POST-EMPLOYMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefits [Abstract]

Disclosure of net defined benefit liability (asset)

The following table shows the changes in the present value of the defined benefit pension plan obligation and the fair values of plan assets as at December 31, 2022 and 2021:

(US$ MILLIONS)	2022		2021
Changes in defined benefit obligation
Defined benefit obligation at beginning of year	$	3,034	$	3,308
Defined benefit obligation through business combinations	159		107
Service cost	38		33
Interest cost	78		67
Participant contributions	2		2
Foreign currency exchange translation	(4)		(218)
Actuarial (gain) loss due to financial assumption changes	(853)		(123)
Actuarial (gain) loss due to demographic assumption changes	(4)		15
Actuarial experience adjustments	51		16
Benefits paid from plan assets	(127)		(157)
Benefits paid from employer	(20)		(16)
Defined benefit obligation at end of year	$	2,354	$	3,034
Changes in fair value of plan assets
Fair value of plan assets at beginning of year	$	(2,400)	$	(2,391)
Fair value of plan assets through business combinations	(150)		(7)
Interest income	(63)		(47)
Loss (return) on plan assets (excluding interest income)	687		(225)
Foreign currency exchange translation	55		152
Employer contributions	(43)		(64)
Participant contributions	(2)		(2)
Employer direct settlements	(1)		1
Benefits paid from plan assets	128		157
Benefits paid from employer	15		16
Administrative expenses paid from plan assets	10		10
Fair value of plan assets at end of year	$	(1,764)	$	(2,400)
Net asset at end of year	$	—	$	(75)
Net liability at end of year	$	590	$	709

The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2022:

(US$ MILLIONS)	United States		Canada		Other		Total
Defined benefit obligation	$	1,729	$	65	$	560	$	2,354
Fair value of plan assets	(1,348)		(52)		(364)		(1,764)
Net liability	$	381	$	13	$	196	$	590

The following table summarizes the defined benefit pension plan obligation and the fair value of plan assets by geography as at December 31, 2021:

(US$ MILLIONS)	United States		Canada		Other		Total
Defined benefit obligation	$	2,216	$	20	$	798	$	3,034
Fair value of plan assets	(1,867)		—		(533)		(2,400)
Net liability	$	349	$	20	$	265	$	634

The following tables summarize the amounts recognized in respect of these defined benefit pension plans during the years ended December 31, 2022 and 2021:

(US$ MILLIONS)	2022		2021
Amounts recognized in profit and loss
Current service cost	$	38	$	41
Past service cost	—		(8)
Net interest expense	15		20
Administrative expense	10		10
Total expense recognized in profit and loss	$	63	$	63
Amounts recognized in other comprehensive income
Loss (return) on plan assets (excluding net interest expense)	$	687	$	(225)
Actuarial (gain) loss due to demographic assumption changes	(4)		15
Actuarial (gain) loss due to financial assumption changes	(853)		(123)
Actuarial experience adjustments	51		16
Total expense (gain) recognized in other comprehensive income	$	(119)	$	(317)
Total expense (gain) recognized in comprehensive income	$	(56)	$	(254)

Disclosure of fair value of plan assets

The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2022:

(US$ MILLIONS)	Level 1		Level 2 (1)		Level 3		Total
Cash and cash equivalents	$	46	$	4	$	—	$	50
Equity instruments	68		636		—		704
Debt instruments	179		673		20		872
Real estate	1		98		—		99
Investment funds	—		14		—		14
Fixed insurance contracts	14		$	11	—		25
Total plan assets	$	308	$	1,436	$	20	$	1,764

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(1)Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators.

The following table summarizes the fair value of plan assets by category and level in the fair value hierarchy as at December 31, 2021:

(US$ MILLIONS)	Level 1		Level 2 (1)		Level 3 (2)		Total
Cash and cash equivalents	$	45	$	7	$	—	$	52
Equity instruments	69		833		—		902
Debt instruments	275		943		105		1,323
Real Estate	—		106		—		106
Fixed insurance contracts	16		1		—		17
Total plan assets	$	405	$	1,890	$	105	$	2,400

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(1)Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators.

(2)Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator.

Disclosure of defined benefit plans and significant assumptions

The significant actuarial assumptions adopted are as follows:

	2022	2021
Discount rate	0.2% to 7.9%	0.2% to 8.0%
Rate of compensation increase	0.5% to 5.0%	0.0% to 5.0%

Disclosure of sensitivity analysis for actuarial assumptions

The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2022:

(US$ MILLIONS, except as noted)	Percentage increase	Impact on liability	Percentage decrease	Impact on liability
Discount rate	1%	$(200)	1%	$241
Rate of compensation increase	1%	$19	1%	$(18)

The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2021:

(US$ MILLIONS, except as noted)	Percentage increase	Impact on liability	Percentage decrease	Impact on liability
Discount rate	1%	$(387)	1%	$473
Rate of compensation increase	1%	$38	1%	$(34)

Disclosure of future planned benefit payments under post-employment benefit plans

The following table summarizes the undiscounted future planned benefit payments under the partnership’s defined benefit plans as at December 31, 2022:

(US$ MILLIONS)	Future Planned Benefit Payments
2023	$	135
2024	136
2025	139
2026	141
2027	144
Thereafter	4,030
Total	$	4,725