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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial Instruments [Abstract] |
Disclosure of capital structure | The capital structure of our company consists of debt, offset by cash and cash equivalents, exchangeable and class B shares, loans payable to Brookfield Infrastructure and share capital comprised of issued capital and accumulated gains.
US$ MILLIONS |  | 2021 |  | 2020
Non-recourse borrowings |  | $ | 3,556 |  |  | $ | 3,477 |
Cash and cash equivalents |  | (469) |  |  | (192) |
Net debt |  | 3,087 |  |  | 3,285 |
Exchangeable and class B shares |  | 4,466 |  |  | 2,221 |
Loans payable to Brookfield Infrastructure |  | 131 |  |  | 1,143 |
Total equity |  | (1,424) |  |  | (572) |
Total capital and net debt |  | $ | 6,260 |  |  | $ | 6,077 |
Net debt to capitalization ratio |  | 49 | % |  | 54 | %
Disclosure of maturity analysis for financial liabilities | 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 |  | $ | 414 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 416 |
Non-recourse borrowings |  | — |  |  | 1,276 |  |  | 271 |  |  | 2,016 |  |  | 3,563 |
Financial liabilities |  | 995 |  |  | — |  |  | — |  |  | — |  |  | 995 |
Exchangeable and class B shares |  | 4,466 |  |  | — |  |  | — |  |  | — |  |  | 4,466 |
Loans payable to Brookfield Infrastructure |  | 131 |  |  | — |  |  | — |  |  | — |  |  | 131 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Non-recourse borrowings |  | 98 |  |  | 73 |  |  | 195 |  |  | 395 |  |  | 761 |
|  | 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 |  | $ | 240 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 241 |
Non-recourse borrowings |  | 12 |  |  | — |  |  | 1,601 |  |  | 1,873 |  |  | 3,486 |
Financial liabilities |  | 23 |  |  | 969 |  |  | 39 |  |  | — |  |  | 1,031 |
Exchangeable and class B shares |  | 2,221 |  |  | — |  |  | — |  |  | — |  |  | 2,221 |
Loans payable to Brookfield Infrastructure |  | — |  |  | — |  |  | 61 |  |  | 1,082 |  |  | 1,143 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Non-recourse borrowings |  | 84 |  |  | 77 |  |  | 191 |  |  | 424 |  |  | 776 |
Loans payable to Brookfield Infrastructure |  | 52 |  |  | 52 |  |  | 155 |  |  | 217 |  |  | 476 |
Disclosure of sensitivity analysis for interest rate and foreign exchange 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:
|  | December 31,
|  | 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 (loss) |  | $ | 1 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (1) |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
The following tables detail our company’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
|  | 2021 |  | 2020 |  | 2019
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/GBP |  | (6) |  |  | 6 |  |  | (5) |  |  | 5 |  |  | 10 |  |  | (10) |
USD/BRL |  | (15) |  |  | 15 |  |  | (12) |  |  | 12 |  |  | 13 |  |  | (13) |
|  | Impact on Parent Equity
|  | 2021 |  | 2020 |  | 2019
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/GBP |  | (130) |  |  | 130 |  |  | (150) |  |  | 150 |  |  | 131 |  |  | (131) |
USD/BRL |  | (9) |  |  | 9 |  |  | (14) |  |  | 14 |  |  | 34 |  |  | (34) |
Disclosure of foreign currency exposure | The tables below set out our company’s currency exposure at December 31, 2021, 2020 and 2019:
2021 |  |  |  |  |  |
US$ MILLIONS |  | GBP |  | BRL |  | Total
Assets: |  |  |  |  |  |
Current assets |  | $ | 249 |  |  | $ | 668 |  |  | $ | 917 |
Non-current assets |  | 4,961 |  |  | 3,115 |  |  | 8,076 |
|  | $ | 5,210 |  |  | $ | 3,783 |  |  | $ | 8,993 |
Liabilities: |  |  |  |  |  |
Current liabilities |  | $ | 316 |  |  | $ | 1,278 |  |  | $ | 1,594 |
Non-current liabilities |  | 3,285 |  |  | 2,028 |  |  | 5,313 |
|  | $ | 3,601 |  |  | $ | 3,306 |  |  | $ | 6,907 |
Non-controlling interest |  | 314 |  |  | 389 |  |  | 703 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,295 |  |  | $ | 88 |  |  | $ | 1,383 |
2020 |  |  |  |  |  |
US$ MILLIONS |  | GBP |  | BRL |  | Total
Assets: |  |  |  |  |  |
Current assets |  | $ | 181 |  |  | $ | 405 |  |  | $ | 586 |
Non-current assets |  | 5,264 |  |  | 3,494 |  |  | 8,758 |
|  | $ | 5,445 |  |  | $ | 3,899 |  |  | $ | 9,344 |
Liabilities: |  |  |  |  |  |
Current liabilities |  | $ | 333 |  |  | $ | 203 |  |  | $ | 536 |
Non-current liabilities |  | 3,241 |  |  | 2,772 |  |  | 6,013 |
|  | $ | 3,574 |  |  | $ | 2,975 |  |  | $ | 6,549 |
Non-controlling interest |  | 367 |  |  | 783 |  |  | 1,150 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,504 |  |  | $ | 141 |  |  | $ | 1,645 |
2019 |  |  |  |  |  |
US$ MILLIONS |  | GBP |  | BRL |  | Total
Assets: |  |  |  |  |  |
Current assets |  | $ | 159 |  |  | $ | 435 |  |  | $ | 594 |
Non-current assets |  | 4,653 |  |  | 4,606 |  |  | 9,259 |
|  | $ | 4,812 |  |  | $ | 5,041 |  |  | $ | 9,853 |
Liabilities: |  |  |  |  |  |
Current liabilities |  | $ | 294 |  |  | $ | 199 |  |  | $ | 493 |
Non-current liabilities |  | 2,888 |  |  | 3,195 |  |  | 6,083 |
|  | $ | 3,182 |  |  | $ | 3,394 |  |  | $ | 6,576 |
Non-controlling interest |  | 318 |  |  | 1,305 |  |  | 1,623 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,312 |  |  | $ | 342 |  |  | $ | 1,654 |

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