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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

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						2021						2020
Corporate borrowings						$	2,719					$	3,158
Non-recourse borrowings						26,534						20,020
Subsidiary and corporate borrowings						29,253						23,178
Preferred shares						20						20
Cash and cash equivalents(1)						(1,924)						(1,393)
Consolidated net debt						27,349						21,805
Total partnership capital						26,391						21,673
Total capital and consolidated net debt						$	53,740					$	43,478
Consolidated net debt to capitalization ratio						51		%				50		%

(1)Includes current marketable securities.

Disclosure of liquidity management

Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows:

US$ MILLIONS(1)						2021						2020
Corporate cash and financial assets						$	683					$	464
Availability under committed credit facilities(2)						3,475						3,475
Commercial paper						(431)						—
Draws on credit facility						—						(1,131)
Deposit from parent						—						(545)
Commitments under credit facility						(12)						(63)
Corporate liquidity						$	3,715					$	2,200

(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, 2021
US$ MILLIONS
Accounts payable and other liabilities						$	2,980					$	46					$	47					$	319					$	3,392
Corporate borrowings						431						—						554						1,754						2,739
Non-recourse borrowings(1)						2,599						2,797						11,335						9,778						26,509
Financial liabilities						1,510						101						122						1,507						3,240
Lease liabilities						459						437						1,169						2,859						4,924
Interest Expense:
Corporate borrowings(2)						96						96						229						837						1,258
Non-recourse borrowings						1,046						968						2,199						2,951						7,164

(1)As of December 31, 2021, approximately $145 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.

(2)Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0%

						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						1,052						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

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:

						2021												2020												2019
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						(1)						1						(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 to the Partnership(1)
						2021												2020												2019
US$ MILLIONS						-10%						10%						-10%						10%						-10%						10%
USD/AUD						$	9					$	(9)					$	4					$	(4)					$	4					$	(4)
USD/EUR						1						(1)						2						(2)						—						—
USD/GBP						11						(11)						5						(5)						7						(7)
USD/CLP						(1)						1						(1)						1						—						—
USD/COP						1						(1)						1						(1)						1						(1)
USD/BRL						18						(18)						15						(15)						18						(18)
USD/CAD						13						(13)						4						(4)						1						(1)
USD/INR						—						—						(3)						3						(2)						2
USD/NZD						—						—						(1)						1						—						—

(1)Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares.

						Impact on Partnership Capital
						2021												2020
US$ MILLIONS						-10%						10%						-10%						10%
USD/AUD						$	32					$	(32)					$	70					$	(70)
USD/EUR						—						—						14						(14)
USD/GBP						27						(27)						105						(105)
USD/CLP						—						—						(5)						5
USD/COP						6						(6)						8						(8)
USD/BRL						154						(154)						158						(158)
USD/CAD						69						(69)						1						(1)
USD/PEN						10						(10)						10						(10)
USD/INR						49						(49)						58						(58)

Disclosure of foreign currency exposure

The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2021 and 2020:

2021
US$ MILLIONS						USD						AUD						GBP						BRL						CAD						EUR						COP						PEN						INR						NZD & Other						Total
Assets:
Current assets						$	1,446					$	394					$	582					$	772					$	775					$	67					$	216					$	98					$	463					$	83					$	4,896
Non-current assets						13,142						3,688						8,831						5,848						22,576						1,272						1,061						1,132						10,836						679						69,065
						$	14,588					$	4,082					$	9,413					$	6,620					$	23,351					$	1,339					$	1,277					$	1,230					$	11,299					$	762					$	73,961
Liabilities:
Current liabilities						$	2,247					$	462					$	792					$	1,307					$	2,670					$	40					$	161					$	17					$	857					$	108					$	8,661
Non-current liabilities						9,292						1,656						5,228						2,931						11,531						154						522						561						6,876						158						38,909
						11,539						2,118						6,020						4,238						14,201						194						683						578						7,733						266						47,570
Non-controlling interest—in operating subsidiaries and preferred unitholders						4,894						518						749						825						6,348						132						512						541						2,277						—						16,796
Non-controlling interest—Redeemable Partnership Units held by Brookfield						(463)						363						664						391						703						254						21						28						323						124						2,408
Non-controlling interest—BIPC exchangeable shares						(264)						206						377						222						400						145						12						16						184						71						1,369
Non-controlling interest—Exchangeable units(1)						(16)						13						23						14						25						9						1						1						11						4						85
Net investment attributable to limited partners and general partner						$	(1,102)					$	864					$	1,580					$	930					$	1,674					$	605					$	48					$	66					$	771					$	297					$	5,733

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

(1)Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details.

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 to the Partnership(1)
						2021												2020												2019
US$ MILLIONS						-10%						10%						-10%						10%						-10%						10%
USD/AUD						$	9					$	(9)					$	4					$	(4)					$	4					$	(4)
USD/EUR						1						(1)						2						(2)						—						—
USD/GBP						11						(11)						5						(5)						7						(7)
USD/CLP						(1)						1						(1)						1						—						—
USD/COP						1						(1)						1						(1)						1						(1)
USD/BRL						18						(18)						15						(15)						18						(18)
USD/CAD						13						(13)						4						(4)						1						(1)
USD/INR						—						—						(3)						3						(2)						2
USD/NZD						—						—						(1)						1						—						—

(1)Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares.

						Impact on Partnership Capital
						2021												2020
US$ MILLIONS						-10%						10%						-10%						10%
USD/AUD						$	32					$	(32)					$	70					$	(70)
USD/EUR						—						—						14						(14)
USD/GBP						27						(27)						105						(105)
USD/CLP						—						—						(5)						5
USD/COP						6						(6)						8						(8)
USD/BRL						154						(154)						158						(158)
USD/CAD						69						(69)						1						(1)
USD/PEN						10						(10)						10						(10)
USD/INR						49						(49)						58						(58)

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