XML 51 R30.htm IDEA: XBRL DOCUMENT
v3.24.1

DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial Instruments [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Our company’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk, commodity risk and other price risk), credit risk and liquidity risk. Our company selectively uses derivative financial instruments principally to manage these risks. The aggregate notional amount of our company’s derivative positions at December 31, 2023 and 2022 were as follows:
|  |  |  | As of December 31,
US$ MILLIONS |  | Note |  | 2023 |  | 2022
Interest rate swaps and other |  | (a) |  | $ | 2,946 |  |  | $ | 993 |
|  |  |  | $ | 2,946 |  |  | $ | 993 |
The following table presents the change in fair values of our company’s derivative positions during the years ended December 31, 2023 and 2022:
US$ MILLIONS |  | Unrealized Gains During 2023 |  | Unrealized Losses During 2023 |  | Net Change During 2023 |  | Net Change During 2022
Interest rate swaps and other |  | $ | 24 |  |  | $ | (36) |  |  | $ | (12) |  |  | $ | (58) |
|  | $ | 24 |  |  | $ | (36) |  |  | $ | (12) |  |  | $ | (58) |
(a)Interest Rates At December 31, 2023, our company held interest rate and cross currency interest rate swap contracts having an aggregate notional amount of $2,946 million (2022: $993 million). Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying our company’s derivative instruments by term to maturity as at December 31, 2023 and the comparative notional amounts at December 31, 2022. Our Company’s derivative instruments qualify for hedge accounting:
|  | 2023 |  | 2022
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Interest rate swaps and other |  | $ | 300 |  |  | $ | 1,646 |  |  | $ | 1,000 |  |  | $ | 2,946 |  |  | $ | 993 |
|  | $ | 300 |  |  | $ | 1,646 |  |  | $ | 1,000 |  |  | $ | 2,946 |  |  | $ | 993 |
The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2023 and 2022 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:
|  | 2023 |  | 2022
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 2,946 |  |  | $ | (24) |  |  | $ | — |  |  | $ | 993 |  |  | $ | (58) |  |  | $ | — |
Our company settles the difference between the contracted fixed and floating rates of its interest rate swaps on a net basis. All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are designated as cash flow hedges in order to reduce our company’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on borrowings affect profit or loss.

X
- Definition Financial Instruments [Abstract] + References No definition available. + Details
Name: | bipc_FinancialInstrumentsAbstract
Namespace Prefix: | bipc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration