XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.23.2

PARTNERSHIP CAPITAL | 6 Months Ended
--- | ---
Jun. 30, 2023
Equity [abstract] |
PARTNERSHIP CAPITAL | PARTNERSHIP CAPITAL As at June 30, 2023, our partnership’s capital structure was comprised of three classes of partnership units: limited partnership units, preferred units and general partnership units. Limited partnership units entitle the holder to their proportionate share of distributions. Preferred units entitle the holder to cumulative preferential cash distributions in accordance with their terms. General partnership units entitle the holder to the right to govern the financial and operating policies of our partnership. The Holding LP’s capital structure is composed of four classes of partnership units: special general partner units, Holding LP Class A preferred units, managing general partner units and redeemable partnership units held by Brookfield. On June 10, 2022, Brookfield Infrastructure completed a three-for-two split of our units, BIPC exchangeable shares, Exchange LP Units, and BIPC exchangeable LP units, by way of a subdivision whereby unitholders/shareholders received an additional one-half of a unit/share for each unit/share held. The Managing General Partner Units, Special General Partner Units and Redeemable Partnership Units of the Holding LP were concurrently split. Brookfield Infrastructure’s preferred units were not affected by the split. (a) Special General and Limited Partnership Capital
|  | Special General Partner Units
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 19 |  |  | 2,400,631 |  |  | $ | 19 |  |  | 2,400,631 |
Ending balance |  | $ | 19 |  |  | 2,400,631 |  |  | $ | 19 |  |  | 2,400,631 |
|  | Limited Partnership Units
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 6,092 |  |  | 458,380,315 |  |  | $ | 6,074 |  |  | 457,901,280 |
Unit issuance |  | 8 |  |  | 262,603 |  |  | 13 |  |  | 338,953 |
Conversions |  | 2 |  |  | 104,522 |  |  | 5 |  |  | 140,082 |
Ending balance |  | $ | 6,102 |  |  | 458,747,440 |  |  | $ | 6,092 |  |  | $ | 458,380,315 |
Weighted average number of special general partner units outstanding for the three and six-month periods ended June 30, 2023 were 2.4 million (2022: 2.4 million). The weighted average number of limited partnership units outstanding for the three and six-month periods ended June 30, 2023 was 458.7 million and 458.5 million, respectively (2022: 458.0 million and 458.0 million, respectively). Our partnership has implemented a distribution reinvestment plan (the “Plan”) that allows eligible holders of our partnership to purchase additional units by reinvesting their cash distributions. Under the Plan, units are acquired at a price per unit calculated by reference to the volume weighted average of the trading price for our units on the New York Stock Exchange for the five trading days immediately preceding the relevant distribution date. During the six-month period ending June 30, 2023, our partnership issued 0.3 million units for proceeds of $8 million (2022: 0.2 million units for proceeds of $8 million). (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 2,728 |  |  | 193,587,223 |  |  | $ | 2,728 |  |  | 193,587,223 |
Unit issuance |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 2,728 |  |  | 193,587,223 |  |  | $ | 2,728 |  |  | 193,587,223 |
(c) Non-controlling interest – BIPC exchangeable shares
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Shares |  | Carrying Value |  | Shares
Opening balance |  | $ | 1,757 |  |  | 110,567,671 |  |  | $ | 1,755 |  |  | 110,157,540 |
Conversions |  | 1 |  |  | 116,159 |  |  | 2 |  |  | 410,131 |
Ending balance |  | $ | 1,758 |  |  | 110,683,830 |  |  | $ | 1,757 |  |  | $ | 110,567,671 |
During the six-month period ended June 30, 2023, BIPC exchangeable shareholders exchanged 0.1 million BIPC exchangeable shares for $1 million (2022: less than 0.1 million for $1 million). (d) Non-controlling interest – Exchangeable Units
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 401 |  |  | 6,464,819 |  |  | $ | 408 |  |  | 7,015,032 |
Conversions |  | (3) |  |  | (220,681) |  |  | (7) |  |  | (550,213) |
Ending balance(1) |  | $ | 398 |  |  | 6,244,138 |  |  | $ | 401 |  |  | $ | 6,464,819 |
1.Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. During the six-month period ended June 30, 2023, Exchange LP unitholders exchanged less than 0.1 million Exchange LP units for $2 million of our units (2022: less than 0.1 million for $2 million). During the six-month period ended June 30, 2023, BIPC exchangeable LP unitholders exchanged 0.1 million BIPC exchangeable LP units for $1 million of BIPC exchangeable shares (2022: 0.3 million for $4 million). (e) Non-controlling interest - Perpetual Subordinated Notes
|  |  | Perpetual Subordinated Notes
MILLIONS, EXCEPT UNIT INFORMATION |  |  | As of and for the six-month period ended June 30, 2023 |  |  | As of and for the 12-month period ended December 31, 2022
Opening balance |  |  | $ | 293 |  |  |  | $ | — |
Issued for cash |  |  | — |  |  |  | 293 |
Ending balance |  |  | $ | 293 |  |  |  | $ | 293 |
On January 21, 2022, our partnership issued 12 million fixed rate perpetual subordinated notes, at $25 per unit, with a fixed coupon rate of 5.125% annually. In total, $293 million net proceeds were raised. The notes do not have a fixed maturity date and are not redeemable at the option of the holders, therefore the notes are classified as non-controlling interest. The perpetual subordinated notes also provide Brookfield Infrastructure, at its discretion, the right to defer the interest (in whole or in part) indefinitely. (f) Preferred Unitholders’ Capital
MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2023 |  | As of and for the 12-month period ended December 31, 2022
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 918 |  |  | 43,901,312 |  |  | $ | 1,138 |  |  | 55,881,062 |
Repurchased and cancelled |  | — |  |  | — |  |  | (220) |  |  | (11,979,750) |
Ending balance |  | $ | 918 |  |  | 43,901,312 |  |  | $ | 918 |  |  | 43,901,312 |
On March 31, 2022, our partnership redeemed all of its outstanding Cumulative Class A Preferred Limited Partnership Units, Series 7, for $243 million. Losses on redemption of $23 million were recognized directly in equity.

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 33 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS33_g70-73A_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfEarningsPerShareExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_EquityAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration