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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2019
Financial Instruments [Abstract]  
Disclosure of capital structure
The capital structure of the partnership consists of debt, offset by cash and equity.
(US$ MILLIONS)
 
2019
 
2018
Corporate borrowings
 
$
—

 
$
—

Non-recourse borrowings in subsidiaries of the partnership
 
22,399

 
10,866

Cash
 
(1,986
)
 
(1,949
)
Net debt
 
20,413

 
8,917

Total equity
 
11,053

 
6,494

Total capital and net debt
 
$
31,466

 
$
15,411

Net debt to capitalization ratio
 
65
%
 
58
%
Disclosure of liquidity management
The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the partnership can be required to pay. The tables include both interest and principal cash flows:
 
December 31, 2019
 
 
(US$ MILLIONS)
Less than 1 year
 
1-2 years
 
2-5 years
 
5+ years
 
Total contractual cash flows
Non-derivative financial liabilities
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities (1)
$
8,888

 
$
1,008

 
$
777

 
$
1,803

 
$
12,476

Interest-bearing liabilities
2,184

 
1,786

 
7,713

 
16,397

 
28,080

Lease liabilities
229

 
152

 
393

 
603

 
1,377

____________________________________
(1) 
Excludes $2,306 million of decommissioning liabilities, other provisions, post-employment benefits and $210 million of loans and notes payable.
 
December 31, 2018
 
 
(US$ MILLIONS)
Less than 1 year
 
1-2 years
 
2-5 years
 
5+ years
 
Total contractual cash flows
Non-derivative financial liabilities
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities (1)
$
6,863

 
$
364

 
$
219

 
$
192

 
$
7,638

Interest-bearing liabilities
2,370

 
1,517

 
3,829

 
5,906

 
13,622

Finance lease liabilities
12

 
7

 
25

 
16

 
60

___________________________________
(1) 
Excludes $1,321 million of decommissioning liabilities, other provisions, and post-employment benefits, $61 million of capital leases, and $62 million of loans and notes payable.
Disclosure of foreign currency exposure
The tables below set out the partnership’s currency exposure as at December 31, 2019 and 2018:
 
 
December 31, 2019
 
 
USD
 
AUD
 
GBP
 
CAD
 
EUR
 
BRL
 
Other
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
$
5,215

 
$
628

 
$
2,015

 
$
1,253

 
$
903

 
$
707

 
$
2,074

 
$
12,795

Non-current assets
 
18,994

 
4,848

 
2,283

 
6,026

 
1,582

 
3,230

 
1,993

 
38,956

 
 
$
24,209

 
$
5,476

 
$
4,298

 
$
7,279

 
$
2,485

 
3,937

 
$
4,067

 
$
51,751

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
3,439

 
$
1,184

 
$
2,343

 
$
1,336

 
$
1,147

 
$
471

 
$
1,104

 
$
11,024

Non-current liabilities
 
20,749

 
3,141

 
659

 
2,135

 
593

 
1,849

 
548

 
29,674

 
 
$
24,188

 
$
4,325

 
$
3,002

 
$
3,471

 
$
1,740

 
$
2,320

 
$
1,652

 
$
40,698

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest
 
752

 
641

 
426

 
2,578

 
427

 
1,173

 
1,264

 
7,261

Net investment to the partnership
 
$
(731
)
 
$
510

 
$
870

 
$
1,230

 
$
318

 
$
444

 
$
1,151

 
$
3,792

 
 
December 31, 2018
 
 
USD
 
AUD
 
GBP
 
CAD
 
EUR
 
BRL
 
Other
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
$
3,636

 
$
402

 
$
2,197

 
$
1,186

 
$
658

 
$
480

 
$
1,222

 
$
9,781

Non-current assets
 
9,414

 
733

 
819

 
1,997

 
993

 
3,065

 
516

 
17,537

 
 
$
13,050

 
$
1,135

 
$
3,016

 
$
3,183

 
$
1,651

 
3,545

 
$
1,738

 
$
27,318

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
2,886

 
$
551

 
$
2,514

 
$
1,232

 
$
592

 
$
314

 
$
927

 
$
9,016

Non-current liabilities
 
8,571

 
123

 
189

 
516

 
505

 
1,824

 
80

 
11,808

 
 
$
11,457

 
$
674

 
$
2,703

 
$
1,748

 
$
1,097

 
$
2,138

 
$
1,007

 
$
20,824

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest
 
1,060

 
52

 
171

 
750

 
383

 
1,052

 
63

 
3,531

Net investment to the partnership
 
$
533

 
$
409

 
$
142

 
$
685

 
$
171

 
$
355

 
$
668

 
$
2,963
Disclosure of sensitivity analysis for foreign currency risk
The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the United States dollar is summarized below:
 
December 31, 2019
(US$ MILLIONS)
 
OCI attributable to unitholders, before taxes
 
Pre-tax income attributable to unitholders
 
 
10% decrease
10% increase
 
10% decrease
10% increase
Australian dollar
 
$
(44
)
$
44

 
$
2

$
(2
)
Canadian dollar
 
(60
)
60

 
1

(1
)
Brazilian real
 
(44
)
44

 
(1
)
1

Other
 
(133
)
133

 
(36
)
36

 
December 31, 2018
(US$ MILLIONS)
 
OCI attributable to unitholders, before taxes
 
Pre-tax income attributable to unitholders
 
 
10% decrease
10% increase
 
10% decrease
10% increase
Australian dollar
 
$
(36
)
$
36

 
$
—

$
—

Canadian dollar
 
(12
)
12

 
(3
)
3

Brazilian real
 
(35
)
35

 
(4
)
4

Other
 
(19
)
19

 
(5
)
5

 
December 31, 2017
(US$ MILLIONS)
 
OCI attributable to unitholders, before taxes
 
Pre-tax income attributable to unitholders
 
 
10% decrease
10% increase
 
10% decrease
10% increase
Australian dollar
 
$
(88
)
$
88

 
$
—

$
—

Canadian dollar
 
(37
)
33

 
—

—

Brazilian real
 
(33
)
37

 
—

—

Other
 
(9
)
9

 
20

(20
)