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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |  | 2023 |  | 2022
Corporate borrowings |  | $ | 4,911 |  |  | $ | 3,666 |
Non-recourse borrowings |  | 40,904 |  |  | 26,567 |
Subsidiary and corporate borrowings |  | 45,815 |  |  | 30,233 |
Preferred shares |  | 20 |  |  | 20 |
Cash and cash equivalents(1) |  | (2,488) |  |  | (2,117) |
Consolidated net debt |  | 43,347 |  |  | 28,136 |
Total partnership capital |  | 34,016 |  |  | 25,554 |
Total capital and consolidated net debt |  | $ | 77,363 |  |  | $ | 53,690 |
Consolidated net debt to capitalization ratio |  | 56 | % |  | 52 | %
(1)Includes current marketable securities.
Disclosure of liquidity management | Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows:
US$ MILLIONS(1) |  | 2023 |  | 2022
Corporate cash and financial assets |  | $ | 812 |  |  | $ | 891 |
Availability under committed credit facilities(2) |  | 3,175 |  |  | 3,100 |
Commercial paper |  | (989) |  |  | (464) |
Draws on credit facility |  | (222) |  |  | (96) |
Commitments under credit facility |  | (8) |  |  | (12) |
Corporate liquidity |  | $ | 2,768 |  |  | $ | 3,419 |
(1)Liquidity managed by Brookfield Infrastructure L.P. and affiliated corporate entities. (2)Includes a $2.2 billion (2022: $2.1 billion) committed corporate credit facility and a $1 billion (2022: $1 billion) credit facility with Brookfield. Refer to Note 19, Borrowings, for further details.
Disclosure of maturity analysis for financial liabilities | The following tables detail the contractual maturities for Brookfield Infrastructure’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which Brookfield Infrastructure can be required to pay. The tables include both interest and principal cash flows:
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2023 |  |  |  |  |
US$ MILLIONS |  |  |  |  |
Accounts payable and other liabilities |  | $ | 4,076 |  |  | $ | 55 |  |  | $ | 7 |  |  | $ | 212 |  |  | $ | 4,350 |
Corporate borrowings |  | 1,517 |  |  | — |  |  | 1,090 |  |  | 2,325 |  |  | 4,932 |
Non-recourse borrowings |  | 4,668 |  |  | 2,802 |  |  | 18,301 |  |  | 16,172 |  |  | 41,943 |
Financial liabilities |  | 344 |  |  | 99 |  |  | 269 |  |  | 2,163 |  |  | 2,875 |
Lease liabilities |  | 499 |  |  | 468 |  |  | 1,202 |  |  | 2,340 |  |  | 4,509 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Corporate borrowings(1) |  | 181 |  |  | 179 |  |  | 408 |  |  | 1,286 |  |  | 2,054 |
Non-recourse borrowings |  | 2,265 |  |  | 2,136 |  |  | 4,509 |  |  | 3,698 |  |  | 12,608 |
(1)Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0%
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2022 |  |  |  |  |
US$ 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 $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0%
Disclosure of sensitivity analysis for interest rate and foreign exchange risk | The sensitivity analyses below reflect Brookfield Infrastructure’s exposure to interest rates for both derivative and non-derivative instruments at the reporting date, assuming that a 50 basis point increase or decrease in rates takes place at the beginning of the financial year and is held constant throughout the reporting period. The sensitivity analyses assume a 50 basis point change to reflect the current methodology employed by Brookfield Infrastructure in assessing interest rate risk. Such parallel shift in the yield curve by 50 basis points would have had the following impact, assuming all other variables were held constant:
|  | 2023 |  |  |  |
US$ MILLIONS |  | 50 bp decrease |  | 50 bp increase |  |  |  |  |  |  |  |
Net income (loss) to the partnership(1) |  | $ | 13 |  |  | $ | (13) |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) to the partnership(1) |  | 3 |  |  | (3) |  |  |  |  |  |  |  |  |
(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.
|  | Impact on Net Income to the Partnership(1)
|  | 2023 |  | 2022 |  | 2021
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 6 |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | 9 |  |  | $ | (9) |
USD/EUR |  | 1 |  |  | (1) |  |  | (1) |  |  | 1 |  |  | 1 |  |  | (1) |
USD/GBP |  | 8 |  |  | (8) |  |  | 8 |  |  | (8) |  |  | 11 |  |  | (11) |
USD/CLP |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
USD/COP |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |
USD/BRL |  | 20 |  |  | (20) |  |  | 17 |  |  | (17) |  |  | 18 |  |  | (18) |
USD/CAD |  | 4 |  |  | (4) |  |  | 21 |  |  | (21) |  |  | 13 |  |  | (13) |
USD/INR |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
USD/NZD |  | — |  |  | — |  |  | 2 |  |  | (2) |  |  | — |  |  | — |
(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
|  | 2023 |  | 2022
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 66 |  |  | $ | (66) |  |  | $ | 106 |  |  | $ | (106) |
USD/GBP |  | 108 |  |  | (108) |  |  | 79 |  |  | (79) |
USD/BRL |  | 134 |  |  | (134) |  |  | 125 |  |  | (125) |
USD/CAD |  | — |  |  | — |  |  | 37 |  |  | (37) |
USD/PEN |  | 12 |  |  | (12) |  |  | 11 |  |  | (11) |
USD/INR |  | — |  |  | — |  |  | 34 |  |  | (34) |
Disclosure of foreign currency exposure | The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2023 and 2022:
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$ MILLIONS |  | USD |  | AUD |  | GBP |  | BRL |  | CAD |  | EUR |  | COP |  | PEN |  | INR |  | NZD & Other |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 3,446 |  |  | $ | 193 |  |  | $ | 962 |  |  | $ | 766 |  |  | $ | 923 |  |  | $ | 683 |  |  | $ | 255 |  |  | $ | 130 |  |  | $ | 515 |  |  | $ | 106 |  |  | $ | 7,979 |
Non-current assets |  | 30,178 |  |  | 3,833 |  |  | 11,491 |  |  | 5,231 |  |  | 22,235 |  |  | 7,036 |  |  | 1,288 |  |  | 1,295 |  |  | 9,617 |  |  | 601 |  |  | 92,805 |
|  | $ | 33,624 |  |  | $ | 4,026 |  |  | $ | 12,453 |  |  | $ | 5,997 |  |  | $ | 23,158 |  |  | $ | 7,719 |  |  | $ | 1,543 |  |  | $ | 1,425 |  |  | $ | 10,132 |  |  | $ | 707 |  |  | $ | 100,784 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 5,124 |  |  | $ | 306 |  |  | $ | 1,066 |  |  | $ | 568 |  |  | $ | 2,026 |  |  | $ | 604 |  |  | $ | 182 |  |  | $ | 13 |  |  | $ | 1,710 |  |  | $ | 106 |  |  | $ | 11,705 |
Non-current liabilities |  | 19,995 |  |  | 1,637 |  |  | 6,253 |  |  | 3,422 |  |  | 12,795 |  |  | 3,114 |  |  | 709 |  |  | 652 |  |  | 6,258 |  |  | 228 |  |  | 55,063 |
|  | 25,119 |  |  | 1,943 |  |  | 7,319 |  |  | 3,990 |  |  | 14,821 |  |  | 3,718 |  |  | 891 |  |  | 665 |  |  | 7,968 |  |  | 334 |  |  | 66,768 |
Non-controlling interest—Redeemable Partnership Units held by Brookfield |  | (731) |  |  | 375 |  |  | 644 |  |  | 319 |  |  | 727 |  |  | 466 |  |  | 22 |  |  | 31 |  |  | 248 |  |  | 89 |  |  | 2,190 |
Non-controlling interest—BIPC exchangeable shares |  | (513) |  |  | 262 |  |  | 451 |  |  | 223 |  |  | 509 |  |  | 326 |  |  | 16 |  |  | 22 |  |  | 174 |  |  | 63 |  |  | 1,533 |
Non-controlling interest—Exchangeable units(1) |  | (23) |  |  | 12 |  |  | 21 |  |  | 10 |  |  | 24 |  |  | 15 |  |  | 1 |  |  | 1 |  |  | 8 |  |  | 3 |  |  | 72 |
Non-controlling interest—Other(2) |  | 11,552 |  |  | 518 |  |  | 2,447 |  |  | 676 |  |  | 5,303 |  |  | 2,057 |  |  | 559 |  |  | 631 |  |  | 1,129 |  |  | — |  |  | 24,872 |
Net investment attributable to limited partners and general partner |  | $ | (1,780) |  |  | $ | 916 |  |  | $ | 1,571 |  |  | $ | 779 |  |  | $ | 1,774 |  |  | $ | 1,137 |  |  | $ | 54 |  |  | $ | 75 |  |  | $ | 605 |  |  | $ | 218 |  |  | $ | 5,349 |
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 |
(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.
|  | Impact on Net Income to the Partnership(1)
|  | 2023 |  | 2022 |  | 2021
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 6 |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | 9 |  |  | $ | (9) |
USD/EUR |  | 1 |  |  | (1) |  |  | (1) |  |  | 1 |  |  | 1 |  |  | (1) |
USD/GBP |  | 8 |  |  | (8) |  |  | 8 |  |  | (8) |  |  | 11 |  |  | (11) |
USD/CLP |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
USD/COP |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |  |  | 1 |  |  | (1) |
USD/BRL |  | 20 |  |  | (20) |  |  | 17 |  |  | (17) |  |  | 18 |  |  | (18) |
USD/CAD |  | 4 |  |  | (4) |  |  | 21 |  |  | (21) |  |  | 13 |  |  | (13) |
USD/INR |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
USD/NZD |  | — |  |  | — |  |  | 2 |  |  | (2) |  |  | — |  |  | — |
(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
|  | 2023 |  | 2022
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10%
USD/AUD |  | $ | 66 |  |  | $ | (66) |  |  | $ | 106 |  |  | $ | (106) |
USD/GBP |  | 108 |  |  | (108) |  |  | 79 |  |  | (79) |
USD/BRL |  | 134 |  |  | (134) |  |  | 125 |  |  | (125) |
USD/CAD |  | — |  |  | — |  |  | 37 |  |  | (37) |
USD/PEN |  | 12 |  |  | (12) |  |  | 11 |  |  | (11) |
USD/INR |  | — |  |  | — |  |  | 34 |  |  | (34) |

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