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DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
The partnership’s activities expose it to a variety of financial risks, including market risk (currency risk, interest rate risk, commodity risk and equity price risk), credit risk and liquidity risk. The partnership selectively uses derivative financial instruments principally to manage these risks.
The following tables summarizes the aggregate notional amounts of the partnership’s derivative positions as at December 31, 2022 and 2021:
(US$ MILLIONS, except as noted)20222021
Foreign exchange contracts $8,332 $12,591 
Cross currency swaps726 271 
Interest rate derivatives7,592 14,686 
Equity derivatives17 69 
$16,667 $27,617 
Commodity instruments20222021
Oil based fuel (Cbm - millions)14.0217.11
Natural gas (Mcf - millions)65.3890.37
Lead (metric tons)71,883 69,427 
Tin (metric tons)2,540 2,454 
Polypropylene (metric tons)28,078 24,129 
Foreign exchange contracts
The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2022 and 2021. The notional amounts as at December 31, 2022 and 2021 include both buy and sell contracts.
Notional amountAverage exchange rate
(US$ MILLIONS, except as noted)2022202120222021
Foreign exchange contracts
Australian dollars$1,115 $963 1.481.40 
Brazilian real637 473 6.29 5.73 
British pounds576 1,129 0.85 0.75 
Canadian dollars1,683 2,916 1.35 1.26 
Euros2,209 3,847 0.94 0.87 
Indian rupees372 465 84.82 78.30 
Swedish krona1,086 1,475 9.78 9.08 
U.S dollars392 657 1.00 1.00 
Other262 666 
$8,332 $12,591 
Other Information Regarding Derivative Financial Instruments
The following table presents the notional amounts underlying the partnership’s derivative instruments by term to maturity as at December 31, 2022 and the comparative notional amounts as at December 31, 2021, for both derivatives that are classified as FVTPL and derivatives that qualify for hedge accounting:
20222021
(US$ MILLIONS)< 1 Year1-5 Years5+ YearsTotal notional amountTotal notional amount
Fair value through profit or loss
Foreign exchange contracts$3,236 $305 $118 $3,659 $5,759 
Cross currency swaps20 100 109 229 271 
Interest rate derivatives— 7 — 7 6,094 
Equity derivatives8 5 4 17 69 
Designated for hedge accounting
Foreign exchange contracts855 3,818 — 4,673 6,832 
Cross currency swaps— 497 — 497 — 
Interest rate derivatives— 7,585 — 7,585 8,592 
$4,119 $12,317 $231 $16,667 $27,617