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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2021
Financial Risk Management [Abstract]  
Disclosure of capital structure The capital structure of the partnership consists of corporate borrowings and non-recourse borrowings in subsidiaries of the partnership, offset by cash and cash equivalents and equity.
(US$ MILLIONS, except as noted)20212020
Corporate borrowings$1,619$610 
Non-recourse borrowings in subsidiaries of the partnership27,45723,166
Cash and cash equivalents(2,588)(2,743)
Net debt26,48821,033
Total equity13,00011,337
Total capital and net debt$39,488$32,370
Net debt to capitalization ratio67 %65 %
Disclosure of liquidity management The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the partnership can be required to repay. The tables include both interest and principal cash flows:
December 31, 2021
(US$ MILLIONS)< 1 Year1-2 Years2-5 Years5+ YearsTotal contractual cash flows
Non-derivative financial liabilities
Accounts payable and other (1)
$10,108 $619 $580 $1,950 $13,257 
Interest-bearing liabilities3,419 3,159 19,358 11,114 37,050 
Lease liabilities355 289 567 959 2,170 
____________________________________
(1)Excludes $2,381 million of decommissioning liabilities, other provisions, post-employment benefits, $2,228 million of unearned premiums reserve, $240 million of deferred revenue and $531 million of related party loans and notes payable.
December 31, 2020
(US$ MILLIONS)< 1 Year1-2 Years2-5 Years5+ YearsTotal contractual cash flows
Non-derivative financial liabilities
Accounts payable and other (1)
$9,023 $480 $796 $2,067 $12,366 
Interest-bearing liabilities2,879 2,617 11,927 12,757 30,180 
Lease liabilities238 219 445 732 1,634 
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(1)Excludes $2,709 million of decommissioning liabilities, other provisions, post-employment benefits, $1,889 million of unearned premiums reserve and $73 million of intercompany loans and notes payable.
Disclosure of foreign currency exposure The tables below set out the partnership’s currency exposure as at December 31, 2021 and 2020:
December 31, 2021
(US$ MILLIONS)USDAUDGBPCADEURBRLINROtherTotal
Assets
Current assets$5,784 $1,181 $2,260 $1,300 $2,167 $771 $509 $1,446 $15,418 
Non-current assets19,698 5,384 1,726 6,692 8,210 4,011 1,265 1,815 48,801 
$25,482 $6,565 $3,986 $7,992 $10,377 $4,782 $1,774 $3,261 $64,219 
Liabilities
Current liabilities$4,801 $1,283 $3,005 $1,470 $1,543 $657 $557 $596 $13,912 
Non-current liabilities21,328 3,226 555 3,220 5,901 2,519 264 294 37,307 
$26,129 $4,509 $3,560 $4,690 $7,444 $3,176 $821 $890 $51,219 
Interest of others in operating subsidiaries874 887 178 1,815 2,051 1,086 553 1,278 8,722 
Net investment to the partnership$(1,521)$1,169 $248 $1,487 $882 $520 $400 $1,093 $4,278 
December 31, 2020
(US$ MILLIONS)USDAUDGBPCADEURBRLINROtherTotal
Assets
Current assets$5,357 $922 $1,916 $1,501 $1,179 $893 $603 $2,122 $14,493 
Non-current assets19,077 5,423 1,717 6,405 1,559 3,064 1,632 1,376 40,253 
$24,434 $6,345 $3,633 $7,906 $2,738 $3,957 $2,235 $3,498 $54,746 
Liabilities
Current liabilities$4,034 $1,141 $2,491 $1,130 $1,062 $573 $637 $1,065 $12,133 
Non-current liabilities21,362 3,327 544 2,648 705 2,037 405 248 31,276 
$25,396 $4,468 $3,035 $3,778 $1,767 $2,610 $1,042 $1,313 $43,409 
Interest of others in operating subsidiaries292 924 332 2,844 548 948 717 1,240 7,845 
Net investment to the partnership$(1,254)$953 $266 $1,284 $423 $399 $476 $945 $3,492 
Disclosure of sensitivity analysis for foreign currency risk The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the U.S. dollar is summarized below:
 December 31, 2021
(US$ MILLIONS)OCI attributable to unitholders, before taxesPre-tax income attributable to unitholders
10% decrease10% increase10% decrease10% increase
Australian dollar$(85)$85 $12 $(12)
Canadian dollar(83)83 21 (21)
Brazilian real(36)36 (1)1 
Other(104)104 250 (250)
 December 31, 2020
(US$ MILLIONS)OCI attributable to unitholders, before taxesPre-tax income attributable to unitholders
10% decrease10% increase10% decrease10% increase
Australian dollar$(86)$86 $6 $(6)
Canadian dollar(120)120 25 (25)
Brazilian real(40)40 — — 
Other(101)101 (55)55 
 December 31, 2019
(US$ MILLIONS)OCI attributable to unitholders, before taxesPre-tax income attributable to unitholders
10% decrease10% increase10% decrease10% increase
Australian dollar$(44)$44 $2 $(2)
Canadian dollar(60)60 1 (1)
Brazilian real(44)44 (1)1 
Other(133)133 (36)36 
Disclosure of reconciliation of gross carrying amounts and corresponding ECL allowances The tables below show changes in the gross carrying amounts and corresponding ECL allowances of the partnership’s significant loans receivable portfolio for the year ended December 31, 2021.
(US$ MILLIONS)Stage 1 Stage 2Stage 3Total
Gross carrying amount - opening balance$779 $276 $38 $1,093 
New assets originated or purchased515 7 2 524 
Assets derecognized or repaid (excluding write-offs)(223)(127)(15)(365)
Transfers to stage 122 (21)(1)— 
Transfers to stage 2(255)256 (1)— 
Transfers to stage 3(20)(24)44 — 
Amounts written-off (net of recovery)(14)(11)(17)(42)
Transferred to security receipts(35)(39)(1)(75)
Gross carrying amount - closing balance$769 $317 $49 $1,135 
(US$ MILLIONS)Stage 1 Stage 2Stage 3Total
ECL allowance - opening balance$45 $19 $19 $83 
New assets originated or purchased22 1 1 24 
Assets derecognized or repaid (excluding write-offs)(2)(6)(1)(9)
Transfers to stage 11 (1)— — 
Transfers to stage 2(12)12 — — 
Transfers to stage 3(3)(2)5 — 
Impact on ECL for exposures transferred between stages during the year(31)17 16 2 
Amounts written-off (net of recovery)— (5)(15)(20)
ECL allowance - closing balance$20 $35 $25 $80