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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
Notional amount of derivative positions
The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2022 and 2021 were as follows:
US$ MILLIONSNote20222021
Foreign exchange contracts(a)$2,912 $4,383 
Interest rates swaps and other(b)9,543 10,095 
Commodity contracts115 424 
 $12,570 $14,902 
Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2022 and 2021.
 Notional Amount
(U.S. Dollars)		Average
Exchange Rate
US$ MILLIONS2022202120222021
Foreign exchange contracts
British pounds
$868 $1,871 $1.30 $1.35 
Canadian dollars
553 679 0.79 0.75 
Australian dollars
494 642 0.71 0.73 
European Union euros
328 367 1.14 1.21 
Indian rupees25 216 0.012 0.013 
Colombian pesos15 27 0.0002 0.0002 
Peruvian soles
9 9 0.26 0.26 
Other(1)
620 572 — — 
$2,912 $4,383 
(1)Includes foreign exchange contracts at our operating subsidiaries intended to offset the risk associated with non-recourse borrowings in currencies other than the functional currency of the underlying operation, primarily in USD.
Disclosure of change in fair values of derivative positions
The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2022 and 2021:
US$ MILLIONSUnrealized Gains
During 2022		Unrealized Losses
During 2022		Net Change During 2022Net Change During 2021
Foreign exchange derivatives$130 $(11)$119 $100 
Interest rate and other derivatives643 (131)512 298 
Commodity derivatives52 (16)36 (43)
$825 $(158)$667 $355 
Disclosure of information about terms and conditions of hedging instruments
The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2022 and the comparative notional amounts at December 31, 2021, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
 20222021
US$ MILLIONS< 1 year1 to 5 years> 5 yearsTotal Notional
Amount		Total Notional
Amount
Fair value through profit or loss     
Foreign exchange derivatives$1,186 $821 $— $2,007 $2,103 
Interest rate derivatives     
Interest rate swaps, cross currency interest rate swaps and other81 639 — 720 686 
Commodity contracts106 9 — 115 424 
$1,373 $1,469 $— $2,842 $3,213 
Elected for hedge accounting     
Foreign exchange derivatives$114 $318 $473 $905 $2,280 
Interest rate derivatives     
Interest rate and cross currency interest rate swaps1,712 5,939 1,172 8,823 9,409 
$1,826 $6,257 $1,645 $9,728 $11,689 
Disclosure of derivatives elected for hedge accounting The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2022 and 2021 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
 20222021
AS AT AND FOR THE YEARS ENDED (MILLIONS)NotionalEffective
Portion		Ineffective
Portion		NotionalEffective
Portion		Ineffective
Portion
Cash flow hedges$9,308 $529 $1 $9,981 $288 $28 
Net investment hedges420 235 — 1,708 62 (14)
$9,728 $764 $1 $11,689 $350 $14