MATERIAL ACCOUNTING POLICY INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Corporate information and statement of IFRS compliance [abstract]

Schedule of interests in subsidiaries

The following table presents details of wholly-owned subsidiaries of the partnership as of December 31, 2025 and 2024:

Business type	Name of entity	Country of incorporation	Voting interest				Economic interest
			2025		2024		2025		2024
Business services
Construction operation	Multiplex Global Limited	United Kingdom	100	%	100	%	100	%	100	%

The following table presents details of material non-wholly owned subsidiaries of the partnership as of December 31, 2025 and 2024:

Business type	Name of entity	Country of incorporation	Voting interest				Economic interest
			2025		2024		2025		2024
Business services
Healthcare services (1)	Healthscope Pty Ltd	Australia	—	%	100	%	—	%	28	%
Fleet management and car rental services	Unidas Locadora S.A.	Brazil	100	%	100	%	35	%	35	%
Residential mortgage insurer	Sagen MI Canada Inc.	Canada	100	%	100	%	41	%	41	%
Indian non-bank financial services operation	IndoStar Capital Finance Limited	India	56	%	56	%	20	%	20	%
Australian asset manager and lender	La Trobe Financial Services Pty Limited	Australia	100	%	100	%	35	%	35	%
Dealer software and technology services operation	CDK Global II LLC	United States	100	%	100	%	19	%	26	%
Infrastructure services
Offshore oil services	Altera Infrastructure L.P.	United States	89	%	89	%	53	%	53	%
Modular building leasing services	Modulaire Investments 2 S.à r.l.	Luxembourg	100	%	100	%	28	%	28	%
Lottery services operation	Scientific Games Holdings LP	United States	100	%	100	%	33	%	33	%
Industrials
Water and wastewater operation	BRK Ambiental Participações S.A.	Brazil	70	%	70	%	26	%	26	%
Returnable plastic packaging operation (2)	Schoeller Allibert Group B.V.	Netherlands	—	%	52	%	—	%	14	%
Natural gas production	Ember Resources Inc.	Canada	100	%	100	%	46	%	46	%
Advanced energy storage operation	Clarios Global LP	United States	100	%	100	%	28	%	28	%
Solar power solutions	Descarbonize Soluções S.A.	Brazil	100	%	100	%	35	%	35	%
Engineered components manufacturing operation	DexKo Global Inc.	United States	100	%	100	%	21	%	33	%
Electric heat tracing systems manufacturer	BCP VI Summit Holdings LP	United States	100	%	—	%	26	%	—	%

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(1)In May 2025, the partnership’s healthcare service operation entered receivership. As a result, the partnership ceased to have control and deconsolidated the net liabilities of the business. See Note 17(b) for further details.

(2)In July 2025, the partnership merged its returnable plastic packaging operation with a North American packaging solutions provider. See Note 14 for further details.

The following tables present the gross assets and liabilities as at December 31, 2025 and 2024 as well as gross amounts of revenues, net income (loss), other comprehensive income (loss) and distributions for the years ended December 31, 2025, 2024 and 2023 from the partnership’s investments in material non-wholly owned subsidiaries:

	Year ended December 31, 2025
	Total														Profit/(loss) allocated to others with non-controlling interests		Distributions to others with non-controlling interests		Equity allocated to others with non-controlling interests
(US$ MILLIONS)	Current assets		Non-current assets		Current liabilities		Non-current liabilities		Revenues		Net income (loss)		OCI
Business services	$	3,456	$	21,348	$	2,621	$	16,896	$	4,706	$	167	$	142	$	61	$	(330)	$	3,709
Infrastructure services	2,225		13,713		1,179		11,213		3,153		(304)		193		(280)		(124)		2,213
Industrials	7,858		21,625		3,590		21,703		14,682		661		328		479		(3,278)		3,090
Total	$	13,539	$	56,686	$	7,390	$	49,812	$	22,541	$	524	$	663	$	260	$	(3,732)	$	9,012

	Year ended December 31, 2024
	Total														Profit/(loss) allocated to others with non-controlling interests		Distributions to others with non-controlling interests		Equity allocated to others with non-controlling interests
(US$ MILLIONS)	Current assets		Non-current assets		Current liabilities		Non-current liabilities		Revenues		Net income (loss)		OCI
Business services	$	3,876	$	24,038	$	4,050	$	18,496	$	6,545	$	(763)	$	(213)	$	(631)	$	(422)	$	3,651
Infrastructure services	3,511		13,482		3,630		9,469		3,742		(325)		(138)		(211)		(3)		2,465
Industrials	6,106		19,664		3,258		15,529		14,405		1,552		(527)		1,180		(19)		4,943
Total	$	13,493	$	57,184	$	10,938	$	43,494	$	24,692	$	464	$	(878)	$	338	$	(444)	$	11,059

	Year ended December 31, 2023
	Total							Profit/(loss) allocated to others with non-controlling interests		Distributions to others with non-controlling interests		Equity allocated to others with non-controlling interests
(US$ MILLIONS)		Revenues		Net income (loss)		OCI
Business services		$	29,225	$	611	$	25	$	333	$	(1,853)	$	5,148
Infrastructure services		7,448		3,618		(4)		1,995		(1,839)		2,773
Industrials		14,801		(8)		214		8		(41)		4,137
Total		$	51,474	$	4,221	$	235	$	2,336	$	(3,733)	$	12,058

The following table outlines the composition of accumulated non-controlling interests related to the interest of others presented in the partnership’s consolidated statements of financial position as at December 31, 2025 and 2024:

(US$ MILLIONS)	2025		2024
Non-controlling interests related to material non-wholly owned subsidiaries
Business services	$	3,709	$	3,651
Infrastructure services	2,213		2,465
Industrials	3,090		4,943
Total non-controlling interests in material non-wholly owned subsidiaries	$	9,012	$	11,059
Total individually immaterial non-controlling interests balance	108		392
Total non-controlling interests	$	9,120	$	11,451

Schedule of detailed information about property, plant and equipment

Depreciation of an asset commences when it is available for use. PP&E is depreciated for each component of the asset classes as follows:

Buildings	Up to 50 years
Right-of-use assets	Up to 40 years but not exceeding the term of the lease
Machinery and equipment	Up to 25 years
Vessels	Up to 35 years
Oil and gas related equipment and mining property	Units of production

(US$ MILLIONS)	Land		Buildings		Machinery and equipment		Vessels		Other		Right-of-use assets		Total
Gross carrying amount
Balance at January 1, 2024	$	283	$	4,233	$	9,159	$	4,643	$	2,020	$	2,054	$	22,392
Additions (cash and non-cash)	2		358		1,317		1,302		30		271		3,280
Dispositions	(37)		(67)		(1,280)		(337)		(69)		(819)		(2,609)
Acquisitions through business combinations	—		3		2		—		—		5		10
Transfers and assets reclassified as held for sale	—		—		(3)		(2,678)		—		—		(2,681)
Foreign currency translation and other	(11)		(245)		(786)		—		(142)		(90)		(1,274)
Balance at December 31, 2024	$	237	$	4,282	$	8,409	$	2,930	$	1,839	$	1,421	$	19,118
Additions (cash and non-cash)	18		364		1,382		832		46		270		2,912
Dispositions (1) (2)	(6)		(1,969)		(1,466)		(1,419)		(382)		(344)		(5,586)
Acquisitions through business combinations	22		38		35		—		1		20		116
Assets reclassified as held for sale	—		(68)		(180)		—		(6)		(79)		(333)
Foreign currency translation and other	18		146		723		—		128		81		1,096
Balances at December 31, 2025	$	289	$	2,793	$	8,903	$	2,343	$	1,626	$	1,369	$	17,323
Accumulated depreciation and impairment
Balance at January 1, 2024	$	—	$	(589)	$	(2,767)	$	(1,650)	$	(904)	$	(758)	$	(6,668)
Depreciation/depletion/impairment expense	—		(141)		(889)		(236)		(284)		(259)		(1,809)
Dispositions	—		14		505		173		22		438		1,152
Transfers and assets reclassified as held for sale	—		—		1		1,155		—		—		1,156
Foreign currency translation and other	—		36		137		—		78		32		283
Balance at December 31, 2024	$	—	$	(680)	$	(3,013)	$	(558)	$	(1,088)	$	(547)	$	(5,886)
Depreciation/depletion/impairment expense	—		(155)		(913)		(51)		(93)		(233)		(1,445)
Dispositions (1) (2)	—		306		477		150		105		153		1,191
Assets reclassified as held for sale	—		39		57		—		—		46		142
Foreign currency translation and other	—		(37)		(194)		—		(60)		(21)		(312)
Balance at December 31, 2025	$	—	$	(527)	$	(3,586)	$	(459)	$	(1,136)	$	(602)	$	(6,310)
Net book value
December 31, 2024	$	237	$	3,602	$	5,396	$	2,372	$	751	$	874	$	13,232
December 31, 2025	$	289	$	2,266	$	5,317	$	1,884	$	490	$	767	$	11,013

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(1)Includes the deconsolidation of the partnership’s healthcare services operation. See Note 17(b)(i) for additional information.

(2)Includes reclassification of $1,419 million from property, plant and equipment into finance lease receivables related to vessels at the partnership’s offshore oil services.

The carrying value and depreciation/impairment expense of right-of-use assets along with the carrying value of assets subject to operating leases in which the partnership is a lessor as at December 31, 2025 and 2024 are outlined below, by class of underlying asset:

	Year ended December 31, 2025
(US$ MILLIONS)	Land		Buildings		Machinery and equipment		Vessels		Other		Total
Lessee
Right-of-use assets	$	47	$	528	$	167	$	—	$	25	$	767
Depreciation/impairment expense	(7)		(124)		(93)		—		(9)		(233)
Lessor
Assets subject to operating leases	—		16		1,764		1,886		—		3,666

	Year ended December 31, 2024
(US$ MILLIONS)	Land		Buildings		Machinery and equipment		Vessels		Other		Total
Lessee
Right-of-use assets	$	51	$	623	$	174	$	—	$	26	$	874
Depreciation/impairment expense	(6)		(137)		(107)		—		(9)		(259)
Lessor
Assets subject to operating leases	—		15		2,587		2,374		—		4,976

Schedule of detailed information about intangible asset amortization periods

Finite life intangible assets are amortized on a straight-line basis over the following useful lives:

Water and sewage concession rights	Up to 50 years
Brand and trademarks	Up to 40 years
Computer software	Up to 10 years
Customer relationships	Up to 20 years
Proprietary technology	Up to 15 years

Schedule of Classification and measurement of financial assets and liabilities

The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9, Financial Instruments (“IFRS 9”):

	IFRS 9 measurement category	Consolidated statements of financial position account
Financial assets
Cash and cash equivalents	Amortized cost	Cash and cash equivalents
Accounts receivable	Amortized cost	Accounts and other receivable, net
Restricted cash	Amortized cost	Financial assets
Equity securities	FVTPL / FVOCI	Financial assets
Debt securities	Amortized cost / FVTPL / FVOCI	Financial assets
Derivative assets	FVTPL (1)	Financial assets
Other financial assets	Amortized cost / FVTPL / FVOCI	Financial assets
Financial liabilities
Borrowings	Amortized cost	Non-recourse borrowings in subsidiaries of the partnership and Corporate borrowings
Accounts payable and other	Amortized cost	Accounts payable and other
Derivative liabilities	FVTPL (1)	Accounts payable and other

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(1)Derivative assets and liabilities are classified and measured at FVTPL except those designated in hedging relationships.

Schedule of fair value hierarchy levels

Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows:

Level 1 –	Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 –	Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life.
Level 3 –	Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate.