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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Disclosure of capital structure

The capital structure of Brookfield Infrastructure consists of debt, offset by cash and cash equivalents, and partnership capital comprised of issued capital and accumulated gains.

US$ MILLIONS						2022						2021
Corporate borrowings						$	3,666					$	2,719
Non-recourse borrowings						26,567						26,534
Subsidiary and corporate borrowings						30,233						29,253
Preferred shares						20						20
Cash and cash equivalents(1)						(2,117)						(1,924)
Consolidated net debt						28,136						27,349
Total partnership capital						25,554						26,391
Total capital and consolidated net debt						$	53,690					$	53,740
Consolidated net debt to capitalization ratio						52		%				51		%

(1)Includes current marketable securities.

Disclosure of liquidity management

Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows:

US$ MILLIONS(1)						2022						2021
Corporate cash and financial assets						$	891					$	683
Availability under committed credit facilities(2)						3,100						3,475
Commercial paper						(464)						(431)
Draws on credit facility						(96)						—
Commitments under credit facility						(12)						(12)
Corporate liquidity						$	3,419					$	3,715

(1)Liquidity managed by Brookfield Infrastructure L.P. and affiliated corporate entities.

(2)Includes a $2.1 billion (2021: $2.0 billion) committed corporate credit facility and a $1 billion (2021: $500 million) credit facility with Brookfield. Prior year availability included a $1 billion syndicated revolving credit facility, which matured on April 14, 2022. Refer to Note 20, Borrowings, for further details.

Disclosure of maturity analysis for financial liabilities

The following tables detail the contractual maturities for Brookfield Infrastructure’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which Brookfield Infrastructure can be required to pay. 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, 2022
US$ MILLIONS
Accounts payable and other liabilities						$	3,413					$	49					$	12					$	160					$	3,634
Corporate borrowings						464						517						428						2,280						3,689
Non-recourse borrowings(1)						2,605						2,727						10,972						10,431						26,735
Financial liabilities						390						28						21						1,628						2,067
Lease liabilities						441						392						1,079						2,543						4,455
Interest Expense:
Corporate borrowings(2)						144						130						368						1,128						1,770
Non-recourse borrowings						1,244						1,093						2,475						2,940						7,752

(1)As of December 31, 2022, approximately $31 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.

(2)Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0%

						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						$	2,980					$	46					$	47					$	319					$	3,392
Corporate borrowings						431						—						554						1,754						2,739
Non-recourse borrowings(1)						2,599						2,797						11,335						9,778						26,509
Financial liabilities						1,510						101						122						1,507						3,240
Lease liabilities						459						437						1,169						2,859						4,924
Interest Expense:
Corporate borrowings(2)						96						96						229						837						1,258
Non-recourse borrowings						1,046						968						2,199						2,951						7,164

(1)As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.

(2)Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0%

Disclosure of sensitivity analysis for interest rate and foreign exchange risk

The sensitivity analyses below reflect Brookfield Infrastructure’s exposure to interest rates for both derivative and non-derivative instruments at the reporting date, assuming that a 50 basis point increase or decrease in rates takes place at the beginning of the financial year and is held constant throughout the reporting period. The sensitivity analyses assume a 50 basis point change to reflect the current methodology employed by Brookfield Infrastructure in assessing interest rate risk. Such parallel shift in the yield curve by 50 basis points would have had the following impact, assuming all other variables were held constant:

						2022
US$ MILLIONS						50 bp decrease						50 bp increase
Net income (loss) to the partnership(1)						$	8					$	(8)
Other comprehensive income (loss) to the partnership(1)						2						(2)

(1)Includes net income and other comprehensive income (loss) attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares.

The following tables detail Brookfield Infrastructure’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 to the Partnership(1)
						2022												2021												2020
US$ MILLIONS						-10%						10%						-10%						10%						-10%						10%
USD/AUD						$	7					$	(7)					$	9					$	(9)					$	4					$	(4)
USD/EUR						(1)						1						1						(1)						2						(2)
USD/GBP						8						(8)						11						(11)						5						(5)
USD/CLP						—						—						(1)						1						(1)						1
USD/COP						1						(1)						1						(1)						1						(1)
USD/BRL						17						(17)						18						(18)						15						(15)
USD/CAD						21						(21)						13						(13)						4						(4)
USD/INR						—						—						—						—						(3)						3
USD/NZD						2						(2)						—						—						(1)						1

(1)Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares.

						Impact on Partnership Capital
						2022												2021
US$ MILLIONS						-10%						10%						-10%						10%
USD/AUD						$	106					$	(106)					$	32					$	(32)
USD/GBP						79						(79)						27						(27)
USD/COP						—						—						6						(6)
USD/BRL						125						(125)						154						(154)
USD/CAD						37						(37)						69						(69)
USD/PEN						11						(11)						10						(10)
USD/INR						34						(34)						49						(49)

Disclosure of foreign currency exposure

The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2022 and 2021:

2022
US$ MILLIONS						USD						AUD						GBP						BRL						CAD						EUR						COP						PEN						INR						NZD & Other						Total
Assets:
Current assets						$	2,365					$	335					$	653					$	737					$	962					$	72					$	200					$	127					$	1,150					$	85					$	6,686
Non-current assets						14,133						4,299						8,092						4,489						21,977						1,190						989						1,202						9,288						624						66,283
						$	16,498					$	4,634					$	8,745					$	5,226					$	22,939					$	1,262					$	1,189					$	1,329					$	10,438					$	709					$	72,969
Liabilities:
Current liabilities						$	2,715					$	320					$	1,169					$	494					$	2,063					$	40					$	151					$	10					$	1,325					$	90					$	8,377
Non-current liabilities						10,230						1,701						4,663						3,026						11,765						142						535						616						6,226						134						39,038
						12,945						2,021						5,832						3,520						13,828						182						686						626						7,551						224						47,415
Non-controlling interest—Redeemable Partnership Units held by Brookfield						(668)						525						536						313						846						239						15						30						305						122						2,263
Non-controlling interest—BIPC exchangeable shares						(380)						299						305						178						482						136						9						17						174						69						1,289
Non-controlling interest—Exchangeable units(1)						(22)						17						17						10						27						8						—						1						10						4						72
Non-controlling interest—Other(2)						6,217						518						776						460						5,737						128						442						584						1,669						—						16,531
Net investment attributable to limited partners and general partner						$	(1,594)					$	1,254					$	1,279					$	745					$	2,019					$	569					$	37					$	71					$	729					$	290					$	5,399

2021
US$ MILLIONS						USD						AUD						GBP						BRL												CAD						EUR						COP						PEN						INR						NZD & Other						Total
Assets:
Current assets						$	1,446					$	394					$	582					$	772											$	775					$	67					$	216					$	98					$	463					$	83					$	4,896
Non-current assets						13,142						3,688						8,831						5,848												22,576						1,272						1,061						1,132						10,836						679						69,065
						$	14,588					$	4,082					$	9,413					$	6,620											$	23,351					$	1,339					$	1,277					$	1,230					$	11,299					$	762					$	73,961
Liabilities:
Current liabilities						$	2,174					$	462					$	792					$	1,307											$	2,743					$	40					$	161					$	17					$	857					$	108					$	8,661
Non-current liabilities						9,292						1,656						5,228						2,931												11,531						154						522						561						6,876						158						38,909
						11,466						2,118						6,020						4,238												14,274						194						683						578						7,733						266						47,570
Non-controlling interest—Redeemable Partnership Units held by Brookfield						(463)						363						664						391												703						254						21						28						323						124						2,408
Non-controlling interest—BIPC exchangeable shares						(264)						206						377						222												400						145						12						16						184						71						1,369
Non-controlling interest—Exchangeable units(1)						(16)						13						23						14												25						9						1						1						11						4						85
Non-controlling interest—Other(2)						4,967						518						749						825												6,275						132						512						541						2,277						—						16,796
Net investment attributable to limited partners and general partner						$	(1,102)					$	864					$	1,580					$	930											$	1,674					$	605					$	48					$	66					$	771					$	297					$	5,733

(1)Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details.

(2)Includes non-controlling interest attributable others in operating subsidies, preferred unitholders and perpetual subordinated notes.

The following tables detail Brookfield Infrastructure’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 to the Partnership(1)
						2022												2021												2020
US$ MILLIONS						-10%						10%						-10%						10%						-10%						10%
USD/AUD						$	7					$	(7)					$	9					$	(9)					$	4					$	(4)
USD/EUR						(1)						1						1						(1)						2						(2)
USD/GBP						8						(8)						11						(11)						5						(5)
USD/CLP						—						—						(1)						1						(1)						1
USD/COP						1						(1)						1						(1)						1						(1)
USD/BRL						17						(17)						18						(18)						15						(15)
USD/CAD						21						(21)						13						(13)						4						(4)
USD/INR						—						—						—						—						(3)						3
USD/NZD						2						(2)						—						—						(1)						1

(1)Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares.

						Impact on Partnership Capital
						2022												2021
US$ MILLIONS						-10%						10%						-10%						10%
USD/AUD						$	106					$	(106)					$	32					$	(32)
USD/GBP						79						(79)						27						(27)
USD/COP						—						—						6						(6)
USD/BRL						125						(125)						154						(154)
USD/CAD						37						(37)						69						(69)
USD/PEN						11						(11)						10						(10)
USD/INR						34						(34)						49						(49)

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