Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-37775 |
Entity Registrant Name | Brookfield Business Partners L.P. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Entity Common Stock, Shares Outstanding | 79,031,984 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Central Index Key | 0001654795 |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
City Area Code | +441 |
Local Phone Number | 294-3309 |
New York Stock Exchange | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Limited Partnership Units |
Trading Symbol | BBU |
Security Exchange Name | NYSE |
Toronto Stock Exchange | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Limited Partnership Units |
Trading Symbol | BBU.UN |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Limited Partners | Redemption-Exchange Units held by Brookfield Asset Management Inc. | CapitalLimited Partners | CapitalRedemption-Exchange Units held by Brookfield Asset Management Inc. | Retained earningsLimited Partners | Retained earningsRedemption-Exchange Units held by Brookfield Asset Management Inc. | Retained earningsSpecial Limited Partners | Ownership changeLimited Partners | Ownership changeRedemption-Exchange Units held by Brookfield Asset Management Inc. | Accumulated other comprehensive income (loss)Limited Partners | [2] | Accumulated other comprehensive income (loss)Redemption-Exchange Units held by Brookfield Asset Management Inc. | [2] | Capital | Interest of others in operating subsidiaries | ||
Beginning balance (Previously stated) at Dec. 31, 2017 | $ 6,064 | $ 1,585 | $ 1,438 | $ 1,766 | $ 1,674 | $ (69) | $ (71) | $ 0 | $ 0 | [1] | $ 0 | $ (112) | $ (165) | $ 15 | $ 3,026 | |||
Beginning balance (Adoption of new accounting standards) at Dec. 31, 2017 | (275) | (133) | (128) | (133) | (128) | (14) | ||||||||||||
Beginning balance at Dec. 31, 2017 | 5,789 | 1,452 | 1,310 | 1,766 | 1,674 | (202) | (199) | 0 | 0 | [1] | 0 | (112) | (165) | 15 | 3,012 | |||
Net income (loss) | 1,203 | 74 | 70 | 74 | 70 | 278 | 781 | |||||||||||
Other comprehensive income (loss) | (388) | (73) | (69) | (73) | (69) | (246) | ||||||||||||
Comprehensive income (loss) | 815 | 1 | 1 | 74 | 70 | 278 | (73) | (69) | 535 | |||||||||
Contributions | 85 | 85 | ||||||||||||||||
Distributions | [3] | (2,680) | (16) | (16) | (16) | (16) | (278) | (2,370) | ||||||||||
Ownership changes | [4] | 1,780 | 111 | 105 | (93) | (89) | 205 | [1] | 195 | (1) | (1) | 1,564 | ||||||
Acquisition of interest | [1] | 705 | 705 | |||||||||||||||
Ending balance at Dec. 31, 2018 | 6,494 | 1,548 | 1,400 | 1,766 | 1,674 | (237) | (234) | 0 | 205 | [1] | 195 | (186) | (235) | 15 | 3,531 | |||
Net income (loss) | 434 | 43 | 45 | 43 | 45 | 346 | ||||||||||||
Other comprehensive income (loss) | (198) | (32) | (29) | (32) | (29) | (137) | ||||||||||||
Comprehensive income (loss) | 236 | 11 | 16 | 43 | 45 | (32) | (29) | 209 | ||||||||||
Contributions | 235 | 235 | ||||||||||||||||
Distributions | [5] | (1,713) | (18) | (17) | (18) | (17) | (1,678) | |||||||||||
Ownership changes | [4] | (419) | 10 | 12 | (5) | (3) | 15 | 15 | (441) | |||||||||
Acquisition of interest | [1] | 5,405 | 5,405 | |||||||||||||||
Unit issuances, net of repurchases | [5] | 815 | 565 | 250 | 565 | 250 | ||||||||||||
Ending balance at Dec. 31, 2019 | 11,053 | 2,116 | 1,661 | 2,331 | 1,924 | (217) | (209) | 0 | 220 | 210 | (218) | (264) | 15 | 7,261 | ||||
Net income (loss) | 580 | (91) | (78) | (91) | (78) | 749 | ||||||||||||
Other comprehensive income (loss) | 72 | 36 | 31 | 36 | 31 | 5 | ||||||||||||
Comprehensive income (loss) | 652 | (55) | (47) | (91) | (78) | 36 | 31 | 754 | ||||||||||
Contributions | 715 | 715 | ||||||||||||||||
Distributions | [5] | (1,262) | (20) | (17) | (20) | (17) | (1,225) | |||||||||||
Unit repurchases | [5] | (56) | (56) | (56) | ||||||||||||||
Ownership changes | [4] | 2 | (57) | (48) | 93 | 82 | (152) | (132) | 2 | 2 | 107 | |||||||
Acquisition of interest | [1] | 233 | 233 | |||||||||||||||
Ending balance at Dec. 31, 2020 | $ 11,337 | $ 1,928 | $ 1,549 | $ 2,275 | $ 1,924 | $ (235) | $ (222) | $ 0 | $ 68 | $ 78 | $ (180) | $ (231) | $ 15 | $ 7,845 | ||||
[1] | See Note 3 for additional information. | |||||||||||||||||
[2] | See Note 20 for additional information. | |||||||||||||||||
[3] | See Note 19 for additional information on distributions, including distributions to the Special Limited Partners. | |||||||||||||||||
[4] | Includes gains or losses on changes in ownership interests of consolidated subsidiaries. | |||||||||||||||||
[5] | See Note 19 for additional information on distributions and for additional information on unit issuances and repurchases. |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 2,743 | $ 1,986 |
Financial assets | 2,575 | 1,148 |
Accounts and other receivable, net | 4,306 | 4,808 |
Inventory, net | 3,696 | 3,490 |
Other assets | 1,173 | 1,363 |
Current Assets | 14,493 | 12,795 |
Financial assets | 6,221 | 5,095 |
Accounts and other receivable, net | 683 | 823 |
Other assets | 411 | 429 |
Property, plant and equipment | 13,982 | 13,892 |
Deferred income tax assets | 761 | 667 |
Intangible assets | 11,261 | 11,559 |
Equity accounted investments | 1,690 | 1,273 |
Goodwill | 5,244 | 5,218 |
Total assets | 54,746 | 51,751 |
Current Liabilities | ||
Accounts payable and other | 10,416 | 9,881 |
Corporate borrowings | 300 | 0 |
Non-recourse borrowings in subsidiaries of the partnership | 1,417 | 1,143 |
Current Liabilities | 12,133 | 11,024 |
Accounts payable and other | 7,516 | 6,615 |
Corporate borrowings | 310 | 0 |
Non-recourse borrowings in subsidiaries of the partnership | 21,749 | 21,256 |
Deferred income tax liabilities | 1,701 | 1,803 |
Total liabilities | 43,409 | 40,698 |
Equity | ||
Limited partners | 1,928 | 2,116 |
Non-controlling interests attributable to: | ||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,564 | 1,676 |
Interest of others in operating subsidiaries | 7,845 | 7,261 |
Total equity | 11,337 | 11,053 |
Total liabilities and equity | $ 54,746 | $ 51,751 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenues | $ 37,635 | $ 43,032 | $ 37,168 |
Direct operating costs | (32,465) | (38,327) | (34,134) |
General and administrative expenses | (968) | (832) | (643) |
Depreciation and amortization expense | (2,165) | (1,804) | (748) |
Interest income (expense), net | (1,482) | (1,274) | (498) |
Share of profit (loss) of associates and joint ventures accounted for using equity method | 57 | 114 | 10 |
Impairment expense, net | (263) | (609) | (218) |
Gains (losses) on disposals of non-current assets | 274 | 726 | 500 |
Other operating income (expense) | 111 | (400) | (136) |
Income (loss) before income tax | 734 | 626 | 1,301 |
Income tax (expense) recovery | |||
Current | (284) | (324) | (186) |
Deferred | 130 | 132 | 88 |
Net income (loss) | 580 | 434 | 1,203 |
Attributable to: | |||
Limited partners | (91) | 43 | 74 |
Non-controlling interests attributable to: | |||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | (78) | 45 | 70 |
Special Limited Partners | 0 | 0 | 278 |
Interest of others in operating subsidiaries | 749 | 346 | 781 |
Net income (loss) | $ 580 | $ 434 | $ 1,203 |
Basic and diluted earnings (loss) per limited partner unit (in usd per share) | $ (1.13) | $ 0.62 | $ 1.11 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) | $ 580 | $ 434 | $ 1,203 |
Items that may be reclassified subsequently to profit or loss: | |||
Fair value through other comprehensive income | 168 | 0 | 0 |
Foreign currency translation | 163 | 13 | (422) |
Net investment and cash flow hedges | (245) | (132) | 72 |
Equity accounted investments | 6 | 0 | (1) |
Taxes on the above items | (70) | 13 | (8) |
Reclassification to profit or loss | 85 | 18 | 0 |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 107 | (88) | (359) |
Items that will not be reclassified subsequently to profit or loss: | |||
Revaluation of pension obligations | (139) | (122) | (70) |
Fair value through other comprehensive income | 100 | 10 | 35 |
Taxes on the above items | 4 | 2 | 6 |
OCI | 72 | (198) | (388) |
Comprehensive income (loss) | 652 | 236 | 815 |
Attributable to: | |||
Limited partners | (55) | 11 | 1 |
Non-controlling interests attributable to: | |||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | (47) | 16 | 1 |
Special Limited Partners | 0 | 0 | 278 |
Interest of others in operating subsidiaries | $ 754 | $ 209 | $ 535 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income (loss) | $ 580 | $ 434 | $ 1,203 |
Adjusted for the following items: | |||
Equity accounted earnings, net of distributions | (17) | (52) | 19 |
Impairment expense, net | 263 | 609 | 218 |
Depreciation and amortization expense | 2,165 | 1,804 | 748 |
Gain on acquisitions/dispositions, net | (274) | (726) | (500) |
Provisions and other items | 282 | 110 | 10 |
Deferred income tax (recovery) | (130) | (132) | (88) |
Changes in non-cash working capital, net | 1,336 | 116 | (269) |
Cash from operating activities | 4,205 | 2,163 | 1,341 |
Financing Activities | |||
Proceeds from non-recourse borrowings in subsidiaries of the partnership | 4,357 | 15,164 | 6,860 |
Repayment of non-recourse borrowings in subsidiaries of the partnership | (5,069) | (3,786) | (2,292) |
Proceeds from corporate borrowings | 1,742 | 0 | 0 |
Repayment of corporate borrowings | (1,132) | 0 | 0 |
Proceeds from other financing | 174 | 1,750 | 0 |
Repayment of other financing | (111) | (42) | 0 |
Proceeds from (repayment of) other credit facilities, net | (520) | 321 | (48) |
Lease liability repayment | (229) | (182) | 0 |
Capital provided by limited partners and Redemption-Exchange unitholders | 0 | 815 | 0 |
Capital provided by others who have interests in operating subsidiaries | 841 | 4,151 | 1,395 |
Capital paid to others who have interests in operating subsidiaries | (56) | (462) | 0 |
Payments to acquire or redeem entity's shares | (56) | 0 | 0 |
Distributions to limited partners and Redemption-Exchange Unitholders | (37) | (35) | (32) |
Distributions to Special Limited Partners Unitholders | 0 | 0 | (327) |
Distributions to others who have interests in operating subsidiaries | (981) | (1,769) | (1,995) |
Cash from (used in) financing activities | (1,077) | 15,925 | 3,561 |
Acquisitions | |||
Subsidiaries, net of cash acquired | 101 | (18,498) | (3,422) |
Property, plant and equipment and intangible assets | (1,405) | (1,205) | (545) |
Equity accounted investments | (446) | (25) | (9) |
Financial assets and other | (2,372) | (73) | (465) |
Dispositions | |||
Subsidiaries, net of cash disposed | 537 | 1,393 | 0 |
Property, plant and equipment | 41 | 62 | 111 |
Equity accounted investments | 0 | 43 | 371 |
Financial assets and other | 1,716 | 262 | 8 |
Net settlement of hedges | 179 | 32 | 23 |
Restricted cash and deposits | (685) | 70 | (71) |
Cash (used in) investing activities | (2,334) | (17,939) | (3,999) |
Cash | |||
Change during the period | 794 | 149 | 903 |
Impact of foreign exchange on cash | (37) | (10) | (60) |
Net change in cash reclassified as assets held for sale | 0 | (102) | 0 |
Balance, beginning of year | 1,986 | 1,949 | 1,106 |
Balance, end of year | $ 2,743 | $ 1,986 | $ 1,949 |
NATURE AND DESCRIPTION OF THE P
NATURE AND DESCRIPTION OF THE PARTNERSHIP | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
NATURE AND DESCRIPTION OF THE PARTNERSHIP | NATURE AND DESCRIPTION OF THE PARTNERSHIP (a) Brookfield Business Partners L.P. Brookfield Business Partners L.P. and its subsidiaries, (collectively, the “partnership”) own and operate business services and industrial operations (“the Business”) on a global basis. Brookfield Business Partners L.P. was registered as a limited partnership established under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as further amended on June 17, 2016. Brookfield Business Partners L.P. is a subsidiary of Brookfield Asset Management Inc. (“Brookfield Asset Management” or “Brookfield” or the “parent company”). Brookfield Business Partners L.P.’s limited partnership units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “BBU” and “BBU.UN”, respectively. The registered head office of Brookfield Business Partners L.P. is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. Brookfield Business Partners L.P.’s sole direct investment is a managing general partnership interest (the “Managing GP Units”) in Brookfield Business L.P. (the “Holding LP”), which holds the partnership’s interests in business services and industrial operations. The partnership’s principal operations include business services operations, such as residential mortgage insurance services, healthcare services, road fuel distribution and marketing services and construction services. The partnership’s principal industrial operations comprise automotive battery production, water and wastewater services, and graphite electrode production. The partnership’s operations also provide infrastructure services to the nuclear power industry, to the offshore oil production industry and to industrial and commercial facilities. The partnership’s operations are primarily located in Canada, Australia, Europe, the United States, India and Brazil. (b) Spin-off of business services and industrial operations On June 20, 2016, Brookfield completed the spin-off of the partnership (the “spin-off”), which was effected by way of a special dividend of units of Brookfield Business Partners L.P. to holders of Brookfield’s Class A and B limited voting shares as of June 2, 2016. Each holder of Brookfield shares received one limited partnership unit for approximately every 50 Brookfield shares. Brookfield shareholders received approximately 45% of the limited partnership units of Brookfield Business Partners L.P., with Brookfield retaining the remaining limited partnership units of Brookfield Business Partners L.P. Prior to the spin-off, Brookfield effected a reorganization so that the partnership’s business services and industrial operations that were historically owned and operated by Brookfield, both directly and through its operating entities, were acquired by subsidiaries of the Holding LP, (the “holding entities”). In addition, Brookfield transferred $250 million in cash to the holding entities. The holding entities were established to hold the partnership’s interest in the Business. In consideration, Brookfield received (i) approximately 55% of the limited partnership (“LP Units”) and 100% of the general partner units (“GP Units”) of Brookfield Business Partners L.P., (ii) special limited partnership units (“Special LP Units”) and redemption-exchange units of Holding LP (“Redemption-Exchange Units”), representing an approximate 52% limited partnership interest in the Holding LP, and (iii) $15 million of preferred shares of the holding entities (“preferred shares”). On spin-off, Brookfield held approximately 79% of the partnership interest on a fully exchanged basis. As at December 31, 2020 , Brookfield’s interest in the partnership was approximately 64% on a fully exchanged basis. Further details are described in Note 19. Throughout these consolidated financial statements, reference to “attributable to unitholders” means attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders post spin-off. The following describes the agreements resulting from the spin-off: (i) Redemption-exchange units As part of the spin-off, Holding LP issued Redemption-Exchange Units for the transfer of the Business. The Redemption-Exchange Units may, at the request of Brookfield, be redeemed in whole or in part, for cash in an amount equal to the market value of one of Brookfield Business Partners L.P.’s LP Units multiplied by the number of units to be redeemed (subject to certain customary adjustments). This right is subject to Brookfield Business Partners L.P.’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of Brookfield Business Partners L.P.’s LP Units (subject to certain customary adjustments). If Brookfield Business Partners L.P. elects not to exchange the redemption-exchange units for limited partnership units of Brookfield Business Partners L.P., the redemption-exchange units are required to be redeemed for cash. The Redemption-Exchange Units provide the holder the direct economic benefits and exposures to the underlying performance of Holding LP and accordingly to the variability of the distributions of Holding LP, whereas Brookfield Business Partners L.P.’s unitholders have indirect access to the economic benefits and exposures of Holding LP through direct ownership interest in Brookfield Business Partners L.P. which owns a direct interest in Holding LP through its Managing GP Units. (ii) Preferred shares As part of the spin-off, Brookfield subscribed for an aggregate of $15 million of preferred shares of three of the partnership’s subsidiaries. The preferred shares are entitled to receive a cumulative preferential cash dividend equal to 5% of their redemption value per annum as and when declared by the board of the directors of the applicable entity and are redeemable at the option of the applicable entity at any time after the twentieth anniversary of their issuance. (iii) Credit facilities As part of the spin-off, the partnership entered into a credit agreement with Brookfield (the “Brookfield Credit Agreements”) providing for two, three-year revolving credit facilities. In October 2017, the two credit facilities were combined into one revolving credit facility that permits borrowings of up to $500 million. In August 2019, the partnership entered into a third amended and restated credit agreement with Brookfield to borrow up to $500 million, which replaced the previous facilities to help fund new acquisitions and investments. In August 2020, the partnership signed an agreement to increase the total amount available under the bilateral credit facilities by $500 million, which has been guaranteed by Brookfield, for the purpose of obtaining additional liquidity to help fund acquisitive opportunities. Further details of the Brookfield Credit Agreements are described in Note 17. (iv) Other arrangements with Brookfield The partnership entered into a Master Services Agreement (the “Master Services Agreement”) with affiliates of Brookfield (the “Service Providers”), to provide management services to the partnership. Key decision makers of the partnership are employees of the ultimate parent company and provide management services to the partnership under this Master Services Agreement. Pursuant to the Master Services Agreement, the partnership pays a base management fee to the Service Providers equal to 1.25% of the total capitalization of Brookfield Business Partners L.P. per annum (0.3125% per quarter). Through its holding of Special LP Units in the Holding LP, Brookfield also receives incentive distributions based on a 20% increase in the unit price of Brookfield Business Partners L.P. over an initial threshold based on the volume weighted average price of the units, subject to a high watermark. Further details of this arrangement are described in Note 19. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation These consolidated financial statements of the partnership and its subsidiaries (“financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. The accounting policies and methodologies set out below have been applied consistently. Policies not effective for the current accounting period are described later in Note 2 (ai), under Future Changes in Accounting Policies. These financial statements were approved by the Board of Directors of the BBU General Partner on behalf of the partnership and authorized for issue on March 17, 2021. (b) Continuity of interests Brookfield Business Partners L.P. was established on January 18, 2016 by Brookfield and on June 20, 2016 Brookfield completed the spin-off of the Business to holders of Brookfield’s Class A and B limited voting shares. Brookfield directly and indirectly controlled the Business prior to the spin-off and continues to control the partnership subsequent to the spin-off through its interests in the partnership. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the Business. In accordance with the partnership’s and Brookfield’s accounting policy, the partnership has reflected the Business in its financial position and results of operations using Brookfield’s carrying values, prior to the spin-off. (c) Basis of consolidation The financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership 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 partnership’s subsidiaries held by others and the Redemption-Exchange Units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. As part of the spin-off, Brookfield Business Partners L.P., through its Managing GP Units, became the managing general partner of Holding LP, and thus controls Holding LP. The partnership entered into agreements with various affiliates of Brookfield, whereby the partnership was assigned Brookfield’s voting or general partner kick-out rights and effectively controls the subsidiaries of Holding LP with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of Holding LP and its subsidiaries. (d) Redemption-Exchange Units As described in Note 1(b)(i), the partnership’s equity interests include LP Units held by public unitholders and Brookfield, as well as Redemption-Exchange Units held by Brookfield. The Redemption-Exchange Units have the same economic attributes in all respects as the LP Units, except that the Redemption-Exchange Units provide Brookfield the right to request that its units be redeemed for cash consideration. In the event that Brookfield exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with LP Units of Brookfield Business Partners L.P., rather than cash, on a one-for-one basis. The Redemption-Exchange Units provide Brookfield with the direct economic benefits and exposures to the underlying performance of the Holding LP and accordingly to the variability of the distributions of the Holding LP, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the Holding LP through direct ownership interest in the partnership which owns a direct interest in the Holding LP. Accordingly, the Redemption-Exchange Units have been presented within non-controlling interests. The Redemption-Exchange Units are issued capital of the Holding LP and as a result are not adjusted for changes in market value. (e) Preferred shares and Special LP Units As described in Note 1(b)(ii), the partnership’s equity interests include preferred shares and Special LP Units held by Brookfield. The partnership and its subsidiaries are not obligated to redeem the preferred shares and accordingly, the preferred shares have been determined to be equity of the applicable entities and are reflected as a component of non-controlling interests in the consolidated stateme nts of financial position. (f) Interests in other entities (i) Subsidiaries These financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership 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 may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about the partnership's wholly-owned subsidiaries as of December 31, 2020 and 2019: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Residential real estate services business Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of the partnership: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Financial advisory services business Sera Global Canada 75 % 100 % 75 % 100 % Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Road fuel distribution and marketing business Greenergy Fuels Holding Limited United Kingdom 89 % 85 % 18 % 14 % Wireless broadband business Imagine Communications Group Limited Ireland 55 % 55 % 31 % 31 % Healthcare services business Healthscope Limited Australia 100 % 100 % 28 % 27 % Heavy equipment and light vehicle fleet management Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurance services Sagen MI Canada Inc. Canada 57 % 57 % 24 % 29 % Indian financing company IndoStar Capital Finance Limited India 57 % — % 20 % — % Infrastructure services Service provider to the nuclear power generation industry Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure LP United States 99 % 73 % 43 % 31 % Industrials Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Producer of graphite electrodes GrafTech International Ltd. United States 55 % 74 % 19 % 25 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Canadian well-servicing operation CWC Energy Services Corp. Canada 80 % 80 % 54 % 54 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Manufacturer of automotive batteries Clarios Global LP United States 100 % 100 % 28 % 28 % Remanufacturer of automotive aftermarket replacement parts Cardone Industries Inc. United States 98 % — % 52 % — % (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures using the equity method of accounting for equity accounted investments on the consolidated statements of financial position. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership’s interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(o). (g) Foreign currency translation The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the exchange rate prevailing at the reporting date and non-monetary assets and liabilities are measured at their historic cost and translated at the exchange rate on the transaction date. Revenues and expenses are measured at average exchange rates during the period. Gains or losses on translation of these items are included in the consolidated statements of operating results. (h) Business combinations Business acquisitions, in which control is acquired, are accounted for using the acquisition method in accordance with IFRS 3, Business Combinations (“IFRS 3”), other than those between entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by the partnership in exchange for control of the acquiree. Acquisition related costs are recognized in the consolidated statements of operating results as incurred and included in other income (expense), net. Where applicable, the consideration for each acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently remeasured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control. The resulting gain or loss, if any, is recognized in the consolidated statements of operating results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income (loss) are reclassified to the consolidated statements of operating results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, contingent liabilities and contingent assets , and the amount initially recognized less cumulative amortization recognized in accordance with IFRS 15, Revenue from contracts with customers (“IFRS 15”). (i) Cash and cash equivalents Cash and cash equivalents include cash on hand, non-restricted deposits, and short-term investments with original maturities of three months or less. (j) Accounts and other receivable, net Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for credit losses. They also include subrogation recoverable and deferred insurance policy acquisition costs from the partnership’s residential mortgage insurance business which are accounted for as described in Note 2(aa) below. Trade receivables related to the partnership’s mining operations are recognized at fair value. (k) Inventory, net Inventory, net, with the exception of certain fuel inventories, is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the consolidated statements of operating results through direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. (l) Renewable transport fuel obligations (“RTFO”) Under the U.K. government’s RTFO Order, which regulates biofuels used for transport and non-road mobile machinery, the partnership’s U.K. road fuel distribution service business is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statements of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO Order is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. (m) Related party transactions In the normal course of operations, the partnership enters into various transactions on market terms with related parties, which have been measured at their exchange value and are recognized in the financial statements. Related party transactions are further described in Note 25. (n) Property, plant and equipment, or PP&E PP&E, which includes leasehold improvements, is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production Depreciation on PP&E is calculated so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Buildings, machinery, equipment and vessels are depreciated over their expected useful lives on a straight-line basis. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. Upon determination that proved and/or probable reserves exist and the technology to extract the resource economically exists, exploration and evaluation expenditures attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the units-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to the partnership’s mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the units-of-production method over the proven and probable reserves. As part of its mining operation, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. (o) Asset impairment At each reporting date, the partnership assesses whether for assets, other than those measured at fair value with changes in fair value recorded in net income, there is any indication that such assets or cash generating units are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use of the asset or cash generating unit, is less than their carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. (p) Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. The partnership’s intangible assets comprise primarily water and sewage concession rights, brand names, computer software, customer relationships, value of insurance contracts acquired, patents and trademarks, proprietary technology, product development costs, distribution networks and loyalty program. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Definite life intangible assets are amortized on a straight line basis over the following periods: Water and sewage concession rights Up to 40 years Brand names Up to 20 years Computer software Up to 10 years Customer relationships Up to 30 years Value of insurance contracts acquired Up to 15 years Patents and trademarks Up to 40 years Proprietary technology Up to 20 years Product development costs Up to 5 years Distribution networks Up to 25 years Loyalty program Up to 15 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of operating results when the asset is derecognized. Service concession arrangements which provide the partnership the right to charge users for the services are accounted for as an intangible asset under IFRIC 12, Service Concession Arrangements . Water and sewage concession agreements were acquired as part of the acquisition of BRK Ambiental and were initially recognized at their fair values. Loyalty program represents the partnership’s contractual right to issue loyalty points through a pre-existing loyalty program. The loyalty program was acquired as part of the acquisition of the partnership’s fuel marketing business and was initially recognized at fair value. Brand names represent the intrinsic value customers place on the operation’s various brand names and are amortized on a straight line basis over the estimated useful life of the intangible asset. As part of the acquisition of Westinghouse Electric Company (“Westinghouse”), the partnerships’ service provider to the nuclear power generation industry, the partnership acquired the strong reputation and positive brand recognition that is embodied in its brand name. This brand name was classified as having an indefinite life and is subject to an annual impairment assessment. Customer relationships acquired as part of the acquisition of Westinghouse pertain to strong and continuing relationships with many of the company’s customers within the nuclear power generation industry. Customer relationships were initially recognized at fair value. Proprietary technology pertains to developed technology that has the potential to provide competitive advantages and product differentiation. As part of the acquisition of Westinghouse, the partnership acquired proprietary technology related to fuel products, components and services, plant designs, as well as engineering and other services to owners and operators of power plants. As part of the acquisition of Clarios Global LP (“Clarios”) the partnership acquired patented technology related to the production of batteries. These proprietary technologies were initially recognized at fair value. Trademarks pertain to endorsed brands that are highly regarded and recognized in the marketplace and are amortized on a straight line basis over the estimated useful life of the intangible asset. As part of the acquisition of Clarios, the partnership acquired trademarks and these trademarks have an indefinite useful life and are subject to an annual impairment assessment. The value of insurance contracts acquired represents the difference between the fair value and carrying value of the contractual insurance rights acquired and the insurance obligations assumed measured in accordance with the partnership’s accounting policy for insurance contracts related to Sagen MI Canada Inc. (“Sagen”, formerly Genworth MI Canada Inc.). The subsequent measurement of this asset is consistent with the measurement of the related insurance liability where it is amortized over the term of the related insurance policy. (q) Goodwill Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. The partnership identifies cash generating units as identifiable groups of assets whose cash inflows are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment on an annual basis. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to impairment expense, net in the consolidated statements of operating results in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. (r) Revenues from contracts with customers Business services Construction services The partnership’s construction services business provides end-to-end design and development solutions under contracts with its customers. The partnership recognizes revenues on these contracts over a period of time. The partnership uses an input method, the cost-to-cost method, to measure progre |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations 1 [Abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES When determining the basis of accounting for the partnership’s investees, the partnership evaluates the degree of influence that the partnership exerts directly or through an arrangement over the investees’ relevant activities. Control is obtained when the partnership has power over the acquired entities and an ability to use its power to affect the returns of these entities. The partnership accounts for business combinations using the acquisition method of accounting, pursuant to which the cost of acquiring a business is allocated to its identifiable tangible and intangible assets and liabilities on the basis of the estimated fair values at the date of acquisition. (a) Acquisitions completed in 2020 The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates for significant acquisitions: Business services IndoStar Capital Finance Limited (“IndoStar”) On May 27, 2020, the partnership, together with institutional partners, acquired a 31% ownership interest in IndoStar, an Indian financing company focused on commercial vehicle lending and affordable home finance, for consideration of $162 million. The partnership did not receive voting rights with its initial investment and on June 30, 2020 classified the investment as a financial asset measured at fair value through profit and loss. On July 8 and 9, 2020, the partnership, together with institutional partners, acquired an additional 26% interest in IndoStar through a Mandatory Tender Offer and a secondary offering, for $114 million and $19 million, respectively, for a total ownership interest of 57%. Upon completion of the additional investment, the partnership received 57% of the voting rights which provided the partnership with control over the business on July 9, 2020. Accordingly, the partnership has consolidated the business for financial reporting purposes. Total consideration for the acquisition, inclusive of the May 27, 2020 transaction was $105 million attributable to the partnership, representing a 20% economic interest. Total acquisition costs of $4 million were recorded as other expense in the consolidated statements of operating results. The transaction was accounted for as a business combination achieved in stages. The partnership’s previously held investment in IndoStar was remeasured to fair value prior to the acquisition of additional interests. The fair value approximated carrying value and no cumulative gain or loss arising from changes in the fair value of the investment was recognized. The acquisition contributed $1,122 million of loans receivable, $78 million of cash and cash equivalents, $227 million of financial assets, intangible assets of $20 million, net other assets of $34 million and non-recourse borrowings of $988 million. Goodwill of $21 million was recognized and represents the benefits the partnership expects to receive from the integration of the operations. Non-controlling interests of $409 million recognized on business combination were measured at the proportionate share of the fair value of assets acquired and liabilities assumed. The initial fair values of acquired assets, liabilities and goodwill for the acquisitions have been determined on a preliminary basis at the end of the reporting period. The partnership’s results from operations for the year ended December 31, 2020 includes revenues of $86 million and $3 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2020, the partnership would have recorded revenues of $175 million for the year ended December 31, 2020 and a net loss of $7 million attributable to the partnership for the year ended December 31, 2020. (b) Acquisitions completed in 2019 The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business services Infrastructure services Industrials Total Cash $ 2,024 $ 7 $ 3,732 $ 5,763 Non-cash consideration 15 1 — 16 Total consideration (1) $ 2,039 $ 8 $ 3,732 $ 5,779 (US$ MILLIONS) Cash and cash equivalents $ 319 $ — $ 11 $ 330 Accounts receivable and other, net 289 2 1,129 1,420 Inventory, net 41 — 1,765 1,806 Assets held for sale 6 — — 6 Equity accounted investments 9 — 833 842 Property, plant and equipment 3,030 3 3,578 6,611 Intangible assets 542 7 6,550 7,099 Goodwill (2) 1,575 7 1,750 3,332 Deferred income tax assets 138 — 14 152 Financial assets 4,735 — 27 4,762 Other assets 48 — 339 387 Acquisition gain (4) — — (4) Accounts payable and other (2,734) (1) (2,003) (4,738) Borrowings (709) — — (709) Deferred income tax liabilities (152) (2) (867) (1,021) Net assets acquired before non-controlling interests $ 7,133 $ 16 $ 13,126 $ 20,275 Non-controlling interests (3) (4) (5,094) (8) (9,394) (14,496) Net assets acquired $ 2,039 $ 8 $ 3,732 $ 5,779 __________________________________________ (1) Excludes consideration attributable to non-controlling interests, which represents the interest of others in operating subsidiaries. (2) The finalization of purchase price allocations within the business services and industrials segments resulted in adjustments to the preliminary fair values, including intangible assets, deferred income tax assets, deferred income tax liabilities, equity accounted investments and consideration paid. The offsetting adjustment to goodwill resulted in an increase of $3 million within the business services segment and a decrease of $144 million within the industrials segment. Adjustments to a purchase price allocation within the infrastructure services segment resulted in a decrease to goodwill of $5 million. (3) Non-controlling interests recognized on business combination were measured at fair value for business services, industrials and infrastructure services. (4) Non-controlling interests recognized on business combination were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for residential mortgage insurance services in the business services segment. Business services Sagen On December 12, 2019, together with institutional partners, the partnership acquired Sagen, a Canadian based residential mortgage insurance company, formerly operating as Genworth MI Canada Inc. The partnership ’ s economic interest prior to syndication to institutional partners was 31% and was acquired for consideration of $854 million. The partnership has a 57% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. On acquisition, a bargain purchase gain of $4 million was recognized. Intangible assets of $243 million were acquired, primarily comprised the value of insurance contracts in force as at the date of acquisition. The partnership’s results from operations for the year ended December 31, 2019 includes $10 million of revenues and $9 million of net income attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenues of $207 million and net income of $98 million attributable to the partnership for the year ended December 31, 2019 . Healthscope Limited ( “ Healthscope ” ) On June 6, 2019, together with institutional partners, the partnership acquired Healthscope, an Australian based healthcare provider that operates private hospitals. The partnership ’ s economic interest prior to syndication to institutional partners was 28% and was acquired for consideration of $1,156 million. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $22 million were recorded as other expense on the consolidated statements of operating results. Goodwill of $1,551 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. The goodwill recognized is not deductible for income tax purposes. Intangible assets of $286 million were acquired, primarily comprised customer contracts. The partnership’s results from operations for the year ended December 31, 2019 includes $297 million of revenues and $7 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenues of $453 million and net loss of $23 million attributable to the partnership for the year ended December 31, 2019 . Ouro Verde Locação e Seviços S.A. (“Ouro Verde”) On July 8, 2019, the partnership, together with institutional partners, acquired Ouro Verde, a Brazilian heavy equipment and light fleet vehicle management company. The partnership’s economic interest prior to syndication to institutional partners was 38% and was acquired for total consideration of $16 million. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Others On August 20, 2019, the partnership, through its road fuel storage and distribution business, completed an acquisition for consideration of $12 million, acquiring the remaining ownership interests in a terminal storage operator in which it previously had an equity interest. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Industrials Clarios On April 30, 2019, together with institutional partners, the partnership acquired Clarios (formerly known as the “Power Solutions Business of Johnson Controls International plc”), a global producer and distributor of automotive batteries. The partnership’s economic interest prior to syndication to institutional partners was 29% and was acquired for consideration of $3,732 million. The partnership has a 100% voting interest in this business, which provides the partnership with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $41 million were recorded as other expense on the consolidated statements of operating results. Goodwill of $1,750 million was acquired, which is largely reflective of the potential to innovate and grow the business. $20 million of the goodwill recognized is deductible for income tax purposes. Intangible assets of $6,550 million were acquired, primarily comprised customer relationships, patented technology, and trademarks. The partnership’s results from operations for the year ended December 31, 2019 includes $1,668 million of revenues and $89 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2019, the partnership would have recorded revenues of $2,414 million and net loss of $21 million attributable to the partnership for the year ended December 31, 2019 . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate, for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs when available. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, the partnership looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatility as applicable. Financial instruments classified as fair value through profit or loss are carried at fair value on the consolidated statements of financial position and changes in fair values are recognized in profit or loss. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2020: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 2,743 $ 2,743 Accounts and other receivable, net (current and non-current) — — 4,989 4,989 Other assets (current and non-current) (1) — — 536 536 Financial assets (current and non-current) (2) 933 5,561 2,302 8,796 Total (3) $ 933 $ 5,561 $ 10,570 $ 17,064 Financial liabilities Accounts payable and other (2) (4) $ 435 $ 370 $ 9,063 $ 9,868 Borrowings (current and non-current) — — 23,776 23,776 Total $ 435 $ 370 $ 32,839 $ 33,644 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,048 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $4,704 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and various tax and duties of $8,064 million. Included in cash and cash equivalents as at December 31, 2020 is $2,269 million of cash (2019: $1,570 million) and $474 million of cash equivalents (2019: $416 million) which includes $nil on deposit with Brookfield (2019: $4 million), as described in Note 25. Included in financial assets (current and non-current) as at December 31, 2020 is $850 million (2019: $264 million) of equity instruments and $4,041 million (2019: $3,914 million) of debt instruments designated as measured at fair value through other comprehensive income. The fair value of all financial assets and liabilities as at December 31, 2020 were consistent with carrying value, with the exception of the borrowings at Altera, where fair value determined using Level 1 and Level 2 inputs resulted in a fair value of $2,753 million (2019: $2,787 million) versus a carrying value of $2,769 million (2019: $2,767 million). The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2019: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,986 $ 1,986 Accounts and other receivable, net (current and non-current) — — 5,631 5,631 Other assets (current and non-current) (1) — — 577 577 Financial assets (current and non-current) (2) 883 4,612 748 6,243 Total (3) $ 883 $ 4,612 $ 8,942 $ 14,437 Financial liabilities Accounts payable and other (4) $ 385 $ 159 $ 9,039 $ 9,583 Borrowings (current and non-current) — — 22,399 22,399 Total $ 385 $ 159 $ 31,438 $ 31,982 ____________________________________ (1) Excludes prepayments and other assets of $1,215 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $3,832 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $6,913 million. (a) Hedging activities The partnership uses foreign exchange contracts and foreign currency denominated debt instruments to manage foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2020, pre-tax net loss of $34 million (2019: net loss of $53 million, 2018: net gain of $125 million) was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2020, there was an unrealized derivative asset balance of $17 million (2019: $13 million) and derivative liability balance of $59 million (2019: $35 million) relating to derivative contracts designated as net investment hedges. The partnership uses commodity swap contracts to hedge the sale price of its gas contracts, purchase price of decant oil, lead, polypropylene, tin, foreign exchange contracts and option contracts to hedge highly probable future transactions, and interest rate contracts to hedge the cash flows on its floating rate borrowings. A number of these contracts are designated as cash flow hedges. For the year ended December 31, 2020, pre-tax net loss of $216 million (2019: net loss of $79 million, 2018: net loss of $56 million) were recorded in other comprehensive income for the effective portion of cash flow hedges. As at December 31, 2020, there was an unrealized derivative asset balance of $82 million (2019: $22 million) and derivative liability balance of $311 million (2019: $123 million) relating to the derivative contracts designated as cash flow hedges. Other derivative instruments not in hedging relationships are measured at fair value, with changes in fair value recognized in the consolidated statements of operating results. (b) Fair value hierarchical levels — financial instruments Level 3 assets and liabilities measured at fair value on a recurring basis include $341 million (2019: $287 million) of financial assets and $11 million (2019: $36 million) of financial liabilities, which are measured at fair value using valuation inputs based on management’s best estimates. There were no transfers between levels during the year ended December 31, 2020. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2020 and 2019: 2020 2019 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 481 $ — $ — $ 255 $ — $ — Corporate and government bonds — 4,049 — — 3,914 — Derivative assets 46 231 — 4 234 — Other financial assets (1) 775 571 341 401 400 287 $ 1,302 $ 4,851 $ 341 $ 660 $ 4,548 $ 287 Financial liabilities Derivative liabilities $ 72 $ 722 $ — $ 18 $ 489 $ — Other financial liabilities — — 11 — — 36 $ 72 $ 722 $ 11 $ 18 $ 489 $ 36 ____________________________________ (1) Level 1 other financial assets are primarily preferred shares. Level 2 other financial assets are primarily asset backed securities. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) and key input(s) Corporate and government bonds $ 4,049 $ 3,914 Fair value of bonds are obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 231 $ 234 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 571 $ 400 Other financial assets represents amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 722 $ 489 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. The fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the partnership uses observable external market inputs such as interest rate yield curves, currency rates, and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 254 243 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 77 34 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 9 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2020 and 2019: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 287 $ 280 Fair value change recorded in net income (2) 5 Fair value change recorded in other comprehensive income (3) 2 Additions 221 — Disposals (162) — Balance at end of period $ 341 $ 287 Offsetting of financial assets and liabilities Financial assets and liabilities are offset with the net amount reported in the consolidated statements of financial position where the partnership currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As at December 31, 2020, $68 million of financial assets (2019: $1 million) and $14 million of financial liabilities (2019: $3 million) were offset in the consolidated statements of financial position related to derivative financial instruments. Securities lending The partnership’s residential mortgage insurance business participates in a securities lending program through an intermediary that is a financial institution for the purpose of generating fee income. Non-cash collateral, in the form of U.S. or Canadian government securities, which is equal to at least 105% of the fair value of the loaned securities, is retained by the partnership until the underlying securities have been returned. In addition to earning fee income under the securities lending program, interest, dividends and other income generated by the loaned securities continues to be earned while the securities are in the possession of counterparties. As at December 31, 2020, the partnership had $483 million (2019: $420 million) of financial assets loaned under its securities lending program. The partnership has accepted eligible securities as collateral with a fair value of $506 million (2019: $441 million). |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
FINANCIAL ASSETS | FINANCIAL ASSETS (US$ MILLIONS) 2020 2019 Current Marketable securities $ 995 $ 734 Restricted cash 833 172 Derivative contracts 167 176 Loans and notes receivable 195 66 Other financial assets (1) 385 — Total current $ 2,575 $ 1,148 Non-current Marketable securities $ 3,535 $ 3,435 Restricted cash 272 201 Derivative contracts 110 62 Loans and notes receivable 1,002 309 Other financial assets (1) 1,302 1,088 Total non-current $ 6,221 $ 5,095 ____________________________________ (1) Other financial assets includes secured debentures, asset backed securities and preferred shares in the partnership’s business services segment. The increase in financial assets from December 31, 2019 is primarily attributable to the acquisition of IndoStar in the partnership’s business services segment, which accounted for $1,408 million of the increase. |
ACCOUNTS AND OTHER RECEIVABLE,
ACCOUNTS AND OTHER RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLE, NET (US$ MILLIONS) 2020 2019 Current, net $ 4,306 $ 4,808 Non-current, net Accounts receivable 60 40 Retainer on customer contract 68 102 Billing rights 555 681 Total non-current, net $ 683 $ 823 Total $ 4,989 $ 5,631 Non-current billing rights primarily represent unbilled rights arising at BRK Ambiental from revenues earned from the construction on public concessions contracts classified as financial assets, which are recognized when there is an unconditional right to receive cash or other financial assets from the concession authority for the construction services. The partnership’s construction services business has a retention balance, which comprises amounts that have been earned but held back until the satisfaction of certain conditions specified in the contract are met. The retention balance included in the current accounts receivable balance as at December 31, 2020 was $244 million (2019: $163 million), and the retention balance included in the non-current accounts receivable balance as at December 31, 2020 was $68 million (2019: $102 million). The amount of accounts and other receivables written down for bad debts was as follows: (US$ MILLIONS) 2020 2019 2018 Loss allowance - beginning $ 86 $ 45 $ 40 Add: increase in allowance 116 53 22 Deduct: bad debt write offs (55) (23) (10) Foreign currency translation and other 9 11 (7) Loss allowance - ending $ 156 $ 86 $ 45 |
INVENTORY, NET
INVENTORY, NET | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
INVENTORY, NET | INVENTORY, NET (US$ MILLIONS) 2020 2019 Raw materials and consumables $ 980 $ 941 Fuel products (1) 648 688 Work in progress 638 674 RTFO certificates (2) 365 342 Finished goods and other (3) 1,065 845 Carrying amount of inventories $ 3,696 $ 3,490 ____________________________________ (1) Fuel products are traded in active markets and are purchased with a view to resale in the near future. As a result, stocks of fuel products are recorded at fair value based on quoted market prices. (2) $25 million of RTFO certificates are held for trading and recorded at fair value (2019: $66 million). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. (3) Finished goods and other are mainly composed of finished goods inventory in the infrastructure services and industrials segments. The amount of inventory written down was as follows: (US$ MILLIONS) 2020 2019 2018 Inventory obsolescence provision - beginning $ 33 $ 19 $ 4 Add: increase in provision 55 22 22 Deduct: inventory obsolescence write off (34) (8) (7) Impact of foreign exchange 1 — — Inventory obsolescence provision - ending $ 55 $ 33 $ 19 |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disposals Of Non-current Assets [Abstract] | |
DISPOSITIONS | DISPOSITIONS For the year ended December 31, 2020, the partnership recognized net gains on dispositions of $274 million (2019: $726 million; 2018: $500 million). (a) Dispositions completed in 2020 Business services - Cold storage logistics business In January 2020, the partnership completed the sale of its cold storage logistics business for gross proceeds of approximately $255 million, resulting in a $186 million pre-tax gain recognized by the partnership. Business services - New Zealand pathology business In November 2020, Healthscope completed the sale of its New Zealand pathology business for gross proceeds of $390 million, resulting in a $55 million pre-tax gain recognized by the partnership. Industrials - Public securities In November and December 2020, the partnership recognized a pre-tax gain of $40 million from the disposition of a portion of the partnership’s investment in public securities. (b) Dispositions completed in 2019 Business services - Facilities management business In May 2019, the partnership completed the sale of its facilities management business for approximate gross proceeds of $1 billion, resulting in a $341 million pre-tax gain recognized by the partnership. Business services - Executive relocation business In June 2019, the partnership completed the sale of its executive relocation business for proceeds of approximately $230 million, resulting in a $180 million pre-tax gain recognized by the partnership. Industrials - Water and wastewater services In September 2019, BRK Ambiental completed the sale of certain assets and liabilities related to its industrial water treatment business segment for proceeds of approximately $220 million, resulting in a $16 million pre-tax gain recognized by the partnership. Industrials - Palladium mining operation In December 2019, the partnership sold its 81% ownership interest in its palladium mining operation for proceeds of $572 million, resulting in a $187 million pre-tax gain recognized by the partnership. (c) Dispositions completed in 2018 Industrials - Australian energy operation In November 2018, the partnership completed the sale of its equity accounted Australia energy operation, resulting in a $152 million pre-tax gain recognized by the partnership. Business Services - Real estate brokerage services In April 2018, Berkshire Hathaway exercised an option to acquire the partnership's 33% interest in the joint venture of the real estate brokerage services business, resulting in a $55 million pre-tax gain recognized by the partnership. Industrials - Infrastructure support products manufacturing business During the year ended December 31, 2018, the partnership’s infrastructure support products manufacturing operation sold certain assets and certain land and building for proceeds of $109 million. An associated net gain on disposition of $42 million was recorded for the year ended December 31, 2018. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER ASSETS | OTHER ASSETS (US$ MILLIONS) 2020 2019 Current Work in progress (1) $ 488 $ 505 Prepayments and other assets 650 719 Assets held for sale 35 139 Total current $ 1,173 $ 1,363 Non-current Work in progress (1) $ 48 $ 72 Prepayments and other assets 363 357 Total non-current $ 411 $ 429 ____________________________________ (1) See Note 16 for additional information. |
NON-WHOLLY OWNED SUBSIDIARIES
NON-WHOLLY OWNED SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
NON-WHOLLY OWNED SUBSIDIARIES | NON-WHOLLY OWNED SUBSIDIARIES The following tables present the gross assets and liabilities as well as gross amounts of revenues, net income (loss), other comprehensive income and distributions from the partnership’s investments in material non-wholly owned subsidiaries for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,113 $ 12,741 $ 4,413 $ 7,093 $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 2,328 8,092 2,561 7,248 4,399 (281) (120) (161) (249) 355 Industrials 5,178 17,721 3,009 16,232 10,652 3 (360) 144 (324) 2,746 Total $ 11,619 $ 38,554 $ 9,983 $ 30,573 $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 Year ended December 31, 2019 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 3,743 $ 11,388 $ 4,448 $ 6,247 $ 23,773 $ 200 $ 35 $ 111 $ (368) $ 3,166 Infrastructure services 2,358 8,262 2,289 7,028 4,559 (446) (138) (281) (370) 833 Industrials 4,622 17,864 2,729 15,815 9,644 660 (104) 502 (936) 2,968 Total $ 10,723 $ 37,514 $ 9,466 $ 29,090 $ 37,976 $ 414 $ (207) $ 332 $ (1,674) $ 6,967 Year ended December 31, 2018 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20) $ 4 $ (20) $ (46) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121) 170 (16) 1,534 Industrials 1,991 5,656 1,040 4,823 3,894 895 (239) 612 (1,542) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356) $ 762 $ (1,604) $ 3,383 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position: (US$ MILLIONS) 2020 2019 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 3,969 $ 3,166 Infrastructure services 355 833 Industrials 2,746 2,968 Total non-controlling interests in material non-wholly owned subsidiaries $ 7,070 $ 6,967 Total individually immaterial non-controlling interests balance 775 294 Total non-controlling interests $ 7,845 $ 7,261 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (5) Right-of-use assets Total assets Gross carrying amount Balance at January 1, 2019 $ 127 $ 649 $ 2,223 $ 3,792 $ 1,624 $ — $ 8,415 Additions (cash and non-cash) 1 346 582 210 157 233 1,529 Dispositions (1) (78) (266) — (368) (59) (772) Acquisitions through business combinations (1) 523 2,886 2,677 — 263 228 6,577 Transfers and assets reclassified as held for sale (2) (22) (107) (178) (31) (54) 60 (332) Changes in accounting policy — — — — — 978 978 Foreign currency translation and other 5 12 (3) (1) 71 23 107 Balance at December 31, 2019 $ 633 $ 3,708 $ 5,035 $ 3,970 $ 1,693 $ 1,463 $ 16,502 Additions (cash and non-cash) 1 174 547 475 15 314 1,526 Dispositions (7) (5) (150) (254) (18) (165) (599) Acquisitions through business combinations (1) — 5 64 — 4 6 79 Transfers and assets reclassified as held for sale (2) (267) 24 14 (22) 195 — (56) Foreign currency translation and other 22 365 82 2 42 39 552 Balances at December 31, 2020 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Accumulated depreciation and impairment Balance at January 1, 2019 $ — $ (65) (476) (179) (748) — (1,468) Depreciation/depletion/impairment expense — (80) (485) (530) (109) (203) (1,407) Dispositions — 21 123 — 95 24 263 Transfers and assets reclassified as held for sale (2) — 17 53 3 4 (15) 62 Foreign currency translation and other — 1 (24) 1 (35) (3) (60) Balances at December 31, 2019 (3) (4) $ — $ (106) $ (809) $ (705) $ (793) $ (197) $ (2,610) Depreciation/depletion/impairment expense — (93) (662) (554) (114) (263) (1,686) Dispositions — 2 52 193 6 63 316 Transfers and assets reclassified as held for sale (2) — 16 (4) 6 7 1 26 Foreign currency translation and other — (12) (22) — (25) (9) (68) Balance at December 31, 2020 (3) (4) $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Net book value December 31, 2019 $ 633 $ 3,602 $ 4,226 $ 3,265 $ 900 $ 1,266 $ 13,892 December 31, 2020 $ 382 $ 4,078 $ 4,147 $ 3,111 $ 1,012 $ 1,252 $ 13,982 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes accumulated impairment losses of $46 million (2019: $14 million) for machinery and equipment, $276 million (2019: $271 million) for oil and gas properties and $370 million (2019: $184 million) for vessels. (4) As at December 31, 2020 a total of $46 million (2019: $48 million) of future development costs were included in the depletion calculation. (5) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. During the year ended December 31, 2020, the partnership recorded an impairment expense of $245 million resulting from the write-down of certain vessels at Altera due to changes in underlying assumptions including contract extensions and modifications, redeployment opportunities and estimated salvage values. The recoverable amounts were based on fair value less costs of disposal and the value in use. The recoverable amounts were determined using negotiated sales prices and discounted cash flow models incorporating significant unobservable inputs. The estimates regarding expected future cash flows and discount rates are level 3 fair value inputs based on various assumptions including expected earnings, redeployment opportunities, and contract extensions. As at December 31, 2020, PP&E included approximately $1,252 million (2019: $1,266 million) of right-of-use assets and $2,796 million (2019: $2,807 million) of assets subject to operating leases in which the partnership is a lessor . During the year ended December 31, 2020, additions to right-of-use assets from acquisitions and new lease contracts were $320 million (2019: $461 million), partially offset by depreciation expense of $263 million (2019: $203 million). The right-of-use assets and assets subject to operating leases in which the partnership is a lessor by class of underlying asset as at December 31, 2020 and the depreciation expense of right-of-use assets by class of underlying asset for the year ended December 31, 2020 are outlined below: Year ended December 31, 2020 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 51 $ 621 $ 538 $ 22 $ 20 $ 1,252 Depreciation expense (7) (128) (104) (16) (8) $ (263) Lessor Assets subject to operating leases — — 278 2,518 — $ 2,796 Year ended December 31, 2019 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (1) Total Lessee Right-of-use assets $ 8 $ 632 $ 552 $ 53 $ 21 $ 1,266 Depreciation expense (1) (88) (91) (11) (12) $ (203) Lessor Assets subject to operating leases — — 313 2,494 — $ 2,807 ____________________________________ (1) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents, trademarks and proprietary technology (3) Loyalty program Brand names (3) Other Value of insurance contracts acquired Total assets Gross carrying amount: Balance at January 1, 2019 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ — $ 6,001 Additions 158 7 20 — 1 45 — 231 Acquisitions through business combinations (1) — 4,960 1,367 — — 265 224 6,816 Dispositions — — (32) — — — — (32) Assets reclassified as held for sale (2) (27) (365) (34) — — (10) — (436) Foreign currency translation (75) (14) 7 8 (3) (2) 3 (76) Balances at December 31, 2019 $ 1,968 $ 5,760 $ 3,511 $ 158 $ 409 $ 471 $ 227 $ 12,504 Additions 496 — 107 — — 7 — 610 Acquisitions through business combinations (1) — 55 90 — 10 16 — 171 Dispositions — (68) (5) — — (100) — (173) Assets reclassified as held for sale (2) — — (1) — — — — (1) Foreign currency translation (429) 95 86 11 32 (37) 5 (237) Balance at December 31, 2020 $ 2,035 $ 5,842 $ 3,788 $ 169 $ 451 $ 357 $ 232 $ 12,874 Accumulated amortization and impairment Balance at January 1, 2019 $ (119) $ (203) $ (111) $ (15) $ (9) $ (21) $ — $ (478) Amortization expense (62) (288) (196) (10) (3) (22) (1) (582) Dispositions (1) — 23 — — — — 22 Assets reclassified as held for sale (2) 6 78 10 — — 3 — 97 Foreign currency translation 5 (1) (8) (1) — 1 — (4) Balances at December 31, 2019 $ (171) $ (414) $ (282) $ (26) $ (12) $ (39) $ (1) $ (945) Amortization expense (59) (361) (263) (2) (8) (20) (39) (752) Dispositions — 68 4 — — 18 — 90 Assets reclassified as held for sale (2) — — — — — — — — Foreign currency translation 49 (41) (7) (4) (8) 7 (2) (6) Balance at December 31, 2020 $ (181) $ (748) $ (548) $ (32) $ (28) $ (34) $ (42) $ (1,613) Net book value December 31, 2019 $ 1,797 $ 5,346 $ 3,229 $ 132 $ 397 $ 432 $ 226 $ 11,559 December 31, 2020 $ 1,854 $ 5,094 $ 3,240 $ 137 $ 423 $ 323 $ 190 $ 11,261 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $900 million (2019: $799 million) in the partnership’s infrastructure services and industrials segments. The terms and conditions of the water and sewage concession agreements, including fees that can be charged to the users and the duties to be performed by the operator, are regulated by various grantors, the majority of which are municipal governments across Brazil. The concession agreements provide the operator the right to charge fees to users using the services of the operator over the term of the concessions in exchange for water treatment services, ongoing and regular maintenance work on water distributions assets, and improvements to the water treatment and distribution system. Fees are revised annually for inflation in Brazil. The concession arrangements have expiration dates that range from 2037 to 2056 at which point the underlying concessions assets will be returned to the various grantors. The proprietary technology acquired as part of the acquisition of Westinghouse pertains to developed technology that has the potential to provide competitive advantages and product differentiation. Westinghouse’s developed technology is valued using an excess earnings method and a relief-from-royalty method to determine the after-tax cash flows associated to the portfolio of products and processes provided by Westinghouse. The technology includes fuel products, components and services, plant designs, as well as engineering and other services to the owners and operators of power plants. These services consist of production and services, field services, reactor services, pump and motor services and engineering services. The proprietary technology acquired was assessed to have an estimated useful life of 15 years. Customer relationships acquired as part of the acquisition of Westinghouse pertain to strong and continuing relationships with many of the company’s customers within the nuclear power generation industry. Due to relatively high barriers to entry, regulatory requirements and the time required to recreate relationship due to the bidding and proposal process within the nuclear power generation industry, existing customer relationships Westinghouse has are expected to provide a future source of cash flows. Westinghouse's customer relationships are valued using the cost replacement approach to estimate the cost to recreate the existing customer base. The customer relationships acquired were assessed to have estimated useful lives of up to 15 years. Brand names acquired as part of the acquisition of Westinghouse pertain to the recognition of its trade name which carries a strong reputation in the industry and positive brand recognition. The brand was valued using the income approach and has an indefinite useful life. Customer relationships acquired as part of the acquisition of Clarios relate to strong and continuing relationships with many of the company's original equipment manufacturer and aftermarket customers within the automotive batteries industry. These customer relationships are valued using the income approach by discounting the free cash flows expected to be generated. The customer relationships acquired were assessed to have a weighted average useful life of up to 16 years. Proprietary technology acquired as part of the acquisition of Clarios was valued using the income approach and has a weighted average useful life of 14 years. Trademarks acquired as part of the acquisition of Clarios pertain to endorsed brands that are highly regarded and recognized in the marketplace. These trademarks were valued using the income approach and have an indefinite useful life. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 5,218 $ 2,411 Acquisitions through business combinations (1) (83) 3,444 Impairment losses — (418) Dispositions (215) (21) Assets reclassified as held for sale (2) — (212) Foreign currency translation 324 14 Balance at end of year $ 5,244 $ 5,218 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. During the year ended December 31, 2019, the partnership recorded a goodwill impairment loss of $261 million within the infrastructure services segment. This was related to the partnership’s investment in Altera as a result of changes in certain vessel redeployment opportunities and the reassessment of future assumptions. This reduced the carrying value of Altera goodwill from $547 million to $286 million. The recoverable amount was based on the fair value less costs of disposal, using a discounted cash flow model incorporating significant unobservable inputs. The estimates regarding expected future cash flows and discount rates are level 3 fair value inputs based on various assumptions including existing contracts, future vessel redeployment rates, financial forecasts and industry trends. The partnership also recorded a goodwill impairment loss of $157 million within the business services segment. Goodwill is allocated to the following segments as at December 31, 2020 and 2019: (US$ MILLIONS) 2020 2019 Business services $ 2,529 $ 2,514 Infrastructure services 481 470 Industrials 2,234 2,234 Total $ 5,244 $ 5,218 |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2020 and 2019: (US$ MILLIONS, except as noted) Economic interest Voting interest Carrying value 2020 2019 2020 2019 2020 2019 Business services 14% - 90% 14% - 90% 14% - 90% 14% - 90% $ 60 $ 53 Infrastructure services 17% - 50% 25% - 50% 17% - 50% 25% - 50% 796 366 Industrials 24% - 54% 24% - 54% 24% - 50% 24% - 50% 834 854 Total $ 1,690 $ 1,273 The following table represents the change in the balance of equity accounted investments: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 1,273 $ 541 Acquisitions through business combinations (1) (5) 847 Additions 446 25 Dispositions (2) (30) (162) Share of net income 57 114 Share of other comprehensive income 6 — Distributions received (41) (62) Foreign currency translation (16) (30) Balance at end of period $ 1,690 $ 1,273 ____________________________________ (1) See Note 3 for additional information. (2) Includes derecognition of equity accounted investments within Clarios that were consolidated in 2020 and within Greenergy that was consolidated in 2019. On January 31, 2020, the partnership completed the acquisition of a 17% economic interest in Brand Industrial Holdings Inc. (“BrandSafway”) for consideration of $445 million. The partnership has joint control over BrandSafway and has accounted for its investment as an equity accounted investment. For the year ended December 31, 2020, the partnership received total distributions from equity accounted investments of $41 million (2019: $62 million). The following tables present the gross assets and liabilities of the partnership’s equity accounted investments: Year ended December 31, 2020 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 448 $ 1,243 $ 1,691 $ 481 $ 1,116 $ 1,597 $ 94 Infrastructure services 1,605 8,030 9,635 830 5,569 6,399 3,236 Industrials 1,096 736 1,832 505 222 727 1,105 Total $ 3,149 $ 10,009 $ 13,158 $ 1,816 $ 6,907 $ 8,723 $ 4,435 Year Ended December 31, 2019 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 586 $ 1,057 $ 1,643 $ 515 $ 943 $ 1,458 $ 185 Infrastructure services 187 1,287 1,474 128 617 745 729 Industrials 1,038 743 1,781 486 257 743 1,038 Total $ 1,811 $ 3,087 $ 4,898 $ 1,129 $ 1,817 $ 2,946 $ 1,952 Certain of the partnership’s equity accounted investments are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. The following tables present the gross amounts of revenues, net income and other comprehensive income from the partnership's equity accounted investments for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 Year ended December 31, 2019 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 537 $ 117 $ 9 $ 126 Infrastructure services 388 119 — 119 Industrials 1,770 121 — 121 Total $ 2,695 $ 357 $ 9 $ 366 Year ended December 31, 2018 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 605 $ 102 $ (15) $ 87 Infrastructure services 828 (31) 2 (29) Industrials 445 62 (18) 44 Total $ 1,878 $ 133 $ (31) $ 102 Certain of the partnership’s equity accounted investments are publicly listed entities with active pricing in a liquid market. The fair value based on the publicly listed price of these equity accounted investments in comparison to the partnership’s carrying value is as follows: December 31, 2020 December 31, 2019 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 39 $ — $ 38 $ — Industrials 519 373 416 379 Total $ 558 $ 373 $ 454 $ 379 |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER (US$ MILLIONS) 2020 2019 Current: Accounts payable $ 2,971 $ 2,919 Accrued and other liabilities (1) (2) 3,864 3,978 Lease liability 222 224 Financial liabilities (5) 727 327 Unearned premiums reserve 533 482 Work in progress (3) 1,539 1,415 Provisions and decommissioning liabilities 560 442 Liabilities held for sale — 94 Total current $ 10,416 $ 9,881 Non-current: Accounts payable $ 82 $ 116 Accrued and other liabilities (2) 1,325 1,110 Lease liability 1,142 1,109 Financial liabilities (5) 2,457 2,048 Unearned premiums reserve 1,356 1,143 Work in progress (3) 23 60 Provisions and decommissioning liabilities (4) 1,131 1,029 Total non-current $ 7,516 $ 6,615 ____________________________________ (1) Includes bank overdrafts of $400 million as at December 31, 2020 (2019: $921 million). (2) Includes post-employment benefits of $1,018 million ($19 million current and $999 million non-current). See Note 30 for additional information. (3) See Note 16 for additional information. (4) Decommissioning liability results primarily from the partnership’s ownership interest in energy assets, manufacturing facilities, retail gas stations, a services provider to the offshore oil production industry and power generation services. The liability represents the estimated cost to reclaim and abandon the asset and takes into account the estimated timing of the cost to be incurred in future periods. The liability was determined using a risk rate between 1.2% and 11.5% (2019: 1.6% and 8.5%) and an inflation rate between 1.9% and 3.0% (2019: 2.0% and 3.0%), determined as appropriate for the underlying subsidiaries. (5) Includes financial liabilities of $1,847 million ($56 million current and $1,791 million non-current) as at December 31, 2020 (2019: $1,704 million) related to the sale and leaseback of hospitals. Included within accounts payable and other is $1,364 million (2019: $1,333 million) of lease liabilities as at December 31, 2020. During the year ended December 31, 2020, $58 million (2019: $49 million) of interest expense on lease liabilities was incurred. The partnership’s exposure to currency and liquidity risk related to accounts payable and other is disclosed in Note 27. The following table presents the change in the provision balances for the partnership: (US$ MILLIONS) Decommissioning liability Warranties and provisions for defects Other Total provisions Balance at January 1, 2019 $ 311 $ 87 $ 356 $ 754 Additions through business combinations 52 119 428 599 Additional provisions recognized 9 175 200 384 Reduction arising from payments/derecognition (6) (126) (324) (456) Accretion expenses 16 — — 16 Change in discount rate 154 — 2 156 Change in other estimates 44 (5) 4 43 Transfers to held for sale — — (10) (10) Dispositions (19) — — (19) Net foreign currency exchange differences 6 — (2) 4 Balance at December 31, 2019 $ 567 $ 250 $ 654 $ 1,471 Additions through business combinations 3 1 4 Additional provisions recognized 8 203 276 487 Reduction arising from payments/derecognition (7) (217) (199) (423) Accretion expenses 24 — (1) 23 Change in discount rate 66 — — 66 Change in other estimates 9 12 9 30 Transfers to held for sale — — (9) (9) Dispositions Net foreign currency exchange differences 3 5 34 42 Balance at December 31, 2020 $ 673 $ 253 $ 765 $ 1,691 |
CONTRACTS IN PROGRESS
CONTRACTS IN PROGRESS | 12 Months Ended |
Dec. 31, 2020 | |
Construction Contracts [Abstract] | |
CONTRACTS IN PROGRESS | CONTRACTS IN PROGRESS A summary of the partnership’s contracts in progress is presented below: (US$ MILLIONS) 2020 2019 2018 Contract costs incurred to date $ 26,411 $ 23,041 $ 20,455 Profit recognized to date (less recognized losses) 1,476 1,843 1,946 27,887 24,884 22,401 Less: progress billings (28,913) (25,782) (23,546) Contract work in progress (liability) $ (1,026) $ (898) $ (1,145) Comprising: Amounts due from customers — work in progress (1) $ 536 $ 577 $ 563 Amounts due to customers — creditors (2) (1,562) (1,475) (1,708) Net work in progress $ (1,026) $ (898) $ (1,145) ____________________________________ (1) The change in the balance from December 31, 2019 was due to billed amounts of $3,635 million, additions to work in progress of $3,586 million, acquisitions through business combinations of $3 million, dispositions of $nil and the remainder due to foreign exchange changes. (2) The change in the balance from December 31, 2019 was due to recognized revenue of $1,808 million, additions to work in progress of $1,847 million, acquisitions through business combinations of $6 million, dispositions of $6 million and the remainder due to foreign exchange changes. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS Principal repayments on total borrowings due over the next five years and thereafter are as follows: (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other (1) Total borrowings 2021 $ 669 $ 621 $ 163 $ 300 $ 1,753 2022 602 584 127 — 1,313 2023 383 989 689 — 2,061 2024 1,210 373 468 310 2,361 2025 76 3,003 1,668 — 4,747 Thereafter 490 458 11,070 — 12,018 Total - Principal repayments $ 3,430 $ 6,028 $ 14,185 $ 610 $ 24,253 Total - Deferred financing costs and other $ (41) $ (124) $ (312) $ — $ (477) Total - December 31, 2020 $ 3,389 $ 5,904 $ 13,873 $ 610 $ 23,776 Total - December 31, 2019 $ 2,621 $ 5,860 $ 13,918 $ — $ 22,399 ____________________________________ (1) Refer to Note 25 for further details on the demand Deposit Agreement with Brookfield. (a) Corporate borrowings The partnership has bilateral credit facilities backed by global banks. The credit facilities are available in Euros, Sterling, Australian, U.S. and Canadian dollars. Advances under the credit facilities bear interest at the specified LIBOR, EURIBOR, CDOR, BBSY or bankers’ acceptance rate plus 2.50%, or the specified base rate or prime rate plus 1.50%. The credit facilities require the partnership to maintain a minimum tangible net worth and deconsolidated debt to capitalization ratio at the corporate level. During the third quarter of 2020, the partnership increased the total available amount on the credit facilities by $500 million to $2,075 million. The additional $500 million has been guaranteed by Brookfield and provides the partnership with additional liquidity to take advantage of acquisitive opportunities. The maturity date of the facilities is June 28, 2024. As at December 31, 2020, $310 million was drawn on the bilateral credit facilities and the additional $500 million facility guaranteed by Brookfield remains undrawn. The partnership has a revolving acquisition credit facility with Brookfield, as described in Note 1(b)(iii) that permits borrowings of up to $500 million. The credit facility is guaranteed by the partnership, Holding LP and the holding entities. The credit facility is available in U.S. or Canadian dollars, and advances are made by way of LIBOR, base rate, bankers’ acceptance rate or prime rate loans. The credit facility bears interest at the specified LIBOR or bankers’ acceptance rate plus 3.45%, or the specified base rate or prime rate plus 2.45%. The credit facility requires the partnership to maintain a minimum deconsolidated net worth and contains restrictions on the ability of the borrowers and the guarantors to, among other things, incur liens, engage in certain mergers and consolidations or enter into speculative hedging arrangements. Net proceeds above a specified threshold that are received by the borrowers from asset dispositions, debt incurrences or equity issuances by the borrowers or their subsidiaries must be used to pay down the credit facility (which can then be redrawn to fund future investments). The facility automatically renews for consecutive one-year periods until June 30, 2024. As at December 31, 2020, the credit facility remains undrawn. The partnership is currently in compliance with, or has obtained waivers related to, all material covenant requirements, and the partnership continues to monitor performance against such covenant requirements. (b) Non-recourse subsidiary borrowings of the partnership Total non-recourse subsidiary borrowings of the partnership as at December 31, 2020 were $23,166 million (2019: $22,399 million). Some of the partnership’s businesses have credit facilities in which they borrow and repay on a monthly basis. This movement has been shown on a net basis in the partnership’s consolidated statements of cash flow. The partnership has credit facilities within its operating businesses with major financial institutions. The credit facilities are primarily composed of revolving and term operating facilities with variable interest rates. In certain cases, the facilities may have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. The partnership’s operations are currently in compliance with or have obtained waivers related to all material covenant requirements, and the partnership continues to work with its subsidiaries to monitor performance against such covenant requirements. The weighted average interest rates and terms of non-recourse subsidiary borrowings are as follows: Weighted average rate Weighted average term (years) Consolidated (US$ MILLIONS, except as noted) 2020 2019 2020 2019 2020 2019 Business services 5.9 % 5.8 % 3.7 4.3 $ 3,389 $ 2,621 Infrastructure services 4.0 % 5.2 % 4.3 5.2 5,904 5,860 Industrials 5.3 % 5.7 % 5.7 6.3 13,873 13,918 Total 5.0 % 5.5 % 5.0 5.7 $ 23,166 $ 22,399 Non-recourse subsidiary borrowings by currency are as follows: (US$ MILLIONS, except as noted) December 31, Local currency December 31, Local currency U.S. dollars $ 15,305 15,305 $ 15,436 15,436 Euros 3,466 2,820 3,578 3,546 Brazilian reais 1,475 7,667 1,330 5,362 Australian dollars 994 1,292 1,264 1,801 Indian rupees 967 70,614 — — Canadian dollars 923 1,175 772 1,003 British pounds 5 4 10 8 Other 31 140 9 7 Total $ 23,166 $ 22,399 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES Income taxes are recognized for the amount of taxes payable by the partnership’s corporate subsidiaries and for the impact of deferred income tax assets and liabilities related to such subsidiaries. The major components of income tax expense include the following for the years ended December 31: (US$ MILLIONS) 2020 2019 2018 Current income tax expense (recovery) $ 284 $ 324 $ 186 Deferred income tax expense (recovery): Origination and reversal of temporary differences (134) (138) (61) Recovery arising from previously unrecognized tax assets (1) (6) (27) Change of tax rates and imposition of new legislations 5 12 — Deferred income tax expense (recovery) (130) (132) (88) Total income taxes $ 154 $ 192 $ 98 The below reconciliation has been prepared using a composite statutory-rate for jurisdictions where the partnership’s subsidiaries operate. The partnership’s effective tax rate is different from the partnership’s composite income tax rate due to the following differences set out below: 2020 2019 2018 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates 2 (11) (1) International operations subject to different tax rates 23 (5) (16) Taxable income attributable to non-controlling interests (19) (6) (3) Recognition of deferred tax assets (10) — (2) Non-recognition of the benefit of current year’s tax losses 2 17 1 Change in tax rates and imposition of new legislation (1) 4 — Other (3) 4 2 Effective income tax rate 21 % 30 % 8 % Deferred income tax assets and liabilities as at December 31, 2020 and 2019 relate to the following: (US$ MILLIONS) December 31, 2020 December 31, 2019 Non-capital losses (Canada) $ 40 $ 11 Capital losses (Canada) — — Losses (U.S.) 119 78 Losses (International) 318 264 Difference in basis (1,417) (1,489) Total net deferred tax (liability) asset $ (940) $ (1,136) Reflected in the statement of financial position as follows: Deferred income tax assets $ 761 $ 667 Deferred income tax liabilities (1,701) (1,803) Total net deferred tax (liability) asset $ (940) $ (1,136) The deferred income tax movements are as follows: (US$ MILLIONS) December 31, 2020 December 31, 2019 Opening net deferred tax (liability) asset $ (1,136) $ (587) Recognized in income 130 132 Recognized in other comprehensive income (66) 15 Other (1) 132 (696) Net deferred tax (liability) asset $ (940) $ (1,136) ____________________________________ (1) The other category primarily relates to acquisitions and dispositions and the foreign exchange impact of the deferred tax asset calculated in the functional currency of the operating entities. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: (US$ MILLIONS) December 31, 2020 December 31, 2019 One year from reporting date $ 1 $ 19 Two years from reporting date 13 5 Three years from reporting date 12 5 After three years from reporting date 314 337 Do not expire 659 731 Total $ 999 $ 1,097 The components of the income taxes in other comprehensive income for the years ended December 31, 2020, 2019, and 2018 are set out below: (US$ MILLIONS) 2020 2019 2018 Fair value through other comprehensive income $ 49 $ — $ (3) Net investment hedges 26 (15) 13 Cash flow hedges — (1) (6) Equity accounted investments — — — Pension plan actuarial changes (9) 1 (2) Total deferred tax expense (recovery) in other comprehensive income $ 66 $ (15) $ 2 For the year ended December 31, 2020, total current tax expense of $20 million (2019: $27 million, 2018: $49 million) attributed to the current tax on disposition of subsidiaries for which control has been retained has been recorded in equity. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
EQUITY | EQUITY As at December 31, 2020, Brookfield Business Partners L.P.’s capital structure comprises two classes of partnership units; LP Units and GP Units. LP Units entitle the holder to their proportionate share of distributions. General partnership units entitle the holder the right to govern the financial and operating policies of Brookfield Business Partners L.P. The GP Units are not quantitatively material to the financial statements and therefore have not been separately presented on the consolidated statements of financial position. Holding LP's capital structure comprises three classes of partnership units: managing GP Units held by Brookfield Business Partners L.P., special LP Units held by Brookfield and Redemption-Exchange Units held by Brookfield. In its capacity as the holder of the special limited partner units of the Holding LP, the special limited partner is entitled to incentive distribution rights which are based on a 20% increase in the unit price of the partnership over an initial threshold based on the volume-weighted average price of the units, subject to a high water mark. During the year ended December 31, 2020, the weighted average price was below the threshold of $41.96 per unit, resulting in an incentive distribution of $nil (2019: $nil). As at December 31, 2020, Holding LP has issued 69.7 million Redemption-Exchange Units to Brookfield. Both the LP and GP Units issued by Brookfield Business Partners L.P. and the Redemption-Exchange Units issued by the Holding LP have the same economic attributes in all respects, except for the redemption right described in Note 1(b)(i). As part of the spin-off, Brookfield subscribed for $15 million of preferred shares and $250 million of LP Units. The rights of the preferred shareholders are described in Note 1(b)(ii). For the year ended December 31, 2020, the partnership distributed dividends to limited partner, general partner and redemption-exchange unitholders of $37 million, or approximately $0.25 per partnership unit (2019: $35 million). For the year ended December 31, 2020, the partnership distributed to others who have interests in the operating subsidiaries $1,225 million, primarily resulting from the distributions of proceeds on the sale of the partnership’s cold storage logistics business, a GrafTech International Limited (“GrafTech”) distribution in kind and distributions received from Westinghouse and Sagen (2019: $1,678 million). During the year ended December 31, 2020, the partnership repurchased and canceled 1,858,671 LP Units (2019: 202,143). (a) General and limited partnership units GP Units and LP Units outstanding are as follows: GP Units LP Units Total UNITS 2020 2019 2020 2019 2020 2019 Authorized and issued Opening balance 4 4 80,890,655 66,185,798 80,890,659 66,185,802 Repurchased and canceled — — (1,858,671) (202,143) (1,858,671) (202,143) Issued for cash — — — 14,907,000 — 14,907,000 On issue at December 31 4 4 79,031,984 80,890,655 79,031,988 80,890,659 The weighted average number of GP Units outstanding for the year ended December 31, 2020 was 4 (2019: 4). The weighted average number of LP Units outstanding for the year ended December 31, 2020 was 80.2 million (2019: 73.6 million). Earnings per limited partner unit Net loss attributable to limited partnership unitholders was $91 million for the year ended December 31, 2020 (2019: net income of $43 million). (b) Redemption-Exchange Units held by Brookfield Redemption-Exchange Units held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 69,705,497 63,095,497 Issued for cash — 6,610,000 On issue at December 31 69,705,497 69,705,497 The weighted average number of Redemption-Exchange Units outstanding for the year ended December 31, 2020 was 69.7 million (2019: 66.4 million). (c) Special limited partner units held by Brookfield Special Limited Partner Units held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 The weighted average number of special limited partner units outstanding for the year ended December 31, 2020 was 4 (2019: 4). (d) Preferred shares held by Brookfield Preferred Shares held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 200,002 200,002 On issue at December 31 200,002 200,002 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (a) Attributable to Limited Partners (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (169) $ 11 $ (60) $ (218) Other comprehensive income (loss) 25 39 (28) 36 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (144) $ 52 $ (88) $ (180) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2019 $ (182) $ 9 $ (13) $ (186) Other comprehensive income (loss) 13 2 (47) (32) Balance as at December 31, 2019 $ (169) $ 11 $ (60) $ (218) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2018 $ (111) $ 6 $ (7) $ (112) Other comprehensive income (loss) (71) 3 (5) (73) Ownership changes — — (1) (1) Balance as at December 31, 2018 $ (182) $ 9 $ (13) $ (186) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (b) Attributable to General Partner and Special Limited Partners Accumulated other comprehensive income (loss) attributable to general partner and special limited partners has not been disclosed as these partners collectively hold 8 units, thus the figures are immaterial. (c) Attributable to non-controlling interests — Redemption-Exchange Units held by Brookfield Asset Management Inc. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (221) $ 9 $ (52) $ (264) Other comprehensive income (loss) 22 34 (25) 31 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (199) $ 45 $ (77) $ (231) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2019 $ (232) $ 7 $ (10) $ (235) Other comprehensive income (loss) 11 2 (42) (29) Balance as at December 31, 2019 $ (221) $ 9 $ (52) $ (264) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2018 $ (165) $ 4 $ (4) $ (165) Other comprehensive income (loss) (67) 3 (5) (69) Ownership changes — — (1) (1) Balance as at December 31, 2018 $ (232) $ 7 $ (10) $ (235) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The partnership has no key employees or directors and does not remunerate key management personnel. Details of the allocations of costs incurred by Brookfield on behalf of the partnership are disclosed in Note 25. Key decision makers of the partnership are all employees of the ultimate parent company or its subsidiaries, which provides management services under the master services agreement with Brookfield. Direct operating costs include all attributable expenses except interest, depreciation and amortization, impairment expense, other expenses, and taxes and primarily relate to cost of sales and compensation at the subsidiary level. The following table lists direct operating costs for the years ended 2020, 2019, and 2018 by nature: (US$ MILLIONS) 2020 2019 2018 Cost of sales $ 27,742 $ 33,963 $ 31,539 Compensation 4,686 4,299 2,530 Property taxes, sales taxes and other 37 65 65 Total $ 32,465 $ 38,327 $ 34,134 Inventories recognized as cost of sales for the year ended December 31, 2020 amounted to $21,397 million (2019: $23,046 million, 2018: $21,421 million). |
GUARANTEES AND CONTINGENCIES
GUARANTEES AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
GUARANTEES AND CONTINGENCIES | GUARANTEES AND CONTINGENCIES In the normal course of operations, the partnership's operating subsidiaries have bank guarantees, insurance bonds, and letters of credit outstanding to third parties. As at December 31, 2020, the total outstanding amount was $1,994 million (2019: $1,983 million). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not consolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financial statements. The partnership and its subsidiaries are contingently liable with respect to litigation and claims that arise in the normal course of operations. It is not expected that any of the ongoing litigation and claims as at December 31, 2020 could result in a material settlement liability to the partnership. Escrow and trust deposits As a service to its customers, two of the partnership’s operating subsidiaries administer escrow and trust deposits which represent undisbursed amounts received for the settlement of certain transactions. These escrow and trust deposits as at December 31, 2020 totaled $37 million (2019: $24 million). These escrow and trust deposits are not assets of the partnership and, therefore, are excluded from the accompanying consolidated statements of financial position. However, the partnership remains contingently liable for the disposition of these deposits. |
CONTRACTUAL COMMITMENTS
CONTRACTUAL COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Contractual Commitments [Abstract] | |
CONTRACTUAL COMMITMENTS | CONTRACTUAL COMMITMENTS (a) Commitments In the normal course of business, the partnership will enter into contractual obligations which relate to the gathering, processing and transportation delivery agreements for oil and gas products. Also, in the normal course of business, the partnership will enter into supply agreements for raw materials and capital items. As at December 31, 2020, the partnership had $182 million (2019: $253 million) of such commitments outstanding in the partnership’s industrials segment. Within the partnership’s infrastructure services segment, the partnership had $250 million (2019: $693 million) in contractual commitments in the form of shipbuilding contracts at Altera. Finally, in the normal course of business, the partnership will enter into contractual obligations which relate primarily to undisbursed loans and expenditures on property, plant and equipment, and intangible assets. As at December 31, 2020, the partnership had $88 million (2019: $28 million) of such commitments outstanding in the partnership’s business services segment. (b) Lease liabilities As at December 31, 2020, the undiscounted maturity analysis for the partnership’s lease liabilities obligation is as follows: 2020 (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Lease liabilities $ 238 $ 664 $ 732 $ 1,634 Total lease liabilities $ 238 $ 664 $ 732 $ 1,634 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
REVENUES | REVENUES (a) Revenues by type The tables below summarize the partnership’s segment revenues by type of revenues for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues 104 612 8 — 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues 33 5 31 7 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 (b) Timing of recognition of revenues from contracts with customers The tables below summarize the partnership’s segment revenues by timing of revenue recognition for total revenues from contracts with customers for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 17,665 $ 1,382 $ 10,436 $ — $ 29,483 Services transferred over a period of time 4,015 2,423 215 — 6,653 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 23,070 $ 1,379 $ 9,409 $ — $ 33,858 Services transferred over a period of time 5,648 2,568 234 — 8,450 Total revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 24,296 $ 944 $ 3,587 $ — $ 28,827 Services transferred over a period of time 6,518 1,469 278 — 8,265 Total revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 (c) Revenues by geography The table below summarizes the partnership’s total revenues for the years ended December 31, 2020, 2019, and 2018: (US$ MILLIONS) 2020 2019 2018 United Kingdom $ 13,996 $ 20,202 $ 21,983 United States of America 5,848 5,218 1,772 Europe 5,184 5,145 2,909 Australia 4,299 4,059 2,961 Canada 3,137 3,860 4,691 Brazil 1,403 1,800 1,736 Mexico 765 698 147 India 99 2 2 Other 2,904 2,048 967 Total revenues $ 37,635 $ 43,032 $ 37,168 The tables below summarize the partnership’s segment revenues by geography for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States of America 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 India 4 — 11 — 15 Other 832 432 1,587 — 2,851 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 19,694 $ 334 $ 128 $ — $ 20,156 United States of America 324 1,609 3,278 — 5,211 Europe 687 1,239 2,889 — 4,815 Australia 4,042 14 — — 4,056 Canada 2,942 63 752 — 3,757 Brazil 405 97 1,097 — 1,599 Mexico — 5 693 — 698 India 1 — 1 2 Other 623 586 805 — 2,014 Total revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues $ 104 $ 612 $ 8 $ — $ 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 21,757 $ 119 $ 99 $ — $ 21,975 United States of America 478 802 487 1,767 Europe 704 901 1,300 — 2,905 Australia 2,936 9 — 2,945 Canada 3,786 57 830 — 4,673 Brazil 679 142 901 — 1,722 Mexico — — 157 — 157 India 2 — — — 2 Other 472 383 91 — 946 Total revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues $ 33 $ 5 $ 31 $ 7 $ 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 (d) Lease income The leases in which the partnership is a lessor are operating in nature. Total lease income from operating leases totaled $679 million for the year ended December 31, 2020 (2019: $673 million). The following table presents the undiscounted contractual earnings receivable of the partnership’s leases by expected period of receipt for the year ended December 31, 2020: (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Operating leases $ 360 $ 748 $ 397 $ 1,505 Total - December 31, 2020 $ 360 $ 748 $ 397 $ 1,505 (e) Remaining performance obligations Business services In the partnership’s construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract, work order, or letter of intent. As at December 31, 2020, the partnership’s backlog of construction projects was approximately $5.6 billion (2019: $7 billion), with the total backlog for the partnership’s construction services business equating to approximately two years of activity. Infrastructure services The partnership’s service provider to the nuclear power generation industry had remaining backlog of approximately $9.9 billion as at December 31, 2020 (2019: $9.9 billion). Included in this amount is an estimate of expected future performance obligations related to long-term arrangements to provide fuel assemblies and associated components. The partnership expects to recognize most of this amount within the next 10 years. Industrials The partnership’s Brazilian water and wastewater services business is party to certain remaining performance obligations which have a duration of more than one year. As at December 31, 2020, the remaining performance obligations were approximately $9.5 billion (2019: $12.2 billion), with the most significant relating to the service concession arrangements with various municipalities which have an average term of 24 years. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, the partnership entered into the transactions below with related parties at exchange value. These transactions have been measured at fair value and are recognized in the financial statements. (a) Transactions with the parent company As at December 31, 2020, $nil (2019: $nil) was drawn on the credit facilities under the Brookfield Credit Agreements. As described in Note 1(b)(iv), at the time of the spin-off, the partnership entered into a Deposit Agreement with Brookfield whereby it may place funds on deposit with Brookfield and whereby Brookfield may place funds on deposit with the partnership. The deposit balance is due on demand and bears interest at LIBOR plus 1.50%. As at December 31, 2020, the amount of the deposit from Brookfield was $300 million (2019: $4 million on deposit with Brookfield). For the year ended December 31, 2020, the partnership paid interest expense of $3 million (2019: the partnership earned interest income of $10 million, 2018: the partnership earned interest income of $12 million) on these deposits. As described in Note 1(b)(iv), at the time of the spin-off, the partnership entered into a Master Services Agreement with its Service Providers, which are wholly-owned subsidiaries of Brookfield. The partnership pays Brookfield a quarterly base management fee. For purposes of calculating the base management fee, the total capitalization of Brookfield Business Partners L.P. is equal to the quarterly volume-weighted average trading price of a unit on the principal stock exchange for the partnership units (based on trading volumes) multiplied by the number of units outstanding at the end of the quarter (assuming full conversion of the Redemption-Exchange Units into units of Brookfield Business Partners L.P.), plus the value of securities of the other Service Recipients that are not held by the partnership, plus all outstanding third-party debt with recourse to a Service Recipient, less all cash held by such entities. The base management fee for the year ended December 31, 2020 was $63 million (2019: $59 million, 2018: $56 million). In its capacity as the holder of the special limited partner (“Special LP”) units of Holding LP, Brookfield is entitled to incentive distribution rights. The total incentive distribution for the year ended December 31, 2020 was $nil (2019: $nil, 2018: $278 million). In addition, at the time of spin-off, the partnership entered into indemnity agreements with Brookfield that relate to certain projects in certain regions that were in place prior to the spin-off. Under these indemnity agreements, Brookfield has agreed to indemnify us for the receipt of payments relating to such projects. On February 5, 2020, the partnership entered into a voting agreement with a Brookfield subsidiary who had the power to direct the relevant activities of Cardone. The partnership consolidated Cardone commencing February 5, 2020. This transaction was accounted for as a common control transaction where the partnership recognized Cardone’s assets and liabilities at their carrying values. The assets, liabilities, and deficit in shareholder’s equity recognized on February 5, 2020 were $609 million, $957 million, and $348 million, respectively. The liabilities included $224 million of loans between Cardone and the partnership which eliminated upon consolidation. The partnership did not pay any consideration nor incur any expenses related to this transaction. (b) Subsidiary recapitalization On May 13, 2020, as part of a debt restructuring agreement, former debtholders of Cardone agreed to participate in an equity rights offering, in exchange for extinguishment of their existing debt to Cardone. As part of this debt restructuring agreement Cardone received capital commitments of up to $180 million from some of its former debtholders. To date, the partnership has funded a portion of the $95 million it expects to contribute upon completion of the restructuring, subject to certain covenants and liquidity requirements. As a result of the recapitalization transaction, the partnership recorded a net gain of $244 million within other income (expense) in the consolidated statements of operating results. (c) Other The following table summarizes other transactions the partnership has entered into with related parties: Year ended December 31, (US$ MILLIONS) 2020 2019 2018 Transactions during the period Revenues (1) $ 612 $ 452 $ 435 ____________________________________ (1) Within the business services segment, the partnership provides construction services to affiliates of Brookfield. (US$ MILLIONS) December 31, 2020 December 31, 2019 Balances at end of period: Financial assets $ — $ 174 Accounts and other receivable, net $ 98 $ 36 Accounts payable and other $ 97 $ 242 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The partnership's activities expose it to a variety of financial risks, including market risk (currency risk, interest rate risk, commodity risk and other price risks), credit risk and liquidity risk. The partnership and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate notional amounts of the partnership's derivative positions as at December 31, 2020 and 2019 were as follows: (US$ MILLIONS, except as noted) 2020 2019 Foreign exchange contracts $ 5,518 $ 6,261 Cross currency swaps 192 374 Interest rate derivatives 18,305 13,058 Equity derivatives 426 47 $ 24,441 $ 19,740 Commodity instruments 2020 2019 Oil based fuel (Cbm - millions) 16.01 5.39 Natural gas (Mcf - millions) 79.79 11.74 Lead (metric tons) 50,078 20,420 Tin (metric tons) 2,269 2,548 Polypropylene (metric tons) 36,907 31,120 Foreign exchange contracts The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2020 and 2019. The notional amounts as at December 31, 2020 and 2019 include both buy and sell contracts. Notional amount Average exchange rate 2020 2019 2020 2019 Foreign exchange contracts Australian dollars $ 305 $ 682 1.48 1.45 Brazilian real 163 89 5.19 4.06 British pounds 1,060 650 0.74 0.77 Canadian dollars 1,548 2,037 1.31 1.30 Chinese yuan 8 1 6.54 6.97 European Union euros 340 782 0.84 0.88 Indian rupees 180 189 76.72 73.33 Japanese yen 8 14 103.46 104.19 Mexican pesos 13 10 19.98 18.90 Norwegian krone 48 52 9.68 8.87 South Africa rand 2 3 14.73 14.05 Swedish krona 1,647 1,578 8.58 9.10 Swiss franc 36 50 0.88 0.97 Colombian peso 48 49 3,428.45 3,359.91 South Korean won 67 68 1,086.51 1,265.03 Peruvian dollar — 7 — 3.41 Other 45 — $ 5,518 $ 6,261 Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying the partnership's derivative instruments by term to maturity as at December 31, 2020 and the comparative notional amounts as at December 31, 2019, for both derivatives that are classified as fair value through profit of loss and derivatives that qualify for hedge accounting: 2020 2019 (US$ MILLIONS) < 1 Year 1-5 Years 5+ Years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts $ 2,289 $ 275 $ 79 $ 2,643 $ 2,719 Cross currency swaps 28 115 49 192 373 Interest rate derivatives 3,512 6,062 10 9,584 6,306 Equity derivatives 426 — — 426 47 Elected for hedge accounting Foreign exchange contracts 1,152 1,723 — 2,875 3,542 Interest rate derivatives 250 8,471 — 8,721 6,753 Option contracts — — — — — $ 7,657 $ 16,646 $ 138 $ 24,441 $ 19,740 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT The partnership recognizes that risk management is an integral part of good management practice. As a result of holding financial instruments, the partnership is exposed to the following risks: capital risk, commodity price risk, liquidity risk, market risk (i.e. interest rate risk and foreign currency risk), and credit risk. The following is a description of these risks and how they are managed: (a) Capital risk management The capital structure of the partnership consists of corporate borrowings and non-recourse borrowings in subsidiaries of the partnership, offset by cash and equity. (US$ MILLIONS, except as noted) 2020 2019 Corporate borrowings $ 610 $ — Non-recourse borrowings in subsidiaries of the partnership 23,166 22,399 Cash and cash equivalents (2,743) (1,986) Net debt 21,033 20,413 Total equity 11,337 11,053 Total capital and net debt $ 32,370 $ 31,466 Net debt to capitalization ratio 65 % 65 % The partnership manages its debt exposure by financing its operations with non-recourse borrowings in subsidiaries of the partnership, ensuring a diversity of funding sources as well as managing its maturity profile. The partnership also borrows in the currencies where its subsidiaries operate, where possible, in order to mitigate its currency risk. The partnership’s financing plan is to fund its recurring growth capital expenditures with cash flow generated by its operations after maintenance capital expenditure, as well as debt financing that is sized to maintain its credit profile. To fund large scale development projects and acquisitions, the partnership will evaluate a variety of capital sources including proceeds from selling non-core and mature assets, equity and debt financing. The partnership will seek to raise additional equity if the partnership believes it can earn returns on these investments in excess of the cost of the incremental partnership capital. As disclosed within Note 17, the partnership has various credit facilities in place. In certain cases, the facilities may have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. The partnership does not have any market capitalization covenants attached to any of its borrowings, and the partnership is in compliance with its externally imposed capital requirements. (b) Commodity price ris k management A s certain of the partnership’s operating subsidiaries are exposed to commodity price risk, the fair value of financial instruments will fluctuate as a result of changes in commodity prices. A 10 basis point increase or decrease in commodity prices, as it relates to financial instruments, is not expected to have a material impact on the partnership’s net income. (c) Liquidity risk management The partnership maintains sufficient financial liquidity to be able to meet ongoing operating requirements and to be able to fund acquisitions. Principal liquidity needs for the next year include funding recurring expenses, meeting debt service payments, funding required capital expenditures and funding acquisition opportunities as they arise. The operating subsidiaries of the partnership also generate liquidity by accessing capital markets on an opportunistic basis. The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the partnership can be required to pay. The tables include both interest and principal cash flows: December 31, 2020 (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other (1) $ 9,023 $ 480 $ 796 $ 2,067 $ 12,366 Interest-bearing liabilities 2,879 2,617 11,927 12,757 30,180 Lease liabilities 238 219 445 732 1,634 ____________________________________ (1) Excludes $2,709 million of decommissioning liabilities, other provisions, post-employment benefits, $1,889 million of unearned premiums reserve and $73 million of intercompany loans and notes payable. December 31, 2019 (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other (1) $ 8,406 $ 343 $ 454 $ 1,648 $ 10,851 Interest-bearing liabilities 2,184 1,786 7,713 16,397 28,080 Lease liabilities 229 152 393 603 1,377 ___________________________________ (1) Excludes $2,306 million of decommissioning liabilities, other provisions, post-employment benefits, $1,625 million of unearned premiums reserve and $210 million of intercompany loans and notes payable. (d) Market risk management Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the partnership will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, currency exchange rates and changes in market prices due to factors other than interest rates or currency exchange rates, such as changes in equity prices, commodity prices or credit spreads. Financial instruments held by the partnership that are subject to market risk include loans and notes receivable, other financial assets, borrowings, derivative contracts, such as interest rate and foreign currency contracts, and marketable securities. As at December 31, 2020, the partnership is exposed to price risks arising from marketable securities and other financial assets, with a balance of $6,217 million (2019: $5,257 million). A 10% change in the value of these assets would impact the partnership’s equity by $622 million (2019: $526 million) and result in an impact on the consolidated statements of comprehensive income of $622 million (2019: $526 million). Interest rate risk management The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the fair values of financial instruments whose cash flows are fixed in nature. The partnership monitors interest rate fluctuations and may enter into interest rate derivative contracts to mitigate the impact from interest rate movements. A 10 basis point increase in interest rates is expected to increase net income by $3 million, and a 10 basis point decrease in interest rates is expected to decrease net income by $3 million. A 10 basis point change in interest rates is expected to impact other comprehensive income by a decrease of $8 million if interest rates increase, and an increase of $10 million if interest rates decrease. Foreign currency risk management Changes in currency rates will impact the carrying value of financial instruments and the partnership’s net investment and cash flows denominated in currencies other than the U.S. dollar. The partnership enters into foreign exchange contracts designated as net investment hedges to mitigate the impact from movements in foreign exchange rates against the U.S. dollar. The tables below set out the partnership’s currency exposure as at December 31, 2020 and 2019: December 31, 2020 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,357 $ 922 $ 1,916 $ 1,501 $ 1,179 $ 893 $ 603 $ 2,122 $ 14,493 Non-current assets 19,077 5,423 1,717 6,405 1,559 3,064 1,632 1,376 40,253 $ 24,434 $ 6,345 $ 3,633 $ 7,906 $ 2,738 $ 3,957 $ 2,235 $ 3,498 $ 54,746 Liabilities Current liabilities $ 4,034 $ 1,141 $ 2,491 $ 1,130 $ 1,062 $ 573 $ 637 $ 1,065 $ 12,133 Non-current liabilities 21,362 3,327 544 2,648 705 2,037 405 248 31,276 $ 25,396 $ 4,468 $ 3,035 $ 3,778 $ 1,767 $ 2,610 $ 1,042 $ 1,313 $ 43,409 Interest of others in operating subsidiaries 292 924 332 2,844 548 948 717 1,240 7,845 Net investment to the partnership $ (1,254) $ 953 $ 266 $ 1,284 $ 423 $ 399 $ 476 $ 945 $ 3,492 December 31, 2019 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,215 $ 628 $ 2,015 $ 1,253 $ 903 $ 707 $ 25 $ 2,049 $ 12,795 Non-current assets 18,853 4,848 2,283 6,026 1,582 3,230 383 1,751 38,956 $ 24,068 $ 5,476 $ 4,298 $ 7,279 $ 2,485 $ 3,937 $ 408 $ 3,800 $ 51,751 Liabilities Current liabilities $ 3,439 $ 1,184 $ 2,343 $ 1,336 $ 1,147 $ 471 $ 4 $ 1,100 $ 11,024 Non-current liabilities 20,749 3,141 659 2,135 593 1,849 — 548 29,674 $ 24,188 $ 4,325 $ 3,002 $ 3,471 $ 1,740 $ 2,320 $ 4 $ 1,648 $ 40,698 Interest of others in operating subsidiaries 651 641 426 2,578 427 1,173 101 1,264 7,261 Net investment to the partnership $ (771) $ 510 $ 870 $ 1,230 $ 318 $ 444 $ 303 $ 888 $ 3,792 T he net income impact to the partnership of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the partnership is exposed to foreign currency risk on the net assets of its foreign currency denominated operations. The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: December 31, 2020 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (86) $ 86 $ 6 $ (6) Canadian dollar (120) 120 25 (25) Brazilian real (40) 40 — — Other (101) 101 (55) 55 December 31, 2019 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (44) $ 44 $ 2 $ (2) Canadian dollar (60) 60 1 (1) Brazilian real (44) 44 (1) 1 Other (133) 133 (36) 36 December 31, 2018 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (36) $ 36 $ — $ — Canadian dollar (12) 12 (3) 3 Brazilian real (35) 35 (4) 4 Other (19) 19 (5) 5 (e) Credit risk management Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The partnership assesses the creditworthiness of each counterparty before entering into contracts and ensures that counterparties meet minimum credit quality requirements. The partnership also evaluates and monitors counterparty credit risk for derivative financial instruments and endeavors to minimize counterparty credit risk through diversification, collateral arrangements, and other credit risk mitigation techniques. All of the partnership’s derivative financial instruments involve either counterparties that are banks or other financial institutions. The partnership does not have any significant credit risk exposure to any single counterparty. Credit quality of the bonds and debentures held by the partnership is assessed based on ratings supplied by rating agencies. As at December 31, 2020 , the partnership held $4,620 million of bonds and debentures (2019: $4,314 million), of which $1,925 million were rated AAA (2019: $1,870 million), and $2,162 million were rated A or AA (2019: $2,050 million), and $533 million were rated B or BB. The partnership recognizes an allowance for expected credit losses on financial assets including loans receivable and debt securities measured at amortized cost, debt securities measured at fair value through OCI, undrawn loan commitments, trade receivables and contract assets. As part of the acquisition of IndoStar, as described in Note 3, the partnership acquired a significant loans receivable portfolio measured at amortized cost. There are comprehensive credit policies and credit approval processes in place for this portfolio. The appraisal process includes detailed risk assessments of the borrowers and there is a monitoring process in place to identify credit portfolio trends and early warning signals, enabling the implementation of necessary changes to the credit policy to mitigate credit losses. Upon acquisition, the total fair value of the loans receivable portfolio was $1,122 million , of which $1,085 million in loans were categorized as stage 1 with the remaining balance of $37 million related to purchased or originated credit-impaired loans. There has not been a significant change in the ending loans receivable balance or credit risk since acquisition. (f) Insurance risk management The partnership’s residential mortgage insurance business is exposed to insurance risk from underwriting of mortgage insurance contracts. Mortgage insurance contracts transfer risk to the partnership by indemnifying lending institutions against credit losses arising from borrower mortgage default. Under a mortgage insurance policy, a lending institution is insured against risk of loss for the entire unpaid principal balance of a loan plus interest, customary mortgage enforcement and property management costs, and expenses related to the sale of the underlying property. Insurance risk impacts the amount, timing and certainty of cash flows arising from insurance contracts. The partnership has identified pricing risk, underwriting risk, claims management risk, loss reserving risk and insurance portfolio concentration risk as its most significant sources of insurance risk. Each of these risks is described separately below. (i) Pricing risk Pricing risk arises when actual claims experience differs from the assumptions included in the determination of premium rates. Premium rates vary with the perceived risk of a claim on an insured loan, which takes into account the long-term historical loss experience on loans with similar loan-to-value ratios, terms and types of mortgages, borrower credit histories and capital required to support the product. Before a new mortgage insurance product is introduced, it establishes specific performance targets, including delinquency rates and loss ratios, which the partnership monitors frequently to identify any deviations from expected performance so that it can take corrective action when necessary. These performance targets are adjusted periodically to ensure they reflect the current environment. (ii) Underwriting risk Underwriting risk is the risk that the underwriting function will underwrite mortgage insurance under terms that do not comply with pre-established risk guidelines, resulting in inappropriate risk acceptance by the partnership. The underwriting results of the residential mortgage insurance business can fluctuate significantly due to the cyclicality of the Canadian mortgage market. The mortgage market is affected primarily by housing supply and demand, interest rates, and general economic factors including unemployment rates. The partnership’s risk management function establishes risk guidelines based on its underwriting goals. Underwriter performance is reviewed to facilitate continuous improvement or remedial action where necessary. (iii) Claims management risk The partnership enforces a policy of actively managing and promptly settling claims in order to reduce exposure to unpredictable future developments that can adversely impact losses using loss mitigation programs. These programs allow for better control of the property marketing process, potential reduction of carrying costs and potential of realization of a higher property sales price. In addition to its current loss mitigation programs in place, under its agreement with lending institutions, the partnership has the right to recover losses from borrowers once a claim has been paid. The partnership actively pursues such recoveries. (iv) Loss reserving risk Loss reserving risk is the risk that loss reserves differ significantly from the ultimate amount paid to settle claims, principally due to additional information received and external factors that influence claim frequency and severity (including performance of the Canadian housing market). The COVID-19 pandemic has amplified this risk as methodologies and assumptions used in the past have been modified to incorporate increased estimation due to a decrease in reported delinquency data as a result of mortgage deferrals and due to rapid changes in economic conditions. Estimates made during the reserving process are sensitive to inputs used in internally developed models, macroeconomic variables and economic forecasts. The partnership reviews its case reserves on an ongoing basis and updates the case reserves as appropriate. (v) Insurance portfolio concentration risk Insurance portfolio concentration risk is the risk that losses increase disproportionately where portfolio concentrations exist. This is mitigated by a portfolio that is diversified across geographic regions. Additional scrutiny is given to geographic regions where property values are particularly sensitive to an economic downturn. The partnership is monitoring the potential impact of COVID-19 on the Canadian economy, in particular with regard to the housing and labor markets. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The partnership’s operations are organized into four operating segments which are regularly reviewed by the CODM for the purpose of allocating resources to the segment and to assess its performance. The key measures used by the CODM in assessing performance and in making resource allocation decisions are company funds from operations (“Company FFO”) and Company EBITDA. Company FFO is calculated as the partnership’s share of net income and equity accounted income excluding the impact of depreciation and amortization, deferred income taxes, transaction costs, non-cash valuation gains or losses, impairment expense and other items. Company FFO includes realized disposition gains or losses recorded in net income or other comprehensive income, arising from transactions during the reporting period together with fair value changes recorded in prior periods. Company EBITDA is calculated as Company FFO excluding the impact of the partnership’s share of realized disposition gains and losses, interest income and expense, and current income taxes. The tables below provide each segment’s results in the format that the CODM organizes its reporting segments to make resource allocation decisions and assess performance. Each segment is presented on a proportionate basis, taking into account the partnership’s ownership in operations accounted for using the consolidation and equity methods under IFRS. The tables below reconcile the partnership’s share of its consolidated results to the partnership’s IFRS consolidated statements of operating results on a line by line basis. Amounts attributable to non-controlling interests were previously presented by segment and the updated presentation below has no impact on the partnership’s operating segments or measures of performance. Year ended December 31, 2020 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Equity accounted Company EBITDA (2) 16 117 33 — 166 147 313 Company EBITDA 271 602 604 (93) 1,384 Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (43) (8) — (55) (33) (88) Company FFO 229 364 336 (59) 870 Depreciation and amortization expense (5) (719) (1,446) (2,165) Impairment expense, net (112) (151) (263) Gain (loss) on acquisitions / dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (2) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million, and corporate and other $nil. Year ended December 31, 2019 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 8,927 $ 1,815 $ 2,549 $ — $ 13,291 $ 29,741 $ 43,032 Direct operating costs (8,607) (1,324) (1,886) (9) (11,826) (26,501) (38,327) General and administrative expenses (136) (53) (70) (86) (345) (487) (832) Equity accounted Company EBITDA (2) 37 30 26 — 93 148 241 Company EBITDA 221 468 619 (95) 1,213 Gain (loss) on acquisitions /dispositions, net (3) 342 — 64 (1) 405 321 726 Other income (expense), net (4) (1) (9) (5) — (15) (10) (25) Interest income (expense), net (50) (138) (208) 37 (359) (915) (1,274) Current income tax (expense) recovery (75) — (71) 22 (124) (200) (324) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (5) (7) (6) — (18) (24) (42) Company FFO 432 314 393 (37) 1,102 Depreciation and amortization expense (5) (571) (1,233) (1,804) Impairment expense, net (303) (306) (609) Gain (loss) on acquisitions /dispositions, net (3) — — — Other income (expense), net (4) (149) (226) (375) Deferred income tax (expense) recovery 38 94 132 Non-cash items attributable to equity accounted investments (2) (29) (56) (85) Net income (loss) $ 88 $ 346 $ 434 _____________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $114 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $726 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(400) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2019, depreciation and amortization expense by segment is as follows: business services $305 million, infrastructure services $686 million, industrials $813 million, corporate and other $nil. Year ended December 31, 2018 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,194 $ 926 $ 1,074 $ 7 $ 11,201 $ 25,967 $ 37,168 Direct operating costs (8,943) (691) (552) (8) (10,194) (23,940) (34,134) General and administrative expenses (154) (25) (52) (69) (300) (343) (643) Equity accounted Company EBITDA (2) 31 85 20 — 136 60 196 Company EBITDA 128 295 490 (70) 843 Gain (loss) on acquisitions /dispositions, net (3) 54 (3) 112 — 163 87 250 Other income (expense), net (4) — (1) (3) — (4) (14) (18) Interest income (expense), net (13) (57) (74) 7 (137) (361) (498) Current income tax (expense) recovery (34) (6) (51) — (91) (95) (186) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (33) (4) — (41) (13) (54) Company FFO 131 195 470 (63) 733 Depreciation and amortization expense (5) (233) (515) (748) Impairment expense, net (89) (129) (218) Gain (loss) on acquisitions /dispositions, net (3) 115 135 250 Other income (expense), net (4) (53) (65) (118) Deferred income tax (expense) recovery 30 58 88 Non-cash items attributable to equity accounted investments (2) (81) (51) (132) Net income (loss) $ 422 $ 781 $ 1,203 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $10 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $500 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(136) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2018, depreciation and amortization expense by segment is as follows: business services $135 million, infrastructure services $309 million, industrials $304 million, and corporate and other $nil. Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of the partnership's assets by reportable operating segment as at December 31, 2020 and 2019: As at December 31, 2020 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 19,884 $ 10,839 $ 23,929 $ 94 $ 54,746 As at December 31, 2019 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 18,132 $ 10,619 $ 22,742 $ 258 $ 51,751 Non-current assets (1) (US$ MILLIONS) 2020 2019 United States of America $ 8,915 $ 8,214 Europe 8,505 7,141 Canada 6,777 6,610 Australia 5,420 5,110 Brazil 3,673 4,582 Mexico 2,097 2,529 United Kingdom 1,663 2,182 India 1,240 624 Other 1,963 1,964 Total non-current assets $ 40,253 $ 38,956 ____________________________________ (1) Non-current assets comprise financial assets, property, plant and equipment, intangible assets, equity accounted investments, goodwill and other non-current assets. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Year ended December 31 (US$ MILLIONS) 2020 2019 2018 Interest paid $ 1,135 $ 1,079 $ 456 Income taxes paid $ 428 $ 190 $ 112 Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flow. Total cash outflows across the partnership’s lease contracts were $330 million (2019: $305 million). Details of “Changes in non-cash working capital, net” on the consolidated statements of cash flow are as follows: Year ended December 31 (US$ MILLIONS) 2020 2019 2018 Accounts receivable $ 546 $ (70) $ (11) Inventory 453 78 153 Prepayments and other 53 (11) (89) Accounts payable and other 284 119 (322) Changes in non-cash working capital, net $ 1,336 $ 116 $ (269) The following table presents the change in the balance of liabilities arising from financing activities as at December 31, 2020: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 22,399 $ 10,866 Cash flows (102) 11,378 Non-cash changes: Acquisitions / (dispositions) of subsidiaries 739 357 Foreign currency translation 210 (9) Fair value (49) (19) Held for sale (1) — (305) Other changes 579 131 Balance at end of year $ 23,776 $ 22,399 ____________________________________ (1) Includes liabilities that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. |
POST-EMPLOYMENT BENEFITS
POST-EMPLOYMENT BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
POST-EMPLOYMENT BENEFITS | POST-EMPLOYMENT BENEFITS The partnership maintains several defined benefit pension plans within its industrials and infrastructure services. These plans are administered in various countries, the most significant of which is in the U.S. These benefits are provided through various insurance companies and the estimated net post-employment benefit costs are accrued during the employees’ credited service periods. The following table shows the changes in the present value of the defined benefit pension plan and post-employment plan obligations and the fair values of plan assets as at December 31, 2020: Defined benefit pension plan Post-employment plan (US$ MILLIONS) 2020 2019 2020 2019 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 2,927 $ 2,037 $ 106 $ 68 Defined benefit obligation through business combinations 88 514 (1) 25 Service cost 35 30 3 1 Interest cost 83 88 3 3 Participant contributions 2 3 4 3 Insurance premiums for risk benefits — — — — Foreign currency exchange differences 43 20 (1) — Actuarial gain due to financial assumption changes 297 337 6 15 Actuarial gain due to demographic assumption changes (27) (14) — 1 Actuarial experience adjustments 14 25 (5) (1) Benefits paid from plan assets (121) (91) (3) (2) Benefits paid from employer (33) (22) (8) (7) Defined benefit obligation at end of year $ 3,308 $ 2,927 $ 104 $ 106 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (2,194) $ (1,542) $ (4) $ — Fair value of plan assets through business combinations (62) (398) — (4) Interest income (61) (68) — — Return on plan assets (excluding interest income) (147) (241) — — Foreign currency exchange differences (23) (9) — (2) Employer contributions (65) (51) (2) (4) Participant contributions (2) (3) (2) (3) Employer direct settlements — (1) — — Benefits paid from plan assets 119 91 (1) 2 Benefits paid from employer 32 19 6 7 Administrative expenses paid from plan assets 11 9 — — Insurance premiums for risk benefits 1 — — — Fair value of plan assets at year end $ (2,391) $ (2,194) $ (3) $ (4) Net liability at end of year $ 917 $ 733 $ 101 $ 102 The net liabilities for the defined benefit pension plan and post-employment plan are recorded within accounts payable and other in the consolidated statements of financial position. The following table summarizes the defined benefit pension plan and post-employment plan obligations and the fair values of plan assets by geography as at December 31, 2020: (US$ MILLIONS) United States of America Canada Other Total Defined benefit pension plan Defined benefit obligation $ 2,581 $ 28 $ 699 $ 3,308 Fair value of plan assets (1,911) — (480) (2,391) Net liability $ 670 $ 28 $ 219 $ 917 Post-employment benefits - net liability Defined benefit obligation at end of year $ 64 $ 26 $ 14 $ 104 Fair value of plans assets (3) — — (3) Net liability $ 61 $ 26 $ 14 $ 101 The following table summarizes the defined benefit pension plan and post-employment plan obligations and the fair values of plan assets by geography as at December 31, 2019: (US$ MILLIONS) United States of America Canada Other Total Defined benefit pension plan Defined benefit obligation $ 2,290 $ 30 $ 607 $ 2,927 Fair value of plan assets (1,763) (4) (427) (2,194) Net liability $ 527 $ 26 $ 180 $ 733 Post-employment benefits - net liability Defined benefit obligation at end of year $ 62 $ 28 $ 16 $ 106 Fair value of plans assets (4) — — (4) Net liability $ 58 $ 28 $ 16 $ 102 Amounts recognized in respect of these defined benefit and post-employment plans during the year are as follows: Defined benefit pension plan Post-employment (US$ MILLIONS) 2020 2019 2020 2019 Amounts recognized in profit and loss Current service cost $ 35 $ 30 $ 3 $ 1 Net interest expense 22 20 3 3 Administrative expense 11 9 — — Total expense recognized in profit and loss $ 68 $ 59 $ 6 $ 4 Amounts recognized in other comprehensive income Return on plan assets (excluding amounts included in net interest expense) $ (147) $ (241) $ — $ — Actuarial gains and losses arising from changes in demographic assumptions (27) (14) — 1 Actuarial gains and losses arising from changes in financial assumptions 297 337 6 15 Actuarial gains and losses arising from experience adjustments 14 25 (5) (1) Total expense (gain) recognized in other comprehensive income $ 137 $ 107 $ 1 $ 15 Total expense (gain) recognized in comprehensive income $ 205 $ 166 $ 7 $ 19 The expense recorded in profit and loss is recognized within general and administrative expenses in the consolidated statements of operating results. The defined benefit pension plans and post-employment plans expose the partnership to certain actuarial risks such as investment risk, interest rate risk, and compensation risk. The present value of the defined benefit pension plan and post-employment plan obligation is calculated using a discount rate. If the return on plan assets is below this rate, a plan deficit occurs. The partnership mitigates this investment risk by establishing a sound investment policy to be followed by the investment manager. The investment policy requires plan assets to be invested in a diversified portfolio and is set based on both asset return and local statutory requirements. A change in interest and compensation rates will also affect the defined benefit obligation. A sensitivity analysis of the discount rate and compensation rate is provided below. The following table summarizes the fair value of plan assets by category as at December 31, 2020: (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 21 $ 7 $ — $ 28 Equity instruments 1,294 306 6 1,606 Debt instruments 13 400 160 573 Real Estate — 52 3 55 Derivatives — — 2 2 Investment funds — — 113 113 Fixed insurance contracts 11 $ — 6 17 Total plan assets $ 1,339 $ 765 $ 290 $ 2,394 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within an investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator. The following table summarizes the fair value of plan assets by category as at December 31, 2019 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 41 $ — $ — $ 41 Equity instruments 1,185 243 — 1,428 Debt instruments 28 406 149 583 Real Estate — 8 — 8 Derivatives — — — — Investment funds — 106 — 106 Fixed insurance contracts 14 — 18 32 Total plan assets $ 1,268 $ 763 $ 167 $ 2,198 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within an investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments pooled in an actively invested collective profit sharing arrangement with other third-party employers. The assets are valued using non-observable inputs by the plan administrator. Significant Assumptions The partnership annually re-evaluates assumptions and estimates used in projecting the defined benefit and post-employment liabilities. These assumptions and estimates may affect the carrying value of the defined benefit and post-employment plan liabilities in the partnership’s consolidated statements of financial position. The significant actuarial assumptions adopted are as follows: Defined benefit plan Discount rate 0.2% to 8.0% Rate of compensation increase 0.0% to 5.0% Post-employment plan Discount rate 0.9% to 11.2% Health care cost trend on covered charges: Immediate trend rate 3.5% to 8.0% Ultimate trend rate 3.5% to 8.0% These assumptions have a significant impact on the defined benefit and post-employment liabilities reported in the consolidated statements of financial position. The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2020: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 1% $(472) 1% $528 Rate of compensation increase 1% 60 1% (44) Post-employment plan Discount rate 1% $(9) 1% $11 Health care cost trend rates 1% 2 1% (1) The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2019: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 0.25% to 1% $(217) 0.25% to 1% $251 Rate of compensation increase 0.25% to 1% $34 0.25% to 1% $(31) Post-employment plan Discount rate 0.25% to 1% $(28) 0.25% to 1% $33 Health care cost trend rates 0.50% to 1% $3 0.50% to 1% $(2) The sensitivity analysis above has been determined based on reasonably possible changes of the respective assumptions occurring as at December 31, 2020 and December 31, 2019, while holding all other assumptions constant. These analyses may not be representative of the actual change in the defined benefit and post-employment obligations as it is unlikely that the change in assumptions would occur in isolation of one another. The following table summarizes future planned benefit payments under the partnership’s defined benefit and post-employment plans as at December 31, 2020: (US$ MILLIONS) Defined benefit pension plan Post-employment plan Total 2021 $ 133 $ 7 $ 140 2022 134 7 141 2023 138 7 145 2024 142 7 149 2025 143 7 150 Thereafter 795 69 864 Total $ 1,485 $ 104 $ 1,589 |
INSURANCE CONTRACTS
INSURANCE CONTRACTS | 12 Months Ended |
Dec. 31, 2020 | |
Insurance Contracts [Abstract] | |
INSURANCE CONTRACTS | INSURANCE CONTRACTS The following summarizes the balances related to the partnership’s insurance contracts from its residential mortgage insurance business: (a) Premiums and unearned premiums reserve The following table presents movement in the unearned premium reserve: (US$ MILLIONS) 2020 2019 Unearned premium reserves, beginning of year $ 1,625 $ — Acquisitions through business combinations — 1,603 Premiums written during the year 744 26 Premiums earned during the year (521) (28) Foreign currency translation 41 24 Unearned premium reserves, end of year $ 1,889 1,625 Key methodologies and assumptions Premiums written are recognized as premiums earned using a factor-based premium recognition curve that is based on expected loss emergence pattern. Approximately 80% of the mortgage insurance premiums written are recognized as premiums earned within the first five years of policy inception based on the current premium recognition curve. An appointed actuary performs a liability adequacy test on the unearned premiums reserve using a dynamic regression model. The purpose of the test is to ensure the unearned premium liability at year end is sufficient to pay for future claims and expenses that may arise from unexpired insurance contracts. The liability adequacy test for the year ended December 31, 2020 and 2019 identified a surplus in the unearned premiums reserve and thus no premium deficiency reserve is required at this reporting date. (b) Losses on claims and loss reserves The carrying value of loss reserves reflects the present value of expected claims costs and expenses and provisions for adverse deviation and is considered to be an indicator of fair value. Loss reserves comprise the following: (US$ MILLIONS) 2020 2019 Case reserves $ 78 $ 69 Incurred but not reported reserves 53 30 Discounting (1) (1) Provisions for adverse deviation 14 7 Total loss reserves $ 144 $ 105 The following table presents movement in loss reserves and the impact on losses on claims: (US$ MILLIONS) 2020 2019 Loss reserves, beginning of year $ 105 $ — Acquisitions through business combinations — 104 Claims paid during the year (50) (5) Losses on claims related to the current year 85 5 Favorable development on losses on claims related to prior years — — Foreign currency translation 4 1 Loss reserves, end of year $ 144 $ 105 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Events After Reporting Period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a) Acquisition of Everise On January 8, 2021, the partnership, together with institutional partners, completed the acquisition of Everise Holdings Pte. Ltd. (“Everise”) for $360 million, comprising $240 million of equity. The partnership expects to fund $85 million of the investment for an approximate 35% ownership. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination is not available as at the date of release of these financial statements. As a result, the partnership has not provided amounts recognized as at the acquisition date for certain major classes of assets acquired and liabilities assumed. (b) GrafTech partial sale Subsequent to December 31, 2020, the partnership, together with institutional partners, sold a total of 50 million shares of GrafTech, in two separate transactions, for proceeds of approximately $565 million, of which approximately $195 million was attributable to the partnership. As a result of the sale, the partnership’s economic interest in the business was reduced to approximately 13%. (c) Distribution On February 4, 2021, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per unit, payable on March 31, 2021, to unitholders of record as at the close of business on February 26, 2021. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Continuity of interests | Continuity of interests Brookfield Business Partners L.P. was established on January 18, 2016 by Brookfield and on June 20, 2016 Brookfield completed the spin-off of the Business to holders of Brookfield’s Class A and B limited voting shares. Brookfield directly and indirectly controlled the Business prior to the spin-off and continues to control the partnership subsequent to the spin-off through its interests in the partnership. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the Business. In accordance with the partnership’s and Brookfield’s accounting policy, the partnership has reflected the Business in its financial position and results of operations using Brookfield’s carrying values, prior to the spin-off. |
Basis of consolidation | Basis of consolidation The financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership 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 partnership’s subsidiaries held by others and the Redemption-Exchange Units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. As part of the spin-off, Brookfield Business Partners L.P., through its Managing GP Units, became the managing general partner of Holding LP, and thus controls Holding LP. The partnership entered into agreements with various affiliates of Brookfield, whereby the partnership was assigned Brookfield’s voting or general partner kick-out rights and effectively controls the subsidiaries of Holding LP with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of Holding LP and its subsidiaries. |
Redemption-Exchange Units | Redemption-Exchange Units As described in Note 1(b)(i), the partnership’s equity interests include LP Units held by public unitholders and Brookfield, as well as Redemption-Exchange Units held by Brookfield. The Redemption-Exchange Units have the same economic attributes in all respects as the LP Units, except that the Redemption-Exchange Units provide Brookfield the right to request that its units be redeemed for cash consideration. In the event that Brookfield exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with LP Units of Brookfield Business Partners L.P., rather than cash, on a one-for-one basis. The Redemption-Exchange Units provide Brookfield with the direct economic benefits and exposures to the underlying performance of the Holding LP and accordingly to the variability of the distributions of the Holding LP, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the Holding LP through direct ownership interest in the partnership which owns a direct interest in the Holding LP. Accordingly, the Redemption-Exchange Units have been presented within non-controlling interests. The Redemption-Exchange Units are issued capital of the Holding LP and as a result are not adjusted for changes in market value. |
Preferred shares and special LP units | Preferred shares and Special LP Units As described in Note 1(b)(ii), the partnership’s equity interests include preferred shares and Special LP Units held by Brookfield. The partnership and its subsidiaries are not obligated to redeem the preferred shares and accordingly, the preferred shares have been determined to be equity of the applicable entities and are reflected as a component of non-controlling interests in the consolidated stateme nts of financial position. |
Interests in other entities | Interests in other entities (i) Subsidiaries These financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership 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 may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about the partnership's wholly-owned subsidiaries as of December 31, 2020 and 2019: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Residential real estate services business Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of the partnership: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Financial advisory services business Sera Global Canada 75 % 100 % 75 % 100 % Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Road fuel distribution and marketing business Greenergy Fuels Holding Limited United Kingdom 89 % 85 % 18 % 14 % Wireless broadband business Imagine Communications Group Limited Ireland 55 % 55 % 31 % 31 % Healthcare services business Healthscope Limited Australia 100 % 100 % 28 % 27 % Heavy equipment and light vehicle fleet management Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurance services Sagen MI Canada Inc. Canada 57 % 57 % 24 % 29 % Indian financing company IndoStar Capital Finance Limited India 57 % — % 20 % — % Infrastructure services Service provider to the nuclear power generation industry Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure LP United States 99 % 73 % 43 % 31 % Industrials Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Producer of graphite electrodes GrafTech International Ltd. United States 55 % 74 % 19 % 25 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Canadian well-servicing operation CWC Energy Services Corp. Canada 80 % 80 % 54 % 54 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Manufacturer of automotive batteries Clarios Global LP United States 100 % 100 % 28 % 28 % Remanufacturer of automotive aftermarket replacement parts Cardone Industries Inc. United States 98 % — % 52 % — % (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures using the equity method of accounting for equity accounted investments on the consolidated statements of financial position. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership’s interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(o). |
Foreign currency translation | Foreign currency translation The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the exchange rate prevailing at the reporting date and non-monetary assets and liabilities are measured at their historic cost and translated at the exchange rate on the transaction date. Revenues and expenses are measured at average exchange rates during the period. Gains or losses on translation of these items are included in the consolidated statements of operating results. |
Business combinations | Business combinations Business acquisitions, in which control is acquired, are accounted for using the acquisition method in accordance with IFRS 3, Business Combinations (“IFRS 3”), other than those between entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by the partnership in exchange for control of the acquiree. Acquisition related costs are recognized in the consolidated statements of operating results as incurred and included in other income (expense), net. Where applicable, the consideration for each acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently remeasured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control. The resulting gain or loss, if any, is recognized in the consolidated statements of operating results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income (loss) are reclassified to the consolidated statements of operating results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, contingent liabilities and contingent assets , and the amount initially recognized less cumulative amortization recognized in accordance with IFRS 15, Revenue from contracts with customers (“IFRS 15”). |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, non-restricted deposits, and short-term investments with original maturities of three months or less. |
Accounts and other receivable, net | Accounts and other receivable, net Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for credit losses. They also include subrogation recoverable and deferred insurance policy acquisition costs from the partnership’s residential mortgage insurance business which are accounted for as described in Note 2(aa) below. Trade receivables related to the partnership’s mining operations are recognized at fair value. |
Inventories | Inventory, net Inventory, net, with the exception of certain fuel inventories, is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Changes in fair value less costs to sell are recognized in the consolidated statements of operating results through direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. |
Renewable transport fuel obligation (RTFO) | Renewable transport fuel obligations (“RTFO”) Under the U.K. government’s RTFO Order, which regulates biofuels used for transport and non-road mobile machinery, the partnership’s U.K. road fuel distribution service business is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statements of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO Order is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. |
Related party transactions | Related party transactions In the normal course of operations, the partnership enters into various transactions on market terms with related parties, which have been measured at their exchange value and are recognized in the financial statements. Related party transactions are further described in Note 25. |
Property, plant and equipment, or PP&E | Property, plant and equipment, or PP&E PP&E, which includes leasehold improvements, is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production Depreciation on PP&E is calculated so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Buildings, machinery, equipment and vessels are depreciated over their expected useful lives on a straight-line basis. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. Upon determination that proved and/or probable reserves exist and the technology to extract the resource economically exists, exploration and evaluation expenditures attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the units-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to the partnership’s mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the units-of-production method over the proven and probable reserves. As part of its mining operation, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. |
Asset impairment | Asset impairment At each reporting date, the partnership assesses whether for assets, other than those measured at fair value with changes in fair value recorded in net income, there is any indication that such assets or cash generating units are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use of the asset or cash generating unit, is less than their carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Intangible assets | Intangible assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. The partnership’s intangible assets comprise primarily water and sewage concession rights, brand names, computer software, customer relationships, value of insurance contracts acquired, patents and trademarks, proprietary technology, product development costs, distribution networks and loyalty program. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Definite life intangible assets are amortized on a straight line basis over the following periods: Water and sewage concession rights Up to 40 years Brand names Up to 20 years Computer software Up to 10 years Customer relationships Up to 30 years Value of insurance contracts acquired Up to 15 years Patents and trademarks Up to 40 years Proprietary technology Up to 20 years Product development costs Up to 5 years Distribution networks Up to 25 years Loyalty program Up to 15 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of operating results when the asset is derecognized. Service concession arrangements which provide the partnership the right to charge users for the services are accounted for as an intangible asset under IFRIC 12, Service Concession Arrangements . Water and sewage concession agreements were acquired as part of the acquisition of BRK Ambiental and were initially recognized at their fair values. Loyalty program represents the partnership’s contractual right to issue loyalty points through a pre-existing loyalty program. The loyalty program was acquired as part of the acquisition of the partnership’s fuel marketing business and was initially recognized at fair value. Brand names represent the intrinsic value customers place on the operation’s various brand names and are amortized on a straight line basis over the estimated useful life of the intangible asset. As part of the acquisition of Westinghouse Electric Company (“Westinghouse”), the partnerships’ service provider to the nuclear power generation industry, the partnership acquired the strong reputation and positive brand recognition that is embodied in its brand name. This brand name was classified as having an indefinite life and is subject to an annual impairment assessment. Customer relationships acquired as part of the acquisition of Westinghouse pertain to strong and continuing relationships with many of the company’s customers within the nuclear power generation industry. Customer relationships were initially recognized at fair value. Proprietary technology pertains to developed technology that has the potential to provide competitive advantages and product differentiation. As part of the acquisition of Westinghouse, the partnership acquired proprietary technology related to fuel products, components and services, plant designs, as well as engineering and other services to owners and operators of power plants. As part of the acquisition of Clarios Global LP (“Clarios”) the partnership acquired patented technology related to the production of batteries. These proprietary technologies were initially recognized at fair value. Trademarks pertain to endorsed brands that are highly regarded and recognized in the marketplace and are amortized on a straight line basis over the estimated useful life of the intangible asset. As part of the acquisition of Clarios, the partnership acquired trademarks and these trademarks have an indefinite useful life and are subject to an annual impairment assessment. |
Goodwill | Goodwill Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. The partnership identifies cash generating units as identifiable groups of assets whose cash inflows are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment on an annual basis. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to impairment expense, net in the consolidated statements of operating results in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. |
Revenues from contracts with customers | Revenues from contracts with customers Business services Construction services The partnership’s construction services business provides end-to-end design and development solutions under contracts with its customers. The partnership recognizes revenues on these contracts over a period of time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. As work is performed, a contract asset in the form of contracts in progress is recognized, which is reclassified to accounts receivable when invoiced to the customer. If payment is received in advance of work being completed, a contract liability is recognized. Refer to Note 16 for further information on contracts in progress balances. There is not considered to be a significant financing component in construction contracts as the period between the recognition of revenues under the cost-to-cost method and when payment is received is typically less than one year. IFRS 15 requires a highly probable criterion be met with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. For variable consideration, revenues are only recognized to the extent that it is highly probable that a significant reversal in the amount of revenues recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Real estate services The fees and related costs for providing real estate and logistics services are recognized over the time period in which the services are provided. Associated with the delivery of certain service contracts, the partnership also earns revenues from home sale transactions and referral fees from suppliers utilized in servicing these contracts. These revenue transactions are recognized as follows: • Home Sale: The partnership earns home sale revenues from two types of contracts: cost-plus home sale and fixed fee home sale contracts. Under a cost-plus home sale contract, the partnership earns a performance fee and bears no risk of loss with respect to costs incurred. Revenues and related costs associated with the purchase and resale of residences under cost-plus contracts are recognized on a net basis over the period in which services are provided as the partnership does not have control over the home prior to transfer to the customer. Under a fixed fee home sale contract, the partnership earns a fixed fee based upon a percentage of the acquisition cost of the residential property. This fee revenue is recognized when title is transferred to the customer as the partnership’s performance obligation is complete at this time. The revenues and expenses related to the home sale itself are recorded on a gross basis. • Referral fees: The partnership earns referral fees from various suppliers who provide services to customers through the partnership’s service offerings. A significant portion of the referral fee revenue is generated from the closing of a home sale or purchase transaction, under which the partnership earns a percentage of the commissions received by the real estate agent on the purchase or sale of a home by the customer. Referral fees from home purchases or sales are recognized upon the closing date of the real estate transaction. The partnership recognizes referral fees from other suppliers upon completion of the services. Road fuel distribution and marketing The fees and related costs for providing road fuel distribution and marketing are recognized at a point in time when the services are provided. Revenues from the sale of goods in the partnership’s U.K. road fuel distribution and marketing operation represents net invoiced sales of fuel products and RTFO certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of consideration received. Revenues are recognized at the point that title passes to the customer. Healthcare services The fees and related costs for providing healthcare services are recognized over the time period in which the services are provided. Infrastructure services Service provider to nuclear power generation industry Revenues from sales of products are recognized at a point in time when the product is shipped and control passes to the customer. Revenues from contracts to provide engineering, design or other services are recognized and reported over time based on an appropriate measure of progress over time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. IFRS 15 requires a highly probable criterion be met with regards to recognizing revenues arising from variable consideration and contract modification and claims. For variable consideration, revenues are only to be recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Service provider to the offshore oil production industry The primary source of revenues from the partnership’s offshore oil production services provider is chartering its vessels and offshore units to its customers. The partnership’s primary forms of contracts consist of floating production storage and offloading (“FPSO”) contracts and contracts of affreightment (“CoA”). • FPSO contracts: Pursuant to an FPSO contract, the partnership charters an FPSO unit to a customer for a fixed period of time, generally more than one year. The performance obligations within an FPSO contract, which will include the use of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Some FPSO contracts include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. Variable consideration under the partnership’s contracts is typically recognized as incurred as either such revenues are allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to the distinct period in which such variable consideration was earned. • Contracts of Affreightment: Voyages performed pursuant to a CoA for the partnership’s shuttle tankers are priced based on the pre-agreed terms in the CoA. The performance obligations within a voyage performed pursuant to a CoA, which typically include the use of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. The duration of a single voyage will typically be less than two weeks. Industrials Manufacturing Sales of goods are recognized at a point in time when the product is shipped and control passes to the customer. Services revenues are recognized over time when the services are provided over time. Energy commodities and services |
Contract work in progress | Contract work in progress The gross amount due from customers for contract work for all contracts in progress for which costs incurred plus recognized profits (less recognized losses) exceed progress billings, is generally presented as an asset. Progress billings not yet paid by customers and retentions are included in accounts and other receivable, net on the consolidated statements of financial position. The gross amounts due to customers for contract work for all contracts in progress for which progress billings exceed costs incurred plus recognized profits (less recognized losses) is generally presented as a liability in accounts payable and other. Construction work in progress on construction contracts is stated at cost plus profit recognized to date calculated in accordance with performance obligations satisfied over time, including retentions payable and receivable, less a provision for foreseeable losses and progress payments received to date. |
Financial instruments and hedge accounting | Financial instruments and hedge accounting Classification and measurement The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial instruments (“IFRS 9”): IFRS 9 measurement category Consolidated statements of financial Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Accounts receivable Amortized cost / FVTPL Accounts and other receivable, net Restricted cash Amortized cost Financial assets Equity securities FVTPL / FVOCI Financial assets Debt securities FVTPL / FVOCI / Amortized cost Financial assets Derivative assets FVTPL (1) Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Financial assets Financial liabilities Borrowings Amortized cost Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings Accounts payable and other Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Accounts payable and other ____________________________________ (1) Derivatives are classified and measured at FVTPL except those designated in hedging relationships. The classification of financial instruments depends on the specific business model for managing the financial instruments and the contractual cash flow characteristics of the financial asset. The partnership maintains a portfolio of marketable securities comprising equity and debt securities. Marketable securities are recognized on their trade date. They are subsequently measured at fair value at each reporting date with the change in fair value recorded in either profit or loss (“FVTPL”) or other comprehensive income (“FVOCI”). For investments in debt instruments, subsequent measurement will depend on the business model for which the investments are held and the cash flow characteristics of the debt instruments. At initial recognition, the partnership measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets measured at fair value through profit or loss are expensed in other income (expense), net in the consolidated statements of operating results. Financial assets are measured at amortized cost based on their contractual cash flow characteristics and the business model for which they are held. Financial assets classified as amortized cost are recorded initially at fair value, then subsequently measured at amortized cost using the effective interest method, less any impairment. Derivatives and hedging activities The partnership selectively utilizes derivative financial instruments primarily to manage financial risks, including foreign exchange risks, interest rate risks and commodity price risks. Derivative financial instruments are recorded at fair value on initial recognition and subsequently measured at FVTPL or FVOCI, if in designated hedge relationships. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. (i) Items classified as hedges Net investment hedges Realized and unrealized gains and losses on foreign exchange contracts and foreign currency debt that are designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at fair value with changes in fair value recorded in profit or loss or as a component of equity, as applicable. Cash flow hedges Unrealized gains and losses on commodity contracts designated as hedges of commodity price fluctuations are included in equity as a cash flow hedge when the commodity price risk relates to inputs to production of inventory. Upon settlement of the commodity contracts designated as cash flow hedges, the realized gains and losses are reclassified from equity into inventory as a basis adjustment. The impact of the commodity contracts designated as cash flow hedges is recognized in profit or loss when the inventory is sold. Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. (ii) Items not classified as hedges |
Impairment | Impairment of financial assets The partnership recognizes an allowance for expected credit losses (“ECL”) on financial assets including loans receivable and debt securities measured at amortized cost, debt securities measured at fair value through OCI and undrawn loan commitments. ECLs are also determined for trade receivables and contract assets. The ECL model consists of three stages: Stage 1 – twelve-month ECLs for performing financial assets, Stage 2 – Lifetime ECLs for financial assets that have experienced a significant increase in credit risk since initial recognition, and Stage 3 – Lifetime ECLs for financial assets that are impaired. The partnership calculates ECLs based on the probability weighted expected cash collected shortfall against the carrying value of the loan or investment and considers reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions that may impact the credit profile of the loans. Forward-looking information is considered when determining significant increase in credit risk and measuring expected credit losses. Forward-looking macroeconomic factors are incorporated in the risk parameters as relevant. The partnership utilizes a simplified approach for measuring the loss allowance at an amount equal to the lifetime ECL for trade receivables and contract assets. The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. |
Interest income | Interest income Interest from interest-bearing assets and liabilities not measured at fair value through profit or loss is recognized as interest income using the effective interest method. The effective interest rate (“EIR”) is the rate that discounts expected future cash flows for the expected life of the financial instrument to its carrying value. The calculation takes into account the contractual interest rate, along with any fees or incremental costs that are directly attributable to the instrument and all other premiums or discounts. |
Fair value measurement | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which th e inputs to the fair value measurement are observable. The levels are as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. |
Income taxes | Income taxes Brookfield Business Partners L.P. is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the holding entities, and any direct or indirect corporate subsidiaries of such holding entities. Income tax expense represents the sum of the tax accrued in the period and deferred income tax. (i) Current income taxes Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. (ii) Deferred income taxes Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and equity accounted investments, and interests in joint ventures, except where the partnership is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflect the tax consequences that would follow from the manner in which the partnership expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or the partnership intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. |
Provisions | Provisions Provisions are recognized when the partnership has a present obligation either legal or constructive as a result of a past event, it is probable that the partnership will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recorded within accounts payable and other in the consolidated statements of financial position with a corresponding expense recorded in other income (expense) in the consolidated statements of operating results. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (i) Provisions for defects Provisions made for defects are based on a standard percentage charge of the aggregate contract value of completed construction projects and represents a provision for potential latent defects that generally manifest over a period of time following practical completion. Claims against the partnership are also recorded as part of provisions for defects when it is probable that the partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. (ii) Decommissioning liabilities Certain of the partnership’s subsidiaries record decommissioning liabilities related to the requirement to remediate the property where operations are conducted. The partnership recognizes a decommissioning liability in the period in which it has a present legal or constructive liability and a reasonable estimate of the amount can be made. Liabilities are measured based on current requirements, technology and price levels and the present value is calculated using amounts discounted over the useful economic lives of the assets. Amounts are discounted using a rate that reflects the risks specific to the liability. On a periodic basis, management reviews these estimates and changes, if any, will be applied prospectively. The fair value of the estimated decommissioning liability is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. The liability amount is increased in each reporting period due to the passage of time, and the amount of accretion is charged to other income (expense), net in the period. Periodic revisions to the estimated timing of cash flows, to the original estimated undiscounted cost and to changes in the discount rate can also result in an increase or decrease to the decommissioning liability. Actual costs incurred upon settlement of the obligation are recorded against the decommissioning liability to the extent of the liability recorded. (iii) Provisions for onerous contracts Present obligations arising from onerous contracts are recognized as provisions in accounts payable and other, and measured at the present value of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. An onerous contract is considered to exist where the partnership has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received. |
Pensions and other post-employment benefits | Pensions and other post-employment benefits Certain of the partnership’s subsidiaries offer post-employment benefits to their employees by way of a defined contribution plan. Payments to defined contribution pension plans are expensed as they fall due. Certain of the partnership’s subsidiaries offer defined benefit plans. Defined benefit pension expense, which includes the current year’s service cost and net interest cost, is included in direct operating costs within the consolidated statements of operating results. For each defined benefit plan, the partnership recognizes the present value of its defined benefit obligations less the fair value of the plan assets, as a defined benefit asset or liability reported as other assets or accounts payable and other in the consolidated statements of financial position. The partnership’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The cost of pensions and other retirement benefits earned by employees is actuarially determined using the projected unit credit method (also known as the projected benefit method pro-rated on service) and management’s best estimate of salary escalation, retirement ages of employees and their expected future longevity. For the purposes of calculating the expected return on plan assets, the plan assets are measured at fair value. The partnership recognizes actuarial gains and losses in other comprehensive income (loss) in the period in which those gains and losses occur. |
Assets held for sale | Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are classified as current. Once classified as held for sale, property, plant and equipment and intangible assets are not depreciated or amortized, respectively. |
Insurance contracts | Insurance contracts The following items described below are derived from the partnership’s residential mortgage insurance contracts: (i) Premiums written, premiums earned and unearned premiums reserve Mortgage insurance premiums are deferred and taken into revenues over the terms of the related policies. The unearned portion of premiums is included in accounts payable and other on the consolidated statements of financial position. Premiums written are recognized as premiums earned using a factor based premium recognition curve that is based on an expected loss emergence pattern. The partnership performs actuarial studies of loss emergence at least annually and may adjust the factors under which the premiums are earned in accordance with the results of such studies. Changes in the premium recognition curve are treated as a change in estimate and are recognized on a prospective basis. A premium deficiency provision, if required, is determined as the excess of the present value of expected future losses on claims and expenses on policies in force (using an appropriate discount rate) over the unearned premiums reserve. (ii) Risk fee In conjunction with receiving credit support in the form of the Government of Canada guarantee, the partnership’s residential mortgage insurance business is subject to a risk fee equal to 2.25% of gross premiums written. The risk fee relates directly to the acquisition of new mortgage insurance business. Accordingly, it is subsequently deferred and expensed in proportion to and over the period in which premiums are earned and reflected in deferred policy acquisition costs under accounts and other receivable, net on the consolidated statements of financial position. (iii) Losses on claims and loss reserves Losses on claims include internal and external claims adjustment expenses and are recorded net of amounts received or expected to be received from recoveries. Loss reserves represent the amount needed to provide for the expected ultimate net cost of settling claims including adjustment expenses related to defaults by borrowers (both reported and unreported) that have occurred on or before each reporting date. Loss reserves are recognized in accounts payable and other on the consolidated statements of financial position, and are discounted to take into account the time value of money. The partnership records a supplemental provision for adverse deviation based on an explicit margin for adverse deviation determined by an appointed actuary. Increases to loss reserves are recognized as an expense in direct operating costs on the consolidated statements of operating results. Loss reserves are derecognized after a claim has been paid and the partnership’s obligation under the policy has been fulfilled, or after a borrower has remedied a delinquent loan and management estimates that no loss will be incurred under the policy. |
Earnings (loss) per Limited Partnership Unit | Earnings (loss) per LP Unit The partnership calculates basic earnings (loss) per unit by dividing net income (loss) attributable to limited partners by the weighted average number of LP Units outstanding during the period. For the purpose of calculating diluted earnings (loss) per unit, the partnership adjusts net income (loss) attributable to limited partners, and the weighted average number of LP Units outstand ing, for the effects of all dilutive potential LP Units. |
Segments | Segments The partnership’s operating segments are components of the business for which discrete financial information is reviewed regularly by the Chief Operating Decision Maker (the “ CODM ” ) to assess performance and make decisions regarding resource allocation. The partnership has assessed the CODM to be the Chief Executive Officer and Chief Financial Officer. The partnership’s operating segments are business services, infrastructure services, industrials and corporate and other. |
Leases | Leases The partnership accounts for leases under IFRS 16, Leases (“IFRS 16”). When the partnership is a lessee, the partnership assesses whether a contract is, or contains, a lease at inception of the contract and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the partnership recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the future lease payments, discounted using the interest rate implicit in the lease, if that rate can be determined, or otherwise the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: (i) fixed lease payments, including in-substance fixed payments, less any lease incentives; (ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; (iii) the amount expected to be payable by the lessee under residual value guarantees; (iv) the exercise price of purchase options, if it is reasonably certain that the option will be exercised; and (v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The partnership remeasures lease liabilities and makes a corresponding adjustment to the related right-of-use asset when: (i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; (ii) the lease payments have changed due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or (iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. It is depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the partnership expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts on the commencement date of the lease. The partnership applies IAS 36, Impairment of Assets , to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the property plant and equipment policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line “direct operating costs” in the consolidated statements of operating results. |
Government assistance | Government assistance The partnership applies IAS 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) to account for government grants and other government assistance received by its subsidiaries. Government grants are recognized when there is reasonable assurance that the assistance will be received and the partnership will comply with all relevant conditions. The partnership recognizes government grants in the consolidated statements of operating results on a systematic basis over the periods in which the partnership recognizes expenses for which the grants were provided. |
Extinguishment of financial liabilities with equity instruments | Extinguishment of financial liabilities with equity instruments The partnership applies IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments (“IFRIC 19”) to account for financial liabilities that are extinguished either fully, or partially by issuing equity instruments. This interpretation provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. IFRIC 19 clarifies that the entity’s equity instruments issued to a creditor, which are part of the consideration paid to extinguish the financial liability, are measured at their fair value. Differences between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued are included in the partnership’s consolidated statements of operating results. |
IFRS 9, IAS 39, and IFRS 7 amendments for IBOR reforms | IFRS 9, IAS 39, and IFRS 7 amendments for IBOR reforms The partnership adopted Interest Rate Benchmark Reform — Amendments to IFRS 9, IAS 39, and IFRS 7, issued in September 2019 by the IASB (“IBOR Amendments”). The IBOR Amendments have been applied retrospectively to hedging relationships existing as at October 1, 2019 or were designated subsequently, and to the amount accumulated in the cash flow hedge reserve at that date. The IBOR Amendments provide temporary relief from applying specific hedge accounting requirements to the partnership’s hedging relationships that are directly affected by IBOR reform, which primarily include US$ LIBOR, £ LIBOR, and € EURIBOR. In assessing whether a hedge is expected to be highly effective on a forward-looking basis, the partnership assumes the interest rate benchmark on which the cash flows of the derivative which hedges borrowings is not altered by IBOR reform. These reliefs cease to apply to a hedged item or hedging instrument as applicable at the earlier of (i) when the uncertainty arising from IBOR reform is no longer present with respect to the timing and amount of the interest rate benchmark based future cash flows, and (ii) when the hedging relationship is discontinued. The adoption did not have an impact on the partnership’s consolidated financial statements. It is currently expected that Secured Overnight Financing Rate (“SOFR”) will replace US$ LIBOR, Sterling Overnight Index Average (“SONIA”) will replace £ LIBOR, and Euro Short-term Rate (“€STR”) will replace EURIBOR. All of these are expected to become effective prior to December 31, 2021. The partnership is currently monitoring the impact and effect changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, interest rate swaptions, and interest rate caps, and updating hedge designations. Note 26 provides details of the hedging instruments and hedged exposures to which the IBOR Amendments are applied. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty The preparation of the partnership’s financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments made by management and utilized in the normal course of preparing the partnership’s financial statements are outlined below. (i) Business combinations The partnership accounts for business combinations using the acquisition method of accounting. The allocation of fair values to assets acquired and liabilities assumed through an acquisition requires numerous estimates that affect the valuation of certain assets and liabilities acquired including discount rates, operating costs, revenue estimates, commodity prices, future capital costs and other factors. The determination of the fair values may remain provisional for up to 12 months from the date of acquisition due to the time required to obtain independent valuations of individual assets and to complete assessments of provisions. When the accounting for a business combination has not been completed as of the reporting date, this is disclosed in the financial statements, including observations on the estimates and judgments made as of the reporting date. (ii) Determination of control The partnership consolidates an investee when it controls the investee, with control existing if, and only if, the partnership has power over the investee; exposure, or rights, to variable returns from involvement with the investee; and the ability to use that power over the investee to affect the amount of the partnership’s returns. In determining if the partnership has power over an investee, judgments are made when identifying which activities of the investee are relevant in significantly affecting returns of the investee and the extent of existing rights that give the partnership the current ability to direct the relevant activities of the investee. Judgments are made as to the amount of potential voting rights that provide voting powers, the existence of contractual relationships that provide voting power, and the ability for the partnership to appoint directors. The partnership enters into voting agreements which provide it the ability to contractually direct the relevant activities of the investee (formally referred to as “ power ” within IFRS 10, Consolidated financial statements ). In assessing if the partnership has exposure, or rights, to variable returns from involvement with the investee, judgments are made concerning whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement, the magnitude of those returns and the magnitude of those returns relative to others, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. In determining if the partnership has the ability to use its power over the investee to affect the amount of its returns, judgments are made when the partnership is an investor as to whether the partnership is a principal or agent and whether another entity with decision making rights is acting as the partnership’s agent. If it is determined that the partnership is acting as an agent, as opposed to a principal, the partnership does not control the investee. (iii) Common control transactions IFRS 3 does not include specific measurement guidance for transfers of businesses or subsidiaries between entities under common control. Accordingly, the partnership has developed an accounting policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. The partnership’s policy is to record assets and liabilities recognized as a result of transactions between entities under common control at the carrying values in the transferor’s financial statements. (iv) Indicators of impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets, including the determination of the partnership’s ability to hold financial assets, the estimation of a cash generating unit’s future revenues and direct costs, the determination of discount rates, and when an asset’s or cash generation unit’s carrying value is above its fair value less costs of disposal or value in use. For some of the partnership’s assets forecasting the recoverability and economic viability of property and equipment requires an estimate of reserves. The process for estimating reserves is complex and requires significant interpretation and judgment. It is affected by economic conditions, production, operating and development activities, and is performed using available geological, geophysical, engineering and economic data. (v) Revenue recognition Judgment is applied where certain of the partnership’s subsidiaries use the cost-to-cost method to account for their contract revenue. The stage of completion is measured by reference to actual costs incurred to date as a percentage of estimated total costs for each contract. Significant assumptions are required to estimate the total contract costs and the recoverable variation works that affect the stage of completion and the contract revenue respectively. In making these estimates, management has relied on past experience or where necessary, the work of experts. (vi) Financial instruments Judgments inherent in accounting policies relating to derivative financial instruments relate to applying the criteria to the assessment of the effectiveness of hedging relationships. Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the creditworthiness of the partnership relative to its counterparties; the credit risk of the partnership’s counterparties; estimated future cash flows; discount rates and volatility utilized in option valuations. (vii) Decommissioning liabilities Decommissioning costs will be incurred at the end of the operating life of some of the partnership’s oil and gas facilities, mining properties, manufacturing facilities, and at licensed nuclear facilities serviced by the partnership. These obligations are typically many years in the future and require judgment to estimate. The estimate of decommissioning costs can vary in response to many factors including changes in relevant legal, regulatory, and environmental requirements, the emergence of new restoration techniques or experience at other production sites. Inherent in the calculations of these costs are assumptions and estimates including the ultimate settlement amounts, inflation factors, discount rates, and timing of settlements. (viii) Oil and gas properties The process of estimating the partnership’s proved and probable oil and gas reserves requires significant judgment and estimates. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new wells, development costs and commodity prices all impact the determination of the partnership’s estimates of its oil and gas reserves. Future development costs are based on estimated proved and probable reserves and include estimates for the cost of drilling, completing and tie in of the proved undeveloped and probable additional reserves and may vary based on geography, geology, depth, and complexity. Any changes in these estimates are accounted for on a prospective basis. Oil and natural gas reserves also have a direct impact on the assessment of the recoverability of asset carrying values reported in the financial statements. (ix) Insurance contracts The partnership has applied critical estimates for its residential mortgage insurance business, including: (i) timing of revenue recognition for deferred insurance premiums; (ii) insurance loss reserves representing the amount needed to provide for the expected ultimate net cost of settling claims; (iii) the fair value of subrogation rights related to real estate based on third party property appraisals or other types of third party valuations deemed to be more appropriate for a particular property; and (iv) estimated deferred policy acquisition costs to be amortized over the term of the policy. (x) Measurement of expected credit losses The partnership exercises judgment when determining expected credit losses on financial assets. Judgment is applied in the determination of probability weighted expected cash flows, the probability of default of borrowers, and in selecting forward looking information to determine increase in credit risk and other risk parameters. (xi) Uncertainty of income tax treatments The partnership applies IFRIC 23, Uncertainty over Income Tax Treatments (“IFRIC 23”). The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. (xii) Other Other estimates and assumptions utilized in the preparation of the partnership’s financial statements are: the assessment or determination of recoverable amounts; depreciation and amortization rates and useful lives; estimation of recoverable amounts of cash-generating units for impairment assessments of goodwill and intangible assets; and ability to utilize tax losses and other tax measurements. |
Impairment of financial assets | Impairment of financial assets The partnership recognizes an allowance for expected credit losses (“ECL”) on financial assets including loans receivable and debt securities measured at amortized cost, debt securities measured at fair value through OCI and undrawn loan commitments. ECLs are also determined for trade receivables and contract assets. The ECL model consists of three stages: Stage 1 – twelve-month ECLs for performing financial assets, Stage 2 – Lifetime ECLs for financial assets that have experienced a significant increase in credit risk since initial recognition, and Stage 3 – Lifetime ECLs for financial assets that are impaired. The partnership calculates ECLs based on the probability weighted expected cash collected shortfall against the carrying value of the loan or investment and considers reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions that may impact the credit profile of the loans. Forward-looking information is considered when determining significant increase in credit risk and measuring expected credit losses. Forward-looking macroeconomic factors are incorporated in the risk parameters as relevant. The partnership utilizes a simplified approach for measuring the loss allowance at an amount equal to the lifetime ECL for trade receivables and contract assets. The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. |
Future changes in accounting policies | Future changes in accounting policies (i) Insurance contracts In May 2017, the IASB published IFRS 17, Insurance contracts (“IFRS 17”) a comprehensive standard that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. In June 2019, the IASB published an exposure draft that proposes targeted amendments to IFRS 17 and will replace IFRS 4, Insurance contracts (“IFRS 4”). In March 2020, the IASB decided on a further deferral of the effective date of IFRS 17 from annual periods begging on or after January 1, 2021 to annual periods beginning on or after January 1, 2023. The measurement approach under IFRS 17 is based on the following: • a current, unbiased probability-weighted estimate of future cash flows expected to arise as the insurer fulfills the contract; • the effect of the time value of money; • a risk adjustment that measures the effects of uncertainty about the amount and timing of future cash flows; and • a contractual service margin which represents the unearned profit in a contract and that is recognized in profit or loss over time as the insurance coverage is provided. There will also be a new financial statement presentation for insurance contracts and additional disclosure requirements. IFRS 17 requires the partnership to distinguish between groups of contracts expected to be profit-making and groups of contracts expected to be onerous. IFRS 17 is to be applied retrospectively to each group of insurance contracts. If full retrospective application to a group of contracts is impracticable, the modified retrospective or fair value method may be used. The partnership is currently assessing the impact of IFRS 17 on the financial statements. (ii) IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 amendments for IBOR reform On August 27, 2020, the IASB published Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Phase II Amendments”), effective January 1, 2021, with early adoption permitted. The Phase II Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The Phase II Amendments primarily relate to the modification of financial assets, financial liabilities and lease liabilities where the basis for determining the contractual cash flows changes as a result of IBOR reform, allowing for prospective application of the applicable benchmark interest rate and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. |
New accounting policies adopted | New accounting policies adopted The partnership has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2020. (i) Definition of material In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting policies, changes in accounting estimates and errors . These amendments clarify and align the definition of material and provide guidance to help improve consistency in the application of materiality when used in other IFRS standards. The partnership adopted these amendments on January 1, 2020 and the adoption did not have an impact on the partnership’s financial statements. (ii) Rent concessions In May 2020, the IASB issued an amendment to IFRS 16, effective for annual and interim reporting periods beginning on or after June 1, 2020. The amendment provides lessees with a practical expedient that relieves a lessee from assessing whether a COVID-19 related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19 related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification. The application of the practical expedient did not have a significant impact on the partnership’s financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about the partnership's wholly-owned subsidiaries as of December 31, 2020 and 2019: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Residential real estate services business Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of the partnership: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Financial advisory services business Sera Global Canada 75 % 100 % 75 % 100 % Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Road fuel distribution and marketing business Greenergy Fuels Holding Limited United Kingdom 89 % 85 % 18 % 14 % Wireless broadband business Imagine Communications Group Limited Ireland 55 % 55 % 31 % 31 % Healthcare services business Healthscope Limited Australia 100 % 100 % 28 % 27 % Heavy equipment and light vehicle fleet management Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurance services Sagen MI Canada Inc. Canada 57 % 57 % 24 % 29 % Indian financing company IndoStar Capital Finance Limited India 57 % — % 20 % — % Infrastructure services Service provider to the nuclear power generation industry Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure LP United States 99 % 73 % 43 % 31 % Industrials Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Producer of graphite electrodes GrafTech International Ltd. United States 55 % 74 % 19 % 25 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Canadian well-servicing operation CWC Energy Services Corp. Canada 80 % 80 % 54 % 54 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Manufacturer of automotive batteries Clarios Global LP United States 100 % 100 % 28 % 28 % Remanufacturer of automotive aftermarket replacement parts Cardone Industries Inc. United States 98 % — % 52 % — % Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,113 $ 12,741 $ 4,413 $ 7,093 $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 2,328 8,092 2,561 7,248 4,399 (281) (120) (161) (249) 355 Industrials 5,178 17,721 3,009 16,232 10,652 3 (360) 144 (324) 2,746 Total $ 11,619 $ 38,554 $ 9,983 $ 30,573 $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 Year ended December 31, 2019 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 3,743 $ 11,388 $ 4,448 $ 6,247 $ 23,773 $ 200 $ 35 $ 111 $ (368) $ 3,166 Infrastructure services 2,358 8,262 2,289 7,028 4,559 (446) (138) (281) (370) 833 Industrials 4,622 17,864 2,729 15,815 9,644 660 (104) 502 (936) 2,968 Total $ 10,723 $ 37,514 $ 9,466 $ 29,090 $ 37,976 $ 414 $ (207) $ 332 $ (1,674) $ 6,967 Year ended December 31, 2018 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20) $ 4 $ (20) $ (46) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121) 170 (16) 1,534 Industrials 1,991 5,656 1,040 4,823 3,894 895 (239) 612 (1,542) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356) $ 762 $ (1,604) $ 3,383 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position: (US$ MILLIONS) 2020 2019 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 3,969 $ 3,166 Infrastructure services 355 833 Industrials 2,746 2,968 Total non-controlling interests in material non-wholly owned subsidiaries $ 7,070 $ 6,967 Total individually immaterial non-controlling interests balance 775 294 Total non-controlling interests $ 7,845 $ 7,261 |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (5) Right-of-use assets Total assets Gross carrying amount Balance at January 1, 2019 $ 127 $ 649 $ 2,223 $ 3,792 $ 1,624 $ — $ 8,415 Additions (cash and non-cash) 1 346 582 210 157 233 1,529 Dispositions (1) (78) (266) — (368) (59) (772) Acquisitions through business combinations (1) 523 2,886 2,677 — 263 228 6,577 Transfers and assets reclassified as held for sale (2) (22) (107) (178) (31) (54) 60 (332) Changes in accounting policy — — — — — 978 978 Foreign currency translation and other 5 12 (3) (1) 71 23 107 Balance at December 31, 2019 $ 633 $ 3,708 $ 5,035 $ 3,970 $ 1,693 $ 1,463 $ 16,502 Additions (cash and non-cash) 1 174 547 475 15 314 1,526 Dispositions (7) (5) (150) (254) (18) (165) (599) Acquisitions through business combinations (1) — 5 64 — 4 6 79 Transfers and assets reclassified as held for sale (2) (267) 24 14 (22) 195 — (56) Foreign currency translation and other 22 365 82 2 42 39 552 Balances at December 31, 2020 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Accumulated depreciation and impairment Balance at January 1, 2019 $ — $ (65) (476) (179) (748) — (1,468) Depreciation/depletion/impairment expense — (80) (485) (530) (109) (203) (1,407) Dispositions — 21 123 — 95 24 263 Transfers and assets reclassified as held for sale (2) — 17 53 3 4 (15) 62 Foreign currency translation and other — 1 (24) 1 (35) (3) (60) Balances at December 31, 2019 (3) (4) $ — $ (106) $ (809) $ (705) $ (793) $ (197) $ (2,610) Depreciation/depletion/impairment expense — (93) (662) (554) (114) (263) (1,686) Dispositions — 2 52 193 6 63 316 Transfers and assets reclassified as held for sale (2) — 16 (4) 6 7 1 26 Foreign currency translation and other — (12) (22) — (25) (9) (68) Balance at December 31, 2020 (3) (4) $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Net book value December 31, 2019 $ 633 $ 3,602 $ 4,226 $ 3,265 $ 900 $ 1,266 $ 13,892 December 31, 2020 $ 382 $ 4,078 $ 4,147 $ 3,111 $ 1,012 $ 1,252 $ 13,982 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes accumulated impairment losses of $46 million (2019: $14 million) for machinery and equipment, $276 million (2019: $271 million) for oil and gas properties and $370 million (2019: $184 million) for vessels. (4) As at December 31, 2020 a total of $46 million (2019: $48 million) of future development costs were included in the depletion calculation. (5) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. Year ended December 31, 2020 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 51 $ 621 $ 538 $ 22 $ 20 $ 1,252 Depreciation expense (7) (128) (104) (16) (8) $ (263) Lessor Assets subject to operating leases — — 278 2,518 — $ 2,796 Year ended December 31, 2019 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (1) Total Lessee Right-of-use assets $ 8 $ 632 $ 552 $ 53 $ 21 $ 1,266 Depreciation expense (1) (88) (91) (11) (12) $ (203) Lessor Assets subject to operating leases — — 313 2,494 — $ 2,807 ____________________________________ (1) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. |
Disclosure of detailed information about intangible asset amortization periods | Definite life intangible assets are amortized on a straight line basis over the following periods: Water and sewage concession rights Up to 40 years Brand names Up to 20 years Computer software Up to 10 years Customer relationships Up to 30 years Value of insurance contracts acquired Up to 15 years Patents and trademarks Up to 40 years Proprietary technology Up to 20 years Product development costs Up to 5 years Distribution networks Up to 25 years Loyalty program Up to 15 years |
Explanation of measurement bases used in preparing financial statements | The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial instruments (“IFRS 9”): IFRS 9 measurement category Consolidated statements of financial Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Accounts receivable Amortized cost / FVTPL Accounts and other receivable, net Restricted cash Amortized cost Financial assets Equity securities FVTPL / FVOCI Financial assets Debt securities FVTPL / FVOCI / Amortized cost Financial assets Derivative assets FVTPL (1) Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Financial assets Financial liabilities Borrowings Amortized cost Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings Accounts payable and other Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Accounts payable and other ____________________________________ (1) Derivatives are classified and measured at FVTPL except those designated in hedging relationships. |
Disclosure of fair value hierarchy levels | Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations 1 [Abstract] | |
Disclosure of detailed information about business combinations | The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business services Infrastructure services Industrials Total Cash $ 2,024 $ 7 $ 3,732 $ 5,763 Non-cash consideration 15 1 — 16 Total consideration (1) $ 2,039 $ 8 $ 3,732 $ 5,779 (US$ MILLIONS) Cash and cash equivalents $ 319 $ — $ 11 $ 330 Accounts receivable and other, net 289 2 1,129 1,420 Inventory, net 41 — 1,765 1,806 Assets held for sale 6 — — 6 Equity accounted investments 9 — 833 842 Property, plant and equipment 3,030 3 3,578 6,611 Intangible assets 542 7 6,550 7,099 Goodwill (2) 1,575 7 1,750 3,332 Deferred income tax assets 138 — 14 152 Financial assets 4,735 — 27 4,762 Other assets 48 — 339 387 Acquisition gain (4) — — (4) Accounts payable and other (2,734) (1) (2,003) (4,738) Borrowings (709) — — (709) Deferred income tax liabilities (152) (2) (867) (1,021) Net assets acquired before non-controlling interests $ 7,133 $ 16 $ 13,126 $ 20,275 Non-controlling interests (3) (4) (5,094) (8) (9,394) (14,496) Net assets acquired $ 2,039 $ 8 $ 3,732 $ 5,779 __________________________________________ (1) Excludes consideration attributable to non-controlling interests, which represents the interest of others in operating subsidiaries. (2) The finalization of purchase price allocations within the business services and industrials segments resulted in adjustments to the preliminary fair values, including intangible assets, deferred income tax assets, deferred income tax liabilities, equity accounted investments and consideration paid. The offsetting adjustment to goodwill resulted in an increase of $3 million within the business services segment and a decrease of $144 million within the industrials segment. Adjustments to a purchase price allocation within the infrastructure services segment resulted in a decrease to goodwill of $5 million. (3) Non-controlling interests recognized on business combination were measured at fair value for business services, industrials and infrastructure services. (4) Non-controlling interests recognized on business combination were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for residential mortgage insurance services in the business services segment. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Financial assets classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2020: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 2,743 $ 2,743 Accounts and other receivable, net (current and non-current) — — 4,989 4,989 Other assets (current and non-current) (1) — — 536 536 Financial assets (current and non-current) (2) 933 5,561 2,302 8,796 Total (3) $ 933 $ 5,561 $ 10,570 $ 17,064 Financial liabilities Accounts payable and other (2) (4) $ 435 $ 370 $ 9,063 $ 9,868 Borrowings (current and non-current) — — 23,776 23,776 Total $ 435 $ 370 $ 32,839 $ 33,644 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,048 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $4,704 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and various tax and duties of $8,064 million. (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,986 $ 1,986 Accounts and other receivable, net (current and non-current) — — 5,631 5,631 Other assets (current and non-current) (1) — — 577 577 Financial assets (current and non-current) (2) 883 4,612 748 6,243 Total (3) $ 883 $ 4,612 $ 8,942 $ 14,437 Financial liabilities Accounts payable and other (4) $ 385 $ 159 $ 9,039 $ 9,583 Borrowings (current and non-current) — — 22,399 22,399 Total $ 385 $ 159 $ 31,438 $ 31,982 ____________________________________ (1) Excludes prepayments and other assets of $1,215 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $3,832 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $6,913 million. (US$ MILLIONS) 2020 2019 Current Marketable securities $ 995 $ 734 Restricted cash 833 172 Derivative contracts 167 176 Loans and notes receivable 195 66 Other financial assets (1) 385 — Total current $ 2,575 $ 1,148 Non-current Marketable securities $ 3,535 $ 3,435 Restricted cash 272 201 Derivative contracts 110 62 Loans and notes receivable 1,002 309 Other financial assets (1) 1,302 1,088 Total non-current $ 6,221 $ 5,095 ____________________________________ (1) Other financial assets includes secured debentures, asset backed securities and preferred shares in the partnership’s business services segment. (US$ MILLIONS) 2020 2019 Current, net $ 4,306 $ 4,808 Non-current, net Accounts receivable 60 40 Retainer on customer contract 68 102 Billing rights 555 681 Total non-current, net $ 683 $ 823 Total $ 4,989 $ 5,631 (US$ MILLIONS) 2020 2019 2018 Loss allowance - beginning $ 86 $ 45 $ 40 Add: increase in allowance 116 53 22 Deduct: bad debt write offs (55) (23) (10) Foreign currency translation and other 9 11 (7) Loss allowance - ending $ 156 $ 86 $ 45 |
Financial liabilities classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2020: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 2,743 $ 2,743 Accounts and other receivable, net (current and non-current) — — 4,989 4,989 Other assets (current and non-current) (1) — — 536 536 Financial assets (current and non-current) (2) 933 5,561 2,302 8,796 Total (3) $ 933 $ 5,561 $ 10,570 $ 17,064 Financial liabilities Accounts payable and other (2) (4) $ 435 $ 370 $ 9,063 $ 9,868 Borrowings (current and non-current) — — 23,776 23,776 Total $ 435 $ 370 $ 32,839 $ 33,644 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,048 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $4,704 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and various tax and duties of $8,064 million. (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,986 $ 1,986 Accounts and other receivable, net (current and non-current) — — 5,631 5,631 Other assets (current and non-current) (1) — — 577 577 Financial assets (current and non-current) (2) 883 4,612 748 6,243 Total (3) $ 883 $ 4,612 $ 8,942 $ 14,437 Financial liabilities Accounts payable and other (4) $ 385 $ 159 $ 9,039 $ 9,583 Borrowings (current and non-current) — — 22,399 22,399 Total $ 385 $ 159 $ 31,438 $ 31,982 ____________________________________ (1) Excludes prepayments and other assets of $1,215 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $3,832 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $6,913 million. |
Carrying and fair values of financial assets | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2020 and 2019: 2020 2019 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 481 $ — $ — $ 255 $ — $ — Corporate and government bonds — 4,049 — — 3,914 — Derivative assets 46 231 — 4 234 — Other financial assets (1) 775 571 341 401 400 287 $ 1,302 $ 4,851 $ 341 $ 660 $ 4,548 $ 287 Financial liabilities Derivative liabilities $ 72 $ 722 $ — $ 18 $ 489 $ — Other financial liabilities — — 11 — — 36 $ 72 $ 722 $ 11 $ 18 $ 489 $ 36 ____________________________________ (1) Level 1 other financial assets are primarily preferred shares. Level 2 other financial assets are primarily asset backed securities. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) and key input(s) Corporate and government bonds $ 4,049 $ 3,914 Fair value of bonds are obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 231 $ 234 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 571 $ 400 Other financial assets represents amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 722 $ 489 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. |
Carrying and fair values of financial liabilities | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2020 and 2019: 2020 2019 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 481 $ — $ — $ 255 $ — $ — Corporate and government bonds — 4,049 — — 3,914 — Derivative assets 46 231 — 4 234 — Other financial assets (1) 775 571 341 401 400 287 $ 1,302 $ 4,851 $ 341 $ 660 $ 4,548 $ 287 Financial liabilities Derivative liabilities $ 72 $ 722 $ — $ 18 $ 489 $ — Other financial liabilities — — 11 — — 36 $ 72 $ 722 $ 11 $ 18 $ 489 $ 36 ____________________________________ (1) Level 1 other financial assets are primarily preferred shares. Level 2 other financial assets are primarily asset backed securities. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) and key input(s) Corporate and government bonds $ 4,049 $ 3,914 Fair value of bonds are obtained primarily from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value of bonds and debentures are interest rate curves and credit spreads. Derivative assets $ 231 $ 234 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Other financial assets $ 571 $ 400 Other financial assets represents amounts from asset backed securities where values are obtained from industry standard pricing services utilizing market observable inputs. Fair value is assessed by analyzing available market information through processes such as benchmark curves, benchmarking of like securities and quotes from market participants. The primary inputs used in determining fair value are interest rate curves and credit spreads. Derivative liabilities $ 722 $ 489 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. |
Schedule of significant unobservable inputs used and change in balance of financial assets | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 254 243 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 77 34 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 9 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2020 and 2019: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 287 $ 280 Fair value change recorded in net income (2) 5 Fair value change recorded in other comprehensive income (3) 2 Additions 221 — Disposals (162) — Balance at end of period $ 341 $ 287 |
Schedule of significant unobservable inputs used and change in balance of financial liabilities | The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2020 Carrying value December 31, 2019 Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 254 243 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 77 34 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 9 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2020 and 2019: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 287 $ 280 Fair value change recorded in net income (2) 5 Fair value change recorded in other comprehensive income (3) 2 Additions 221 — Disposals (162) — Balance at end of period $ 341 $ 287 |
FINANCIAL ASSETS (Tables)
FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2020: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 2,743 $ 2,743 Accounts and other receivable, net (current and non-current) — — 4,989 4,989 Other assets (current and non-current) (1) — — 536 536 Financial assets (current and non-current) (2) 933 5,561 2,302 8,796 Total (3) $ 933 $ 5,561 $ 10,570 $ 17,064 Financial liabilities Accounts payable and other (2) (4) $ 435 $ 370 $ 9,063 $ 9,868 Borrowings (current and non-current) — — 23,776 23,776 Total $ 435 $ 370 $ 32,839 $ 33,644 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,048 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $4,704 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and various tax and duties of $8,064 million. (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,986 $ 1,986 Accounts and other receivable, net (current and non-current) — — 5,631 5,631 Other assets (current and non-current) (1) — — 577 577 Financial assets (current and non-current) (2) 883 4,612 748 6,243 Total (3) $ 883 $ 4,612 $ 8,942 $ 14,437 Financial liabilities Accounts payable and other (4) $ 385 $ 159 $ 9,039 $ 9,583 Borrowings (current and non-current) — — 22,399 22,399 Total $ 385 $ 159 $ 31,438 $ 31,982 ____________________________________ (1) Excludes prepayments and other assets of $1,215 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $3,832 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $6,913 million. (US$ MILLIONS) 2020 2019 Current Marketable securities $ 995 $ 734 Restricted cash 833 172 Derivative contracts 167 176 Loans and notes receivable 195 66 Other financial assets (1) 385 — Total current $ 2,575 $ 1,148 Non-current Marketable securities $ 3,535 $ 3,435 Restricted cash 272 201 Derivative contracts 110 62 Loans and notes receivable 1,002 309 Other financial assets (1) 1,302 1,088 Total non-current $ 6,221 $ 5,095 ____________________________________ (1) Other financial assets includes secured debentures, asset backed securities and preferred shares in the partnership’s business services segment. (US$ MILLIONS) 2020 2019 Current, net $ 4,306 $ 4,808 Non-current, net Accounts receivable 60 40 Retainer on customer contract 68 102 Billing rights 555 681 Total non-current, net $ 683 $ 823 Total $ 4,989 $ 5,631 (US$ MILLIONS) 2020 2019 2018 Loss allowance - beginning $ 86 $ 45 $ 40 Add: increase in allowance 116 53 22 Deduct: bad debt write offs (55) (23) (10) Foreign currency translation and other 9 11 (7) Loss allowance - ending $ 156 $ 86 $ 45 |
ACCOUNTS AND OTHER RECEIVABLE_2
ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of financial assets | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2020: (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 2,743 $ 2,743 Accounts and other receivable, net (current and non-current) — — 4,989 4,989 Other assets (current and non-current) (1) — — 536 536 Financial assets (current and non-current) (2) 933 5,561 2,302 8,796 Total (3) $ 933 $ 5,561 $ 10,570 $ 17,064 Financial liabilities Accounts payable and other (2) (4) $ 435 $ 370 $ 9,063 $ 9,868 Borrowings (current and non-current) — — 23,776 23,776 Total $ 435 $ 370 $ 32,839 $ 33,644 ____________________________________ (1) Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,048 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $4,704 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and various tax and duties of $8,064 million. (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,986 $ 1,986 Accounts and other receivable, net (current and non-current) — — 5,631 5,631 Other assets (current and non-current) (1) — — 577 577 Financial assets (current and non-current) (2) 883 4,612 748 6,243 Total (3) $ 883 $ 4,612 $ 8,942 $ 14,437 Financial liabilities Accounts payable and other (4) $ 385 $ 159 $ 9,039 $ 9,583 Borrowings (current and non-current) — — 22,399 22,399 Total $ 385 $ 159 $ 31,438 $ 31,982 ____________________________________ (1) Excludes prepayments and other assets of $1,215 million. (2) Refer to Hedging Activities in Note 4 (a) below. (3) Total financial assets include $3,832 million of assets pledged as collateral. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $6,913 million. (US$ MILLIONS) 2020 2019 Current Marketable securities $ 995 $ 734 Restricted cash 833 172 Derivative contracts 167 176 Loans and notes receivable 195 66 Other financial assets (1) 385 — Total current $ 2,575 $ 1,148 Non-current Marketable securities $ 3,535 $ 3,435 Restricted cash 272 201 Derivative contracts 110 62 Loans and notes receivable 1,002 309 Other financial assets (1) 1,302 1,088 Total non-current $ 6,221 $ 5,095 ____________________________________ (1) Other financial assets includes secured debentures, asset backed securities and preferred shares in the partnership’s business services segment. (US$ MILLIONS) 2020 2019 Current, net $ 4,306 $ 4,808 Non-current, net Accounts receivable 60 40 Retainer on customer contract 68 102 Billing rights 555 681 Total non-current, net $ 683 $ 823 Total $ 4,989 $ 5,631 (US$ MILLIONS) 2020 2019 2018 Loss allowance - beginning $ 86 $ 45 $ 40 Add: increase in allowance 116 53 22 Deduct: bad debt write offs (55) (23) (10) Foreign currency translation and other 9 11 (7) Loss allowance - ending $ 156 $ 86 $ 45 |
INVENTORY, NET (Tables)
INVENTORY, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Disclosure of current inventories | (US$ MILLIONS) 2020 2019 Raw materials and consumables $ 980 $ 941 Fuel products (1) 648 688 Work in progress 638 674 RTFO certificates (2) 365 342 Finished goods and other (3) 1,065 845 Carrying amount of inventories $ 3,696 $ 3,490 ____________________________________ (1) Fuel products are traded in active markets and are purchased with a view to resale in the near future. As a result, stocks of fuel products are recorded at fair value based on quoted market prices. (2) $25 million of RTFO certificates are held for trading and recorded at fair value (2019: $66 million). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. (3) Finished goods and other are mainly composed of finished goods inventory in the infrastructure services and industrials segments. |
Disclosure of inventory obsolescence provision | The amount of inventory written down was as follows: (US$ MILLIONS) 2020 2019 2018 Inventory obsolescence provision - beginning $ 33 $ 19 $ 4 Add: increase in provision 55 22 22 Deduct: inventory obsolescence write off (34) (8) (7) Impact of foreign exchange 1 — — Inventory obsolescence provision - ending $ 55 $ 33 $ 19 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Assets | (US$ MILLIONS) 2020 2019 Current Work in progress (1) $ 488 $ 505 Prepayments and other assets 650 719 Assets held for sale 35 139 Total current $ 1,173 $ 1,363 Non-current Work in progress (1) $ 48 $ 72 Prepayments and other assets 363 357 Total non-current $ 411 $ 429 ____________________________________ (1) See Note 16 for additional information. |
NON-WHOLLY OWNED SUBSIDIARIES (
NON-WHOLLY OWNED SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about the partnership's wholly-owned subsidiaries as of December 31, 2020 and 2019: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Residential real estate services business Bridgemarq Real Estate Services Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of the partnership: Business type Name of entity Country of incorporation Voting interest Economic interest 2020 2019 2020 2019 Business services Financial advisory services business Sera Global Canada 75 % 100 % 75 % 100 % Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Road fuel distribution and marketing business Greenergy Fuels Holding Limited United Kingdom 89 % 85 % 18 % 14 % Wireless broadband business Imagine Communications Group Limited Ireland 55 % 55 % 31 % 31 % Healthcare services business Healthscope Limited Australia 100 % 100 % 28 % 27 % Heavy equipment and light vehicle fleet management Ouro Verde Locação e Seviços S.A. Brazil 100 % 100 % 35 % 35 % Residential mortgage insurance services Sagen MI Canada Inc. Canada 57 % 57 % 24 % 29 % Indian financing company IndoStar Capital Finance Limited India 57 % — % 20 % — % Infrastructure services Service provider to the nuclear power generation industry Westinghouse Electric Company United States 100 % 100 % 44 % 44 % Service provider to the offshore oil production industry Altera Infrastructure LP United States 99 % 73 % 43 % 31 % Industrials Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Producer of graphite electrodes GrafTech International Ltd. United States 55 % 74 % 19 % 25 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % 52 % 14 % 14 % Canadian well-servicing operation CWC Energy Services Corp. Canada 80 % 80 % 54 % 54 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 46 % 46 % Manufacturer of automotive batteries Clarios Global LP United States 100 % 100 % 28 % 28 % Remanufacturer of automotive aftermarket replacement parts Cardone Industries Inc. United States 98 % — % 52 % — % Year ended December 31, 2020 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 4,113 $ 12,741 $ 4,413 $ 7,093 $ 18,584 $ 459 $ 417 $ 350 $ (650) $ 3,969 Infrastructure services 2,328 8,092 2,561 7,248 4,399 (281) (120) (161) (249) 355 Industrials 5,178 17,721 3,009 16,232 10,652 3 (360) 144 (324) 2,746 Total $ 11,619 $ 38,554 $ 9,983 $ 30,573 $ 33,635 $ 181 $ (63) $ 333 $ (1,223) $ 7,070 Year ended December 31, 2019 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 3,743 $ 11,388 $ 4,448 $ 6,247 $ 23,773 $ 200 $ 35 $ 111 $ (368) $ 3,166 Infrastructure services 2,358 8,262 2,289 7,028 4,559 (446) (138) (281) (370) 833 Industrials 4,622 17,864 2,729 15,815 9,644 660 (104) 502 (936) 2,968 Total $ 10,723 $ 37,514 $ 9,466 $ 29,090 $ 37,976 $ 414 $ (207) $ 332 $ (1,674) $ 6,967 Year ended December 31, 2018 Total Profit/(loss) allocated to others’ ownership interest Distributions to others’ ownership interest Equity to others’ ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenues Net income (loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20) $ 4 $ (20) $ (46) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121) 170 (16) 1,534 Industrials 1,991 5,656 1,040 4,823 3,894 895 (239) 612 (1,542) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356) $ 762 $ (1,604) $ 3,383 The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position: (US$ MILLIONS) 2020 2019 Non-controlling interests related to material non-wholly owned subsidiaries Business services $ 3,969 $ 3,166 Infrastructure services 355 833 Industrials 2,746 2,968 Total non-controlling interests in material non-wholly owned subsidiaries $ 7,070 $ 6,967 Total individually immaterial non-controlling interests balance 775 294 Total non-controlling interests $ 7,845 $ 7,261 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Vessels Up to 35 years Oil and gas related equipment and mining property Units of production (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (5) Right-of-use assets Total assets Gross carrying amount Balance at January 1, 2019 $ 127 $ 649 $ 2,223 $ 3,792 $ 1,624 $ — $ 8,415 Additions (cash and non-cash) 1 346 582 210 157 233 1,529 Dispositions (1) (78) (266) — (368) (59) (772) Acquisitions through business combinations (1) 523 2,886 2,677 — 263 228 6,577 Transfers and assets reclassified as held for sale (2) (22) (107) (178) (31) (54) 60 (332) Changes in accounting policy — — — — — 978 978 Foreign currency translation and other 5 12 (3) (1) 71 23 107 Balance at December 31, 2019 $ 633 $ 3,708 $ 5,035 $ 3,970 $ 1,693 $ 1,463 $ 16,502 Additions (cash and non-cash) 1 174 547 475 15 314 1,526 Dispositions (7) (5) (150) (254) (18) (165) (599) Acquisitions through business combinations (1) — 5 64 — 4 6 79 Transfers and assets reclassified as held for sale (2) (267) 24 14 (22) 195 — (56) Foreign currency translation and other 22 365 82 2 42 39 552 Balances at December 31, 2020 $ 382 $ 4,271 $ 5,592 $ 4,171 $ 1,931 $ 1,657 $ 18,004 Accumulated depreciation and impairment Balance at January 1, 2019 $ — $ (65) (476) (179) (748) — (1,468) Depreciation/depletion/impairment expense — (80) (485) (530) (109) (203) (1,407) Dispositions — 21 123 — 95 24 263 Transfers and assets reclassified as held for sale (2) — 17 53 3 4 (15) 62 Foreign currency translation and other — 1 (24) 1 (35) (3) (60) Balances at December 31, 2019 (3) (4) $ — $ (106) $ (809) $ (705) $ (793) $ (197) $ (2,610) Depreciation/depletion/impairment expense — (93) (662) (554) (114) (263) (1,686) Dispositions — 2 52 193 6 63 316 Transfers and assets reclassified as held for sale (2) — 16 (4) 6 7 1 26 Foreign currency translation and other — (12) (22) — (25) (9) (68) Balance at December 31, 2020 (3) (4) $ — $ (193) $ (1,445) $ (1,060) $ (919) $ (405) $ (4,022) Net book value December 31, 2019 $ 633 $ 3,602 $ 4,226 $ 3,265 $ 900 $ 1,266 $ 13,892 December 31, 2020 $ 382 $ 4,078 $ 4,147 $ 3,111 $ 1,012 $ 1,252 $ 13,982 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes accumulated impairment losses of $46 million (2019: $14 million) for machinery and equipment, $276 million (2019: $271 million) for oil and gas properties and $370 million (2019: $184 million) for vessels. (4) As at December 31, 2020 a total of $46 million (2019: $48 million) of future development costs were included in the depletion calculation. (5) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. Year ended December 31, 2020 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others Total Lessee Right-of-use assets $ 51 $ 621 $ 538 $ 22 $ 20 $ 1,252 Depreciation expense (7) (128) (104) (16) (8) $ (263) Lessor Assets subject to operating leases — — 278 2,518 — $ 2,796 Year ended December 31, 2019 (US$ MILLIONS) Land Buildings Machinery and equipment Vessels Others (1) Total Lessee Right-of-use assets $ 8 $ 632 $ 552 $ 53 $ 21 $ 1,266 Depreciation expense (1) (88) (91) (11) (12) $ (203) Lessor Assets subject to operating leases — — 313 2,494 — $ 2,807 ____________________________________ (1) Comparative figures have been reclassified to conform to the current period’s classification to include mineral property and oil and gas assets. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents, trademarks and proprietary technology (3) Loyalty program Brand names (3) Other Value of insurance contracts acquired Total assets Gross carrying amount: Balance at January 1, 2019 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ — $ 6,001 Additions 158 7 20 — 1 45 — 231 Acquisitions through business combinations (1) — 4,960 1,367 — — 265 224 6,816 Dispositions — — (32) — — — — (32) Assets reclassified as held for sale (2) (27) (365) (34) — — (10) — (436) Foreign currency translation (75) (14) 7 8 (3) (2) 3 (76) Balances at December 31, 2019 $ 1,968 $ 5,760 $ 3,511 $ 158 $ 409 $ 471 $ 227 $ 12,504 Additions 496 — 107 — — 7 — 610 Acquisitions through business combinations (1) — 55 90 — 10 16 — 171 Dispositions — (68) (5) — — (100) — (173) Assets reclassified as held for sale (2) — — (1) — — — — (1) Foreign currency translation (429) 95 86 11 32 (37) 5 (237) Balance at December 31, 2020 $ 2,035 $ 5,842 $ 3,788 $ 169 $ 451 $ 357 $ 232 $ 12,874 Accumulated amortization and impairment Balance at January 1, 2019 $ (119) $ (203) $ (111) $ (15) $ (9) $ (21) $ — $ (478) Amortization expense (62) (288) (196) (10) (3) (22) (1) (582) Dispositions (1) — 23 — — — — 22 Assets reclassified as held for sale (2) 6 78 10 — — 3 — 97 Foreign currency translation 5 (1) (8) (1) — 1 — (4) Balances at December 31, 2019 $ (171) $ (414) $ (282) $ (26) $ (12) $ (39) $ (1) $ (945) Amortization expense (59) (361) (263) (2) (8) (20) (39) (752) Dispositions — 68 4 — — 18 — 90 Assets reclassified as held for sale (2) — — — — — — — — Foreign currency translation 49 (41) (7) (4) (8) 7 (2) (6) Balance at December 31, 2020 $ (181) $ (748) $ (548) $ (32) $ (28) $ (34) $ (42) $ (1,613) Net book value December 31, 2019 $ 1,797 $ 5,346 $ 3,229 $ 132 $ 397 $ 432 $ 226 $ 11,559 December 31, 2020 $ 1,854 $ 5,094 $ 3,240 $ 137 $ 423 $ 323 $ 190 $ 11,261 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $900 million (2019: $799 million) in the partnership’s infrastructure services and industrials segments. (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 5,218 $ 2,411 Acquisitions through business combinations (1) (83) 3,444 Impairment losses — (418) Dispositions (215) (21) Assets reclassified as held for sale (2) — (212) Foreign currency translation 324 14 Balance at end of year $ 5,244 $ 5,218 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in goodwill | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents, trademarks and proprietary technology (3) Loyalty program Brand names (3) Other Value of insurance contracts acquired Total assets Gross carrying amount: Balance at January 1, 2019 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ — $ 6,001 Additions 158 7 20 — 1 45 — 231 Acquisitions through business combinations (1) — 4,960 1,367 — — 265 224 6,816 Dispositions — — (32) — — — — (32) Assets reclassified as held for sale (2) (27) (365) (34) — — (10) — (436) Foreign currency translation (75) (14) 7 8 (3) (2) 3 (76) Balances at December 31, 2019 $ 1,968 $ 5,760 $ 3,511 $ 158 $ 409 $ 471 $ 227 $ 12,504 Additions 496 — 107 — — 7 — 610 Acquisitions through business combinations (1) — 55 90 — 10 16 — 171 Dispositions — (68) (5) — — (100) — (173) Assets reclassified as held for sale (2) — — (1) — — — — (1) Foreign currency translation (429) 95 86 11 32 (37) 5 (237) Balance at December 31, 2020 $ 2,035 $ 5,842 $ 3,788 $ 169 $ 451 $ 357 $ 232 $ 12,874 Accumulated amortization and impairment Balance at January 1, 2019 $ (119) $ (203) $ (111) $ (15) $ (9) $ (21) $ — $ (478) Amortization expense (62) (288) (196) (10) (3) (22) (1) (582) Dispositions (1) — 23 — — — — 22 Assets reclassified as held for sale (2) 6 78 10 — — 3 — 97 Foreign currency translation 5 (1) (8) (1) — 1 — (4) Balances at December 31, 2019 $ (171) $ (414) $ (282) $ (26) $ (12) $ (39) $ (1) $ (945) Amortization expense (59) (361) (263) (2) (8) (20) (39) (752) Dispositions — 68 4 — — 18 — 90 Assets reclassified as held for sale (2) — — — — — — — — Foreign currency translation 49 (41) (7) (4) (8) 7 (2) (6) Balance at December 31, 2020 $ (181) $ (748) $ (548) $ (32) $ (28) $ (34) $ (42) $ (1,613) Net book value December 31, 2019 $ 1,797 $ 5,346 $ 3,229 $ 132 $ 397 $ 432 $ 226 $ 11,559 December 31, 2020 $ 1,854 $ 5,094 $ 3,240 $ 137 $ 423 $ 323 $ 190 $ 11,261 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. (3) Includes indefinite life intangible assets with a carrying value of $900 million (2019: $799 million) in the partnership’s infrastructure services and industrials segments. (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 5,218 $ 2,411 Acquisitions through business combinations (1) (83) 3,444 Impairment losses — (418) Dispositions (215) (21) Assets reclassified as held for sale (2) — (212) Foreign currency translation 324 14 Balance at end of year $ 5,244 $ 5,218 ____________________________________ (1) See Note 3 for additional information. (2) Includes assets that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. |
Disclosure of goodwill allocated by segments | Goodwill is allocated to the following segments as at December 31, 2020 and 2019: (US$ MILLIONS) 2020 2019 Business services $ 2,529 $ 2,514 Infrastructure services 481 470 Industrials 2,234 2,234 Total $ 5,244 $ 5,218 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Disclosure of ownership interest, voting interest, and carrying value of joint ventures | The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2020 and 2019: (US$ MILLIONS, except as noted) Economic interest Voting interest Carrying value 2020 2019 2020 2019 2020 2019 Business services 14% - 90% 14% - 90% 14% - 90% 14% - 90% $ 60 $ 53 Infrastructure services 17% - 50% 25% - 50% 17% - 50% 25% - 50% 796 366 Industrials 24% - 54% 24% - 54% 24% - 50% 24% - 50% 834 854 Total $ 1,690 $ 1,273 |
Disclosure of ownership interest, voting interest, and carrying value of associates | The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2020 and 2019: (US$ MILLIONS, except as noted) Economic interest Voting interest Carrying value 2020 2019 2020 2019 2020 2019 Business services 14% - 90% 14% - 90% 14% - 90% 14% - 90% $ 60 $ 53 Infrastructure services 17% - 50% 25% - 50% 17% - 50% 25% - 50% 796 366 Industrials 24% - 54% 24% - 54% 24% - 50% 24% - 50% 834 854 Total $ 1,690 $ 1,273 |
Disclosure of change in equity investments | The following table represents the change in the balance of equity accounted investments: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 1,273 $ 541 Acquisitions through business combinations (1) (5) 847 Additions 446 25 Dispositions (2) (30) (162) Share of net income 57 114 Share of other comprehensive income 6 — Distributions received (41) (62) Foreign currency translation (16) (30) Balance at end of period $ 1,690 $ 1,273 ____________________________________ (1) See Note 3 for additional information. (2) Includes derecognition of equity accounted investments within Clarios that were consolidated in 2020 and within Greenergy that was consolidated in 2019. |
Disclosure of interests in joint ventures | The following tables present the gross assets and liabilities of the partnership’s equity accounted investments: Year ended December 31, 2020 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 448 $ 1,243 $ 1,691 $ 481 $ 1,116 $ 1,597 $ 94 Infrastructure services 1,605 8,030 9,635 830 5,569 6,399 3,236 Industrials 1,096 736 1,832 505 222 727 1,105 Total $ 3,149 $ 10,009 $ 13,158 $ 1,816 $ 6,907 $ 8,723 $ 4,435 Year Ended December 31, 2019 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 586 $ 1,057 $ 1,643 $ 515 $ 943 $ 1,458 $ 185 Infrastructure services 187 1,287 1,474 128 617 745 729 Industrials 1,038 743 1,781 486 257 743 1,038 Total $ 1,811 $ 3,087 $ 4,898 $ 1,129 $ 1,817 $ 2,946 $ 1,952 Year Ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 Year ended December 31, 2019 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 537 $ 117 $ 9 $ 126 Infrastructure services 388 119 — 119 Industrials 1,770 121 — 121 Total $ 2,695 $ 357 $ 9 $ 366 Year ended December 31, 2018 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 605 $ 102 $ (15) $ 87 Infrastructure services 828 (31) 2 (29) Industrials 445 62 (18) 44 Total $ 1,878 $ 133 $ (31) $ 102 |
Disclosure of interests in associates | The following tables present the gross assets and liabilities of the partnership’s equity accounted investments: Year ended December 31, 2020 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 448 $ 1,243 $ 1,691 $ 481 $ 1,116 $ 1,597 $ 94 Infrastructure services 1,605 8,030 9,635 830 5,569 6,399 3,236 Industrials 1,096 736 1,832 505 222 727 1,105 Total $ 3,149 $ 10,009 $ 13,158 $ 1,816 $ 6,907 $ 8,723 $ 4,435 Year Ended December 31, 2019 Total (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Business services $ 586 $ 1,057 $ 1,643 $ 515 $ 943 $ 1,458 $ 185 Infrastructure services 187 1,287 1,474 128 617 745 729 Industrials 1,038 743 1,781 486 257 743 1,038 Total $ 1,811 $ 3,087 $ 4,898 $ 1,129 $ 1,817 $ 2,946 $ 1,952 Year Ended December 31, 2020 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 252 $ (18) $ 8 $ (10) Infrastructure services 4,080 (123) 31 (92) Industrials 2,713 133 — 133 Total $ 7,045 $ (8) $ 39 $ 31 Year ended December 31, 2019 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 537 $ 117 $ 9 $ 126 Infrastructure services 388 119 — 119 Industrials 1,770 121 — 121 Total $ 2,695 $ 357 $ 9 $ 366 Year ended December 31, 2018 Total (US$ MILLIONS) Revenues Net income OCI Total comprehensive income Business services $ 605 $ 102 $ (15) $ 87 Infrastructure services 828 (31) 2 (29) Industrials 445 62 (18) 44 Total $ 1,878 $ 133 $ (31) $ 102 |
Disclosure of fair value of equity accounted investments | The fair value based on the publicly listed price of these equity accounted investments in comparison to the partnership’s carrying value is as follows: December 31, 2020 December 31, 2019 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 39 $ — $ 38 $ — Industrials 519 373 416 379 Total $ 558 $ 373 $ 454 $ 379 |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payable and other | (US$ MILLIONS) 2020 2019 Current: Accounts payable $ 2,971 $ 2,919 Accrued and other liabilities (1) (2) 3,864 3,978 Lease liability 222 224 Financial liabilities (5) 727 327 Unearned premiums reserve 533 482 Work in progress (3) 1,539 1,415 Provisions and decommissioning liabilities 560 442 Liabilities held for sale — 94 Total current $ 10,416 $ 9,881 Non-current: Accounts payable $ 82 $ 116 Accrued and other liabilities (2) 1,325 1,110 Lease liability 1,142 1,109 Financial liabilities (5) 2,457 2,048 Unearned premiums reserve 1,356 1,143 Work in progress (3) 23 60 Provisions and decommissioning liabilities (4) 1,131 1,029 Total non-current $ 7,516 $ 6,615 ____________________________________ (1) Includes bank overdrafts of $400 million as at December 31, 2020 (2019: $921 million). (2) Includes post-employment benefits of $1,018 million ($19 million current and $999 million non-current). See Note 30 for additional information. (3) See Note 16 for additional information. (4) Decommissioning liability results primarily from the partnership’s ownership interest in energy assets, manufacturing facilities, retail gas stations, a services provider to the offshore oil production industry and power generation services. The liability represents the estimated cost to reclaim and abandon the asset and takes into account the estimated timing of the cost to be incurred in future periods. The liability was determined using a risk rate between 1.2% and 11.5% (2019: 1.6% and 8.5%) and an inflation rate between 1.9% and 3.0% (2019: 2.0% and 3.0%), determined as appropriate for the underlying subsidiaries. (5) Includes financial liabilities of $1,847 million ($56 million current and $1,791 million non-current) as at December 31, 2020 (2019: $1,704 million) related to the sale and leaseback of hospitals. |
Disclosure of other provisions | The following table presents the change in the provision balances for the partnership: (US$ MILLIONS) Decommissioning liability Warranties and provisions for defects Other Total provisions Balance at January 1, 2019 $ 311 $ 87 $ 356 $ 754 Additions through business combinations 52 119 428 599 Additional provisions recognized 9 175 200 384 Reduction arising from payments/derecognition (6) (126) (324) (456) Accretion expenses 16 — — 16 Change in discount rate 154 — 2 156 Change in other estimates 44 (5) 4 43 Transfers to held for sale — — (10) (10) Dispositions (19) — — (19) Net foreign currency exchange differences 6 — (2) 4 Balance at December 31, 2019 $ 567 $ 250 $ 654 $ 1,471 Additions through business combinations 3 1 4 Additional provisions recognized 8 203 276 487 Reduction arising from payments/derecognition (7) (217) (199) (423) Accretion expenses 24 — (1) 23 Change in discount rate 66 — — 66 Change in other estimates 9 12 9 30 Transfers to held for sale — — (9) (9) Dispositions Net foreign currency exchange differences 3 5 34 42 Balance at December 31, 2020 $ 673 $ 253 $ 765 $ 1,691 |
CONTRACTS IN PROGRESS (Tables)
CONTRACTS IN PROGRESS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Construction Contracts [Abstract] | |
Disclosure of contracts in progress | A summary of the partnership’s contracts in progress is presented below: (US$ MILLIONS) 2020 2019 2018 Contract costs incurred to date $ 26,411 $ 23,041 $ 20,455 Profit recognized to date (less recognized losses) 1,476 1,843 1,946 27,887 24,884 22,401 Less: progress billings (28,913) (25,782) (23,546) Contract work in progress (liability) $ (1,026) $ (898) $ (1,145) Comprising: Amounts due from customers — work in progress (1) $ 536 $ 577 $ 563 Amounts due to customers — creditors (2) (1,562) (1,475) (1,708) Net work in progress $ (1,026) $ (898) $ (1,145) ____________________________________ (1) The change in the balance from December 31, 2019 was due to billed amounts of $3,635 million, additions to work in progress of $3,586 million, acquisitions through business combinations of $3 million, dispositions of $nil and the remainder due to foreign exchange changes. (2) The change in the balance from December 31, 2019 was due to recognized revenue of $1,808 million, additions to work in progress of $1,847 million, acquisitions through business combinations of $6 million, dispositions of $6 million and the remainder due to foreign exchange changes. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | Principal repayments on total borrowings due over the next five years and thereafter are as follows: (US$ MILLIONS) Business services Infrastructure services Industrials Corporate and other (1) Total borrowings 2021 $ 669 $ 621 $ 163 $ 300 $ 1,753 2022 602 584 127 — 1,313 2023 383 989 689 — 2,061 2024 1,210 373 468 310 2,361 2025 76 3,003 1,668 — 4,747 Thereafter 490 458 11,070 — 12,018 Total - Principal repayments $ 3,430 $ 6,028 $ 14,185 $ 610 $ 24,253 Total - Deferred financing costs and other $ (41) $ (124) $ (312) $ — $ (477) Total - December 31, 2020 $ 3,389 $ 5,904 $ 13,873 $ 610 $ 23,776 Total - December 31, 2019 $ 2,621 $ 5,860 $ 13,918 $ — $ 22,399 ____________________________________ (1) Refer to Note 25 for further details on the demand Deposit Agreement with Brookfield. Weighted average rate Weighted average term (years) Consolidated (US$ MILLIONS, except as noted) 2020 2019 2020 2019 2020 2019 Business services 5.9 % 5.8 % 3.7 4.3 $ 3,389 $ 2,621 Infrastructure services 4.0 % 5.2 % 4.3 5.2 5,904 5,860 Industrials 5.3 % 5.7 % 5.7 6.3 13,873 13,918 Total 5.0 % 5.5 % 5.0 5.7 $ 23,166 $ 22,399 Non-recourse subsidiary borrowings by currency are as follows: (US$ MILLIONS, except as noted) December 31, Local currency December 31, Local currency U.S. dollars $ 15,305 15,305 $ 15,436 15,436 Euros 3,466 2,820 3,578 3,546 Brazilian reais 1,475 7,667 1,330 5,362 Australian dollars 994 1,292 1,264 1,801 Indian rupees 967 70,614 — — Canadian dollars 923 1,175 772 1,003 British pounds 5 4 10 8 Other 31 140 9 7 Total $ 23,166 $ 22,399 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Disclosure of major components of income tax expense | The major components of income tax expense include the following for the years ended December 31: (US$ MILLIONS) 2020 2019 2018 Current income tax expense (recovery) $ 284 $ 324 $ 186 Deferred income tax expense (recovery): Origination and reversal of temporary differences (134) (138) (61) Recovery arising from previously unrecognized tax assets (1) (6) (27) Change of tax rates and imposition of new legislations 5 12 — Deferred income tax expense (recovery) (130) (132) (88) Total income taxes $ 154 $ 192 $ 98 |
Disclosure of effective tax rate differences | The partnership’s effective tax rate is different from the partnership’s composite income tax rate due to the following differences set out below: 2020 2019 2018 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates 2 (11) (1) International operations subject to different tax rates 23 (5) (16) Taxable income attributable to non-controlling interests (19) (6) (3) Recognition of deferred tax assets (10) — (2) Non-recognition of the benefit of current year’s tax losses 2 17 1 Change in tax rates and imposition of new legislation (1) 4 — Other (3) 4 2 Effective income tax rate 21 % 30 % 8 % |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Deferred income tax assets and liabilities as at December 31, 2020 and 2019 relate to the following: (US$ MILLIONS) December 31, 2020 December 31, 2019 Non-capital losses (Canada) $ 40 $ 11 Capital losses (Canada) — — Losses (U.S.) 119 78 Losses (International) 318 264 Difference in basis (1,417) (1,489) Total net deferred tax (liability) asset $ (940) $ (1,136) Reflected in the statement of financial position as follows: Deferred income tax assets $ 761 $ 667 Deferred income tax liabilities (1,701) (1,803) Total net deferred tax (liability) asset $ (940) $ (1,136) The deferred income tax movements are as follows: (US$ MILLIONS) December 31, 2020 December 31, 2019 Opening net deferred tax (liability) asset $ (1,136) $ (587) Recognized in income 130 132 Recognized in other comprehensive income (66) 15 Other (1) 132 (696) Net deferred tax (liability) asset $ (940) $ (1,136) ____________________________________ |
Disclosure of expiry date of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: (US$ MILLIONS) December 31, 2020 December 31, 2019 One year from reporting date $ 1 $ 19 Two years from reporting date 13 5 Three years from reporting date 12 5 After three years from reporting date 314 337 Do not expire 659 731 Total $ 999 $ 1,097 |
Disclosure of components of income tax in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2020, 2019, and 2018 are set out below: (US$ MILLIONS) 2020 2019 2018 Fair value through other comprehensive income $ 49 $ — $ (3) Net investment hedges 26 (15) 13 Cash flow hedges — (1) (6) Equity accounted investments — — — Pension plan actuarial changes (9) 1 (2) Total deferred tax expense (recovery) in other comprehensive income $ 66 $ (15) $ 2 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
Disclosure of classes of share capital | GP Units and LP Units outstanding are as follows: GP Units LP Units Total UNITS 2020 2019 2020 2019 2020 2019 Authorized and issued Opening balance 4 4 80,890,655 66,185,798 80,890,659 66,185,802 Repurchased and canceled — — (1,858,671) (202,143) (1,858,671) (202,143) Issued for cash — — — 14,907,000 — 14,907,000 On issue at December 31 4 4 79,031,984 80,890,655 79,031,988 80,890,659 Redemption-Exchange Units held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 69,705,497 63,095,497 Issued for cash — 6,610,000 On issue at December 31 69,705,497 69,705,497 Special Limited Partner Units held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 Preferred Shares held by Brookfield UNITS 2020 2019 Authorized and issued Opening balance 200,002 200,002 On issue at December 31 200,002 200,002 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Disclosure of accumulated other comprehensive income (loss) | Attributable to Limited Partners (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (169) $ 11 $ (60) $ (218) Other comprehensive income (loss) 25 39 (28) 36 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (144) $ 52 $ (88) $ (180) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2019 $ (182) $ 9 $ (13) $ (186) Other comprehensive income (loss) 13 2 (47) (32) Balance as at December 31, 2019 $ (169) $ 11 $ (60) $ (218) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2018 $ (111) $ 6 $ (7) $ (112) Other comprehensive income (loss) (71) 3 (5) (73) Ownership changes — — (1) (1) Balance as at December 31, 2018 $ (182) $ 9 $ (13) $ (186) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2020 $ (221) $ 9 $ (52) $ (264) Other comprehensive income (loss) 22 34 (25) 31 Ownership changes — 2 — 2 Balance as at December 31, 2020 $ (199) $ 45 $ (77) $ (231) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2019 $ (232) $ 7 $ (10) $ (235) Other comprehensive income (loss) 11 2 (42) (29) Balance as at December 31, 2019 $ (221) $ 9 $ (52) $ (264) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency FVOCI Other (1) Accumulated other Balance as at January 1, 2018 $ (165) $ 4 $ (4) $ (165) Other comprehensive income (loss) (67) 3 (5) (69) Ownership changes — — (1) (1) Balance as at December 31, 2018 $ (232) $ 7 $ (10) $ (235) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of direct operating costs | The following table lists direct operating costs for the years ended 2020, 2019, and 2018 by nature: (US$ MILLIONS) 2020 2019 2018 Cost of sales $ 27,742 $ 33,963 $ 31,539 Compensation 4,686 4,299 2,530 Property taxes, sales taxes and other 37 65 65 Total $ 32,465 $ 38,327 $ 34,134 |
CONTRACTUAL COMMITMENTS (Tables
CONTRACTUAL COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Contractual Commitments [Abstract] | |
Disclosure of maturity analysis for lease liabilities | As at December 31, 2020, the undiscounted maturity analysis for the partnership’s lease liabilities obligation is as follows: 2020 (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Lease liabilities $ 238 $ 664 $ 732 $ 1,634 Total lease liabilities $ 238 $ 664 $ 732 $ 1,634 (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Operating leases $ 360 $ 748 $ 397 $ 1,505 Total - December 31, 2020 $ 360 $ 748 $ 397 $ 1,505 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [abstract] | |
Disclosure of segment revenue by type | The tables below summarize the partnership’s segment revenues by type of revenues for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues 104 612 8 — 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues 33 5 31 7 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Year ended December 31, 2020 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Equity accounted Company EBITDA (2) 16 117 33 — 166 147 313 Company EBITDA 271 602 604 (93) 1,384 Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (43) (8) — (55) (33) (88) Company FFO 229 364 336 (59) 870 Depreciation and amortization expense (5) (719) (1,446) (2,165) Impairment expense, net (112) (151) (263) Gain (loss) on acquisitions / dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (2) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million, and corporate and other $nil. Year ended December 31, 2019 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 8,927 $ 1,815 $ 2,549 $ — $ 13,291 $ 29,741 $ 43,032 Direct operating costs (8,607) (1,324) (1,886) (9) (11,826) (26,501) (38,327) General and administrative expenses (136) (53) (70) (86) (345) (487) (832) Equity accounted Company EBITDA (2) 37 30 26 — 93 148 241 Company EBITDA 221 468 619 (95) 1,213 Gain (loss) on acquisitions /dispositions, net (3) 342 — 64 (1) 405 321 726 Other income (expense), net (4) (1) (9) (5) — (15) (10) (25) Interest income (expense), net (50) (138) (208) 37 (359) (915) (1,274) Current income tax (expense) recovery (75) — (71) 22 (124) (200) (324) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (5) (7) (6) — (18) (24) (42) Company FFO 432 314 393 (37) 1,102 Depreciation and amortization expense (5) (571) (1,233) (1,804) Impairment expense, net (303) (306) (609) Gain (loss) on acquisitions /dispositions, net (3) — — — Other income (expense), net (4) (149) (226) (375) Deferred income tax (expense) recovery 38 94 132 Non-cash items attributable to equity accounted investments (2) (29) (56) (85) Net income (loss) $ 88 $ 346 $ 434 _____________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $114 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $726 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(400) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2019, depreciation and amortization expense by segment is as follows: business services $305 million, infrastructure services $686 million, industrials $813 million, corporate and other $nil. Year ended December 31, 2018 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,194 $ 926 $ 1,074 $ 7 $ 11,201 $ 25,967 $ 37,168 Direct operating costs (8,943) (691) (552) (8) (10,194) (23,940) (34,134) General and administrative expenses (154) (25) (52) (69) (300) (343) (643) Equity accounted Company EBITDA (2) 31 85 20 — 136 60 196 Company EBITDA 128 295 490 (70) 843 Gain (loss) on acquisitions /dispositions, net (3) 54 (3) 112 — 163 87 250 Other income (expense), net (4) — (1) (3) — (4) (14) (18) Interest income (expense), net (13) (57) (74) 7 (137) (361) (498) Current income tax (expense) recovery (34) (6) (51) — (91) (95) (186) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (33) (4) — (41) (13) (54) Company FFO 131 195 470 (63) 733 Depreciation and amortization expense (5) (233) (515) (748) Impairment expense, net (89) (129) (218) Gain (loss) on acquisitions /dispositions, net (3) 115 135 250 Other income (expense), net (4) (53) (65) (118) Deferred income tax (expense) recovery 30 58 88 Non-cash items attributable to equity accounted investments (2) (81) (51) (132) Net income (loss) $ 422 $ 781 $ 1,203 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $10 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $500 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(136) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2018, depreciation and amortization expense by segment is as follows: business services $135 million, infrastructure services $309 million, industrials $304 million, and corporate and other $nil. As at December 31, 2020 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 19,884 $ 10,839 $ 23,929 $ 94 $ 54,746 As at December 31, 2019 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 18,132 $ 10,619 $ 22,742 $ 258 $ 51,751 |
Disclosure of segment revenue by timing of revenue recognition for revenue from contracts with customers | The tables below summarize the partnership’s segment revenues by timing of revenue recognition for total revenues from contracts with customers for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 17,665 $ 1,382 $ 10,436 $ — $ 29,483 Services transferred over a period of time 4,015 2,423 215 — 6,653 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 23,070 $ 1,379 $ 9,409 $ — $ 33,858 Services transferred over a period of time 5,648 2,568 234 — 8,450 Total revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Timing of revenue recognition Goods and services provided at a point in time $ 24,296 $ 944 $ 3,587 $ — $ 28,827 Services transferred over a period of time 6,518 1,469 278 — 8,265 Total revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 |
Disclosure of revenues by geographical areas | The table below summarizes the partnership’s total revenues for the years ended December 31, 2020, 2019, and 2018: (US$ MILLIONS) 2020 2019 2018 United Kingdom $ 13,996 $ 20,202 $ 21,983 United States of America 5,848 5,218 1,772 Europe 5,184 5,145 2,909 Australia 4,299 4,059 2,961 Canada 3,137 3,860 4,691 Brazil 1,403 1,800 1,736 Mexico 765 698 147 India 99 2 2 Other 2,904 2,048 967 Total revenues $ 37,635 $ 43,032 $ 37,168 The tables below summarize the partnership’s segment revenues by geography for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States of America 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 India 4 — 11 — 15 Other 832 432 1,587 — 2,851 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 19,694 $ 334 $ 128 $ — $ 20,156 United States of America 324 1,609 3,278 — 5,211 Europe 687 1,239 2,889 — 4,815 Australia 4,042 14 — — 4,056 Canada 2,942 63 752 — 3,757 Brazil 405 97 1,097 — 1,599 Mexico — 5 693 — 698 India 1 — 1 2 Other 623 586 805 — 2,014 Total revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues $ 104 $ 612 $ 8 $ — $ 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 21,757 $ 119 $ 99 $ — $ 21,975 United States of America 478 802 487 1,767 Europe 704 901 1,300 — 2,905 Australia 2,936 9 — 2,945 Canada 3,786 57 830 — 4,673 Brazil 679 142 901 — 1,722 Mexico — — 157 — 157 India 2 — — — 2 Other 472 383 91 — 946 Total revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues $ 33 $ 5 $ 31 $ 7 $ 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Non-current assets (1) (US$ MILLIONS) 2020 2019 United States of America $ 8,915 $ 8,214 Europe 8,505 7,141 Canada 6,777 6,610 Australia 5,420 5,110 Brazil 3,673 4,582 Mexico 2,097 2,529 United Kingdom 1,663 2,182 India 1,240 624 Other 1,963 1,964 Total non-current assets $ 40,253 $ 38,956 ____________________________________ (1) Non-current assets comprise financial assets, property, plant and equipment, intangible assets, equity accounted investments, goodwill and other non-current assets. |
Disclosure of maturity analysis of lessor operating lease payments | As at December 31, 2020, the undiscounted maturity analysis for the partnership’s lease liabilities obligation is as follows: 2020 (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Lease liabilities $ 238 $ 664 $ 732 $ 1,634 Total lease liabilities $ 238 $ 664 $ 732 $ 1,634 (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Operating leases $ 360 $ 748 $ 397 $ 1,505 Total - December 31, 2020 $ 360 $ 748 $ 397 $ 1,505 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The following table summarizes other transactions the partnership has entered into with related parties: Year ended December 31, (US$ MILLIONS) 2020 2019 2018 Transactions during the period Revenues (1) $ 612 $ 452 $ 435 ____________________________________ (1) Within the business services segment, the partnership provides construction services to affiliates of Brookfield. (US$ MILLIONS) December 31, 2020 December 31, 2019 Balances at end of period: Financial assets $ — $ 174 Accounts and other receivable, net $ 98 $ 36 Accounts payable and other $ 97 $ 242 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about hedging instruments | The aggregate notional amounts of the partnership's derivative positions as at December 31, 2020 and 2019 were as follows: (US$ MILLIONS, except as noted) 2020 2019 Foreign exchange contracts $ 5,518 $ 6,261 Cross currency swaps 192 374 Interest rate derivatives 18,305 13,058 Equity derivatives 426 47 $ 24,441 $ 19,740 Commodity instruments 2020 2019 Oil based fuel (Cbm - millions) 16.01 5.39 Natural gas (Mcf - millions) 79.79 11.74 Lead (metric tons) 50,078 20,420 Tin (metric tons) 2,269 2,548 Polypropylene (metric tons) 36,907 31,120 2020 2019 (US$ MILLIONS) < 1 Year 1-5 Years 5+ Years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts $ 2,289 $ 275 $ 79 $ 2,643 $ 2,719 Cross currency swaps 28 115 49 192 373 Interest rate derivatives 3,512 6,062 10 9,584 6,306 Equity derivatives 426 — — 426 47 Elected for hedge accounting Foreign exchange contracts 1,152 1,723 — 2,875 3,542 Interest rate derivatives 250 8,471 — 8,721 6,753 Option contracts — — — — — $ 7,657 $ 16,646 $ 138 $ 24,441 $ 19,740 |
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2020 and 2019. The notional amounts as at December 31, 2020 and 2019 include both buy and sell contracts. Notional amount Average exchange rate 2020 2019 2020 2019 Foreign exchange contracts Australian dollars $ 305 $ 682 1.48 1.45 Brazilian real 163 89 5.19 4.06 British pounds 1,060 650 0.74 0.77 Canadian dollars 1,548 2,037 1.31 1.30 Chinese yuan 8 1 6.54 6.97 European Union euros 340 782 0.84 0.88 Indian rupees 180 189 76.72 73.33 Japanese yen 8 14 103.46 104.19 Mexican pesos 13 10 19.98 18.90 Norwegian krone 48 52 9.68 8.87 South Africa rand 2 3 14.73 14.05 Swedish krona 1,647 1,578 8.58 9.10 Swiss franc 36 50 0.88 0.97 Colombian peso 48 49 3,428.45 3,359.91 South Korean won 67 68 1,086.51 1,265.03 Peruvian dollar — 7 — 3.41 Other 45 — $ 5,518 $ 6,261 2020 2019 (US$ MILLIONS) < 1 Year 1-5 Years 5+ Years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts $ 2,289 $ 275 $ 79 $ 2,643 $ 2,719 Cross currency swaps 28 115 49 192 373 Interest rate derivatives 3,512 6,062 10 9,584 6,306 Equity derivatives 426 — — 426 47 Elected for hedge accounting Foreign exchange contracts 1,152 1,723 — 2,875 3,542 Interest rate derivatives 250 8,471 — 8,721 6,753 Option contracts — — — — — $ 7,657 $ 16,646 $ 138 $ 24,441 $ 19,740 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of capital structure | The capital structure of the partnership consists of corporate borrowings and non-recourse borrowings in subsidiaries of the partnership, offset by cash and equity. (US$ MILLIONS, except as noted) 2020 2019 Corporate borrowings $ 610 $ — Non-recourse borrowings in subsidiaries of the partnership 23,166 22,399 Cash and cash equivalents (2,743) (1,986) Net debt 21,033 20,413 Total equity 11,337 11,053 Total capital and net debt $ 32,370 $ 31,466 Net debt to capitalization ratio 65 % 65 % |
Disclosure of liquidity management | The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the partnership can be required to pay. The tables include both interest and principal cash flows: December 31, 2020 (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other (1) $ 9,023 $ 480 $ 796 $ 2,067 $ 12,366 Interest-bearing liabilities 2,879 2,617 11,927 12,757 30,180 Lease liabilities 238 219 445 732 1,634 ____________________________________ (1) Excludes $2,709 million of decommissioning liabilities, other provisions, post-employment benefits, $1,889 million of unearned premiums reserve and $73 million of intercompany loans and notes payable. December 31, 2019 (US$ MILLIONS) < 1 Year 1-2 Years 2-5 Years 5+ Years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other (1) $ 8,406 $ 343 $ 454 $ 1,648 $ 10,851 Interest-bearing liabilities 2,184 1,786 7,713 16,397 28,080 Lease liabilities 229 152 393 603 1,377 ___________________________________ (1) Excludes $2,306 million of decommissioning liabilities, other provisions, post-employment benefits, $1,625 million of unearned premiums reserve and $210 million of intercompany loans and notes payable. |
Disclosure of foreign currency exposure | The tables below set out the partnership’s currency exposure as at December 31, 2020 and 2019: December 31, 2020 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,357 $ 922 $ 1,916 $ 1,501 $ 1,179 $ 893 $ 603 $ 2,122 $ 14,493 Non-current assets 19,077 5,423 1,717 6,405 1,559 3,064 1,632 1,376 40,253 $ 24,434 $ 6,345 $ 3,633 $ 7,906 $ 2,738 $ 3,957 $ 2,235 $ 3,498 $ 54,746 Liabilities Current liabilities $ 4,034 $ 1,141 $ 2,491 $ 1,130 $ 1,062 $ 573 $ 637 $ 1,065 $ 12,133 Non-current liabilities 21,362 3,327 544 2,648 705 2,037 405 248 31,276 $ 25,396 $ 4,468 $ 3,035 $ 3,778 $ 1,767 $ 2,610 $ 1,042 $ 1,313 $ 43,409 Interest of others in operating subsidiaries 292 924 332 2,844 548 948 717 1,240 7,845 Net investment to the partnership $ (1,254) $ 953 $ 266 $ 1,284 $ 423 $ 399 $ 476 $ 945 $ 3,492 December 31, 2019 (US$ MILLIONS) USD AUD GBP CAD EUR BRL INR Other Total Assets Current assets $ 5,215 $ 628 $ 2,015 $ 1,253 $ 903 $ 707 $ 25 $ 2,049 $ 12,795 Non-current assets 18,853 4,848 2,283 6,026 1,582 3,230 383 1,751 38,956 $ 24,068 $ 5,476 $ 4,298 $ 7,279 $ 2,485 $ 3,937 $ 408 $ 3,800 $ 51,751 Liabilities Current liabilities $ 3,439 $ 1,184 $ 2,343 $ 1,336 $ 1,147 $ 471 $ 4 $ 1,100 $ 11,024 Non-current liabilities 20,749 3,141 659 2,135 593 1,849 — 548 29,674 $ 24,188 $ 4,325 $ 3,002 $ 3,471 $ 1,740 $ 2,320 $ 4 $ 1,648 $ 40,698 Interest of others in operating subsidiaries 651 641 426 2,578 427 1,173 101 1,264 7,261 Net investment to the partnership $ (771) $ 510 $ 870 $ 1,230 $ 318 $ 444 $ 303 $ 888 $ 3,792 |
Disclosure of sensitivity analysis for foreign currency risk | The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below: December 31, 2020 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (86) $ 86 $ 6 $ (6) Canadian dollar (120) 120 25 (25) Brazilian real (40) 40 — — Other (101) 101 (55) 55 December 31, 2019 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (44) $ 44 $ 2 $ (2) Canadian dollar (60) 60 1 (1) Brazilian real (44) 44 (1) 1 Other (133) 133 (36) 36 December 31, 2018 (US$ MILLIONS) OCI attributable to unitholders, before taxes Pre-tax income attributable to unitholders 10% decrease 10% increase 10% decrease 10% increase Australian dollar $ (36) $ 36 $ — $ — Canadian dollar (12) 12 (3) 3 Brazilian real (35) 35 (4) 4 Other (19) 19 (5) 5 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Segments [Abstract] | |
Disclosure of operating segments | The tables below summarize the partnership’s segment revenues by type of revenues for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues 900 594 5 — 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues 104 612 8 — 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Revenues by type Revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues 33 5 31 7 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Year ended December 31, 2020 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 7,611 $ 1,900 $ 2,965 $ — $ 12,476 $ 25,159 $ 37,635 Direct operating costs (7,220) (1,340) (2,303) (11) (10,874) (21,591) (32,465) General and administrative expenses (136) (75) (91) (82) (384) (584) (968) Equity accounted Company EBITDA (2) 16 117 33 — 166 147 313 Company EBITDA 271 602 604 (93) 1,384 Gain (loss) on acquisitions /dispositions, net (3) 61 — 24 — 85 219 304 Other income (expense), net (4) 4 (29) — — (25) (27) (52) Interest income (expense), net (62) (163) (255) (6) (486) (996) (1,482) Current income tax (expense) recovery (41) (3) (29) 40 (33) (251) (284) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (43) (8) — (55) (33) (88) Company FFO 229 364 336 (59) 870 Depreciation and amortization expense (5) (719) (1,446) (2,165) Impairment expense, net (112) (151) (263) Gain (loss) on acquisitions / dispositions, net (3) (11) (19) (30) Other income (expense), net (4) (121) 284 163 Deferred income tax (expense) recovery 37 93 130 Non-cash items attributable to equity accounted investments (2) (113) (55) (168) Net income (loss) $ (169) $ 749 $ 580 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $57 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $274 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $111 million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2020, depreciation and amortization expense by segment is as follows: business services $435 million, infrastructure services $665 million, industrials $1,065 million, and corporate and other $nil. Year ended December 31, 2019 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 8,927 $ 1,815 $ 2,549 $ — $ 13,291 $ 29,741 $ 43,032 Direct operating costs (8,607) (1,324) (1,886) (9) (11,826) (26,501) (38,327) General and administrative expenses (136) (53) (70) (86) (345) (487) (832) Equity accounted Company EBITDA (2) 37 30 26 — 93 148 241 Company EBITDA 221 468 619 (95) 1,213 Gain (loss) on acquisitions /dispositions, net (3) 342 — 64 (1) 405 321 726 Other income (expense), net (4) (1) (9) (5) — (15) (10) (25) Interest income (expense), net (50) (138) (208) 37 (359) (915) (1,274) Current income tax (expense) recovery (75) — (71) 22 (124) (200) (324) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (5) (7) (6) — (18) (24) (42) Company FFO 432 314 393 (37) 1,102 Depreciation and amortization expense (5) (571) (1,233) (1,804) Impairment expense, net (303) (306) (609) Gain (loss) on acquisitions /dispositions, net (3) — — — Other income (expense), net (4) (149) (226) (375) Deferred income tax (expense) recovery 38 94 132 Non-cash items attributable to equity accounted investments (2) (29) (56) (85) Net income (loss) $ 88 $ 346 $ 434 _____________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $114 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $726 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(400) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2019, depreciation and amortization expense by segment is as follows: business services $305 million, infrastructure services $686 million, industrials $813 million, corporate and other $nil. Year ended December 31, 2018 Total attributable to the partnership Attributable to non-controlling interests As per IFRS Financials (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total (1) Revenues $ 9,194 $ 926 $ 1,074 $ 7 $ 11,201 $ 25,967 $ 37,168 Direct operating costs (8,943) (691) (552) (8) (10,194) (23,940) (34,134) General and administrative expenses (154) (25) (52) (69) (300) (343) (643) Equity accounted Company EBITDA (2) 31 85 20 — 136 60 196 Company EBITDA 128 295 490 (70) 843 Gain (loss) on acquisitions /dispositions, net (3) 54 (3) 112 — 163 87 250 Other income (expense), net (4) — (1) (3) — (4) (14) (18) Interest income (expense), net (13) (57) (74) 7 (137) (361) (498) Current income tax (expense) recovery (34) (6) (51) — (91) (95) (186) Realized disposition gain, current income taxes and interest expense related to equity accounted investments (2) (4) (33) (4) — (41) (13) (54) Company FFO 131 195 470 (63) 733 Depreciation and amortization expense (5) (233) (515) (748) Impairment expense, net (89) (129) (218) Gain (loss) on acquisitions /dispositions, net (3) 115 135 250 Other income (expense), net (4) (53) (65) (118) Deferred income tax (expense) recovery 30 58 88 Non-cash items attributable to equity accounted investments (2) (81) (51) (132) Net income (loss) $ 422 $ 781 $ 1,203 ____________________________________ (1) Company EBITDA, Company FFO and net income attributable to unitholders include Company EBITDA, Company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (2) The sum of these amounts equates to equity accounted income (loss), net of $10 million as per the IFRS consolidated statements of operating results. (3) The sum of these amounts equates to the gain (loss) on acquisitions/dispositions, net of $500 million as per the IFRS consolidated statements of operating results. (4) The sum of these amounts equates to other income (expense), net of $(136) million as per the IFRS consolidated statements of operating results. (5) For the year ended December 31, 2018, depreciation and amortization expense by segment is as follows: business services $135 million, infrastructure services $309 million, industrials $304 million, and corporate and other $nil. As at December 31, 2020 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 19,884 $ 10,839 $ 23,929 $ 94 $ 54,746 As at December 31, 2019 (US$ MILLIONS) Business Infrastructure Industrials Corporate Total Total assets $ 18,132 $ 10,619 $ 22,742 $ 258 $ 51,751 |
Disclosure of revenues and non-current assets by geographical areas | The table below summarizes the partnership’s total revenues for the years ended December 31, 2020, 2019, and 2018: (US$ MILLIONS) 2020 2019 2018 United Kingdom $ 13,996 $ 20,202 $ 21,983 United States of America 5,848 5,218 1,772 Europe 5,184 5,145 2,909 Australia 4,299 4,059 2,961 Canada 3,137 3,860 4,691 Brazil 1,403 1,800 1,736 Mexico 765 698 147 India 99 2 2 Other 2,904 2,048 967 Total revenues $ 37,635 $ 43,032 $ 37,168 The tables below summarize the partnership’s segment revenues by geography for the years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 13,417 $ 371 $ 192 $ — $ 13,980 United States of America 21 1,685 4,137 — 5,843 Europe 1,071 1,139 2,624 — 4,834 Australia 4,155 10 63 — 4,228 Canada 1,841 90 485 — 2,416 Brazil 339 78 787 — 1,204 Mexico — — 765 — 765 India 4 — 11 — 15 Other 832 432 1,587 — 2,851 Total revenues from contracts with customers $ 21,680 $ 3,805 $ 10,651 $ — $ 36,136 Other revenues $ 900 $ 594 $ 5 $ — $ 1,499 Total revenues $ 22,580 $ 4,399 $ 10,656 $ — $ 37,635 Year ended December 31, 2019 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 19,694 $ 334 $ 128 $ — $ 20,156 United States of America 324 1,609 3,278 — 5,211 Europe 687 1,239 2,889 — 4,815 Australia 4,042 14 — — 4,056 Canada 2,942 63 752 — 3,757 Brazil 405 97 1,097 — 1,599 Mexico — 5 693 — 698 India 1 — 1 2 Other 623 586 805 — 2,014 Total revenues from contracts with customers $ 28,718 $ 3,947 $ 9,643 $ — $ 42,308 Other revenues $ 104 $ 612 $ 8 $ — $ 724 Total revenues $ 28,822 $ 4,559 $ 9,651 $ — $ 43,032 Year ended December 31, 2018 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total United Kingdom $ 21,757 $ 119 $ 99 $ — $ 21,975 United States of America 478 802 487 1,767 Europe 704 901 1,300 — 2,905 Australia 2,936 9 — 2,945 Canada 3,786 57 830 — 4,673 Brazil 679 142 901 — 1,722 Mexico — — 157 — 157 India 2 — — — 2 Other 472 383 91 — 946 Total revenues from contracts with customers $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other revenues $ 33 $ 5 $ 31 $ 7 $ 76 Total revenues $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Non-current assets (1) (US$ MILLIONS) 2020 2019 United States of America $ 8,915 $ 8,214 Europe 8,505 7,141 Canada 6,777 6,610 Australia 5,420 5,110 Brazil 3,673 4,582 Mexico 2,097 2,529 United Kingdom 1,663 2,182 India 1,240 624 Other 1,963 1,964 Total non-current assets $ 40,253 $ 38,956 ____________________________________ (1) Non-current assets comprise financial assets, property, plant and equipment, intangible assets, equity accounted investments, goodwill and other non-current assets. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |
Disclosure of interest and income taxes paid | Year ended December 31 (US$ MILLIONS) 2020 2019 2018 Interest paid $ 1,135 $ 1,079 $ 456 Income taxes paid $ 428 $ 190 $ 112 |
Disclosure of changes in non-cash working capital | Details of “Changes in non-cash working capital, net” on the consolidated statements of cash flow are as follows: Year ended December 31 (US$ MILLIONS) 2020 2019 2018 Accounts receivable $ 546 $ (70) $ (11) Inventory 453 78 153 Prepayments and other 53 (11) (89) Accounts payable and other 284 119 (322) Changes in non-cash working capital, net $ 1,336 $ 116 $ (269) |
Disclosure of reconciliation of liabilities arising from financing activities | The following table presents the change in the balance of liabilities arising from financing activities as at December 31, 2020: (US$ MILLIONS) 2020 2019 Balance at beginning of year $ 22,399 $ 10,866 Cash flows (102) 11,378 Non-cash changes: Acquisitions / (dispositions) of subsidiaries 739 357 Foreign currency translation 210 (9) Fair value (49) (19) Held for sale (1) — (305) Other changes 579 131 Balance at end of year $ 23,776 $ 22,399 ____________________________________ (1) Includes liabilities that were reclassified as held for sale and subsequently disposed. See Note 8 and Note 9 for additional information. |
POST-EMPLOYMENT BENEFITS (Table
POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The following table shows the changes in the present value of the defined benefit pension plan and post-employment plan obligations and the fair values of plan assets as at December 31, 2020: Defined benefit pension plan Post-employment plan (US$ MILLIONS) 2020 2019 2020 2019 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 2,927 $ 2,037 $ 106 $ 68 Defined benefit obligation through business combinations 88 514 (1) 25 Service cost 35 30 3 1 Interest cost 83 88 3 3 Participant contributions 2 3 4 3 Insurance premiums for risk benefits — — — — Foreign currency exchange differences 43 20 (1) — Actuarial gain due to financial assumption changes 297 337 6 15 Actuarial gain due to demographic assumption changes (27) (14) — 1 Actuarial experience adjustments 14 25 (5) (1) Benefits paid from plan assets (121) (91) (3) (2) Benefits paid from employer (33) (22) (8) (7) Defined benefit obligation at end of year $ 3,308 $ 2,927 $ 104 $ 106 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (2,194) $ (1,542) $ (4) $ — Fair value of plan assets through business combinations (62) (398) — (4) Interest income (61) (68) — — Return on plan assets (excluding interest income) (147) (241) — — Foreign currency exchange differences (23) (9) — (2) Employer contributions (65) (51) (2) (4) Participant contributions (2) (3) (2) (3) Employer direct settlements — (1) — — Benefits paid from plan assets 119 91 (1) 2 Benefits paid from employer 32 19 6 7 Administrative expenses paid from plan assets 11 9 — — Insurance premiums for risk benefits 1 — — — Fair value of plan assets at year end $ (2,391) $ (2,194) $ (3) $ (4) Net liability at end of year $ 917 $ 733 $ 101 $ 102 (US$ MILLIONS) United States of America Canada Other Total Defined benefit pension plan Defined benefit obligation $ 2,581 $ 28 $ 699 $ 3,308 Fair value of plan assets (1,911) — (480) (2,391) Net liability $ 670 $ 28 $ 219 $ 917 Post-employment benefits - net liability Defined benefit obligation at end of year $ 64 $ 26 $ 14 $ 104 Fair value of plans assets (3) — — (3) Net liability $ 61 $ 26 $ 14 $ 101 The following table summarizes the defined benefit pension plan and post-employment plan obligations and the fair values of plan assets by geography as at December 31, 2019: (US$ MILLIONS) United States of America Canada Other Total Defined benefit pension plan Defined benefit obligation $ 2,290 $ 30 $ 607 $ 2,927 Fair value of plan assets (1,763) (4) (427) (2,194) Net liability $ 527 $ 26 $ 180 $ 733 Post-employment benefits - net liability Defined benefit obligation at end of year $ 62 $ 28 $ 16 $ 106 Fair value of plans assets (4) — — (4) Net liability $ 58 $ 28 $ 16 $ 102 Amounts recognized in respect of these defined benefit and post-employment plans during the year are as follows: Defined benefit pension plan Post-employment (US$ MILLIONS) 2020 2019 2020 2019 Amounts recognized in profit and loss Current service cost $ 35 $ 30 $ 3 $ 1 Net interest expense 22 20 3 3 Administrative expense 11 9 — — Total expense recognized in profit and loss $ 68 $ 59 $ 6 $ 4 Amounts recognized in other comprehensive income Return on plan assets (excluding amounts included in net interest expense) $ (147) $ (241) $ — $ — Actuarial gains and losses arising from changes in demographic assumptions (27) (14) — 1 Actuarial gains and losses arising from changes in financial assumptions 297 337 6 15 Actuarial gains and losses arising from experience adjustments 14 25 (5) (1) Total expense (gain) recognized in other comprehensive income $ 137 $ 107 $ 1 $ 15 Total expense (gain) recognized in comprehensive income $ 205 $ 166 $ 7 $ 19 |
Disclosure of fair value of plan assets | The following table summarizes the fair value of plan assets by category as at December 31, 2020: (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 21 $ 7 $ — $ 28 Equity instruments 1,294 306 6 1,606 Debt instruments 13 400 160 573 Real Estate — 52 3 55 Derivatives — — 2 2 Investment funds — — 113 113 Fixed insurance contracts 11 $ — 6 17 Total plan assets $ 1,339 $ 765 $ 290 $ 2,394 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within an investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator. The following table summarizes the fair value of plan assets by category as at December 31, 2019 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 41 $ — $ — $ 41 Equity instruments 1,185 243 — 1,428 Debt instruments 28 406 149 583 Real Estate — 8 — 8 Derivatives — — — — Investment funds — 106 — 106 Fixed insurance contracts 14 — 18 32 Total plan assets $ 1,268 $ 763 $ 167 $ 2,198 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held within an investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments pooled in an actively invested collective profit sharing arrangement with other third-party employers. The assets are valued using non-observable inputs by the plan administrator. |
Disclosure of defined benefit plans and significant assumptions | The significant actuarial assumptions adopted are as follows: Defined benefit plan Discount rate 0.2% to 8.0% Rate of compensation increase 0.0% to 5.0% Post-employment plan Discount rate 0.9% to 11.2% Health care cost trend on covered charges: Immediate trend rate 3.5% to 8.0% Ultimate trend rate 3.5% to 8.0% |
Disclosure of sensitivity analysis for actuarial assumptions | The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2020: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 1% $(472) 1% $528 Rate of compensation increase 1% 60 1% (44) Post-employment plan Discount rate 1% $(9) 1% $11 Health care cost trend rates 1% 2 1% (1) The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2019: (US$ MILLIONS, except as noted) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 0.25% to 1% $(217) 0.25% to 1% $251 Rate of compensation increase 0.25% to 1% $34 0.25% to 1% $(31) Post-employment plan Discount rate 0.25% to 1% $(28) 0.25% to 1% $33 Health care cost trend rates 0.50% to 1% $3 0.50% to 1% $(2) |
Disclosure of future planned benefit payments under post-employment benefit plans | The following table summarizes future planned benefit payments under the partnership’s defined benefit and post-employment plans as at December 31, 2020: (US$ MILLIONS) Defined benefit pension plan Post-employment plan Total 2021 $ 133 $ 7 $ 140 2022 134 7 141 2023 138 7 145 2024 142 7 149 2025 143 7 150 Thereafter 795 69 864 Total $ 1,485 $ 104 $ 1,589 |
INSURANCE CONTRACTS (Tables)
INSURANCE CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance Contracts [Abstract] | |
Schedule of liabilities under insurance contracts | The following table presents movement in the unearned premium reserve: (US$ MILLIONS) 2020 2019 Unearned premium reserves, beginning of year $ 1,625 $ — Acquisitions through business combinations — 1,603 Premiums written during the year 744 26 Premiums earned during the year (521) (28) Foreign currency translation 41 24 Unearned premium reserves, end of year $ 1,889 1,625 (US$ MILLIONS) 2020 2019 Case reserves $ 78 $ 69 Incurred but not reported reserves 53 30 Discounting (1) (1) Provisions for adverse deviation 14 7 Total loss reserves $ 144 $ 105 The following table presents movement in loss reserves and the impact on losses on claims: (US$ MILLIONS) 2020 2019 Loss reserves, beginning of year $ 105 $ — Acquisitions through business combinations — 104 Claims paid during the year (50) (5) Losses on claims related to the current year 85 5 Favorable development on losses on claims related to prior years — — Foreign currency translation 4 1 Loss reserves, end of year $ 144 $ 105 |
NATURE AND DESCRIPTION OF THE_2
NATURE AND DESCRIPTION OF THE PARTNERSHIP (Details) | Jun. 20, 2016USD ($)credit_facilitysubsidiaryshares | Jun. 19, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Sep. 30, 2018credit_facility | Oct. 31, 2017USD ($)credit_facility | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of shares issued per 50 predecessor shares | 0.02000000 | ||||||||
Issue of equity | [1] | $ 815,000,000 | |||||||
Number of units issuable per redemption Unit (in units) | shares | 1 | ||||||||
Preferred shares issued to predecessor, number of subsidiaries | subsidiary | 3 | ||||||||
Cash dividend as a percentage of redemption value | 5.00% | ||||||||
Management fee, percent | 1.25% | ||||||||
Management fee, quarterly percent | 0.3125% | ||||||||
Incentive distribution, unit price percentage increase | 20.00% | ||||||||
Brookfield Credit Agreements | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of credit facilities | credit_facility | 2 | 2 | 1 | ||||||
Term of borrowings | 3 years | ||||||||
Credit facility, maximum borrowing capacity | $ 2,075,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||
Holding LP | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Proportion of ownership interest in subsidiary | 52.00% | ||||||||
Brookfield Asset Management Inc | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Subsidiary proceeds from predecessor | $ 250,000,000 | ||||||||
Limited Partners | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Proportion of units received by shareholders | 45.00% | 55.00% | |||||||
Issue of equity | [1] | $ 565,000,000 | |||||||
Brookfield Asset Management Inc. | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Proportion of units received by shareholders | 100.00% | ||||||||
Proportion of ownership interest in subsidiary | 79.00% | 64.00% | |||||||
Brookfield Asset Management Inc. | Issued on spin-off | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Issue of equity | $ 250,000,000 | ||||||||
Brookfield Asset Management Inc. | Preferred shares | Issued on spin-off | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Issue of equity | $ 15,000,000 | ||||||||
[1] | See Note 19 for additional information on distributions and for additional information on unit issuances and repurchases. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - shares | Jun. 20, 2016 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||
Number of units issuable per redemption Unit (in units) | 1 | |
Renewable transport fuel obligation certificates, offsetting carryforward percentage | 25.00% | |
Risk fee % of gross premiums | 2.25% | |
Proprietary technology | Top of range | ||
Disclosure of operating segments [line items] | ||
Intangible asset amortization periods | 20 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Subsidiary Interests (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business services | Bridgemarq Real Estate Services | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 100.00% | 100.00% |
Business services | Multiplex | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 100.00% | 100.00% |
Business services | Sera Global | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 75.00% | 100.00% |
Economic interest (%) | 75.00% | 100.00% |
Business services | Crossbridge Condominium Services Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 90.00% | 90.00% |
Economic interest (%) | 90.00% | 90.00% |
Business services | WatServ | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 75.00% | 75.00% |
Economic interest (%) | 75.00% | 75.00% |
Business services | Greenergy Fuels Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 89.00% | 85.00% |
Economic interest (%) | 18.00% | 14.00% |
Business services | Imagine Communications Group Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 55.00% | 55.00% |
Economic interest (%) | 31.00% | 31.00% |
Business services | Healthscope Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 28.00% | 27.00% |
Business services | Ouro Verde Locação e Seviços S.A. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 35.00% | 35.00% |
Business services | Sagen MI Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 57.00% | 57.00% |
Economic interest (%) | 24.00% | 29.00% |
Business services | IndoStar Capital Finance Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 57.00% | 0.00% |
Economic interest (%) | 20.00% | 0.00% |
Infrastructure services | Westinghouse Electric Company | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 44.00% | 44.00% |
Infrastructure services | Altera Infrastructure LP | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 99.00% | 73.00% |
Economic interest (%) | 43.00% | 31.00% |
Industrials | Hammerstone Corporation | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 39.00% | 39.00% |
Industrials | GrafTech International Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 55.00% | 74.00% |
Economic interest (%) | 19.00% | 25.00% |
Industrials | BRK Ambiental | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 70.00% | 70.00% |
Economic interest (%) | 26.00% | 26.00% |
Industrials | AP Infrastructure Solutions LP | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 25.00% | 25.00% |
Industrials | Schoeller Allibert Group B.V. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 52.00% | 52.00% |
Economic interest (%) | 14.00% | 14.00% |
Industrials | CWC Energy Services Corp. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 80.00% | 80.00% |
Economic interest (%) | 54.00% | 54.00% |
Industrials | Ember Resources Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 46.00% | 46.00% |
Industrials | Clarios Global LP | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 28.00% | 28.00% |
Industrials | Cardone Industries Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 98.00% | 0.00% |
Economic interest (%) | 52.00% | 0.00% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details) - Top of range | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 50 years |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 40 years |
Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 20 years |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 35 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets (Details) - Top of range | 12 Months Ended |
Dec. 31, 2020 | |
Water and sewage concession rights | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 40 years |
Brand names | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 20 years |
Computer software | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 10 years |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 30 years |
Value of insurance contracts acquired | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 15 years |
Patents and trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 40 years |
Proprietary technology | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 20 years |
Product development costs | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 5 years |
Distribution networks | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 25 years |
Loyalty program | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 15 years |
ACQUISITION OF BUSINESSES - Ind
ACQUISITION OF BUSINESSES - Indostar (Details) - USD ($) $ in Millions | Jul. 09, 2020 | Jul. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 08, 2020 | May 27, 2020 |
Disclosure of detailed information about business combination [line items] | |||||||
To consideration paid in acquisition | $ (101) | $ 18,498 | $ 3,422 | ||||
Goodwill | 5,244 | 5,218 | |||||
Business services | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Goodwill | 2,529 | $ 2,514 | |||||
Business services | IndoStar Capital Finance Limited | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 26.00% | 26.00% | 31.00% | ||||
Consideration transferred, acquisition-date fair value | $ 19 | $ 19 | $ 114 | $ 162 | |||
Proportion of ownership interest in subsidiary | 57.00% | ||||||
Proportion of voting rights held in subsidiary | 57.00% | ||||||
To consideration paid in acquisition | 105 | ||||||
Proportion of economic interest held in subsidiary | 20.00% | ||||||
Acquisition-related costs | $ 4 | ||||||
Loans receivable | 1,122 | 1,122 | |||||
Cash and cash equivalents | 78 | 78 | |||||
Financial assets | 227 | 227 | |||||
Intangible assets | 20 | 20 | |||||
Net other assets | 34 | 34 | |||||
Borrowings recognised as of acquisition date | 988 | 988 | |||||
Goodwill | 21 | 21 | |||||
Non-controlling interest in acquiree recognised at acquisition date | $ 409 | $ 409 | |||||
Revenue of acquiree since acquisition date | 86 | ||||||
Net income of acquiree since acquisition date | 3 | ||||||
Revenue of acquiree as if combination occurred at beginning of period | 175 | ||||||
Net loss of acquiree as if combination occurred at beginning of period | $ 7 |
ACQUISITION OF BUSINESSES - Sch
ACQUISITION OF BUSINESSES - Schedule of Prior Year Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | ||
Goodwill | $ 5,218 | $ 5,244 |
Business services | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 2,514 | 2,529 |
Infrastructure services | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 470 | 481 |
Industrials | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 2,234 | $ 2,234 |
Various acquisitions | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 5,763 | |
Non-cash consideration | 16 | |
Total consideration | 5,779 | |
Cash and cash equivalents | 330 | |
Accounts receivable and other, net | 1,420 | |
Inventory, net | 1,806 | |
Assets held for sale | 6 | |
Equity accounted investments | 842 | |
Property, plant and equipment | 6,611 | |
Intangible assets | 7,099 | |
Goodwill | 3,332 | |
Deferred income tax assets | 152 | |
Financial assets | 4,762 | |
Other assets | 387 | |
Acquisition gain | (4) | |
Accounts payable and other | (4,738) | |
Borrowings | (709) | |
Deferred income tax liabilities | (1,021) | |
Net assets acquired before non-controlling interests | 20,275 | |
Non-controlling interests | (14,496) | |
Net assets acquired | 5,779 | |
Various acquisitions | Business services | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 2,024 | |
Non-cash consideration | 15 | |
Total consideration | 2,039 | |
Cash and cash equivalents | 319 | |
Accounts receivable and other, net | 289 | |
Inventory, net | 41 | |
Assets held for sale | 6 | |
Equity accounted investments | 9 | |
Property, plant and equipment | 3,030 | |
Intangible assets | 542 | |
Goodwill | 1,575 | |
Deferred income tax assets | 138 | |
Financial assets | 4,735 | |
Other assets | 48 | |
Acquisition gain | (4) | |
Accounts payable and other | (2,734) | |
Borrowings | (709) | |
Deferred income tax liabilities | (152) | |
Net assets acquired before non-controlling interests | 7,133 | |
Non-controlling interests | (5,094) | |
Net assets acquired | 2,039 | |
Various acquisitions | Infrastructure services | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 7 | |
Non-cash consideration | 1 | |
Total consideration | 8 | |
Cash and cash equivalents | 0 | |
Accounts receivable and other, net | 2 | |
Inventory, net | 0 | |
Assets held for sale | 0 | |
Equity accounted investments | 0 | |
Property, plant and equipment | 3 | |
Intangible assets | 7 | |
Goodwill | 7 | |
Deferred income tax assets | 0 | |
Financial assets | 0 | |
Other assets | 0 | |
Acquisition gain | 0 | |
Accounts payable and other | (1) | |
Borrowings | 0 | |
Deferred income tax liabilities | (2) | |
Net assets acquired before non-controlling interests | 16 | |
Non-controlling interests | (8) | |
Net assets acquired | 8 | |
Various acquisitions | Industrials | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 3,732 | |
Non-cash consideration | 0 | |
Total consideration | 3,732 | |
Cash and cash equivalents | 11 | |
Accounts receivable and other, net | 1,129 | |
Inventory, net | 1,765 | |
Assets held for sale | 0 | |
Equity accounted investments | 833 | |
Property, plant and equipment | 3,578 | |
Intangible assets | 6,550 | |
Goodwill | 1,750 | |
Deferred income tax assets | 14 | |
Financial assets | 27 | |
Other assets | 339 | |
Acquisition gain | 0 | |
Accounts payable and other | (2,003) | |
Borrowings | 0 | |
Deferred income tax liabilities | (867) | |
Net assets acquired before non-controlling interests | 13,126 | |
Non-controlling interests | (9,394) | |
Net assets acquired | 3,732 | |
Goodwill | Various acquisitions | Business services | ||
Disclosure of detailed information about business combination [line items] | ||
Measurement period adjustments | 3 | |
Goodwill | Various acquisitions | Infrastructure services | ||
Disclosure of detailed information about business combination [line items] | ||
Measurement period adjustments | 5 | |
Goodwill | Various acquisitions | Industrials | ||
Disclosure of detailed information about business combination [line items] | ||
Measurement period adjustments | $ 144 |
ACQUISITION OF BUSINESSES - Bus
ACQUISITION OF BUSINESSES - Business Services, Sagen (Details) - Sagen MI Canada Inc. - USD ($) $ in Millions | Dec. 12, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Sagen Canada | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 31.00% | ||
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 24.00% | 29.00% | |
Proportion of voting rights held in subsidiary | 57.00% | 57.00% | |
Business services | Sagen Canada | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration transferred, acquisition-date fair value | $ 854 | ||
Proportion of voting rights held in subsidiary | 57.00% | ||
Bargain purchase gain recognized | $ 4 | ||
Identifiable intangible assets recognised as of acquisition date | $ 243 | ||
Revenue of acquiree since acquisition date | $ 10 | ||
Net income of acquiree since acquisition date | 9 | ||
Revenue of acquiree as if combination occurred at beginning of period | 207 | ||
Net income of acquiree as if combination occurred at beginning of period | $ 98 |
ACQUISITION OF BUSINESSES - B_2
ACQUISITION OF BUSINESSES - Business Services, Healthscope Limited (“Healthscope”) (Details) - USD ($) $ in Millions | Jun. 06, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 5,244 | $ 5,218 | |
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,529 | $ 2,514 | |
Healthscope Limited | Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 28.00% | 27.00% | |
Proportion of voting rights held in subsidiary | 100.00% | 100.00% | |
Healthscope Limited | Healthscope Limited | Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 28.00% | ||
Consideration transferred, acquisition-date fair value | $ 1,156 | ||
Proportion of voting rights held in subsidiary | 100.00% | ||
Acquisition-related costs | $ 22 | ||
Goodwill | 1,551 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Intangible assets | $ 286 | ||
Revenue of acquiree since acquisition date | $ 297 | ||
Net loss of acquiree since acquisition date | 7 | ||
Revenue of acquiree as if combination occurred at beginning of period | 453 | ||
Net loss of acquiree as if combination occurred at beginning of period | $ 23 |
ACQUISITION OF BUSINESSES - B_3
ACQUISITION OF BUSINESSES - Business Services, Ouro Verde Locação e Seviços S.A. (“Ouro Verde”) (Details) - Ouro Verde Locação e Seviços S.A. - Business services - USD ($) $ in Millions | Jul. 08, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 35.00% | 35.00% | |
Proportion of voting rights held in subsidiary | 100.00% | 100.00% | |
Ouro Verde Locação e Seviços S.A. | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 38.00% | ||
Consideration transferred, acquisition-date fair value | $ 16 | ||
Proportion of voting rights held in subsidiary | 100.00% |
ACQUISITION OF BUSINESSES - B_4
ACQUISITION OF BUSINESSES - Business Services, Others (Details) - Terminal storage operator - Business services - Terminal storage operator $ in Millions | Aug. 20, 2019USD ($) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 12 |
Proportion of voting rights held in subsidiary | 100.00% |
ACQUISITION OF BUSINESSES - I_2
ACQUISITION OF BUSINESSES - Industrial Operations - Clarios (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 5,244 | $ 5,218 | |
Industrials | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,234 | $ 2,234 | |
Clarios Global LP | Industrials | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 28.00% | 28.00% | |
Proportion of voting rights held in subsidiary | 100.00% | 100.00% | |
Clarios Global LP | Industrials | Clarios Global LP | |||
Disclosure of detailed information about business combination [line items] | |||
Economic interest prior to syndication to institutional partners | 29.00% | ||
Consideration transferred, acquisition-date fair value | $ 3,732 | ||
Proportion of voting rights held in subsidiary | 100.00% | ||
Acquisition-related costs | $ 41 | ||
Goodwill | 1,750 | ||
Goodwill expected to be deductible for tax purposes | 20 | ||
Identifiable intangible assets recognised as of acquisition date | $ 6,550 | ||
Revenue of acquiree since acquisition date | $ 1,668 | ||
Net loss of acquiree since acquisition date | $ 89 | ||
Revenue of acquiree as if combination occurred at beginning of period | $ 2,414 | ||
Net loss of acquiree as if combination occurred at beginning of period | $ 21 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Financial assets and other assets | $ 17,064 | $ 14,437 |
Financial assets pledged as collateral for liabilities or contingent liabilities | 4,704 | 3,832 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 33,644 | 31,982 |
FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 435 | 385 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 370 | 159 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 32,839 | 31,438 |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 933 | 883 |
FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 5,561 | 4,612 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 10,570 | 8,942 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,868 | 9,583 |
Accounts payable and other | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 435 | 385 |
Accounts payable and other | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 370 | 159 |
Accounts payable and other | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 9,063 | 9,039 |
Borrowings (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,776 | 22,399 |
Borrowings (current and non-current) | FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,776 | 22,399 |
Provisions, decommissioning liabilities, deferred revenue, unearned premium reserve, work in progress, post-employment benefits and tax/duties | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 8,064 | 6,913 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 2,743 | 1,986 |
Cash and cash equivalents | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Cash and cash equivalents | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 2,743 | 1,986 |
Accounts and other receivable, net (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 4,989 | 5,631 |
Accounts and other receivable, net (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Accounts and other receivable, net (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 4,989 | 5,631 |
Other assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 536 | 577 |
Other assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Other assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 0 | 0 |
Other assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 536 | 577 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 8,796 | 6,243 |
Financial assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 933 | 883 |
Financial assets (current and non-current) | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 5,561 | 4,612 |
Financial assets (current and non-current) | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | 2,302 | 748 |
Prepayments, subrogation recoverable, deferred policy acquisition costs | ||
Disclosure of financial assets [line items] | ||
Financial assets and other assets | $ 1,048 | $ 1,215 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Cash | $ 2,269 | $ 1,570 | |
Cash equivalents | 474 | 416 | |
Deposits, classified as cash equivalents | 0 | 4 | |
Financial assets and other assets | 17,064 | 14,437 | |
Financial liabilities | 33,644 | 31,982 | |
Gross financial assets subject to offsetting | 68 | 1 | |
Gross financial liabilities set off against financial assets subject to offsetting | $ 14 | 3 | |
Minimum percentage of collateral held | 105.00% | ||
Fair value of collateral held | $ 506 | 441 | |
Equity investments | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 850 | 264 | |
Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 5,561 | 4,612 | |
Financial assets at fair value through other comprehensive income | Other financial assets - debt instruments measured at FVTPL | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets and other assets | 4,041 | 3,914 | |
Hedges of net investment in foreign operations | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 17 | 13 | |
Derivative financial liabilities | 59 | 35 | |
Hedges of net investment in foreign operations | Financial assets at 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 | (34) | (53) | $ 125 |
Cash flow hedges | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 82 | 22 | |
Derivative financial liabilities | 311 | 123 | |
Cash flow hedges | Financial assets at 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 | (216) | (79) | (56) |
Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 2,769 | 2,767 | |
Level 1 and Level 2 | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 2,753 | 2,787 | |
Level 3 | Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 11 | 36 | |
Financial assets | 341 | 287 | $ 280 |
Securities lending | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets loaned under securities lending program | $ 483 | $ 420 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 33,644 | $ 31,982 | |
Recurring fair value measurement | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 1,302 | 660 | |
Financial liabilities | 72 | 18 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,851 | 4,548 | |
Financial liabilities | 722 | 489 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 341 | 287 | $ 280 |
Financial liabilities | 11 | 36 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 72 | 18 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 722 | 489 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 11 | 36 | |
Recurring fair value measurement | Common shares | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 481 | 255 | |
Recurring fair value measurement | Common shares | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Common shares | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate and government bonds | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,049 | 3,914 | |
Recurring fair value measurement | Corporate and government bonds | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 46 | 4 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 231 | 234 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 775 | 401 | |
Recurring fair value measurement | Other financial assets | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 571 | 400 | |
Recurring fair value measurement | Other financial assets | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 341 | $ 287 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 33,644 | $ 31,982 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,851 | 4,548 | |
Financial liabilities | 722 | 489 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 341 | 287 | $ 280 |
Financial liabilities | 11 | 36 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 722 | 489 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 722 | 489 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,049 | 3,914 | |
Recurring fair value measurement | Corporate and government bonds | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 4,049 | 3,914 | |
Recurring fair value measurement | Corporate and government bonds | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 231 | 234 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 231 | 234 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 571 | 400 | |
Recurring fair value measurement | Other financial assets | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 571 | 400 | |
Recurring fair value measurement | Other financial assets | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 341 | 287 | |
Recurring fair value measurement | Other financial assets - secured debentures | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 254 | 243 | |
Recurring fair value measurement | Other financial assets - equity instruments designated as measured at FVOCI | Level 3 | Private share trade comparables | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 77 | 34 | |
Recurring fair value measurement | Other financial assets - debt instruments measured at FVTPL | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 9 | $ 10 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Assets (Details) - Recurring fair value measurement - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets at beginning of period | $ 287 | $ 280 |
Fair value change recorded in net income | (2) | 5 |
Fair value change recorded in other comprehensive income | (3) | 2 |
Additions | 221 | 0 |
Disposals | (162) | 0 |
Financial assets at end of period | $ 341 | $ 287 |
FINANCIAL ASSETS (Details)
FINANCIAL ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current | ||
Marketable securities | $ 995 | $ 734 |
Restricted cash | 833 | 172 |
Derivative contracts | 167 | 176 |
Loans and notes receivable | 195 | 66 |
Other financial assets | 385 | 0 |
Total current | 2,575 | 1,148 |
Non-current | ||
Marketable securities | 3,535 | 3,435 |
Restricted cash | 272 | 201 |
Derivative contracts | 110 | 62 |
Loans and notes receivable | 1,002 | 309 |
Other financial assets | 1,302 | 1,088 |
Total non-current | 6,221 | $ 5,095 |
Sagen MI Canada Inc. | ||
Non-current | ||
Increase in financial assets | $ 1,408 |
ACCOUNTS AND OTHER RECEIVABLE_3
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 4,306 | $ 4,808 |
Non-current, net | ||
Accounts receivable | 60 | 40 |
Retainer on customer contract | 68 | 102 |
Billing rights | 555 | 681 |
Total non-current, net | 683 | 823 |
Total | $ 4,989 | $ 5,631 |
ACCOUNTS AND OTHER RECEIVABLE_4
ACCOUNTS AND OTHER RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Retention balance, current | $ 488 | $ 505 |
Retention balance, non-current | 48 | 72 |
Construction services | ||
Disclosure of financial assets [line items] | ||
Retention balance, current | 244 | 163 |
Retention balance, non-current | $ 68 | $ 102 |
ACCOUNTS AND OTHER RECEIVABLE_5
ACCOUNTS AND OTHER RECEIVABLE, NET - Allowance For Doubtful Accounts (Details) - Accounts receivable - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Loss allowance - beginning | $ 86 | $ 45 | $ 40 |
Add: increase in allowance | 116 | 53 | 22 |
Deduct: bad debt write offs | (55) | (23) | (10) |
Foreign currency translation and other | 9 | 11 | (7) |
Loss allowance - ending | $ 156 | $ 86 | $ 45 |
INVENTORY, NET - Carrying Amoun
INVENTORY, NET - Carrying Amount of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials and consumables | $ 980 | $ 941 |
Fuel products | 648 | 688 |
Work in progress | 638 | 674 |
RTFO certificates | 365 | 342 |
Finished goods and other | 1,065 | 845 |
Carrying amount of inventories | 3,696 | 3,490 |
RTFO certificates held for trading and recorded at fair value | $ 25 | $ 66 |
INVENTORY, NET - Inventory Obso
INVENTORY, NET - Inventory Obsolescence Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Abstract] | |||
Inventory obsolescence provision - beginning | $ 33 | $ 19 | $ 4 |
Add: increase in provision | 55 | 22 | 22 |
Deduct: inventory obsolescence write off | (34) | (8) | (7) |
Impact of foreign exchange | 1 | 0 | 0 |
Inventory obsolescence provision - ending | $ 55 | $ 33 | $ 19 |
DISPOSITIONS (Details)
DISPOSITIONS (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | May 31, 2019 | Nov. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 274 | $ 726 | $ 500 | |||||||||
Net gains (losses) on disposal of non-current assets | $ 274 | $ 726 | 500 | |||||||||
Cold storage logistics business | Disposal group, disposed of by sale, not discontinued operations | Business services | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 186 | |||||||||||
Gross proceeds | $ 255 | |||||||||||
New Zealand pathology business | Disposal group, disposed of by sale, not discontinued operations | Business services | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 55 | |||||||||||
Gross proceeds | $ 390 | |||||||||||
Public securities | Disposal group, disposed of by sale, not discontinued operations | Industrials | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 40 | |||||||||||
Facilities management | Disposal group, disposed of by sale, not discontinued operations | Business services | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 341 | |||||||||||
Gross proceeds | $ 1,000 | |||||||||||
Executive relocation business | Disposal group, disposed of by sale, not discontinued operations | Business services | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 180 | |||||||||||
Gross proceeds | $ 230 | |||||||||||
Waste and wastewater services | Disposal group, disposed of by sale, not discontinued operations | Industrials | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 16 | |||||||||||
Gross proceeds | $ 220 | |||||||||||
Palladium mining operations | Disposal group, disposed of by sale, not discontinued operations | Industrials | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 187 | |||||||||||
Gross proceeds | $ 572 | |||||||||||
Proportion of ownership interest in subsidiary sold | 81.00% | |||||||||||
Australian energy operations | Disposal group, disposed of by sale, not discontinued operations | Industrials | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 152 | |||||||||||
Real estate brokerage services | Disposal group, disposed of by sale, not discontinued operations | Business services | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gains on disposals of non-current assets | $ 55 | |||||||||||
Proportion of ownership interest call option by associate in joint venture | 33.00% | |||||||||||
Infrastructure support products manufacturing business | Disposal group, disposed of by sale, not discontinued operations | Industrials | ||||||||||||
Disclosure of operating segments [line items] | ||||||||||||
Gross proceeds | 109 | |||||||||||
Net gains (losses) on disposal of non-current assets | $ 42 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Work in progress | $ 488 | $ 505 |
Prepayments and other assets | 650 | 719 |
Assets held for sale | 35 | 139 |
Total current | 1,173 | 1,363 |
Non-current | ||
Work in progress | 48 | 72 |
Prepayments and other assets | 363 | 357 |
Total non-current | $ 411 | $ 429 |
NON-WHOLLY OWNED SUBSIDIARIES -
NON-WHOLLY OWNED SUBSIDIARIES - Investments In Material Non-Wholly Owned Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 14,493 | $ 12,795 | |
Non-current assets | 40,253 | 38,956 | |
Current liabilities | 12,133 | 11,024 | |
Non-current liabilities | 31,276 | 29,674 | |
Revenues | 37,635 | 43,032 | $ 37,168 |
Net income (loss) | 580 | 434 | 1,203 |
OCI | 72 | (198) | (388) |
Equity to others’ ownership interest | 7,845 | 7,261 | |
Business services | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 22,580 | 28,822 | 30,847 |
Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 4,399 | 4,559 | 2,418 |
Industrials | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 10,656 | 9,651 | 3,896 |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 11,619 | 10,723 | 7,293 |
Non-current assets | 38,554 | 37,514 | 16,179 |
Current liabilities | 9,983 | 9,466 | 7,074 |
Non-current liabilities | 30,573 | 29,090 | 11,506 |
Revenues | 33,635 | 37,976 | 32,098 |
Net income (loss) | 181 | 414 | 1,157 |
OCI | (63) | (207) | (356) |
Profit/(loss) allocated to others’ ownership interest | 333 | 332 | 762 |
Distributions to others’ ownership interest | (1,223) | (1,674) | (1,604) |
Equity to others’ ownership interest | 7,070 | 6,967 | 3,383 |
Subsidiaries with material non-controlling interests | Business services | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 4,113 | 3,743 | 2,413 |
Non-current assets | 12,741 | 11,388 | 1,773 |
Current liabilities | 4,413 | 4,448 | 3,113 |
Non-current liabilities | 7,093 | 6,247 | 475 |
Revenues | 18,584 | 23,773 | 25,785 |
Net income (loss) | 459 | 200 | (20) |
OCI | 417 | 35 | 4 |
Profit/(loss) allocated to others’ ownership interest | 350 | 111 | (20) |
Distributions to others’ ownership interest | (650) | (368) | (46) |
Equity to others’ ownership interest | 3,969 | 3,166 | 424 |
Subsidiaries with material non-controlling interests | Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 2,328 | 2,358 | 2,889 |
Non-current assets | 8,092 | 8,262 | 8,750 |
Current liabilities | 2,561 | 2,289 | 2,921 |
Non-current liabilities | 7,248 | 7,028 | 6,208 |
Revenues | 4,399 | 4,559 | 2,419 |
Net income (loss) | (281) | (446) | 282 |
OCI | (120) | (138) | (121) |
Profit/(loss) allocated to others’ ownership interest | (161) | (281) | 170 |
Distributions to others’ ownership interest | (249) | (370) | (16) |
Equity to others’ ownership interest | 355 | 833 | 1,534 |
Subsidiaries with material non-controlling interests | Industrials | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 5,178 | 4,622 | 1,991 |
Non-current assets | 17,721 | 17,864 | 5,656 |
Current liabilities | 3,009 | 2,729 | 1,040 |
Non-current liabilities | 16,232 | 15,815 | 4,823 |
Revenues | 10,652 | 9,644 | 3,894 |
Net income (loss) | 3 | 660 | 895 |
OCI | (360) | (104) | (239) |
Profit/(loss) allocated to others’ ownership interest | 144 | 502 | 612 |
Distributions to others’ ownership interest | (324) | (936) | (1,542) |
Equity to others’ ownership interest | $ 2,746 | $ 2,968 | $ 1,425 |
NON-WHOLLY OWNED SUBSIDIARIES_2
NON-WHOLLY OWNED SUBSIDIARIES - Composition of Accumulated NCI (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | $ 7,845 | $ 7,261 | |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 7,070 | 6,967 | $ 3,383 |
Subsidiaries with material non-controlling interests | Business services | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 3,969 | 3,166 | 424 |
Subsidiaries with material non-controlling interests | Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 355 | 833 | 1,534 |
Subsidiaries with material non-controlling interests | Industrials | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | 2,746 | 2,968 | $ 1,425 |
Individually Immaterial Subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Interest of others in operating subsidiaries | $ 775 | $ 294 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | $ 13,892 | |
Property, plant and equipment, Ending Balance | 13,982 | $ 13,892 |
Future development costs | 46 | 48 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 16,502 | 8,415 |
Additions (cash and non-cash) | 1,526 | 1,529 |
Dispositions | (599) | (772) |
Acquisitions through business combinations | 79 | 6,577 |
Transfers and assets reclassified as held for sale | (56) | (332) |
Changes in accounting policy | 978 | |
Foreign currency translation and other | 552 | 107 |
Property, plant and equipment, Ending Balance | 18,004 | 16,502 |
Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (2,610) | (1,468) |
Depreciation/depletion/impairment expense | (1,686) | (1,407) |
Dispositions | 316 | 263 |
Transfers and assets reclassified as held for sale | 26 | 62 |
Foreign currency translation and other | (68) | (60) |
Property, plant and equipment, Ending Balance | (4,022) | (2,610) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 633 | |
Property, plant and equipment, Ending Balance | 382 | 633 |
Land | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 633 | 127 |
Additions (cash and non-cash) | 1 | 1 |
Dispositions | (7) | (1) |
Acquisitions through business combinations | 0 | 523 |
Transfers and assets reclassified as held for sale | (267) | (22) |
Changes in accounting policy | 0 | |
Foreign currency translation and other | 22 | 5 |
Property, plant and equipment, Ending Balance | 382 | 633 |
Land | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 0 | 0 |
Depreciation/depletion/impairment expense | 0 | 0 |
Dispositions | 0 | 0 |
Transfers and assets reclassified as held for sale | 0 | 0 |
Foreign currency translation and other | 0 | 0 |
Property, plant and equipment, Ending Balance | 0 | 0 |
Buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 3,602 | |
Property, plant and equipment, Ending Balance | 4,078 | 3,602 |
Buildings | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 3,708 | 649 |
Additions (cash and non-cash) | 174 | 346 |
Dispositions | (5) | (78) |
Acquisitions through business combinations | 5 | 2,886 |
Transfers and assets reclassified as held for sale | 24 | (107) |
Changes in accounting policy | 0 | |
Foreign currency translation and other | 365 | 12 |
Property, plant and equipment, Ending Balance | 4,271 | 3,708 |
Buildings | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (106) | (65) |
Depreciation/depletion/impairment expense | (93) | (80) |
Dispositions | 2 | 21 |
Transfers and assets reclassified as held for sale | 16 | 17 |
Foreign currency translation and other | (12) | 1 |
Property, plant and equipment, Ending Balance | (193) | (106) |
Machinery and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 4,226 | |
Property, plant and equipment, Ending Balance | 4,147 | 4,226 |
Machinery and equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 5,035 | 2,223 |
Additions (cash and non-cash) | 547 | 582 |
Dispositions | (150) | (266) |
Acquisitions through business combinations | 64 | 2,677 |
Transfers and assets reclassified as held for sale | 14 | (178) |
Changes in accounting policy | 0 | |
Foreign currency translation and other | 82 | (3) |
Property, plant and equipment, Ending Balance | 5,592 | 5,035 |
Machinery and equipment | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (809) | (476) |
Depreciation/depletion/impairment expense | (662) | (485) |
Dispositions | 52 | 123 |
Transfers and assets reclassified as held for sale | (4) | 53 |
Foreign currency translation and other | (22) | (24) |
Property, plant and equipment, Ending Balance | (1,445) | (809) |
Machinery and equipment | Accumulated impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment loss | 46 | 14 |
Vessels | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 3,265 | |
Property, plant and equipment, Ending Balance | 3,111 | 3,265 |
Vessels | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 3,970 | 3,792 |
Additions (cash and non-cash) | 475 | 210 |
Dispositions | (254) | 0 |
Acquisitions through business combinations | 0 | 0 |
Transfers and assets reclassified as held for sale | (22) | (31) |
Changes in accounting policy | 0 | |
Foreign currency translation and other | 2 | (1) |
Property, plant and equipment, Ending Balance | 4,171 | 3,970 |
Impairment loss | 370 | 184 |
Vessels | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (705) | (179) |
Depreciation/depletion/impairment expense | (554) | (530) |
Dispositions | 193 | 0 |
Transfers and assets reclassified as held for sale | 6 | 3 |
Foreign currency translation and other | 0 | 1 |
Property, plant and equipment, Ending Balance | (1,060) | (705) |
Others | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 900 | |
Property, plant and equipment, Ending Balance | 1,012 | 900 |
Others | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,693 | 1,624 |
Additions (cash and non-cash) | 15 | 157 |
Dispositions | (18) | (368) |
Acquisitions through business combinations | 4 | 263 |
Transfers and assets reclassified as held for sale | 195 | (54) |
Changes in accounting policy | 0 | |
Foreign currency translation and other | 42 | 71 |
Property, plant and equipment, Ending Balance | 1,931 | 1,693 |
Others | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (793) | (748) |
Depreciation/depletion/impairment expense | (114) | (109) |
Dispositions | 6 | 95 |
Transfers and assets reclassified as held for sale | 7 | 4 |
Foreign currency translation and other | (25) | (35) |
Property, plant and equipment, Ending Balance | (919) | (793) |
Right-of-use assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,266 | |
Property, plant and equipment, Ending Balance | 1,252 | 1,266 |
Right-of-use assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,463 | 0 |
Additions (cash and non-cash) | 314 | 233 |
Dispositions | (165) | (59) |
Acquisitions through business combinations | 6 | 228 |
Transfers and assets reclassified as held for sale | 0 | 60 |
Changes in accounting policy | 978 | |
Foreign currency translation and other | 39 | 23 |
Property, plant and equipment, Ending Balance | 1,657 | 1,463 |
Right-of-use assets | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (197) | 0 |
Depreciation/depletion/impairment expense | (263) | (203) |
Dispositions | 63 | 24 |
Transfers and assets reclassified as held for sale | 1 | (15) |
Foreign currency translation and other | (9) | (3) |
Property, plant and equipment, Ending Balance | (405) | (197) |
Oil and gas assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment loss | $ 276 | $ 271 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 13,982 | $ 13,892 |
Additions to right-of-use assets | 320 | 461 |
Depreciation, right-of-use assets | 263 | 203 |
Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,796 | 2,807 |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 1,252 | 1,266 |
Vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 3,111 | 3,265 |
Depreciation, right-of-use assets | 16 | 11 |
Vessels | Infrastructure services | Altera Infrastructure LP | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment loss | 245 | |
Vessels | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 2,518 | $ 2,494 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Summary of Right-of-Use Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 1,252 | $ 1,266 |
Depreciation expense | (263) | (203) |
Property, plant and equipment | 13,982 | 13,892 |
Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,796 | 2,807 |
Land | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 51 | 8 |
Depreciation expense | (7) | (1) |
Property, plant and equipment | 382 | 633 |
Land | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 0 | 0 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 621 | 632 |
Depreciation expense | (128) | (88) |
Property, plant and equipment | 4,078 | 3,602 |
Buildings | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 0 | 0 |
Machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 538 | 552 |
Depreciation expense | (104) | (91) |
Property, plant and equipment | 4,147 | 4,226 |
Machinery and equipment | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 278 | 313 |
Vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 22 | 53 |
Depreciation expense | (16) | (11) |
Property, plant and equipment | 3,111 | 3,265 |
Vessels | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 2,518 | 2,494 |
Others | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 20 | 21 |
Depreciation expense | (8) | (12) |
Property, plant and equipment | 1,012 | 900 |
Others | Assets subject to operating leases | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 0 | $ 0 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | $ 11,559 | |
Intangible assets, Ending Balance | 11,261 | $ 11,559 |
Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 12,504 | 6,001 |
Additions | 610 | 231 |
Acquisitions through business combinations | 171 | 6,816 |
Dispositions | (173) | (32) |
Assets reclassified as held for sale | (1) | (436) |
Foreign currency translation | (237) | (76) |
Intangible assets, Ending Balance | 12,874 | 12,504 |
Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (945) | (478) |
Amortization expense | (752) | (582) |
Dispositions | 90 | 22 |
Assets reclassified as held for sale | 0 | 97 |
Foreign currency translation | (6) | (4) |
Intangible assets, Ending Balance | (1,613) | (945) |
Water and sewage concession agreements | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 1,797 | |
Intangible assets, Ending Balance | 1,854 | 1,797 |
Water and sewage concession agreements | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 1,968 | 1,912 |
Additions | 496 | 158 |
Acquisitions through business combinations | 0 | 0 |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | (27) |
Foreign currency translation | (429) | (75) |
Intangible assets, Ending Balance | 2,035 | 1,968 |
Water and sewage concession agreements | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (171) | (119) |
Amortization expense | (59) | (62) |
Dispositions | 0 | (1) |
Assets reclassified as held for sale | 0 | 6 |
Foreign currency translation | 49 | 5 |
Intangible assets, Ending Balance | (181) | (171) |
Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 5,346 | |
Intangible assets, Ending Balance | 5,094 | 5,346 |
Customer relationships | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 5,760 | 1,172 |
Additions | 0 | 7 |
Acquisitions through business combinations | 55 | 4,960 |
Dispositions | (68) | 0 |
Assets reclassified as held for sale | 0 | (365) |
Foreign currency translation | 95 | (14) |
Intangible assets, Ending Balance | 5,842 | 5,760 |
Customer relationships | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (414) | (203) |
Amortization expense | (361) | (288) |
Dispositions | 68 | 0 |
Assets reclassified as held for sale | 0 | 78 |
Foreign currency translation | (41) | (1) |
Intangible assets, Ending Balance | (748) | (414) |
Computer software, patents trademarks and proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 3,229 | |
Intangible assets, Ending Balance | 3,240 | 3,229 |
Indefinite life intangible assets | 900 | 799 |
Computer software, patents trademarks and proprietary technology | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 3,511 | 2,183 |
Additions | 107 | 20 |
Acquisitions through business combinations | 90 | 1,367 |
Dispositions | (5) | (32) |
Assets reclassified as held for sale | (1) | (34) |
Foreign currency translation | 86 | 7 |
Intangible assets, Ending Balance | 3,788 | 3,511 |
Computer software, patents trademarks and proprietary technology | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (282) | (111) |
Amortization expense | (263) | (196) |
Dispositions | 4 | 23 |
Assets reclassified as held for sale | 0 | 10 |
Foreign currency translation | (7) | (8) |
Intangible assets, Ending Balance | (548) | (282) |
Loyalty program | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 132 | |
Intangible assets, Ending Balance | 137 | 132 |
Loyalty program | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 158 | 150 |
Additions | 0 | 0 |
Acquisitions through business combinations | 0 | 0 |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | 11 | 8 |
Intangible assets, Ending Balance | 169 | 158 |
Loyalty program | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (26) | (15) |
Amortization expense | (2) | (10) |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | (4) | (1) |
Intangible assets, Ending Balance | (32) | (26) |
Brand | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 397 | |
Intangible assets, Ending Balance | 423 | 397 |
Brand | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 409 | 411 |
Additions | 0 | 1 |
Acquisitions through business combinations | 10 | 0 |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | 32 | (3) |
Intangible assets, Ending Balance | 451 | 409 |
Brand | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (12) | (9) |
Amortization expense | (8) | (3) |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | (8) | 0 |
Intangible assets, Ending Balance | (28) | (12) |
Other | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 432 | |
Intangible assets, Ending Balance | 323 | 432 |
Other | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 471 | 173 |
Additions | 7 | 45 |
Acquisitions through business combinations | 16 | 265 |
Dispositions | (100) | 0 |
Assets reclassified as held for sale | 0 | (10) |
Foreign currency translation | (37) | (2) |
Intangible assets, Ending Balance | 357 | 471 |
Other | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (39) | (21) |
Amortization expense | (20) | (22) |
Dispositions | 18 | 0 |
Assets reclassified as held for sale | 0 | 3 |
Foreign currency translation | 7 | 1 |
Intangible assets, Ending Balance | (34) | (39) |
Value of insurance contracts acquired | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 226 | |
Intangible assets, Ending Balance | 190 | 226 |
Value of insurance contracts acquired | Gross carrying amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 227 | 0 |
Additions | 0 | 0 |
Acquisitions through business combinations | 0 | 224 |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | 5 | 3 |
Intangible assets, Ending Balance | 232 | 227 |
Value of insurance contracts acquired | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (1) | 0 |
Amortization expense | (39) | (1) |
Dispositions | 0 | 0 |
Assets reclassified as held for sale | 0 | 0 |
Foreign currency translation | (2) | 0 |
Intangible assets, Ending Balance | $ (42) | $ (1) |
Westinghouse Electric Company | Proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years | |
Top of range | Water and sewage concession agreements | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 40 years | |
Top of range | Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 30 years | |
Top of range | Loyalty program | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years | |
Top of range | Brand | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 20 years | |
Top of range | Value of insurance contracts acquired | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years | |
Top of range | Proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 20 years | |
Top of range | Westinghouse Electric Company | Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years | |
Top of range | Clarios Global LP | Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 16 years | |
Top of range | Clarios Global LP | Proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset weighted average useful life | 14 years | |
Top of range | Sagen Canada | Value of insurance contracts acquired | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years |
GOODWILL - Change in Balance of
GOODWILL - Change in Balance of Goodwill (Details) - Goodwill - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of year | $ 5,218 | $ 2,411 |
Acquisitions through business combinations | (83) | 3,444 |
Impairment losses | 0 | 418 |
Dispositions | (215) | (21) |
Assets reclassified as held for sale | 0 | (212) |
Foreign currency translation | 324 | 14 |
Balance at end of year | 5,244 | 5,218 |
Infrastructure services | Altera Infrastructure LP | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of year | $ 286 | 547 |
Impairment losses | 261 | |
Balance at end of year | 286 | |
Business services | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Impairment losses | $ 157 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - Goodwill - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Impairment losses | $ 0 | $ 418 | |
Intangible assets and goodwill | $ 5,244 | 5,218 | $ 2,411 |
Business services | |||
Disclosure of operating segments [line items] | |||
Impairment losses | 157 | ||
Altera Infrastructure LP | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Impairment losses | 261 | ||
Intangible assets and goodwill | $ 286 | $ 547 |
GOODWILL - Goodwill by Segment
GOODWILL - Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Goodwill | $ 5,244 | $ 5,218 |
Business services | ||
Disclosure of operating segments [line items] | ||
Goodwill | 2,529 | 2,514 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Goodwill | 481 | 470 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Goodwill | $ 2,234 | $ 2,234 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Ownership, Voting Interest, and Carrying Value of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 1,690 | $ 1,273 | $ 541 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 60 | $ 53 | |
Business services | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 14.00% | 14.00% | |
Voting interest | 14.00% | 14.00% | |
Business services | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 90.00% | 90.00% | |
Voting interest | 90.00% | 90.00% | |
Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 796 | $ 366 | |
Infrastructure services | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 17.00% | 25.00% | |
Voting interest | 17.00% | 25.00% | |
Infrastructure services | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 50.00% | 50.00% | |
Voting interest | 50.00% | 50.00% | |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 834 | $ 854 | |
Industrials | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 24.00% | 24.00% | |
Voting interest | 24.00% | 24.00% | |
Industrials | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 54.00% | 54.00% | |
Voting interest | 50.00% | 50.00% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Change in Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Balance at beginning of year | $ 1,273 | $ 541 | |
Acquisitions through business combinations | (5) | 847 | |
Additions | 446 | 25 | |
Dispositions | (30) | (162) | |
Share of net income | 57 | 114 | $ 10 |
Share of other comprehensive income | 6 | 0 | |
Distributions received | (41) | (62) | |
Foreign currency translation | (16) | (30) | |
Balance at end of period | $ 1,690 | $ 1,273 | $ 541 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) - Brand Industrial Holdings Inc. $ in Millions | Jan. 31, 2020USD ($) |
Disclosure Of Associates And Joint Ventures [Line Items] | |
Proportion of ownership interest in associate | 17.00% |
Consideration paid (received) | $ 445 |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Gross Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | $ 14,493 | $ 12,795 |
Non-current assets | 40,253 | 38,956 |
Total assets | 54,746 | 51,751 |
Current liabilities | 12,133 | 11,024 |
Non-current liabilities | 31,276 | 29,674 |
Total liabilities | 43,409 | 40,698 |
Business services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 19,884 | 18,132 |
Infrastructure services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 10,839 | 10,619 |
Industrials | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 23,929 | 22,742 |
Investments accounted for using equity method | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 3,149 | 1,811 |
Non-current assets | 10,009 | 3,087 |
Total assets | 13,158 | 4,898 |
Current liabilities | 1,816 | 1,129 |
Non-current liabilities | 6,907 | 1,817 |
Total liabilities | 8,723 | 2,946 |
Total net assets | 4,435 | 1,952 |
Investments accounted for using equity method | Business services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 448 | 586 |
Non-current assets | 1,243 | 1,057 |
Total assets | 1,691 | 1,643 |
Current liabilities | 481 | 515 |
Non-current liabilities | 1,116 | 943 |
Total liabilities | 1,597 | 1,458 |
Total net assets | 94 | 185 |
Investments accounted for using equity method | Infrastructure services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,605 | 187 |
Non-current assets | 8,030 | 1,287 |
Total assets | 9,635 | 1,474 |
Current liabilities | 830 | 128 |
Non-current liabilities | 5,569 | 617 |
Total liabilities | 6,399 | 745 |
Total net assets | 3,236 | 729 |
Investments accounted for using equity method | Industrials | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 1,096 | 1,038 |
Non-current assets | 736 | 743 |
Total assets | 1,832 | 1,781 |
Current liabilities | 505 | 486 |
Non-current liabilities | 222 | 257 |
Total liabilities | 727 | 743 |
Total net assets | $ 1,105 | $ 1,038 |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Gross Revenue, Net Income, Other Comprehensive Income and Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | $ 37,635 | $ 43,032 | $ 37,168 |
Net income | 580 | 434 | 1,203 |
OCI | 72 | (198) | (388) |
Comprehensive income (loss) | 652 | 236 | 815 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 22,580 | 28,822 | 30,847 |
Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 4,399 | 4,559 | 2,418 |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 10,656 | 9,651 | 3,896 |
Investments accounted for using equity method | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 7,045 | 2,695 | 1,878 |
Net income | (8) | 357 | 133 |
OCI | 39 | 9 | (31) |
Comprehensive income (loss) | 31 | 366 | 102 |
Investments accounted for using equity method | Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 252 | 537 | 605 |
Net income | (18) | 117 | 102 |
OCI | 8 | 9 | (15) |
Comprehensive income (loss) | (10) | 126 | 87 |
Investments accounted for using equity method | Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 4,080 | 388 | 828 |
Net income | (123) | 119 | (31) |
OCI | 31 | 0 | 2 |
Comprehensive income (loss) | (92) | 119 | (29) |
Investments accounted for using equity method | Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 2,713 | 1,770 | 445 |
Net income | 133 | 121 | 62 |
OCI | 0 | 0 | (18) |
Comprehensive income (loss) | $ 133 | $ 121 | $ 44 |
EQUITY ACCOUNTED INVESTMENTS _6
EQUITY ACCOUNTED INVESTMENTS - Fair Value of Equity Accounted Investments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 1,690 | $ 1,273 | $ 541 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 60 | 53 | |
Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 834 | 854 | |
Publicly Listed | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 558 | 454 | |
Carrying value | 373 | 379 | |
Publicly Listed | Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 39 | 38 | |
Carrying value | 0 | 0 | |
Publicly Listed | Industrials | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 519 | 416 | |
Carrying value | $ 373 | $ 379 |
ACCOUNTS PAYABLE AND OTHER - Ac
ACCOUNTS PAYABLE AND OTHER - Accounts Payable and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Accounts payable | $ 2,971 | $ 2,919 |
Accrued and other liabilities | 3,864 | 3,978 |
Lease liability | 222 | 224 |
Financial liabilities | 727 | 327 |
Unearned premiums reserve | 533 | 482 |
Work in progress | 1,539 | 1,415 |
Provisions and decommissioning liabilities | 560 | 442 |
Liabilities held for sale | 0 | 94 |
Total current | 10,416 | 9,881 |
Non-current: | ||
Accounts payable | 82 | 116 |
Accrued and other liabilities | 1,325 | 1,110 |
Lease liability | 1,142 | 1,109 |
Financial liabilities | 2,457 | 2,048 |
Unearned premiums reserve | 1,356 | 1,143 |
Work in progress | 23 | 60 |
Provisions and decommissioning liabilities | 1,131 | 1,029 |
Total non-current | 7,516 | 6,615 |
Bank overdrafts | 400 | 921 |
Net defined benefit liability | 1,018 | |
Current net defined benefit liability | 19 | |
Non-current net defined benefit liability | 999 | |
Current financial liability recognized related to sale and leaseback of hospitals | 56 | |
Noncurrent financial liability recognized related to sale and leaseback of hospitals | 1,791 | |
Lease liabilities | 1,364 | 1,333 |
Interest expense on lease liabilities | 58 | 49 |
Healthscope Limited | ||
Non-current: | ||
Financial liability recognized for proceeds received from sale and leaseback transaction | 1,847 | $ 1,704 |
Current financial liability recognized related to sale and leaseback of hospitals | 56 | |
Noncurrent financial liability recognized related to sale and leaseback of hospitals | $ 1,791 | |
Bottom of range | ||
Non-current: | ||
Liability risk rate | 11.50% | 1.60% |
Liability inflation rate | 3.00% | 2.00% |
Top of range | ||
Non-current: | ||
Liability risk rate | 1.20% | 8.50% |
Liability inflation rate | 1.90% | 3.00% |
ACCOUNTS PAYABLE AND OTHER - Ot
ACCOUNTS PAYABLE AND OTHER - Other Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | $ 1,471 | $ 754 |
Additions through business combinations | 4 | 599 |
Additional provisions recognized | 487 | 384 |
Reduction arising from payments/derecognition | (423) | (456) |
Accretion expenses | 23 | 16 |
Change in discount rate | 66 | 156 |
Change in other estimates | 30 | 43 |
Transfers to held for sale | (9) | (10) |
Dispositions | (19) | |
Net foreign currency exchange differences | 42 | 4 |
Other provision - balance at end of year | 1,691 | 1,471 |
Decommissioning Liability | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 567 | 311 |
Additions through business combinations | 3 | 52 |
Additional provisions recognized | 8 | 9 |
Reduction arising from payments/derecognition | (7) | (6) |
Accretion expenses | 24 | 16 |
Change in discount rate | 66 | 154 |
Change in other estimates | 9 | 44 |
Transfers to held for sale | 0 | 0 |
Dispositions | (19) | |
Net foreign currency exchange differences | 3 | 6 |
Other provision - balance at end of year | 673 | 567 |
Warranties and provisions for defects | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 250 | 87 |
Additions through business combinations | 119 | |
Additional provisions recognized | 203 | 175 |
Reduction arising from payments/derecognition | (217) | (126) |
Accretion expenses | 0 | 0 |
Change in discount rate | 0 | 0 |
Change in other estimates | 12 | (5) |
Transfers to held for sale | 0 | 0 |
Dispositions | 0 | |
Net foreign currency exchange differences | 5 | 0 |
Other provision - balance at end of year | 253 | 250 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 654 | 356 |
Additions through business combinations | 1 | 428 |
Additional provisions recognized | 276 | 200 |
Reduction arising from payments/derecognition | (199) | (324) |
Accretion expenses | (1) | 0 |
Change in discount rate | 0 | 2 |
Change in other estimates | 9 | 4 |
Transfers to held for sale | (9) | (10) |
Dispositions | 0 | |
Net foreign currency exchange differences | 34 | (2) |
Other provision - balance at end of year | $ 765 | $ 654 |
CONTRACTS IN PROGRESS (Details)
CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Construction Contracts [Abstract] | |||
Contract costs incurred to date | $ 26,411 | $ 23,041 | $ 20,455 |
Profit recognized to date (less recognized losses) | 1,476 | 1,843 | 1,946 |
Contract costs incurred and profit recognized (less recognized losses) | 27,887 | 24,884 | 22,401 |
Less: progress billings | (28,913) | (25,782) | (23,546) |
Contract work in progress (liability) | (1,026) | (898) | (1,145) |
Comprising: | |||
Amounts due from customers — work in progress | 536 | 577 | 563 |
Amounts due to customers — creditors | (1,562) | (1,475) | (1,708) |
Contract work in progress (liability) | (1,026) | $ (898) | $ (1,145) |
Decrease in amounts due from customers asset, billed amounts | 3,635 | ||
Increase in amounts due from customers asset, additions to work in progress | 3,586 | ||
Increase in amounts due from customers asset, acquisitions | 3 | ||
Decrease in amounts due from customers asset, dispositions | 0 | ||
Decrease in amounts due from customers liability, recognized revenue | 1,808 | ||
Increase in amounts due from customers liability, additions to work in progress | 1,847 | ||
Increase in amounts due from customers liability, acquisitions | 6 | ||
Decrease in amounts due from customers liability, dispositions | $ 6 |
BORROWINGS - Borrowings Maturit
BORROWINGS - Borrowings Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 23,776 | $ 22,399 |
Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,621 | |
Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,860 | |
Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 13,918 | |
Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 610 | $ 0 |
Principal repayments | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 24,253 | |
Principal repayments | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,430 | |
Principal repayments | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 6,028 | |
Principal repayments | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 14,185 | |
Principal repayments | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 610 | |
Principal repayments | 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,753 | |
Principal repayments | 2021 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 669 | |
Principal repayments | 2021 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 621 | |
Principal repayments | 2021 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 163 | |
Principal repayments | 2021 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 300 | |
Principal repayments | 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,313 | |
Principal repayments | 2022 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 602 | |
Principal repayments | 2022 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 584 | |
Principal repayments | 2022 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 127 | |
Principal repayments | 2022 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Principal repayments | 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,061 | |
Principal repayments | 2023 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 383 | |
Principal repayments | 2023 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 989 | |
Principal repayments | 2023 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 689 | |
Principal repayments | 2023 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Principal repayments | 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 2,361 | |
Principal repayments | 2024 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,210 | |
Principal repayments | 2024 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 373 | |
Principal repayments | 2024 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 468 | |
Principal repayments | 2024 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 310 | |
Principal repayments | 2025 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 4,747 | |
Principal repayments | 2025 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 76 | |
Principal repayments | 2025 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,003 | |
Principal repayments | 2025 | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,668 | |
Principal repayments | 2025 | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Principal repayments | Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 12,018 | |
Principal repayments | Thereafter | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 490 | |
Principal repayments | Thereafter | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 458 | |
Principal repayments | Thereafter | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 11,070 | |
Principal repayments | Thereafter | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | |
Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | (477) | |
Deferred financing costs and other | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | (41) | |
Deferred financing costs and other | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | (124) | |
Deferred financing costs and other | Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | (312) | |
Deferred financing costs and other | Corporate and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 0 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Dec. 31, 2020 | Aug. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Oct. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 23,776,000,000 | $ 22,399,000,000 | ||||
Revolving Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 310,000,000 | |||||
Revolving Credit Facility | Floating interest rate | LIBOR or Bankers' Acceptance Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Basis spread on variable rate | 2.50% | |||||
Revolving Credit Facility | Floating interest rate | Base Rate or Prime Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Brookfield Credit Agreements | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facility, increase in maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | ||||
Credit facility, maximum borrowing capacity | $ 2,075,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||
Renewal period | 1 year | |||||
Brookfield Credit Agreements | Floating interest rate | LIBOR or Bankers' Acceptance Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Basis spread on variable rate | 3.45% | |||||
Brookfield Credit Agreements | Floating interest rate | Base Rate or Prime Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Basis spread on variable rate | 2.45% |
BORROWINGS - Weighted Average I
BORROWINGS - Weighted Average Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 23,776 | $ 22,399 |
Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 23,166 | $ 22,399 |
Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.00% | 5.50% |
Term | 5 years | 5 years 8 months 12 days |
Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,621 | |
Business services | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 3,389 | $ 2,621 |
Business services | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.90% | 5.80% |
Term | 3 years 8 months 12 days | 4 years 3 months 18 days |
Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 5,860 | |
Infrastructure services | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 5,904 | $ 5,860 |
Infrastructure services | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.00% | 5.20% |
Term | 4 years 3 months 18 days | 5 years 2 months 12 days |
Industrials | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 13,918 | |
Industrials | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 13,873 | $ 13,918 |
Industrials | Weighted average | Non-recourse subsidiary borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.30% | 5.70% |
Term | 5 years 8 months 12 days | 6 years 3 months 18 days |
BORROWINGS - Borrowings by Curr
BORROWINGS - Borrowings by Currency (Details) € in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020AUD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019AUD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (£) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 23,776 | $ 22,399 | ||||||||||
Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 23,166 | 22,399 | ||||||||||
U.S. dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 15,305 | 15,436 | ||||||||||
Euros | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 3,466 | € 2,820 | 3,578 | € 3,546 | ||||||||
Brazilian real | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 1,475 | R$ 7667 | 1,330 | R$ 5362 | ||||||||
Australian dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 994 | $ 1,292 | 1,264 | $ 1,801 | ||||||||
Indian rupees | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 967 | R$ 70614 | 0 | R$ 0 | ||||||||
Canadian dollars | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 923 | $ 1,175 | 772 | $ 1,003 | ||||||||
British pounds | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 5 | £ 4 | 10 | £ 8 | ||||||||
Other | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 31 | 9 | ||||||||||
Other local currency | Non-recourse subsidiary borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 140 | $ 7 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current income tax expense (recovery) | $ 284 | $ 324 | $ 186 |
Deferred income tax expense (recovery): | |||
Origination and reversal of temporary differences | (134) | (138) | (61) |
Recovery arising from previously unrecognized tax assets | (1) | (6) | (27) |
Change of tax rates and imposition of new legislations | 5 | 12 | 0 |
Deferred income tax expense (recovery) | (130) | (132) | (88) |
Total income taxes | $ 154 | $ 192 | $ 98 |
INCOME TAXES - Differences in T
INCOME TAXES - Differences in Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Composite income tax rate | 27.00% | 27.00% | 27.00% |
Increase (reduction) in rate resulting from: | |||
Portion of gains subject to different tax rates | 2.00% | (11.00%) | (1.00%) |
International operations subject to different tax rates | 23.00% | (5.00%) | (16.00%) |
Taxable income attributable to non-controlling interests | (19.00%) | (6.00%) | (3.00%) |
Recognition of deferred tax assets | (10.00%) | 0.00% | (2.00%) |
Non-recognition of the benefit of current year’s tax losses | 2.00% | 17.00% | 1.00% |
Change in tax rates and imposition of new legislation | (1.00%) | 4.00% | 0.00% |
Other | (3.00%) | 4.00% | 2.00% |
Effective income tax rate | 21.00% | 30.00% | 8.00% |
INCOME TAXES - Change in Deferr
INCOME TAXES - Change in Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | $ 761 | $ 667 | |
Deferred income tax liabilities | (1,701) | (1,803) | |
Total net deferred tax (liability) asset | (940) | (1,136) | $ (587) |
Non-capital losses (Canada) | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 40 | 11 | |
Capital losses (Canada) | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 0 | 0 | |
Losses | U.S. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 119 | 78 | |
Losses | International | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | 318 | 264 | |
Difference in basis | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability) asset | $ (1,417) | $ (1,489) |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Movement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening net deferred tax (liability) asset | $ (1,136) | $ (587) | |
Recognized in income | 130 | 132 | |
Recognized in other comprehensive income | (66) | 15 | $ (2) |
Other | 132 | (696) | |
Net deferred tax (liability) asset | $ (940) | $ (1,136) | $ (587) |
INCOME TAXES - Expiry Date of U
INCOME TAXES - Expiry Date of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 999 | $ 1,097 |
One year from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 1 | 19 |
Two years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 13 | 5 |
Three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 12 | 5 |
After three years from reporting date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 314 | 337 |
Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 659 | $ 731 |
INCOME TAXES - Components of _2
INCOME TAXES - Components of Income Taxes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Fair value through other comprehensive income | $ 49 | $ 0 | $ (3) |
Net investment hedges | 26 | (15) | 13 |
Cash flow hedges | 0 | (1) | (6) |
Equity accounted investments | 0 | 0 | 0 |
Pension plan actuarial changes | (9) | 1 | (2) |
Total deferred tax expense (recovery) in other comprehensive income | 66 | (15) | 2 |
Current tax relating to items charged directly to equity | $ 20 | $ 27 | $ 49 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) $ / shares in Units, $ in Millions | Jun. 20, 2016USD ($) | Dec. 31, 2020USD ($)class$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | ||||
Share capital, number of classes of units | class | 2 | |||||||
Decrease through other distributions to owners, equity | $ 1,262 | [1] | $ 1,713 | [1] | $ 2,680 | [2] | ||
Issue of equity | [1] | 815 | ||||||
Net income (loss) attributable to limited partnership unitholders | (91) | 43 | $ 74 | |||||
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||||
Dividends recognised as distributions to owners | $ 37 | $ 35 | ||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 0.25 | |||||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 69,700,000 | 66,400,000 | ||||||
Brookfield Asset Management Inc. | ||||||||
Number of shares issued (in shares) | shares | 4 | 4 | 4 | |||||
Shares repurchased and cancelled (in shares) | shares | 0 | 0 | ||||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 4 | 4 | ||||||
Limited Partners | ||||||||
Decrease through other distributions to owners, equity | $ 20 | [1] | $ 18 | [1] | $ 16 | [2] | ||
Number of shares issued (in shares) | shares | 79,031,984 | 80,890,655 | 66,185,798 | |||||
Issue of equity | [1] | $ 565 | ||||||
Shares repurchased and cancelled (in shares) | shares | 1,858,671 | 202,143 | ||||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 80,200,000 | 73,600,000 | ||||||
Special Limited Partners | ||||||||
Number of shares issued (in shares) | shares | 4 | 4 | 4 | |||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 4 | 4 | ||||||
Associates | Holding LP | ||||||||
Share capital, number of classes of units | class | 3 | |||||||
Number of shares issued (in shares) | shares | 69,700,000 | |||||||
Preferred shareholder's capital | Brookfield Asset Management Inc. | ||||||||
Number of shares issued (in shares) | shares | 200,002 | 200,002 | 200,002 | |||||
Issued on spin-off | Brookfield Asset Management Inc. | ||||||||
Issue of equity | $ 250 | |||||||
Issued on spin-off | Preferred shareholder's capital | Brookfield Asset Management Inc. | ||||||||
Issue of equity | $ 15 | |||||||
Retained earnings | Special Limited Partners | ||||||||
Decrease through other distributions to owners, equity | [2] | $ 278 | ||||||
Retained earnings | Limited Partners | ||||||||
Decrease through other distributions to owners, equity | $ 20 | [1] | $ 18 | [1] | 16 | [2] | ||
Interest of others in operating subsidiaries | ||||||||
Decrease through other distributions to owners, equity | $ 1,225 | [1] | $ 1,678 | [1] | $ 2,370 | [2] | ||
Entities with joint control or significant influence over entity | ||||||||
Incentive distribution rights based on percent increase in unit price | 20.00% | |||||||
Dividends recognised as distributions to owners, volume weighted average share price threshold (in dollars per share) | $ / shares | $ 41.96 | |||||||
Entities with joint control or significant influence over entity | Retained earnings | Special Limited Partners | ||||||||
Decrease through other distributions to owners, equity | $ 0 | |||||||
[1] | See Note 19 for additional information on distributions and for additional information on unit issuances and repurchases. | |||||||
[2] | See Note 19 for additional information on distributions, including distributions to the Special Limited Partners. |
EQUITY - Schedule of Units (Det
EQUITY - Schedule of Units (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total | ||
Opening balance (in shares) | 80,890,659 | 66,185,802 |
Repurchased and canceled (in shares) | (1,858,671) | (202,143) |
Issued for cash (in shares) | 0 | 14,907,000 |
On issue at December 31 (in shares) | 79,031,988 | 80,890,659 |
Number of shares issued (in shares) | 79,031,988 | 66,185,802 |
Brookfield Asset Management Inc. | ||
Opening balance (in shares) | 4 | 4 |
Repurchased and canceled (in shares) | 0 | 0 |
Issued for cash (in shares) | 0 | 0 |
On issue at December 31 (in shares) | 4 | 4 |
Weighted average number of ordinary shares outstanding (in shares) | 4 | 4 |
Number of shares issued (in shares) | 4 | 4 |
Brookfield Asset Management Inc. | Preferred shares | ||
Opening balance (in shares) | 200,002 | 200,002 |
On issue at December 31 (in shares) | 200,002 | 200,002 |
Number of shares issued (in shares) | 200,002 | 200,002 |
Limited Partners | ||
Opening balance (in shares) | 80,890,655 | 66,185,798 |
Repurchased and canceled (in shares) | (1,858,671) | (202,143) |
Issued for cash (in shares) | 0 | 14,907,000 |
On issue at December 31 (in shares) | 79,031,984 | 80,890,655 |
Weighted average number of ordinary shares outstanding (in shares) | 80,200,000 | 73,600,000 |
Number of shares issued (in shares) | 79,031,984 | 66,185,798 |
Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||
Opening balance (in shares) | 69,705,497 | 63,095,497 |
Issued for cash (in shares) | 0 | 6,610,000 |
On issue at December 31 (in shares) | 69,705,497 | 69,705,497 |
Number of shares issued (in shares) | 69,705,497 | 63,095,497 |
Special Limited Partners | ||
Opening balance (in shares) | 4 | 4 |
On issue at December 31 (in shares) | 4 | 4 |
Weighted average number of ordinary shares outstanding (in shares) | 4 | 4 |
Number of shares issued (in shares) | 4 | 4 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | $ 11,053 | $ 6,494 | $ 5,789 | |
Other comprehensive income (loss) | 72 | (198) | (388) | |
Ownership changes | [1] | 2 | (419) | 1,780 |
Ending balance | 11,337 | 11,053 | 6,494 | |
Limited Partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 2,116 | 1,548 | 1,452 | |
Other comprehensive income (loss) | 36 | (32) | (73) | |
Ownership changes | [1] | (57) | 10 | 111 |
Ending balance | $ 1,928 | $ 2,116 | $ 1,548 | |
Number of shares issued (in shares) | 79,031,984 | 80,890,655 | 66,185,798 | |
Equity attributable to owners of parent and special limited partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Number of shares issued (in shares) | 8 | |||
Foreign currency translation | Limited Partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | $ (169) | $ (182) | $ (111) | |
Other comprehensive income (loss) | 25 | 13 | (71) | |
Ownership changes | 0 | 0 | ||
Ending balance | (144) | (169) | (182) | |
Foreign currency translation | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | (221) | (232) | (165) | |
Other comprehensive income (loss) | 22 | 11 | (67) | |
Ownership changes | 0 | 0 | ||
Ending balance | (199) | (221) | (232) | |
FVOCI | Limited Partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 11 | 9 | 6 | |
Other comprehensive income (loss) | 39 | 2 | 3 | |
Ownership changes | 2 | 0 | ||
Ending balance | 52 | 11 | 9 | |
FVOCI | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | 9 | 7 | 4 | |
Other comprehensive income (loss) | 34 | 2 | 3 | |
Ownership changes | 2 | 0 | ||
Ending balance | 45 | 9 | 7 | |
Other | Limited Partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | (60) | (13) | (7) | |
Other comprehensive income (loss) | (28) | (47) | (5) | |
Ownership changes | 0 | (1) | ||
Ending balance | (88) | (60) | (13) | |
Other | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | (52) | (10) | (4) | |
Other comprehensive income (loss) | (25) | (42) | (5) | |
Ownership changes | 0 | (1) | ||
Ending balance | (77) | (52) | (10) | |
Accumulated other comprehensive income (loss) | Limited Partners | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | [2] | (218) | (186) | (112) |
Other comprehensive income (loss) | [2] | 36 | (32) | (73) |
Ownership changes | [1],[2] | 2 | (1) | |
Ending balance | [2] | (180) | (218) | (186) |
Accumulated other comprehensive income (loss) | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Beginning balance | (264) | (235) | (165) | |
Other comprehensive income (loss) | 31 | (29) | (69) | |
Ownership changes | 2 | (1) | ||
Ending balance | $ (231) | $ (264) | $ (235) | |
[1] | Includes gains or losses on changes in ownership interests of consolidated subsidiaries. | |||
[2] | See Note 20 for additional information. |
DIRECT OPERATING COSTS - Schedu
DIRECT OPERATING COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Cost of sales | $ 27,742 | $ 33,963 | $ 31,539 |
Compensation | 4,686 | 4,299 | 2,530 |
Property taxes, sales taxes and other | 37 | 65 | 65 |
Total | $ 32,465 | $ 38,327 | $ 34,134 |
DIRECT OPERATING COSTS - Narrat
DIRECT OPERATING COSTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Inventories recognized as expense during the period | $ 21,397 | $ 23,046 | $ 21,421 |
Expense relating to short-term leases | 24 | 59 | |
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 11 | $ 14 |
GUARANTEES AND CONTINGENCIES (D
GUARANTEES AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)subsidiary | Dec. 31, 2019USD ($) | |
Disclosure of contingent liabilities [line items] | ||
Number of subsidiaries which administer deposits | subsidiary | 2 | |
Deposits from customers | $ 37 | $ 24 |
Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities related to third parties | $ 1,994 | $ 1,983 |
CONTRACTUAL COMMITMENTS - Narra
CONTRACTUAL COMMITMENTS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Contractual capital commitments | $ 182 | $ 253 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Contractual capital commitments | 250 | 693 |
Business services | ||
Disclosure of operating segments [line items] | ||
Contractual capital commitments | $ 88 | $ 28 |
CONTRACTUAL COMMITMENTS - Lease
CONTRACTUAL COMMITMENTS - Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | $ 1,634 | $ 1,377 |
1 Year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 238 | 229 |
2-5 Years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 664 | |
5+ Years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | $ 732 | $ 603 |
REVENUES - Segment Revenue By T
REVENUES - Segment Revenue By Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 36,136 | $ 42,308 | $ 37,092 |
Other revenues | 1,499 | 724 | 76 |
Total revenues | 37,635 | 43,032 | 37,168 |
Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 21,680 | 28,718 | 30,814 |
Other revenues | 900 | 104 | 33 |
Total revenues | 22,580 | 28,822 | 30,847 |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,805 | 3,947 | 2,413 |
Other revenues | 594 | 612 | 5 |
Total revenues | 4,399 | 4,559 | 2,418 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10,651 | 9,643 | 3,865 |
Other revenues | 5 | 8 | 31 |
Total revenues | 10,656 | 9,651 | 3,896 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | 0 | 0 | 7 |
Total revenues | $ 0 | $ 0 | $ 7 |
REVENUES - Timing of Revenue Re
REVENUES - Timing of Revenue Recognition From Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 36,136 | $ 42,308 | $ 37,092 |
Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 21,680 | 28,718 | 30,814 |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,805 | 3,947 | 2,413 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10,651 | 9,643 | 3,865 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Goods and services provided at a point in time | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 29,483 | 33,858 | 28,827 |
Goods and services provided at a point in time | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 17,665 | 23,070 | 24,296 |
Goods and services provided at a point in time | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,382 | 1,379 | 944 |
Goods and services provided at a point in time | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10,436 | 9,409 | 3,587 |
Goods and services provided at a point in time | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Services transferred over a period of time | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 6,653 | 8,450 | 8,265 |
Services transferred over a period of time | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,015 | 5,648 | 6,518 |
Services transferred over a period of time | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,423 | 2,568 | 1,469 |
Services transferred over a period of time | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 215 | 234 | 278 |
Services transferred over a period of time | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
REVENUES - Revenue by geography
REVENUES - Revenue by geography (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 36,136 | $ 42,308 | $ 37,092 |
Other revenues | 1,499 | 724 | 76 |
Total revenues | 37,635 | 43,032 | 37,168 |
Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 21,680 | 28,718 | 30,814 |
Other revenues | 900 | 104 | 33 |
Total revenues | 22,580 | 28,822 | 30,847 |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 3,805 | 3,947 | 2,413 |
Other revenues | 594 | 612 | 5 |
Total revenues | 4,399 | 4,559 | 2,418 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10,651 | 9,643 | 3,865 |
Other revenues | 5 | 8 | 31 |
Total revenues | 10,656 | 9,651 | 3,896 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | 0 | 0 | 7 |
Total revenues | 0 | 0 | 7 |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 13,980 | 20,156 | 21,975 |
Total revenues | 13,996 | 20,202 | 21,983 |
United Kingdom | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 13,417 | 19,694 | 21,757 |
United Kingdom | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 371 | 334 | 119 |
United Kingdom | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 192 | 128 | 99 |
United Kingdom | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
United States of America | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 5,843 | 5,211 | 1,767 |
Total revenues | 5,848 | 5,218 | 1,772 |
United States of America | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 21 | 324 | 478 |
United States of America | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,685 | 1,609 | 802 |
United States of America | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,137 | 3,278 | 487 |
United States of America | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | |
Europe | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,834 | 4,815 | 2,905 |
Total revenues | 5,184 | 5,145 | 2,909 |
Europe | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,071 | 687 | 704 |
Europe | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,139 | 1,239 | 901 |
Europe | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,624 | 2,889 | 1,300 |
Europe | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Australia | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,228 | 4,056 | 2,945 |
Total revenues | 4,299 | 4,059 | 2,961 |
Australia | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4,155 | 4,042 | 2,936 |
Australia | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 10 | 14 | 9 |
Australia | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 63 | 0 | 0 |
Australia | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | |
Canada | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,416 | 3,757 | 4,673 |
Total revenues | 3,137 | 3,860 | 4,691 |
Canada | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,841 | 2,942 | 3,786 |
Canada | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 90 | 63 | 57 |
Canada | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 485 | 752 | 830 |
Canada | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,204 | 1,599 | 1,722 |
Total revenues | 1,403 | 1,800 | 1,736 |
Brazil | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 339 | 405 | 679 |
Brazil | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 78 | 97 | 142 |
Brazil | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 787 | 1,097 | 901 |
Brazil | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Mexico | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 765 | 698 | 157 |
Total revenues | 765 | 698 | 147 |
Mexico | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Mexico | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 5 | 0 |
Mexico | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 765 | 693 | 157 |
Mexico | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
India | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 15 | 2 | 2 |
Total revenues | 99 | 2 | 2 |
India | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 4 | 1 | 2 |
India | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
India | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 11 | 1 | 0 |
India | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 0 | 0 | |
Other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 2,851 | 2,014 | 946 |
Total revenues | 2,904 | 2,048 | 967 |
Other | Business services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 832 | 623 | 472 |
Other | Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 432 | 586 | 383 |
Other | Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | 1,587 | 805 | 91 |
Other | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
REVENUES - Lease Income (Detail
REVENUES - Lease Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [abstract] | ||
Operating lease income | $ 679 | $ 673 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases | 1,505 | |
1 Year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases | 360 | |
2-5 Years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases | 748 | |
5+ Years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases | $ 397 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business services | Construction services | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 5.6 | $ 7 |
Remaining performance obligation, expected timing of satisfaction period | 2 years | |
Industrials | Waste and wastewater services | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 9.5 | 12.2 |
Remaining performance obligation, expected timing of satisfaction period | 24 years | |
Industrials | Graphite electrode manufacturing business | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 2.3 | 3.8 |
Infrastructure services | Nuclear power generation | ||
Disclosure of operating segments [line items] | ||
Revenue remaining performance obligation, amount | $ 9.9 | $ 9.9 |
Remaining performance obligation, expected timing of satisfaction period | 10 years |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 13, 2020 | Feb. 05, 2020 | |
Disclosure of transactions between related parties [line items] | |||||
Deposits, classified as cash and cash equivalents | $ 0 | $ 4,000,000 | |||
Interest income (expense), net | (1,482,000,000) | (1,274,000,000) | $ (498,000,000) | ||
Total assets | 54,746,000,000 | 51,751,000,000 | |||
Liabilities | 43,409,000,000 | 40,698,000,000 | |||
Parent company | |||||
Disclosure of transactions between related parties [line items] | |||||
Outstanding commitments made by entity, related party transactions | 0 | 0 | |||
Deposits, classified as cash and cash equivalents | 300,000,000 | 4,000,000 | |||
Interest income (expense), net | (3,000,000) | 10,000,000 | 12,000,000 | ||
Base management fee expense | 63,000,000 | 59,000,000 | 56,000,000 | ||
Dividends recognised as distributions to owners | $ 0 | $ 0 | $ 278,000,000 | ||
Parent company | LIBOR or Bankers' Acceptance Rate | |||||
Disclosure of transactions between related parties [line items] | |||||
Basis spread on variable rate | 1.50% | ||||
Entities with joint control or significant influence over entity | |||||
Disclosure of transactions between related parties [line items] | |||||
Total assets | $ 609,000,000 | ||||
Liabilities | 957,000,000 | ||||
Retained earnings | (348,000,000) | ||||
Accounts payable and other | $ 224,000,000 | ||||
Contractual capital commitments | $ 180,000,000 | ||||
Gain (loss) recognized from debt restructuring | $ 244,000,000 | ||||
Entities with joint control or significant influence over entity | Maximum | |||||
Disclosure of transactions between related parties [line items] | |||||
Expected capital commitments, amount contributed | $ 95,000,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - Other related parties - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Revenues | $ 612 | $ 452 | $ 435 |
Financial assets | 0 | 174 | |
Accounts and other receivable, net | 98 | 36 | |
Accounts payable and other | $ 97 | $ 242 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) cbm in Thousands, Mcf in Thousands, $ in Millions | Dec. 31, 2020USD ($)McfcbmT | Dec. 31, 2019USD ($)cbmTMcf |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 24,441 | $ 19,740 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 5,518 | 6,261 |
Cross currency swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 192 | 374 |
Interest rate derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 18,305 | 13,058 |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 426 | $ 47 |
Commodity Swap Contract, Oil Based Fuel | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | cbm | 16,010 | 5,390 |
Commodity Swap Contract, Natural Gas | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | Mcf | 79,790 | 11,740 |
Commodity Swap Contract, Lead | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 50,078 | 20,420,000,000 |
Commodity Swap Contract, Tin | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 2,269 | 2,548,000,000 |
Commodity Swap Contract, Polypropylene | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | T | 36,907 | 31,120,000,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Contracts (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 24,441 | $ 19,740 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 5,518 | 6,261 |
Foreign exchange contracts | Australian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 305 | $ 682 |
Average exchange rate | 1,480,000 | 1,450,000 |
Foreign exchange contracts | Brazilian real | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 163 | $ 89 |
Average exchange rate | 5,190,000 | 4,060,000 |
Foreign exchange contracts | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,060 | $ 650 |
Average exchange rate | 740,000 | 770,000 |
Foreign exchange contracts | Canadian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,548 | $ 2,037 |
Average exchange rate | 1,310,000 | 1,300,000 |
Foreign exchange contracts | Chinese yuan | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8 | $ 1 |
Average exchange rate | 6,540,000 | 6,970,000 |
Foreign exchange contracts | Euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 340 | $ 782 |
Average exchange rate | 840,000 | 880,000 |
Foreign exchange contracts | INR | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 180 | $ 189 |
Average exchange rate | 76,720,000 | 73,330,000 |
Foreign exchange contracts | Japanese yen | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8 | $ 14 |
Average exchange rate | 103,460,000 | 104,190,000 |
Foreign exchange contracts | Mexican pesos | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 13 | $ 10 |
Average exchange rate | 19,980,000 | 18,900,000 |
Foreign exchange contracts | Norwegian krone | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 48 | $ 52 |
Average exchange rate | 9,680,000 | 8,870,000 |
Foreign exchange contracts | South Africa rand | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2 | $ 3 |
Average exchange rate | 14,730,000 | 14,050,000 |
Foreign exchange contracts | Swedish krona | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,647 | $ 1,578 |
Average exchange rate | 8,580,000 | 9,100,000 |
Foreign exchange contracts | Swiss franc | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 36 | $ 50 |
Average exchange rate | 880,000 | 970,000 |
Foreign exchange contracts | Colombian peso | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 48 | $ 49 |
Average exchange rate | 3,428,450,000 | 3,359,910,000 |
Foreign exchange contracts | South Korean won | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 67 | $ 68 |
Average exchange rate | 1,086,510,000 | 1,265,030,000 |
Foreign exchange contracts | Peruvian dollar | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 7 |
Average exchange rate | 0 | 3,410,000 |
Foreign exchange contracts | Other | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 45 | $ 0 |
Average exchange rate |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Instruments by Term to Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 24,441 | $ 19,740 |
1 Year | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 7,657 | |
1-5 Years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 16,646 | |
5+ Years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 138 | |
Foreign exchange contracts | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 2,875 | 3,542 |
Foreign exchange contracts | 1 Year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,152 | |
Foreign exchange contracts | 1-5 Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,723 | |
Foreign exchange contracts | 5+ Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate derivatives | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 8,721 | 6,753 |
Interest rate derivatives | 1 Year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 250 | |
Interest rate derivatives | 1-5 Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 8,471 | |
Interest rate derivatives | 5+ Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Option contracts | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | 0 |
Option contracts | 1 Year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Option contracts | 1-5 Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Option contracts | 5+ Years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 5,518 | 6,261 |
Foreign exchange contracts | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 2,643 | 2,719 |
Foreign exchange contracts | 1 Year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 2,289 | |
Foreign exchange contracts | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 275 | |
Foreign exchange contracts | 5+ Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 79 | |
Cross currency swaps | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 192 | 374 |
Cross currency swaps | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 192 | 373 |
Cross currency swaps | 1 Year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 28 | |
Cross currency swaps | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 115 | |
Cross currency swaps | 5+ Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 49 | |
Interest rate derivatives | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 18,305 | 13,058 |
Interest rate derivatives | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 9,584 | 6,306 |
Interest rate derivatives | 1 Year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 3,512 | |
Interest rate derivatives | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 6,062 | |
Interest rate derivatives | 5+ Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 10 | |
Equity derivatives | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 426 | 47 |
Equity derivatives | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 426 | $ 47 |
Equity derivatives | 1 Year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 426 | |
Equity derivatives | 1-5 Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Equity derivatives | 5+ Years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) cbm in Thousands, Mcf in Thousands, $ in Millions | Dec. 31, 2020USD ($)Mcfcbm | Dec. 31, 2019USD ($)Mcfcbm |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 24,441 | $ 19,740 |
Equity derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 426 | $ 47 |
Commodity Swap Contract, Oil Based Fuel | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | cbm | 16,010 | 5,390 |
Commodity Swap Contract, Natural Gas | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, T) | Mcf | 79,790 | 11,740 |
FINANCIAL RISK MANAGEMENT - Cap
FINANCIAL RISK MANAGEMENT - Capital Risk Management (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments [Abstract] | ||||
Corporate borrowings | $ 610 | $ 0 | ||
Non-recourse borrowings in subsidiaries of the partnership | 23,166 | 22,399 | ||
Cash and cash equivalents | (2,743) | (1,986) | $ (1,949) | $ (1,106) |
Net debt | 21,033 | 20,413 | ||
Total equity | 11,337 | 11,053 | $ 6,494 | $ 5,789 |
Total capital and net debt | $ 32,370 | $ 31,466 | ||
Net debt to capitalization ratio | 65.00% | 65.00% |
FINANCIAL RISK MANAGEMENT - Mat
FINANCIAL RISK MANAGEMENT - Maturity Analysis of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | $ 12,366 | $ 10,851 | |
Interest-bearing liabilities | 30,180 | 28,080 | |
Lease liabilities | 1,634 | 1,377 | |
Decommissioning liabilities, other provisions and post-employment benefits | 2,709 | 2,306 | |
Unearned premiums | 1,889 | 1,625 | $ 0 |
Loans and notes payable | 73 | 210 | |
1 Year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 9,023 | 8,406 | |
Interest-bearing liabilities | 2,879 | 2,184 | |
Lease liabilities | 238 | 229 | |
1-2 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 480 | 343 | |
Interest-bearing liabilities | 2,617 | 1,786 | |
Lease liabilities | 219 | 152 | |
2-5 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 796 | 454 | |
Interest-bearing liabilities | 11,927 | 7,713 | |
Lease liabilities | 445 | 393 | |
5+ Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 2,067 | 1,648 | |
Interest-bearing liabilities | 12,757 | 16,397 | |
Lease liabilities | $ 732 | $ 603 |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 09, 2020 | |
IndoStar Capital Finance Limited | Business services | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans receivable | $ 1,122 | ||
IndoStar Capital Finance Limited | Business services | Financial instruments purchased or originated credit-impaired | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans receivable | 37 | ||
IndoStar Capital Finance Limited | Business services | 12-month expected credit losses | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans receivable | $ 1,085 | ||
Market risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Marketable securities | $ 6,217 | $ 5,257 | |
Impact of 10% change in value of investments on Equity | 622 | 526 | |
Impact of 10% change in value of investments on Comprehensive Income | 622 | 526 | |
Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10 basis point increase in interest rates on net income | 3 | ||
Impact of 10 basis point decrease in interest rates on net income | 3 | ||
Impact of 10 basis point increase in interest rates on other comprehensive income | 8 | ||
Impact of 10 basis point decrease in interest rates on other comprehensive income | 10 | ||
Credit risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Bonds and debentures held | 4,620 | 4,314 | |
Credit risk | AAA Credit Rating | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Bonds and debentures held | 1,925 | 1,870 | |
Credit risk | A or AA Credit Rating | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Bonds and debentures held | 2,162 | $ 2,050 | |
Credit risk | B or BB credit rating | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Bonds and debentures held | $ 533 |
FINANCIAL RISK MANAGEMENT - Cur
FINANCIAL RISK MANAGEMENT - Currency Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Current assets | $ 14,493 | $ 12,795 |
Non-current assets | 40,253 | 38,956 |
Total assets | 54,746 | 51,751 |
Liabilities | ||
Current liabilities | 12,133 | 11,024 |
Non-current liabilities | 31,276 | 29,674 |
Total liabilities | 43,409 | 40,698 |
Interest of others in operating subsidiaries | 7,845 | 7,261 |
Net investment to the partnership | 3,492 | 3,792 |
USD | ||
Assets | ||
Current assets | 5,357 | 5,215 |
Non-current assets | 19,077 | 18,853 |
Total assets | 24,434 | 24,068 |
Liabilities | ||
Current liabilities | 4,034 | 3,439 |
Non-current liabilities | 21,362 | 20,749 |
Total liabilities | 25,396 | 24,188 |
Interest of others in operating subsidiaries | 292 | 651 |
Net investment to the partnership | (1,254) | (771) |
AUD | ||
Assets | ||
Current assets | 922 | 628 |
Non-current assets | 5,423 | 4,848 |
Total assets | 6,345 | 5,476 |
Liabilities | ||
Current liabilities | 1,141 | 1,184 |
Non-current liabilities | 3,327 | 3,141 |
Total liabilities | 4,468 | 4,325 |
Interest of others in operating subsidiaries | 924 | 641 |
Net investment to the partnership | 953 | 510 |
GBP | ||
Assets | ||
Current assets | 1,916 | 2,015 |
Non-current assets | 1,717 | 2,283 |
Total assets | 3,633 | 4,298 |
Liabilities | ||
Current liabilities | 2,491 | 2,343 |
Non-current liabilities | 544 | 659 |
Total liabilities | 3,035 | 3,002 |
Interest of others in operating subsidiaries | 332 | 426 |
Net investment to the partnership | 266 | 870 |
CAD | ||
Assets | ||
Current assets | 1,501 | 1,253 |
Non-current assets | 6,405 | 6,026 |
Total assets | 7,906 | 7,279 |
Liabilities | ||
Current liabilities | 1,130 | 1,336 |
Non-current liabilities | 2,648 | 2,135 |
Total liabilities | 3,778 | 3,471 |
Interest of others in operating subsidiaries | 2,844 | 2,578 |
Net investment to the partnership | 1,284 | 1,230 |
EUR | ||
Assets | ||
Current assets | 1,179 | 903 |
Non-current assets | 1,559 | 1,582 |
Total assets | 2,738 | 2,485 |
Liabilities | ||
Current liabilities | 1,062 | 1,147 |
Non-current liabilities | 705 | 593 |
Total liabilities | 1,767 | 1,740 |
Interest of others in operating subsidiaries | 548 | 427 |
Net investment to the partnership | 423 | 318 |
BRL | ||
Assets | ||
Current assets | 893 | 707 |
Non-current assets | 3,064 | 3,230 |
Total assets | 3,957 | 3,937 |
Liabilities | ||
Current liabilities | 573 | 471 |
Non-current liabilities | 2,037 | 1,849 |
Total liabilities | 2,610 | 2,320 |
Interest of others in operating subsidiaries | 948 | 1,173 |
Net investment to the partnership | 399 | 444 |
INR | ||
Assets | ||
Current assets | 603 | 25 |
Non-current assets | 1,632 | 383 |
Total assets | 2,235 | 408 |
Liabilities | ||
Current liabilities | 637 | 4 |
Non-current liabilities | 405 | 0 |
Total liabilities | 1,042 | 4 |
Interest of others in operating subsidiaries | 717 | 101 |
Net investment to the partnership | 476 | 303 |
Other | ||
Assets | ||
Current assets | 2,122 | 2,049 |
Non-current assets | 1,376 | 1,751 |
Total assets | 3,498 | 3,800 |
Liabilities | ||
Current liabilities | 1,065 | 1,100 |
Non-current liabilities | 248 | 548 |
Total liabilities | 1,313 | 1,648 |
Interest of others in operating subsidiaries | 1,240 | 1,264 |
Net investment to the partnership | $ 945 | $ 888 |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis for Foreign Currency Risk (Details) - Foreign currency risk - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders, before taxes, 10% decrease | $ (86) | $ (44) | $ (36) |
OCI attributable to unitholders, before taxes, 10% increase | 86 | 44 | 36 |
Pre-tax income attributable to unitholders, 10% decrease | 6 | 2 | 0 |
Pre-tax income attributable to unitholders, 10% increase | (6) | (2) | 0 |
CAD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders, before taxes, 10% decrease | (120) | (60) | (12) |
OCI attributable to unitholders, before taxes, 10% increase | 120 | 60 | 12 |
Pre-tax income attributable to unitholders, 10% decrease | 25 | 1 | (3) |
Pre-tax income attributable to unitholders, 10% increase | (25) | (1) | 3 |
Brazilian real | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders, before taxes, 10% decrease | (40) | (44) | (35) |
OCI attributable to unitholders, before taxes, 10% increase | 40 | 44 | 35 |
Pre-tax income attributable to unitholders, 10% decrease | 0 | (1) | (4) |
Pre-tax income attributable to unitholders, 10% increase | 0 | 1 | 4 |
Other | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders, before taxes, 10% decrease | (101) | (133) | (19) |
OCI attributable to unitholders, before taxes, 10% increase | 101 | 133 | 19 |
Pre-tax income attributable to unitholders, 10% decrease | (55) | (36) | (5) |
Pre-tax income attributable to unitholders, 10% increase | $ 55 | $ 36 | $ 5 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Operating Segments [Abstract] | |
Number of operating segments | 4 |
SEGMENT INFORMATION - Income St
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 37,635,000,000 | $ 43,032,000,000 | $ 37,168,000,000 |
Direct operating costs | (32,465,000,000) | (38,327,000,000) | (34,134,000,000) |
General and administrative expenses | (968,000,000) | (832,000,000) | (643,000,000) |
Equity accounted Company EBITDA | 313,000,000 | 241,000,000 | 196,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 304,000,000 | 726,000,000 | 250,000,000 |
Other income (expense), net (4) | (52,000,000) | (25,000,000) | (18,000,000) |
Interest income (expense), net | (1,482,000,000) | (1,274,000,000) | (498,000,000) |
Current income tax (expense) recovery | (284,000,000) | (324,000,000) | (186,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (88,000,000) | (42,000,000) | (54,000,000) |
Depreciation and amortization expense | (2,165,000,000) | (1,804,000,000) | (748,000,000) |
Impairment expense, net | (263,000,000) | (609,000,000) | (218,000,000) |
Gains on disposals of non-current assets | (30,000,000) | 0 | 250,000,000 |
Other income (expense), net | 163,000,000 | (375,000,000) | (118,000,000) |
Deferred income tax (expense) recovery | 130,000,000 | 132,000,000 | 88,000,000 |
Non-cash items attributable to equity accounted investments | (168,000,000) | (85,000,000) | (132,000,000) |
Net income (loss) | 580,000,000 | 434,000,000 | 1,203,000,000 |
Share of net income | 57,000,000 | 114,000,000 | 10,000,000 |
Gains on disposals of non-current assets | 274,000,000 | 726,000,000 | 500,000,000 |
Other operating income | 111,000,000 | (400,000,000) | (136,000,000) |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 12,476,000,000 | 13,291,000,000 | 11,201,000,000 |
Direct operating costs | (10,874,000,000) | (11,826,000,000) | (10,194,000,000) |
General and administrative expenses | (384,000,000) | (345,000,000) | (300,000,000) |
Equity accounted Company EBITDA | 166,000,000 | 93,000,000 | 136,000,000 |
Company EBITDA | 1,384,000,000 | 1,213,000,000 | 843,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 85,000,000 | 405,000,000 | 163,000,000 |
Other income (expense), net (4) | (25,000,000) | (15,000,000) | (4,000,000) |
Interest income (expense), net | (486,000,000) | (359,000,000) | (137,000,000) |
Current income tax (expense) recovery | (33,000,000) | (124,000,000) | (91,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (55,000,000) | (18,000,000) | (41,000,000) |
Company FFO | 870,000,000 | 1,102,000,000 | 733,000,000 |
Depreciation and amortization expense | (719,000,000) | (571,000,000) | (233,000,000) |
Impairment expense, net | (112,000,000) | (303,000,000) | (89,000,000) |
Gains on disposals of non-current assets | (11,000,000) | 0 | 115,000,000 |
Other income (expense), net | (121,000,000) | (149,000,000) | (53,000,000) |
Deferred income tax (expense) recovery | 37,000,000 | 38,000,000 | 30,000,000 |
Non-cash items attributable to equity accounted investments | (113,000,000) | (29,000,000) | (81,000,000) |
Net income (loss) | (169,000,000) | 88,000,000 | 422,000,000 |
Unallocated amounts | |||
Disclosure of operating segments [line items] | |||
Revenues | 25,159,000,000 | 29,741,000,000 | 25,967,000,000 |
Direct operating costs | (21,591,000,000) | (26,501,000,000) | (23,940,000,000) |
General and administrative expenses | (584,000,000) | (487,000,000) | (343,000,000) |
Equity accounted Company EBITDA | 147,000,000 | 148,000,000 | 60,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 219,000,000 | 321,000,000 | 87,000,000 |
Other income (expense), net (4) | (27,000,000) | (10,000,000) | (14,000,000) |
Interest income (expense), net | (996,000,000) | (915,000,000) | (361,000,000) |
Current income tax (expense) recovery | (251,000,000) | (200,000,000) | (95,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (33,000,000) | (24,000,000) | (13,000,000) |
Depreciation and amortization expense | (1,446,000,000) | (1,233,000,000) | (515,000,000) |
Impairment expense, net | (151,000,000) | (306,000,000) | (129,000,000) |
Gains on disposals of non-current assets | (19,000,000) | 0 | 135,000,000 |
Other income (expense), net | 284,000,000 | (226,000,000) | (65,000,000) |
Deferred income tax (expense) recovery | 93,000,000 | 94,000,000 | 58,000,000 |
Non-cash items attributable to equity accounted investments | (55,000,000) | (56,000,000) | (51,000,000) |
Net income (loss) | 749,000,000 | 346,000,000 | 781,000,000 |
Business services | |||
Disclosure of operating segments [line items] | |||
Revenues | 22,580,000,000 | 28,822,000,000 | 30,847,000,000 |
Depreciation and amortization expense | (435,000,000) | (305,000,000) | (135,000,000) |
Business services | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 7,611,000,000 | 8,927,000,000 | 9,194,000,000 |
Direct operating costs | (7,220,000,000) | (8,607,000,000) | (8,943,000,000) |
General and administrative expenses | (136,000,000) | (136,000,000) | (154,000,000) |
Equity accounted Company EBITDA | 16,000,000 | 37,000,000 | 31,000,000 |
Company EBITDA | 271,000,000 | 221,000,000 | 128,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 61,000,000 | 342,000,000 | 54,000,000 |
Other income (expense), net (4) | 4,000,000 | (1,000,000) | 0 |
Interest income (expense), net | (62,000,000) | (50,000,000) | (13,000,000) |
Current income tax (expense) recovery | (41,000,000) | (75,000,000) | (34,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (4,000,000) | (5,000,000) | (4,000,000) |
Company FFO | 229,000,000 | 432,000,000 | 131,000,000 |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues | 4,399,000,000 | 4,559,000,000 | 2,418,000,000 |
Depreciation and amortization expense | (665,000,000) | (686,000,000) | (309,000,000) |
Infrastructure services | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,900,000,000 | 1,815,000,000 | 926,000,000 |
Direct operating costs | (1,340,000,000) | (1,324,000,000) | (691,000,000) |
General and administrative expenses | (75,000,000) | (53,000,000) | (25,000,000) |
Equity accounted Company EBITDA | 117,000,000 | 30,000,000 | 85,000,000 |
Company EBITDA | 602,000,000 | 468,000,000 | 295,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 0 | 0 | (3,000,000) |
Other income (expense), net (4) | (29,000,000) | (9,000,000) | (1,000,000) |
Interest income (expense), net | (163,000,000) | (138,000,000) | (57,000,000) |
Current income tax (expense) recovery | (3,000,000) | 0 | (6,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (43,000,000) | (7,000,000) | (33,000,000) |
Company FFO | 364,000,000 | 314,000,000 | 195,000,000 |
Industrials | |||
Disclosure of operating segments [line items] | |||
Revenues | 10,656,000,000 | 9,651,000,000 | 3,896,000,000 |
Depreciation and amortization expense | (1,065,000,000) | (813,000,000) | (304,000,000) |
Industrials | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 2,965,000,000 | 2,549,000,000 | 1,074,000,000 |
Direct operating costs | (2,303,000,000) | (1,886,000,000) | (552,000,000) |
General and administrative expenses | (91,000,000) | (70,000,000) | (52,000,000) |
Equity accounted Company EBITDA | 33,000,000 | 26,000,000 | 20,000,000 |
Company EBITDA | 604,000,000 | 619,000,000 | 490,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 24,000,000 | 64,000,000 | 112,000,000 |
Other income (expense), net (4) | 0 | (5,000,000) | (3,000,000) |
Interest income (expense), net | (255,000,000) | (208,000,000) | (74,000,000) |
Current income tax (expense) recovery | (29,000,000) | (71,000,000) | (51,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (8,000,000) | (6,000,000) | (4,000,000) |
Company FFO | 336,000,000 | 393,000,000 | 470,000,000 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Revenues | 0 | 0 | 7,000,000 |
Depreciation and amortization expense | 0 | 0 | 0 |
Corporate and other | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 0 | 0 | 7,000,000 |
Direct operating costs | (11,000,000) | (9,000,000) | (8,000,000) |
General and administrative expenses | (82,000,000) | (86,000,000) | (69,000,000) |
Equity accounted Company EBITDA | 0 | 0 | 0 |
Company EBITDA | (93,000,000) | (95,000,000) | (70,000,000) |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 0 | (1,000,000) | 0 |
Other income (expense), net (4) | 0 | 0 | 0 |
Interest income (expense), net | (6,000,000) | 37,000,000 | 7,000,000 |
Current income tax (expense) recovery | 40,000,000 | 22,000,000 | 0 |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | 0 | 0 | 0 |
Company FFO | $ (59,000,000) | $ (37,000,000) | $ (63,000,000) |
SEGMENT INFORMATION - Assets by
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Total assets | $ 54,746 | $ 51,751 |
Business services | ||
Disclosure of operating segments [line items] | ||
Total assets | 19,884 | 18,132 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Total assets | 10,839 | 10,619 |
Industrials | ||
Disclosure of operating segments [line items] | ||
Total assets | 23,929 | 22,742 |
Corporate and other | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 94 | $ 258 |
SEGMENT INFORMATION - Noncurren
SEGMENT INFORMATION - Noncurrent Assets by Geographic Region (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 40,253 | $ 38,956 |
United States of America | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 8,915 | 8,214 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 8,505 | 7,141 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 6,777 | 6,610 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 5,420 | 5,110 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,673 | 4,582 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,097 | 2,529 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,663 | 2,182 |
India | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,240 | 624 |
Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 1,963 | $ 1,964 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | |||
Interest paid | $ 1,135 | $ 1,079 | $ 456 |
Income taxes paid | $ 428 | $ 190 | $ 112 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | ||
Cash outflow for leases | $ 330 | $ 305 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | |||
Accounts receivable | $ 546 | $ (70) | $ (11) |
Inventory | 453 | 78 | 153 |
Prepayments and other | 53 | (11) | (89) |
Accounts payable and other | 284 | 119 | (322) |
Changes in non-cash working capital, net | $ 1,336 | $ 116 | $ (269) |
SUPPLEMENTAL CASH FLOW INFORM_6
SUPPLEMENTAL CASH FLOW INFORMATION - Changes in Liabilities arising from Financing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Balance at beginning of year | $ 22,399 | $ 10,866 |
Cash flows | (102) | 11,378 |
Non-cash changes: | ||
Acquisitions / (dispositions) of subsidiaries | 739 | 357 |
Foreign currency translation | 210 | (9) |
Fair value | (49) | (19) |
Held for sale | 0 | (305) |
Other changes | 579 | 131 |
Balance at end of year | $ 23,776 | $ 22,399 |
POST-EMPLOYMENT BENEFITS - Chan
POST-EMPLOYMENT BENEFITS - Change in Defined Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined benefit pension plan | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | $ 733 | |
Service cost | 35 | $ 30 |
Interest cost (income) | 22 | 20 |
Return on plan assets (excluding interest income) | (147) | (241) |
Actuarial gain due to financial assumption changes | 297 | 337 |
Actuarial gain due to demographic assumption changes | (27) | (14) |
Actuarial experience adjustments | 14 | 25 |
Administrative expenses paid from plan assets | 11 | 9 |
Net defined benefit liability (asset) - ending balance | 917 | 733 |
Defined benefit pension plan | Defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | 2,927 | 2,037 |
Through business combinations | 88 | 514 |
Service cost | 35 | 30 |
Interest cost (income) | 83 | 88 |
Foreign currency exchange differences | 43 | 20 |
Participant contributions | 2 | 3 |
Actuarial gain due to financial assumption changes | 297 | 337 |
Actuarial gain due to demographic assumption changes | (27) | (14) |
Actuarial experience adjustments | 14 | 25 |
Insurance premiums for risk benefits | 0 | 0 |
Benefits paid from plan assets | (121) | (91) |
Benefits paid from employer | (33) | (22) |
Net defined benefit liability (asset) - ending balance | 3,308 | 2,927 |
Defined benefit pension plan | Fair value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | (2,194) | (1,542) |
Through business combinations | (62) | (398) |
Interest cost (income) | (61) | (68) |
Return on plan assets (excluding interest income) | (147) | (241) |
Foreign currency exchange differences | (23) | (9) |
Employer contributions | (65) | (51) |
Participant contributions | (2) | (3) |
Insurance premiums for risk benefits | 1 | 0 |
Employer direct settlements | 0 | (1) |
Benefits paid from plan assets | 119 | 91 |
Benefits paid from employer | 32 | 19 |
Administrative expenses paid from plan assets | 11 | 9 |
Net defined benefit liability (asset) - ending balance | (2,391) | (2,194) |
Post-employment plan | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | 102 | |
Service cost | 3 | 1 |
Interest cost (income) | 3 | 3 |
Return on plan assets (excluding interest income) | 0 | 0 |
Actuarial gain due to financial assumption changes | 6 | 15 |
Actuarial gain due to demographic assumption changes | 0 | 1 |
Actuarial experience adjustments | (5) | (1) |
Administrative expenses paid from plan assets | 0 | 0 |
Net defined benefit liability (asset) - ending balance | 101 | 102 |
Post-employment plan | Defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | 106 | 68 |
Through business combinations | (1) | 25 |
Service cost | 3 | 1 |
Interest cost (income) | 3 | 3 |
Foreign currency exchange differences | (1) | 0 |
Participant contributions | 4 | 3 |
Actuarial gain due to financial assumption changes | 6 | 15 |
Actuarial gain due to demographic assumption changes | 0 | 1 |
Actuarial experience adjustments | (5) | (1) |
Insurance premiums for risk benefits | 0 | 0 |
Benefits paid from plan assets | (3) | (2) |
Benefits paid from employer | (8) | (7) |
Net defined benefit liability (asset) - ending balance | 104 | 106 |
Post-employment plan | Fair value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) - beginning balance | (4) | 0 |
Through business combinations | 0 | (4) |
Interest cost (income) | 0 | 0 |
Return on plan assets (excluding interest income) | 0 | 0 |
Foreign currency exchange differences | 0 | (2) |
Employer contributions | (2) | (4) |
Participant contributions | (2) | (3) |
Insurance premiums for risk benefits | 0 | 0 |
Employer direct settlements | 0 | 0 |
Benefits paid from plan assets | (1) | 2 |
Benefits paid from employer | 6 | 7 |
Administrative expenses paid from plan assets | 0 | 0 |
Net defined benefit liability (asset) - ending balance | $ (3) | $ (4) |
POST-EMPLOYMENT BENEFITS - Bene
POST-EMPLOYMENT BENEFITS - Benefit Obligation and Plan Assets by Geographic Location (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined benefit pension plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ 917 | $ 733 | |
Defined benefit pension plan | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 670 | 527 | |
Defined benefit pension plan | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 28 | 26 | |
Defined benefit pension plan | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 219 | 180 | |
Defined benefit pension plan | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 3,308 | 2,927 | $ 2,037 |
Defined benefit pension plan | Defined benefit obligation | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 2,581 | 2,290 | |
Defined benefit pension plan | Defined benefit obligation | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 28 | 30 | |
Defined benefit pension plan | Defined benefit obligation | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 699 | 607 | |
Defined benefit pension plan | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (2,391) | (2,194) | (1,542) |
Defined benefit pension plan | Fair value of plan assets | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (1,911) | (1,763) | |
Defined benefit pension plan | Fair value of plan assets | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 0 | (4) | |
Defined benefit pension plan | Fair value of plan assets | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (480) | (427) | |
Post-employment plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 101 | 102 | |
Post-employment plan | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 61 | 58 | |
Post-employment plan | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 26 | 28 | |
Post-employment plan | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 14 | 16 | |
Post-employment plan | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 104 | 106 | 68 |
Post-employment plan | Defined benefit obligation | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 64 | 62 | |
Post-employment plan | Defined benefit obligation | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 26 | 28 | |
Post-employment plan | Defined benefit obligation | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 14 | 16 | |
Post-employment plan | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (3) | (4) | $ 0 |
Post-employment plan | Fair value of plan assets | United States of America | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (3) | (4) | |
Post-employment plan | Fair value of plan assets | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 0 | 0 | |
Post-employment plan | Fair value of plan assets | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ 0 | $ 0 |
POST-EMPLOYMENT BENEFITS - Amou
POST-EMPLOYMENT BENEFITS - Amounts Recognized in Profit and Loss or Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined benefit pension plan | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | $ 35 | $ 30 |
Net interest expense | 22 | 20 |
Administrative expense | 11 | 9 |
Total expense recognized in profit and loss | 68 | 59 |
Amounts recognized in other comprehensive income | ||
Return on plan assets (excluding amounts included in net interest expense) | (147) | (241) |
Actuarial gains and losses arising from changes in demographic assumptions | (27) | (14) |
Actuarial gains and losses arising from changes in financial assumptions | 297 | 337 |
Actuarial gains and losses arising from experience adjustments | 14 | 25 |
Total expense (gain) recognized in other comprehensive income | 137 | 107 |
Total expense (gain) recognized in comprehensive income | 205 | 166 |
Post-employment plan | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | 3 | 1 |
Net interest expense | 3 | 3 |
Administrative expense | 0 | 0 |
Total expense recognized in profit and loss | 6 | 4 |
Amounts recognized in other comprehensive income | ||
Return on plan assets (excluding amounts included in net interest expense) | 0 | 0 |
Actuarial gains and losses arising from changes in demographic assumptions | 0 | 1 |
Actuarial gains and losses arising from changes in financial assumptions | 6 | 15 |
Actuarial gains and losses arising from experience adjustments | (5) | (1) |
Total expense (gain) recognized in other comprehensive income | 1 | 15 |
Total expense (gain) recognized in comprehensive income | $ 7 | $ 19 |
POST-EMPLOYMENT BENEFITS - Fair
POST-EMPLOYMENT BENEFITS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | $ 28 | $ 41 |
Equity instruments | 1,606 | 1,428 |
Debt instruments | 573 | 583 |
Real Estate | 55 | 8 |
Derivatives | 2 | 0 |
Investment funds | 113 | 106 |
Fixed insurance contracts | 17 | 32 |
Total plan assets | 2,394 | 2,198 |
Level 1 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 21 | 41 |
Equity instruments | 1,294 | 1,185 |
Debt instruments | 13 | 28 |
Real Estate | 0 | 0 |
Derivatives | 0 | 0 |
Investment funds | 0 | 0 |
Fixed insurance contracts | 11 | 14 |
Total plan assets | 1,339 | 1,268 |
Level 2 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 7 | 0 |
Equity instruments | 306 | 243 |
Debt instruments | 400 | 406 |
Real Estate | 52 | 8 |
Derivatives | 0 | 0 |
Investment funds | 0 | 106 |
Fixed insurance contracts | 0 | 0 |
Total plan assets | 765 | 763 |
Level 3 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 0 | 0 |
Equity instruments | 6 | 0 |
Debt instruments | 160 | 149 |
Real Estate | 3 | 0 |
Derivatives | 2 | 0 |
Investment funds | 113 | 0 |
Fixed insurance contracts | 6 | 18 |
Total plan assets | $ 290 | $ 167 |
POST-EMPLOYMENT BENEFITS - Sign
POST-EMPLOYMENT BENEFITS - Significant Assumptions (Details) | Dec. 31, 2020 |
Top of range | Post-employment plan | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 11.20% |
Immediate trend rate | 8.00% |
Ultimate trend rate | 8.00% |
Top of range | Defined benefit pension plan | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 8.00% |
Rate of compensation increase | 5.00% |
Bottom of range | Post-employment plan | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 0.90% |
Immediate trend rate | 3.50% |
Ultimate trend rate | 3.50% |
Bottom of range | Defined benefit pension plan | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 0.20% |
Rate of compensation increase | 0.00% |
POST-EMPLOYMENT BENEFITS - Sens
POST-EMPLOYMENT BENEFITS - Sensitivity Analysis of Assumptions (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined benefit pension plan | Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Increase in actuarial assumption, Impact on Liability | $ (472) | $ (217) |
Percentage decrease | 1.00% | |
Decrease in actuarial assumption, Impact on Liability | $ 528 | $ 251 |
Defined benefit pension plan | Discount rate | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 0.25% | |
Percentage decrease | 0.25% | |
Defined benefit pension plan | Discount rate | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Percentage decrease | 1.00% | |
Defined benefit pension plan | Rate of compensation increase | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Increase in actuarial assumption, Impact on Liability | $ 60 | $ 34 |
Percentage decrease | 1.00% | |
Decrease in actuarial assumption, Impact on Liability | $ (44) | $ (31) |
Defined benefit pension plan | Rate of compensation increase | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 0.25% | |
Percentage decrease | 0.25% | |
Defined benefit pension plan | Rate of compensation increase | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Percentage decrease | 1.00% | |
Post-employment plan | Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Increase in actuarial assumption, Impact on Liability | $ (9) | $ (28) |
Percentage decrease | 1.00% | |
Decrease in actuarial assumption, Impact on Liability | $ 11 | $ 33 |
Post-employment plan | Discount rate | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 0.25% | |
Percentage decrease | 0.25% | |
Post-employment plan | Discount rate | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Percentage decrease | 1.00% | |
Post-employment plan | Health care cost trend rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Increase in actuarial assumption, Impact on Liability | $ 2 | $ 3 |
Percentage decrease | 1.00% | |
Decrease in actuarial assumption, Impact on Liability | $ (1) | $ (2) |
Post-employment plan | Health care cost trend rates | Bottom of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 0.50% | |
Percentage decrease | 0.50% | |
Post-employment plan | Health care cost trend rates | Top of range | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage increase | 1.00% | |
Percentage decrease | 1.00% |
POST-EMPLOYMENT BENEFITS - Summ
POST-EMPLOYMENT BENEFITS - Summary of Future Planned Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 1,589 |
1 Year | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 140 |
2022 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 141 |
2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 145 |
2024 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 149 |
2025 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 150 |
Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 864 |
Defined benefit pension plan | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 1,485 |
Defined benefit pension plan | 1 Year | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 133 |
Defined benefit pension plan | 2022 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 134 |
Defined benefit pension plan | 2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 138 |
Defined benefit pension plan | 2024 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 142 |
Defined benefit pension plan | 2025 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 143 |
Defined benefit pension plan | Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 795 |
Post-employment plan | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 104 |
Post-employment plan | 1 Year | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 7 |
Post-employment plan | 2022 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 7 |
Post-employment plan | 2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 7 |
Post-employment plan | 2024 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 7 |
Post-employment plan | 2025 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 7 |
Post-employment plan | Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 69 |
INSURANCE CONTRACTS - Movement
INSURANCE CONTRACTS - Movement in Unearned Premium Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance Contracts [Abstract] | ||
Unearned premium reserves, beginning of year | $ 1,625 | $ 0 |
Acquisitions through business combinations | 0 | 1,603 |
Premiums written during the year | 744 | 26 |
Premiums earned during the year | (521) | (28) |
Foreign currency translation | 41 | 24 |
Unearned premium reserves, end of year | $ 1,889 | $ 1,625 |
INSURANCE CONTRACTS - Narrative
INSURANCE CONTRACTS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance Contracts [Abstract] | |
Premiums written recognised as premiums earned in the first five years, percentage | 80.00% |
INSURANCE CONTRACTS - Component
INSURANCE CONTRACTS - Components of Loss Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Insurance Contracts [Abstract] | |||
Case reserves | $ 78 | $ 69 | |
Incurred but not reported reserves | 53 | 30 | |
Discounting | (1) | (1) | |
Provisions for adverse deviation | 14 | 7 | |
Total loss reserves | $ 144 | $ 105 | $ 0 |
INSURANCE CONTRACTS - Movemen_2
INSURANCE CONTRACTS - Movement in Loss Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance Contracts [Abstract] | ||
Loss reserves, beginning of year | $ 105 | $ 0 |
Acquisitions through business combinations | 0 | 104 |
Claims paid during the year | (50) | (5) |
Losses on claims related to the current year | 85 | 5 |
Favorable development on losses on claims related to prior years | 0 | 0 |
Foreign currency translation | 4 | 1 |
Loss reserves, end of year | $ 144 | $ 105 |
SUBSEQUENT EVENTS - Acquisition
SUBSEQUENT EVENTS - Acquisition of Everise (Details) - Everise - Major business combination $ in Millions | Jan. 08, 2021USD ($) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 85 |
Proportion of ownership interest in subsidiary | 35.00% |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 360 |
Equity interests of acquirer | $ 240 |
SUBSEQUENT EVENTS - GrafTech sa
SUBSEQUENT EVENTS - GrafTech sale (Details) - Disposal of major subsidiary - GrafTech International Ltd. $ in Millions | 2 Months Ended |
Mar. 11, 2021USD ($)transactionshares | |
Disclosure of non-adjusting events after reporting period [line items] | |
Proceeds from sale of subsidiary | $ 195 |
Proportion of ownership interest in subsidiary | 13.00% |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of non-adjusting events after reporting period [line items] | |
Number of shares in entity disposed | shares | 50,000,000 |
Number of transactions | transaction | 2 |
Proceeds from sale of subsidiary | $ 565 |
SUBSEQUENT EVENTS - Distributio
SUBSEQUENT EVENTS - Distribution (Details) | Feb. 04, 2021$ / shares |
Distribution | |
Disclosure of non-adjusting events after reporting period [line items] | |
Distributions declared (in dollars per share) | $ 0.0625 |