Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 143

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 143
---
 ended December 31, 2024 compared to $3,596 million for the year ended December 31, 2023. The decrease was primarily due to reduced borrowings within our operations as a result of dispositions and the impact of refinancings which lowered the cost of debt at select operations.

Amounts attributable to non-controlling interests increased by $500 million to $5,417 million for the year ended December 31, 2024 compared to $4,917 million for the year ended December 31, 2023. The increase is primarily due to non-controlling interest’s share of the $1,341 million tax benefits recognized at our advanced energy storage operation. The benefit was recorded as a reduction to direct operating costs in the current year. This increase was partially offset by the disposition of our road fuels operation in July 2024, combined with the deconsolidation of our payment processing services operation and the impact of business dispositions completed in the current and prior year.

2023 vs. 2022

Depreciation and amortization expense includes depreciation of PP& E, amortization of intangible assets and depletion related to our energy assets. The depreciation and amortization expense in our infrastructure services segment is mainly due to the amortization of intangibles and depreciation at our nuclear technology services operation, the amortization of intangibles at our modular building leasing services and our lottery services operation, and the depreciation of vessels at our offshore oil services. The depreciation and amortization expense in our industrials segment is primarily related to the depreciation of PP& E and amortization of intangibles at our advanced energy storage operation and our engineered components manufacturing operation. Depreciation and amortization expense in our business services segment is primarily due to amortization of intangible assets in our dealer software and technology services operation. Depreciation and amortization expense is generally consistent period-over-period with large changes typically attributable to the addition or disposal of depreciable assets and the impact of foreign exchange movements.

Depreciation and amortization expense increased $369 million to $3,592 million for the year ended December 31, 2023 compared to $3,223 million for the year ended December 31, 2022. The increase is primarily due to PP& E additions, combined with a full period of depreciation and amortization expense associated with business acquisitions completed in the prior year.

Impairment reversal (expense), net increased by $840 million to an impairment expense of $831 million for the year ended