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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
Business typeName of entityCountry of incorporationVoting interestEconomic interest
2021202020212020
Business services
Real estate services operationsBridgemarq Real Estate ServicesCanada100 %100 %100 %100 %
Construction operationsMultiplex Global LimitedUnited Kingdom100 %100 %100 %100 %
Digital cloud services operationsWatServ Holdings Ltd.Canada100 %75 %100 %75 %
    The following table presents details of non-wholly owned subsidiaries of the partnership:
Business typeName of entityCountry of incorporationVoting interestEconomic interest
2021202020212020
Business services
Advisory services operationsSera Global Holding LPCanada75 %75 %75 %75 %
Real estate services operationsCrossbridge Condominium Services Ltd.Canada90 %90 %90 %90 %
Road fuels operationsGreenergy Fuels Holding LimitedEngland89 %89 %18 %18 %
Rural broadband services operationsImagine Communications Group LimitedIreland55 %55 %31 %31 %
Healthcare services operationsHealthscope LimitedAustralia100 %100 %28 %28 %
Fleet management services operationsOuro Verde Locação e Seviços S.A.Brazil100 %100 %35 %35 %
Residential mortgage insurerSagen MI Canada Inc.Canada100 %57 %41 %24 %
Non-bank financial services operationsIndoStar Capital Finance LimitedIndia57 %57 %20 %20 %
Technology services operationsEverise Holdings Pte Ltd.Singapore100 %— %36 %— %
Infrastructure services
Nuclear technology services operationsWestinghouse Electric CompanyUnited States100 %100 %44 %44 %
Service provider to the offshore oil production industry
Altera Infrastructure L.P.
United States99 %99 %43 %43 %
Modular building leasing services operationsModulaire Investments 2 S.à r.l.Luxembourg100 %— %36 %— %
Industrials
Limestone mining operationsHammerstone Infrastructure Materials Ltd.Canada98 %100 %94 %39 %
Water and wastewater operationsBRK Ambiental Participações S.A.Brazil70 %70 %26 %26 %
Infrastructure support products manufacturing operationsAP Infrastructure Solutions LPCanada100 %100 %25 %25 %
Returnable plastic packaging operationsSchoeller Allibert Group B.V.Netherlands52 %52 %14 %14 %
Energy services operationsCWC Energy Services Corp.Canada57 %80 %57 %54 %
Natural gas productionEmber Resources Inc.Canada100 %100 %46 %46 %
Advanced energy storage operationsClarios Global LPUnited States100 %100 %28 %28 %
Automotive aftermarket replacement parts remanufacturer
Cardone Industries Inc.United States98 %98 %52 %52 %
Solar power solutions operationsAldo Componentes Eletrônicos LTDABrazil100 %— %35 %— %
Engineered components manufacturer
DexKo Global Inc.
United States100 %— %35 %— %
The following tables present the gross assets and liabilities as at December 31, 2021 and 2020 as well as gross amounts of revenues, net income (loss), other comprehensive income and distributions for the years ended December 31, 2021, 2020 and 2019 from the partnership’s investments in material non-wholly owned subsidiaries:
Year ended December 31, 2021
TotalProfit/(loss) allocated to others’ ownership interestDistributions to others’ ownership interestEquity allocated to others’ ownership interest
(US$ MILLIONS)Current assetsNon-current assetsCurrent liabilitiesNon-current liabilitiesRevenuesNet income (loss)OCI
Business services$4,223 $13,275 $5,301 $7,153 $26,162 $526 $(71)$351 $(821)$3,257 
Infrastructure services2,918 13,096 3,224 10,642 4,458 (294)274 (179)(74)1,296 
Industrials5,705 20,799 3,669 17,598 12,139 1,820 (81)1,238 (728)3,513 
Total$12,846 $47,170 $12,194 $35,393 $42,759 $2,052 $122 $1,410 $(1,623)$8,066 
Year ended December 31, 2020
TotalProfit/(loss) allocated to others’ ownership interestDistributions to others’ ownership interestEquity allocated to others’ ownership interest
(US$ MILLIONS)Current assetsNon-current assetsCurrent liabilitiesNon-current liabilitiesRevenuesNet income (loss)OCI
Business services$4,113 $12,741 $4,413 $7,093 $18,584 $459 $417 $350 $(650)$3,969 
Infrastructure services2,328 8,092 2,561 7,248 4,399 (281)(120)(161)(249)355 
Industrials5,178 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)$7,070 
Year ended December 31, 2019
TotalProfit/(loss) allocated to others’ ownership interestDistributions to others’ ownership interestEquity allocated to others’ ownership interest
(US$ MILLIONS)RevenuesNet income (loss)OCI
Business services$23,773 $200 $35 $111 $(368)$3,166 
Infrastructure services4,559 (446)(138)(281)(370)833 
Industrials9,644 660 (104)502 (936)2,968 
Total$37,976 $414 $(207)$332 $(1,674)$6,967 
    The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position:
(US$ MILLIONS)20212020
Non-controlling interests related to material non-wholly-owned subsidiaries  
Business services$3,257 $3,969 
Infrastructure services1,296 355 
Industrials3,513 2,746 
Total non-controlling interests in material non-wholly -owned subsidiaries$8,066 $7,070 
Total individually immaterial non-controlling interests balance656 775 
Total non-controlling interests$8,722 $7,845 
Disclosure of detailed information about property, plant and equipment Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows:
Buildings
Up to 50 years
Right-of-use assets
Up to 40 years but not exceeding the term of the lease
Machinery and equipment
Up to 30 years
Vessels
Up to 35 years
Oil and gas related equipment and mining propertyUnits of production
(US$ MILLIONS)LandBuildingsMachinery and equipmentVesselsOthersRight-of-use assetsTotal assets
Gross carrying amount
Balance at January 1, 2020$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 other22 365 82 2 42 39 552 
Balance at December 31, 2020$382 $4,271 $5,592 $4,171 $1,931 $1,657 $18,004 
Additions (cash and non-cash)— 181 799 208 57 174 1,419 
Dispositions (4)
(44)(99)(838)(61)(46)(85)(1,173)
Acquisitions through business combinations (1)
105 157 1,862 — 28 366 2,518 
Transfers and assets reclassified as held for sale (2)
(36)11 (39)(121)4 42 (139)
Foreign currency translation and other(15)(154)(170)— 51 1 (287)
Balances at December 31, 2021$392 $4,367 $7,206 $4,197 $2,025 $2,155 $20,342 
Accumulated depreciation and impairment
Balance at January 1, 2020$— $(106)$(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)
Balances at December 31, 2020 (3)
$— $(193)$(1,445)$(1,060)$(919)$(405)$(4,022)
Depreciation/depletion/impairment expense— (206)(711)(431)(69)(263)(1,680)
Dispositions (4)
— 26 399 46 29 53 553 
Transfers and assets reclassified as held for sale (2)
— (23)24 106 — (4)103 
Foreign currency translation and other— (41)68 — (13)15 29 
Balance at December 31, 2021 (3)
$— $(437)$(1,665)$(1,339)$(972)$(604)$(5,017)
Net book value
December 31, 2020$382 $4,078 $4,147 $3,111 $1,012 $1,252 $13,982 
December 31, 2021$392 $3,930 $5,541 $2,858 $1,053 $1,551 $15,325 
____________________________________
(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 $110 million (2020: $46 million) for machinery and equipment, $239 million (2020: $276 million) for oil and gas properties and $383 million (2020: $370 million) for vessels.
(4)During the first quarter of 2021, the partnership derecognized $505 million of property, plant and equipment, net of accumulated amortization related to the deconsolidation of the partnership’s graphite electrode operations on March 1, 2021. Refer to Note 8 for additional information.
The right-of-use assets and assets subject to operating leases in which the partnership is a lessor by class of underlying asset as at December 31, 2021 and the depreciation expense of right-of-use assets by class of underlying asset for the year ended December 31, 2021 are outlined below:
Year ended December 31, 2021
(US$ MILLIONS)LandBuildingsMachinery and equipmentVesselsOthersTotal
Lessee
Right-of-use assets$113 $809 $565 $11 $53 $1,551 
Depreciation/depletion/impairment expense— (150)(88)(12)(13)(263)
Lessor
Assets subject to operating leases1 20 2,095 2,437 — 4,553 
Year ended December 31, 2020
(US$ MILLIONS)LandBuildingsMachinery and equipmentVesselsOthers 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 
Disclosure of detailed information about intangible asset amortization periods Finite life intangible assets are amortized on a straight-line basis over the following useful lives:
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
Classification and measurement of financial assets and liabilities 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 categoryConsolidated statements of financial
position account
Financial assets
Cash and cash equivalentsAmortized costCash and cash equivalents
Accounts receivableAmortized costAccounts and other receivable, net
Restricted cashAmortized costFinancial assets
Equity securities FVTPL / FVOCIFinancial assets
Debt securities FVTPL / FVOCI / Amortized costFinancial assets
Derivative assets
FVTPL (1)
Financial assets
Other financial assetsAmortized cost / FVTPL / FVOCIFinancial assets
Financial liabilities
BorrowingsAmortized costNon-recourse borrowings in subsidiaries of the partnership and Corporate borrowings
Accounts payable and otherAmortized costAccounts 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.