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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial Instruments [Abstract] |
Disclosure of capital structure | The capital structure of Brookfield Infrastructure consists of debt, offset by cash and cash equivalents, and partnership capital comprised of issued capital and accumulated gains.
US$ MILLIONS |  | 2020 |  | 2019
Corporate borrowings |  | $ | 3,158 |  |  | $ | 2,475 |
Non-recourse borrowings |  | 20,020 |  |  | 18,544 |
Subsidiary and corporate borrowings |  | 23,178 |  |  | 21,019 |
Preferred shares |  | 20 |  |  | 20 |
Cash and cash equivalents(1) |  | (1,393) |  |  | (969) |
Net debt |  | 21,805 |  |  | 20,070 |
Total partnership capital |  | 21,673 |  |  | 22,177 |
Total capital and net debt |  | $ | 43,478 |  |  | $ | 42,247 |
Net debt to capitalization ratio |  | 50 | % |  | 48 | %
(1)Includes marketable securities.
Disclosure of liquidity management | Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows:
US$ MILLIONS(1) |  | 2020 |  | 2019
Corporate cash and financial assets |  | $ | 464 |  |  | $ | 273 |
Availability under committed credit facilities(2) |  | 3,475 |  |  | 2,475 |
Draws on credit facility |  | (1,131) |  |  | (820) |
Deposit from parent |  | (545) |  |  | — |
Commitments under credit facility |  | (63) |  |  | (54) |
Corporate liquidity |  | $ | 2,200 |  |  | $ | 1,874 |
(1)Liquidity managed by Brookfield Infrastructure L.P. and affiliated corporate entities. (2)Includes a $1.975 billion committed corporate credit facility, a $500 million credit facility with Brookfield and an incremental $1.0 billion syndicated revolving credit facility. Refer to Note 19, Borrowings, for further details.
Disclosure of maturity analysis for financial liabilities | The following tables detail the contractual maturities for Brookfield Infrastructure’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which Brookfield Infrastructure can be required to pay. The tables include both interest and principal cash flows:
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2020 |  |  |  |  |
US$ MILLIONS |  |  |  |  |
Accounts payable and other liabilities |  | $ | 2,346 |  |  | $ | 27 |  |  | $ | 71 |  |  | $ | 301 |  |  | $ | 2,745 |
Corporate borrowings |  | — |  |  | — |  |  | 1,681 |  |  | 1,492 |  |  | 3,173 |
Non-recourse borrowings(1) |  | 1,052 |  |  | 881 |  |  | 8,336 |  |  | 9,908 |  |  | 20,177 |
Financial liabilities |  | 696 |  |  | 1,138 |  |  | 350 |  |  | 1,190 |  |  | 3,374 |
Lease liabilities |  | 279 |  |  | 247 |  |  | 647 |  |  | 3,685 |  |  | 4,858 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Corporate borrowings |  | 72 |  |  | 72 |  |  | 163 |  |  | 170 |  |  | 477 |
Non-recourse borrowings |  | 853 |  |  | 811 |  |  | 1,970 |  |  | 2,592 |  |  | 6,226 |
(1)As of December 31, 2020, approximately $540 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2019 |  |  |  |  |
US$ MILLIONS |  |  |  |  |
Accounts payable and other liabilities |  | $ | 1,626 |  |  | $ | 29 |  |  | $ | 31 |  |  | $ | 187 |  |  | $ | 1,873 |
Corporate borrowings |  | — |  |  | — |  |  | 1,705 |  |  | 770 |  |  | 2,475 |
Non-recourse borrowings |  | 1,405 |  |  | 1,019 |  |  | 7,110 |  |  | 9,142 |  |  | 18,676 |
Financial liabilities |  | 327 |  |  | 293 |  |  | 1,080 |  |  | 473 |  |  | 2,173 |
Lease liabilities |  | 223 |  |  | 194 |  |  | 475 |  |  | 1,903 |  |  | 2,795 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Corporate borrowings |  | 74 |  |  | 74 |  |  | 165 |  |  | 123 |  |  | 436 |
Non-recourse borrowings |  | 715 |  |  | 660 |  |  | 1,762 |  |  | 2,483 |  |  | 5,620 |
Disclosure of sensitivity analysis for interest rate and foreign exchange risk | The sensitivity analyses below reflect Brookfield Infrastructure’s exposure to interest rates for both derivative and non-derivative instruments at the reporting date, assuming that a 10 basis point increase or decrease in rates takes place at the beginning of the financial year and is held constant throughout the reporting period. The sensitivity analyses assume a 10 basis point change to reflect the current methodology employed by Brookfield Infrastructure in assessing interest rate risk. Such parallel shift in the yield curve by 10 basis points would have had the following impact, assuming all other variables were held constant:
|  | 2020 |  | 2019 |  | 2018
US$ MILLIONS |  | 10 bp decrease |  | 10 bp increase |  | 10 bp decrease |  | 10 bp increase |  | 10 bp decrease |  | 10 bp increase
Net income |  | $ | 1 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (1) |
Other comprehensive income (loss) |  | (1) |  |  | 1 |  |  | (2) |  |  | 2 |  |  | (2) |  |  | 2 |
The following tables detail Brookfield Infrastructure’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: •Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; •Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and •The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts).
|  | Impact on Net Income
|  | 2020 |  | 2019 |  | 2018
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 4 |  |  | $ | (4) |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | (20) |  |  | $ | 20 |
USD/EUR |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | (19) |  |  | 19 |
USD/GBP |  | 5 |  |  | (5) |  |  | 7 |  |  | (7) |  |  | (11) |  |  | 11 |
USD/CLP |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | (3) |  |  | 3 |
USD/COP |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |
USD/BRL |  | 15 |  |  | (15) |  |  | 18 |  |  | (18) |  |  | 10 |  |  | (10) |
USD/CAD |  | 4 |  |  | (4) |  |  | 1 |  |  | (1) |  |  | (2) |  |  | 2 |
USD/INR |  | (3) |  |  | 3 |  |  | (2) |  |  | 2 |  |  | (1) |  |  | 1 |
USD/NZD |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Impact on Partnership Capital
|  | 2020 |  | 2019 |  |
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  |  |  |
USD/AUD |  | $ | 70 |  |  | $ | (70) |  |  | $ | 12 |  |  | $ | (12) |  |  |  |  |
USD/EUR |  | 14 |  |  | (14) |  |  | — |  |  | — |  |  |  |  |
USD/GBP |  | 105 |  |  | (105) |  |  | — |  |  | — |  |  |  |  |
USD/CLP |  | (5) |  |  | 5 |  |  | (24) |  |  | 24 |  |  |  |  |
USD/COP |  | 8 |  |  | (8) |  |  | 2 |  |  | (2) |  |  |  |  |
USD/BRL |  | 158 |  |  | (158) |  |  | 227 |  |  | (227) |  |  |  |  |
USD/CAD |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  |  |  |
USD/PEN |  | 10 |  |  | (10) |  |  | 11 |  |  | (11) |  |  |  |  |
USD/INR |  | 58 |  |  | (58) |  |  | 27 |  |  | (27) |  |  |  |  |
Disclosure of foreign currency exposure | The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2020 and 2019:
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$ MILLIONS |  | USD |  | AUD |  | GBP |  | BRL |  | CLP |  | CAD |  | EUR |  | COP |  | PEN |  | INR |  | NZD & Other |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 805 |  |  | $ | 314 |  |  | $ | 471 |  |  | $ | 420 |  |  | $ | 126 |  |  | $ | 492 |  |  | $ | 145 |  |  | $ | 216 |  |  | $ | 105 |  |  | $ | 573 |  |  | $ | 44 |  |  | $ | 3,711 |
Non-current assets |  | 14,313 |  |  | 4,042 |  |  | 8,939 |  |  | 5,210 |  |  | 834 |  |  | 9,334 |  |  | 903 |  |  | 1,256 |  |  | 1,247 |  |  | 10,979 |  |  | 563 |  |  | 57,620 |
|  | $ | 15,118 |  |  | $ | 4,356 |  |  | $ | 9,410 |  |  | $ | 5,630 |  |  | $ | 960 |  |  | $ | 9,826 |  |  | $ | 1,048 |  |  | $ | 1,472 |  |  | $ | 1,352 |  |  | $ | 11,552 |  |  | $ | 607 |  |  | $ | 61,331 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 1,875 |  |  | $ | 446 |  |  | $ | 877 |  |  | $ | 214 |  |  | $ | 125 |  |  | $ | 602 |  |  | $ | 24 |  |  | $ | 246 |  |  | $ | 438 |  |  | $ | 620 |  |  | $ | 57 |  |  | $ | 5,524 |
Non-current liabilities |  | 10,887 |  |  | 1,842 |  |  | 4,939 |  |  | 2,970 |  |  | 1,148 |  |  | 4,994 |  |  | 118 |  |  | 478 |  |  | 212 |  |  | 6,389 |  |  | 157 |  |  | 34,134 |
|  | 12,762 |  |  | 2,288 |  |  | 5,816 |  |  | 3,184 |  |  | 1,273 |  |  | 5,596 |  |  | 142 |  |  | 724 |  |  | 650 |  |  | 7,009 |  |  | 214 |  |  | 39,658 |
Non-controlling interest—in operating subsidiaries and preferred unitholders |  | 5,186 |  |  | 488 |  |  | 726 |  |  | 871 |  |  | (335) |  |  | 4,020 |  |  | — |  |  | 636 |  |  | 591 |  |  | 2,901 |  |  | — |  |  | 15,084 |
Non-controlling interest—Redeemable Partnership Units held by Brookfield |  | (725) |  |  | 405 |  |  | 734 |  |  | 403 |  |  | 6 |  |  | 54 |  |  | 232 |  |  | 29 |  |  | 28 |  |  | 420 |  |  | 101 |  |  | 1,687 |
Non-controlling interest—BIPC exchangeable shares |  | (275) |  |  | 153 |  |  | 278 |  |  | 153 |  |  | 2 |  |  | 20 |  |  | 88 |  |  | 11 |  |  | 11 |  |  | 159 |  |  | 38 |  |  | 638 |
Non-controlling interest—Exchange LP |  | (5) |  |  | 3 |  |  | 5 |  |  | 3 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 3 |  |  | 1 |  |  | 12 |
Net investment attributable to limited partners and general partner |  | $ | (1,825) |  |  | $ | 1,019 |  |  | $ | 1,851 |  |  | $ | 1,016 |  |  | $ | 14 |  |  | $ | 136 |  |  | $ | 584 |  |  | $ | 72 |  |  | $ | 72 |  |  | $ | 1,060 |  |  | $ | 253 |  |  | $ | 4,252 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$ MILLIONS |  | USD |  | AUD |  | GBP |  | BRL |  | CLP |  | CAD |  | EUR |  | COP |  | PEN |  | INR |  | NZD & Other |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 1,232 |  |  | $ | 1,914 |  |  | $ | 430 |  |  | $ | 456 |  |  | $ | 95 |  |  | $ | 316 |  |  | $ | 23 |  |  | $ | 971 |  |  | $ | 122 |  |  | $ | 231 |  |  | $ | 51 |  |  | $ | 5,841 |
Non-current assets |  | 14,594 |  |  | 5,488 |  |  | 7,195 |  |  | 6,889 |  |  | 821 |  |  | 8,541 |  |  | 764 |  |  | 1,166 |  |  | 1,337 |  |  | 3,143 |  |  | 529 |  |  | 50,467 |
|  | $ | 15,826 |  |  | $ | 7,402 |  |  | $ | 7,625 |  |  | $ | 7,345 |  |  | $ | 916 |  |  | $ | 8,857 |  |  | $ | 787 |  |  | $ | 2,137 |  |  | $ | 1,459 |  |  | $ | 3,374 |  |  | $ | 580 |  |  | $ | 56,308 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 1,345 |  |  | $ | 1,530 |  |  | $ | 749 |  |  | $ | 211 |  |  | $ | 68 |  |  | $ | 456 |  |  | $ | 24 |  |  | $ | 724 |  |  | $ | 19 |  |  | $ | 265 |  |  | $ | 48 |  |  | $ | 5,439 |
Non-current liabilities |  | 8,908 |  |  | 3,703 |  |  | 4,211 |  |  | 3,448 |  |  | 1,112 |  |  | 4,639 |  |  | 73 |  |  | 314 |  |  | 683 |  |  | 1,482 |  |  | 119 |  |  | 28,692 |
|  | 10,253 |  |  | 5,233 |  |  | 4,960 |  |  | 3,659 |  |  | 1,180 |  |  | 5,095 |  |  | 97 |  |  | 1,038 |  |  | 702 |  |  | 1,747 |  |  | 167 |  |  | 34,131 |
Non-controlling interest—in operating subsidiaries and preferred unitholders |  | 5,704 |  |  | 475 |  |  | 754 |  |  | 1,414 |  |  | (320) |  |  | 4,066 |  |  | — |  |  | 957 |  |  | 638 |  |  | 1,360 |  |  | — |  |  | 15,048 |
Non-controlling interest—Redeemable Partnership Units held by Brookfield |  | (37) |  |  | 485 |  |  | 547 |  |  | 650 |  |  | 16 |  |  | (87) |  |  | 197 |  |  | 41 |  |  | 34 |  |  | 76 |  |  | 117 |  |  | 2,039 |
Non-controlling interest—Exchange LP |  | — |  |  | 4 |  |  | 5 |  |  | 6 |  |  | — |  |  | (1) |  |  | 2 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 18 |
Net investment attributable to limited partners and general partner |  | $ | (94) |  |  | $ | 1,205 |  |  | $ | 1,359 |  |  | $ | 1,616 |  |  | $ | 40 |  |  | $ | (216) |  |  | $ | 491 |  |  | $ | 101 |  |  | $ | 85 |  |  | $ | 190 |  |  | $ | 295 |  |  | $ | 5,072 |
The following tables detail Brookfield Infrastructure’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: •Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; •Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and •The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts).
|  | Impact on Net Income
|  | 2020 |  | 2019 |  | 2018
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 4 |  |  | $ | (4) |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | (20) |  |  | $ | 20 |
USD/EUR |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | (19) |  |  | 19 |
USD/GBP |  | 5 |  |  | (5) |  |  | 7 |  |  | (7) |  |  | (11) |  |  | 11 |
USD/CLP |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | (3) |  |  | 3 |
USD/COP |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |
USD/BRL |  | 15 |  |  | (15) |  |  | 18 |  |  | (18) |  |  | 10 |  |  | (10) |
USD/CAD |  | 4 |  |  | (4) |  |  | 1 |  |  | (1) |  |  | (2) |  |  | 2 |
USD/INR |  | (3) |  |  | 3 |  |  | (2) |  |  | 2 |  |  | (1) |  |  | 1 |
USD/NZD |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Impact on Partnership Capital
|  | 2020 |  | 2019 |  |
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  |  |  |
USD/AUD |  | $ | 70 |  |  | $ | (70) |  |  | $ | 12 |  |  | $ | (12) |  |  |  |  |
USD/EUR |  | 14 |  |  | (14) |  |  | — |  |  | — |  |  |  |  |
USD/GBP |  | 105 |  |  | (105) |  |  | — |  |  | — |  |  |  |  |
USD/CLP |  | (5) |  |  | 5 |  |  | (24) |  |  | 24 |  |  |  |  |
USD/COP |  | 8 |  |  | (8) |  |  | 2 |  |  | (2) |  |  |  |  |
USD/BRL |  | 158 |  |  | (158) |  |  | 227 |  |  | (227) |  |  |  |  |
USD/CAD |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  |  |  |
USD/PEN |  | 10 |  |  | (10) |  |  | 11 |  |  | (11) |  |  |  |  |
USD/INR |  | 58 |  |  | (58) |  |  | 27 |  |  | (27) |  |  |  |  |

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