PARTNERSHIP CAPITAL (Tables)

12 Months Ended

Dec. 31, 2024

Special and Limited Partnership Capital


	Special General Partner Units
MILLIONS, EXCEPT UNIT INFORMATION	2024			2023			2022
	Carrying Value		Units	Carrying Value		Units	Carrying Value		Units
Opening balance	$	19	2,400,631	$	19	2,400,631	$	19	2,400,631
Ending balance	$	19	2,400,631	$	19	2,400,631	$	19	2,400,631


	Limited Partnership Units
MILLIONS, EXCEPT UNIT INFORMATION	2024			2023			2022
	Carrying Value		Units	Carrying Value		Units	Carrying Value		Units
Opening balance	$	6,196	461,343,972	$	6,092	458,380,315	$	6,074	457,901,280
Conversion from RPU to LP	—		—	100		3,287,267	—		—
Unit issuance	11		343,347	12		416,225	13		338,953
Units repurchased and cancelled	—		—	(12)		(908,674)	—		—
Conversions	3		168,031	4		168,839	5		140,082

Ending balance	$	6,210	461,855,350	$	6,196	461,343,972	$	6,092	458,380,315

Non-controlling interest—Redeemable Partnership Units held by Brookfield


MILLIONS, EXCEPT UNIT INFORMATION	2024			2023			2022
	Carrying Value		Units	Carrying Value		Units	Carrying Value		Units
Opening balance	$	2,628	190,299,956	$	2,728	193,587,223	$	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	$	2,728	193,587,223

Non-controlling interest—BIPC exchangeable shares and class A.2 exchangeable shares


MILLIONS, EXCEPT SHARE INFORMATION	2024			2023			2022
	Carrying Value		Shares(1)	Carrying Value		Shares	Carrying Value		Shares
Opening balance	$	2,512	131,872,066	$	1,757	110,567,671	$	1,755	110,157,540

Issued in conjunction with the acquisition of Triton	—		—	751		21,094,441	—		—


Conversions	2		179,843	4		209,954	2		410,131
Ending balance	$	2,514	132,051,909	$	2,512	131,872,066	$	1,757	110,567,671

(1)Includes 119,039,120 (December 31, 2023: 131,872,066) BIPC exchangeable shares and 13,012,789 (December 31, 2023: nil) class A.2 exchangeable shares.

Non-controlling interest—Exchangeable Units


MILLIONS, EXCEPT UNIT INFORMATION	2024			2023			2022
	Carrying Value		Units	Carrying Value		Units	Carrying Value		Units
Opening balance	$	393	6,086,026	$	401	6,464,819	$	408	7,015,032



Conversions	(5)		(347,874)	(8)		(378,793)	(7)		(550,213)
Ending balance	$	388	5,738,152	$	393	6,086,026	$	401	6,464,819


	Perpetual Subordinated Notes
US$ MILLIONS	2024		2023		2022
Opening balance	$	293	$	293	$	—
Issued for cash	—		—		293

Ending balance	$	293	$	293	$	293

Preferred Unitholders’ Capital


MILLIONS, EXCEPT UNIT INFORMATION	2024			2023			2022
	Carrying Value		Units	Carrying Value		Units	Carrying Value		Units
Opening balance	$	918	43,901,312	$	918	43,901,312	$	1,138	55,881,062

Repurchased and cancelled	—		—	—		—	(220)		(11,979,750)
Ending balance	$	918	43,901,312	$	918	43,901,312	$	918	43,901,312