XML 53 R29.htm IDEA: XBRL DOCUMENT
v3.25.1

BORROWINGS | 12 Months Ended
--- | ---
Dec. 31, 2024
Financial Instruments [Abstract] |
BORROWINGS | BORROWINGS (a)Corporate Borrowings Brookfield Infrastructure has a $2.2 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $2.2 billion is available on a revolving basis for the full term of the facility. All amounts outstanding under this facility will be repayable on June 29, 2029. All obligations of Brookfield Infrastructure under the facility are guaranteed by our partnership. Loans under this facility accrue interest at a floating rate based on SOFR plus 1.2%. Brookfield Infrastructure is required to pay an unused commitment fee under the facility of 13 basis points per annum. As at December 31, 2024, there were $300 million (2023: $222 million) draws outstanding on the credit facility and $10 million of letters of credit were issued (2023: $8 million).
|  | Maturity(2) |  | Annual Rate(2) |  | Currency |  | 2024 |  | 2023
Corporate revolving credit facility |  | June 29, 2029 |  | SOFR plus 1.2% |  | US$ |  | $ | 300 |  |  | $ | 222 |
Commercial Paper |  | January 28, 2025 |  | 5.0% |  | US$ |  | 850 |  |  | 989 |
Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | — |  |  | 226 |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | — |  |  | 302 |
Non-Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | November 14, 2027 |  | 5.6% |  | C$ |  | 313 |  |  | 340 |
Public - Canadian |  | September 11, 2028 |  | 4.2% |  | C$ |  | 487 |  |  | 528 |
Public - Canadian |  | October 9, 2029 |  | 3.4% |  | C$ |  | 487 |  |  | 528 |
Public - Canadian |  | July 27, 2030 |  | 5.7% |  | C$ |  | 348 |  |  | 377 |
Public - Canadian |  | September 1, 2032 |  | 2.9% |  | C$ |  | 348 |  |  | 377 |
Public - Canadian |  | February 14, 2033 |  | 6.0% |  | C$ |  | 174 |  |  | 189 |
Public - Canadian |  | April 25, 2034 |  | 5.4% |  | C$ |  | 278 |  |  | 302 |
Public - Canadian |  | April 25, 2052 |  | 5.8% |  | C$ |  | 139 |  |  | 151 |
Public - Canadian |  | July 27, 2053 |  | 6.0% |  | C$ |  | 139 |  |  | 151 |
Subordinated notes(1) |  |  |  |  |  |  |  |  |  |
Public - United States |  | March 15, 2055 |  | 6.8% |  | US$ |  | 300 |  |  | — |
Public - United States |  | May 24, 2081 |  | 5.0% |  | US$ |  | 250 |  |  | 250 |
Public - United States |  | May 31, 2084 |  | 7.3% |  | US$ |  | 158 |  |  | — |
|  |  |  |  |  |  |  | 4,571 |  |  | 4,932 |
Deferred financing costs and other |  |  |  |  |  |  |  | (29) |  |  | (21) |
Total |  |  |  |  |  |  |  | $ | 4,542 |  |  | $ | 4,911 |
(1)See Note 21, 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, 2024. (3)On February 21, 2024, Brookfield Infrastructure Finance ULC redeemed all medium-term notes maturing February 22, 2024. On November 29, 2024, Brookfield Infrastructure Finance ULC issued $300 million of fixed-to-fixed reset rate subordinated notes maturing March 15, 2055, with an initial coupon of 6.8%, until March 15, 2030, resetting every five years thereafter at the five-year U.S. treasury rate, plus a 2.5% spread, provided that the rate will not reset below 6.8%. On May 31, 2024 and June 5, 2024 Brookfield Infrastructure Finance ULC issued, in aggregate, $158 million of subordinated notes maturing May 31, 2084, with a coupon of 7.3%. On February 22, 2024, Brookfield Infrastructure Finance ULC repaid all medium-term notes maturing February 22, 2024 for $531 million. Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility automatically renews for consecutive one-year terms, and the maturity date is automatically extended, on February 8 each year, unless terminated prior to the relevant renewal date. Brookfield has the option to terminate the agreement prior to February 8 each year by providing Brookfield Infrastructure with a written notice. Loans under this facility accrued interest on SOFR plus 1.9% and no commitment fees were incurred for any undrawn balance. As of December 31, 2024, there were no (2023: $nil) borrowings outstanding. On July 27, 2023, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$500 million maturing on July 27, 2030 with a coupon of 5.7% per annum and C$200 million maturing on July 27, 2053 with a coupon of 6.0% per annum. On November 14, 2022, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$450 million maturing on November 14, 2027 with a coupon of 5.6% per annum and C$250 million maturing on February 14, 2033 with a coupon of 6.0% per annum. On April 25, 2022, Brookfield Infrastructure Finance ULC issued C$600 million of medium-term notes in two tranches: C$400 million maturing on April 25, 2034 with a coupon of 5.4% per annum and C$200 million maturing on April 25, 2052 with a coupon of 5.8% per annum, and $3 million of debt issuance costs were incurred. The decrease in corporate borrowings of $369 million during the year ended December 31, 2024 is primarily attributable to the repayment of $531 million of medium term notes, net repayments of $139 million on our commercial paper program and the impact of foreign exchange, partially offset by issuance of approximately $458 million of subordinate notes and net draws on our corporate credit facility of $78 million. (b)Non-Recourse Borrowings The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS |  | 2024 |  | 2023
Current |  | $ | 2,838 |  |  | $ | 4,442 |
Non-current |  | 43,714 |  |  | 36,462 |
Total |  | $ | 46,552 |  |  | $ | 40,904 |
Non-recourse borrowings increased by $5.6 billion from December 31, 2023 due to acquisition debt raised at our North American retail colocation data center operation and a follow-on acquisition of our existing India telecom operations, increased borrowings at our Brazilian regulated gas transmission operation, North American gas storage operation and North American rail operations, partially offset by non-recourse borrowings classified as held for sale and impacts of foreign exchange. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
2025(1) |  | $ | 1,080 |  |  | $ | 571 |  |  | $ | 1,082 |  |  | $ | 283 |  |  | $ | 3,016 |
2026 |  | 1,020 |  |  | 1,169 |  |  | 422 |  |  | 2,041 |  |  | 4,652 |
2027 |  | 1,250 |  |  | 1,143 |  |  | 1,453 |  |  | 822 |  |  | 4,668 |
2028 |  | 1,894 |  |  | 729 |  |  | 586 |  |  | 1,255 |  |  | 4,464 |
2029 |  | 1,788 |  |  | 2,637 |  |  | 635 |  |  | 1,295 |  |  | 6,355 |
Thereafter |  | 6,655 |  |  | 5,569 |  |  | 7,352 |  |  | 4,650 |  |  | 24,226 |
Total principal repayments |  | 13,687 |  |  | 11,818 |  |  | 11,530 |  |  | 10,346 |  |  | 47,381 |
Deferred financing costs and other |  | (101) |  |  | (499) |  |  | (18) |  |  | (211) |  |  | (829) |
Total - Dec. 31, 2024 |  | $ | 13,586 |  |  | $ | 11,319 |  |  | $ | 11,512 |  |  | $ | 10,135 |  |  | $ | 46,552 |
Total - Dec. 31, 2023 |  | $ | 11,772 |  |  | $ | 11,710 |  |  | $ | 11,154 |  |  | $ | 6,286 |  |  | $ | 40,904 |
(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, 2024 |  | 7 | % |  | 5 | % |  | 6 | % |  | 6 | % |  | 6 | %
Dec. 31, 2023 |  | 8 | % |  | 5 | % |  | 5 | % |  | 7 | % |  | 6 | %
(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, 2024. Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2024 |  | Local Currency |  | Dec. 31, 2023 |  | Local Currency
U.S. dollars |  | $ | 18,807 |  |  | USD |  | $ | 18,807 |  |  | $ | 16,365 |  |  | USD |  | $ | 16,365 |
Canadian dollars |  | 10,133 |  |  | CAD |  | 14,574 |  |  | 10,713 |  |  | CAD |  | 14,195 |
Indian rupees |  | 5,470 |  |  | INR |  | 467,521 |  |  | 4,051 |  |  | INR |  | 337,583 |
British pounds |  | 4,607 |  |  | GBP |  | 3,681 |  |  | 4,561 |  |  | GBP |  | 3,583 |
Brazilian real(1) |  | 3,999 |  |  | BRL |  | 24,762 |  |  | 2,501 |  |  | BRL |  | 12,106 |
Euro |  | 2,876 |  |  | EUR |  | 2,778 |  |  | 2,123 |  |  | EUR |  | 1,923 |
Australian dollars |  | 893 |  |  | AUD |  | 1,443 |  |  | 611 |  |  | AUD |  | 897 |
Colombian pesos |  | 559 |  |  | COP |  | 2,462,758 |  |  | 541 |  |  | COP |  | 2,088,803 |
Peruvian soles |  | — |  |  | PEN |  | — |  |  | 432 |  |  | PEN |  | 1,601 |
New Zealand dollars |  | 37 |  |  | NZD |  | 66 |  |  | 42 |  |  | NZD |  | 66 |
(1)See Note 5, Disposition of Businesses, for additional information. (c)Supplemental Information 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 |  | 2023 |  | Cash Flows |  | Acquisitions/ Dispositions(1) |  | Held for Sale(2) |  | Foreign Exchange Movement and Other |  | 2024
Corporate borrowings |  | $ | 4,911 |  |  | $ | (144) |  |  | $ | — |  |  | $ | — |  |  | $ | (225) |  |  | $ | 4,542 |
Non-recourse borrowings |  | 40,904 |  |  | 8,715 |  |  | 478 |  |  | (1,197) |  |  | (2,348) |  |  | 46,552 |
(1)Refer to Note 7. Acquisition of Businesses, for further details.

X
- Definition Financial Instruments [Abstract] + References No definition available. + Details
Name: | bip_FinancialInstrumentsAbstract
Namespace Prefix: | bip_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration