XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

PARTNERSHIP CAPITAL | 6 Months Ended
--- | ---
Jun. 30, 2024
Equity [abstract] |
PARTNERSHIP CAPITAL | PARTNERSHIP CAPITAL As at June 30, 2024, 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. (a) Special General and Limited Partnership Capital
|  | Special General Partner Units
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| 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
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 6,196 |  |  | 461,343,972 |  |  | $ | 6,092 |  |  | 458,380,315 |
Conversion from RPU to LP |  | — |  |  | — |  |  | 100 |  |  | 3,287,267 |
Unit issuance |  | 6 |  |  | 194,312 |  |  | 12 |  |  | 416,225 |
Units repurchased and cancelled |  | — |  |  | — |  |  | (12) |  |  | (908,674) |
Conversions |  | 2 |  |  | 120,600 |  |  | 4 |  |  | 168,839 |
Ending balance |  | $ | 6,204 |  |  | 461,658,884 |  |  | $ | 6,196 |  |  | $ | 461,343,972 |
The weighted average number of special general partner units outstanding for the three and six-months period ended June 30, 2024 was 2.4 million (2023: 2.4 million). The weighted average number of limited partnership units outstanding for the three and six-month periods ended June 30, 2024 was 461.5 million and 461.4 million, respectively (2023: 458.7 million and 458.5 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, 2024, our partnership issued 0.2 million units for proceeds of $6 million (2023: 0.3 million units for proceeds of $8 million). On May 1, 2024, the partnership declared a quarterly distribution in the amount of $0.405 per unit, paid on June 28, 2024 to unitholders of record as at the close of business on May 31, 2024. This distribution represents a 6% increase compared to the prior year. The regular quarterly dividends on the partnership preferred units have also been declared. (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 2,628 |  |  | 190,299,956 |  |  | $ | 2,728 |  |  | 193,587,223 |
Conversion of RPU to LP |  | — |  |  | — |  |  | (100) |  |  | (3,287,267) |
Ending balance |  | $ | 2,628 |  |  | 190,299,956 |  |  | $ | 2,628 |  |  | 190,299,956 |
On September 29, 2023, Brookfield converted approximately 3 million of its RPUs held with a carrying value of approximately $100 million into an equivalent amount of LP units. (c) Non-controlling interest – BIPC exchangeable shares
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| Carrying Value |  | Shares |  | Carrying Value |  | Shares
Opening balance |  | $ | 2,512 |  |  | 131,872,066 |  |  | $ | 1,757 |  |  | 110,567,671 |
Issued in conjunction with the acquisition of Triton |  | — |  |  | — |  |  | 751 |  |  | 21,094,441 |
Conversions |  | 1 |  |  | 119,046 |  |  | 4 |  |  | 209,954 |
Ending balance |  | $ | 2,513 |  |  | 131,991,112 |  |  | $ | 2,512 |  |  | $ | 131,872,066 |
On September 28, 2023, BIPC issued approximately 21 million BIPC exchangeable shares with a fair value on date of issuance of approximately $751 million in connection with the acquisition of global intermodal logistics operation. Refer to Note 6, Acquisition of Businesses, for further details. As a result of the issuance, equity was reallocated between 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 to reflect the difference between the ratio in which the unit/shareholders participated in the issuance and their original economic interest in the partnership. The resulting impacts were recognized as ownership changes within the Consolidated Statements of Partnership Capital. Amounts in accumulated other comprehensive income (loss) were also ratably allocated. Refer to Note 18. Accumulated Other Comprehensive Income, for further details. During the six-month period ended June 30, 2024, BIPC exchangeable shareholders exchanged approximately 0.1 million BIPC exchangeable shares for approximately $1 million (2023: 0.1 million for $1 million). (d) Non-controlling interest – Exchangeable Units
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 393 |  |  | 6,086,026 |  |  | $ | 401 |  |  | 6,464,819 |
Conversions |  | (3) |  |  | (239,646) |  |  | (8) |  |  | (378,793) |
Ending balance(1) |  | $ | 390 |  |  | 5,846,380 |  |  | $ | 393 |  |  | $ | 6,086,026 |
1.Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. During the six-month period ended June 30, 2024, Exchange LP unitholders exchanged less than 0.2 million Exchange LP units for $2 million of our units (six-month period ended 2023: less than 0.1 million for less than $2 million). During the six-month period ended June 30, 2024, BIPC exchangeable LP unitholders exchanged 0.2 million BIPC exchangeable LP units for $1 million of BIPC exchangeable shares (six-month period ended 2023: less than 0.1 million for $1 million). (e) Non-controlling interest - Perpetual Subordinated Notes
|  |  | Perpetual Subordinated Notes
US$ MILLIONS, EXCEPT UNIT INFORMATION |  |  | As of and for the six-month period ended June 30, 2024 |  |  | As of and for the 12-month period ended December 31, 2023
Opening balance |  |  | $ | 293 |  |  |  | $ | 293 |
Issued for cash |  |  | — |  |  |  | — |
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, $293 million net proceeds were raised. The notes do not have a fixed maturity date and are not redeemable at the option of the holders, therefore the notes are classified as non-controlling interest. The perpetual subordinated notes also provide Brookfield Infrastructure, at its discretion, the right to defer the interest (in whole or in part) indefinitely. (f) Preferred Unitholders’ Capital
US$ MILLIONS, EXCEPT UNIT INFORMATION |  | As of and for the six-month period ended June 30, 2024 |  | As of and for the 12-month period ended December 31, 2023
| Carrying Value |  | Units |  | Carrying Value |  | Units
Opening balance |  | $ | 918 |  |  | 43,901,312 |  |  | $ | 918 |  |  | 43,901,312 |
Repurchased and cancelled |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 918 |  |  | 43,901,312 |  |  | $ | 918 |  |  | 43,901,312 |

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