FINANCIAL ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021:

(US$ MILLIONS)
MEASUREMENT BASIS	FVTPL		FVOCI		Amortized cost		Total
Financial assets
Cash and cash equivalents	$	—	$	—	$	2,588	$	2,588
Accounts and other receivable, net (current and non-current)	—		—		5,638		5,638
Other assets (current and non-current) (1)	—		—		478		478
Financial assets (current and non-current) (2)	518		6,243		1,789		8,550
Total (3)	$	518	$	6,243	$	10,493	$	17,254
Financial liabilities
Accounts payable and other (2) (4)	$	640	$	220	$	10,847	$	11,707
Borrowings (current and non-current)	—		—		29,076		29,076
Total	$	640	$	220	$	39,923	$	40,783

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(1)Excludes prepayments, subrogation recoverable, deferred policy acquisition costs and other assets of $1,369 million.

(2)Refer to Hedging Activities in Note 4 (a) below.

(3)Total financial assets include $5,200 million of assets pledged as collateral.

(4)Includes derivative liabilities, and excludes provisions, decommissioning liabilities, deferred revenue, unearned premiums reserve, work in progress, post-employment benefits and various tax and duties of $7,929 million.

The following table provides the allocation 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 (4)	$	435	$	370	$	9,063	$	9,868
Borrowings (current and non-current)	—		—		23,776		23,776
Total	$	435	$	370	$	32,839	$	33,644

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(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, work in progress, post-employment benefits and various tax and duties of $8,064 million.

(US$ MILLIONS)	2021		2020
Current
Marketable securities	$	1,262	$	995
Restricted cash	224		833
Derivative contracts	179		167
Loans and notes receivable	211		195
Other financial assets (1)	138		385
Total current	$	2,014	$	2,575
Non-current
Marketable securities	$	3,601	$	3,535
Restricted cash	297		272
Derivative contracts	123		110
Loans and notes receivable	936		1,002
Other financial assets (1)	1,579		1,302
Total non-current	$	6,536	$	6,221

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(1)Other financial assets includes secured debentures, asset backed securities and preferred shares in the partnership’s business services segment.

(US$ MILLIONS)	2021		2020
Current, net	$	4,945	$	4,306
Non-current, net
Accounts receivable	60		60
Retainer on customer contract	61		68
Billing rights	572		555
Total non-current, net	$	693	$	683
Total	$	5,638	$	4,989

The amount of accounts and other receivables written down for bad debts was as follows:

(US$ MILLIONS)	2021		2020		2019
Loss allowance - beginning	$	156	$	86	$	45
Add: increase in allowance	54		116		53
Deduct: bad debt write offs	(47)		(55)		(23)
Foreign currency translation and other	(6)		9		11
Loss allowance - ending	$	157	$	156	$	86