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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)20222021
Changes in defined benefit obligation
Defined benefit obligation at beginning of year$3,034 $3,308 
Defined benefit obligation through business combinations159 107 
Service cost38 33 
Interest cost78 67 
Participant contributions2 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 adjustments51 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)$(2,391)
Fair value of plan assets through business combinations(150)(7)
Interest income(63)(47)
Loss (return) on plan assets (excluding interest income)687 (225)
Foreign currency exchange translation55 152 
Employer contributions(43)(64)
Participant contributions(2)(2)
Employer direct settlements(1)1 
Benefits paid from plan assets128 157 
Benefits paid from employer15 16 
Administrative expenses paid from plan assets10 10 
Fair value of plan assets at end of year$(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 StatesCanadaOtherTotal
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 StatesCanadaOtherTotal
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)20222021
Amounts recognized in profit and loss
Current service cost$38 $41 
Past service cost — (8)
Net interest expense15 20 
Administrative expense10 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 $(225)
Actuarial (gain) loss due to demographic assumption changes(4)15 
Actuarial (gain) loss due to financial assumption changes(853)(123)
Actuarial experience adjustments51 16 
Total expense (gain) recognized in other comprehensive income$(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 3Total
Cash and cash equivalents$46 $4 $— $50 
Equity instruments68 636 — 704 
Debt instruments179 673 20 872 
Real estate1 98 — 99 
Investment funds— 14 — 14 
Fixed insurance contracts14 $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 instruments69 833 — 902 
Debt instruments275 943 105 1,323 
Real Estate— 106 — 106 
Fixed insurance contracts16 1 — 17 
Total plan assets$405 $1,890 $105 $2,400 
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(1)Level 2 assets represent the net asset value of the underlying assets held within investment funds valued by independent third party fund administrators.
(2)Level 3 assets consist of insurance rights and equity and debt instruments held within an investment fund. The assets are valued using non-observable inputs by the plan administrator.
Disclosure of defined benefit plans and significant assumptions The significant actuarial assumptions adopted are as follows:
20222021
Discount rate
0.2% to 7.9%
0.2% to 8.0%
Rate of compensation increase
0.5% to 5.0%
0.0% to 5.0%
Disclosure of sensitivity analysis for actuarial assumptions The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2022:
(US$ MILLIONS, except as noted)Percentage increaseImpact on liabilityPercentage decreaseImpact on liability
Discount rate1%$(200)1%$241
Rate of compensation increase1%$191%$(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 increaseImpact on liabilityPercentage decreaseImpact on liability
Discount rate1%$(387)1%$473
Rate of compensation increase1%$381%$(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 
2024136 
2025139 
2026141 
2027144 
Thereafter4,030 
Total$4,725