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CAPITAL MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of Capital Management [Abstract]

We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes.


	As of
US$ MILLIONS	June 30, 2023		December 31, 2022
Partnership Capital	$	28,623	$	25,554
Remove impact of the following items since inception:
Non-controlling interest - in operating subsidiaries	(18,640)		(15,320)
Deficit	3,746		3,422
Accumulated other comprehensive income	(880)		(817)
Ownership changes and other	(560)		(558)
Invested Capital	$	12,289	$	12,281

The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2023 and 2022:


	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2023		2022		2023		2022
Opening balance	$	12,287	$	12,272	$	12,281	$	12,195
Net redemption of preferred units	—		—		—		(220)


Issuance of perpetual subordinated notes	—		—		—		293
Issuance of limited partnership units	2		4		8		8
Ending balance	$	12,289	$	12,276	$	12,289	$	12,276
Weighted Average Invested Capital(1)	$	12,287	$	12,272	$	12,284	$	12,262

1.For the purposes of calculating Weighted Average Invested Capital for the six-month period ended June 30, 2022, redemption of preferred units and issuance of perpetual subordinated notes of $220 million and $293 million, respectively, were assumed to have been completed concurrently in January of 2022