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BORROWINGS | 12 Months Ended
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Dec. 31, 2020
Financial Instruments [Abstract] |
BORROWINGS | BORROWINGS (a)Non-Recourse Borrowings The current and non-current balances of non-recourse borrowings are as follows:
|  | As of
US$ MILLIONS |  | Dec. 31, 2020 |  | Dec. 31, 2019
Current |  | $ | 11 |  |  | $ | — |
Non-current |  | 3,466 |  |  | 3,526 |
Total |  | $ | 3,477 |  |  | $ | 3,526 |
Non-recourse borrowings have decreased by $49 million since December 31, 2019. The decrease is attributable to a decrease in foreign denominated debt as the Brazilian real depreciated relative to the U.S. dollar during the year ended December 31, 2020. The decrease was partially offset by additional net borrowings of $171 million associated with growth initiatives. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Total
2021 |  | $ | 12 |
2022 |  | — |
2023 |  | 1,335 |
2024 |  | 109 |
2025 |  | 157 |
Thereafter |  | 1,873 |
Total principal repayments |  | 3,486 |
Deferred financing costs and other |  | (9) |
Total - Dec. 31, 2020 |  | $ | 3,477 |
Total - Dec. 31, 2019 |  | $ | 3,526 |
The weighted average interest rates of non-recourse borrowings are as follows:
|  | As of December 31,
|  | 2020 |  | 2019
Weighted average interest rates |  | 3 | % |  | 5 | %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2020 |  | Local Currency |  | Dec. 31, 2019 |  | Local Currency
U.S. dollars |  | $ | 300 |  |  | USD |  | 300 |  |  | $ | 300 |  |  | USD |  | $ | 300 |
British pounds |  | 2,174 |  |  | GBP |  | 1,590 |  |  | 1,936 |  |  | GBP |  | 1,460 |
Brazilian real |  | 1,012 |  |  | BRL |  | 5,260 |  |  | 1,290 |  |  | BRL |  | 5,200 |
(b)Supplemental Information Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS |  | Dec. 31, 2020 |  | Cash Flows |  | Foreign Exchange Movement |  | Dec. 31, 2019
Non-recourse borrowings |  | 3,477 |  |  | 171 |  |  | (220) |  |  | 3,526 |
US$ MILLIONS |  | Dec. 31, 2019 |  | Cash Flows |  | Foreign Exchange Movement |  | Dec. 31, 2018
Non-recourse borrowings |  | 3,526 |  |  | 261 |  |  | 19 |  |  | 3,246 |

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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