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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Operating Segments [Abstract] |
Summary of financial information by segment |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 658 |  |  | $ | 650 |  |  | $ | 389 |  |  | $ | 213 |  |  | $ | — |  |  | $ | 1,910 |  |  | $ | (511) |  |  | $ | 3,739 |  |  | $ | 5,138 |
Costs attributed to revenues(2) |  | (351) |  |  | (225) |  |  | (162) |  |  | (74) |  |  | — |  |  | (812) |  |  | 153 |  |  | (2,334) |  |  | (2,993) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (92) |  |  | (92) |  |  | — |  |  | — |  |  | (92) |
Other (expense) income |  | (30) |  |  | (6) |  |  | (1) |  |  | 1 |  |  | 48 |  |  | 12 |  |  | 14 |  |  | (82) |  |  | (56) |
Interest expense |  | (97) |  |  | (100) |  |  | (83) |  |  | (62) |  |  | (68) |  |  | (410) |  |  | 99 |  |  | (515) |  |  | (826) |
FFO |  | 180 |  |  | 319 |  |  | 143 |  |  | 78 |  |  | (112) |  |  | 608 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (411) |  |  | 118 |  |  | (589) |  |  | (882) |
Deferred taxes |  | (2) |  |  | (12) |  |  | 65 |  |  | 51 |
Mark-to-market and other |  | (187) |  |  | 44 |  |  | (108) |  |  | (251) |
Share of earnings from associates |  | — |  |  | 95 |  |  | — |  |  | 95 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (176) |  |  | (176) |
Net income attributable to partnership(3) |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 669 |  |  | $ | 492 |  |  | $ | 426 |  |  | $ | 175 |  |  | $ | — |  |  | $ | 1,762 |  |  | $ | (565) |  |  | $ | 3,059 |  |  | $ | 4,256 |
Costs attributed to revenues(2) |  | (333) |  |  | (209) |  |  | (196) |  |  | (62) |  |  | — |  |  | (800) |  |  | 213 |  |  | (2,061) |  |  | (2,648) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (109) |  |  | (109) |  |  | — |  |  | — |  |  | (109) |
Other (expense) income |  | (27) |  |  | (2) |  |  | (5) |  |  | (3) |  |  | 52 |  |  | 15 |  |  | 12 |  |  | (91) |  |  | (64) |
Interest expense |  | (85) |  |  | (82) |  |  | (64) |  |  | (38) |  |  | (47) |  |  | (316) |  |  | 95 |  |  | (346) |  |  | (567) |
FFO |  | 224 |  |  | 199 |  |  | 161 |  |  | 72 |  |  | (104) |  |  | 552 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (346) |  |  | 121 |  |  | (407) |  |  | (632) |
Deferred taxes |  | (21) |  |  | (2) |  |  | (15) |  |  | (38) |
Mark-to-market and other |  | 193 |  |  | (147) |  |  | 256 |  |  | 302 |
Share of earnings from associates |  | — |  |  | 273 |  |  | — |  |  | 273 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (395) |  |  | (395) |
Net income attributable to partnership(3) |  | $ | 378 |  |  | $ | — |  |  | $ | — |  |  | $ | 378 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,317 |  |  | $ | 1,264 |  |  | $ | 850 |  |  | $ | 422 |  |  | $ | — |  |  | $ | 3,853 |  |  | $ | (985) |  |  | $ | 7,457 |  |  | $ | 10,325 |
Costs attributed to revenues(2) |  | (694) |  |  | (438) |  |  | (367) |  |  | (153) |  |  | — |  |  | (1,652) |  |  | 291 |  |  | (4,609) |  |  | (5,970) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (189) |  |  | (189) |  |  | — |  |  | — |  |  | (189) |
Other (expense) income |  | (67) |  |  | (14) |  |  | (5) |  |  | 7 |  |  | 94 |  |  | 15 |  |  | 33 |  |  | (177) |  |  | (129) |
Interest expense |  | (186) |  |  | (191) |  |  | (165) |  |  | (130) |  |  | (132) |  |  | (804) |  |  | 191 |  |  | (1,007) |  |  | (1,620) |
FFO |  | 370 |  |  | 621 |  |  | 313 |  |  | 146 |  |  | (227) |  |  | 1,223 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (840) |  |  | 224 |  |  | (1,202) |  |  | (1,818) |
Deferred taxes |  | 21 |  |  | (4) |  |  | 184 |  |  | 201 |
Mark-to-market and other |  | (226) |  |  | 114 |  |  | 174 |  |  | 62 |
Share of earnings from associates |  | — |  |  | 136 |  |  | — |  |  | 136 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (820) |  |  | (820) |
Net income attributable to partnership(3) |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,305 |  |  | $ | 966 |  |  | $ | 901 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 3,522 |  |  | $ | (1,115) |  |  | $ | 6,067 |  |  | $ | 8,474 |
Costs attributed to revenues(2) |  | (655) |  |  | (411) |  |  | (399) |  |  | (130) |  |  | — |  |  | (1,595) |  |  | 421 |  |  | (4,058) |  |  | (5,232) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (212) |  |  | (212) |  |  | — |  |  | — |  |  | (212) |
Other (expense) income |  | (53) |  |  | (6) |  |  | (13) |  |  | 1 |  |  | 85 |  |  | 14 |  |  | 22 |  |  | (164) |  |  | (128) |
Interest expense |  | (165) |  |  | (158) |  |  | (130) |  |  | (79) |  |  | (91) |  |  | (623) |  |  | 188 |  |  | (700) |  |  | (1,135) |
FFO |  | 432 |  |  | 391 |  |  | 359 |  |  | 142 |  |  | (218) |  |  | 1,106 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (690) |  |  | 237 |  |  | (824) |  |  | (1,277) |
Deferred taxes |  | (23) |  |  | 2 |  |  | 26 |  |  | 5 |
Mark-to-market and other |  | 8 |  |  | (131) |  |  | 168 |  |  | 45 |
Share of earnings from associates |  | — |  |  | 376 |  |  | — |  |  | 376 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (515) |  |  | (515) |
Net income attributable to partnership(3) |  |  |  |  |  |  |  |  |  |  |  | $ | 401 |  |  | $ | — |  |  | $ | — |  |  | $ | 401 |
1.The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests. 2.Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 15, Direct Operating Costs, for further details. 3.Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment:
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 8,856 |  |  | $ | 12,011 |  |  | $ | 9,583 |  |  | $ | 8,659 |  |  | $ | (2,133) |  |  | $ | 36,976 |  |  | $ | (7,548) |  |  | $ | 62,681 |  |  | $ | 8,783 |  |  | $ | 100,892 |
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF DECEMBER 31, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 9,035 |  |  | $ | 11,840 |  |  | $ | 9,918 |  |  | $ | 7,511 |  |  | $ | (2,480) |  |  | $ | 35,824 |  |  | $ | (7,580) |  |  | $ | 62,732 |  |  | $ | 9,808 |  |  | $ | 100,784 |
1.The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. The following table represents the carrying value of our partnership’s investments in associates and joint ventures:
| As of
US$ MILLIONS | June 30, 2024 |  | December 31, 2023
Utilities | $ | 382 |  |  | $ | 402 |
Transport | 2,239 |  |  | 1,965 |
Midstream | 708 |  |  | 711 |
Data | 2,264 |  |  | 2,307 |
Corporate | 42 |  |  | 17 |
Ending Balance | $ | 5,635 |  |  | $ | 5,402 |

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