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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

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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