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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Disclosure of capital structure | The capital structure of our company consists of debt, offset by cash and cash equivalents, exchangeable and class B shares, loans payable to Brookfield Infrastructure and share capital comprised of issued capital and accumulated gains.
US$ MILLIONS |  | 2023 |  | 2022
Non-recourse borrowings |  | $ | 12,028 |  |  | $ | 4,577 |
Cash and cash equivalents |  | (539) |  |  | (445) |
Net debt |  | 11,489 |  |  | 4,132 |
Exchangeable and class B shares |  | 4,153 |  |  | 3,426 |
Loans payable to Brookfield Infrastructure |  | 26 |  |  | 26 |
Total equity |  | 4,068 |  |  | (361) |
Total capital and net debt |  | $ | 19,736 |  |  | $ | 7,223 |
Net debt to capitalization ratio |  | 58 | % |  | 57 | %
Disclosure of maturity analysis for financial liabilities | The tables include both interest and principal cash flows:
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2023 |  |  |  |  |
US$ MILLIONS |  |  |  |  |
Accounts payable and other liabilities |  | $ | 821 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 837 |
Non-recourse borrowings |  | 1,203 |  |  | 917 |  |  | 5,338 |  |  | 5,346 |  |  | 12,804 |
Financial liabilities |  | 60 |  |  | 1 |  |  | 13 |  |  | 1 |  |  | 75 |
Exchangeable and class B shares |  | 4,153 |  |  | — |  |  | — |  |  | — |  |  | 4,153 |
Loans payable to Brookfield Infrastructure |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Non-recourse borrowings |  | 662 |  |  | 588 |  |  | 1,214 |  |  | 988 |  |  | 3,452 |
|  | Less than 1 year |  | 1-2 years |  | 2-5 years |  | 5+ years |  | Total contractual cash flows
December 31, 2022 |  |  |  |  |
US$ MILLIONS |  |  |  |  |
Accounts payable and other liabilities |  | $ | 586 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 589 |
Non-recourse borrowings |  | 330 |  |  | 178 |  |  | 1,231 |  |  | 2,856 |  |  | 4,595 |
Financial liabilities |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 72 |
Exchangeable and class B shares |  | 3,426 |  |  | — |  |  | — |  |  | — |  |  | 3,426 |
Loans payable to Brookfield Infrastructure |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Interest Expense: |  |  |  |  |  |  |  |  |  |
Non-recourse borrowings |  | 133 |  |  | 67 |  |  | 179 |  |  | 333 |  |  | 712 |
Disclosure of sensitivity analysis for interest rate and foreign exchange risk | Such parallel shift in the yield curve by 50 basis points would have had the following impact, assuming all other variables were held constant:
|  | 2023 |  |  |  |
US$ MILLIONS |  | 50 bp decrease |  | 50 bp increase |  |  |  |  |  |  |  |
Net income (loss) to the partnership(1) |  | $ | 4 |  |  | $ | (4) |  |  |  |  |  |  |  |  |
Other comprehensive income to the partnership(1) |  | — |  |  | — |  |  |  |  |  |  |  |  |
(1)Net income and other comprehensive income is attributable to the partnership prior to the special distribution as well as subsequently as a result of the partnership holding all of the class C shares issued by our company. Please refer to Note 3(b), Material Accounting Policy Information, for further details. The following tables detail our company’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: •Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; •Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and •The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts).
|  | Impact on Net Income to the Partnership
|  | 2023 |  | 2022 |  | 2021
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/GBP |  | $ | (8) |  |  | $ | 8 |  |  | $ | (8) |  |  | $ | 8 |  |  | $ | (6) |  |  | $ | 6 |
USD/BRL |  | (20) |  |  | 20 |  |  | (23) |  |  | 23 |  |  | (15) |  |  | 15 |
USD/AUD |  | 2 |  |  | (2) |  |  | (1) |  |  | 1 |  |  | — |  |  | — |
|  | Impact on Parent Equity
|  | 2023 |  | 2022 |  | 2021
US$ MILLIONS |  | -10% |  | 10% |  | -10% |  | 10% |  | -10% |  | 10%
USD/GBP |  | $ | (142) |  |  | $ | 142 |  |  | $ | (123) |  |  | $ | 123 |  |  | $ | (130) |  |  | $ | 130 |
USD/BRL |  | (15) |  |  | 15 |  |  | (12) |  |  | 12 |  |  | (9) |  |  | 9 |
USD/EUR |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
USD/AUD |  | — |  |  | — |  |  | (43) |  |  | 43 |  |  | — |  |  | — |
Disclosure of foreign currency exposure | The tables below set out our company’s currency exposure at December 31, 2023, 2022 and 2021:
2023 |  |  |  |  |  |  |  |  |  |  |  |
US$ MILLIONS |  | USD |  | GBP |  | BRL |  |  |  | EUR & Others |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 419 |  |  | $ | 318 |  |  | $ | 747 |  |  |  |  | $ | 10 |  |  | $ | 1,494 |
Non-current assets |  | 11,947 |  |  | 5,580 |  |  | 3,576 |  |  |  |  | 2 |  |  | 21,105 |
|  | $ | 12,366 |  |  | $ | 5,898 |  |  | $ | 4,323 |  |  |  |  | $ | 12 |  |  | $ | 22,599 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 982 |  |  | $ | 387 |  |  | $ | 549 |  |  |  |  | $ | 2 |  |  | $ | 1,920 |
Non-current liabilities |  | 6,639 |  |  | 3,744 |  |  | 3,099 |  |  |  |  | — |  |  | 13,482 |
|  | $ | 7,621 |  |  | $ | 4,131 |  |  | $ | 3,648 |  |  |  |  | $ | 2 |  |  | $ | 15,402 |
Non-controlling interest |  | 3,586 |  |  | 348 |  |  | 526 |  |  |  |  | 7 |  |  | 4,467 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,159 |  |  | $ | 1,419 |  |  | $ | 149 |  |  |  |  | $ | 3 |  |  | $ | 2,730 |
2022 |  |  |  |  |  |  |  |
US$ MILLIONS |  | GBP |  | BRL |  | AUD |  | Total
Assets: |  |  |  |  |  |  |  |
Current assets |  | $ | 264 |  |  | $ | 737 |  |  | $ | — |  |  | $ | 1,001 |
Non-current assets |  | 4,821 |  |  | 3,362 |  |  | 428 |  |  | 8,611 |
|  | $ | 5,085 |  |  | $ | 4,099 |  |  | $ | 428 |  |  | $ | 9,612 |
Liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 690 |  |  | $ | 486 |  |  | $ | — |  |  | $ | 1,176 |
Non-current liabilities |  | 2,864 |  |  | 3,034 |  |  | — |  |  | 5,898 |
|  | $ | 3,554 |  |  | $ | 3,520 |  |  | $ | — |  |  | $ | 7,074 |
Non-controlling interest |  | 298 |  |  | 460 |  |  | — |  |  | 758 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,233 |  |  | $ | 119 |  |  | $ | 428 |  |  | $ | 1,780 |
2021 |  |  |  |  |  |  |  |
US$ MILLIONS |  | GBP |  | BRL |  | AUD |  | Total
Assets: |  |  |  |  |  |  |  |
Current assets |  | $ | 249 |  |  | $ | 668 |  |  | $ | — |  |  | $ | 917 |
Non-current assets |  | 4,961 |  |  | 3,115 |  |  | — |  |  | 8,076 |
|  | $ | 5,210 |  |  | $ | 3,783 |  |  | $ | — |  |  | $ | 8,993 |
Liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 316 |  |  | $ | 1,278 |  |  | $ | — |  |  | $ | 1,594 |
Non-current liabilities |  | 3,285 |  |  | 2,028 |  |  | — |  |  | 5,313 |
|  | $ | 3,601 |  |  | $ | 3,306 |  |  | $ | — |  |  | $ | 6,907 |
Non-controlling interest |  | 314 |  |  | 389 |  |  | — |  |  | 703 |
Net investment attributable to Brookfield Infrastructure |  | $ | 1,295 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 1,383 |

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