master Services Agreement (including exchangeable shares), plus all outstanding debt with recourse to recipients of services under the Master Services Agreement, less all cash held by such entities. Prior to the BBUC reorganization, the company’s consolidated financial statements include general corporate expenses of the parent company which were not historically allocated to the company’s operations. These expenses relate to management fees payable to Brookfield. These allocated expenses have been included as appropriate in the company’s consolidated statements of operating results. Key decision makers of the company are employees of Brookfield. However, the financial statements may not include all of the expenses that would have been incurred and may not reflect the company’s consolidated results of operations, financial position and cash flows had it been a standalone company during the periods presented. It is not practicable to estimate the actual costs that would have been incurred had the company been a standalone business during the periods presented as this would depend on multiple factors, including organizational structure and infrastructure. Subsequent to the BBUC reorganization, the company is no longer allocated general corporate expenses of the parent company. Following the completion of the special distribution, the functions which the allocated general corporate expenses related to will be provided through the amended and restated master services agreement, among the Service Recipients (as defined therein), Brookfield, the Service Providers (as defined therein) and others. The company reimburses the partnership for its proportionate share of the base management fee. The base management fee allocated to the company for the three and six months ended June 30, 2022 was $4 million and $5 million, respectively. The expense related to the services received under the Master Services Agreement has been recorded as part of general and administrative expenses in the unaudited interim condensed consolidated statements of operating results. Brookfield has entered into indemnity agreements with the company related to certain projects in the Middle East region. Under these indemnity agreements, Brookfield has agreed to indemnify or refund the company, as appropriate, for the receipt of payments relating to such projects. The partnership has a commitment agreement with Brookfield, whereby Brookfield agreed to subscribe for up to $1.5 billion of preferred equity securities of the company or the partnership. The preferred equity securities bear fixed preferential cumulative dividends or distributions at 6% per annum and are redeemable at the option of Brookfield to the extent the company completes asset sales, financings or equity issuances. As at June 30, 2022, the amount subscribed from Brookfield was $nil. As discussed in Note 1(b), prior to the special distribution, the company entered into two credit agreements with Brookfield Business Partners, one as borrower and one as lender, each providing for a ten-year revolving $1 billion credit facility to facilitate the movement of cash within the group. The credit facility will permit the company to borrow up to $1 billion from Brookfield Business Partners and the other will constitute an operating credit facility that will permit Brookfield Business Partners to borrow up to $1 billion from the company. Each credit facility will contemplate potential deposit arrangements pursuant to which the lender thereunder would, with the consent of the borrower, deposit funds on a demand basis to such borrower’s account at a reduced rate of interest. In connection with the special distribution, Brookfield Business Partners provided the company an equity commitment in the amount of $2 billion. The equity commitment may be called by the company in exchange for the issuance of a number of class C shares or preferred shares, as the case may be, to Brookfield Business Partners, corresponding to the amount of the equity commitment called divided (i) in the case of a subscription for class C shares, by the volume-weighted average of the trading price for one exchangeable share on the principal stock exchange on which the exchangeable shares are listed for the five (5) days immediately preceding the date of the call, and (ii) in the case of a subscription for preferred shares, by $25.00 per share. The equity commitment will be available in minimum amounts of $10 million and the amount available under the equity commitment will be reduced permanently by the amount so called. Before funds may be called on the equity commitment, a number of conditions precedent must be met, including that Brookfield Business Partners continues to control the company and has the ability to elect a majority of the Board of Directors. A wholly-owned subsidiary of the company fully and unconditionally guaranteed the obligations of the partnership under the partnership’s $2.3 billion bilateral credit facilities with global banks and its $1 billion revolving acquisition credit facility with Brookfield. The following table summarizes other transactions and balances the company has entered into with related parties:
____________________________________ (1)Within the business services segment, the company provides construction services to affiliates of Brookfield.
____________________________________ (1)Includes a $221 million note receivable from the partnership bearing interest at a rate of LIBOR plus 250 bps. (2)On November 29, 2021, the company issued a non-interest bearing demand promissory note of $1,860 million to a subsidiary of the partnership in connection with the BBUC reorganization, which has been fully repaid as of June 30, 2022. See Note 1 for additional details.
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DERIVATIVE FINANCIAL INSTRUMENTS |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The company’s activities expose it to a variety of financial risks, including market risk, currency risk, interest rate risk and other price risks. The company and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate fair values of the company’s derivative financial instruments are as follows:
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SEGMENT INFORMATION |
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Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The company’s operations are organized into three operating segments which are regularly reviewed by the Chief Operating Decision Makers (“CODM”) for the purpose of assessing its performance. The key measure used by the CODM in assessing the performance of the company is adjusted net operating income. Adjusted net operating income is calculated as revenues less direct operating costs (excluding depreciation and amortization expense), less general and administrative expenses of the operating businesses. The following tables below provide each segment’s results in the format that the CODM organizes reporting segments to assess performance. The tables below reconcile to the IFRS unaudited interim condensed consolidated financial statements.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,110 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $72 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,135 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $140 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,269 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $80 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,444 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $142 million as per the unaudited interim consolidated statements of operating results. Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors assets attributable to each segment. The following is tables summarize the company’s assets by reportable operating segment as at June 30, 2022 and December 31, 2021:
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Cash Flow Statement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION
Amounts paid and received for interest were reflected as operating cash flows in the unaudited interim condensed consolidated statements of cash flow. Details of “Changes in non-cash working capital, net” on the unaudited interim condensed consolidated statements of cash flow are as follows:
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SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2022 | |
Events After Reporting Period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a)Distribution On August 4, 2022 the Board of Directors declared a quarterly distribution in the amount of $0.0625 per exchangeable share, payable on September 29, 2022 to shareholders of record as at the close of business on August 31, 2022. (b)Acquisition of CDK Global, Inc. On July 6, 2022, the company, together with institutional partners, acquired a 100% economic interest in CDK Global, Inc. (“CDK Global”), a leading provider of technology services and software solutions to automotive dealers and manufacturers. Total consideration was $8.5 billion, of which the partnership expects its economic interest to be 25%. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination are not available as at the date of release of these unaudited interim condensed consolidated financial statements. As a result, the company has not provided amounts recognized as at the acquisition date for certain major classes of assets acquired and liabilities assumed.
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Continuity of interests | Continuity of interests As described above, the company was established on June 21, 2021 by the partnership. As part of the BBUC reorganization, the partnership contributed the businesses and a related receivable to the company in exchange for $1.9 billion of non-interest bearing demand promissory notes of the company and approximately 7 million common shares of the company. The partnership directly and indirectly controlled the company prior to the BBUC reorganization and continues to control the company subsequent to the BBUC reorganization through its interests in the company. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the company. In accordance with the company’s and the partnership’s accounting policy, the company has reflected the businesses in the consolidated statements of financial position and financial performance using the partnership’s carrying values prior to the BBUC reorganization. To reflect this continuity of interests, these unaudited interim condensed consolidated financial statements provide comparative information of the company for the periods prior to the BBUC reorganization, as previously reported by the partnership. The economic and accounting impact of contractual relationships created or modified in conjunction with the contribution of the businesses to the company have been reflected prospectively from the date of the contribution and have not been reflected in the results of operations or financial position of the company prior to the BBUC reorganization, as such items were in fact not created or modified prior thereto. Accordingly, the financial information for the periods prior to the BBUC reorganization is presented based on the historical financial information for the company as previously reported by the partnership. For the period after the BBUC reorganization, the results are based on the actual results of the company, including the impact of contractual relationships created or modified in association with the contribution of the businesses to the company. As the partnership holds all of the class C shares of the company, which is the only class of shares of the company presented as equity, net income and equity attributable to common equity have been allocated to the partnership prior to and after the BBUC reorganization.
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New accounting policies adopted | New accounting policies adopted The company has applied certain new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2022. (i)Amendments to IAS 37 – Provisions, contingent liabilities and contingent assets (“IAS 37”) These amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The company adopted these amendments on January 1, 2022 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements. (ii)IFRS 9 – Financial instruments (“IFRS 9”) – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The company adopted this amendment on January 1, 2022 and the adoption did not have an impact on the company’s unaudited interim condensed consolidated financial statements.
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Future changes in accounting policies | Future changes in accounting policies (i)Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”) The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. (ii)Amendment to IAS 12 – Income taxes (“IAS 12”) The amendments clarify that the initial recognition exception does not apply to the initial recognition of transactions that give rise to equal taxable and deductible temporary differences. The amendment to IAS 12 applies to annual reporting periods beginning on or after January 1, 2023. The company is currently assessing the impact of these amendments. There are currently no other future changes to IFRS with potential impact on the company.
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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 financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million.
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Financial liabilities classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses:
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FINANCIAL ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million.
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EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of exchangeable shares, class B shares and carrying value of the liability | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses:
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ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accounts and other receivables, net | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million.
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INVENTORY, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of inventories |
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OTHER ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Assets |
____________________________________ (1)See Note 15 for additional information.
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment |
____________________________________ (1)Includes right-of-use assets of $384 million as at June 30, 2022 (December 31, 2021: $409 million)
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INTANGIBLE ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in intangible assets |
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GOODWILL (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in goodwill |
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EQUITY ACCOUNTED INVESTMENTS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests In Other Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of change in equity investments |
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ACCOUNTS PAYABLE AND OTHER (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accounts payable and other |
____________________________________ (1)Includes post-employment benefits of $441 million ($8 million current and $433 million non-current) as at June 30, 2022, and $446 million ($14 million current and $432 million non-current) as at December 31, 2021. (2)Includes financial liabilities of $1,644 million ($62 million current and $1,582 million non-current) as at June 30, 2022, and $1,732 million ($66 million current and $1,666 million non-current) as at December 31, 2021 related to the sale and leaseback of hospitals. (3)See Note 15 for additional information.
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CONTRACTS IN PROGRESS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of contracts in progress | A summary of the company’s contracts in progress is presented below:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of accumulated other comprehensive income (loss) |
____________________________________ (1)Represents net investment hedges, cash flow hedges and other reserves.
____________________________________ (1)Represents net investment hedges, cash flow hedges and other reserves.
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DIRECT OPERATING COSTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of direct operating costs | The following table presents direct operating costs by nature for the three and six months ended June 30, 2022 and 2021:
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REVENUES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of segment revenue by type | The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2021:
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,110 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $72 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,135 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $140 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,269 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $80 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,444 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $142 million as per the unaudited interim consolidated statements of operating results.
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Disclosure of segment revenue by timing of revenue recognition for revenue from contracts with customers | The following tables below summarize the company’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three and six months ended June 30, 2021:
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Disclosure of revenues by geographical areas | The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2021:
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EQUITY (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital, Reserves and Other Equity Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of outstanding common equity | The following table provides a continuity of the company’s outstanding common equity:
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RELATED PARTY TRANSACTIONS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of transactions between related parties | The following table summarizes other transactions and balances the company has entered into with related parties:
____________________________________ (1)Within the business services segment, the company provides construction services to affiliates of Brookfield.
____________________________________ (1)Includes a $221 million note receivable from the partnership bearing interest at a rate of LIBOR plus 250 bps. (2)On November 29, 2021, the company issued a non-interest bearing demand promissory note of $1,860 million to a subsidiary of the partnership in connection with the BBUC reorganization, which has been fully repaid as of June 30, 2022. See Note 1 for additional details.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million.
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Disclosure of financial liabilities | The following table provides the details of financial instruments and their associated financial instrument classifications as at June 30, 2022:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $547 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,820 million. (4)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b), the class C shares meet certain qualifying criteria and are presented as equity. Refer to Note 20. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
____________________________________ (1)Excludes prepayments, other assets and assets held for sale of $493 million. (2)Refer to Hedging Activities in Note 4(a) below. (3)Total financial assets include $1,392 million of assets pledged as collateral. (4)Excludes provisions, decommissioning liabilities, deferred revenues, work in progress and post-employment benefits of $2,939 million. The following table provides a continuity schedule of outstanding exchangeable shares, and the class B shares, along with the carrying value of the corresponding liability and remeasurement gains and losses:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments | The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by type of revenue for the three and six months ended June 30, 2021:
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,110 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $72 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,135 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $140 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $2,269 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $80 million as per the unaudited interim consolidated statements of operating results.
____________________________________ (1)The sum of these amounts equates to direct operating costs of $4,444 million as per the unaudited interim consolidated statements of operating results. (2)The sum of these amounts equates to general and administrative expenses of $142 million as per the unaudited interim consolidated statements of operating results.
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Disclosure of assets by geographical areas | The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2022:
The following tables below summarize the company’s segment revenues by geography for revenues from contracts with customers for the three and six months ended June 30, 2021:
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest and income taxes paid |
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Disclosure of changes in non-cash working capital | Details of “Changes in non-cash working capital, net” on the unaudited interim condensed consolidated statements of cash flow are as follows:
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ORGANIZATION AND DESCRIPTION OF THE COMPANY (Details) $ / shares in Units, $ in Millions |
4 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 15, 2022
USD ($)
unit
agreement
$ / shares
shares
|
Mar. 14, 2022
USD ($)
shares
|
Nov. 29, 2021
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
shares
|
Jun. 30, 2021
USD ($)
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Dec. 31, 2021
USD ($)
|
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Disclosure of classes of share capital [line items] | |||||||
Common shares transferred (in shares) | shares | 7,000,000 | ||||||
Proceeds received from loan with Brookfield Business Partners | $ 271 | $ 271 | $ 0 | ||||
Repayment of promissory note to subsidiary of the partnership | $ 50 | 271 | 478 | $ 0 | |||
Loan payable to Brookfield Business Partners | $ 1,900 | $ 0 | $ 0 | $ 1,860 | |||
Equity commitment amount | $ 2,000 | ||||||
Equity commitment, subscription of Class C Shares, days listed for exchangeable shares prior to call date | 5 days | ||||||
Equity commitment, subscription of preferred shares, price (in dollars per share) | $ / shares | $ 25.00 | ||||||
Equity commitment, minimum amount per tranche | $ 10 | ||||||
Brookfield Business Partners | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of credit agreements entered into | agreement | 2 | ||||||
Term of credit facility | 10 years | ||||||
Maximum borrowing capacity | $ 1,000 | ||||||
Equity commitment amount | $ 2,000 | ||||||
Equity commitment, subscription of Class C Shares, days listed for exchangeable shares prior to call date | 5 days | ||||||
Equity commitment, subscription of preferred shares, price (in dollars per share) | $ / shares | $ 25.00 | ||||||
Equity commitment, minimum amount per tranche | $ 10 | ||||||
Bilateral credit facilities | Brookfield Business Partners | |||||||
Disclosure of classes of share capital [line items] | |||||||
Provision of related party guarantee by entity | 2,300 | ||||||
Revolving acquisition credit facility | Brookfield Business Partners | |||||||
Disclosure of classes of share capital [line items] | |||||||
Provision of related party guarantee by entity | $ 1,000 | ||||||
Brookfield Business Partners L.P. | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of credit agreements entered into | agreement | 2 | ||||||
Term of credit facility | 10 years | ||||||
Maximum borrowing capacity | $ 1,000 | ||||||
Brookfield Business Partners L.P. | Brookfield Business Corporation | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of voting interest | 75.00% | ||||||
Brookfield Business Partners L.P. | Brookfield Business Corporation | |||||||
Disclosure of classes of share capital [line items] | |||||||
Term of credit facility | 10 years | ||||||
Maximum borrowing capacity | $ 1,000 | ||||||
Shareholders, excluding Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of voting rights held | 9.00% | ||||||
Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of voting rights held | 16.00% | ||||||
Shareholders | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of voting rights held | 25.00% | ||||||
Brookfield and Brookfield Business Partners L.P. | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of voting rights held | 91.00% | ||||||
Exchangeable shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | shares | 73,000,000 | 73,088,510 | |||||
Number of partnership units issued upon conversion of shares (in units) | unit | 1 | ||||||
Notice period for redemption of all outstanding shares | 60 days | ||||||
Exchangeable shares | Brookfield and its subsidiaries, other than entities within the group | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares distributed (in shares) | shares | 35,000,000 | ||||||
Exchangeable shares | Brookfield Business Partners L.P. | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares distributed (in shares) | shares | 38,000,000 | ||||||
Exchangeable shares | Brookfield Business Partners L.P. | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares received per two limited partnership units held (in shares) | shares | 1 | ||||||
Exchangeable shares | Shareholders, excluding Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of issued and outstanding shares held | 35.30% | ||||||
Exchangeable shares | Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of issued and outstanding shares held | 64.70% | ||||||
Class C Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | shares | 26,000,000 | ||||||
Class B shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | shares | 1 | 1 |
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) shares in Millions, $ in Millions |
Nov. 29, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Loan payable to Brookfield Business Partners | $ 1,900 | $ 0 | $ 1,860 |
Common shares transferred (in shares) | 7 |
ACQUISITION OF BUSINESSES (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
May 27, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
BHI Energy | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of economic interests acquired | 100.00% | ||
Total consideration | $ 741,000,000 | ||
Percentage of voting rights acquired | 100.00% | ||
Intangible assets recognized | $ 325,000,000 | ||
Cash and cash equivalents recognized | 21,000,000 | ||
Net other assets recognised | 153,000,000 | ||
Deferred tax liabilities recognized | 78,000,000 | ||
Goodwill recognized | 320,000,000 | ||
Transaction costs recorded | 4,000,000 | ||
Revenue of acquiree since acquisition date | $ 75,000,000 | ||
Net income of acquiree since acquisition date | 0 | ||
Revenue if acquisition had been effective as of the beginning of period | 570,000,000 | ||
Net loss if acquisition had been effective as of the beginning of period | $ 1,000,000 | ||
Non-controlling interest in acquiree recognised at acquisition date | $ 159,000,000 | ||
Spanish engineering and outage services business | |||
Disclosure of detailed information about business combination [line items] | |||
Cash consideration | $ 23,000,000 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of financial assets [line items] | ||
Financial assets | $ 5,412 | $ 3,951 |
Financial assets pledged as collateral | 1,392 | |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,073 | 9,498 |
FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1 | 4 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 28 | 90 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,044 | 9,404 |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4 | 1 |
FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 211 | 84 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,197 | 3,866 |
Accounts payable and other (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,088 | 4,252 |
Accounts payable and other (current and non-current) | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1 | 4 |
Accounts payable and other (current and non-current) | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 28 | 90 |
Accounts payable and other (current and non-current) | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,059 | 4,158 |
Non-recourse borrowings in subsidiaries of the company (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,439 | 5,246 |
Non-recourse borrowings in subsidiaries of the company (current and non-current) | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-recourse borrowings in subsidiaries of the company (current and non-current) | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-recourse borrowings in subsidiaries of the company (current and non-current) | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,439 | 5,246 |
Exchangeable and class B shares | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,546 | |
Exchangeable and class B shares | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Exchangeable and class B shares | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Exchangeable and class B shares | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,546 | |
Provisions, decommissioning liabilities, deferred revenue, work in progress and post-employment benefits | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,820 | 2,939 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 828 | 894 |
Cash and cash equivalents | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 828 | 894 |
Accounts and other receivable, net (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,946 | 2,281 |
Accounts and other receivable, net (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,946 | 2,281 |
Other assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 397 | 427 |
Other assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 397 | 427 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,241 | 349 |
Financial assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4 | 1 |
Financial assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 211 | 84 |
Financial assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,026 | 264 |
Prepayments, other assets and assets held for sale | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 547 | $ 493 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Cash | $ 587 | $ 587 | $ 704 | ||
Cash equivalents | 241 | 241 | 190 | ||
Derivative financial assets | 214 | 214 | 85 | ||
Derivative financial liabilities | 30 | 30 | 94 | ||
Fair value through profit or loss | Level 2 | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial liabilities | 30 | 30 | 94 | ||
Fair value through profit or loss | Level 2 | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 214 | 214 | 85 | ||
Hedges of net investment in foreign operations | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 68 | 68 | 30 | ||
Derivative financial liabilities | 8 | 8 | 13 | ||
Hedges of net investment in foreign operations | Fair value through other comprehensive income | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Gains (losses) on hedging instrument, fair value hedges | 99 | $ 2 | 87 | $ 24 | |
Cash flow hedges | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 143 | 143 | 54 | ||
Derivative financial liabilities | 20 | 20 | $ 76 | ||
Cash flow hedges | Fair value through other comprehensive income | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Gains (losses) on hedging instrument, fair value hedges | $ 42 | $ (1) | $ 134 | $ 31 |
FINANCIAL ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current | ||
Restricted cash | $ 809 | $ 47 |
Derivative contracts | 69 | 40 |
Loans and notes receivable | 0 | 1 |
Total current | 878 | 88 |
Non-current | ||
Restricted cash | 211 | 209 |
Derivative contracts | 145 | 45 |
Loans and notes receivable | 7 | 7 |
Total non-current | $ 363 | $ 261 |
EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 15, 2022 |
|
Disclosure of classes of share capital [line items] | |||
Remeasurement, change in contractual cash flows based on share price, number of shares (in shares) | 1 | ||
Dividends paid | $ 5 | $ 0 | |
Exchangeable shares | |||
Disclosure of classes of share capital [line items] | |||
Shares exchanged to LP Units (in shares) | 50,825 | ||
Dividends declared | $ 5 | ||
Dividends paid | $ 5 | ||
LP Unit | |||
Disclosure of classes of share capital [line items] | |||
Unit price (in dollars per share) | $ 21.19 | $ 28.41 |
EXCHANGEABLE SHARES, CLASS B SHARES AND CLASS C SHARES - Outstanding Exchangeable Shares and Class B Shares and Carrying Value of the Liability (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 14, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of classes of share capital [line items] | |||||
Beginning balance | $ 9,498 | ||||
Remeasurement (gains) losses | $ 696 | $ 0 | 528 | $ 0 | |
Ending balance | 15,073 | 15,073 | |||
Exchangeable shares and class B shares | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance | 0 | ||||
Share issuance | 2,077 | ||||
Converted to class C shares | (2) | ||||
Shares exchanged to LP Units | (1) | ||||
Remeasurement (gains) losses | (528) | ||||
Ending balance | $ 1,546 | $ 1,546 | |||
Exchangeable shares | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance (in shares) | 0 | ||||
Share issuance (in shares) | 73,000,000 | 73,088,510 | |||
Converted to class C shares (in shares) | (80,425) | ||||
Shares exchanged to LP Units (in shares) | (50,825) | ||||
Ending balance (in shares) | 72,957,260 | 72,957,260 | |||
Class B shares | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance (in shares) | 0 | ||||
Share issuance (in shares) | 1 | 1 | |||
Converted to class C shares (in shares) | 0 | ||||
Shares exchanged to LP Units (in shares) | 0 | ||||
Ending balance (in shares) | 1 | 1 |
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 2,215 | $ 1,602 |
Non-current, net | ||
Accounts receivable | 48 | 46 |
Retainer on customer contract | 47 | 61 |
Billing rights | 636 | 572 |
Total non-current, net | 731 | 679 |
Total | $ 2,946 | $ 2,281 |
ACCOUNTS AND OTHER RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of financial assets [line items] | ||
Retention balance, current | $ 397 | $ 427 |
Construction operations | ||
Disclosure of financial assets [line items] | ||
Retention balance, current | $ 213 | $ 231 |
INVENTORY, NET (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventories [Abstract] | ||
Raw materials and consumables | $ 251 | $ 245 |
Work in progress | 142 | 139 |
Finished goods and other | 222 | 196 |
Carrying amount of inventories | $ 615 | $ 580 |
OTHER ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current | ||
Work in progress | $ 397 | $ 427 |
Prepayments and other assets | 307 | 274 |
Assets held for sale | 17 | 1 |
Total current | 721 | 702 |
Non-current | ||
Prepayments and other assets | 223 | 218 |
Total non-current | $ 223 | $ 218 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | $ 4,036 | |
Balance at end of period | 3,783 | $ 4,036 |
Right-of-use assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 409 | |
Balance at end of period | 384 | 409 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 4,820 | 4,917 |
Additions (cash and non-cash) | 133 | 315 |
Dispositions | (26) | (155) |
Acquisitions through business combinations | 85 | 0 |
Transfers and assets reclassified as held for sale | (20) | (3) |
Foreign currency translation and other | (309) | (254) |
Balance at end of period | 4,683 | 4,820 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | (784) | (599) |
Depreciation/depletion expense | (165) | (341) |
Dispositions | 13 | 138 |
Transfers and assets reclassified as held for sale | 3 | (14) |
Foreign currency translation and other | 33 | 32 |
Balance at end of period | $ (900) | $ (784) |
INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance at beginning of period | $ 4,226 | |
Balance at end of period | 4,685 | $ 4,226 |
Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance at beginning of period | 5,087 | 4,990 |
Additions | 181 | 290 |
Dispositions | 0 | (2) |
Acquisitions through business combinations | 325 | 0 |
Foreign currency translation | 97 | (191) |
Balance at end of period | 5,690 | 5,087 |
Accumulated depreciation | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance at beginning of period | (861) | (625) |
Amortization expense | (140) | (262) |
Dispositions | 0 | 2 |
Foreign currency translation | (4) | 24 |
Balance at end of period | $ (1,005) | $ (861) |
GOODWILL (Details) - Goodwill - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of year | $ 2,216 | $ 2,331 |
Acquisitions through business combinations | 320 | 6 |
Foreign currency translation | (101) | (121) |
Balance at end of period | $ 2,435 | $ 2,216 |
EQUITY ACCOUNTED INVESTMENTS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Interests In Other Entities [Abstract] | |||||
Balance at beginning of year | $ 70 | $ 73 | $ 73 | ||
Acquisitions through business combinations | 9 | 0 | |||
Additions | 0 | 1 | |||
Share of net income | $ 2 | $ 0 | 3 | $ 1 | 5 |
Distributions received | (2) | (4) | |||
Foreign currency translation | 0 | (5) | |||
Balance at end of period | $ 80 | $ 80 | $ 70 |
ACCOUNTS PAYABLE AND OTHER (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current | ||
Accounts payable | $ 1,286 | $ 1,360 |
Accrued and other liabilities | 526 | 410 |
Lease liabilities | 66 | 68 |
Financial liabilities | 118 | 126 |
Work in progress | 1,377 | 1,397 |
Provisions and decommissioning liabilities | 303 | 355 |
Liabilities held for sale | 41 | 0 |
Total current | 3,717 | 3,716 |
Non-current | ||
Accounts payable | 65 | 84 |
Accrued and other liabilities | 577 | 520 |
Lease liabilities | 342 | 401 |
Financial liabilities | 1,648 | 1,787 |
Work in progress | 13 | 1 |
Provisions and decommissioning liabilities | 546 | 682 |
Total non-current | 3,191 | 3,475 |
Net defined benefit liability | 441 | 446 |
Current net defined benefit liability | 8 | 14 |
Non-current net defined benefit liability | 433 | 432 |
Financial liability recognized for proceeds received from sale and leaseback transaction | 1,644 | 1,732 |
Current financial liability recognized related to sale and leaseback of hospitals | 62 | 66 |
Noncurrent financial liability recognized related to sale and leaseback of hospitals | $ 1,582 | $ 1,666 |
CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Construction Contracts [Abstract] | ||
Contract costs incurred to date | $ 20,039 | $ 21,290 |
Profit recognized to date (less recognized losses) | 1,820 | 1,760 |
Contract costs incurred and profit recognized (less recognized losses) | 21,859 | 23,050 |
Less: progress billings | (22,852) | (24,021) |
Contract work in progress (liability) | (993) | (971) |
Comprising: | ||
Amounts due from customers – work in progress | 397 | 427 |
Amounts due to customers – creditors | (1,390) | (1,398) |
Contract work in progress (liability) | $ (993) | $ (971) |
BORROWINGS (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial Instruments [Abstract] | ||
Current non-recourse borrowings in subsidiaries of the company | $ 426 | $ 53 |
Non-current non-recourse borrowings in subsidiaries of the company | $ 7,467 | $ 5,193 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | $ 1,136 | $ 2,706 | ||||
Other comprehensive income (loss) | $ (148) | $ 140 | 153 | 53 | ||
Ending balance | 1,332 | 2,699 | 1,332 | 2,699 | ||
Accumulated other comprehensive income (loss) | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | [1] | (408) | (455) | |||
Other comprehensive income (loss) | [1] | 46 | 7 | |||
Ending balance | [1] | (362) | (448) | (362) | (448) | |
Foreign currency translation | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | (440) | (371) | ||||
Other comprehensive income (loss) | (18) | (15) | ||||
Ending balance | (458) | (386) | (458) | (386) | ||
Other | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 32 | (84) | ||||
Other comprehensive income (loss) | 64 | 22 | ||||
Ending balance | $ 96 | $ (62) | $ 96 | $ (62) | ||
|
DIRECT OPERATING COSTS - Direct Costs by Nature (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Direct operating costs | $ 2,110 | $ 2,269 | $ 4,135 | $ 4,444 |
Direct costs | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Inventory costs | 254 | 278 | 501 | 669 |
Subcontractor and consultant costs | 736 | 897 | 1,417 | 1,637 |
Concession construction materials and labor costs | 81 | 51 | 160 | 84 |
Depreciation and amortization expense | 156 | 152 | 305 | 302 |
Compensation | 679 | 645 | 1,305 | 1,283 |
Other direct costs | $ 204 | $ 246 | $ 447 | $ 469 |
REVENUES - Segment Revenue By Type (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | $ 2,318 | $ 2,451 | $ 4,549 | $ 4,819 |
Other revenues | 0 | 1 | 20 | 2 |
Total revenues | 2,318 | 2,452 | 4,569 | 4,821 |
Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,295 | 1,556 | 2,523 | 2,954 |
Other revenues | 0 | 1 | 20 | 2 |
Total revenues | 1,295 | 1,557 | 2,543 | 2,956 |
Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 802 | 750 | 1,601 | 1,602 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 802 | 750 | 1,601 | 1,602 |
Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 221 | 145 | 425 | 263 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | $ 221 | $ 145 | $ 425 | $ 263 |
REVENUES - Timing of Revenue Recognition From Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | $ 2,318 | $ 2,451 | $ 4,549 | $ 4,819 |
Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,295 | 1,556 | 2,523 | 2,954 |
Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 802 | 750 | 1,601 | 1,602 |
Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 221 | 145 | 425 | 263 |
Goods and services provided at a point in time | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 944 | 857 | 1,860 | 1,862 |
Goods and services provided at a point in time | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 493 | 526 | 937 | 1,024 |
Goods and services provided at a point in time | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 313 | 239 | 661 | 662 |
Goods and services provided at a point in time | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 138 | 92 | 262 | 176 |
Services transferred over a period of time | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,374 | 1,594 | 2,689 | 2,957 |
Services transferred over a period of time | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 802 | 1,030 | 1,586 | 1,930 |
Services transferred over a period of time | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 489 | 511 | 940 | 940 |
Services transferred over a period of time | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | $ 83 | $ 53 | $ 163 | $ 87 |
REVENUES - Revenue by geography (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | $ 2,318 | $ 2,451 | $ 4,549 | $ 4,819 |
Other revenues | 0 | 1 | 20 | 2 |
Revenues | 2,318 | 2,452 | 4,569 | 4,821 |
Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,295 | 1,556 | 2,523 | 2,954 |
Other revenues | 0 | 1 | 20 | 2 |
Revenues | 1,295 | 1,557 | 2,543 | 2,956 |
Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 802 | 750 | 1,601 | 1,602 |
Other revenues | 0 | 0 | 0 | 0 |
Revenues | 802 | 750 | 1,601 | 1,602 |
Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 221 | 145 | 425 | 263 |
Other revenues | 0 | 0 | 0 | 0 |
Revenues | 221 | 145 | 425 | 263 |
United Kingdom | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 216 | 351 | 422 | 674 |
United Kingdom | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 173 | 292 | 333 | 563 |
United Kingdom | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 43 | 59 | 89 | 111 |
United Kingdom | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
United States of America | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 371 | 307 | 816 | 684 |
United States of America | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
United States of America | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 371 | 307 | 816 | 684 |
United States of America | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Europe | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 238 | 247 | 453 | 487 |
Europe | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Europe | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 238 | 247 | 453 | 487 |
Europe | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Australia | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,093 | 1,186 | 2,134 | 2,226 |
Australia | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 1,093 | 1,186 | 2,134 | 2,226 |
Australia | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Australia | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Brazil | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 225 | 149 | 431 | 271 |
Brazil | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Brazil | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 4 | 4 | 6 | 8 |
Brazil | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 221 | 145 | 425 | 263 |
Other | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 175 | 211 | 293 | 477 |
Other | Business services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 29 | 78 | 56 | 165 |
Other | Infrastructure services | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | 146 | 133 | 237 | 312 |
Other | Industrials | ||||
Disclosure of operating segments [line items] | ||||
Revenues from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
EQUITY - Outstanding Common Equity (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Mar. 14, 2022 |
Jun. 30, 2022 |
|
Reconciliation of number of shares outstanding [abstract] | ||
Beginning balance | $ 1,136 | |
Ending balance | 1,332 | |
Class C Shares | ||
Reconciliation of number of shares outstanding [abstract] | ||
Share issuance (in shares) | 26,000,000 | |
Capital | ||
Reconciliation of number of shares outstanding [abstract] | ||
Beginning balance | 159 | |
Ending balance | $ 737 | |
Capital | Class C Shares | ||
Reconciliation of number of shares outstanding [abstract] | ||
Beginning balance (in shares) | 0 | |
Share issuance (in shares) | 25,853,695 | |
Converted from class A shares (in shares) | 80,425 | |
Ending balance (in shares) | 25,934,120 | |
Beginning balance | $ 0 | |
Share issuance | 735 | |
Converted from class A shares | 2 | |
Ending balance | $ 737 |
EQUITY - Narrative (Details) - $ / shares |
6 Months Ended | ||
---|---|---|---|
Mar. 14, 2022 |
Jun. 30, 2022 |
Mar. 15, 2022 |
|
Exchangeable shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 73,000,000 | 73,088,510 | |
Class B shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 1 | 1 | |
Class C Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 26,000,000 | ||
LP Unit | |||
Disclosure of classes of share capital [line items] | |||
Unit price (in dollars per share) | $ 21.19 | $ 28.41 |
RELATED PARTY TRANSACTIONS - Narrative (Details) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 15, 2022
USD ($)
agreement
$ / shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
|
Disclosure of transactions between related parties [line items] | |||
Equity commitment amount | $ 2,000,000,000 | ||
Equity commitment, subscription of Class C Shares, days listed for exchangeable shares prior to call date | 5 days | ||
Equity commitment, subscription of preferred shares, price (in dollars per share) | $ / shares | $ 25.00 | ||
Equity commitment, minimum amount per tranche | $ 10,000,000 | ||
Subsidiary of Brookfield | |||
Disclosure of transactions between related parties [line items] | |||
Base Management Fee, quarterly percentage | 0.3125% | ||
Base Management Fee, annual percentage | 1.25% | ||
Base Management Fee allocated | $ 4,000,000 | $ 5,000,000 | |
Brookfield Business Partners | |||
Disclosure of transactions between related parties [line items] | |||
Preferred equity securities maximum subscription amount | $ 1,500,000,000 | ||
Preferred equity securities dividend rate | 6.00% | ||
Number of credit agreements entered into | agreement | 2 | ||
Term of credit facility | 10 years | ||
Term of loan commitment | 10 years | ||
Maximum borrowing capacity | $ 1,000,000,000 | ||
Maximum loan commitment | 1,000,000,000 | ||
Equity commitment amount | $ 2,000,000,000 | ||
Equity commitment, subscription of Class C Shares, days listed for exchangeable shares prior to call date | 5 days | ||
Equity commitment, subscription of preferred shares, price (in dollars per share) | $ / shares | $ 25.00 | ||
Equity commitment, minimum amount per tranche | $ 10,000,000 | ||
Brookfield Business Partners | Capital | Preference shares [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amount subscribed | $ 0 | ||
Brookfield Business Partners | Bilateral credit facilities | |||
Disclosure of transactions between related parties [line items] | |||
Provision of related party guarantee by entity | 2,300,000,000 | ||
Brookfield Business Partners | Revolving acquisition credit facility | |||
Disclosure of transactions between related parties [line items] | |||
Provision of related party guarantee by entity | $ 1,000,000,000 |
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Nov. 29, 2021 |
|
Other related parties | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Revenues | $ 53 | $ 127 | $ 124 | $ 279 | ||
Accounts and other receivable, net | 530 | 530 | $ 106 | |||
Accounts payable and other/ Loan payable to Brookfield Business Partners | 31 | 31 | 5 | |||
Brookfield Business Partners | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Accounts and other receivable, net | 221 | 221 | ||||
Accounts payable and other/ Loan payable to Brookfield Business Partners | $ 0 | $ 0 | $ 1,860 | $ 1,860 | ||
Brookfield Business Partners | London Interbank Offered Rate LIBOR | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Notes receivable, interest rate margin | 2.50% | 2.50% |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of detailed information about hedging instruments [line items] | ||
Financial Asset | $ 214 | $ 85 |
Current Financial Asset | 69 | 40 |
Non-current Financial Assets | 145 | 45 |
Financial Liability | 30 | 94 |
Current Financial Liability | 15 | 19 |
Non-current financial Liability | 15 | 75 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Financial Asset | 112 | 65 |
Financial Liability | 28 | 22 |
Interest rate derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Financial Asset | 102 | 20 |
Financial Liability | $ 2 | $ 72 |
SEGMENT INFORMATION - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
segment
| |
Operating Segments [Abstract] | |
Number of operating segments | 3 |
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||
Disclosure of operating segments [line items] | |||||||
Revenues | $ 2,318 | $ 2,452 | $ 4,569 | $ 4,821 | |||
Direct operating costs | (2,110) | (2,269) | (4,135) | (4,444) | |||
General and administrative expenses | (72) | (80) | (140) | (142) | |||
Interest income (expense), net | (133) | (100) | (240) | (199) | |||
Equity accounted income (loss), net | 2 | 0 | 3 | 1 | $ 5 | ||
Remeasurement of exchangeable and class B shares | 696 | 0 | 528 | 0 | |||
Other income (expense), net | (24) | (38) | (67) | (27) | |||
Income (loss) before income tax | 677 | (35) | 518 | 10 | |||
Income tax (expense) recovery | |||||||
Current | (17) | (8) | (33) | (31) | |||
Deferred | 390 | 0 | 402 | 14 | |||
Net income (loss) | 1,050 | (43) | 887 | (7) | |||
Attributable to: | |||||||
Brookfield Business Partners | [1] | 789 | (12) | 625 | (1) | ||
Non-controlling interests | 261 | (31) | 262 | (6) | |||
Operating segments | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 2,318 | 2,452 | 4,569 | 4,821 | |||
Direct operating costs | (1,954) | (2,117) | (3,830) | (4,142) | |||
General and administrative expenses | (67) | (72) | (133) | (128) | |||
Adjusted net operating income | 297 | 263 | 606 | 551 | |||
Unallocated amounts | |||||||
Disclosure of operating segments [line items] | |||||||
Direct operating costs | (156) | (152) | (305) | (302) | |||
General and administrative expenses | (5) | (8) | (7) | (14) | |||
Interest income (expense), net | (133) | (100) | (240) | (199) | |||
Equity accounted income (loss), net | 2 | 3 | 1 | ||||
Remeasurement of exchangeable and class B shares | 696 | 528 | |||||
Other income (expense), net | (24) | (38) | (67) | (27) | |||
Business services | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 1,295 | 1,557 | 2,543 | 2,956 | |||
Business services | Operating segments | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 1,295 | 1,557 | 2,543 | 2,956 | |||
Direct operating costs | (1,171) | (1,437) | (2,324) | (2,728) | |||
General and administrative expenses | (28) | (32) | (55) | (54) | |||
Adjusted net operating income | 96 | 88 | 164 | 174 | |||
Infrastructure services | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 802 | 750 | 1,601 | 1,602 | |||
Infrastructure services | Operating segments | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 802 | 750 | 1,601 | 1,602 | |||
Direct operating costs | (640) | (585) | (1,220) | (1,248) | |||
General and administrative expenses | (32) | (33) | (65) | (60) | |||
Adjusted net operating income | 130 | 132 | 316 | 294 | |||
Industrials | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 221 | 145 | 425 | 263 | |||
Industrials | Operating segments | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 221 | 145 | 425 | 263 | |||
Direct operating costs | (143) | (95) | (286) | (166) | |||
General and administrative expenses | (7) | (7) | (13) | (14) | |||
Adjusted net operating income | $ 71 | $ 43 | $ 126 | $ 83 | |||
|
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of operating segments [line items] | ||
Total assets | $ 18,170 | $ 15,920 |
Other | ||
Disclosure of operating segments [line items] | ||
Total assets | 427 | |
Business services | Operating segments | ||
Disclosure of operating segments [line items] | ||
Total assets | 7,669 | 7,122 |
Infrastructure services | Operating segments | ||
Disclosure of operating segments [line items] | ||
Total assets | 6,600 | 5,762 |
Industrials | Operating segments | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 3,474 | 3,036 |
Industrials | Other | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Cash Flow Statement [Abstract] | ||
Interest paid | $ 196 | $ 156 |
Income taxes paid (received) | $ 34 | $ 31 |
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Cash Flow Statement [Abstract] | ||
Accounts receivable | $ 135 | $ (36) |
Inventory | (57) | 56 |
Prepayments and other | (5) | (115) |
Accounts payable and other | (201) | (141) |
Changes in non-cash working capital, net | $ (128) | $ (236) |
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Billions |
Aug. 04, 2022 |
Jul. 06, 2022 |
---|---|---|
Quarterly dividend | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Distribution declared (in dollars per share) | $ 0.0625 | |
Acquisition | CDK Global | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of economic interests acquired | 25.00% | |
Acquisition | CDK Global | The company and institutional partners | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of economic interests acquired | 100.00% | |
Total consideration | $ 8.5 |
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