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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

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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