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Post-retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of information about defined benefit plans [abstract]  
Summary of fair value of plan assets
The proportions of the total fair value of assets in the pension plans for each asset class at the balance sheet date were:

20222021
Equities
18.0 %17.6 %
– Quoted
12.3 %13.4 %
– Private
5.7 %4.2 %
Bonds
58.1 %60.2 %
– Government fixed income
24.6 %23.2 %
– Government inflation-linked
5.0 %9.5 %
– Corporate and other publicly quoted
19.6 %20.6 %
– Private
8.9 %6.9 %
Property
10.0 %7.9 %
– Quoted property funds
2.9 %3.4 %
– Unquoted property funds
7.1 %4.5 %
Qualifying insurance policies
9.7 %10.5 %
Cash & other
4.2 %3.8 %
Total100.0 %100.0 %
Summary of maturity of defined benefit obligations
An approximate analysis of the maturity of the obligations is given in the table below:

Pension
benefits		Other
benefits
2022
Total
2021
Total
2020
Total
Proportion relating to current employees
19 %16 %18 %20 %21 %
Proportion relating to former employees not yet retired
9 %0 %9 %11 %11 %
Proportion relating to retirees
72 %84 %73 %69 %68 %
Total100 %100 %100 %100 %100 %
Average duration of obligations (years)
11.411.311.413.814.3
Most of the Group’s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group’s post-employment obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation.
Summary of geographical distribution of defined benefit obligations
An approximate analysis of the geographic distribution of the obligations is given in the table below:
Pension
benefits		Other
benefits
2022
Total
2021
Total
2020
Total
Canada
59 %48 %58 %55 %53 %
UK
25 %1 %24 %28 %28 %
US
8 %48 %10 %10 %10 %
Switzerland
6 %0 %6 %5 %5 %
Other
2 %3 %2 %2 %4 %
Total100 %100 %100 %100 %100 %
Summary of total expense recognised in the income statement
Total expense recognised in the income statement

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
2020
Total
US$m
Current employer service cost for defined benefit plans
(136)(7)(143)(167)(137)
Past service cost— — — (2)(2)
Settlement losses— — — (3)(1)
Net interest on net defined benefit liability
(12)(24)(36)(52)(49)
Non-investment expenses paid from the plans
(13)— (13)(15)(16)
Total defined benefit expense(161)(31)(192)(239)(205)
Current employer service cost for defined contribution and industry-wide plans
(365)(2)(367)(315)(264)
Total expense recognised in the income statement(526)(33)(559)(554)(469)
Summary of total amount recognised in other comprehensive income before tax Total amount recognised in other comprehensive income before tax

2022
US$m
2021
US$m
2020
US$m
Actuarial gains/(losses)3,410 655 (1,242)
Loss on application of asset ceiling(1)— — 
Return on assets, net of interest on assets
(2,831)371 768 
Re-measurement gains/(losses) on pension and post-retirement healthcare plans578 1,026 (474)
Summary of amount recognised in balance sheet The following amounts were measured in accordance with IAS 19 at 31 December:

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
Total fair value of plan assets
10,708 — 10,708 14,700 
Present value of obligations – funded
(10,226)— (10,226)(14,462)
Present value of obligations – unfunded
(329)(622)(951)(1,266)
Present value of obligations – total(10,555)(622)(11,177)(15,728)
Effect of asset ceiling(1)— (1)— 
Net surplus/(deficit) to be shown in the balance sheet152 (622)(470)(1,028)
Comprising:
– Deficits
(672)(622)(1,294)(2,098)
– Surpluses824 — 824 1,070 
Net surplus/(deficit) on pension plans152 — 152 (194)
Unfunded post-retirement healthcare obligation— (622)(622)(834)
Summary of funding policy and contributions to plans The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum level required in each country. In Canada and the US the minimum level is prescribed by legislation. In the UK and Switzerland the minimum level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether to provide funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity’s tax situation and any strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements.

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
2020
Total
US$m
Contributions to defined benefit plans
171 40 211 464 201 
Contributions to defined contribution plans361 2 363 311 261 
Total532 42 574 775 462 
Summary of movement in net defined benefit liability
A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets.

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
Change in the net defined benefit liability
Net defined benefit liability at the start of the year
(194)(834)(1,028)(2,273)
Amounts recognised in income statement(161)(31)(192)(239)
Amounts recognised in other comprehensive income397 181 578 1,026 
Employer contributions
171 40 211 464 
Assets transferred to defined contribution section
(4)— (4)(4)
Currency exchange rate (losses)/gains(57)22 (35)(2)
Net defined benefit surplus/(liability) at the end of the year152 (622)(470)(1,028)

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
Change in present value of obligation
Present value of obligation at the start of the year
(14,894)(834)(15,728)(17,178)
Current employer service costs
(136)(7)(143)(167)
Past service cost
— — — (2)
Settlements
— — — 380 
Interest on obligation
(346)(24)(370)(328)
Contributions by plan participants
(20)— (20)(22)
Benefits paid
743 40 783 837 
Experience (losses)/gains(177)7 (170)89 
Changes in financial assumptions gains3,390 173 3,563 521 
Changes in demographic assumptions gains16 1 17 45 
Currency exchange rate gains869 22 891 97 
Present value of obligation at the end of the year(10,555)(622)(11,177)(15,728)

Pension
benefits
US$m		Other
benefits
US$m
2022
Total
US$m
2021
Total
US$m
Change in plan assets
Fair value of plan assets at the start of the year
14,700 — 14,700 14,905 
Settlements
— — — (383)
Interest on assets
334 — 334 276 
Contributions by plan participants
20 — 20 22 
Contributions by employer
171 40 211 464 
Benefits paid
(743)(40)(783)(837)
Non-investment expenses
(13)— (13)(15)
Return on plan assets, net of interest on assets(2,831)— (2,831)371 
Assets transferred to defined contribution section
(4)— (4)(4)
Currency exchange rate losses(926)— (926)(99)
Fair value of plan assets at the end of the year10,708 — 10,708 14,700 
Summary of main assumptions rate for valuations of plans and sensitivity analysis
CanadaUKUSSwitzerland
At 31 December 2022
Discount rate
5.0 %4.9 %5.3 %2.3 %
Long-term inflation(a)
2.1 %3.3 %2.4 %1.2 %
Rate of increase in pensions
0.5 %2.8 %— %3.4 %
At 31 December 2021
Discount rate
2.9 %1.9 %2.8 %0.3 %
Long-term inflation(a)
1.9 %3.4 %2.4 %0.9 %
Rate of increase in pensions
0.3 %2.9 %— %1.8 %
(a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2022 was 2.7% (2021: 2.7%).
20222021
Approximate
(increase)/decrease in obligations		Approximate
(increase)/
decrease in obligations
AssumptionChange in assumptionPensions
US$m		Other
US$m		Pensions
US$m		Other
US$m
Discount rate
Increase of 0.5 percentage points
483 32 854 51 
Decrease of 0.5 percentage points
(510)(34)(915)(55)
Long-term inflation
Increase of 0.5 percentage points
(174)(10)(393)(14)
Decrease of 0.5 percentage points
168 9 374 13 
Demographic – allowance for future improvements in longevity
Participants assumed to have the mortality rates of individuals who are one year older
241 8 441 15 
Participants assumed to have the mortality rates of individuals who are one year younger
(241)(8)(441)(15)