UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF

BROOKFIELD BUSINESS PARTNERS L.P.

As at March 31, 2023 and December 31, 2022 and for the

three months ended March 31, 2023 and 2022

1

INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS OF BROOKFIELD BUSINESS PARTNERS L.P.

Unaudited Interim Condensed Consolidated Statements of Financial Position	3
Unaudited Interim Condensed Consolidated Statements of Operating Results	4
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss)	5
Unaudited Interim Condensed Consolidated Statements of Changes in Equity	6
Unaudited Interim Condensed Consolidated Statements of Cash Flow	7
Notes to Unaudited Interim Condensed Consolidated Financial Statements	8

2

BROOKFIELD BUSINESS PARTNERS L.P.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS

OF FINANCIAL POSITION

(US$ MILLIONS)	Notes	March 31, 2023		December 31, 2022
Assets				as adjusted (1)
Current Assets
Cash and cash equivalents	4	$	3,045	$	2,870
Financial assets	5	1,762		1,979
Accounts and other receivable, net	6	6,725		6,401
Inventory, net	7	5,194		5,186
Other assets	9	2,236		1,858
		18,962		18,294
Non-Current Assets
Financial assets	5	11,125		10,929
Accounts and other receivable, net	6	925		877
Other assets	9	535		515
Property, plant and equipment	10	16,218		15,893
Deferred income tax assets		1,305		1,245
Intangible assets	11	23,618		23,953
Equity accounted investments	13	2,083		2,065
Goodwill	12	15,474		15,479
		$	90,245	$	89,250
Liabilities and Equity
Current Liabilities
Accounts payable and other	14	$	13,010	$	12,919
Non-recourse borrowings in subsidiaries of the partnership	16	3,185		3,758
		16,195		16,677
Non-Current Liabilities
Accounts payable and other	14	7,547		7,511
Corporate borrowings	16	2,030		2,100
Non-recourse borrowings in subsidiaries of the partnership	16	41,887		40,835
Deferred income tax liabilities		3,769		3,698
		$	71,428	$	70,821
Equity
Limited partners	19	$	1,464	$	1,408
Non-controlling interests attributable to:
Redemption-exchange units	19	1,367		1,318
Special limited partners	19	—		—
BBUC exchangeable shares	19	1,431		1,378
Preferred securities	19	1,490		1,490
Interest of others in operating subsidiaries		13,065		12,835
		18,817		18,429
		$	90,245	$	89,250

____________________________________

(1)As adjusted to reflect the adoption of IFRS 17, Insurance Contracts (“IFRS 17”). See Note 2(b) for further details.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

3

BROOKFIELD BUSINESS PARTNERS L.P.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS

OF OPERATING RESULTS

		Three Months Ended March 31,
(US$ MILLIONS, except per unit amounts)	Notes	2023		2022
				as adjusted (1)
Revenues	22	$	13,758	$	13,427
Direct operating costs	21	(12,466)		(12,591)
General and administrative expenses		(401)		(298)
Interest income (expense), net		(865)		(460)
Equity accounted income (loss), net	13	25		50
Gain (loss) on acquisitions/dispositions, net	8	81		—
Other income (expense), net		129		(99)
Income (loss) before income tax		261		29
Income tax (expense) recovery
Current		(126)		(79)
Deferred		68		40
Net income (loss)		$	203	$	(10)
Attributable to:
Limited partners	19	$	25	$	8
Non-controlling interests attributable to:
Redemption-exchange units	19	24		7
Special limited partners	19	—		—
BBUC exchangeable shares	19	25		1
Preferred securities	19	22		—
Interest of others in operating subsidiaries		107		(26)
		$	203	$	(10)
Basic and diluted earnings (loss) per limited partner unit	19	$	0.34	$	0.10

____________________________________

(1)As adjusted to reflect the adoption of IFRS 17. See Note 2(b) for further details.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

4

BROOKFIELD BUSINESS PARTNERS L.P.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS

OF COMPREHENSIVE INCOME (LOSS)

		Three Months Ended March 31,
(US$ MILLIONS)	Notes	2023		2022
				as adjusted (1)
Net income (loss)		$	203	$	(10)
Other comprehensive income (loss):
Items that may be reclassified subsequently to profit or loss:
Fair value through other comprehensive income		66		(180)
Insurance finance reserve		4		9
Foreign currency translation		96		367
Net investment and cash flow hedges	4	(131)		22
Taxes on the above items		7		44
Reclassification to profit or loss		(13)		12
		29		274
Items that will not be reclassified subsequently to profit or loss:
Fair value through other comprehensive income		54		(116)
Taxes on the above item		(2)		3
		81		161
Comprehensive income (loss)		$	284	$	151
Attributable to:
Limited partners		$	32	$	22
Non-controlling interests attributable to:
Redemption-exchange units		31		21
Special limited partners		—		—
BBUC exchangeable shares		32		3
Preferred securities		22		—
Interest of others in operating subsidiaries		167		105
		$	284	$	151

____________________________________

(1)As adjusted to reflect the adoption of IFRS 17. See Note 2(b) for further details.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

5

BROOKFIELD BUSINESS PARTNERS L.P.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Limited partners										Non-controlling interests
(US$ MILLIONS)	Capital		Retained earnings		Ownership changes		Accumulated other comprehensive income (loss) (1)		Total limited partners		Redemption- exchange units		Special limited partner units		BBUC exchangeable shares		Preferred securities		Interest of others in operating subsidiaries		Total equity
Balance as at January 1, 2023 (2)	$	2,114	$	97	$	(660)	$	(143)	$	1,408	$	1,318	$	—	$	1,378	$	1,490	$	12,835	$	18,429
Net income (loss)	—		25		—		—		25		24		—		25		22		107		203
Other comprehensive income (loss)	—		—		—		7		7		7		—		7		—		60		81
Total comprehensive income (loss)	—		25		—		7		32		31		—		32		22		167		284
Contributions	—		—		—		—		—		—		—		—		—		245		245
Distributions (3)	—		(5)		—		—		(5)		(4)		—		(5)		(22)		(251)		(287)
Ownership changes (4)	—		(11)		40		—		29		22		—		26		—		69		146
Balance as at March 31, 2023	$	2,114	$	106	$	(620)	$	(136)	$	1,464	$	1,367	$	—	$	1,431	$	1,490	$	13,065	$	18,817
Balance as at January 1, 2022	$	2,192	$	63	$	150	$	(153)	$	2,252	$	2,011	$	—	$	—	$	15	$	8,722	$	13,000
Adoption of new accounting standards (2)	—		2		—		2		4		4		—		—		—		9		17
As adjusted opening balance January 1, 2022 (2)	2,192		65		150		(151)		2,256		2,015		—		—		15		8,731		13,017
Net income (loss)	—		8		—		—		8		7		—		1		—		(26)		(10)
Other comprehensive income (loss)	—		—		—		14		14		14		—		2		—		131		161
Total comprehensive income (loss)	—		8		—		14		22		21		—		3		—		105		151
Contributions	—		—		—		—		—		—		—		—		—		402		402
Distributions (3)	—		(5)		—		—		(5)		(4)		—		—		—		(582)		(591)
Ownership changes (4)	—		—		(13)		1		(12)		8		—		—		—		86		82
Unit repurchases (3)	(44)		—		—		—		(44)		—		—		—		—		—		(44)
Issuance of BBUC exchangeable shares (5)	—		—		(786)		47		(739)		(680)		—		1,419		—		—		—
Balance as at March 31, 2022 (2)	$	2,148	$	68	$	(649)	$	(89)	$	1,478	$	1,360	$	—	$	1,422	$	15	$	8,742	$	13,017

____________________________________

(1)See Note 20 for additional information.

(2)As adjusted to reflect the adoption of IFRS 17. See Note 2(b) for further details.

(3)See Note 19 for additional information on distributions and Unit repurchases.

(4)Includes gains or losses on changes in ownership interests of consolidated subsidiaries.

(5)See Note 2 and Note 19 for additional information on BBUC exchangeable shares.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

6

BROOKFIELD BUSINESS PARTNERS L.P.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

		Three Months Ended March 31,
(US$ MILLIONS)	Notes	2023		2022
Operating Activities				as adjusted (1)
Net income (loss)		$	203	$	(10)
Adjusted for the following items:
Equity accounted earnings, net of distributions	13	(1)		(31)
Depreciation and amortization expense	21	900		694
Gain on acquisitions/dispositions, net	8	(81)		—
Provisions and other items		(313)		145
Deferred income tax expense (recovery)		(68)		(40)
Changes in non-cash working capital, net	24	(487)		(1,025)
Cash from (used in) operating activities		153		(267)
Financing Activities
Proceeds from non-recourse subsidiary borrowings of the partnership		2,941		2,625
Repayment of non-recourse subsidiary borrowings of the partnership		(2,350)		(1,681)
Proceeds from corporate borrowings		45		140
Repayment of corporate borrowings		(115)		(58)
Proceeds from other financing		17		12
Repayment of other financing		(39)		(34)
Proceeds from (repayment of) other credit facilities, net		(79)		150
Lease liability repayment		(96)		(93)
Capital provided by others who have interests in operating subsidiaries	19	221		488
Partnership units repurchased	19	—		(44)
Distributions to limited partners, Redemption-Exchange unitholders and BBUC exchangeable shareholders	19	(14)		(9)
Distributions to preferred securities holders	19	(26)		—
Distributions to Special LP Unitholder	19	—		(78)
Distributions to others who have interests in operating subsidiaries	19	(356)		(578)
Cash from (used in) financing activities		149		840
Investing Activities
Acquisitions
Subsidiaries, net of cash acquired		(458)		(150)
Property, plant and equipment and intangible assets		(451)		(404)
Equity accounted investments		(5)		(3)
Financial assets and other		(627)		(651)
Dispositions
Subsidiaries, net of cash disposed	8	345		—
Property, plant and equipment and intangible assets		15		19
Financial assets and other		951		1,002
Net settlement of hedges		(22)		95
Restricted cash and deposits		101		(834)
Cash from (used in) investing activities		(151)		(926)
Cash and cash equivalents
Change during the period		151		(353)
Impact of foreign exchange		24		42
Balance, beginning of year		2,870		2,588
Balance, end of period		$	3,045	$	2,277

____________________________________

(1)As adjusted to reflect the adoption of IFRS 17. See Note 2(b) for further details.

Supplemental cash flow information is presented in Note 24.

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

7

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 1. NATURE AND DESCRIPTION OF THE PARTNERSHIP

Brookfield Business Partners L.P. and its subsidiaries (collectively, the “partnership”) is an owner and operator of business services and industrials operations (“the Business”) on a global basis. Brookfield Business Partners L.P. was established as a limited partnership under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as thereafter amended. Brookfield Corporation, formerly Brookfield Asset Management Inc. (“Brookfield Corporation” or together with its controlled subsidiaries, excluding the partnership, “Brookfield”), is the ultimate parent of the partnership. Brookfield Business Partners L.P.’s limited partnership units are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) 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 in Brookfield Business L.P. (the “Holding LP”), which holds the partnership’s interests in business services and industrial operations. The partnership’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP Units”) held by public unitholders and Brookfield, general partner units held by Brookfield (“GP Units”), redemption-exchange partnership units (“Redemption-Exchange Units”) in the Holding LP held by Brookfield, special limited partnership units (“Special LP Units”) in the Holding LP held by Brookfield and class A exchangeable subordinate voting shares (“BBUC exchangeable shares”) of Brookfield Business Corporation (“BBUC”), a consolidated subsidiary of the partnership, held by the public and Brookfield. Holders of the LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as “Units” unless the context indicates or requires otherwise.

The partnership’s principal operations include business services operations, such as a residential mortgage insurer, healthcare services, construction operations and dealer software and technology services operations. The partnership’s principal industrial operations include advanced energy storage operations and engineered components manufacturing operations. The partnership’s operations also include infrastructure services which comprise nuclear technology services operations, offshore oil services operations, modular building leasing services operations and lottery services operations. The partnership’s operations are primarily located in the Canada, the U.K., the United States and Brazil.

Brookfield Business Corporation

On March 15, 2022, the partnership completed a special distribution whereby holders of LP Units and GP Units of record as of March 7, 2022 (the “Record Date”) received one BBUC exchangeable share, for every two Units held (the “special distribution”).

Immediately prior to the special distribution, the partnership received BBUC exchangeable shares through a distribution of BBUC exchangeable shares by the Holding LP (the “Holding LP Distribution”) to all of its unitholders. As a result of the Holding LP Distribution, (i) Brookfield and its subsidiaries received approximately 35 million BBUC exchangeable shares and (ii) the partnership received approximately 38 million BBUC exchangeable shares, which it subsequently distributed to its unitholders pursuant to the special distribution. Immediately following the special distribution, (i) holders of LP Units, excluding Brookfield, held approximately 35.3% of the issued and outstanding BBUC exchangeable shares, (ii) Brookfield and its affiliates held approximately 64.7% of the issued and outstanding BBUC exchangeable shares, and (iii) a subsidiary of the partnership owned all of the issued and outstanding class B multiple voting shares, or class B shares, which represent a 75% voting interest in BBUC, and all of the issued and outstanding class C non-voting shares, or class C shares, of BBUC. The class C shares entitle the partnership to all of the residual value in BBUC after payment in full of the amount due to holders of BBUC exchangeable shares and class B shares.

The partnership directly and indirectly controlled BBUC prior to the special distribution and continues to control BBUC subsequent to the special distribution through its interests in BBUC. The BBUC exchangeable shares are listed on the NYSE and the TSX under the symbol “BBUC”.

8

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 2. MATERIAL ACCOUNTING POLICY INFORMATION

(a)Basis of presentation

These unaudited interim condensed consolidated financial statements of the partnership have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2022, except for the adoption of the new accounting policies and standards described below. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2022 are disclosed in Note 2 of such consolidated financial statements, with which reference should be made in reading these unaudited interim condensed consolidated financial statements. All defined terms are also described in the annual consolidated financial statements. The unaudited interim condensed consolidated 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.

These unaudited interim condensed consolidated financial statements were approved by the Board of Directors of the partnership’s general partner, Brookfield Business Partners Limited, on behalf of the partnership, and authorized for issue on May 9, 2023.

(i)Critical accounting judgments and measurement uncertainty

The preparation of financial statements in accordance with IAS 34 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 as at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period of the financial statements that are not readily apparent from other sources. The critical accounting estimates and judgments have been set out in Note 2 to the partnership’s annual consolidated financial statements as at and for the year ended December 31, 2022. 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. There have been no significant changes to the method of determining critical accounting estimates and judgments since December 31, 2022.

(b)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, 2023.

(i)IFRS 17 - Insurance Contracts (“IFRS 17”)

The partnership adopted IFRS 17 effective January 1, 2023. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. It replaces IFRS 4, Insurance Contracts (“IFRS 4”) and related interpretations. The adoption of IFRS 17 only impacted the reported results of the partnership’s residential mortgage insurer.

The partnership applied the full retrospective approach to insurance contracts issued on or after January 1, 2020. For groups of contracts issued in 2019 and prior years, the partnership has determined that it is impracticable to apply the full retrospective approach and has elected to apply the fair value approach. As a result, the comparative period has been adjusted and the transition impact of $17 million has been recorded as an increase to opening equity on January 1, 2022 (the “IFRS 17 adoption”).

The impact of the IFRS 17 adoption to the unaudited interim condensed consolidated statement of financial position as at December 31, 2022 was a decrease to other assets of $153 million and a decrease to intangible assets of $95 million primarily due to the derecognition of balances associated with IFRS 4 concepts, and a decrease to accounts payable and other of $199 million primarily due to measurement differences under IFRS 17.

The impact of the IFRS 17 adoption to the unaudited interim condensed consolidated statement of operating results for the three months ended March 31, 2022 was a decrease to revenues of $45 million, a decrease to direct operating costs of $4 million, a decrease to general and administrative expenses of $2 million, and an increase to deferred tax recovery of $10 million. The impact to net income resulted in a decrease to basic and diluted earnings per limited partner unit of $0.08 per unit.

9

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

The impact of the IFRS 17 adoption to the unaudited interim condensed consolidated statement of comprehensive income for the three months ended March 31, 2022 was the recognition of the insurance finance reserve of $9 million and a decrease to deferred tax recovery of $2 million.

While IFRS 17 changes the timing of earnings recognition, as well as presentation and disclosure, of insurance contracts, cash flows generated by the partnership are not impacted. As a result, the adoption of IFRS 17 does not have a material impact on the business.

The partnership’s accounting policy for insurance contracts in accordance with IFRS 17 is detailed below.

Material accounting policies - Insurance contracts

The partnership’s insurance policies are classified as contracts without direct participating features and are measured using the general measurement approach under IFRS 17. The measurement approach is based on estimates of the present value of future cash flows that are expected to arise as the partnership fulfills the contracts, an explicit risk adjustment for non-financial risks and a contractual service margin. The risk adjustment for non-financial risk reflects the compensation that the insurer requires for bearing uncertainty about the amount and timing of cash flows. Estimates of the present value of future cash flows and a risk adjustment for non-financial risk are together referred to as fulfillment cash flows. The contractual service margin represents the unearned profit that is recognized as revenue systematically over the coverage period as insurance services are provided.

Mortgage insurance revenues earned in each reporting period primarily represents the changes in the liabilities for remaining coverage that relate to insurance contract services provided during the period and an allocation of premiums that relates to recovering insurance acquisition cash flows. For all periods presented, insurance revenues earned from insurance contracts are included under revenues in the consolidated statement of operating results.

The insurance liabilities are included in accounts payable and other, on the unaudited interim condensed consolidated statement of financial position and the carrying amount at each reporting date is the sum of the liability for remaining coverage and the liability for incurred claims.

(a) Liability for remaining coverage

At inception of the insurance contract, a liability for remaining coverage is established which comprises the fulfillment cash flows related to services that will be provided in future periods and the remaining contractual service margin at that date. If the fulfillment cash flows from a contract at the date of initial recognition are a net outflow, then the contract is considered onerous. A loss from onerous insurance contracts is recognized immediately in the consolidated statement of operating results.

All acquisition cash flows are included in the measurement of fulfillment cash flows and recognized within the insurance liabilities.

All cash flows are discounted using a market-based discount rate selected through a top-down approach that reflects the characteristics of the insurance liabilities. The partnership has elected to disaggregate insurance finance expense between amounts included in income and amounts included in other comprehensive income (“OCI”). Interest accretion is recognized as insurance finance expense in income while effect of changes in discount rates is recognized as insurance finance expense in OCI.

The risk adjustment has been determined using a confidence level technique.

The contractual service margin is recognized in income to reflect services provided in each reporting period based on the number of coverage units provided during the period, which is determined by considering, for each contract, the quantity of the benefits provided and its expected coverage period. The coverage units are reviewed and updated at each reporting date. The insurer determines the quantity of the benefits provided under its insurance contracts on the basis of Loss Given Default, which is defined as outstanding mortgage principal balance and expected costs of foreclosure, less the expected value of the property securing the claim.

(b) Liability for incurred claims

The liability for incurred claims includes the fulfillment cash flows for incurred claims and expenses that have not yet been paid, including claims that have been incurred but not yet reported.

10

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

Fulfillment cash flows include the cost of settling claims and cash flows from expected recovery of real estate in the event of default by borrowers (both reported and unreported) that have occurred on or before each reporting date, discounted to consider the time value of money using a market-based discount rate. The liability also incorporates a risk adjustment for non-financial risk using actuarially determined risk factors.

Critical judgments and estimates in applying IFRS 17

The partnership has applied critical judgements and estimates in the application of IFRS 17, including: (i) estimates and underlying assumptions in determining fulfillment cash flows related to the liability for remaining coverage; (ii) discount rate used to account for time value of money for all cash flows; (iii) the estimated risk adjustment for non-financial risk; (iv) timing of revenue recognition for the liability for remaining coverage; (v) estimated cash flows for settling claims; and (vi) estimated recoveries including recoveries from real estate included in the liability for incurred claims, based on third party property appraisals or other types of third party valuations deemed to be more appropriate for a particular property in the event of default.

(ii)Amendments to IAS 12 Income taxes (“IAS 12”)

The amendments clarify that the initial recognition exception does not apply to the initial recognition of transactions that give rise to equal taxable and deductible temporary differences.

The partnership adopted these amendments on January 1, 2023 and the adoption did not have a material impact on the partnership’s unaudited interim condensed consolidated financial statements.

(iii)Amendments to IAS 1 Presentation of financial statements (“IAS 1”)

The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures.

The partnership adopted these amendments on January 1, 2023 and the adoption did not have a material impact on the partnership’s unaudited interim condensed consolidated financial statements.

(c)Future changes in accounting policies

(i)Amendments to IAS 1 Presentation of financial statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. The partnership is currently assessing the impact of these amendments.

There are currently no other future changes to IFRS with expected material impacts on the partnership.

NOTE 3. 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 identifiable tangible and intangible assets and liabilities are recognized and measured on the basis of the estimated fair values at the date of acquisition.

(a)Acquisitions completed in the three months ended March 31, 2023

Mobile Mini Solutions (“Mobile Mini”)

On January 31, 2023, the partnership’s modular building leasing services operations acquired a 100% economic interest in Mobile Mini, a provider of portable storage solutions in the U.K., for total consideration of $419 million, funded with debt and equity. The partnership received 100% of the voting rights in Mobile Mini, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

11

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

Goodwill of $166 million was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Customer relationship intangible assets of $53 million, property, plant and equipment of $255 million and other net liabilities of $55 million were acquired as part of the transaction. Transaction costs of approximately $9 million were recorded as other expenses in the unaudited interim condensed consolidated statements of operating results.

(b)Acquisitions completed in 2022

The following table summarizes the consideration transferred, assets acquired, liabilities assumed and non-controlling interests recognized at the applicable acquisition dates for significant acquisitions. The consideration transferred reflects the partnership’s equity contribution, debt raised alongside institutional partners to fund the acquisition, contingent and other non-cash consideration:

(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total (1)
Cash	$	10,377	$	6,488	$	661	$	17,526
Contingent and other non-cash consideration	475		29		225		729
Total consideration	$	10,852	$	6,517	$	886	$	18,255
Cash and cash equivalents	$	736	$	76	$	14	$	826
Accounts receivable and other, net	521		461		36		1,018
Inventory, net	15		171		117		303
Property, plant and equipment	774		364		42		1,180
Intangible assets	5,718		4,373		356		10,447
Goodwill	5,582		1,492		378		7,452
Financial assets	4,543		4		—		4,547
Equity accounted investments and other assets	426		309		1		736
Accounts payable and other	(1,456)		(451)		(44)		(1,951)
Non-recourse borrowings in subsidiaries of the partnership	(4,543)		—		—		(4,543)
Deferred income tax liabilities	(1,383)		(282)		(14)		(1,679)
Net assets acquired before non-controlling interests	$	10,933	$	6,517	$	886	$	18,336
Non-controlling interests acquired	(81)		—		—		(81)
Net assets acquired	$	10,852	$	6,517	$	886	$	18,255

____________________________________

(1)The fair values of acquired assets, assumed liabilities and goodwill for the acquisitions have been determined on a preliminary basis at the end of the reporting period.

Business services

La Trobe Financial Services Pty Limited (“La Trobe”)

On May 31, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in La Trobe, an Australian residential mortgage lender, for total consideration of $1.1 billion, funded with debt, equity, non-cash and contingent consideration. The partnership received 100% of the voting rights in La Trobe, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $392 million was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $646 million were acquired as part of the transaction, comprising management contract rights, mortgage broker channel, computer software and brand name. Other items include $4.5 billion of loans receivable, $4.5 billion of borrowings and $27 million of other net liabilities. Transaction costs of approximately $8 million were recorded as other expenses in the 2022 consolidated statements of operating results.

12

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

CDK Global, Inc. (“CDK Global”)

On July 6, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in CDK Global, a provider of technology services and software solutions to automotive dealers. Total consideration was $8.3 billion, funded with debt and equity. The partnership received 100% of the voting rights, which provided the partnership with control and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $4.6 billion was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $4.8 billion were acquired as part of the transaction, comprising customer relationships, trademarks and developed technology. Other items included $301 million of cash and cash equivalents, $375 million of accounts receivable and other, $949 million of accounts payable and other, $1.1 billion of deferred tax liabilities and $361 million of other net assets. Transaction costs of approximately $15 million were recorded as other expenses in the 2022 consolidated statements of operating results. Non-controlling interests of $81 million were recognized and measured at fair value.

Magnati - Sole Proprietorship LLC (“Magnati”)

On August 8, 2022, the partnership, together with institutional partners, acquired a 60% economic interest in Magnati, a technology-enabled services provider in the payment processing space. Total consideration for the business was $763 million, funded with debt and equity and included contingent consideration payable to the former shareholder if certain performance targets are met and non-cash consideration from the former shareholder for retention of their 40% economic interest. The partnership received 60% of the voting rights in Magnati, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $516 million was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $226 million were acquired as part of the transaction, comprising customer relationships, trade name and service contracts. Other items include $345 million of financial assets and $324 million of other net liabilities. Transaction costs of approximately $3 million were recorded as other expenses in the 2022 consolidated statements of operating results.

Unidas Locadora S.A. (“Unidas”)

On October 1, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in Unidas, a leading full-service car rental business in Brazil. Total consideration was $726 million, funded with debt, equity, non-cash and contingent consideration. The partnership received 100% of the voting rights, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $98 million was recognized and represents growth the partnership expects to experience from the operations. Other items include $664 million of property, plant and equipment primarily related to the fleet of rental cars and $36 million of other net liabilities. Transaction costs of approximately $1 million were recorded as other expenses in the 2022 consolidated statements of operating results.

Infrastructure services

Scientific Games, LLC (“Scientific Games”)

On April 4, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in Scientific Games, a service provider to government-sponsored lottery programs with capabilities in game design, distribution, systems and terminals and turnkey technology solutions. Total consideration was $5.8 billion, comprising debt and equity. The partnership received 100% of the voting rights, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $1.2 billion was recognized and represents growth the partnership expects to experience from the operations. The goodwill recognized was not deductible for income tax purposes. Intangible assets of $4.0 billion were acquired as part of the transaction which primarily comprised customer relationships, brand names and software. Other items include $562 million of other net assets. Transaction costs of approximately $16 million were recorded as other expenses in the 2022 consolidated statements of operating results.

13

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

BHI Energy, Inc. (“BHI Energy”)

On May 27, 2022, the partnership’s nuclear technology services operations acquired a 100% economic interest in BHI Energy for total consideration of $737 million. The partnership received 100% of the voting rights through its nuclear technology services operations, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $257 million was recognized, of which $68 million was deductible for tax purposes and represents growth the partnership’s nuclear technology services operations expect to experience from the operations. Intangible assets of $390 million were acquired as part of the transaction, comprising customer relationships and brand names. Other items include $90 million of other net assets. Transaction costs of approximately $8 million were recorded as other expenses in the 2022 consolidated statements of operating results.

Industrials

TexTrail Inc. (“TexTrail”)

On October 5, 2022, the partnership, together with institutional partners, acquired a 100% economic interest in TexTrail, a leading distributor of axles and trailer components. Total consideration was $886 million, funded with debt and equity. The partnership received 100% of the voting rights through its engineered components manufacturing operations, which provided the partnership with control, and accordingly, the partnership has consolidated the business for financial reporting purposes.

Goodwill of $378 million was recognized, of which $319 million was deductible for tax purposes and represents growth the partnership expects to experience from the operations. Intangible assets of $356 million were acquired as part of the transaction which primarily comprised customer relationships, trade names and trademarks. Other items include $152 million of other net assets. Transaction costs of approximately $6 million were recorded as other expenses in the 2022 consolidated statements of operating results.

NOTE 4. 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.

14

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

The following table provides the details of financial instruments and their associated financial instrument classifications as at March 31, 2023:

(US$ MILLIONS)
MEASUREMENT BASIS	FVTPL		FVOCI		Amortized cost		Total
Financial assets
Cash and cash equivalents	$	—	$	—	$	3,045	$	3,045
Accounts and other receivable, net (current and non-current)	—		—		7,650		7,650
Other assets (current and non-current) (1)	—		—		514		514
Financial assets (current and non-current) (2)	992		5,356		6,539		12,887
Total	$	992	$	5,356	$	17,748	$	24,096
Financial liabilities
Accounts payable and other (current and non-current) (2) (3)	$	811	$	249	$	12,022	$	13,082
Borrowings (current and non-current)	—		—		47,102		47,102
Total	$	811	$	249	$	59,124	$	60,184

____________________________________

(1)Excludes prepayments, other assets and assets held for sale of $2,257 million.

(2)FVOCI includes $346 million of derivative assets and $249 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4 (a) below.

(3)Includes derivative liabilities, and excludes liabilities associated with assets held for sale, provisions, decommissioning liabilities, deferred revenue, insurance contract liabilities, work in progress, post-employment benefits and other liabilities of $7,475 million.

Included in cash and cash equivalents as at March 31, 2023 was $2,282 million of cash (December 31, 2022: $2,229 million) and $763 million of cash equivalents (December 31, 2022: $641 million).

Included in financial assets (current and non-current) as at March 31, 2023 was $833 million (December 31, 2022: $1,136 million) of equity instruments and $4,177 million (December 31, 2022: $4,031 million) of debt instruments designated as measured at fair value through other comprehensive income.

15

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2022:

(US$ MILLIONS)
MEASUREMENT BASIS	FVTPL		FVOCI		Amortized cost		Total
Financial assets
Cash and cash equivalents	$	—	$	—	$	2,870	$	2,870
Accounts and other receivable, net (current and non-current)	—		—		7,278		7,278
Other assets (current and non-current) (1)	—		—		469		469
Financial assets (current and non-current) (2)	960		5,585		6,363		12,908
Total (3)	$	960	$	5,585	$	16,980	$	23,525
Financial liabilities
Accounts payable and other (2) (4)	$	818	$	223	$	11,700	$	12,741
Borrowings (current and non-current)	—		—		46,693		46,693
Total	$	818	$	223	$	58,393	$	59,434

____________________________________

(1)Excludes prepayments, other assets and assets held for sale of $1,904 million.

(2)FVOCI includes $418 million of derivative assets and $223 million of derivative liabilities designated in hedge accounting relationships. Refer to Hedging Activities in Note 4(a) below.

(3)Includes derivative liabilities and excludes provisions, decommissioning liabilities, deferred revenues, insurance liabilities, work in progress, post-employment benefits, liabilities associated with assets held for sale and various taxes and duties of $7,689 million.

(a)Hedging activities

Derivative instruments not designated in a hedging relationship are classified as FVTPL, with changes in fair value recognized in the unaudited interim condensed consolidated statements of operating results.

Net investment hedges

The partnership uses foreign exchange derivative contracts and foreign currency denominated debt instruments to manage foreign currency exposures arising from net investments in foreign operations. For the three months ended March 31, 2023, a pre-tax net loss of $74 million (March 31, 2022: net loss of $100 million) was recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at March 31, 2023, there was a derivative asset balance of $28 million (December 31, 2022: $29 million) and a derivative liability balance of $155 million (December 31, 2022: $101 million) relating to derivative contracts designated as net investment hedges.

Cash flow hedges

The partnership uses commodity swap contracts to hedge the sale price of natural gas contracts, purchase price of oil, lead, polypropylene, and 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 three months ended March 31, 2023, a pre-tax net loss of $57 million (March 31, 2022: net gain of $122 million) was recorded in other comprehensive income for the effective portion of cash flow hedges. As at March 31, 2023, there was a derivative asset balance of $318 million (December 31, 2022: $389 million) and derivative liability balance of $94 million (December 31, 2022: $122 million) relating to the derivative contracts designated as cash flow hedges.

(b)Fair value hierarchical levels – financial instruments

Level 3 assets and liabilities measured at fair value on a recurring basis include $690 million (December 31, 2022: $692 million) of financial assets and $604 million (December 31, 2022: $589 million) of financial liabilities, which are measured at fair value using valuation inputs based on management’s best estimates.

16

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at March 31, 2023 and December 31, 2022:

	March 31, 2023						December 31, 2022
(US$ MILLIONS)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Common shares	$	441	$	—	$	—	$	736	$	—	$	—
Corporate and government bonds	70		3,433		—		91		3,266		—
Derivative assets	14		551		—		12		628		—
Other financial assets (1)	449		700		690		429		691		692
	$	974	$	4,684	$	690	$	1,268	$	4,585	$	692
Financial liabilities
Derivative liabilities	$	3	$	453	$	16	$	7	$	445	$	17
Other financial liabilities (2)	—		—		588		—		—		572
	$	3	$	453	$	604	$	7	$	445	$	589

____________________________________

(1)Other financial assets include secured debentures, asset-backed securities and preferred shares. Level 1 other financial assets are primarily publicly traded preferred shares and mutual funds. Level 2 other financial assets are primarily asset-backed securities and Level 3 financial assets are primarily secured debentures and non-listed debt instruments.

(2)Includes $548 million (December 31, 2022: $544 million) of contingent consideration payable between 2023 and 2024 in relation to the acquisition of subsidiaries. Refer to Note 3 for further information.

There were no transfers between levels during the three months ended March 31, 2023.

The following table presents the change in the balance of financial assets classified as Level 3 for the three-month period ended March 31, 2023 and the twelve-month period ended December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Balance at beginning of period	$	692	$	297
Fair value change recorded in net income	16		(9)
Fair value change recorded in other comprehensive income	3		(5)
Additions	—		523
Disposals	(21)		(111)
Foreign currency translation and other	—		(3)
Balance at end of period	$	690	$	692

The following table presents the change in the balance of financial liabilities classified as Level 3 as at March 31, 2023 and December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Balance at beginning of period	$	589	$	498
Fair value change recorded in net income	3		12
Additions	7		408
Disposals/settlements	(1)		(356)
Foreign currency translation and other	6		27
Balance at end of period	$	604	$	589

17

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 5. FINANCIAL ASSETS

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Current
Marketable securities	$	988	$	1,227
Restricted cash	141		214
Derivative assets	176		133
Loans and notes receivable	307		257
Other financial assets (1)	150		148
Total current	$	1,762	$	1,979
Non-current
Marketable securities	$	2,769	$	2,682
Restricted cash	247		245
Derivative assets	389		507
Loans and notes receivable	5,729		5,500
Other financial assets (1)	1,991		1,995
Total non-current	$	11,125	$	10,929

____________________________________

(1)Other financial assets include secured debentures, asset-backed securities and convertible preferred shares.

NOTE 6. ACCOUNTS AND OTHER RECEIVABLE, NET

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Current, net	$	6,725	$	6,401
Non-current, net
Accounts receivable	140		126
Retainer on customer contract	74		70
Billing rights	711		681
Total non-current, net	$	925	$	877
Total	$	7,650	$	7,278

Non-current billing rights represent unbilled rights from the partnership’s water and wastewater operations in Brazil from revenues earned from the construction on public concession contracts classified as financial assets, which are recognized when there is an unconditional right to receive cash or other financial assets from the concession authority for the construction services.

The partnership’s construction operations has a retention balance, which comprises amounts that have been earned but held back until the satisfaction of certain conditions specified in the contract. The retention balance included in the current accounts and other receivable, net as at March 31, 2023 was $145 million (December 31, 2022: $142 million).

18

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 7. INVENTORY, NET

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Raw materials and consumables	$	1,466	$	1,485
Fuel products (1)	754		850
Work in progress	830		778
RTFO certificates	456		415
Finished goods and other (2)	1,688		1,658
Carrying amount of inventories	$	5,194	$	5,186

____________________________________

(1)Fuel products that are traded in active markets are purchased with a view to resell in the near future. As a result, these stocks of fuel products are recorded at fair value based on quoted market prices.

(2)Finished goods and other comprises finished goods inventory in the industrials segments.

NOTE 8. DISPOSITIONS

(a)Dispositions completed in the three months ended March 31, 2023

Business Services - Real estate services operations

On March 31, 2023, the partnership completed the sale of its residential property management operations, resulting in a gain of $67 million recorded in the unaudited interim condensed consolidated statements of operating results, included in gain (loss) on acquisitions/dispositions, net.

Infrastructure Services - Power delivery business

During February 2023, the partnership’s nuclear technology services operations completed the sale of its power delivery business for gross proceeds of approximately $275 million, resulting in a gain of $14 million recorded in the unaudited interim condensed consolidated statements of operating results, included in gain (loss) on acquisitions/dispositions, net.

(b)Dispositions completed in the three months ended March 31, 2022

For the three months ended March 31, 2022, the partnership did not recognize any gains or losses on dispositions.

NOTE 9. OTHER ASSETS

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Current
Work in progress (1)	$	514	$	469
Prepayments and other assets	1,115		1,039
Assets held for sale (2)	607		350
Total current	$	2,236	$	1,858
Non-current
Prepayments and other assets	$	535	$	515
Total non-current	$	535	$	515

____________________________________

(1)See Note 15 for additional information.

(2)During the quarter, the partnership’s dealer software and technology services operations entered into an agreement for the sale of a non-core division.

19

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 10. PROPERTY, PLANT AND EQUIPMENT

The following table presents the change in the balance of property, plant and equipment for the three-month period ended March 31, 2023 and the twelve-month period ended December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Gross carrying amount
Balance at beginning of period	$	21,980	$	20,342
Additions (cash and non-cash)	632		2,110
Dispositions	(225)		(466)
Acquisitions through business combinations (1)	255		1,241
Assets reclassified as held for sale (2)	(66)		(287)
Foreign currency translation and other	105		(960)
Balance at end of period	$	22,681	$	21,980
Accumulated depreciation and impairment
Balance at beginning of period	$	(6,087)	$	(5,017)
Depreciation/depletion/impairment expense	(460)		(1,626)
Dispositions	75		245
Assets reclassified as held for sale (2)	54		149
Foreign currency translation and other	(45)		162
Balance at end of period	$	(6,463)	$	(6,087)
Net book value (3)	$	16,218	$	15,893

____________________________________

(1)See Note 3 for additional information.

(2)See Note 9 for additional information.

(3)Includes right-of-use assets of $1,497 million as at March 31, 2023 (December 31, 2022: $1,490 million).

20

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 11. INTANGIBLE ASSETS

The following table presents the change in the balance of intangible assets for the three-month period ended March 31, 2023 and twelve-month period ended December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Gross carrying amount
Balance at beginning of period	$	27,568	$	17,128
Changes in accounting policy (1)	—		(225)
Additions	161		542
Acquisitions through business combinations (2)	60		10,581
Dispositions	(69)		(15)
Assets reclassified as held for sale (3)	(263)		(159)
Foreign currency translation	175		(284)
Balance at end of period	$	27,632	$	27,568
Accumulated amortization and impairment
Balance at beginning of period	$	(3,615)	$	(2,322)
Changes in accounting policy (1)	—		126
Amortization and impairment expense	(440)		(1,503)
Dispositions	69		7
Assets reclassified as held for sale (3)	13		29
Foreign currency translation	(41)		48
Balance at end of period	$	(4,014)	$	(3,615)
Net book value	$	23,618	$	23,953

____________________________________

(1)See Note 2(b) for additional information.

(2)See Note 3 for additional information.

(3)Refer to Note 9 for further details.

NOTE 12. GOODWILL

The following table presents the change in the balance of goodwill for the three-month period ended March 31, 2023 and the twelve-month period ended December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Balance at beginning of period	$	15,479	$	8,585
Acquisitions through business combinations (1)	195		7,446
Additions	5		—
Impairment	—		(111)
Dispositions	—		(3)
Assets reclassified as held for sale (2)	(249)		(11)
Foreign currency translation	44		(427)
Balance at end of period	$	15,474	$	15,479

____________________________________

(1)See Note 3 for additional information.

(2)See Note 9 for additional information.

21

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 13. EQUITY ACCOUNTED INVESTMENTS

The following table presents the change in the balance of equity accounted investments for the three-month period ended March 31, 2023 and twelve-month period ended December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Balance at beginning of period	$	2,065	$	1,480
Acquisitions through business combinations (1)	—		461
Additions	7		134
Share of net income (loss)	25		165
Share of other comprehensive income (loss)	—		2
Distributions received	(24)		(167)
Foreign currency translation	10		(10)
Balance at end of period	$	2,083	$	2,065

____________________________________

(1)See Note 3 for additional information.

NOTE 14. ACCOUNTS PAYABLE AND OTHER

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Current
Accounts payable	$	4,450	$	4,099
Accrued and other liabilities (1) (2)	5,617		5,792
Lease liabilities	337		332
Financial liabilities (3)	335		352
Insurance liabilities	327		357
Work in progress (4)	1,170		1,175
Provisions and decommissioning liabilities	740		770
Liabilities associated with assets held for sale	34		42
Total current	$	13,010	$	12,919
Non-current
Accounts payable	$	96	$	90
Accrued and other liabilities (2)	1,599		1,623
Lease liabilities	1,294		1,274
Financial liabilities (3)	2,167		2,141
Insurance liabilities	1,530		1,545
Work in progress (4)	46		49
Provisions and decommissioning liabilities	815		789
Total non-current	$	7,547	$	7,511

____________________________________

(1)Includes bank overdrafts of $550 million as at March 31, 2023 (December 31, 2022: $636 million).

(2)Includes post-employment benefits of $646 million ($17 million current and $629 million non-current) as at March 31, 2023 and $642 million ($20 million current and $622 million non-current) as at December 31, 2022.

(3)Includes financial liabilities of $1,641 million ($71 million current and $1,570 million non-current) as at March 31, 2023 and $1,673 million ($74 million current and $1,599 million non-current) as at December 31, 2022 related to the sale and leaseback of hospitals.

(4)See Note 15 for additional information.

22

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 15. CONTRACTS IN PROGRESS

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Contract costs incurred to date	$	21,154	$	21,066
Profit recognized to date (less recognized losses)	2,159		2,055
	$	23,313	$	23,121
Less: progress billings	(24,015)		(23,876)
Contract work in progress (liability)	$	(702)	$	(755)
Comprising:
Amounts due from customers – work in progress	$	514	$	469
Amounts due to customers – creditors	(1,216)		(1,224)
Net work in progress	$	(702)	$	(755)

NOTE 16. BORROWINGS

(a)Corporate borrowings

The partnership has bilateral credit facilities backed by large global banks. The credit facilities are available in Euros, British pounds, Australian dollars, U.S. dollars and Canadian dollars. Advances under the credit facilities bear interest at the specified SOFR, SONIA 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. The total capacity on the bilateral credit facilities is $2.3 billion with a maturity date of June 29, 2027. The balance drawn on the bilateral credit facility as at March 31, 2023 was $2,030 million (December 31, 2022: $2,100 million).

The partnership had $1.0 billion available on its revolving credit facility with Brookfield (the “Brookfield Credit Agreement”) as at March 31, 2023. The credit facility is guaranteed by the partnership, the Holding LP and certain of the partnership’s subsidiaries. The credit facility is available in U.S. or Canadian dollars and advances are made by way of SOFR, base rate, bankers’ acceptance rate or prime rate loans. The credit facility bears interest at the specified SOFR 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 certain liens 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 maturity date of the credit facility is April 27, 2028, after which the credit facility will automatically renew for one-year periods until terminated by Brookfield. The total available amount on the credit facility will decrease to $500 million on April 27, 2024. As at March 31, 2023, the credit facility remained undrawn.

The partnership is currently in compliance with covenant requirements of its corporate borrowings and continues to monitor performance against such covenant requirements.

As at March 31, 2023, there were no funds on deposit from Brookfield (December 31, 2022: $nil). Refer to Note 17 for further details on the Deposit Agreements (defined herein) with Brookfield.

(b)Non-recourse subsidiary borrowings of the partnership

Current and non-current non-recourse subsidiary borrowings of the partnership as at March 31, 2023, net of deferred financing costs, premiums and discounts, were $3,185 million and $41,887 million, respectively (December 31, 2022: $3,758 million and $40,835 million, respectively). Non-recourse borrowings in subsidiaries of the partnership include borrowings made under subscription facilities of Brookfield-sponsored private equity funds.

Some of the partnership’s businesses have credit facilities in which they borrow and repay on a short-term basis. This movement has been shown on a net basis in the partnership’s unaudited interim condensed consolidated statements of cash flow.

23

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

The partnership has financing arrangements within its operating businesses that trade in public markets or are held at major financial institutions. The financing arrangements are primarily composed of term loans, credit facilities and notes and debentures which are subject to fixed or floating interest rates. Most of these borrowings are not subject to financial maintenance covenants, however, some are subject to fixed charge coverage, leverage ratios and minimum equity or liquidity covenants.

The partnership principally finances assets at the subsidiary level with debt that is non-recourse to both the partnership and to its other subsidiaries and is generally secured against assets within the respective subsidiaries. Moreover, debt instruments at the partnership’s subsidiaries do not cross-accelerate or cross-default to debt at other subsidiaries. All of the partnership’s subsidiaries are currently in compliance with all material covenant requirements and the partnership continues to work with its businesses to monitor performance against such covenant requirements.

In 2022, the partnership’s offshore oil services operations voluntarily entered Chapter 11 reorganization proceedings with the objective of executing a comprehensive financial restructuring to reduce debt and strengthen its financial position. Subsequently, on January 6, 2023, the partnership’s offshore oil services operations emerged from the Chapter 11 restructuring process with a significantly deleveraged balance sheet. The restructuring reprofiled the company’s bank loan facilities to better align cash flow with debt service obligations. Following the restructuring, the partnership’s economic interest was approximately 53%.

NOTE 17. RELATED PARTY TRANSACTIONS

In the normal course of operations, the partnership entered into the transactions below with related parties. These transactions have been measured at fair value and are recognized in the unaudited interim condensed consolidated financial statements.

(a)Transactions with Brookfield

The partnership is a party to the Brookfield Credit Agreement, which permits borrowings of up to $1 billion. As at March 31, 2023, $nil was drawn on the credit facilities under the Brookfield Credit Agreement (December 31, 2022: $nil).

From time to time, each of Brookfield and the partnership may place funds on deposit with the other, on terms approved by the independent directors of the partnership’s General Partner, pursuant to deposit agreements entered into between Brookfield and the partnership (the “Deposit Agreements”). Interest earned or incurred on such deposits is at market terms. As at March 31, 2023, the amount of the deposit from Brookfield was $nil (December 31, 2022: $nil). For the three months ended March 31, 2023, the partnership recorded interest expense of $nil on these deposits (March 31, 2022: interest expense of $nil).

Pursuant to the Master Services Agreement, the Holding LP pays Brookfield a quarterly base management fee, which is reflected within general and administrative expenses. For purposes of calculating the base management fee, the total capitalization of the partnership is equal to the quarterly volume-weighted average trading price of an LP Unit on the principal stock exchange for the LP Units (based on trading volumes) multiplied by the number of LP Units outstanding at the end of the quarter (assuming full conversion of the Redemption-Exchange Units into LP Units of Brookfield Business Partners L.P.), plus the value of securities of the other service recipients (including the BBUC exchangeable shares) that are not held by the partnership, plus all outstanding debt with recourse to a service recipient, less all cash held by such entities. The base management fee for the three months ended March 31, 2023 was $23 million (March 31, 2022: $24 million).

In its capacity as the holder of the Special LP Units of the Holding LP, Brookfield is entitled to incentive distribution rights. The incentive distribution for the three months ended March 31, 2023 was $nil (March 31, 2022: $nil).

An integral part of the partnership’s strategy is to participate with institutional investors in Brookfield-sponsored private equity funds that target acquisitions that suit the partnership’s investment profile. In the normal course of business, the partnership and institutional investors have made commitments to Brookfield-sponsored private equity funds, and in connection therewith, the partnership, together with institutional investors, has access to short-term financing using the private equity funds’ credit facilities to facilitate investments that Brookfield has determined to be in the partnership’s best interests.

In addition, at the time of spin-off of the partnership from Brookfield in 2016, the partnership entered into indemnity agreements with Brookfield that relate to certain contracts that were in place prior to the spin-off. Under these indemnity agreements, Brookfield has agreed to indemnify the partnership for the receipt of payments relating to such contracts.

24

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

As at March 31, 2023, the partnership had a loan payable of $85 million to Brookfield included in accounts payable and other, and loan receivable from Brookfield of approximately $540 million included in accounts and other receivable, net. The loan payable is non-interest bearing and payable on demand, and the loan receivable accrues interest at the partnership’s cost of capital and is due on demand.

(b)Other

Inclusive of those described above, the following table summarizes the transactions the partnership has entered into with related parties for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(US$ MILLIONS)	2023		2022
Transactions during the period
Business services revenues (1)	$	58	$	79
Interest income	8		—

____________________________________

(1)Within the business services segment, the partnership provides construction services to affiliates of Brookfield.

Inclusive of those describe above, the following table summarizes balances with related parties as at March 31, 2023 and December 31, 2022:

(US$ MILLIONS)	March 31, 2023		December 31, 2022
Balances at end of period
Financial assets	$	188	$	118
Accounts and other receivable, net	728		579
Accounts payable and other (1)	518		603
Non-recourse borrowings in subsidiaries of the partnership	55		55

____________________________________

(1)Includes $293 million related to a tax receivable agreement payable to related parties by the partnership’s advanced energy storage operations (December 31, 2022: $315 million).

NOTE 18. 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 selectively uses derivative financial instruments principally to manage these risks.

The aggregate fair values of the partnership’s derivative financial instruments positions as at March 31, 2023 and December 31, 2022 were as follows:

	March 31, 2023				December 31, 2022
(US$ MILLIONS)	Financial Assets		Financial Liabilities		Financial Assets		Financial Liabilities
Foreign exchange contracts	$	104	$	(252)	$	121	$	(205)
Cross currency swaps	33		(62)		35		(41)
Interest rate derivatives	347		(114)		449		(135)
Equity derivatives	—		(17)		—		(17)
Commodities contracts	81		(27)		35		(71)
Total	$	565	$	(472)	$	640	$	(469)
Total current	$	176	$	(148)	$	133	$	(187)
Total non-current	$	389	$	(324)	$	507	$	(282)

25

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 19. EQUITY

The partnership’s consolidated equity interests include LP Units held by the public and Brookfield, GP Units held by Brookfield, Redemption-Exchange Units held by Brookfield, Special LP Units held by Brookfield and BBUC exchangeable shares held by the public and Brookfield, collectively, “Units” or “Unitholders” as described in Note 1, and $1,490 million of preferred securities held by Brookfield. As at March 31, 2023, Brookfield owned approximately 65.4% of the partnership on a fully exchanged basis.

For the three months ended March 31, 2023, the partnership made distributions on the LP Units, GP Units, Redemption-Exchange Units and BBUC exchangeable shares of $14 million or $0.0625 per Unit (March 31, 2022: $9 million, or $0.0625 per Unit). For the three months ended March 31, 2023, the partnership made distributions to others who have interests in the operating subsidiaries of $251 million (March 31, 2022: $582 million), primarily as a result of distribution of proceeds from the disposition of public securities, combined with distributions of proceeds from the syndication to institutional partners of the partnership’s investment in dealer software and technology services operations.

(a)GP Units and LP Units

LP Units entitle the holder to their proportionate share of distributions. GP 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 unaudited interim condensed consolidated statements of financial position.

The following table provides a continuity of GP Units and LP Units outstanding for the three-month period ended March 31, 2023:

UNITS	GP Units	LP Units	Total
Authorized and issued
Opening balance	4	74,612,503	74,612,507
Conversion from BBUC exchangeable shares	—	494	494
Issued as at March 31, 2023	4	74,612,997	74,613,001

The weighted average number of LP Units outstanding for the three months ended March 31, 2023 was 74.6 million (March 31, 2022: 76.7 million).

During the three months ended March 31, 2023, the partnership did not repurchase any of its LP Units (March 31, 2022: 1,118,136 LP Units).

Net income (loss) attributable to limited partnership unitholders was $25 million for the three months ended March 31, 2023 (March 31, 2022: net income of $8 million).

(b)Redemption-Exchange Units held by Brookfield

UNITS	Redemption-Exchange Units
Authorized and issued
Opening balance	69,705,497
Issued as at March 31, 2023	69,705,497

The weighted average number of Redemption-Exchange Units outstanding for the three months ended March 31, 2023 was 69.7 million (March 31, 2022: 69.7 million).

Both the LP Units 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 as noted below.

26

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

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 the partnership’s LP Units multiplied by the number of units to be redeemed (subject to certain customary adjustments). This right is subject to the partnership’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of the partnership’s LP Units (subject to certain customary adjustments). If the partnership elects not to exchange the Redemption-Exchange Units for LP Units, the Redemption-Exchange Units are required to be redeemed for cash. The Redemption-Exchange Units are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Business Partners L.P. Since this redemption right is subject to the partnership’s right, at its sole discretion, to satisfy the redemption request with LP Units of Brookfield Business Partners L.P. on a one-for-one basis, the Redemption-Exchange Units are classified as equity in accordance with IAS 32, Financial instruments: presentation (“IAS 32”).

(c)BBUC exchangeable shares

The table below provides a continuity of BBUC exchangeable shares outstanding for the three-month period ended March 31, 2023:

SHARES	BBUC exchangeable shares
Balance as at January 1, 2023	72,955,585
Converted to LP Units	(494)
Issued as at March 31, 2023	72,955,091

On March 15, 2022, the partnership completed a special distribution whereby Unitholders as of the Record Date received one BBUC exchangeable share, for every two Units held. The special distribution resulted in the issuance of 73 million BBUC exchangeable shares to public unitholders and Brookfield. Both the LP Units and GP Units issued by the partnership and the BBUC exchangeable shares issued by BBUC have the same economic attributes in all respects, except as noted below.

Each BBUC exchangeable share is exchangeable at the option of the holder for one LP Unit (subject to adjustment to reflect certain capital events) or for cash in an amount equal to the market value of one of the partnership’s LP Units. The partnership may elect to satisfy the exchange obligation by acquiring such tendered BBUC exchangeable shares for an equivalent number of LP Units or its cash equivalent. The partnership intends to satisfy any exchange requests on the BBUC exchangeable shares through the delivery of LP Units rather than cash. The BBUC exchangeable shares are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Business Partners L.P. Since this exchange right is subject to the partnership’s right, at its sole discretion, to satisfy the exchange request with LP Units of Brookfield Business Partners L.P. on a one-for-one basis, the BBUC exchangeable shares are classified as equity in accordance with IAS 32.

During the three months ended March 31, 2023, 494 BBUC exchangeable shares were exchanged into LP Units (March 31, 2022: nil).

(d)Special limited partner units held by Brookfield

UNITS	Special limited partner units held by Brookfield
Authorized and issued
Opening balance	4
Issued as at March 31, 2023	4

The weighted average number of special limited partner units outstanding for the three months ended March 31, 2023 was 4 (March 31, 2022: 4).

In its capacity as the holder of the Special LP Units of the Holding LP, the special limited partner is entitled to incentive distributions which are calculated as 20% of the increase in the market value of the LP Units over an initial threshold based on the volume-weighted average price of the LP Units, subject to a high-water mark.

27

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

During the three months ended March 31, 2023, the volume-weighted average price was $18.22 per LP Unit, which was below the current incentive distribution threshold of $31.53 per LP Unit, resulting in no incentive distribution declared during the period (March 31, 2022: $nil).

(e)Preferred securities held by Brookfield

($US MILLIONS)	Preferred securities held by Brookfield
Opening balance	$	1,490
Balance as at March 31, 2023	$	1,490

Brookfield has subscribed for an aggregate of $15 million of preferred shares of three subsidiaries of the partnership. 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 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. The partnership is 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 unaudited interim condensed consolidated statements of financial position.

The partnership has an additional commitment agreement with Brookfield, whereby Brookfield agreed to subscribe for up to $1.5 billion of preferred equity securities of subsidiaries of the partnership. The preferred securities bear fixed preferential cumulative dividends or distributions at 6% per annum and are redeemable at the option of Brookfield to the extent the partnership completes asset sales, financings or equity issuances. These preferred securities are presented as equity instruments in accordance with IAS 32, and accordingly, the partnership has classified them as a component of non-controlling interests in the unaudited interim condensed consolidated statements of financial position and changes in equity. As of March 31, 2023, Brookfield has subscribed for an aggregate of $1,475 million of perpetual preferred securities.

NOTE 20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Attributable to Limited Partners

The following tables present the changes in accumulated other comprehensive income (loss) reserves attributable to limited partners for the three months ended March 31, 2023 and 2022:

(US$ MILLIONS)	Foreign currency translation		FVOCI		Other (1)		Accumulated other comprehensive income (loss)
Balance as at January 1, 2023	$	(247)	$	(8)	$	112	$	(143)
Other comprehensive income (loss)	10		13		(16)		7
Ownership changes	(1)		(1)		2		—
Balance as at March 31, 2023	$	(238)	$	4	$	98	$	(136)

____________________________________

(1)Represents net investment hedges, cash flow hedges, insurance finance and other reserves.

28

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

(US$ MILLIONS)	Foreign currency translation		FVOCI		Other (1)		Accumulated other comprehensive income (loss)
Balance as at January 1, 2022	$	(252)	$	76	$	23	$	(153)
Adoption of new accounting standards (2)	—		—		2		2
As adjusted opening balance January 1, 2022	(252)		76		25		(151)
Other comprehensive income (loss)	69		(43)		(12)		14
Ownership changes	—		—		1		1
Issuance of BBUC exchangeable shares (3)	$	67	$	(15)	$	(5)	$	47
Balance as at March 31, 2022	$	(116)	$	18	$	9	$	(89)

____________________________________

(1)Represents net investment hedges, cash flow hedges, insurance finance and other reserves.

(2)Refer to Note 2(b) for further details.

(3)In connection with the special distribution of BBUC, $47 million of accumulated other comprehensive income (loss) was reallocated to BBUC exchangeable shares. Refer to Note 1 for further details.

NOTE 21. DIRECT OPERATING COSTS

The partnership has no key employees or directors and does not remunerate key management personnel. Details of the allocation of costs incurred by Brookfield on behalf of the partnership are disclosed in Note 17. Key decision makers of the partnership are all employees of Brookfield or its subsidiaries, which provide management services under a master services agreement with Brookfield (the “Master Services Agreement”).

Direct operating costs are costs incurred to earn revenues and include all attributable expenses. The following table presents direct operating costs by nature for the three months ended March 31, 2023 and 2022.

	Three Months Ended March 31,
(US$ MILLIONS)	2023		2022
Inventory costs	$	8,391	$	8,753
Subcontractor and consultant costs	700		741
Concession construction materials and labor costs	75		79
Depreciation and amortization expense	900		694
Compensation	1,518		1,199
Other direct costs	882		1,125
Total	$	12,466	$	12,591

Other direct costs include freight, cost of construction expensed and expected credit loss provisions on financial assets.

29

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

NOTE 22. REVENUES

(a)Revenues by type

The following table summarizes the partnership’s segment revenues by type of revenue for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	7,602	$	1,662	$	3,803	$	13,067
Other revenues	336		349		6		691
Total revenues	$	7,938	$	2,011	$	3,809	$	13,758

The table below summarizes the partnership’s segment revenues by type of revenue for the three months ended March 31, 2022:

	Three Months Ended March 31, 2022
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	7,968	$	1,164	$	3,666	$	12,798
Other revenues	261		364		4		629
Total revenues	$	8,229	$	1,528	$	3,670	$	13,427

(b)Timing of recognition of revenues from contracts with customers

The table below summarizes the partnership’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Timing of revenue recognition
Goods and services provided at a point in time	$	6,235	$	574	$	3,711	$	10,520
Services transferred over a period of time	1,367		1,088		92		2,547
Total revenues from contracts with customers	$	7,602	$	1,662	$	3,803	$	13,067

The table below summarizes the partnership’s segment revenues by timing of revenue recognition for the total revenues from contracts with customers for the three months ended March 31, 2022:

	Three Months Ended March 31, 2022
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Timing of revenue recognition
Goods and services provided at a point in time	$	7,057	$	424	$	3,570	$	11,051
Services transferred over a period of time	911		740		96		1,747
Total revenues from contracts with customers	$	7,968	$	1,164	$	3,666	$	12,798

30

NOTES TO UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS 

As at March 31, 2023 and December 31, 2022 and

for the three months ended March 31, 2023 and2022

(c)Revenues by geography

The table below summarizes the partnership’s segment revenues by geography for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
United Kingdom	$	4,375	$	137	$	89	$	4,601
United States of America	561		881		1,595		3,037
Europe	621		419		891		1,931
Australia	1,003		52		32		1,087
Canada	611		35		158		804
Brazil	175		29		412		616
Mexico	—		—		257		257
Other	256