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BORROWINGS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings |
|  | Maturity(2) |  | Annual Rate(2) |  | Currency |  | 2023 |  | 2022
Corporate revolving credit facility |  | June 29, 2028 |  | SOFR plus 1.2% |  | US$ |  | $ | 222 |  |  | $ | 96 |
Commercial Paper |  | February 12, 2024 |  | 6.1% |  | US$ |  | 989 |  |  | 464 |
Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | 226 |  |  | 222 |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | 302 |  |  | 295 |
Non-Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | November 14, 2027 |  | 5.6% |  | C$ |  | 340 |  |  | 332 |
Public - Canadian |  | September 11, 2028 |  | 4.2% |  | C$ |  | 528 |  |  | 517 |
Public - Canadian |  | October 9, 2029 |  | 3.4% |  | C$ |  | 528 |  |  | 517 |
Public - Canadian |  | July 27, 2030 |  | 5.7% |  | C$ |  | 377 |  |  | — |
Public - Canadian |  | September 1, 2032 |  | 2.9% |  | C$ |  | 377 |  |  | 369 |
Public - Canadian |  | February 14, 2033 |  | 6.0% |  | C$ |  | 189 |  |  | 185 |
Public - Canadian |  | April 25, 2034 |  | 5.4% |  | C$ |  | 302 |  |  | 295 |
Public - Canadian |  | April 25, 2052 |  | 5.8% |  | C$ |  | 151 |  |  | 147 |
Public - Canadian |  | July 27, 2053 |  | 6.0% |  | C$ |  | 151 |  |  | — |
Subordinated notes(1) |  |  |  |  |  |  |  |  |  |
Public - United States |  | May 24, 2081 |  | 5.0% |  | US$ |  | 250 |  |  | 250 |
|  |  |  |  |  |  |  | 4,932 |  |  | 3,689 |
Deferred financing costs and other |  |  |  |  |  |  |  | (21) |  |  | (23) |
Total |  |  |  |  |  |  |  | $ | 4,911 |  |  | $ | 3,666 |
(1)See Note 20, Subsidiary Public Issuers, for further details. (2)Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of December 31, 2023. (3)On February 21, 2024, Brookfield Infrastructure Finance ULC redeemed all medium-term notes maturing February 22, 2024. The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS |  | 2023 |  | 2022
Current |  | $ | 4,442 |  |  | $ | 2,567 |
Non-current |  | 36,462 |  |  | 24,000 |
Total |  | $ | 40,904 |  |  | $ | 26,567 |
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
2024(1) |  | $ | 1,112 |  |  | $ | 1,335 |  |  | $ | 1,817 |  |  | $ | 404 |  |  | $ | 4,668 |
2025 |  | 1,057 |  |  | 709 |  |  | 243 |  |  | 792 |  |  | 2,801 |
2026 |  | 1,151 |  |  | 4,731 |  |  | 1,331 |  |  | 645 |  |  | 7,858 |
2027 |  | 1,090 |  |  | 2,046 |  |  | 1,529 |  |  | 369 |  |  | 5,034 |
2028 |  | 1,792 |  |  | 840 |  |  | 711 |  |  | 2,064 |  |  | 5,407 |
Thereafter |  | 5,662 |  |  | 2,844 |  |  | 5,491 |  |  | 2,175 |  |  | 16,172 |
Total principal repayments |  | 11,864 |  |  | 12,505 |  |  | 11,122 |  |  | 6,449 |  |  | 41,940 |
Deferred financing costs and other |  | (92) |  |  | (795) |  |  | 32 |  |  | (181) |  |  | (1,036) |
Total - Dec. 31, 2023 |  | $ | 11,772 |  |  | $ | 11,710 |  |  | $ | 11,154 |  |  | $ | 6,268 |  |  | $ | 40,904 |
Total - Dec. 31, 2022 |  | $ | 8,702 |  |  | $ | 4,924 |  |  | $ | 9,021 |  |  | $ | 3,920 |  |  | $ | 26,567 |
(1)Includes commercial paper obligations of $1.2 billion at our Canadian diversified midstream operation. The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS |  | Utilities(1) |  | Transport |  | Midstream |  | Data |  | Total
Dec. 31, 2023 |  | 8 | % |  | 5 | % |  | 5 | % |  | 7 | % |  | 6 | %
Dec. 31, 2022 |  | 8 | % |  | 5 | % |  | 3 | % |  | 7 | % |  | 5 | %
(1)Excluding the impact of the variable interest in our Brazilian assets, the weighted average interest rate of non-recourse borrowings would be 6% as at December 31, 2023. Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2023 |  | Local Currency |  | Dec. 31, 2022 |  | Local Currency
Canadian dollars |  | $ | 10,713 |  |  | CAD |  | $ | 14,195 |  |  | $ | 9,115 |  |  | CAD |  | $ | 12,348 |
U.S. dollars |  | 16,365 |  |  | USD |  | 16,365 |  |  | 8,198 |  |  | USD |  | 8,198 |
Indian rupees |  | 4,051 |  |  | INR |  | 337,583 |  |  | 3,249 |  |  | INR |  | 268,512 |
British pounds |  | 4,561 |  |  | GBP |  | 3,583 |  |  | 3,151 |  |  | GBP |  | 2,608 |
Brazilian real(1) |  | 2,501 |  |  | BRL |  | 12,106 |  |  | 1,543 |  |  | BRL |  | 8,049 |
Australian dollars |  | 611 |  |  | AUD |  | 897 |  |  | 525 |  |  | AUD |  | 771 |
Colombian pesos |  | 541 |  |  | COP |  | 2,088,803 |  |  | 405 |  |  | COP |  | 1,966,019 |
Peruvian soles |  | 432 |  |  | PEN |  | 1,601 |  |  | 410 |  |  | PEN |  | 1,561 |
New Zealand dollars |  | 42 |  |  | NZD |  | 66 |  |  | 80 |  |  | NZD |  | 126 |
Euro |  | 2,123 |  |  | EUR |  | 1,923 |  |  | 60 |  |  | EUR |  | 56 |
(1)See Note 5, Disposition of Businesses, for additional information.
Disclosure of reconciliation of liabilities arising from financing activities | Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS |  | 2022 |  | Cash Flows |  | Acquisitions/ Dispositions(1) |  |  |  | Foreign Exchange Movement and Other |  | 2023
Corporate borrowings |  | $ | 3,666 |  |  | $ | 1,164 |  |  | $ | — |  |  |  |  | $ | 81 |  |  | $ | 4,911 |
Non-recourse borrowings |  | 26,567 |  |  | 4,490 |  |  | 9,084 |  |  |  |  | 763 |  |  | 40,904 |
(1)Refer to Note 6. Acquisition of Businesses, for further details.

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