Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 120

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 120
---
 related to a fair value adjustment as a result of the reclassification of our graphite electrode operation as a financial asset, $93 million of net revaluation gains, $246 million of business separation expenses, stand-up costs and restructuring charges, $116 million in transaction costs, $446 million of net gains on debt modification and extinguishment and $108 million of other expenses. For the year ended December 31, 2022, the components of other income (expense), net include $251 million of net revaluation losses, $296 million of business separation expenses, stand-up costs and restructuring charges, $146 million in transaction costs, $36 million of net gains on the sale of property, plant and equipment and $1 million of other expense.

Income tax (expense) recovery

For the year ended December 31, 2023, current income tax expense increased by $317 million to $775 million, compared to $458 million for the year ended December 31, 2022. The increase in current income tax expense was primarily due to an increase in profitability and realized gains within our dealer software and technology services operation and our advanced energy storage operation, combined with the timing of taxation of the contractual service margin recorded on transition to IFRS 17 at our residential mortgage insurer. Deferred income tax recovery increased by $53 million to $830 million, compared to $777 million for the year ended December 31, 2022. The increase in deferred income tax recovery was primarily due to the transition to IFRS 17 by our residential mortgage insurer and the reduction of the deferred tax liability recognized on acquisition of our dealer software and technology services operation. These factors were partially offset by the recognition of a deferred tax asset of $392 million at our nuclear technology services operations in 2022 as a result of our partnership determining there was sufficient positive evidence to support the probability of future taxable profit in the business due to significant cumulative earnings in the operations for three consecutive years, a forecast of positive future earnings supported by long-term customer contracts and planned future growth opportunities, and an expectation that the tax attributes will be utilized prior to expiry.

  Brookfield Business Partners      79  

Summary of Results

Quarterly results

Total revenues and net income (loss) for the eight most recent quarters were as follows:

                                                                      2024                             2022                                    
                                                                      Q4         Q2         Q1         Q4         Q3         Q2         Q1     
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────