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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Notional amount of derivative positions | The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2024 and 2023 were as follows:
US$ MILLIONS |  | Note |  | 2024 |  | 2023
Foreign exchange contracts |  | (a) |  | $ | 2,460 |  |  | $ | 3,531 |
Interest rates swaps and other |  | (b) |  | 19,108 |  |  | 17,632 |
Commodity contracts |  |  |  | 36 |  |  | 113 |
|  |  |  | $ | 21,604 |  |  | $ | 21,276 |
The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2024 and 2023:
US$ MILLIONS |  | Unrealized Gains During 2024 |  | Unrealized Losses During 2024 |  | Net Change During 2024 |  | Net Change During 2023
Foreign exchange derivatives |  | $ | 90 |  |  | $ | (11) |  |  | $ | 79 |  |  | $ | (115) |
Interest rate and other derivatives |  | 361 |  |  | (360) |  |  | 1 |  |  | (397) |
Commodity derivatives |  | 1 |  |  | (21) |  |  | (20) |  |  | (4) |
|  | $ | 452 |  |  | $ | (392) |  |  | $ | 60 |  |  | $ | (516) |
Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2024 and 2023.
|  | Notional Amount (U.S. Dollars) |  | Average Exchange Rate
US$ MILLIONS |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign exchange contracts |  |  |  |  |  |  |  |
British pounds |  | $ | 997 |  |  | $ | 1,081 |  |  | $ | 1.26 |  |  | $ | 1.26 |
Canadian dollars |  | 142 |  |  | 917 |  |  | 0.74 |  |  | 0.77 |
Australian dollars |  | 184 |  |  | 433 |  |  | 0.66 |  |  | 0.69 |
European Union euros |  | 406 |  |  | 433 |  |  | 1.11 |  |  | 1.11 |
Indian rupees |  | 247 |  |  | 126 |  |  | 0.011 |  |  | 0.012 |
Brazilian real |  | 291 |  |  | — |  |  | 0.153 |  |  | — |
Other(1) |  | 193 |  |  | 541 |  |  | — |  |  | — |
|  | $ | 2,460 |  |  | $ | 3,531 |  |  |  |  |
(1)Includes foreign exchange contracts at our operating subsidiaries intended to offset the risk associated with non-recourse borrowings in currencies other than the functional currency of the underlying operation, primarily in USD.
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2024 and the comparative notional amounts at December 31, 2023, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
|  | 2024 |  | 2023
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 761 |  |  | $ | 706 |  |  | $ | — |  |  | $ | 1,467 |  |  | $ | 1,815 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate swaps, cross currency interest rate swaps and other |  | 15 |  |  | 1,173 |  |  | 8 |  |  | 1,196 |  |  | 2,091 |
Commodity contracts |  | 36 |  |  | — |  |  | — |  |  | 36 |  |  | 113 |
|  | $ | 812 |  |  | $ | 1,879 |  |  | $ | 8 |  |  | $ | 2,699 |  |  | $ | 4,019 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 195 |  |  | $ | 569 |  |  | $ | 229 |  |  | $ | 993 |  |  | $ | 1,716 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate and cross currency interest rate swaps |  | 1,475 |  |  | 8,212 |  |  | 8,225 |  |  | 17,912 |  |  | 15,541 |
|  | $ | 1,670 |  |  | $ | 8,781 |  |  | $ | 8,454 |  |  | $ | 18,905 |  |  | $ | 17,257 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2024 and 2023 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
|  | 2024 |  | 2023
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 17,932 |  |  | $ | (5) |  |  | $ | 10 |  |  | $ | 16,457 |  |  | $ | (459) |  |  | $ | (9) |
Net investment hedges |  | 973 |  |  | 41 |  |  | — |  |  | 800 |  |  | (27) |  |  | — |
|  | $ | 18,905 |  |  | $ | 36 |  |  | $ | 10 |  |  | $ | 17,257 |  |  | $ | (486) |  |  | $ | (9) |

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