CONTRACTS IN PROGRESS

12 Months Ended

Dec. 31, 2021

Construction Contracts [Abstract]

CONTRACTS IN PROGRESS

CONTRACTS IN PROGRESS

    A summary of the partnership’s contracts in progress is presented below:

(US$ MILLIONS)	2021		2020		2019
Contract costs incurred to date	$	21,381	$	26,411	$	23,041
Profit recognized to date (less recognized losses)	1,783		1,476		1,843
	23,164		27,887		24,884
Less: progress billings	(24,084)		(28,913)		(25,782)
Contract work in progress (liability)	$	(920)	$	(1,026)	$	(898)
Comprising:
Amounts due from customers — work in progress (1)	$	478	$	536	$	577
Amounts due to customers — creditors (2)	(1,398)		(1,562)		(1,475)
Net work in progress	$	(920)	$	(1,026)	$	(898)

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(1)The change in the balance from December 31, 2020 was due to billed amounts of $6,430 million, additions to work in progress of $6,331 million, acquisitions through business combinations of $52 million, and the remaining $11 million due to foreign exchange changes.

(2)The change in the balance from December 31, 2020 was due to recognized revenue of $4,867 million, additions to work in progress of $4,713 million, and the remaining $10 million due to foreign exchange changes.