Other Liabilities

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

11. Other Liabilities

11.A Composition of Other Liabilities


As at December 31,	2023			2022
				(restated, see Note 2)
Accounts payable		$	2,493		$	2,354
Bank overdrafts and cash pooling		—			6
Repurchase agreements (Note 5)		2,705			2,725
Accrued expenses and taxes		4,433			4,002
Credit facilities(1)		2,330			2,339
Borrowed funds(2)		333			403

Accrued post-retirement benefit liability (Note 24)		355			268
Secured borrowings from mortgage securitization (Note 5)		2,119			2,158
Lease liabilities		989			952
Other financial liabilities (Note 5)(3)		2,449			1,996
Obligations for securities borrowing		223			73
Collateralized loan obligations (Note 5)		3,247			2,816
Deferred payments liability		240			299
Other(1)		1,739			1,718
Total other liabilities		$	23,655		$	22,109

(1) Interest expense on credit facilities and other borrowings was $167 and $52 for 2023 and 2022, respectively.

(2) The change in Borrowed funds relates to net cash flow changes of $(72) in 2023 (2022 — $(34)) and foreign exchange rate movements of $2 in 2023 (2022 — $8).

(3) Comprises of financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI. Interest expense on financial liabilities related to acquisitions was $91 in 2023 (2022 — $68).

Other financial liabilities include contingent consideration payments and obligations to purchase remaining outstanding shares of certain SLC Management subsidiaries. These amounts are initially measured at fair value. For obligations to purchase remaining outstanding shares, the fair value is based on the expected average EBITDA using multiples in accordance with contractual terms as described in Note 5.A.iii. During the year, these amounts were revised to reflect the change in expected cash flows, resulting in an increase in our liability of $48 (2022 — $96), which has been recognized in the Consolidated Statements of Operations.

11.B Borrowed Funds

Borrowed funds include the following:


As at December 31,	Currency of borrowing	Maturity	2023			2022
Encumbrances on real estate	Cdn. dollars	Current — 2029		$	258		$	326
Encumbrances on real estate	U.S. dollars	2024		75			77
Total borrowed funds				$	333		$	403

Interest expense on the borrowed funds was $14 and $15 for 2023 and 2022, respectively. The aggregate maturities of borrowed funds are included in Note 6.