SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Operating Segments [Abstract]

Disclosure of operating segments

The tables below summarize the partnership’s segment revenues by type of revenue for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	7,514	$	1,640	$	3,620	$	12,774
Other revenues	360		366		6		732
Total revenues	$	7,874	$	2,006	$	3,626	$	13,506

	Six Months Ended June 30, 2023
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	15,116	$	3,302	$	7,423	$	25,841
Other revenues	696		715		12		1,423
Total revenues	$	15,812	$	4,017	$	7,435	$	27,264

The tables below summarize the partnership’s segment revenues by type of revenue for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	8,839	$	1,444	$	3,675	$	13,958
Other revenues	287		358		4		649
Total revenues	$	9,126	$	1,802	$	3,679	$	14,607

	Six Months Ended June 30, 2022
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	16,807	$	2,608	$	7,341	$	26,756
Other revenues	548		722		8		1,278
Total revenues	$	17,355	$	3,330	$	7,349	$	28,034

	Three Months Ended June 30, 2023
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	2,255	$	789	$	1,084	$	—	$	4,128	$	9,378	$	13,506
Direct operating costs (2)	(2,004)		(574)		(868)		(3)		(3,449)		(7,974)		(11,423)
General and administrative expenses	(43)		(43)		(36)		(26)		(148)		(250)		(398)
Gain (loss) on acquisitions / dispositions, net (3)	22		—		—		—		22		65		87
Gain (loss) on acquisitions / dispositions, net recorded in equity (4)	8		—		—		—		8		23		31
Other income (expense), net (5)	—		6		1		—		7		9		16
Interest income (expense), net	(79)		(109)		(104)		(34)		(326)		(606)		(932)
Current income tax (expense) recovery	(51)		(6)		(24)		—		(81)		(186)		(267)
Preferred equity distributions	—		—		—		(22)		(22)		22		—
Equity accounted Adjusted EFO (6)	11		25		10		—		46		29		75
Adjusted EFO	119		88		63		(85)		185
Depreciation and amortization expense (2)(7)									(294)		(613)		(907)
Impairment reversal (expense), net									(3)		(4)		(7)
Gain (loss) on acquisitions / dispositions, net recorded in equity (4)									(8)		(23)		(31)
Other income (expense), net (5)									16		106		122
Deferred income tax (expense) recovery									90		126		216
Non-cash items attributable to equity accounted investments(6)									(34)		(13)		(47)
Net income (loss)									$	(48)	$	89	$	41

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.

(2)The sum of these amounts equates to direct operating costs of $12,330 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on acquisitions/dispositions, net recorded in Adjusted EFO of $22 million represents the partnership’s economic ownership interest of gains on dispositions related to the partnership’s dealer software and technology services operations’ sale of a non-core division servicing the heavy equipment sector.

(4)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $8 million represents the partnership's economic ownership interest of realized gains related to secured debentures.

(5)The sum of these amounts equates to other income (expense), net of $138 million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $16 million includes, $44 million of net gains on debt modification and extinguishment, $20 million of business separation expenses, stand-up costs and restructuring charges, $17 million of transaction costs, $19 million of net revaluation gains and $10 million of other expense.

(6)The sum of these amounts equates to equity accounted income (loss), net of $28 million as per the unaudited interim condensed consolidated statements of operating results.

(7)For the three months ended June 30, 2023, depreciation and amortization expense by segment is as follows: business services $252 million, infrastructure services $301 million, industrials $354 million, and corporate and other $nil.

	Six Months Ended June 30, 2023
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	4,465	$	1,601	$	2,237	$	—	$	8,303	$	18,961	$	27,264
Direct operating costs (2)	(3,971)		(1,160)		(1,780)		(11)		(6,922)		(16,067)		(22,989)
General and administrative expenses	(88)		(86)		(73)		(52)		(299)		(500)		(799)
Gain (loss) on acquisitions / dispositions, net (3)	89		6		—		—		95		73		168
Gain (loss) on acquisitions / dispositions, net in equity (4)	14		—		64		—		78		147		225
Other income (expense), net (5)	—		6		2		—		8		11		19
Interest income (expense), net	(140)		(212)		(201)		(65)		(618)		(1,179)		(1,797)
Current income tax (expense) recovery	(59)		(30)		(44)		7		(126)		(267)		(393)
Distributions attributable to preferred equity in operating subsidiaries	—		—		—		(44)		(44)		44		—
Equity accounted Adjusted EFO (6)	22		49		20		—		91		65		156
Adjusted EFO	332		174		225		(165)		566
Depreciation and amortization expense (2)(7)									(586)		(1,221)		(1,807)
Impairment reversal (expense), net									(3)		(4)		(7)
Gain (loss) on acquisitions / dispositions, net in equity (4)									(78)		(147)		(225)
Other income (expense), net (5)									83		165		248
Deferred income tax (expense) recovery									115		169		284
Non-cash items attributable to equity accounted investments(6)									(71)		(32)		(103)
Net income (loss)									$	26	$	218	$	244

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO, and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.

(2)The sum of these amounts equates to direct operating costs of $24,796 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on acquisitions/dispositions, net recorded in Adjusted EFO of $95 million represents the partnership’s economic ownership interest of gains relating to $67 million from the disposition of the partnership’s residential property management operations, $22 million from the dispositions related to the partnership’s dealer software and technology services operations sale of a non-core division servicing the heavy equipment sector, and $6 million from the disposition of the partnership’s nuclear technology services operations’ power delivery business.

(4)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $78 million represents the partnership’s economic interest of gains of $8 million related to secured debentures and $70 million related to the partnership’s economic ownership interest of gains on disposition of the partnership’s public securities.

(5)The sum of these amounts equates to other income (expense), net of $267 million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $83 million includes $147 million of net gains on debt modification and extinguishment, $34 million of business separation expenses, stand-up costs and restructuring charges, $26 million of transaction costs, $18 million of net revaluation gains, and $22 million of other expense.

(6)The sum of these amounts equates to equity accounted income (loss), net of $53 million as per the unaudited interim condensed consolidated statements of operating results.

(7)For the six months ended June 30, 2023, depreciation and amortization expense by segment is as follows: business services $505 million, infrastructure services $604 million, industrials $698 million, and corporate and other $nil.

	Three Months Ended June 30, 2022
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	2,468	$	706	$	1,120	$	—	$	4,294	$	10,313	$	14,607
Direct operating costs (2)	(2,296)		(507)		(906)		(6)		(3,715)		(9,187)		(12,902)
General and administrative expenses	(34)		(33)		(33)		(26)		(126)		(180)		(306)
Gain (loss) on acquisitions / dispositions, net recorded in equity (3)	19		—		—		—		19		—		19
Other income (expense), net (4)	—		9		—		—		9		14		23
Interest income (expense), net	(18)		(70)		(81)		(18)		(187)		(369)		(556)
Current income tax (expense) recovery	(14)		(6)		(17)		16		(21)		(54)		(75)
Equity accounted Adjusted EFO (5)	13		25		18		—		56		28		84
Adjusted EFO	138		124		101		(34)		329
Depreciation and amortization expense (2)(6)									(262)		(514)		(776)
Impairment expense, net									41		37		78
Gain (loss) on acquisitions / dispositions, net recorded in equity (3)									(19)		—		(19)
Other income (expense), net (4)									(87)		(154)		(241)
Deferred income tax (expense) recovery									165		222		387
Non-cash items attributable to equity accounted investments(5)									(30)		(13)		(43)
Net income (loss)									$	137	$	143	$	280

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shares.

(2)The sum of these amounts equates to direct operating costs of $13,678 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $19 million represents the partnership’s economic ownership interest in gains (losses) on disposition related to the sale of a financial asset measured at FVOCI.

(4)The sum of these amounts equates to other income (expense), net of $(218) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(87) million includes $45 million of net unrealized revaluation losses, $14 million of business separation expenses, stand-up costs and restructuring charges, $19 million of transaction costs and $9 million of other expenses.

(5)The sum of these amounts equates to equity accounted income (loss), net of $41 million as per the unaudited interim condensed consolidated statements of operating results.

(6)For the three months ended June 30, 2022, depreciation and amortization expense by segment is as follows: business services $108 million, infrastructure services $340 million, industrials $328 million, and corporate and other $nil.

	Six Months Ended June 30, 2022
	Total attributable to Unitholders										Attributable to non-controlling interests		As per IFRS Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	4,742	$	1,318	$	2,227	$	—	$	8,287	$	19,747	$	28,034
Direct operating costs (2)	(4,455)		(908)		(1,787)		(12)		(7,162)		(17,637)		(24,799)
General and administrative expenses	(64)		(62)		(65)		(53)		(244)		(360)		(604)
Gain (loss) on acquisitions / dispositions, net recorded in equity (3)	19		—		—		—		19		—		19
Other income (expense), net (4)	1		(1)		—		—		—		(1)		(1)
Interest income (expense), net	(43)		(117)		(149)		(29)		(338)		(678)		(1,016)
Current income tax (expense) recovery	(22)		(10)		(39)		29		(42)		(112)		(154)
Equity accounted Adjusted EFO (5)	20		43		36		—		99		55		154
Adjusted EFO	198		263		223		(65)		619
Depreciation and amortization expense (2)(6)									(494)		(976)		(1,470)
Gain (loss) on acquisitions / dispositions, net recorded in equity (3)									(19)		—		(19)
Impairment reversal (expense), net									41		37		78
Other income (expense), net (4)									(115)		(201)		(316)
Deferred income tax (expense) recovery									168		259		427
Non-cash items attributable to equity accounted investments(5)									(47)		(16)		(63)
Net income (loss)									$	153	$	117	$	270

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO, and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.

(2)The sum of these amounts equates to direct operating costs of $26,269 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on acquisitions/dispositions, net recorded in equity in Adjusted EFO of $19 million represents the partnership’s economic interest in gains (losses) on disposition related to the sale of a financial asset measured at FVOCI.

(4)The sum of these amounts equates to other income (expense), net of $(317) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(115) million includes $47 million of net unrealized revaluation losses, $26 million of business separation expenses, stand-up costs and restructuring charges, $28 million of transaction costs, and $14 million of other expense.

(5)The sum of these amounts equates to equity accounted income (loss), net of $91 million as per the unaudited interim condensed consolidated statements of operating results.

(6)For the six months ended June 30, 2022, depreciation and amortization expense by segment is as follows: business services $214 million, infrastructure services $591 million, industrials $665 million, and corporate and other $nil.

The following table presents the partnership’s assets by reportable operating segment as at June 30, 2023 and December 31, 2022:

(US$ MILLIONS)	As at June 30, 2023		As at December 31, 2022
Business services	$	38,565	$	37,939
Infrastructure services	23,367		22,606
Industrials	28,135		28,112
Corporate and other	247		593
Total	$	90,314	$	89,250