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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
Maturity(2)
Annual Rate(2)
Currency20222021
Corporate revolving credit facilityJune 29, 2027
SOFR plus 1.2%
US$$96 $— 
Commercial PaperJanuary 24, 20235.0%US$464 431 
Non-Current:
Medium Term Notes(1):
Public - CanadianFebruary 22, 20243.3%C$222 237 
Public - CanadianFebruary 22, 20243.3%C$295 317 
Public - CanadianNovember 14, 20275.6%C$332 — 
Public - CanadianSeptember 11, 20284.2%C$517 554 
Public - CanadianOctober 9, 20293.4%C$517 554 
Public - CanadianSeptember 1, 20322.9%C$369 396 
Public - CanadianFebruary 14, 20336.0%C$185 — 
Public - CanadianApril 25, 20345.4%C$295 — 
Public - CanadianApril 25, 20525.8%C$147 — 
Subordinated notes(1)
Public - United StatesMay 24, 20815.0%US$250 250 
3,689 2,739 
Deferred financing costs and other(23)(20)
Total$3,666 $2,719 
(1)See Note 21, Subsidiary Public Issuers, for further details.
(2)Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of December 31, 2022.
The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS20222021
Current$2,567 $2,701 
Non-current24,000 23,833 
Total$26,567 $26,534 
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
2023(1)
$632 $221 $1,507 $245 $2,605 
20241,361 484 685 197 2,727 
2025946 232 1,175 800 3,153 
2026871 2,637 861 507 4,876 
2027893 654 1,101 293 2,941 
Thereafter4,039 756 3,587 2,052 10,434 
Total principal repayments(2)
8,742 4,984 8,916 4,094 26,736 
Deferred financing costs and other(40)(60)105 (174)(169)
Total - Dec. 31, 2022$8,702 $4,924 $9,021 $3,920 $26,567 
Total - Dec. 31, 2021$7,951 $5,309 $9,490 $3,784 $26,534 
(1)Includes commercial paper obligations of $1.2 billion at our Canadian diversified midstream operation.
(2)As of December 31, 2022, approximately $31 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.
The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS
Utilities(1)
TransportMidstreamDataTotal
Dec. 31, 20228 %5 %3 %7 %5 %
Dec. 31, 20214 %5 %6 %7 %6 %
(1)Excluding the impact of the variable interest in our Brazilian assets, the weighted average interest rate of non-recourse borrowings would be 4% as at December 31, 2022.
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as notedDec. 31, 2022Local CurrencyDec. 31, 2021Local Currency
Canadian dollars$9,115 CAD$12,348 $9,257 CAD$11,698 
U.S. dollars8,198 USD8,198 7,376 USD7,376 
Indian rupees3,249 INR268,512 3,650 INR272,388 
British pounds3,151 GBP2,608 3,067 GBP2,266 
Brazilian real(1)
1,543 BRL8,049 1,840 BRL10,268 
Australian dollars525 AUD771 468 AUD644 
Colombian pesos405 COP1,966,019 394 COP1,621,399 
Peruvian soles410 PEN1,561 380 PEN1,521 
New Zealand dollars80 NZD126 41 NZD60 
Euro60 EUR56 36 EUR32 
(1)See Note 5, Disposition of Businesses, for additional information.
Disclosure of reconciliation of liabilities arising from financing activities
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS2021
Cash Flows(1)
Acquisitions/
Dispositions(1)
Held for Sale(2)
Foreign Exchange Movement and Other2022
Corporate borrowings$2,719 $1,124 $— $— $(177)$3,666 
Non-recourse borrowings26,534 2,493 (597)(394)(1,469)26,567 
(1)Cash flows related to net corporate level debt raised and acquisition of individually insignificant operations have been presented within Acquisitions/Dispositions. Refer to Note 7, Acquisition of Businesses, and Note 5, Disposition of Businesses, for further details.
(2)Refer to Note 6. Assets and Liabilities Classified as Held for Sale, for further details.