CONTRACTS IN PROGRESS (Tables)

12 Months Ended

Dec. 31, 2021

Construction Contracts [Abstract]

Disclosure of contracts in progress

A summary of the company’s contracts in progress is presented below:

(US$ MILLIONS)	2021		2020		2019
Contract costs incurred to date	$	21,290	$	26,351	$	22,911
Profit recognized to date (less recognized losses)	1,760		1,467		1,833
	23,050		27,818		24,744
Less: progress billings	(24,021)		(28,899)		(25,714)
Contract work in progress (liability)	$	(971)	$	(1,081)	$	(970)
Comprising:
Amounts due from customers — work in progress (1)	$	427	$	481	$	498
Amounts due to customers — creditors (2)	(1,398)		(1,562)		(1,468)
Net work in progress	$	(971)	$	(1,081)	$	(970)

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(1)The change in the balance from December 31, 2020 was due to billed amounts of $6,416 million, additions to work in progress of $6,372 million, acquisitions through business combinations of $1 million, dispositions of $nil and the remaining $11 million due to foreign exchange changes.

(2)The change in the balance from December 31, 2020 was due to recognized revenue of $4,867 million, additions to work in progress of $4,713 million, acquisitions through business combinations of $nil, dispositions of $nil and the remaining $10 million due to foreign exchange changes.