BORROWINGS

12 Months Ended

Dec. 31, 2021

Principal repayments on total borrowings due over the next five years and thereafter are as follows:


(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total borrowings
2022	$	3	$	30	$	60	$	93
2023	2		30		541		573
2024	1,014		30		109		1,153
2025	—		2,880		155		3,035
2026	—		—		89		89
Thereafter	—		—		439		439
Total - Principal repayments	$	1,019	$	2,970	$	1,393	$	5,382
Total - Deferred financing costs and other	$	(31)	$	(91)	$	(14)	$	(136)
Total - December 31, 2021	$	988	$	2,879	$	1,379	$	5,246
Total - December 31, 2020	$	1,007	$	2,908	$	1,274	$	5,189

Total borrowings as at December 31, 2021 were $5,246 million (2020: $5,189 million).

Some of the company’s subsidiaries have credit facilities in which they borrow and repay on a monthly basis. These movements have been shown on a net basis in the consolidated statements of cash flows.

The company has financing arrangements within its operating businesses that trade in public markets or are held at major financial institutions. The financing arrangements are primarily composed of term loans, credit facilities, and notes and debentures which are subject to fixed or floating rates. Most of these borrowings are not subject to financial maintenance covenants, however, some are subject to fixed charge coverage, leverage ratios and minimum equity or liquidity covenants.

The company’s operations are currently in compliance with all material covenant requirements, and the company continues to work with its subsidiaries to monitor performance against such covenant requirements.

The weighted average interest rates and terms of total borrowings are as follows:


	Weighted average rate				Weighted average term (years)		Total
(US$ MILLIONS, except as noted)	2021		2020		2021	2020	2021		2020
Business services	4.3	%	4.7	%	2.4	3.4	$	988	$	1,007
Infrastructure services	3.4	%	3.9	%	3.6	4.6	2,879		2,908
Industrials	8.3	%	7.1	%	7.6	8.5	1,379		1,274
Total	4.8	%	4.8	%	4.4	5.3	$	5,246	$	5,189

Total borrowings by currency are as follows:


(US$ MILLIONS, except as noted)	December 31, 2021		Local currency		December 31, 2020		Local currency
U.S. dollars	$	2,878	$	2,878	$	2,908	$	2,908
Brazilian reals	1,379		7,695		1,274		6,622
Australian dollars	985		1,357		994		1,292
Other	4		2		13		29
Total	$	5,246			$	5,189