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CAPITAL MANAGEMENT | 12 Months Ended
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Dec. 31, 2024
Disclosure of Capital Management [Abstract] |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT Our partnership’s approach to capital management is focused on maximizing returns to unitholders and ensuring capital is deployed in a manner consistent with achieving our investment return objectives. Invested Capital, which tracks the amount of capital that has been contributed to our partnership, is a measure we utilize to assess returns on capital deployed, relative to targeted returns. Investment decisions are based on, amongst other measures and factors, targeted returns on Invested Capital of 12% to 15%+ annually over the long-term. We measure return on Invested Capital as Adjusted Funds from Operations (“AFFO”), less estimated returns of capital on operations that are not perpetual in nature, divided by the weighted average Invested Capital for the period. We define AFFO as FFO less capital expenditures required to maintain the current performance of our operations (maintenance capital expenditures). We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest - in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes.
US$ MILLIONS | 2024 |  | 2023
Partnership Capital | $ | 29,853 |  |  | $ | 34,016 |
Remove impact of the following items since inception: |  |  |
Non-controlling interest - in operating subsidiaries | (20,568) |  |  | (23,661) |
Deficit | 5,674 |  |  | 4,419 |
Accumulated other comprehensive income | (1,335) |  |  | (1,161) |
Ownership changes | (653) |  |  | (581) |
Invested Capital | $ | 12,971 |  |  | $ | 13,032 |
The following table presents the change in Invested Capital during year ended December 31, 2024 and 2023:
| For the year ended December 31, |  |
US$ MILLIONS | 2024 |  | 2023 |  |
Opening balance | $ | 13,032 |  |  | $ | 12,281 |  |  |
Net redemption of preferred units | (72) |  |  | — |  |  |
Issuance of limited partnership units, net of redemptions | 11 |  |  | — |  |  |
Issuance of BIPC exchangeable LP Units | — |  |  | 751 |  |  |
Ending balance | $ | 12,971 |  |  | $ | 13,032 |  |  |
Weighted Average Invested Capital | $ | 13,032 |  |  | $ | 12,478 |  |  |

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- Definition The disclosure of information that enables users of financial statements to evaluate the entity's objectives, policies and processes for managing capital. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 134 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_134&doctype=Standard -URIDate 2024-03-27 + Details
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