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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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$ MILLIONSNote20242023
Foreign exchange contracts(a)$2,460 $3,531 
Interest rates swaps and other(b)19,108 17,632 
Commodity contracts36 113 
 $21,604 $21,276 
The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2024 and 2023:
US$ MILLIONSUnrealized Gains
During 2024		Unrealized Losses
During 2024		Net Change During 2024Net Change During 2023
Foreign exchange derivatives$90 $(11)$79 $(115)
Interest rate and other derivatives361 (360)1 (397)
Commodity derivatives1 (21)(20)(4)
$452 $(392)$60 $(516)
Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2024 and 2023.
 Notional Amount
(U.S. Dollars)		Average
Exchange Rate
US$ MILLIONS2024202320242023
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 rupees247 126 0.011 0.012 
Brazilian real291 — 0.153 — 
Other(1)
193 541 — — 
$2,460 $3,531 
(1)Includes foreign exchange contracts at our operating subsidiaries intended to offset the risk associated with non-recourse borrowings in currencies other than the functional currency of the underlying operation, primarily in USD.
Disclosure of information about terms and conditions of hedging instruments
The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2024 and the comparative notional amounts at December 31, 2023, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
 20242023
US$ MILLIONS< 1 year1 to 5 years> 5 yearsTotal 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 other15 1,173 8 1,196 2,091 
Commodity contracts36 — — 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 swaps1,475 8,212 8,225 17,912 15,541 
$1,670 $8,781 $8,454 $18,905 $17,257 
Disclosure of derivatives elected for hedge accounting
The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2024 and 2023 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
 20242023
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS)NotionalEffective
Portion		Ineffective
Portion		NotionalEffective
Portion		Ineffective
Portion
Cash flow hedges$17,932 $(5)$10 $16,457 $(459)$(9)
Net investment hedges973 41 — 800 (27)— 
$18,905 $36 $10 $17,257 $(486)$(9)