Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | BROOKFIELD INFRASTRUCTURE PARTNERS L.P. |
Entity Central Index Key | 0001406234 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED AND
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 1,380 | $ 1,279 | |
Financial assets | 966 | 1,392 | |
Accounts receivable and other | 3,478 | 2,628 | |
Inventory | 475 | 531 | |
Assets classified as held for sale | 0 | 856 | |
Current assets | 6,299 | 6,686 | |
Property, plant and equipment | 38,090 | 37,291 | |
Intangible assets | 15,476 | 11,822 | |
Investments in associates and joint ventures | 5,416 | 5,325 | |
Investment properties | 744 | 700 | |
Goodwill | 12,393 | 8,789 | |
Financial assets | 686 | 721 | |
Other assets | 2,463 | 1,524 | |
Deferred income tax asset | 104 | 111 | |
Total assets | 81,671 | 72,969 | |
Liabilities | |||
Accounts payable and other | 4,147 | 4,478 | |
Corporate borrowings | 1,470 | 464 | |
Current | 3,741 | 2,567 | |
Financial liabilities | 364 | 390 | |
Liabilities directly associated with assets classified as held for sale | 0 | 478 | |
Current liabilities | 9,722 | 8,377 | |
Corporate borrowings | 3,221 | 3,202 | |
Non-recourse borrowings | 27,151 | 24,000 | |
Financial liabilities | 1,768 | 1,677 | |
Other liabilities | 4,286 | 4,164 | |
Deferred income tax liability | 6,880 | 5,975 | |
Preferred shares | 20 | 20 | |
Total liabilities | 53,048 | 47,415 | |
Partnership capital | |||
Limited partners | 5,229 | 5,372 | |
General partner | 26 | 27 | |
Non-controlling interest attributable to: | |||
Redeemable Partnership Units held by Brookfield | 2,195 | 2,263 | |
BIPC exchangeable shares | 1,254 | 1,289 | |
Exchangeable units | [1] | 68 | 72 |
Perpetual subordinated notes | 293 | 293 | |
Interest of others in operating subsidiaries | 18,640 | 15,320 | |
Preferred unitholders | 918 | 918 | |
Total partnership capital | 28,623 | 25,554 | |
Total liabilities and partnership capital | $ 81,671 | $ 72,969 | |
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
UNAUDITED INTERIM CONDENSED A_2
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Profit or loss [abstract] | |||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 | |
Direct operating costs | (3,280) | (2,712) | (6,509) | (5,218) | |
General and administrative expenses | (109) | (108) | (212) | (229) | |
Profit (loss) from operating activities | 867 | 861 | 1,753 | 1,645 | |
Interest expense | (567) | (469) | (1,135) | (878) | |
Share of earnings (loss) from investments in associates and joint ventures | 273 | (34) | 376 | 20 | |
Mark-to-market gains (losses) | 87 | 165 | (7) | 133 | |
Other income | 295 | 56 | 200 | 91 | |
Income before income tax | 955 | 579 | 1,187 | 1,011 | |
Income tax (expense) recovery | |||||
Current | (144) | (180) | (276) | (300) | |
Deferred | (38) | 26 | 5 | 8 | |
Net income | 773 | 425 | 916 | 719 | |
Attributable to: | |||||
Limited partners | 186 | 70 | 161 | 76 | |
General partner | 67 | 60 | 132 | 120 | |
Non-controlling interest attributable to: | |||||
Redeemable Partnership Units held by Brookfield | 77 | 29 | 66 | 32 | |
BIPC exchangeable shares | 45 | 17 | 39 | 18 | |
Exchangeable units | [1] | 3 | 0 | 3 | 0 |
Interest of others in operating subsidiaries | $ 395 | $ 249 | $ 515 | $ 473 | |
Basic and diluted income per limited partner unit: | |||||
Basic earnings (loss) per share (in dollars per share) | $ 0.38 | $ 0.13 | $ 0.31 | $ 0.12 | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.38 | $ 0.13 | $ 0.31 | $ 0.12 | |
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
UNAUDITED INTERIM CONDENSED A_3
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of comprehensive income [abstract] | |||||
Net income | $ 773 | $ 425 | $ 916 | $ 719 | |
Items that will not be reclassified subsequently to profit or loss: | |||||
Revaluation of asset retirement obligation | 0 | 23 | (3) | 48 | |
Unrealized actuarial gains | 0 | 5 | 14 | 18 | |
Taxes on the above items | 0 | (6) | (4) | (15) | |
Share of income from investments in associates and joint ventures | 2 | 0 | 2 | 0 | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 2 | 22 | 9 | 51 | |
Items that may be reclassified subsequently to profit or loss: | |||||
Foreign currency translation | 541 | (1,286) | 743 | (751) | |
Cash flow hedge | 40 | 195 | (64) | 450 | |
Net investment hedge | (12) | 93 | (19) | 122 | |
Taxes on the above items | (38) | (47) | 8 | (114) | |
Share of income (loss) from investments in associates and joint ventures | 11 | 173 | (153) | 148 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 542 | (872) | 515 | (145) | |
Total other comprehensive income (loss) | 544 | (850) | 524 | (94) | |
Comprehensive income (loss) | 1,317 | (425) | 1,440 | 625 | |
Attributable to: | |||||
Limited partners | 299 | (153) | 216 | 70 | |
General partner | 68 | 59 | 133 | 120 | |
Non-controlling interest attributable to: | |||||
Redeemable Partnership Units held by Brookfield | 125 | (64) | 89 | 31 | |
BIPC exchangeable shares | 72 | (35) | 52 | 18 | |
Exchangeable units | [1] | 4 | (3) | 4 | 0 |
Interest of others in operating subsidiaries | $ 749 | $ (229) | $ 946 | $ 386 | |
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
UNAUDITED INTERIM CONDENSED A_4
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL - USD ($) $ in Millions | Total | Limited partners’ capital | Limited partners’ capital Limited partners’ capital | Limited partners’ capital (Deficit) | Limited partners’ capital Ownership changes | Limited partners’ capital Accumulated other comprehensive income | General partner | General partner Accumulated other comprehensive income | Redeemable Partnership Units held by Brookfield | Redeemable Partnership Units held by Brookfield Limited partners’ capital | Redeemable Partnership Units held by Brookfield Accumulated other comprehensive income | Non-controlling interest – BIPC exchangeable shares | Non-controlling interest – BIPC exchangeable shares Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares Accumulated other comprehensive income | Non-controlling Interest - Exchange LP Units, equity | Non-controlling Interest - Exchange LP Units, equity Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity Accumulated other comprehensive income | Non-controlling interest – in operating subsidiaries | Non-controlling interest – Perpetual subordinated notes | Preferred unitholders capital | ||||||||||
Balance as at Dec. 31, 2021 | $ 26,391 | $ 5,702 | $ 6,074 | $ (2,125) | $ 1,430 | $ 323 | [1] | $ 31 | $ 2 | $ 2,408 | $ 2,728 | $ 137 | $ 1,369 | $ 1,755 | $ 77 | $ 85 | $ 408 | $ 4 | $ 15,658 | $ 1,138 | ||||||||||
Net income | 719 | 76 | 76 | 120 | 32 | 18 | 473 | |||||||||||||||||||||||
Other comprehensive income | (94) | (6) | (6) | [1] | 0 | (1) | (1) | 0 | 0 | 0 | (87) | |||||||||||||||||||
Comprehensive income | 625 | 70 | 76 | (6) | [1] | 120 | 31 | 18 | 386 | |||||||||||||||||||||
Unit issuance | [2] | 8 | 8 | 8 | ||||||||||||||||||||||||||
Partnership distributions | [3] | (676) | (330) | (330) | (122) | (138) | (80) | (6) | ||||||||||||||||||||||
Partnership preferred distributions | [3] | (35) | (20) | (20) | (10) | (5) | ||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (324) | (324) | ||||||||||||||||||||||||||||
Preferred units redeemed | (243) | (14) | (14) | (9) | (220) | |||||||||||||||||||||||||
Issuance of perpetual subordinated notes | [2] | 293 | $ 293 | |||||||||||||||||||||||||||
Other items | 0 | [1],[4],[5] | 3 | [1],[4],[5] | 3 | [1],[4],[5] | 86 | [1],[4],[5] | (86) | [1],[4],[5] | (36) | 1 | [1],[4],[5] | (20) | (4) | [1],[4],[5] | ||||||||||||||
Balance as at Jun. 30, 2022 | 26,039 | 5,419 | 6,085 | (2,327) | 1,430 | 231 | [1],[6] | 29 | 2 | 2,282 | 100 | 1,303 | 57 | 75 | [7] | 4 | 15,720 | 918 | ||||||||||||
Balance as at Dec. 31, 2021 | 26,391 | 5,702 | 6,074 | (2,125) | 1,430 | 323 | [1] | 31 | 2 | 2,408 | 2,728 | 137 | 1,369 | 1,755 | 77 | 85 | 408 | 4 | 15,658 | 1,138 | ||||||||||
Unit issuance | 13 | 0 | ||||||||||||||||||||||||||||
Balance as at Dec. 31, 2022 | 25,554 | 5,372 | 6,092 | (2,657) | 1,456 | 481 | [8] | 27 | 2 | 2,263 | 2,728 | 210 | 1,289 | 1,757 | 118 | 72 | 401 | 6 | 15,320 | 918 | ||||||||||
Perpetual subordinated notes | 293 | |||||||||||||||||||||||||||||
Balance as at Mar. 31, 2022 | 26,975 | 5,741 | 6,080 | (2,309) | 1,430 | 540 | [6] | 31 | 2,420 | 1,381 | 81 | [7] | 16,110 | 918 | ||||||||||||||||
Perpetual subordinated notes at Mar. 31, 2022 | 293 | |||||||||||||||||||||||||||||
Net income | 425 | 70 | 70 | 60 | 29 | 17 | 249 | |||||||||||||||||||||||
Other comprehensive income | (850) | (223) | (223) | [6] | (1) | (93) | (52) | (3) | [7] | (478) | ||||||||||||||||||||
Comprehensive income | (425) | (153) | 70 | (223) | [6] | 59 | (64) | (35) | (3) | [7] | (229) | |||||||||||||||||||
Unit issuance | [9] | 4 | 4 | 4 | ||||||||||||||||||||||||||
Partnership distributions | [10] | (338) | (165) | (165) | (61) | (69) | (40) | (3) | [7] | |||||||||||||||||||||
Partnership preferred distributions | [10] | (16) | (9) | (9) | (5) | (2) | ||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (161) | (161) | ||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||
Other items | [9] | 0 | 1 | 1 | 86 | (86) | [6] | (1) | ||||||||||||||||||||||
Balance as at Jun. 30, 2022 | 26,039 | 5,419 | 6,085 | (2,327) | 1,430 | 231 | [1],[6] | 29 | 2 | 2,282 | 100 | 1,303 | 57 | 75 | [7] | 4 | 15,720 | 918 | ||||||||||||
Perpetual subordinated notes | 293 | |||||||||||||||||||||||||||||
Perpetual subordinated notes | 293 | 293 | ||||||||||||||||||||||||||||
Balance as at Dec. 31, 2022 | 25,554 | 5,372 | 6,092 | (2,657) | 1,456 | 481 | [8] | 27 | 2 | 2,263 | 2,728 | 210 | 1,289 | 1,757 | 118 | 72 | 401 | 6 | 15,320 | 918 | ||||||||||
Perpetual subordinated notes at Dec. 31, 2022 | 293 | 293 | ||||||||||||||||||||||||||||
Net income | 916 | 161 | 161 | 132 | 66 | 39 | 3 | 515 | ||||||||||||||||||||||
Other comprehensive income | 524 | 55 | 55 | [8] | 1 | 1 | 23 | 23 | 13 | 13 | 1 | 1 | 431 | |||||||||||||||||
Comprehensive income | 1,440 | 216 | 161 | 55 | [8] | 133 | 89 | 52 | 4 | 946 | ||||||||||||||||||||
Unit issuance | 8 | [11],[12] | 8 | [11],[12] | 8 | [11],[12] | 0 | |||||||||||||||||||||||
Partnership distributions | [13] | (722) | (350) | (350) | (134) | (149) | (84) | (5) | ||||||||||||||||||||||
Partnership preferred distributions | [13] | (31) | (19) | (19) | (8) | (4) | ||||||||||||||||||||||||
Acquisition of subsidiary | [12] | 3,789 | 3,789 | |||||||||||||||||||||||||||
Disposition of subsidiaries | [12] | (372) | (372) | |||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (1,043) | (1,043) | ||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||
Other items | 0 | [11] | 2 | [11] | 2 | [11] | 18 | [11] | (18) | [8],[11] | (8) | 1 | [11] | (4) | (3) | [11] | ||||||||||||||
Balance as at Jun. 30, 2023 | 28,623 | 5,229 | 6,102 | (2,847) | 1,456 | 518 | [8] | 26 | 3 | 2,195 | 2,728 | 225 | 1,254 | 1,758 | 127 | 68 | [14] | 398 | 7 | 18,640 | 918 | |||||||||
Perpetual subordinated notes | 293 | |||||||||||||||||||||||||||||
Balance as at Mar. 31, 2023 | 28,312 | 5,112 | 6,099 | (2,866) | 1,456 | 423 | [15] | 25 | 2,149 | 1,225 | 68 | [14] | 18,522 | 918 | ||||||||||||||||
Perpetual subordinated notes at Mar. 31, 2023 | 293 | |||||||||||||||||||||||||||||
Net income | 773 | 186 | 186 | 67 | 77 | 45 | 3 | [14] | 395 | |||||||||||||||||||||
Other comprehensive income | 544 | 113 | 113 | [15] | 1 | 48 | 27 | 1 | [14] | 354 | ||||||||||||||||||||
Comprehensive income | 1,317 | 299 | 186 | 113 | [15] | 68 | 125 | 72 | 4 | [14] | 749 | |||||||||||||||||||
Unit issuance | [16] | 2 | 2 | 2 | ||||||||||||||||||||||||||
Partnership distributions | [17] | (361) | (175) | (175) | (67) | (75) | (42) | (2) | [14] | |||||||||||||||||||||
Partnership preferred distributions | [17] | (16) | (10) | (10) | (4) | (2) | ||||||||||||||||||||||||
Acquisition of subsidiary | [18] | 158 | 158 | |||||||||||||||||||||||||||
Disposition of subsidiaries | [18] | (372) | (372) | |||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (417) | (417) | ||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||
Other items | [16] | 1 | 1 | 18 | (18) | [15] | 1 | (2) | [14] | |||||||||||||||||||||
Balance as at Jun. 30, 2023 | 28,623 | $ 5,229 | $ 6,102 | $ (2,847) | $ 1,456 | $ 518 | [8] | $ 26 | $ 3 | $ 2,195 | $ 2,728 | $ 225 | $ 1,254 | $ 1,758 | $ 127 | $ 68 | [14] | $ 398 | $ 7 | $ 18,640 | $ 918 | |||||||||
Perpetual subordinated notes | $ 293 | $ 293 | ||||||||||||||||||||||||||||
[1]Refer to Note 17, Accumulated Other Comprehensive Income (Loss).[2]Refer to Note 15, Partnership Capital.[3]Refer to Note 16, Distributions.[4]Refer to Note 4, Disposition of Businesses.[5]Refer to Note 5, Acquisition of Businesses.[6]Refer to Note 17, Accumulated Other Comprehensive Income (Loss)[7]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[8]Refer to Note 17, Accumulated Other Comprehensive Income (Loss).[9]Refer to Note 15, Partnership Capital.[10]Refer to Note 16, Distributions.[11]Refer to Note 15, Partnership Capital.[12]Refer to Note 5, Acquisition of Businesses.[13]Refer to Note 16, Distributions.[14]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[15]Refer to Note 17, Accumulated Other Comprehensive Income (Loss).[16]Refer to Note 15, Partnership Capital.[17]Refer to Note 16, Distributions.[18]Refer to Note 5, Acquisition of Businesses |
UNAUDITED INTERIM CONDENSED A_5
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||||
Net income | $ 773 | $ 425 | $ 916 | $ 719 |
Adjusted for the following items: | ||||
Earnings from investments in associates and joint ventures, net of distributions received | 109 | 76 | 161 | 146 |
Depreciation and amortization expense | 632 | 552 | 1,277 | 1,096 |
Mark-to-market, provisions and other | (309) | (200) | (108) | (179) |
Deferred income tax expense (recovery) | 38 | (26) | (5) | (8) |
Changes in non-cash working capital, net | (273) | (93) | (754) | (305) |
Cash from operating activities | 970 | 734 | 1,487 | 1,469 |
Investing Activities | ||||
Acquisition of subsidiaries, net of cash acquired | (78) | 0 | (4,777) | (42) |
Disposal of subsidiaries, net of cash disposed | 602 | 0 | 602 | 0 |
Investments in associates and joint ventures | 0 | (216) | (702) | (671) |
Disposal of investments in associates and joint ventures | 672 | 275 | 672 | 275 |
Purchase of long-lived assets | (572) | (735) | (1,070) | (1,334) |
Disposal of long-lived assets | 65 | 12 | 74 | 21 |
Purchase of financial assets | (111) | (146) | (343) | (382) |
Sale of financial assets | 166 | 201 | 519 | 401 |
Net settlement of foreign exchange hedging items | 1 | 25 | 0 | 24 |
Other investing activities | 15 | 0 | (668) | 0 |
Cash from (used by) investing activities | 760 | (584) | (5,693) | (1,708) |
Financing Activities | ||||
Distributions to general partner | (67) | (61) | (134) | (122) |
Distributions to other unitholders | (310) | (293) | (619) | (589) |
Subsidiary distributions to non-controlling interest | (417) | (161) | (1,043) | (324) |
Capital provided by non-controlling interest | 79 | 0 | 3,710 | 293 |
Capital provided to non-controlling interest | (423) | 0 | (423) | 0 |
Deposit repaid to parent | 0 | (200) | 0 | 0 |
Proceeds from corporate borrowings | 0 | 474 | 0 | 474 |
Net proceeds from (repayment of) commercial paper program | 225 | (124) | 477 | (164) |
Proceeds from corporate credit facility | 1,268 | 1,245 | 3,057 | 2,202 |
Repayment of corporate credit facility | (1,433) | (1,216) | (2,576) | (1,694) |
Proceeds from non-recourse borrowings | 2,093 | 2,164 | 6,581 | 3,400 |
Repayment of non-recourse borrowings | (2,081) | (1,413) | (4,035) | (2,007) |
Settlement of deferred consideration | 0 | (1,037) | 0 | (1,037) |
Net preferred units redeemed | 0 | 0 | 0 | (243) |
Partnership units issued | 2 | 4 | 8 | 8 |
Lease liability repaid | (59) | (72) | (122) | (90) |
Other financing activities | (792) | 0 | (659) | 0 |
Cash (used by) from financing activities | (1,915) | (690) | 4,222 | 107 |
Cash and cash equivalents | ||||
Change during the period | (185) | (540) | 16 | (132) |
Cash reclassified as assets held for sale | 0 | (30) | (6) | (30) |
Impact of foreign exchange on cash | 50 | (98) | 91 | 57 |
Balance, beginning of year | 1,515 | 1,969 | 1,279 | 1,406 |
Balance, end of year | $ 1,380 | $ 1,301 | $ 1,380 | $ 1,301 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ORGANIZATION AND DESCRIPTION OF THE BUSINESS Brookfield Infrastructure Partners L.P. (our “partnership” and, together with its subsidiaries and operating entities, “Brookfield Infrastructure”) owns and operates utilities, transport, midstream and data businesses in North and South America, Europe and the Asia Pacific region. Our partnership was formed as a limited partnership established under the laws of Bermuda, pursuant to a limited partnership agreement dated May 17, 2007, as amended and restated. Our partnership is a subsidiary of Brookfield Corporation (“Brookfield”). Our partnership’s units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “BIP” and “BIP.UN”, respectively. Our cumulative Class A preferred limited partnership units, Series 1, Series 3, Series 9 and Series 11 are listed on the Toronto Stock Exchange under the symbols “BIP.PR.A”, “BIP.PR.B”, “BIP.PR.E” and “BIP.PR.F”, respectively. Our cumulative Class A preferred limited partnership units, Series 13 and Series 14, are listed on the New York Stock Exchange under the symbols “BIP.PR.A” and “BIP.PR.B”, respectively. Our partnership’s registered office is 73 Front Street, 5th Floor, Hamilton, HM 12, Bermuda. In these notes to the consolidated financial statements, references to “units” are to the limited partnership units in our partnership other than the preferred units, references to our “preferred units” are to preferred limited partnership units in our partnership and references to our “unitholders” and “preferred unitholders” are to the holders of our units and preferred units, respectively. References to “Class A Preferred Units,” “Series 1 Preferred Units,” “Series 3 Preferred Units,” “Series 9 Preferred Units,” “Series 11 Preferred Units,” “Series 13 Preferred Units” and “Series 14 Preferred Units” are to cumulative Class A preferred limited partnership units, cumulative Class A preferred limited partnership units, Series 1, cumulative Class A preferred limited partnership units, Series 3, cumulative Class A preferred limited partnership units, Series 9, cumulative Class A preferred limited partnership units, Series 11, cumulative Class A preferred limited partnership units, Series 13, and cumulative Class A preferred limited partnership units, Series 14, in our partnership, respectively. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | MATERIAL ACCOUNTING POLICY INFORMATION a) Statement of Compliance These interim condensed and consolidated financial statements of our partnership and its subsidiaries (together “Brookfield Infrastructure”) have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting , (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies Brookfield Infrastructure applied in its consolidated financial statements as of and for the year-ended December 31, 2022. The accounting policies that our partnership applied in its annual consolidated financial statements as of and for the year-ended December 31, 2022 are disclosed in Note 3 of such financial statements, with which reference should be made in reading these interim condensed and consolidated financial statements. These interim condensed and consolidated financial statements were authorized for issuance by the Board of Directors of our partnership on August 11, 2023. b) Significant Accounting Judgments and Key Sources of Estimation Uncertainty In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The areas of judgment are consistent with those reported in our consolidated financial statements as of and for the year-ended December 31, 2022. As disclosed in our 2022 annual consolidated financial statements, our partnership uses significant assumptions and estimates to determine the fair value of our property, plant and equipment and the value-in-use or fair value less costs of disposal of the cash-generating units or groups of cash generating units to which goodwill or an intangible asset has been allocated. c) Recently adopted accounting standards Brookfield Infrastructure applied, for the first time, certain new standards applicable to our partnership that became effective January 1, 2023. The impact of these amendments on our partnership’s accounting policies are as follows: Amendments to IAS 1 – Making Materiality Judgements - Disclosure of Accounting Policies Our partnership adopted Amendments to IAS 1 - Making Materiality Judgements - Disclosure of Accounting Policies , effective January 1, 2023. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The adoption did not have a significant impact on our partnership’s financial reporting. International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION IFRS 8, Operating Segments , requires operating segments to be determined based on information that is regularly reviewed by the Executive Management and the Board of Directors for the purpose of allocating resources to the segment and to assess its performance. The Chief Operating Decision Maker (“CODM”) uses Funds from Operations (“FFO”) in assessing performance and in making resource allocation decisions, which enable the determination of return on the equity deployed. We define FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, mark-to-market gains (losses) and other income (expenses) that are not related to the revenue earning activities and are not normal, recurring cash operating items necessary for business operations. FFO includes balances attributable to the partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 669 $ 524 $ 426 $ 183 $ — $ 1,802 $ (565) $ 3,019 $ 4,256 Costs attributed to revenues (2) (333) (241) (196) (70) — (840) 213 (2,021) (2,648) General and administrative expenses — — — — (109) (109) — — (109) Other (expense) income (27) (2) (5) (3) 52 15 12 (91) (64) Interest expense (85) (82) (64) (38) (47) (316) 95 (346) (567) FFO 224 199 161 72 (104) 552 Depreciation and amortization expense (346) 121 (407) (632) Deferred taxes (21) (2) (15) (38) Mark-to-market and other 193 (147) 256 302 Share of earnings from associates — 273 — 273 Net income attributable to non-controlling interest — — (395) (395) Net income attributable to partnership (3) $ 378 $ — $ — $ 378 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 516 $ 411 $ 145 $ — $ 1,557 $ (617) $ 2,741 $ 3,681 Costs attributed to revenues (2) (199) (246) (193) (62) — (700) 313 (1,773) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market and other 37 138 (6) 169 Share of earnings from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 1,305 $ 1,029 $ 901 $ 366 $ — $ 3,601 $ (1,115) $ 5,988 $ 8,474 Costs attributed to revenues (2) (655) (474) (399) (146) — (1,674) 421 (3,979) (5,232) General and administrative expenses — — — — (212) (212) — — (212) Other (expense) income (53) (6) (13) 1 85 14 22 (164) (128) Interest expense (165) (158) (130) (79) (91) (623) 188 (700) (1,135) FFO 432 391 359 142 (218) 1,106 Depreciation and amortization expense (690) 237 (824) (1,277) Deferred taxes (23) 2 26 5 Mark-to-market and other 8 (131) 168 45 Share of earnings from associates — 376 — 376 Net income attributable to non-controlling interest — — (515) (515) Net income attributable to partnership (3) $ 401 $ — $ — $ 401 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 986 $ 834 $ 297 $ — $ 3,041 $ (1,188) $ 5,239 $ 7,092 Costs attributed to revenues (2) (384) (461) (382) (131) — (1,358) 598 (3,362) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 1. The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests. 2. Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 14, Direct Operating Costs, for further details. 3. Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. Segment assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment: Total Attributable to Brookfield Infrastructure AS OF JUNE 30, 2023 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 9,669 $ 8,403 $ 9,857 $ 5,482 $ (1,836) $ 31,575 $ (6,604) $ 48,536 $ 8,164 $ 81,671 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2022 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,337 $ 8,333 $ 9,747 $ 4,002 $ (1,208) $ 28,211 $ (5,434) $ 41,327 $ 8,865 $ 72,969 1. The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. |
DISPOSITION OF BUSINESSES
DISPOSITION OF BUSINESSES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Disposition of Businesses [Abstract] | |
DISPOSITION OF BUSINESSES | DISPOSITION OF BUSINESSES Dispositions Completed in 2023 a) Disposition of our Indian toll roads operation On June 15, 2023, Brookfield Infrastructure, alongside institutional partners (collectively, the “Indian toll roads consortium”) completed the sale of its interest in its Indian toll roads operation. The sale resulted in net proceeds of approximately $180 million (Indian toll road consortium total of approximately $600 million). Our partnership recognized a gain on sale of approximately $100 million (Indian toll roads consortium total of approximately $340 million) in Other income on the Consolidated Statement of Operating Results. Dispositions Completed in 2022 a) Disposition of our Brazilian electricity transmission operation On November 30, 2022, Brookfield Infrastructure completed the sale of its approximate 31% interest in five Brazilian electricity transmission concessions. The sale resulted in net proceeds of approximately $250 million. Our partnership recognized a gain of approximately $40 million in Other income on the Consolidated Statement of Operating Results. The partnership’s share of losses relating to previous foreign exchange movements of $9 million were reclassified from accumulated other comprehensive income to Other income on the Consolidated Statements of Operating Results. |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES Acquisitions Completed in 2023 (a) Acquisition of a North American and European residential decarbonization infrastructure business On January 4, 2023, Brookfield Infrastructure, alongside institutional partners (the “HomeServe consortium”), completed the acquisition of HomeServe PLC (“HomeServe”), a residential decarbonization infrastructure business operating in North America and Europe. Total consideration paid was $1.2 billion (HomeServe consortium - $4.9 billion). The partnership has an effective 26% and 25% interest in HomeServe’s North American and European businesses, respectively. Concurrently, Brookfield Infrastructure entered into a voting agreement with an affiliate of Brookfield, providing Brookfield Infrastructure the right to direct the relevant activities of the entity, thereby providing Brookfield Infrastructure with control. Accordingly, Brookfield Infrastructure consolidated the entity effective January 4, 2023. Acquisition costs of approximately $55 million were recorded as other income (expense) within the Consolidated Statement of Operating Results. Consideration Transferred: US$ MILLIONS Cash $ 1,249 Total consideration $ 1,249 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 205 Accounts receivable and other 827 Property, plant and equipment 118 Intangible assets 2,921 Goodwill 3,271 Accounts payable and other liabilities (797) Non-recourse borrowings (1,006) Deferred income tax liabilities (635) Net assets acquired before non-controlling interest 4,904 Non-controlling interest (2) (3,655) Net assets acquired $ 1,249 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. During the measurement period, the partnership recorded a measurement adjustment of $0.7 billion resulting in a decrease in the fair value of its intangible assets acquired which primarily comprised of customer relationship assets. The acquired customer relationship assets were valued with inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model. The goodwill recorded on acquisition is largely reflective of HomeServe’s potential to grow its customer base in under-penetrated markets and the ability to leverage operating synergies with our existing residential decarbonization infrastructure platform. The goodwill recognized is not deductible for income tax purposes. (b) Acquisition of Brazilian electricity transmission operation On May 2, 2023, Brookfield Infrastructure, alongside institutional partners (the “Sertaneja consortium”), exercised its option to acquire an additional 15% interest in Transmissora Sertaneja de Electricidade S.A. (“Sertaneja”), a Brazilian electricity transmission operation, for $35 million (Sertaneja consortium - $114 million), increasing Brookfield Infrastructure’s effective ownership in Sertaneja to 31% (Sertaneja consortium total of 100%). Prior to May 2, 2023, our partnership’s existing interest in Sertaneja was accounted for using the equity method. Consideration Transferred: US$ MILLIONS Cash $ 35 Pre-existing interest in businesses 35 Total consideration $ 70 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 36 Accounts receivable and other 9 Intangible assets 477 Goodwill 25 Accounts payable and other liabilities (44) Non-recourse borrowings (192) Deferred income tax liabilities (83) Net assets acquired before non-controlling interest 228 Non-controlling interest (2) (158) Net assets acquired $ 70 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Supplemental Information Had the acquisition of HomeServe and our Brazilian electricity transmission operations acquisitions been effective January 1, 2023, the revenue and net income of Brookfield Infrastructure would have increased by approximately $35 million and $7 million, respectively, for the six-month period ended June 30, 2023. In determining the pro-forma revenue and net income attributable to our partnership, management has: • Calculated depreciation of property, plant and equipment and amortization of intangible assets acquired on the basis of the fair values at the time of the business combination rather than the carrying amounts recognized in the pre-acquisition financial statements and; • Based borrowing costs on the funding levels, credit ratings and debt and equity position of Brookfield Infrastructure after the business combination. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analyses, using observable market inputs. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, Brookfield Infrastructure looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatilities as applicable. The fair value of interest rate swap contracts which form part of financing arrangements is calculated by way of discounted cash flows using market interest rates and applicable credit spreads. Classification of Financial Instruments Financial instruments classified as fair value through profit or loss are carried at fair value on the Consolidated Statements of Financial Position. Changes in the fair values of financial instruments classified as fair value through profit or loss are recognized in profit or loss. Mark-to-market adjustments for those in an effective hedging relationship and changes in the fair value of securities designated as fair value through other comprehensive income are recognized in other comprehensive income. Carrying Value and Fair Value of Financial Instruments The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,380 $ 1,380 Accounts receivable and other — — 4,293 4,293 Financial assets (current and non-current) (1) 1,553 23 76 1,652 Total $ 1,553 $ 23 $ 5,749 $ 7,325 Financial liabilities Corporate borrowings $ — $ — $ 4,691 $ 4,691 Non-recourse borrowings (current and non-current) — — 30,892 30,892 Accounts payable and other — — 3,154 3,154 Financial liabilities (current and non-current) (1) 357 — 1,775 2,132 Lease liabilities — — 3,456 3,456 Preferred shares (2) — — 20 20 Total $ 357 $ — $ 43,988 $ 44,345 1. Derivative instruments which are elected for hedge accounting totaling $578 million are included in financial assets and $181 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,279 $ 1,279 Accounts receivable and other — — 3,475 3,475 Financial assets (current and non-current) (1) 2,012 46 55 2,113 Total $ 2,012 $ 46 $ 4,809 $ 6,867 Financial liabilities Corporate borrowings $ — $ — $ 3,666 $ 3,666 Non-recourse borrowings (current and non-current) — — 26,567 26,567 Accounts payable and other — — 3,634 3,634 Financial liabilities (current and non-current) (1) 362 — 1,705 2,067 Lease liabilities — — 3,421 3,421 Preferred shares (2) — — 20 20 Total $ 362 $ — $ 39,013 $ 39,375 1. Derivative instruments which are elected for hedge accounting totaling $789 million are included in financial assets and $139 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,380 $ 1,380 $ 1,279 $ 1,279 Accounts receivable and other 4,293 4,293 3,475 3,475 Financial assets (current and non-current) 1,652 1,652 2,113 2,113 Total $ 7,325 $ 7,325 $ 6,867 $ 6,867 Financial liabilities Corporate borrowings (1) $ 4,691 $ 4,471 $ 3,666 $ 3,406 Non-recourse borrowings (current and non-current) (2) 30,892 29,971 26,567 25,958 Accounts payable and other 3,154 3,154 3,634 3,634 Financial liabilities (current and non-current) 2,132 2,132 2,067 2,067 Preferred shares (3) 20 20 20 20 Total $ 40,889 $ 39,748 $ 35,954 $ 35,085 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. Hedging Activities Brookfield Infrastructure uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest and currency risks. For certain derivatives which are used to manage exposures, Brookfield Infrastructure determines whether hedge accounting can be applied. When hedge accounting can be applied, a hedge relationship can be designated as a fair value hedge, cash flow hedge or a hedge of foreign currency exposure of a net investment in a foreign operation with a functional currency other than the U.S. dollar. To qualify for hedge accounting, the derivative must be designated as a hedge of a specific exposure and the hedging relationship must meet all of the hedge effectiveness requirements in accomplishing the objective of offsetting changes in the fair value or cash flows attributable to the hedged risk both at inception and over the life of the hedge. If it is determined that the hedging relationship does not meet all of the hedge effectiveness requirements, hedge accounting is discontinued prospectively. Cash Flow Hedges Brookfield Infrastructure uses interest rate swaps to hedge the variability in cash flows related to a variable rate asset or liability and highly probable forecasted issuances of debt. The settlement dates coincide with the dates on which the interest is payable on the underlying debt, and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on debt affect profit or loss. For the three and six-month periods ended June 30, 2023, gains of $40 million and losses of $64 million, respectively (2022: gains of $195 million and $450 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As of June 30, 2023, there was a net derivative asset balance of $412 million relating to derivative contracts designated as cash flow hedges (December 31, 2022: $645 million). Net Investment Hedges Brookfield Infrastructure uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations having a functional currency other than the U.S. dollar. For the three and six-month periods ended June 30, 2023, losses of $12 million and $19 million, respectively (2022: gains of $93 million and $122 million) were recorded in other comprehensive income relating to the hedges of net investments in foreign operations. Further, for the three and six-month periods ended June 30, 2023, Brookfield Infrastructure paid less than $1 million and $2 million, respectively (2022: received $25 million and $24 million) relating to the settlement of foreign exchange contracts in the period. As of June 30, 2023, there was a net unrealized derivative liability balance of $15 million relating to derivative contracts designated as net investment hedges (December 31, 2022: net unrealized derivative asset balance of $5 million). Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. • Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities classified as Level 3 include interest rate swap contracts, derivative contracts, and certain equity securities carried at fair value which are not traded in an active market. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Marketable securities Level 1 (1) $ 125 $ 108 Foreign currency forward contracts Level 2 (2) Financial asset $ 73 $ 159 Financial liability 46 37 Interest rate swaps & other Level 2 (2) Financial asset $ 756 $ 1,005 Financial liability 191 233 Other contracts Level 3 (3) Financial asset $ 622 $ 786 Financial liability 120 92 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. During the three and six-month periods ended June 30, 2023, no transfers were made between level 1 and 2 or level 2 and 3. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT US$ MILLIONS Utilities Transport Midstream Data Total Balance at January 1, 2022 $ 7,565 $ 8,998 $ 14,862 $ 8,324 $ 39,749 Additions, net of disposals 500 561 797 575 2,433 Acquisitions through business combinations (1) 109 — — 52 161 Non-cash (disposals) additions (154) 126 (17) (12) (57) Assets reclassified as held for sale — (8) — — (8) Net foreign currency exchange differences (743) (340) (963) (754) (2,800) Balance at December 31, 2022 $ 7,277 $ 9,337 $ 14,679 $ 8,185 $ 39,478 Additions, net of disposals 292 237 187 110 826 Acquisitions through business combinations (1) 118 — — — 118 Assets held by subsidiaries disposed during the period — (19) — — (19) Non-cash additions (disposals) 32 (26) (3) (53) (50) Net foreign currency exchange differences 301 47 300 64 712 Balance at June 30, 2023 $ 8,020 $ 9,576 $ 15,163 $ 8,306 $ 41,065 Accumulated depreciation: Balance at January 1, 2022 $ (1,272) $ (1,668) $ (622) $ (629) $ (4,191) Depreciation expense (327) (468) (418) (384) (1,597) Disposals 22 5 — — 27 Assets reclassified as held for sale — 4 — — 4 Non-cash disposals — — 11 41 52 Net foreign currency exchange differences 123 87 47 52 309 Balance at December 31, 2022 $ (1,454) $ (2,040) $ (982) $ (920) $ (5,396) Depreciation expense (195) (234) (272) (192) (893) Disposals 8 9 — — 17 Assets held by subsidiaries disposed during the period — 12 — — 12 Non-cash disposals 2 14 11 45 72 Net foreign currency exchange differences (56) (6) (16) (11) (89) Balance at June 30, 2023 $ (1,695) $ (2,245) $ (1,259) $ (1,078) $ (6,277) Accumulated fair value adjustments: Balance at January 1, 2022 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Fair value adjustments 175 75 118 — 368 Net foreign currency exchange differences (179) (73) (4) — (256) Balance at December 31, 2022 $ 1,639 $ 1,048 $ 522 $ — $ 3,209 Net foreign currency exchange differences 101 (6) (2) — 93 Balance at June 30, 2023 $ 1,740 $ 1,042 $ 520 $ — $ 3,302 Net book value: December 31, 2022 $ 7,462 $ 8,345 $ 14,219 $ 7,265 $ 37,291 June 30, 2023 (2) $ 8,065 $ 8,373 $ 14,424 $ 7,228 $ 38,090 1. Refer to Note 5 , Acquisition of Businesses, for further details. 2. Includes right-of-use assets of $206 million in our utilities segment, $988 million in our transport segment, $341 million in our midstream segment and $1,889 million in our data segment. Current lease liabilities of $401 million have been included in accounts payable and other and non-current lease liabilities of $3,055 million have been included in other liabilities in the Consolidated Statements of Financial Position. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS As of US$ MILLIONS June 30, 2023 December 31, 2022 Cost $ 17,846 $ 13,718 Accumulated amortization (2,370) (1,896) Total $ 15,476 $ 11,822 Intangible assets are allocated to the following cash generating units, or group of cash generating units: As of US$ MILLIONS June 30, 2023 December 31, 2022 Brazilian regulated gas transmission operation $ 3,015 $ 2,816 North American residential decarbonization infrastructure operation (1) 3,394 1,674 Canadian diversified midstream operation 2,135 2,186 North American rail operations 1,757 1,762 European residential decarbonization infrastructure business (1) 1,207 — Peruvian toll roads 1,086 1,031 Indian telecom tower operation 676 682 U.K. telecom towers operation 565 537 Brazilian electricity transmission operation (1) 502 — U.K. port operation 271 258 Other (2) 868 876 Total $ 15,476 $ 11,822 1. Refer to Note 5, Acquisition of Businesses, for further details. 2. Other intangibles are primarily comprised of customer contracts at our Australian port operation, Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation, natural gas operation in India and contracted order book at our U.K. regulated distribution operation. The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Cost at beginning of the period $ 13,718 $ 15,785 Additions through business combinations (1) 3,398 302 Additions, net of disposals 105 149 Assets held by subsidiaries disposed during the period (2) — (1,454) Adjustments to purchase price allocation (1) (4) — Assets reclassified as held for sale — (793) Non-cash (dispositions) additions (3) (5) 47 Foreign currency translation 634 (318) Ending Balance $ 17,846 $ 13,718 1. Refer to Note 5, Acquisition of Businesses, for further details. 2. Refer to Note 4, Disposition of Businesses, for further details. 3. Non-cash additions for the 12-month period ended December 31, 2022 primarily relate to revisions to the purchase price allocation at our residential infrastructure operation in Germany. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Accumulated amortization at beginning of the period $ (1,896) $ (1,571) Assets held by subsidiaries disposed during the period (1) — 5 Non-cash additions, net of disposals 7 — Held for sale — 211 Amortization (384) (561) Foreign currency translation (97) 20 Ending Balance $ (2,370) $ (1,896) 1. Refer to Note 4, Disposition of Businesses, for further details. |
INVESTMENT IN ASSOCIATES AND JO
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 6 Months Ended |
Jun. 30, 2023 | |
Interests In Other Entities [Abstract] | |
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES Our partnership’s investment in associates and joint ventures are reviewed and reported on a segmented basis, refer to Note 3, Segment Information, for further details. The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Balance at the beginning of the period $ 5,325 $ 4,725 Share of earnings for the period 376 12 Foreign currency translation and other 76 (44) Share of other comprehensive (loss) income (151) 485 Distributions (5),(8),(12) (537) (575) Disposition of interest (3),(9),(10),(11) (375) (142) Acquisitions (1),(2),(4),(6),(7) 702 864 Ending Balance (13) $ 5,416 $ 5,325 1. On February 16, 2022, Brookfield Infrastructure acquired an approximate 8% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. 2. On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million. 3. On June 13, 2022, Brookfield Infrastructure sold an effective 19% (Brookfield consortium - 49%) interest in its North American container terminal operation for net proceeds of $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $125 million and income tax expense of approximately $50 million in the Consolidated Statements of Operating Results. $142 million of revaluation gains (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 4. On August 4, 2022, Brookfield Infrastructure acquired an approximate 12% interest in an Australian data transmission business, for total consideration of $193 million. 5. On November 1, 2022, our New Zealand data distribution business completed the sale of a portfolio of telecom towers which generated net proceeds of approximately $140 million to the partnership. 6. On November 22, 2022, Brookfield Infrastructure entered into a joint-venture agreement with Intel Corporation for the construction and operation of a semiconductor manufacturing facility in Chandler, Arizona. The partnership has an effective 12% economic interest in the operation. 7. On February 1, 2023, Brookfield Infrastructure acquired an effective 6% interest in a European telecom tower operation in Germany and Austria, for total consideration of approximately $702 million. 8. On April 1, 2023, our North American gas storage operation sold a portion of its U.S. gas storage portfolio for net proceeds of approximately $70 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $12 million in the Consolidated Statements of Operating Results. Revaluation gains of approximately $14 million (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 9. On April 26, 2023, a subsidiary of Brookfield Infrastructure completed the sale of its 50% interest in a freehold landlord port in Victoria, Australia, which generated net proceeds of approximately $70 million to the partnership. Prior to completion of the sale, the subsidiary’s interest in the port was classified as held for sale. 10. On May 2, 2023, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Transmissora Sertaneja de Eletricidade S.A. (“Sertaneja”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Sertaneja to 31%. As a result of governance rights obtained, Brookfield Infrastructure will consolidate Sertaneja effective May 2, 2023. Refer to Note 5. Acquisition of Businesses, for further details. 11. On June 15, 2023, a subsidiary of Brookfield Infrastructure sold a portion of its interest in its U.S. gas pipeline for net proceeds of approximately $420 million, decreasing its ownership from approximately 38% to 25%. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $80 million in the Consolidated Statements of Operating Results. 12. On June 15, 2023, Brookfield Infrastructure sold an effective 12% (Brookfield consortium - 50%) interest in its New Zealand data distribution business for net proceeds of approximately $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $220 million in the Consolidated Statements of Operating Results. Revaluation gains of $14 million (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 13. The closing balance includes a shareholder loan of $250 million receivable from our U.S. gas pipeline (2022: $375 million). The following table represents the carrying value of our partnership’s investments in associates and joint ventures: As of US$ MILLIONS June 30, 2023 December 31, 2022 Utilities $ 871 $ 887 Transport 1,981 1,925 Midstream 661 1,058 Data 1,879 1,297 Corporate 24 158 Ending Balance $ 5,416 $ 5,325 The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis: As of US$ MILLIONS June 30, 2023 December 31, 2022 Financial position: Total assets $ 94,382 $ 71,023 Total liabilities (52,774) (42,116) Net assets $ 41,608 $ 28,907 For the three-month For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Financial performance: Total revenue $ 6,722 $ 5,455 $ 12,710 $ 10,471 Total net income for the period 1,054 309 2,084 901 Brookfield Infrastructure’s share of net income (loss) $ 273 $ (34) $ 376 $ 20 |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS a) Corporate Borrowings Brookfield Infrastructure has a $2.2 billion senior unsecured revolving credit facility used for general working capital purposes including acquisitions. The $2.2 billion is available on a revolving basis for the full term of the facility. All amounts outstanding under this facility will be repayable on June 29, 2028. All obligations of Brookfield Infrastructure under the facility are guaranteed by our partnership. Loans under this facility accrue interest at a floating rate based on SOFR plus 1.2%. Brookfield Infrastructure is required to pay an unused commitment fee under the facility of 13 basis points per annum. As at June 30, 2023, draws on the credit facility were $577 million (December 31, 2022: $96 million) and $11 million of letters of credit were issued (December 31, 2022: $12 million). Maturity Annual Rate Currency As of June 30, 2023 December 31, 2022 Corporate revolving credit facility June 29, 2028 SOFR plus 1.2% US$ $ 577 $ 96 Commercial paper (1) August 8, 2023 6.0% US$ 941 464 Current: Medium-term notes: Public - Canadian February 22, 2024 3.3% C$ 227 222 Public - Canadian February 22, 2024 3.3% C$ 302 295 Non-current: Medium-term notes: Public - Canadian November 14, 2027 5.6% C$ 340 332 Public - Canadian September 11, 2028 4.2% C$ 529 517 Public - Canadian October 9, 2029 3.4% C$ 529 517 Public - Canadian September 1, 2032 2.9% C$ 378 369 Public - Canadian February 14, 2033 6.0% C$ 189 185 Public - Canadian April 25, 2034 5.4% C$ 302 295 Public - Canadian April 25, 2052 5.8% C$ 150 147 Subordinated notes: Public - U.S. May 24, 2081 5.0% US$ 250 250 4,714 3,689 Deferred financing costs and other (23) (23) Total $ 4,691 $ 3,666 1. Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of June 30, 2023. Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility automatically renews for eight consecutive one-year terms, which would result in the facility ultimately maturing in February 2027. Brookfield has the option to terminate the agreement prior to April 14 each year by providing Brookfield Infrastructure with a written notice. Loans under this facility accrued interest on SOFR plus 1.9% and no commitment fees were incurred for any undrawn balance. As of June 30, 2023, there were no (2022: $nil) borrowings outstanding. On July 27, 2023, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$500 million maturing on July 27, 2030 with a coupon of 5.710% per annum and C$200 million maturing on July 27, 2053 with a coupon of 5.950% per annum. On November 14, 2022, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$450 million maturing on November 14, 2027 with a coupon of 5.616% per annum and C$250 million maturing on February 14, 2033 with a coupon of 5.980% per annum. On April 25, 2022, Brookfield Infrastructure Finance ULC issued C$600 million of medium-term notes in two tranches: C$400 million maturing on April 25, 2034 with a coupon of 5.439% per annum and C$200 million maturing on April 25, 2052 with a coupon of 5.789% per annum, and $3 million of debt issuance costs were incurred. On May 24, 2021, Brookfield Infrastructure Finance ULC issued $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0% and $6 million of debt issuance costs were incurred. On February 24, 2021, Brookfield Infrastructure established a U.S. commercial paper program under which a subsidiary of our partnership may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1 billion. Proceeds from the commercial paper issuances are supplemented by our corporate credit facilities. As of June 30, 2023, there were $941 million of borrowings outstanding (2022: $464 million). The increase in corporate borrowings during the six-month period ended June 30, 2023 is primarily attributable to net draws on our corporate credit facility of $481 million, commercial paper issuances of $477 million, and the impact of foreign exchange. b) Non-Recourse Borrowings As of US$ MILLIONS June 30, 2023 December 31, 2022 Current $ 3,741 $ 2,567 Non-current 27,151 24,000 Total $ 30,892 $ 26,567 Non-recourse borrowings increased as compared to December 31, 2022 due to net borrowings of $2.5 billion, $1.2 billion of borrowings related to recent acquisitions, and the impact of foreign exchange. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Capital Management [Abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT Our partnership’s approach to capital management is focused on maximizing returns to unitholders and ensuring capital is deployed in a manner consistent with achieving our investment return objectives. Invested Capital, which tracks the amount of capital that has been contributed to our partnership, is a measure we utilize to assess returns on capital deployed, relative to targeted returns. Investment decisions are based on, amongst other measures and factors, targeted returns on Invested Capital of 12% to 15% annually over the long term. We measure return on Invested Capital as Adjusted Funds from Operations (“AFFO”), less estimated returns of capital on operations that are not perpetual in nature, divided by the weighted average Invested Capital for the period. We define AFFO as FFO less capital expenditures required to maintain the current performance of our operations (maintenance capital expenditures). We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes. As of US$ MILLIONS June 30, 2023 December 31, 2022 Partnership Capital $ 28,623 $ 25,554 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (18,640) (15,320) Deficit 3,746 3,422 Accumulated other comprehensive income (880) (817) Ownership changes and other (560) (558) Invested Capital $ 12,289 $ 12,281 The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2023 and 2022: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Opening balance $ 12,287 $ 12,272 $ 12,281 $ 12,195 Net redemption of preferred units — — — (220) Issuance of perpetual subordinated notes — — — 293 Issuance of limited partnership units 2 4 8 8 Ending balance $ 12,289 $ 12,276 $ 12,289 $ 12,276 Weighted Average Invested Capital (1) $ 12,287 $ 12,272 $ 12,284 $ 12,262 |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2023 | |
Subsidiary Public Issuer [Abstract] | |
SUBSIDIARY PUBLIC ISSUERS | SUBSIDIARY PUBLIC ISSUERS An indenture dated as of October 10, 2012 between certain wholly-owned subsidiaries of our partnership, Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Pty Ltd and Brookfield Infrastructure Finance Limited (collectively, the “Co-Issuers”), and Computershare Trust Company of Canada, as supplemented and amended from time to time (“Indenture”) provides for the issuance of one or more series of unsecured notes of the Co-Issuers. An indenture dated as of May 24, 2021, between Brookfield Infrastructure Finance ULC, our partnership and its subsidiaries, Brookfield Infrastructure L.P. (the “Holding LP”), Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation, BIP Bermuda Holdings I Limited (collectively, the “BIP Guarantors”), BIPC Holdings Inc. (“BIPC Holdings”), Computershare Trust Company of Canada and Computershare Trust Company, N.A., as supplemented and amended from time to time (the “U.S. Indenture”) provides for the issuance of one or more series of unsecured notes of Brookfield Infrastructure Finance ULC. On July 27, 2023, the Co-Issuers issued C$700 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$500 million maturing July 27, 2030 with a coupon of 5.710% and C$200 million maturing July 27, 2053 with a coupon of 5.950%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors (other than Brookfield Infrastructure US Holdings I Corporation), Brookfield Infrastructure ULC and BIPC Holdings. On November 14, 2022, the Co-Issuers issued C$700 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$450 million maturing November 14, 2027 with a coupon of 5.616% and C$250 million maturing February 14, 2033 with a coupon of 5.980%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings. On April 25, 2022, the Co-Issuers issued C$600 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$400 million maturing April 25, 2034 with a coupon of 5.439%, and C$200 million maturing April 25, 2052 with a coupon of 5.789%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings. The partnership will and certain of the other BIP Guarantors may also fully and unconditionally guarantee the payment obligations of Brookfield Infrastructure Preferred Equity Inc. (“Pref Finco” and collectively with the Co-Issuers, the “Fincos”) in respect of any Class A preference shares issued to the public by the Pref Finco, if and when issued. A base shelf prospectus of BIP Investment Corporation (“BIPIC”) provides for the issuance of one or more series of senior preferred shares of BIPIC. The partnership will and certain of the other BIP Guarantors and BIPC Holdings may fully and unconditionally guarantee the payment obligations of BIPIC in respect of any senior preferred shares issued by BIPIC under the prospectus. Each of the Fincos and BIPIC are subsidiaries of our partnership. In the tables below, information relating to the Fincos has been combined. The Fincos have not guaranteed the obligations of BIPIC, nor has BIPIC guaranteed the obligations of the Fincos. BIPC Holdings has also fully and unconditionally guaranteed the payment obligations of the partnership in respect of certain of the partnership’s currently outstanding cumulative class A preferred limited partnership units and may guarantee the payment obligations of the partnership in respect of additional cumulative class A preferred limited partnership units issued to the public, if and when issued. The following tables set forth consolidated summary financial information for our partnership, the Fincos, BIPIC and BIPC Holdings: FOR THE THREE-MONTH PERIOD ENDED Our partnership (2) The BIPIC BIPC Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our Revenues $ — $ — $ — $ — $ — $ 4,256 $ 4,256 Net income (loss) attributable to partnership (1) 186 — — — 378 (186) 378 FOR THE THREE-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 3,681 $ 3,681 Net income (loss) attributable to partnership (1) 70 — — — 176 (70) 176 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 8,474 $ 8,474 Net income (loss) attributable to partnership (1) 161 — — — 401 (161) 401 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 7,092 $ 7,092 Net income (loss) attributable to partnership (1) 76 — — — 246 (76) 246 AS OF JUNE 30, 2023 Current assets $ — $ — $ — $ — $ — $ 6,299 $ 6,299 Non-current assets 6,440 — 1,512 3,173 8,949 55,298 75,372 Current liabilities — — 219 — — 9,503 9,722 Non-current liabilities — 3,173 — 259 — 39,894 43,326 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,195 2,195 BIPC exchangeable shares — — — — — 1,254 1,254 Exchangeable units (5) — — — — — 68 68 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 18,640 18,640 Preferred unitholders — — — — — 918 918 AS OF DECEMBER 31, 2022 Current assets $ — $ — $ — $ — $ — $ 6,686 $ 6,686 Non-current assets 6,583 — 1,005 3,105 9,603 45,987 66,283 Current liabilities — — 182 — — 8,195 8,377 Non-current liabilities — 3,106 — 191 — 35,741 39,038 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,263 2,263 BIPC exchangeable shares — — — — — 1,289 1,289 Exchangeable units (5) — — — — — 72 72 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 15,320 15,320 Preferred unitholders — — — — — 918 918 1. Includes net income (loss) attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. 2. Includes investments in all subsidiaries of our partnership under the equity method. 3. Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method. 4. Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis. 5. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
REVENUE | REVENUE The following table disaggregates revenues by our operating segments: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Utilities $ 1,899 $ 1,350 $ 3,770 $ 2,562 Midstream 1,048 1,007 2,102 1,909 Transport 886 894 1,767 1,768 Data 423 430 835 853 Total $ 4,256 $ 3,681 $ 8,474 $ 7,092 Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Canada $ 1,142 $ 1,158 $ 2,291 $ 2,225 U.S. 1,013 693 2,056 1,286 Brazil 388 401 730 769 U.K. 519 392 1,083 799 India 454 481 902 948 Colombia 238 236 466 450 Australia 172 174 336 339 Spain 68 — 150 — France 59 — 132 — Other 203 146 328 276 Total $ 4,256 $ 3,681 $ 8,474 $ 7,092 Brookfield Infrastructure’s customer base is comprised predominantly of investment grade companies. Our revenues are well diversified by region and counterparty. For the three and six-month periods ended June 30, 2023, no customer made up greater than 10% of our partnership’s consolidated revenues. For the three and six-month periods ended June 30, 2022, one customer within the utilities and data segments generated greater than 10% of our partnership’s consolidated revenues of $385 million and $764 million, respectively. Our partnership has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time. Our partnership continues to monitor the credit risk of our counterparties in light of the current economic environment. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 6 Months Ended |
Jun. 30, 2023 | |
Expenses by nature [abstract] | |
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS Direct operating costs are costs incurred to earn revenue and include all attributable expenses. The following table lists direct operating costs for the three and six-month periods ended June 30, 2023, and 2022. For the three-month For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Cost of inventory $ 862 $ 787 $ 1,607 $ 1,407 Compensation 640 414 1,278 857 Depreciation and amortization 632 552 1,277 1,096 Fuel, transportation, and distribution costs 372 423 765 808 Operations and maintenance costs 266 219 542 422 Marketing and administrative costs 217 130 419 257 Utilities 143 117 283 237 Other direct operating costs 148 70 338 134 Total $ 3,280 $ 2,712 $ 6,509 $ 5,218 |
PARTNERSHIP CAPITAL
PARTNERSHIP CAPITAL | 6 Months Ended |
Jun. 30, 2023 | |
Equity [abstract] | |
PARTNERSHIP CAPITAL | PARTNERSHIP CAPITAL As at June 30, 2023, our partnership’s capital structure was comprised of three classes of partnership units: limited partnership units, preferred units and general partnership units. Limited partnership units entitle the holder to their proportionate share of distributions. Preferred units entitle the holder to cumulative preferential cash distributions in accordance with their terms. General partnership units entitle the holder to the right to govern the financial and operating policies of our partnership. The Holding LP’s capital structure is composed of four classes of partnership units: special general partner units, Holding LP Class A preferred units, managing general partner units and redeemable partnership units held by Brookfield. On June 10, 2022, Brookfield Infrastructure completed a three-for-two split of our units, BIPC exchangeable shares, Exchange LP Units, and BIPC exchangeable LP units, by way of a subdivision whereby unitholders/shareholders received an additional one-half of a unit/share for each unit/share held. The Managing General Partner Units, Special General Partner Units and Redeemable Partnership Units of the Holding LP were concurrently split. Brookfield Infrastructure’s preferred units were not affected by the split. (a) Special General and Limited Partnership Capital Special General Partner Units MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 19 2,400,631 $ 19 2,400,631 Ending balance $ 19 2,400,631 $ 19 2,400,631 Limited Partnership Units MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 6,092 458,380,315 $ 6,074 457,901,280 Unit issuance 8 262,603 13 338,953 Conversions 2 104,522 5 140,082 Ending balance $ 6,102 458,747,440 $ 6,092 $ 458,380,315 Weighted average number of special general partner units outstanding for the three and six-month periods ended June 30, 2023 were 2.4 million (2022: 2.4 million). The weighted average number of limited partnership units outstanding for the three and six-month periods ended June 30, 2023 was 458.7 million and 458.5 million, respectively (2022: 458.0 million and 458.0 million, respectively). Our partnership has implemented a distribution reinvestment plan (the “Plan”) that allows eligible holders of our partnership to purchase additional units by reinvesting their cash distributions. Under the Plan, units are acquired at a price per unit calculated by reference to the volume weighted average of the trading price for our units on the New York Stock Exchange for the five trading days immediately preceding the relevant distribution date. During the six-month period ending June 30, 2023, our partnership issued 0.3 million units for proceeds of $8 million (2022: 0.2 million units for proceeds of $8 million). (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 2,728 193,587,223 $ 2,728 193,587,223 Unit issuance — — — — Ending balance $ 2,728 193,587,223 $ 2,728 193,587,223 (c) Non-controlling interest – BIPC exchangeable shares MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Shares Carrying Value Shares Opening balance $ 1,757 110,567,671 $ 1,755 110,157,540 Conversions 1 116,159 2 410,131 Ending balance $ 1,758 110,683,830 $ 1,757 $ 110,567,671 During the six-month period ended June 30, 2023, BIPC exchangeable shareholders exchanged 0.1 million BIPC exchangeable shares for $1 million (2022: less than 0.1 million for $1 million). (d) Non-controlling interest – Exchangeable Units MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 401 6,464,819 $ 408 7,015,032 Conversions (3) (220,681) (7) (550,213) Ending balance (1) $ 398 6,244,138 $ 401 $ 6,464,819 1. Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. During the six-month period ended June 30, 2023, Exchange LP unitholders exchanged less than 0.1 million Exchange LP units for $2 million of our units (2022: less than 0.1 million for $2 million). During the six-month period ended June 30, 2023, BIPC exchangeable LP unitholders exchanged 0.1 million BIPC exchangeable LP units for $1 million of BIPC exchangeable shares (2022: 0.3 million for $4 million). (e) Non-controlling interest - Perpetual Subordinated Notes Perpetual Subordinated Notes MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Opening balance $ 293 $ — Issued for cash — 293 Ending balance $ 293 $ 293 On January 21, 2022, our partnership issued 12 million fixed rate perpetual subordinated notes, at $25 per unit, with a fixed coupon rate of 5.125% annually. In total, $293 million net proceeds were raised. The notes do not have a fixed maturity date and are not redeemable at the option of the holders, therefore the notes are classified as non-controlling interest. The perpetual subordinated notes also provide Brookfield Infrastructure, at its discretion, the right to defer the interest (in whole or in part) indefinitely. (f) Preferred Unitholders’ Capital MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 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 On March 31, 2022, our partnership redeemed all of its outstanding Cumulative Class A Preferred Limited Partnership Units, Series 7, for $243 million. Losses on redemption of $23 million were recognized directly in equity. |
DISTRIBUTIONS
DISTRIBUTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Distributions [Abstract] | |
DISTRIBUTIONS | 16. DISTRIBUTIONS The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares and Exchange LP units that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares: For the three-month period ended June 30 2023 2022 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 175 0.38 $ 165 $ 0.36 General Partner (1) 67 61 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 75 0.38 69 0.36 BIPC exchangeable shares 42 0.38 40 0.36 Exchangeable units (2) 2 0.38 3 0.36 Preferred unitholders 12 0.27 12 0.27 Perpetual subordinated notes 4 0.32 4 0.32 Total Distributions $ 377 $ 354 For the six-month period ended June 30 2023 2022 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 350 $ 0.77 $ 330 $ 0.72 General Partner (1) 134 122 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 149 $ 0.77 138 0.72 BIPC exchangeable shares 84 $ 0.77 80 0.72 Exchangeable units (2) 5 $ 0.77 6 0.72 Preferred unitholders 23 $ 0.53 27 0.53 Perpetual subordinated notes 8 $ 0.64 8 0.64 Total Distributions $ 753 $ 711 1. Distributions to the General Partner include $66 million and $132 million of incentive distributions for the three and six-month periods ended June 30, 2023, respectively (2022: $60 million and $120 million). 2. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) a) Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 774 $ (1,741) $ 115 $ 87 $ 125 $ 3 $ 1,118 $ 481 Other comprehensive (loss) income (1) 153 (5) (2) — — (90) 55 Other items (1) — — — — — — (18) (18) Balance at June 30, 2023 $ 773 $ (1,588) $ 110 $ 85 $ 125 $ 3 $ 1,010 $ 518 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 Other comprehensive income (loss) 13 (195) 37 49 — 4 86 (6) Other items (2) — — — — — — (86) (86) Balance at June 30, 2022 $ 686 $ (1,658) $ 64 $ 105 $ 125 $ (6) $ 915 $ 231 b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 Other comprehensive income (loss) — 2 — — — — (1) 1 Balance at June 30, 2023 $ 4 $ (7) $ — $ — $ 1 $ — $ 5 $ 3 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 Other comprehensive (loss) income — (1) — — — — 1 — Balance at June 30, 2022 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 c) Attributable to Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 326 $ (726) $ 49 $ 36 $ 53 $ (1) $ 473 $ 210 Other comprehensive income (loss) — 64 (3) (1) — — (37) 23 Other items (1) — — — — — — (8) (8) Balance at June 30, 2023 $ 326 $ (662) $ 46 $ 35 $ 53 $ (1) $ 428 $ 225 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 Other comprehensive income (loss) 6 (80) 15 20 — — 38 (1) Other items (2) — — — — — — (36) (36) Balance at June 30, 2022 $ 289 $ (696) $ 27 $ 44 $ 53 $ (6) $ 389 $ 100 d) Attributable to Non-controlling interest – BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 186 $ (415) $ 28 $ 20 $ 30 $ 1 $ 268 $ 118 Other comprehensive income (loss) — 37 (1) (1) — — (22) 13 Other items (1) — — — — — — (4) (4) Balance at June 30, 2023 $ 186 $ (378) $ 27 $ 19 $ 30 $ 1 $ 242 $ 127 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 Other comprehensive income (loss) 4 (46) 9 12 — — 21 — Other items (2) — — — — — — (20) (20) Balance at June 30, 2022 $ 165 $ (397) $ 16 $ 25 $ 30 $ (2) $ 220 $ 57 e) Attributable to Non-controlling interest – Exchangeable units (3) US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 11 $ (28) $ 2 $ 1 $ 1 $ — $ 19 $ 6 Other comprehensive income (loss) — 2 — — — — (1) 1 Balance at June 30, 2023 $ 11 $ (26) $ 2 $ 1 $ 1 $ — $ 18 $ 7 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 Other comprehensive (loss) income — (2) — — — — 2 — Balance at June 30, 2022 $ 10 $ (26) $ 1 $ 1 $ 1 $ — $ 17 $ 4 1. In relation to our current quarter dispositions, a total of approximately $30 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statement of Partnership Capital. Refer to Note 9, Investments in Associates and Joint Ventures, for further details. 2. In relation to the disposition of a 49% interest in its North American container terminal operation on June 13, 2022, $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 9, Investments in Associates and Joint Ventures, for further details. 3. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, Brookfield Infrastructure entered into the transactions below with related parties. The immediate parent of Brookfield Infrastructure is our partnership. The ultimate parent of Brookfield Infrastructure is Brookfield. Other related parties of Brookfield Infrastructure represent its subsidiary and operating entities. Throughout the year, the General Partner, in its capacity as our partnership’s general partner, incurs director fees, a portion of which are charged at cost to our partnership in accordance with our limited partnership agreement. Director fees of $1 million were incurred during the three and six-month periods ended June 30, 2023 (2022: less than $1 million for the three and six-month periods). Since inception, Brookfield Infrastructure has had a management agreement (the “Master Services Agreement”) with certain service providers (the “Service Providers”), which are wholly-owned subsidiaries of Brookfield. Pursuant to the Master Services Agreement, on a quarterly basis, Brookfield Infrastructure pays a base management fee, referred to as the Base Management Fee, to the Service Providers equal to 0.3125% per quarter (1.25% annually) of the market value of our partnership. The Base Management Fee was $106 million and $206 million respectively, for the three and six-month periods ended June 30, 2023 (2022: $105 million and $223 million). As of June 30, 2023, $104 million was outstanding as payable to the Service Providers (December 31, 2022: $91 million). For purposes of calculating the Base Management Fee, the market value of our partnership is equal to the aggregate value of all the outstanding units of our partnership (assuming full conversion of Brookfield’s Redeemable Partnership Units in the Holding LP into units of our partnership), preferred units and securities of the other Service Recipients (as defined in Brookfield Infrastructure’s Master Services Agreement) that are not held by Brookfield Infrastructure, plus all outstanding third party debt with recourse to a Service Recipient, less all cash held by such entities. As of June 30, 2023, Brookfield Infrastructure had a loan payable of $25 million to a subsidiary of Brookfield (December 31, 2022: $25 million). The loan is payable in full prior to the end of 2024 with an interest rate of 1.7%. Brookfield Infrastructure, from time to time, will place deposits with, or receive deposits from, Brookfield. As at June 30, 2023, our net deposit from Brookfield was $nil (December 31, 2022: $nil) and Brookfield Infrastructure incurred no interest expense for the three and six-month periods ended June 30, 2023 (2022: less than $1 million and $2 million). Deposits bear interest at market rates. Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. As of June 30, 2023, there were no borrowings outstanding (December 31, 2022: $nil). As at June 30, 2023, Brookfield Infrastructure had approximately $140 million of borrowings outstanding to subsidiaries and associates of Brookfield (December 31, 2022: $160 million) and approximately $10 million of net payables to subsidiaries of Brookfield (December 31, 2022: $0.7 billion). Brookfield Infrastructure’s subsidiaries provide heating, cooling, connection, port marine and natural gas services on market terms in the normal course of operations to subsidiaries and associates of Brookfield. For the three and six-month periods ended June 30, 2023, revenues of approximately $7 million and $9 million, respectively were generated (2022: less than $2 million and $3 million). Brookfield Infrastructure’s subsidiaries purchase power, lease office space and obtain construction, consulting and engineering services in the normal course of operations on market terms from subsidiaries and associates of Brookfield. For the three and six-month periods ended June 30, 2023, expenses of $34 million and $69 million, respectively were incurred (2022: $27 million and $28 million). In addition, subsidiaries of Brookfield Infrastructure reported lease assets and liabilities of $12 million at June 30, 2023 (December 31, 2022: $12 million) with a subsidiary of Brookfield. During the fourth quarter of 2022, our partnership sold a portfolio of investments, which included partial interests in consolidated subsidiaries and financial assets, with an approximate fair value of $310 million to an affiliate of Brookfield in exchange for securities of equal value. The portfolio of investments represented seed assets in a new product offering that Brookfield will be marketing and selling to third party investors which at that time will allow our partnership, subject to certain conditions, monetize the securities to generate liquidity. The securities are recorded as financial assets on the Consolidated Statement of Financial Position. The reduction in partial interests in consolidated subsidiaries is reflected as an increase in non-controlling interest of others in operating subsidiaries on the Consolidated Statement of Financial Position. For the three and six-month periods ended June 30, 2023, our partnership exercised its redemption option associated with the securities and redeemed a portion of its units with a fair value, net of contributions of $120 million and $182 million, respectively. On March 28, 2023, subsidiaries of the partnership entered into concurrent loan agreements with an affiliate of Brookfield for total proceeds of $500 million. These loans are non-recourse to the partnership and are presented as non-recourse borrowings on the Consolidated Statement of Financial Position. Each loan accrues interest at SOFR plus 200 basis points per annum and matures on March 27, 2024. Interest on each loan was $9 million for the three and six-month periods ended June 30, 2023. On August 3, 2023, the partnership agreed to the sale of its 7.9% effective interest in its Australian regulated utility operation to an affiliate of Brookfield for net proceeds of approximately $450 million. The sale price was based on a fair value as determined by an independent valuation. The transaction was approved by the Limited Partners Advisory Committee (“LPAC”) of the acquirer and is expected to close within the third quarter of 2023. |
EVENTS AFTER REPORTING PERIOD E
EVENTS AFTER REPORTING PERIOD EVENTS AFTER REPORTING PERIOD | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On August 1, 2023, Brookfield Infrastructure, alongside institutional partners (the “Data4 consortium”), completed the acquisition of Data4 Group (“Data4”), a European hyperscale data center platform, for consideration of approximately $0.6 billion (Data4 consortium total of approximately $3.0 billion). The partnership has an approximate 20% interest in the business. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination is not available as at the date of release of these financial statements. As a result, the partnership has not provided amounts recognized as at the acquisition date for certain major classes of assets acquired and liabilities assumed. |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Statement of Compliance | ) Statement of Compliance These interim condensed and consolidated financial statements of our partnership and its subsidiaries (together “Brookfield Infrastructure”) have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting , (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies Brookfield Infrastructure applied in its consolidated financial statements as of and for the year-ended December 31, 2022. The accounting policies that our partnership applied in its annual consolidated financial statements as of and for the year-ended December 31, 2022 are disclosed in Note 3 of such financial statements, with which reference should be made in reading these interim condensed and consolidated financial statements. These interim condensed and consolidated financial statements were authorized for issuance by the Board of Directors of our partnership on August 11, 2023. |
Significant Accounting Judgments and Key Sources of Estimation Uncertainty | Significant Accounting Judgments and Key Sources of Estimation UncertaintyIn preparing our consolidated financial statements, we make judgments in applying our accounting policies. The areas of judgment are consistent with those reported in our consolidated financial statements as of and for the year-ended December 31, 2022. As disclosed in our 2022 annual consolidated financial statements, our partnership uses significant assumptions and estimates to determine the fair value of our property, plant and equipment and the value-in-use or fair value less costs of disposal of the cash-generating units or groups of cash generating units to which goodwill or an intangible asset has been allocated. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Segments [Abstract] | |
Summary of financial information by segment | Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 669 $ 524 $ 426 $ 183 $ — $ 1,802 $ (565) $ 3,019 $ 4,256 Costs attributed to revenues (2) (333) (241) (196) (70) — (840) 213 (2,021) (2,648) General and administrative expenses — — — — (109) (109) — — (109) Other (expense) income (27) (2) (5) (3) 52 15 12 (91) (64) Interest expense (85) (82) (64) (38) (47) (316) 95 (346) (567) FFO 224 199 161 72 (104) 552 Depreciation and amortization expense (346) 121 (407) (632) Deferred taxes (21) (2) (15) (38) Mark-to-market and other 193 (147) 256 302 Share of earnings from associates — 273 — 273 Net income attributable to non-controlling interest — — (395) (395) Net income attributable to partnership (3) $ 378 $ — $ — $ 378 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 516 $ 411 $ 145 $ — $ 1,557 $ (617) $ 2,741 $ 3,681 Costs attributed to revenues (2) (199) (246) (193) (62) — (700) 313 (1,773) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market and other 37 138 (6) 169 Share of earnings from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 1,305 $ 1,029 $ 901 $ 366 $ — $ 3,601 $ (1,115) $ 5,988 $ 8,474 Costs attributed to revenues (2) (655) (474) (399) (146) — (1,674) 421 (3,979) (5,232) General and administrative expenses — — — — (212) (212) — — (212) Other (expense) income (53) (6) (13) 1 85 14 22 (164) (128) Interest expense (165) (158) (130) (79) (91) (623) 188 (700) (1,135) FFO 432 391 359 142 (218) 1,106 Depreciation and amortization expense (690) 237 (824) (1,277) Deferred taxes (23) 2 26 5 Mark-to-market and other 8 (131) 168 45 Share of earnings from associates — 376 — 376 Net income attributable to non-controlling interest — — (515) (515) Net income attributable to partnership (3) $ 401 $ — $ — $ 401 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 986 $ 834 $ 297 $ — $ 3,041 $ (1,188) $ 5,239 $ 7,092 Costs attributed to revenues (2) (384) (461) (382) (131) — (1,358) 598 (3,362) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 1. The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests. 2. Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 14, Direct Operating Costs, for further details. 3. Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment: Total Attributable to Brookfield Infrastructure AS OF JUNE 30, 2023 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 9,669 $ 8,403 $ 9,857 $ 5,482 $ (1,836) $ 31,575 $ (6,604) $ 48,536 $ 8,164 $ 81,671 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2022 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,337 $ 8,333 $ 9,747 $ 4,002 $ (1,208) $ 28,211 $ (5,434) $ 41,327 $ 8,865 $ 72,969 1. The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. The following table represents the carrying value of our partnership’s investments in associates and joint ventures: As of US$ MILLIONS June 30, 2023 December 31, 2022 Utilities $ 871 $ 887 Transport 1,981 1,925 Midstream 661 1,058 Data 1,879 1,297 Corporate 24 158 Ending Balance $ 5,416 $ 5,325 |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | Consideration Transferred: US$ MILLIONS Cash $ 1,249 Total consideration $ 1,249 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 205 Accounts receivable and other 827 Property, plant and equipment 118 Intangible assets 2,921 Goodwill 3,271 Accounts payable and other liabilities (797) Non-recourse borrowings (1,006) Deferred income tax liabilities (635) Net assets acquired before non-controlling interest 4,904 Non-controlling interest (2) (3,655) Net assets acquired $ 1,249 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Consideration Transferred: US$ MILLIONS Cash $ 35 Pre-existing interest in businesses 35 Total consideration $ 70 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 36 Accounts receivable and other 9 Intangible assets 477 Goodwill 25 Accounts payable and other liabilities (44) Non-recourse borrowings (192) Deferred income tax liabilities (83) Net assets acquired before non-controlling interest 228 Non-controlling interest (2) (158) Net assets acquired $ 70 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Consideration Transferred: US$ MILLIONS Cash $ 123 Equity consideration (1) 21 Contingent consideration 17 Total consideration $ 161 1. As part of our consideration, we issued shares of the subsidiary which are compound financial instruments. Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 6 Accounts receivable and other 24 Property, plant and equipment 161 Intangible assets 302 Goodwill 278 Accounts payable and other liabilities (54) Non-recourse borrowings (51) Deferred income tax liabilities (18) Net assets acquired before non-controlling interest 648 Non-controlling interest (2) (487) Net assets acquired $ 161 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurement [Abstract] | |
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,380 $ 1,380 Accounts receivable and other — — 4,293 4,293 Financial assets (current and non-current) (1) 1,553 23 76 1,652 Total $ 1,553 $ 23 $ 5,749 $ 7,325 Financial liabilities Corporate borrowings $ — $ — $ 4,691 $ 4,691 Non-recourse borrowings (current and non-current) — — 30,892 30,892 Accounts payable and other — — 3,154 3,154 Financial liabilities (current and non-current) (1) 357 — 1,775 2,132 Lease liabilities — — 3,456 3,456 Preferred shares (2) — — 20 20 Total $ 357 $ — $ 43,988 $ 44,345 1. Derivative instruments which are elected for hedge accounting totaling $578 million are included in financial assets and $181 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,279 $ 1,279 Accounts receivable and other — — 3,475 3,475 Financial assets (current and non-current) (1) 2,012 46 55 2,113 Total $ 2,012 $ 46 $ 4,809 $ 6,867 Financial liabilities Corporate borrowings $ — $ — $ 3,666 $ 3,666 Non-recourse borrowings (current and non-current) — — 26,567 26,567 Accounts payable and other — — 3,634 3,634 Financial liabilities (current and non-current) (1) 362 — 1,705 2,067 Lease liabilities — — 3,421 3,421 Preferred shares (2) — — 20 20 Total $ 362 $ — $ 39,013 $ 39,375 1. Derivative instruments which are elected for hedge accounting totaling $789 million are included in financial assets and $139 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,380 $ 1,380 Accounts receivable and other — — 4,293 4,293 Financial assets (current and non-current) (1) 1,553 23 76 1,652 Total $ 1,553 $ 23 $ 5,749 $ 7,325 Financial liabilities Corporate borrowings $ — $ — $ 4,691 $ 4,691 Non-recourse borrowings (current and non-current) — — 30,892 30,892 Accounts payable and other — — 3,154 3,154 Financial liabilities (current and non-current) (1) 357 — 1,775 2,132 Lease liabilities — — 3,456 3,456 Preferred shares (2) — — 20 20 Total $ 357 $ — $ 43,988 $ 44,345 1. Derivative instruments which are elected for hedge accounting totaling $578 million are included in financial assets and $181 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,279 $ 1,279 Accounts receivable and other — — 3,475 3,475 Financial assets (current and non-current) (1) 2,012 46 55 2,113 Total $ 2,012 $ 46 $ 4,809 $ 6,867 Financial liabilities Corporate borrowings $ — $ — $ 3,666 $ 3,666 Non-recourse borrowings (current and non-current) — — 26,567 26,567 Accounts payable and other — — 3,634 3,634 Financial liabilities (current and non-current) (1) 362 — 1,705 2,067 Lease liabilities — — 3,421 3,421 Preferred shares (2) — — 20 20 Total $ 362 $ — $ 39,013 $ 39,375 1. Derivative instruments which are elected for hedge accounting totaling $789 million are included in financial assets and $139 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,380 $ 1,380 $ 1,279 $ 1,279 Accounts receivable and other 4,293 4,293 3,475 3,475 Financial assets (current and non-current) 1,652 1,652 2,113 2,113 Total $ 7,325 $ 7,325 $ 6,867 $ 6,867 Financial liabilities Corporate borrowings (1) $ 4,691 $ 4,471 $ 3,666 $ 3,406 Non-recourse borrowings (current and non-current) (2) 30,892 29,971 26,567 25,958 Accounts payable and other 3,154 3,154 3,634 3,634 Financial liabilities (current and non-current) 2,132 2,132 2,067 2,067 Preferred shares (3) 20 20 20 20 Total $ 40,889 $ 39,748 $ 35,954 $ 35,085 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Marketable securities Level 1 (1) $ 125 $ 108 Foreign currency forward contracts Level 2 (2) Financial asset $ 73 $ 159 Financial liability 46 37 Interest rate swaps & other Level 2 (2) Financial asset $ 756 $ 1,005 Financial liability 191 233 Other contracts Level 3 (3) Financial asset $ 622 $ 786 Financial liability 120 92 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. |
Carrying and fair values of financial liabilities | The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,380 $ 1,380 $ 1,279 $ 1,279 Accounts receivable and other 4,293 4,293 3,475 3,475 Financial assets (current and non-current) 1,652 1,652 2,113 2,113 Total $ 7,325 $ 7,325 $ 6,867 $ 6,867 Financial liabilities Corporate borrowings (1) $ 4,691 $ 4,471 $ 3,666 $ 3,406 Non-recourse borrowings (current and non-current) (2) 30,892 29,971 26,567 25,958 Accounts payable and other 3,154 3,154 3,634 3,634 Financial liabilities (current and non-current) 2,132 2,132 2,067 2,067 Preferred shares (3) 20 20 20 20 Total $ 40,889 $ 39,748 $ 35,954 $ 35,085 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Marketable securities Level 1 (1) $ 125 $ 108 Foreign currency forward contracts Level 2 (2) Financial asset $ 73 $ 159 Financial liability 46 37 Interest rate swaps & other Level 2 (2) Financial asset $ 756 $ 1,005 Financial liability 191 233 Other contracts Level 3 (3) Financial asset $ 622 $ 786 Financial liability 120 92 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | US$ MILLIONS Utilities Transport Midstream Data Total Balance at January 1, 2022 $ 7,565 $ 8,998 $ 14,862 $ 8,324 $ 39,749 Additions, net of disposals 500 561 797 575 2,433 Acquisitions through business combinations (1) 109 — — 52 161 Non-cash (disposals) additions (154) 126 (17) (12) (57) Assets reclassified as held for sale — (8) — — (8) Net foreign currency exchange differences (743) (340) (963) (754) (2,800) Balance at December 31, 2022 $ 7,277 $ 9,337 $ 14,679 $ 8,185 $ 39,478 Additions, net of disposals 292 237 187 110 826 Acquisitions through business combinations (1) 118 — — — 118 Assets held by subsidiaries disposed during the period — (19) — — (19) Non-cash additions (disposals) 32 (26) (3) (53) (50) Net foreign currency exchange differences 301 47 300 64 712 Balance at June 30, 2023 $ 8,020 $ 9,576 $ 15,163 $ 8,306 $ 41,065 Accumulated depreciation: Balance at January 1, 2022 $ (1,272) $ (1,668) $ (622) $ (629) $ (4,191) Depreciation expense (327) (468) (418) (384) (1,597) Disposals 22 5 — — 27 Assets reclassified as held for sale — 4 — — 4 Non-cash disposals — — 11 41 52 Net foreign currency exchange differences 123 87 47 52 309 Balance at December 31, 2022 $ (1,454) $ (2,040) $ (982) $ (920) $ (5,396) Depreciation expense (195) (234) (272) (192) (893) Disposals 8 9 — — 17 Assets held by subsidiaries disposed during the period — 12 — — 12 Non-cash disposals 2 14 11 45 72 Net foreign currency exchange differences (56) (6) (16) (11) (89) Balance at June 30, 2023 $ (1,695) $ (2,245) $ (1,259) $ (1,078) $ (6,277) Accumulated fair value adjustments: Balance at January 1, 2022 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Fair value adjustments 175 75 118 — 368 Net foreign currency exchange differences (179) (73) (4) — (256) Balance at December 31, 2022 $ 1,639 $ 1,048 $ 522 $ — $ 3,209 Net foreign currency exchange differences 101 (6) (2) — 93 Balance at June 30, 2023 $ 1,740 $ 1,042 $ 520 $ — $ 3,302 Net book value: December 31, 2022 $ 7,462 $ 8,345 $ 14,219 $ 7,265 $ 37,291 June 30, 2023 (2) $ 8,065 $ 8,373 $ 14,424 $ 7,228 $ 38,090 1. Refer to Note 5 , Acquisition of Businesses, for further details. 2. Includes right-of-use assets of $206 million in our utilities segment, $988 million in our transport segment, $341 million in our midstream segment and $1,889 million in our data segment. Current lease liabilities of $401 million have been included in accounts payable and other and non-current lease liabilities of $3,055 million have been included in other liabilities in the Consolidated Statements of Financial Position. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Disclosure of detailed information about intangible assets | As of US$ MILLIONS June 30, 2023 December 31, 2022 Cost $ 17,846 $ 13,718 Accumulated amortization (2,370) (1,896) Total $ 15,476 $ 11,822 Intangible assets are allocated to the following cash generating units, or group of cash generating units: As of US$ MILLIONS June 30, 2023 December 31, 2022 Brazilian regulated gas transmission operation $ 3,015 $ 2,816 North American residential decarbonization infrastructure operation (1) 3,394 1,674 Canadian diversified midstream operation 2,135 2,186 North American rail operations 1,757 1,762 European residential decarbonization infrastructure business (1) 1,207 — Peruvian toll roads 1,086 1,031 Indian telecom tower operation 676 682 U.K. telecom towers operation 565 537 Brazilian electricity transmission operation (1) 502 — U.K. port operation 271 258 Other (2) 868 876 Total $ 15,476 $ 11,822 1. Refer to Note 5, Acquisition of Businesses, for further details. 2. Other intangibles are primarily comprised of customer contracts at our Australian port operation, Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation, natural gas operation in India and contracted order book at our U.K. regulated distribution operation. |
Disclosure of reconciliation of changes in intangible assets and goodwill | The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Cost at beginning of the period $ 13,718 $ 15,785 Additions through business combinations (1) 3,398 302 Additions, net of disposals 105 149 Assets held by subsidiaries disposed during the period (2) — (1,454) Adjustments to purchase price allocation (1) (4) — Assets reclassified as held for sale — (793) Non-cash (dispositions) additions (3) (5) 47 Foreign currency translation 634 (318) Ending Balance $ 17,846 $ 13,718 1. Refer to Note 5, Acquisition of Businesses, for further details. 2. Refer to Note 4, Disposition of Businesses, for further details. 3. Non-cash additions for the 12-month period ended December 31, 2022 primarily relate to revisions to the purchase price allocation at our residential infrastructure operation in Germany. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Accumulated amortization at beginning of the period $ (1,896) $ (1,571) Assets held by subsidiaries disposed during the period (1) — 5 Non-cash additions, net of disposals 7 — Held for sale — 211 Amortization (384) (561) Foreign currency translation (97) 20 Ending Balance $ (2,370) $ (1,896) 1. Refer to Note 4, Disposition of Businesses, for further details. |
INVESTMENT IN ASSOCIATES AND _2
INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interests In Other Entities [Abstract] | |
Disclosure of joint ventures | The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12-month period ended December 31, 2022 Balance at the beginning of the period $ 5,325 $ 4,725 Share of earnings for the period 376 12 Foreign currency translation and other 76 (44) Share of other comprehensive (loss) income (151) 485 Distributions (5),(8),(12) (537) (575) Disposition of interest (3),(9),(10),(11) (375) (142) Acquisitions (1),(2),(4),(6),(7) 702 864 Ending Balance (13) $ 5,416 $ 5,325 1. On February 16, 2022, Brookfield Infrastructure acquired an approximate 8% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. 2. On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million. 3. On June 13, 2022, Brookfield Infrastructure sold an effective 19% (Brookfield consortium - 49%) interest in its North American container terminal operation for net proceeds of $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $125 million and income tax expense of approximately $50 million in the Consolidated Statements of Operating Results. $142 million of revaluation gains (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 4. On August 4, 2022, Brookfield Infrastructure acquired an approximate 12% interest in an Australian data transmission business, for total consideration of $193 million. 5. On November 1, 2022, our New Zealand data distribution business completed the sale of a portfolio of telecom towers which generated net proceeds of approximately $140 million to the partnership. 6. On November 22, 2022, Brookfield Infrastructure entered into a joint-venture agreement with Intel Corporation for the construction and operation of a semiconductor manufacturing facility in Chandler, Arizona. The partnership has an effective 12% economic interest in the operation. 7. On February 1, 2023, Brookfield Infrastructure acquired an effective 6% interest in a European telecom tower operation in Germany and Austria, for total consideration of approximately $702 million. 8. On April 1, 2023, our North American gas storage operation sold a portion of its U.S. gas storage portfolio for net proceeds of approximately $70 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $12 million in the Consolidated Statements of Operating Results. Revaluation gains of approximately $14 million (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 9. On April 26, 2023, a subsidiary of Brookfield Infrastructure completed the sale of its 50% interest in a freehold landlord port in Victoria, Australia, which generated net proceeds of approximately $70 million to the partnership. Prior to completion of the sale, the subsidiary’s interest in the port was classified as held for sale. 10. On May 2, 2023, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Transmissora Sertaneja de Eletricidade S.A. (“Sertaneja”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Sertaneja to 31%. As a result of governance rights obtained, Brookfield Infrastructure will consolidate Sertaneja effective May 2, 2023. Refer to Note 5. Acquisition of Businesses, for further details. 11. On June 15, 2023, a subsidiary of Brookfield Infrastructure sold a portion of its interest in its U.S. gas pipeline for net proceeds of approximately $420 million, decreasing its ownership from approximately 38% to 25%. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $80 million in the Consolidated Statements of Operating Results. 12. On June 15, 2023, Brookfield Infrastructure sold an effective 12% (Brookfield consortium - 50%) interest in its New Zealand data distribution business for net proceeds of approximately $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $220 million in the Consolidated Statements of Operating Results. Revaluation gains of $14 million (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 13. The closing balance includes a shareholder loan of $250 million receivable from our U.S. gas pipeline (2022: $375 million). |
Disclosure of operating segments | Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 669 $ 524 $ 426 $ 183 $ — $ 1,802 $ (565) $ 3,019 $ 4,256 Costs attributed to revenues (2) (333) (241) (196) (70) — (840) 213 (2,021) (2,648) General and administrative expenses — — — — (109) (109) — — (109) Other (expense) income (27) (2) (5) (3) 52 15 12 (91) (64) Interest expense (85) (82) (64) (38) (47) (316) 95 (346) (567) FFO 224 199 161 72 (104) 552 Depreciation and amortization expense (346) 121 (407) (632) Deferred taxes (21) (2) (15) (38) Mark-to-market and other 193 (147) 256 302 Share of earnings from associates — 273 — 273 Net income attributable to non-controlling interest — — (395) (395) Net income attributable to partnership (3) $ 378 $ — $ — $ 378 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 516 $ 411 $ 145 $ — $ 1,557 $ (617) $ 2,741 $ 3,681 Costs attributed to revenues (2) (199) (246) (193) (62) — (700) 313 (1,773) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market and other 37 138 (6) 169 Share of earnings from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 1,305 $ 1,029 $ 901 $ 366 $ — $ 3,601 $ (1,115) $ 5,988 $ 8,474 Costs attributed to revenues (2) (655) (474) (399) (146) — (1,674) 421 (3,979) (5,232) General and administrative expenses — — — — (212) (212) — — (212) Other (expense) income (53) (6) (13) 1 85 14 22 (164) (128) Interest expense (165) (158) (130) (79) (91) (623) 188 (700) (1,135) FFO 432 391 359 142 (218) 1,106 Depreciation and amortization expense (690) 237 (824) (1,277) Deferred taxes (23) 2 26 5 Mark-to-market and other 8 (131) 168 45 Share of earnings from associates — 376 — 376 Net income attributable to non-controlling interest — — (515) (515) Net income attributable to partnership (3) $ 401 $ — $ — $ 401 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 986 $ 834 $ 297 $ — $ 3,041 $ (1,188) $ 5,239 $ 7,092 Costs attributed to revenues (2) (384) (461) (382) (131) — (1,358) 598 (3,362) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 1. The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests. 2. Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 14, Direct Operating Costs, for further details. 3. Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment: Total Attributable to Brookfield Infrastructure AS OF JUNE 30, 2023 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 9,669 $ 8,403 $ 9,857 $ 5,482 $ (1,836) $ 31,575 $ (6,604) $ 48,536 $ 8,164 $ 81,671 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2022 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,337 $ 8,333 $ 9,747 $ 4,002 $ (1,208) $ 28,211 $ (5,434) $ 41,327 $ 8,865 $ 72,969 1. The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. The following table represents the carrying value of our partnership’s investments in associates and joint ventures: As of US$ MILLIONS June 30, 2023 December 31, 2022 Utilities $ 871 $ 887 Transport 1,981 1,925 Midstream 661 1,058 Data 1,879 1,297 Corporate 24 158 Ending Balance $ 5,416 $ 5,325 |
Disclosure of associates | The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis: As of US$ MILLIONS June 30, 2023 December 31, 2022 Financial position: Total assets $ 94,382 $ 71,023 Total liabilities (52,774) (42,116) Net assets $ 41,608 $ 28,907 For the three-month For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Financial performance: Total revenue $ 6,722 $ 5,455 $ 12,710 $ 10,471 Total net income for the period 1,054 309 2,084 901 Brookfield Infrastructure’s share of net income (loss) $ 273 $ (34) $ 376 $ 20 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | Maturity Annual Rate Currency As of June 30, 2023 December 31, 2022 Corporate revolving credit facility June 29, 2028 SOFR plus 1.2% US$ $ 577 $ 96 Commercial paper (1) August 8, 2023 6.0% US$ 941 464 Current: Medium-term notes: Public - Canadian February 22, 2024 3.3% C$ 227 222 Public - Canadian February 22, 2024 3.3% C$ 302 295 Non-current: Medium-term notes: Public - Canadian November 14, 2027 5.6% C$ 340 332 Public - Canadian September 11, 2028 4.2% C$ 529 517 Public - Canadian October 9, 2029 3.4% C$ 529 517 Public - Canadian September 1, 2032 2.9% C$ 378 369 Public - Canadian February 14, 2033 6.0% C$ 189 185 Public - Canadian April 25, 2034 5.4% C$ 302 295 Public - Canadian April 25, 2052 5.8% C$ 150 147 Subordinated notes: Public - U.S. May 24, 2081 5.0% US$ 250 250 4,714 3,689 Deferred financing costs and other (23) (23) Total $ 4,691 $ 3,666 1. Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of June 30, 2023. As of US$ MILLIONS June 30, 2023 December 31, 2022 Current $ 3,741 $ 2,567 Non-current 27,151 24,000 Total $ 30,892 $ 26,567 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Capital Management [Abstract] | |
Schedule of invested capital | We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes. As of US$ MILLIONS June 30, 2023 December 31, 2022 Partnership Capital $ 28,623 $ 25,554 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (18,640) (15,320) Deficit 3,746 3,422 Accumulated other comprehensive income (880) (817) Ownership changes and other (560) (558) Invested Capital $ 12,289 $ 12,281 The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2023 and 2022: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Opening balance $ 12,287 $ 12,272 $ 12,281 $ 12,195 Net redemption of preferred units — — — (220) Issuance of perpetual subordinated notes — — — 293 Issuance of limited partnership units 2 4 8 8 Ending balance $ 12,289 $ 12,276 $ 12,289 $ 12,276 Weighted Average Invested Capital (1) $ 12,287 $ 12,272 $ 12,284 $ 12,262 |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subsidiary Public Issuer [Abstract] | |
Condensed Financial Information | The following tables set forth consolidated summary financial information for our partnership, the Fincos, BIPIC and BIPC Holdings: FOR THE THREE-MONTH PERIOD ENDED Our partnership (2) The BIPIC BIPC Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our Revenues $ — $ — $ — $ — $ — $ 4,256 $ 4,256 Net income (loss) attributable to partnership (1) 186 — — — 378 (186) 378 FOR THE THREE-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 3,681 $ 3,681 Net income (loss) attributable to partnership (1) 70 — — — 176 (70) 176 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 8,474 $ 8,474 Net income (loss) attributable to partnership (1) 161 — — — 401 (161) 401 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 7,092 $ 7,092 Net income (loss) attributable to partnership (1) 76 — — — 246 (76) 246 AS OF JUNE 30, 2023 Current assets $ — $ — $ — $ — $ — $ 6,299 $ 6,299 Non-current assets 6,440 — 1,512 3,173 8,949 55,298 75,372 Current liabilities — — 219 — — 9,503 9,722 Non-current liabilities — 3,173 — 259 — 39,894 43,326 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,195 2,195 BIPC exchangeable shares — — — — — 1,254 1,254 Exchangeable units (5) — — — — — 68 68 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 18,640 18,640 Preferred unitholders — — — — — 918 918 AS OF DECEMBER 31, 2022 Current assets $ — $ — $ — $ — $ — $ 6,686 $ 6,686 Non-current assets 6,583 — 1,005 3,105 9,603 45,987 66,283 Current liabilities — — 182 — — 8,195 8,377 Non-current liabilities — 3,106 — 191 — 35,741 39,038 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,263 2,263 BIPC exchangeable shares — — — — — 1,289 1,289 Exchangeable units (5) — — — — — 72 72 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 15,320 15,320 Preferred unitholders — — — — — 918 918 1. Includes net income (loss) attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares. 2. Includes investments in all subsidiaries of our partnership under the equity method. 3. Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method. 4. Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis. 5. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Disclosure of revenues | The following table disaggregates revenues by our operating segments: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Utilities $ 1,899 $ 1,350 $ 3,770 $ 2,562 Midstream 1,048 1,007 2,102 1,909 Transport 886 894 1,767 1,768 Data 423 430 835 853 Total $ 4,256 $ 3,681 $ 8,474 $ 7,092 Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Canada $ 1,142 $ 1,158 $ 2,291 $ 2,225 U.S. 1,013 693 2,056 1,286 Brazil 388 401 730 769 U.K. 519 392 1,083 799 India 454 481 902 948 Colombia 238 236 466 450 Australia 172 174 336 339 Spain 68 — 150 — France 59 — 132 — Other 203 146 328 276 Total $ 4,256 $ 3,681 $ 8,474 $ 7,092 |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Expenses by nature [abstract] | |
Direct Operating Costs | The following table lists direct operating costs for the three and six-month periods ended June 30, 2023, and 2022. For the three-month For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Cost of inventory $ 862 $ 787 $ 1,607 $ 1,407 Compensation 640 414 1,278 857 Depreciation and amortization 632 552 1,277 1,096 Fuel, transportation, and distribution costs 372 423 765 808 Operations and maintenance costs 266 219 542 422 Marketing and administrative costs 217 130 419 257 Utilities 143 117 283 237 Other direct operating costs 148 70 338 134 Total $ 3,280 $ 2,712 $ 6,509 $ 5,218 |
PARTNERSHIP CAPITAL (Tables)
PARTNERSHIP CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [abstract] | |
Disclosure of classes of share capital | (a) Special General and Limited Partnership Capital Special General Partner Units MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 19 2,400,631 $ 19 2,400,631 Ending balance $ 19 2,400,631 $ 19 2,400,631 Limited Partnership Units MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 6,092 458,380,315 $ 6,074 457,901,280 Unit issuance 8 262,603 13 338,953 Conversions 2 104,522 5 140,082 Ending balance $ 6,102 458,747,440 $ 6,092 $ 458,380,315 (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 2,728 193,587,223 $ 2,728 193,587,223 Unit issuance — — — — Ending balance $ 2,728 193,587,223 $ 2,728 193,587,223 (c) Non-controlling interest – BIPC exchangeable shares MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Shares Carrying Value Shares Opening balance $ 1,757 110,567,671 $ 1,755 110,157,540 Conversions 1 116,159 2 410,131 Ending balance $ 1,758 110,683,830 $ 1,757 $ 110,567,671 MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 401 6,464,819 $ 408 7,015,032 Conversions (3) (220,681) (7) (550,213) Ending balance (1) $ 398 6,244,138 $ 401 $ 6,464,819 1. Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. (e) Non-controlling interest - Perpetual Subordinated Notes Perpetual Subordinated Notes MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Opening balance $ 293 $ — Issued for cash — 293 Ending balance $ 293 $ 293 MILLIONS, EXCEPT UNIT INFORMATION As of and for the six-month period ended June 30, 2023 As of and for the 12-month period ended December 31, 2022 Carrying Value Units Carrying Value Units Opening balance $ 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 |
DISTRIBUTIONS DISTRIBUTIONS (Ta
DISTRIBUTIONS DISTRIBUTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Distributions [Abstract] | |
Disclosure of dividends | The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares and Exchange LP units that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares: For the three-month period ended June 30 2023 2022 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 175 0.38 $ 165 $ 0.36 General Partner (1) 67 61 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 75 0.38 69 0.36 BIPC exchangeable shares 42 0.38 40 0.36 Exchangeable units (2) 2 0.38 3 0.36 Preferred unitholders 12 0.27 12 0.27 Perpetual subordinated notes 4 0.32 4 0.32 Total Distributions $ 377 $ 354 For the six-month period ended June 30 2023 2022 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 350 $ 0.77 $ 330 $ 0.72 General Partner (1) 134 122 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 149 $ 0.77 138 0.72 BIPC exchangeable shares 84 $ 0.77 80 0.72 Exchangeable units (2) 5 $ 0.77 6 0.72 Preferred unitholders 23 $ 0.53 27 0.53 Perpetual subordinated notes 8 $ 0.64 8 0.64 Total Distributions $ 753 $ 711 1. Distributions to the General Partner include $66 million and $132 million of incentive distributions for the three and six-month periods ended June 30, 2023, respectively (2022: $60 million and $120 million). 2. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Schedule of accumulated other comprehensive income (loss) | a) Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 774 $ (1,741) $ 115 $ 87 $ 125 $ 3 $ 1,118 $ 481 Other comprehensive (loss) income (1) 153 (5) (2) — — (90) 55 Other items (1) — — — — — — (18) (18) Balance at June 30, 2023 $ 773 $ (1,588) $ 110 $ 85 $ 125 $ 3 $ 1,010 $ 518 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 Other comprehensive income (loss) 13 (195) 37 49 — 4 86 (6) Other items (2) — — — — — — (86) (86) Balance at June 30, 2022 $ 686 $ (1,658) $ 64 $ 105 $ 125 $ (6) $ 915 $ 231 b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 Other comprehensive income (loss) — 2 — — — — (1) 1 Balance at June 30, 2023 $ 4 $ (7) $ — $ — $ 1 $ — $ 5 $ 3 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 Other comprehensive (loss) income — (1) — — — — 1 — Balance at June 30, 2022 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 c) Attributable to Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 326 $ (726) $ 49 $ 36 $ 53 $ (1) $ 473 $ 210 Other comprehensive income (loss) — 64 (3) (1) — — (37) 23 Other items (1) — — — — — — (8) (8) Balance at June 30, 2023 $ 326 $ (662) $ 46 $ 35 $ 53 $ (1) $ 428 $ 225 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 Other comprehensive income (loss) 6 (80) 15 20 — — 38 (1) Other items (2) — — — — — — (36) (36) Balance at June 30, 2022 $ 289 $ (696) $ 27 $ 44 $ 53 $ (6) $ 389 $ 100 d) Attributable to Non-controlling interest – BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 186 $ (415) $ 28 $ 20 $ 30 $ 1 $ 268 $ 118 Other comprehensive income (loss) — 37 (1) (1) — — (22) 13 Other items (1) — — — — — — (4) (4) Balance at June 30, 2023 $ 186 $ (378) $ 27 $ 19 $ 30 $ 1 $ 242 $ 127 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 Other comprehensive income (loss) 4 (46) 9 12 — — 21 — Other items (2) — — — — — — (20) (20) Balance at June 30, 2022 $ 165 $ (397) $ 16 $ 25 $ 30 $ (2) $ 220 $ 57 e) Attributable to Non-controlling interest – Exchangeable units (3) US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2023 $ 11 $ (28) $ 2 $ 1 $ 1 $ — $ 19 $ 6 Other comprehensive income (loss) — 2 — — — — (1) 1 Balance at June 30, 2023 $ 11 $ (26) $ 2 $ 1 $ 1 $ — $ 18 $ 7 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 Other comprehensive (loss) income — (2) — — — — 2 — Balance at June 30, 2022 $ 10 $ (26) $ 1 $ 1 $ 1 $ — $ 17 $ 4 1. In relation to our current quarter dispositions, a total of approximately $30 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statement of Partnership Capital. Refer to Note 9, Investments in Associates and Joint Ventures, for further details. 2. In relation to the disposition of a 49% interest in its North American container terminal operation on June 13, 2022, $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 9, Investments in Associates and Joint Ventures, for further details. 3. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 | |
Costs attributed to revenues | (2,648) | (2,160) | (5,232) | (4,122) | |
General and administrative expenses | (109) | (108) | (212) | (229) | |
Other (expense) income | (64) | (128) | (128) | (194) | |
Interest expense | (567) | (469) | (1,135) | (878) | |
Depreciation and amortization expense | (632) | (552) | (1,277) | (1,096) | |
Deferred taxes | (38) | 26 | 5 | 8 | |
Mark-to-market and other | 302 | 169 | 45 | 118 | |
Share of earnings from associates | 273 | (34) | 376 | 20 | $ 12 |
Net income attributable to non-controlling interest | (395) | (249) | (515) | (473) | |
Net income (loss) attributable to partnership | 378 | 176 | 401 | 246 | |
Utilities | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,899 | 1,350 | 3,770 | 2,562 | |
Transport | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 886 | 894 | 1,767 | 1,768 | |
Midstream | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,048 | 1,007 | 2,102 | 1,909 | |
Data Infrastructure | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 423 | 430 | 835 | 853 | |
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,802 | 1,557 | 3,601 | 3,041 | |
Costs attributed to revenues | (840) | (700) | (1,674) | (1,358) | |
General and administrative expenses | (109) | (108) | (212) | (229) | |
Other (expense) income | 15 | 11 | 14 | 17 | |
Interest expense | (316) | (247) | (623) | (465) | |
Funds from operations | 552 | 513 | 1,106 | 1,006 | |
Depreciation and amortization expense | (346) | (334) | (690) | (656) | |
Deferred taxes | (21) | (40) | (23) | (52) | |
Mark-to-market and other | 193 | 37 | 8 | (52) | |
Share of earnings from associates | 0 | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 378 | 176 | 401 | 246 | |
Operating segments | Utilities | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 669 | 485 | 1,305 | 924 | |
Costs attributed to revenues | (333) | (199) | (655) | (384) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (27) | (23) | (53) | (51) | |
Interest expense | (85) | (75) | (165) | (134) | |
Funds from operations | 224 | 188 | 432 | 355 | |
Operating segments | Transport | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 524 | 516 | 1,029 | 986 | |
Costs attributed to revenues | (241) | (246) | (474) | (461) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (2) | (1) | (6) | (5) | |
Interest expense | (82) | (70) | (158) | (136) | |
Funds from operations | 199 | 199 | 391 | 384 | |
Operating segments | Midstream | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 426 | 411 | 901 | 834 | |
Costs attributed to revenues | (196) | (193) | (399) | (382) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (5) | (4) | (13) | (1) | |
Interest expense | (64) | (44) | (130) | (85) | |
Funds from operations | 161 | 170 | 359 | 366 | |
Operating segments | Data Infrastructure | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 183 | 145 | 366 | 297 | |
Costs attributed to revenues | (70) | (62) | (146) | (131) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (3) | 2 | 1 | 5 | |
Interest expense | (38) | (25) | (79) | (53) | |
Funds from operations | 72 | 60 | 142 | 118 | |
Operating segments | Corporate | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs attributed to revenues | 0 | 0 | 0 | 0 | |
General and administrative expenses | (109) | (108) | (212) | (229) | |
Other (expense) income | 52 | 37 | 85 | 69 | |
Interest expense | (47) | (33) | (91) | (57) | |
Funds from operations | (104) | (104) | (218) | (217) | |
Material reconciling items | Associates | |||||
Disclosure of operating segments [line items] | |||||
Revenues | (565) | (617) | (1,115) | (1,188) | |
Costs attributed to revenues | 213 | 313 | 421 | 598 | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | 12 | 7 | 22 | 15 | |
Interest expense | 95 | 82 | 188 | 154 | |
Depreciation and amortization expense | 121 | 131 | 237 | 254 | |
Deferred taxes | (2) | (20) | 2 | (23) | |
Mark-to-market and other | (147) | 138 | (131) | 170 | |
Share of earnings from associates | 273 | (34) | 376 | 20 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 0 | 0 | 0 | 0 | |
Material reconciling items | Non-controlling interests | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 3,019 | 2,741 | 5,988 | 5,239 | |
Costs attributed to revenues | (2,021) | (1,773) | (3,979) | (3,362) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (91) | (146) | (164) | (226) | |
Interest expense | (346) | (304) | (700) | (567) | |
Depreciation and amortization expense | (407) | (349) | (824) | (694) | |
Deferred taxes | (15) | 86 | 26 | 83 | |
Mark-to-market and other | 256 | (6) | 168 | 0 | |
Share of earnings from associates | 0 | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | (395) | (249) | (515) | (473) | |
Net income (loss) attributable to partnership | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Assets (D
SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of operating segments [line items] | ||
Total assets | $ 81,671 | $ 72,969 |
Material reconciling items | Associates | ||
Disclosure of operating segments [line items] | ||
Total assets | 6,604 | 5,434 |
Material reconciling items | Non-controlling interests | ||
Disclosure of operating segments [line items] | ||
Total assets | 48,536 | 41,327 |
Material reconciling items | Working capital adjustment and other | ||
Disclosure of operating segments [line items] | ||
Total assets | 8,164 | 8,865 |
Operating segments | ||
Disclosure of operating segments [line items] | ||
Total assets | 31,575 | 28,211 |
Operating segments | Utilities | ||
Disclosure of operating segments [line items] | ||
Total assets | 9,669 | 7,337 |
Operating segments | Transport | ||
Disclosure of operating segments [line items] | ||
Total assets | 8,403 | 8,333 |
Operating segments | Midstream | ||
Disclosure of operating segments [line items] | ||
Total assets | 9,857 | 9,747 |
Operating segments | Data Infrastructure | ||
Disclosure of operating segments [line items] | ||
Total assets | 5,482 | 4,002 |
Operating segments | Corporate | ||
Disclosure of operating segments [line items] | ||
Total assets | $ (1,836) | $ (1,208) |
DISPOSITION OF BUSINESSES (Deta
DISPOSITION OF BUSINESSES (Details) - USD ($) $ in Millions | Jun. 15, 2023 | Nov. 30, 2022 |
Disclosure of subsidiaries [line items] | ||
Proceeds from disposition of subsidiary | $ 180 | |
Gain (Loss) on disposition of business | 100 | |
Indian Toll Road Operations | ||
Disclosure of subsidiaries [line items] | ||
Proceeds from disposition of subsidiary | 600 | |
Gain (Loss) on disposition of business | $ 340 | |
Brazilian Electricity Transmission Concessions | ||
Disclosure of subsidiaries [line items] | ||
Proceeds from disposition of subsidiary | $ 250 | |
Gain (Loss) on disposition of business | $ 40 | |
Disposal of ownership interest, percentage | 31% | |
Reclassification adjustments on exchange differences on translation, net of tax | $ 9 |
ACQUISITION OF BUSINESSES - Add
ACQUISITION OF BUSINESSES - Additional Information (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |
May 02, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) business | |
Disclosure of detailed information about business combination [line items] | |||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 55 | ||
Business acquisition, proforma revenue | 35 | ||
Business acquisition, proforma income | 7 | ||
HomeServe PLC | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | 1,200 | ||
HomeServe PLC | Consortium | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 4,900 | ||
HomeServe PLC, North America | |||
Disclosure of detailed information about business combination [line items] | |||
Ownership interest | 26% | ||
HomeServe PLC, Europe | |||
Disclosure of detailed information about business combination [line items] | |||
Ownership interest | 25% | ||
Aggregated individually immaterial business combinations | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 1,249 | $ 161 | |
Brazilian regulated gas transmission operation | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary, additional | 15% | ||
Additional payments for proportion of ownership interest in subsidiary | $ 35 | ||
Proportion of ownership interest in subsidiary | 31% | ||
Sertaneja Consortium | |||
Disclosure of detailed information about business combination [line items] | |||
Additional payments for proportion of ownership interest in subsidiary | $ 114 | ||
Proportion of ownership interest in subsidiary | 100% | ||
Indian Telecom Towers Operation | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 30 | ||
Percentage of voting interest in company | 17% | ||
Indian Telecom Towers Operation | Consortium | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 165 | ||
Percentage of voting interest in company | 100% | ||
North American Residential Energy Infrastructure Operation | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 90 | ||
Percentage of voting interest in company | 30% | ||
Number of businesses acquired | business | 5 | ||
North American Residential Energy Infrastructure Operation | Consortium | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 315 | ||
Percentage of voting interest in company | 100% | ||
U.K. Telecommunications | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 40 | ||
Percentage of voting interest in company | 24% | ||
U.K. Telecommunications | Consortium | |||
Disclosure of detailed information about business combination [line items] | |||
Total consideration | $ 160 | ||
Percentage of voting interest in company | 100% |
ACQUISITION OF BUSINESSES - Pur
ACQUISITION OF BUSINESSES - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 02, 2023 | Dec. 31, 2022 |
Fair value of assets and liabilities acquired | |||
Goodwill | $ 12,393 | $ 8,789 | |
Aggregated individually immaterial business combinations | |||
Consideration transferred | |||
Cash | 1,249 | 123 | |
Business combinations, equity consideration | 21 | ||
Contingent consideration | 17 | ||
Total consideration | 1,249 | 161 | |
Fair value of assets and liabilities acquired | |||
Cash and cash equivalents recognised as of acquisition date | 205 | 6 | |
Account receivable recognised as of acquisition date | 827 | 24 | |
Property, plant and equipment recognised as of acquisition date | 118 | 161 | |
Identifiable intangible assets recognised as of acquisition date | 2,921 | 302 | |
Goodwill | 3,271 | 278 | |
Trade and other payables recognised as of acquisition date | (797) | (54) | |
Borrowings recognised as of acquisition date | (1,006) | (51) | |
Deferred tax liabilities recognised as of acquisition date | (635) | (18) | |
Net identifiable assets acquired (liabilities assumed), before non-controlling interests | 4,904 | 648 | |
Non-controlling interest | (3,655) | (487) | |
Identifiable assets acquired (liabilities assumed) | $ 1,249 | $ 161 | |
Brazilian electricity transmission operation | |||
Consideration transferred | |||
Cash | $ 35 | ||
Business combinations, equity consideration | 35 | ||
Total consideration | 70 | ||
Fair value of assets and liabilities acquired | |||
Cash and cash equivalents recognised as of acquisition date | 36 | ||
Account receivable recognised as of acquisition date | 9 | ||
Identifiable intangible assets recognised as of acquisition date | 477 | ||
Goodwill | 25 | ||
Trade and other payables recognised as of acquisition date | (44) | ||
Borrowings recognised as of acquisition date | (192) | ||
Deferred tax liabilities recognised as of acquisition date | (83) | ||
Net identifiable assets acquired (liabilities assumed), before non-controlling interests | 228 | ||
Non-controlling interest | (158) | ||
Identifiable assets acquired (liabilities assumed) | $ 70 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Cash flow hedge | $ 40 | $ 195 | $ (64) | $ 450 | |
Net investment hedge | (12) | 93 | (19) | 122 | |
Cash flow hedges | Financial assets at fair value through other comprehensive income, category | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 412 | 412 | $ 645 | ||
Hedges of net investment in foreign operations | Financial assets at fair value through other comprehensive income, category | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | $ 5 | ||||
Derivative financial liabilities | 15 | 15 | |||
Settlements, fair value measurement, liabilities | $ 1 | $ 25 | $ 2 | $ 24 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 7,325 | $ 6,867 |
Financial liabilities | 44,345 | 39,375 |
Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 4,691 | 3,666 |
Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 30,892 | 26,567 |
Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,154 | 3,634 |
Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 2,132 | 2,067 |
Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,456 | 3,421 |
Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 20 | 20 |
FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 357 | 362 |
FVTPL (Fair Value) | Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 357 | 362 |
FVTPL (Fair Value) | Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Available for sale securities (Fair Value through OCI) | Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 43,988 | 39,013 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 4,691 | 3,666 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 30,892 | 26,567 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,154 | 3,634 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 1,775 | 1,705 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,456 | 3,421 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 20 | 20 |
FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,553 | 2,012 |
Available for sale securities (Fair Value through OCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 23 | 46 |
Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,749 | 4,809 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,380 | 1,279 |
Cash and cash equivalents | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Available for sale securities (Fair Value through OCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,380 | 1,279 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,293 | 3,475 |
Accounts receivable and other | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Available for sale securities (Fair Value through OCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,293 | 3,475 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,652 | 2,113 |
Financial assets (current and non-current) | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,553 | 2,012 |
Financial assets (current and non-current) | Available for sale securities (Fair Value through OCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 23 | 46 |
Financial assets (current and non-current) | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 76 | $ 55 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS- Allocation of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Preferred shares | $ 20 | $ 20 |
Financial assets (current and non-current) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | 578 | 789 |
Financial liabilities (current and non-current) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | $ 181 | $ 139 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying | $ 7,325 | $ 6,867 |
Financial assets, fair value | 7,325 | 6,867 |
Financial liabilities, carrying | 44,345 | 39,375 |
Financial liabilities, fair value | 39,748 | 35,085 |
Financial liabilities and other liabilities, excluding lease liabilities | 40,889 | 35,954 |
Preferred shares | 20 | 20 |
Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 4,691 | 3,666 |
Financial liabilities, fair value | 4,471 | 3,406 |
Non-recourse borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 30,892 | 26,567 |
Financial liabilities, fair value | 29,971 | 25,958 |
Accounts payable and other (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 3,154 | 3,634 |
Financial liabilities, fair value | 3,154 | 3,634 |
Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 20 | 20 |
Financial liabilities, fair value | 20 | 20 |
Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 2,132 | 2,067 |
Financial liabilities, fair value | 2,132 | 2,067 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 1,380 | 1,279 |
Financial assets, fair value | 1,380 | 1,279 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 4,293 | 3,475 |
Financial assets, fair value | 4,293 | 3,475 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 1,652 | 2,113 |
Financial assets, fair value | $ 1,652 | $ 2,113 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - Recurring fair value measurement - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | $ 46 | $ 37 |
Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | 191 | 233 |
Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | 120 | 92 |
Marketable securities | Level 1 | Quoted bid prices | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 125 | 108 |
Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 73 | 159 |
Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 756 | 1,005 |
Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 622 | $ 786 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 37,291 | |
Ending balance | 38,090 | $ 37,291 |
Current lease liabilities | 401 | |
Non-current lease liabilities | 3,055 | |
Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,462 | |
Ending balance | 8,065 | 7,462 |
Right-of-use assets | 206 | |
Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,345 | |
Ending balance | 8,373 | 8,345 |
Right-of-use assets | 988 | |
Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,265 | |
Ending balance | 7,228 | 7,265 |
Right-of-use assets | 1,889 | |
Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 14,219 | |
Ending balance | 14,424 | 14,219 |
Right-of-use assets | 341 | |
Gross Carrying Amount: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 39,478 | 39,749 |
Additions, net of disposals | 826 | 2,433 |
Acquisitions through business combinations | 118 | 161 |
Non-cash disposals | (50) | (57) |
Assets reclassified as held for sale | (8) | |
Assets held by subsidiaries disposed during the period | (19) | |
Net foreign currency exchange differences | 712 | (2,800) |
Ending balance | 41,065 | 39,478 |
Gross Carrying Amount: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,277 | 7,565 |
Additions, net of disposals | 292 | 500 |
Acquisitions through business combinations | 118 | 109 |
Non-cash disposals | 32 | (154) |
Assets reclassified as held for sale | 0 | |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | 301 | (743) |
Ending balance | 8,020 | 7,277 |
Gross Carrying Amount: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 9,337 | 8,998 |
Additions, net of disposals | 237 | 561 |
Acquisitions through business combinations | 0 | 0 |
Non-cash disposals | (26) | 126 |
Assets reclassified as held for sale | (8) | |
Assets held by subsidiaries disposed during the period | (19) | |
Net foreign currency exchange differences | 47 | (340) |
Ending balance | 9,576 | 9,337 |
Gross Carrying Amount: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,185 | 8,324 |
Additions, net of disposals | 110 | 575 |
Acquisitions through business combinations | 0 | 52 |
Non-cash disposals | (53) | (12) |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | 64 | (754) |
Ending balance | 8,306 | 8,185 |
Gross Carrying Amount: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 14,679 | 14,862 |
Additions, net of disposals | 187 | 797 |
Acquisitions through business combinations | 0 | 0 |
Non-cash disposals | (3) | (17) |
Assets reclassified as held for sale | 0 | |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | 300 | (963) |
Ending balance | 15,163 | 14,679 |
Gross Carrying Amount: | Data | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Assets held by subsidiaries disposed during the period | 0 | |
Accumulated depreciation: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (5,396) | (4,191) |
Non-cash disposals | 72 | 52 |
Assets reclassified as held for sale | 4 | |
Assets held by subsidiaries disposed during the period | 12 | |
Net foreign currency exchange differences | (89) | 309 |
Depreciation expense | (893) | (1,597) |
Disposals | 17 | 27 |
Ending balance | (6,277) | (5,396) |
Accumulated depreciation: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (1,454) | (1,272) |
Non-cash disposals | 2 | 0 |
Assets reclassified as held for sale | 0 | |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | (56) | 123 |
Depreciation expense | (195) | (327) |
Disposals | 8 | 22 |
Ending balance | (1,695) | (1,454) |
Accumulated depreciation: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (2,040) | (1,668) |
Non-cash disposals | 14 | 0 |
Assets reclassified as held for sale | 4 | |
Assets held by subsidiaries disposed during the period | 12 | |
Net foreign currency exchange differences | (6) | 87 |
Depreciation expense | (234) | (468) |
Disposals | 9 | 5 |
Ending balance | (2,245) | (2,040) |
Accumulated depreciation: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (920) | (629) |
Non-cash disposals | 45 | 41 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | (11) | 52 |
Depreciation expense | (192) | (384) |
Disposals | 0 | 0 |
Ending balance | (1,078) | (920) |
Accumulated depreciation: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (982) | (622) |
Non-cash disposals | 11 | 11 |
Assets reclassified as held for sale | 0 | |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | (16) | 47 |
Depreciation expense | (272) | (418) |
Disposals | 0 | 0 |
Ending balance | (1,259) | (982) |
Accumulated depreciation: | Data | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Assets held by subsidiaries disposed during the period | 0 | |
Accumulated fair value adjustments: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 3,209 | 3,097 |
Net foreign currency exchange differences | 93 | (256) |
Fair value adjustments | 368 | |
Ending balance | 3,302 | 3,209 |
Accumulated fair value adjustments: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,639 | 1,643 |
Net foreign currency exchange differences | 101 | (179) |
Fair value adjustments | 175 | |
Ending balance | 1,740 | 1,639 |
Accumulated fair value adjustments: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,048 | 1,046 |
Net foreign currency exchange differences | (6) | (73) |
Fair value adjustments | 75 | |
Ending balance | 1,042 | 1,048 |
Accumulated fair value adjustments: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Net foreign currency exchange differences | 0 | 0 |
Fair value adjustments | 0 | |
Ending balance | 0 | 0 |
Accumulated fair value adjustments: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 522 | 408 |
Net foreign currency exchange differences | (2) | (4) |
Fair value adjustments | 118 | |
Ending balance | $ 520 | $ 522 |
INTANGIBLE ASSETS - Net Amounts
INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ 15,476 | $ 11,822 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | 17,846 | 13,718 | $ 15,785 |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ (2,370) | $ (1,896) | $ (1,571) |
INTANGIBLE ASSETS - Cash Genera
INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 15,476 | $ 11,822 |
North American Residential Energy Infrastructure Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 3,394 | 1,674 |
Brazilian regulated gas transmission operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 3,015 | 2,816 |
Canadian diversified midstream operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,135 | 2,186 |
North American Rail Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,757 | 1,762 |
European Residential Decarbonization Infrastructure Business | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,207 | 0 |
Peruvian toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,086 | 1,031 |
Indian Telecom Towers Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 676 | 682 |
U.K. Telecom Towers Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 565 | 537 |
U.K. port operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 271 | 258 |
Other | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 868 | 876 |
Brazilian Electricity Transmission Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 502 | $ 0 |
INTANGIBLE ASSETS - Reconciliat
INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | $ 11,822 | |
Cost at end of year | 15,476 | $ 11,822 |
Cost | ||
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | 13,718 | 15,785 |
Acquisitions through business combinations, intangible assets and goodwill | 3,398 | 302 |
Additions, net of disposals | 105 | 149 |
Held for sale | 0 | (793) |
Assets held by subsidiaries disposed during the period | 0 | (1,454) |
Adjustments to purchase price allocation | (4) | 0 |
Non-cash additions | (5) | 47 |
Foreign currency translation | 634 | (318) |
Cost at end of year | $ 17,846 | $ 13,718 |
INTANGIBLE ASSETS - Accumulated
INTANGIBLE ASSETS - Accumulated Amortization (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Cost at beginning of the year | $ 11,822 | |
Cost at end of year | 15,476 | $ 11,822 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cost at beginning of the year | (1,896) | (1,571) |
Assets held by subsidiaries disposed during the period | 0 | 5 |
Non-cash additions | 7 | 0 |
Held for sale | 0 | 211 |
Amortization | (384) | (561) |
Foreign currency translation | (97) | 20 |
Cost at end of year | $ (2,370) | $ (1,896) |
INVESTMENT IN ASSOCIATES AND _3
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Change in Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 15, 2023 | Jun. 14, 2023 | May 02, 2023 | Apr. 26, 2023 | Apr. 01, 2023 | Feb. 01, 2023 | Nov. 22, 2022 | Nov. 01, 2022 | Aug. 04, 2022 | Jun. 13, 2022 | Apr. 01, 2022 | Feb. 16, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Reconciliation of changes in associates and joint ventures | |||||||||||||||||
Balance at the beginning of the period | $ 5,325 | $ 4,725 | $ 4,725 | ||||||||||||||
Share of earnings for the period | $ 273 | $ (34) | 376 | 20 | 12 | ||||||||||||
Foreign currency translation and other | 76 | (44) | |||||||||||||||
Share of other comprehensive (loss) income | (151) | 485 | |||||||||||||||
Distributions(5),(8),(12) | (537) | (575) | |||||||||||||||
Disposition of interest | (375) | (142) | |||||||||||||||
Acquisitions | 702 | 864 | |||||||||||||||
Balance at end of year | 5,416 | 5,416 | 5,325 | ||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Disposal of investments in associates and joint ventures | 672 | $ 275 | 672 | $ 275 | |||||||||||||
Acquisitions | 702 | 864 | |||||||||||||||
U.S. Gas Pipeline | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Disposal of investments in associates and joint ventures | $ 420 | $ 70 | |||||||||||||||
Gain (Loss) on sale of investments accounted for using equity method | $ 80 | 12 | |||||||||||||||
Ownership interest | 25% | 38% | |||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 14 | ||||||||||||||||
AusNet Services Ltd | |||||||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||||||
Acquisitions | $ 500 | ||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Acquisitions | $ 500 | ||||||||||||||||
Proportion of voting rights held in associate | 8% | ||||||||||||||||
Smart Metering Business | |||||||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||||||
Acquisitions | $ 215 | ||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Acquisitions | $ 215 | ||||||||||||||||
Proportion of voting rights held in associate | 13% | ||||||||||||||||
North American container terminal operation | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Disposal of ownership interest, percentage | 19% | ||||||||||||||||
Disposal of investments in associates and joint ventures | $ 275 | ||||||||||||||||
Gain (Loss) on sale of investments accounted for using equity method | $ 125 | ||||||||||||||||
Proportion of voting rights held in associate | 49% | ||||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 142 | ||||||||||||||||
Tax expense (income) | $ 50 | ||||||||||||||||
Australian Data Transmissions Business | |||||||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||||||
Acquisitions | $ 193 | ||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Acquisitions | $ 193 | ||||||||||||||||
Proportion of voting rights held in associate | 12% | ||||||||||||||||
North American Natural Gas Transmission Operation | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Loans and receivables | $ 250 | $ 250 | $ 375 | ||||||||||||||
New Zealand Data Center Operation | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Disposal of ownership interest, percentage | 50% | ||||||||||||||||
Disposal of investments in associates and joint ventures | $ 275 | ||||||||||||||||
Gain (Loss) on sale of investments accounted for using equity method | $ 220 | ||||||||||||||||
Ownership interest | 12% | ||||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 14 | ||||||||||||||||
Proceeds from sales of interests in associates | $ 140 | ||||||||||||||||
U.S. Semiconductor Facility | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Proportion of voting rights held in associate | 12% | ||||||||||||||||
European Telecom Tower Operation | |||||||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||||||
Acquisitions | $ 702 | ||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Acquisitions | $ 702 | ||||||||||||||||
Proportion of voting rights held in associate | 6% | ||||||||||||||||
Freehold Landlord Port in Victoria, Australia | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Disposal of ownership interest, percentage | 50% | ||||||||||||||||
Disposal of investments in associates and joint ventures | $ 70 | ||||||||||||||||
Brazilian regulated gas transmission operation | |||||||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||||||
Proportion of voting rights held in associate | 31% | ||||||||||||||||
Proportion of ownership interest in subsidiary, additional | 15% |
INVESTMENT IN ASSOCIATES AND _4
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Segment Information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | $ 5,416 | $ 5,325 | $ 4,725 |
Utilities | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 871 | 887 | |
Transport | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 1,981 | 1,925 | |
Midstream | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 661 | 1,058 | |
Data Infrastructure | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 1,879 | 1,297 | |
Corporate | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | $ 24 | $ 158 |
INVESTMENT IN ASSOCIATES AND _5
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Balance Sheet Impact of Investments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | $ 81,671 | $ 72,969 |
Total liabilities | (53,048) | (47,415) |
Associates and Joint Ventures | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 94,382 | 71,023 |
Total liabilities | (52,774) | (42,116) |
Net assets | $ 41,608 | $ 28,907 |
INVESTMENT IN ASSOCIATES AND _6
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Income Statement Impact of Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 | |
Net income | 773 | 425 | 916 | 719 | |
Share of earnings (loss) from investments in associates and joint ventures | 273 | (34) | 376 | 20 | $ 12 |
Associates and Joint Ventures | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Revenues | 6,722 | 5,455 | 12,710 | 10,471 | |
Net income | $ 1,054 | $ 309 | $ 2,084 | $ 901 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Details) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Apr. 25, 2022 USD ($) | May 24, 2021 USD ($) | Jun. 30, 2023 USD ($) extension | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) extension | Jun. 30, 2022 USD ($) | Jul. 27, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Nov. 14, 2022 CAD ($) | Apr. 25, 2022 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Proceeds from corporate credit facility | $ 1,268 | $ 1,245 | $ 3,057 | $ 2,202 | ||||||
Proceeds from corporate borrowings | 0 | 474 | 0 | 474 | ||||||
Net proceeds from (repayment of) commercial paper program | 225 | (124) | 477 | (164) | ||||||
Corporate Revolving Credit Facility | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Credit facility, maximum borrowing capacity | $ 2,200 | $ 2,200 | ||||||||
Line of credit facility, unused capacity, commitment fee percentage | 13 | 13 | ||||||||
Subsidiary and corporate borrowings | $ 577 | $ 577 | $ 96 | |||||||
Letter of credit outstanding amount | $ 11 | 11 | 12 | |||||||
Proceeds from corporate credit facility | $ 481 | |||||||||
Corporate Revolving Credit Facility | Floating interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 1.20% | 1.20% | ||||||||
Medium-term Notes, Maturing September 11, 2028 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 529 | $ 529 | 517 | |||||||
Medium-term Notes, Maturing September 11, 2028 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 4.20% | 4.20% | ||||||||
Revolving credit facility with Brookfield | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Credit facility, maximum borrowing capacity | $ 1,000 | $ 1,000 | ||||||||
Subsidiary and corporate borrowings | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||||
Borrowings, number of extensions | extension | 8 | 8 | ||||||||
Revolving credit facility with Brookfield | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | 1.90% | ||||||||
Medium-term Notes, Maturing October 9, 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 529 | $ 529 | 517 | |||||||
Medium-term Notes, Maturing October 9, 2029 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 3.40% | 3.40% | ||||||||
Subordinated Notes, Maturing May 24, 2081 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 250 | $ 250 | 250 | |||||||
Subordinated Notes, Maturing May 24, 2081 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5% | 5% | ||||||||
Medium-term Notes, Maturing April 25, 2034 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 302 | $ 302 | 295 | |||||||
Notional amount | $ 600 | |||||||||
Finance costs | $ 3 | |||||||||
Medium-term Notes, Maturing April 25, 2034 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.40% | 5.40% | ||||||||
Medium-term Notes, Maturing April 25, 2034 Tranche One | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 400 | |||||||||
Medium-term Notes, Maturing April 25, 2034 Tranche One | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.439% | |||||||||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 200 | |||||||||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.789% | |||||||||
Medium-term Notes, Maturing September 1, 2032 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 378 | $ 378 | 369 | |||||||
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 2.90% | 2.90% | ||||||||
Commercial Paper | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 941 | $ 941 | 464 | |||||||
Commercial paper program, maximum borrowing capacity | $ 1,000 | $ 1,000 | ||||||||
Commercial Paper | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 6% | 6% | ||||||||
Subordinated notes, Maturing May 24, 2081 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5% | |||||||||
Subsidiary and corporate borrowings | $ 250 | |||||||||
Finance costs | $ 6 | |||||||||
Medium-term Notes, Maturing July 27, 2030 | Entering into significant commitments or contingent liabilities [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 700 | |||||||||
Medium-term Notes, Maturing July 27, 2030, Tranche One | Entering into significant commitments or contingent liabilities [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 500 | |||||||||
Medium-term Notes, Maturing July 27, 2030, Tranche One | Fixed interest rate | Entering into significant commitments or contingent liabilities [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.71% | |||||||||
Medium-term Notes, Maturing July 27, 2030, Tranche Two | Entering into significant commitments or contingent liabilities [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 200 | |||||||||
Medium-term Notes, Maturing July 27, 2030, Tranche Two | Fixed interest rate | Entering into significant commitments or contingent liabilities [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.95% | |||||||||
Medium-term Notes, Maturing November 14, 2027 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Subsidiary and corporate borrowings | $ 340 | $ 340 | $ 332 | |||||||
Notional amount | $ 700 | |||||||||
Medium-term Notes, Maturing November 14, 2027 | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.60% | 5.60% | ||||||||
Medium-term Notes, Maturing November 14, 2027 Tranche One | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 450 | |||||||||
Medium-term Notes, Maturing November 14, 2027 Tranche One | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.616% | |||||||||
Medium-term Notes, Maturing November 14, 2027 Tranche Two | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 250 | |||||||||
Medium-term Notes, Maturing November 14, 2027 Tranche Two | Fixed interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, interest rate | 5.98% |
BORROWINGS - Corporate Borrowin
BORROWINGS - Corporate Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Corporate Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 577 | $ 96 |
Corporate Revolving Credit Facility | Floating interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 1.20% | |
Commercial Paper | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 941 | 464 |
Commercial Paper | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 6% | |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 227 | 222 |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.30% | |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 302 | 295 |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.30% | |
Medium-term Notes, Maturing September 11, 2028 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 529 | 517 |
Medium-term Notes, Maturing September 11, 2028 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 4.20% | |
Medium-term Notes, Maturing October 9, 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 529 | 517 |
Medium-term Notes, Maturing October 9, 2029 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.40% | |
Medium-term Notes, Maturing September 1, 2032 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 378 | 369 |
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 2.90% | |
Medium-term Notes, Maturing April 25, 2034 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 302 | 295 |
Medium-term Notes, Maturing April 25, 2034 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.40% | |
Medium-term Notes, Maturing April 25, 2052 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 150 | 147 |
Medium-term Notes, Maturing April 25, 2052 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.80% | |
Subordinated Notes, Maturing May 24, 2081 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 250 | 250 |
Subordinated Notes, Maturing May 24, 2081 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5% | |
Corporate Borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 4,691 | 3,666 |
Corporate borrowings, outstanding principal | 4,714 | 3,689 |
Corporate borrowings, deferred financing costs and other | (23) | (23) |
Medium-term Notes, Maturing February 14, 2033 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 189 | 185 |
Medium-term Notes, Maturing February 14, 2033 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 6% | |
Medium-term Notes, Maturing November 14, 2027 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 340 | $ 332 |
Medium-term Notes, Maturing November 14, 2027 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.60% |
BORROWINGS - Non-Recourse Borro
BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Current | $ 3,741 | $ 2,567 |
Non-recourse borrowings | 27,151 | 24,000 |
Borrowings associated with recent acquisitions and growth initiatives | 2,500 | 1,200 |
Non Recourse Borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Current | 3,741 | 2,567 |
Non-recourse borrowings | 27,151 | 24,000 |
Total | $ 30,892 | $ 26,567 |
CAPITAL MANAGEMENT - Invested C
CAPITAL MANAGEMENT - Invested Capital (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jan. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||||||
Issuance of perpetual subordinated notes | $ 0 | $ 0 | $ 0 | $ 293 | [1] | |||||
Total partnership capital | 28,623 | 26,039 | 28,623 | 26,039 | $ 28,312 | $ 25,554 | $ 26,975 | $ 26,391 | ||
Non-controlling interest - in operating subsidiaries | (18,640) | (18,640) | (15,320) | |||||||
Deficit | 3,746 | 3,746 | 3,422 | |||||||
Accumulated other comprehensive income | (880) | (880) | (817) | |||||||
Ownership changes | (560) | (560) | (558) | |||||||
Invested Capital | 12,289 | 12,276 | 12,289 | 12,276 | $ 12,287 | $ 12,281 | $ 12,272 | $ 12,195 | ||
Issuance of perpetual subordinated notes | $ 0 | $ 0 | $ 0 | $ 293 | [1] | |||||
Subordinated Notes, First Tranche | ||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||||||
Issuance of perpetual subordinated notes | $ 220 | |||||||||
Issuance of perpetual subordinated notes | 220 | |||||||||
Subordinated Notes, Second Tranche | ||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||||||
Issuance of perpetual subordinated notes | 293 | |||||||||
Issuance of perpetual subordinated notes | $ 293 | |||||||||
Bottom of range | ||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||||||
Targeted returns on invested capital | 12% | |||||||||
Top of range | ||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||||||
Targeted returns on invested capital | 15% | |||||||||
[1]Refer to Note 15, Partnership Capital. |
CAPITAL MANAGEMENT - Changes in
CAPITAL MANAGEMENT - Changes in Invested Capital (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Changes in Invested capital [Roll Forward] | |||||
Opening balance | $ 12,287 | $ 12,272 | $ 12,281 | $ 12,195 | |
Net redemption of preferred units | 0 | 0 | 0 | (220) | |
Issuance of perpetual subordinated notes | 0 | 0 | 0 | 293 | [1] |
Issuance of limited partnership units | 2 | 4 | 8 | 8 | |
Ending balance | 12,289 | 12,276 | 12,289 | 12,276 | |
Weighted Average Invested Capital | $ 12,287 | $ 12,272 | $ 12,284 | $ 12,262 | |
[1]Refer to Note 15, Partnership Capital. |
SUBSIDIARY PUBLIC ISSUERS - Add
SUBSIDIARY PUBLIC ISSUERS - Additional Information (Details) $ in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 14, 2022 CAD ($) | Apr. 25, 2022 CAD ($) | May 24, 2021 USD ($) |
Medium-term Notes, Maturing April 25, 2034 | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | $ 600 | ||||
Subsidiary and corporate borrowings | $ 302 | $ 295 | |||
Medium-term Notes, Maturing April 25, 2034 Tranche One | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | 400 | ||||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | $ 200 | ||||
Subordinated notes, Maturing May 24, 2081 | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5% | ||||
Subsidiary and corporate borrowings | $ 250 | ||||
Medium-term Notes, Maturing November 14, 2027 | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | $ 700 | ||||
Subsidiary and corporate borrowings | $ 340 | $ 332 | |||
Medium-term Notes, Maturing November 14, 2027 Tranche One | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | 450 | ||||
Medium-term Notes, Maturing November 14, 2027 Tranche Two | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Notional amount | $ 250 | ||||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.40% | ||||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 Tranche One | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.439% | ||||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 Tranche Two | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.789% | ||||
Fixed interest rate | Medium-term Notes, Maturing November 14, 2027 | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.60% | ||||
Fixed interest rate | Medium-term Notes, Maturing November 14, 2027 Tranche One | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.616% | ||||
Fixed interest rate | Medium-term Notes, Maturing November 14, 2027 Tranche Two | |||||
Disclosure of information about consolidated structured entities [line items] | |||||
Borrowings, interest rate | 5.98% |
SUBSIDIARY PUBLIC ISSUERS - Fin
SUBSIDIARY PUBLIC ISSUERS - Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Statement of comprehensive income [abstract] | |||||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 | |||
Net income attributable to partnership | 378 | 176 | 401 | 246 | |||
Statement of financial position [abstract] | |||||||
Current assets | 6,299 | 6,299 | $ 6,686 | ||||
Non-current assets | 75,372 | 75,372 | 66,283 | ||||
Current liabilities | 9,722 | 9,722 | 8,377 | ||||
Non-current liabilities | 43,326 | 43,326 | 39,038 | ||||
Redeemable Partnership Units held by Brookfield | 2,195 | 2,195 | 2,263 | ||||
BIPC exchangeable shares | 1,254 | 1,254 | 1,289 | ||||
Exchangeable units | [1] | 68 | 68 | 72 | |||
Perpetual subordinated notes | 293 | 293 | $ 293 | 293 | |||
In operating subsidiaries | 18,640 | 18,640 | 15,320 | ||||
Preferred unitholders | 918 | 918 | 918 | ||||
Our partnership | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 186 | 70 | 161 | 76 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 6,440 | 6,440 | 6,583 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | 0 | ||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
The Fincos | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 0 | 0 | 0 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 0 | 0 | 0 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 3,173 | 3,173 | 3,106 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | 0 | ||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
BIPIC | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 0 | 0 | 0 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 1,512 | 1,512 | 1,005 | ||||
Current liabilities | 219 | 219 | 182 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | 0 | ||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
BIPC Holdings | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 0 | 0 | 0 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 3,173 | 3,173 | 3,105 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 259 | 259 | 191 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | 0 | ||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
Subsidiaries of our partnership other than the Fincos and BIPIC | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 378 | 176 | 401 | 246 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 8,949 | 8,949 | 9,603 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | 0 | ||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
Consolidating adjustments | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 4,256 | 3,681 | 8,474 | 7,092 | |||
Net income attributable to partnership | (186) | $ (70) | (161) | $ (76) | |||
Statement of financial position [abstract] | |||||||
Current assets | 6,299 | 6,299 | 6,686 | ||||
Non-current assets | 55,298 | 55,298 | 45,987 | ||||
Current liabilities | 9,503 | 9,503 | 8,195 | ||||
Non-current liabilities | 39,894 | 39,894 | 35,741 | ||||
Redeemable Partnership Units held by Brookfield | 2,195 | 2,195 | 2,263 | ||||
BIPC exchangeable shares | 1,254 | 1,254 | 1,289 | ||||
Exchangeable units | 68 | 68 | 72 | ||||
Perpetual subordinated notes | 293 | 293 | 293 | ||||
In operating subsidiaries | 18,640 | 18,640 | 15,320 | ||||
Preferred unitholders | $ 918 | $ 918 | $ 918 | ||||
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 |
Utilities | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,899 | 1,350 | 3,770 | 2,562 |
Midstream | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,048 | 1,007 | 2,102 | 1,909 |
Transport | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 886 | 894 | 1,767 | 1,768 |
Data Infrastructure | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 423 | $ 430 | $ 835 | $ 853 |
REVENUE - Geographic Informatio
REVENUE - Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of geographical areas [line items] | ||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 |
Canada | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,142 | 1,158 | 2,291 | 2,225 |
U.S. | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,013 | 693 | 2,056 | 1,286 |
India | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 454 | 481 | 902 | 948 |
U.K. | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 519 | 392 | 1,083 | 799 |
Brazil | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 388 | 401 | 730 | 769 |
Colombia | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 238 | 236 | 466 | 450 |
Australia | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 172 | 174 | 336 | 339 |
Spain | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 68 | 0 | 150 | 0 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 59 | 0 | 132 | 0 |
Other | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 203 | $ 146 | $ 328 | $ 276 |
REVENUE - Additional Informatio
REVENUE - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of geographical areas [line items] | ||||
Revenues | $ 4,256 | $ 3,681 | $ 8,474 | $ 7,092 |
Partnership's Sales Revenue, Net | Customer Concentration Risk | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 385 | $ 764 |
DIRECT OPERATING COSTS (Details
DIRECT OPERATING COSTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Expenses by nature [abstract] | ||||
Depreciation and amortization expense | $ 632 | $ 552 | $ 1,277 | $ 1,096 |
Compensation | 640 | 414 | 1,278 | 857 |
Fuel, transportation, and distribution costs | 372 | 423 | 765 | 808 |
Operations and maintenance costs | 266 | 219 | 542 | 422 |
Marketing and administrative costs | 217 | 130 | 419 | 257 |
Cost of inventory | 862 | 787 | 1,607 | 1,407 |
Utilities | 143 | 117 | 283 | 237 |
Other direct operating costs | 148 | 70 | 338 | 134 |
Total | $ 3,280 | $ 2,712 | $ 6,509 | $ 5,218 |
PARTNERSHIP CAPITAL - Capital C
PARTNERSHIP CAPITAL - Capital Categories (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 21, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 28,312,000,000 | $ 26,975,000,000 | $ 25,554,000,000 | $ 26,391,000,000 | $ 26,391,000,000 | |||||
Unit issuance | 2,000,000 | [1] | 4,000,000 | [2] | 8,000,000 | [3],[4] | 8,000,000 | [5] | ||
Balance as | 28,623,000,000 | 26,039,000,000 | 28,623,000,000 | 26,039,000,000 | 25,554,000,000 | |||||
Redeemable Partnership Units held by Brookfield | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | 2,149,000,000 | 2,420,000,000 | 2,263,000,000 | 2,408,000,000 | 2,408,000,000 | |||||
Balance as | 2,195,000,000 | 2,282,000,000 | 2,195,000,000 | 2,282,000,000 | 2,263,000,000 | |||||
Non-controlling interest – BIPC exchangeable shares | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | 1,225,000,000 | 1,381,000,000 | 1,289,000,000 | 1,369,000,000 | 1,369,000,000 | |||||
Balance as | 1,254,000,000 | 1,303,000,000 | 1,254,000,000 | 1,303,000,000 | 1,289,000,000 | |||||
Limited Partners 1 | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | 5,112,000,000 | 5,741,000,000 | 5,372,000,000 | 5,702,000,000 | 5,702,000,000 | |||||
Unit issuance | 2,000,000 | [1] | 4,000,000 | [2] | 8,000,000 | [3],[4] | 8,000,000 | [5] | ||
Balance as | 5,229,000,000 | 5,419,000,000 | 5,229,000,000 | 5,419,000,000 | 5,372,000,000 | |||||
Non-controlling Interest - Exchange LP Units, equity | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | 68,000,000 | [6] | 81,000,000 | [7] | 72,000,000 | 85,000,000 | 85,000,000 | |||
Balance as | 68,000,000 | [6] | 75,000,000 | [7] | 68,000,000 | [6] | 75,000,000 | [7] | 72,000,000 | |
Limited partners’ capital | Redeemable Partnership Units held by Brookfield | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 2,728,000,000 | $ 2,728,000,000 | $ 2,728,000,000 | |||||||
Opening balance (in shares) | 193,587,223 | 193,587,223 | 193,587,223 | |||||||
Unit issuance | $ 0 | $ 0 | ||||||||
Issued for cash (in shares) | 0 | 0 | ||||||||
Balance as | $ 2,728,000,000 | $ 2,728,000,000 | $ 2,728,000,000 | |||||||
Ending balance (in shares) | 193,587,223 | 193,587,223 | 193,587,223 | |||||||
Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 1,757,000,000 | $ 1,755,000,000 | $ 1,755,000,000 | |||||||
Opening balance (in shares) | 110,567,671 | 110,157,540 | 110,157,540 | |||||||
Conversions (in shares) | 116,159 | 100,000 | 410,131 | |||||||
Conversions | $ 1,000,000 | $ 1,000,000 | $ 2,000,000 | |||||||
Balance as | $ 1,758,000,000 | $ 1,758,000,000 | $ 1,757,000,000 | |||||||
Ending balance (in shares) | 110,683,830 | 110,683,830 | 110,567,671 | |||||||
Limited partners’ capital | General Partner | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | |||||||
Opening balance (in shares) | 2,400,631 | 2,400,631 | 2,400,631 | |||||||
Balance as | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | |||||||
Ending balance (in shares) | 2,400,631 | 2,400,631 | 2,400,631 | |||||||
Limited partners’ capital | Limited Partners 1 | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 6,099,000,000 | 6,080,000,000 | $ 6,092,000,000 | $ 6,074,000,000 | $ 6,074,000,000 | |||||
Opening balance (in shares) | 458,380,315 | 457,901,280 | 457,901,280 | |||||||
Unit issuance | 2,000,000 | [1] | 4,000,000 | [2] | $ 8,000,000 | [3],[4] | $ 8,000,000 | [5] | $ 13,000,000 | |
Issued for cash (in shares) | 262,603 | 338,953 | ||||||||
Conversions | $ 2,000,000 | $ 5,000,000 | ||||||||
Conversions (in shares) | 104,522 | 140,082 | ||||||||
Balance as | $ 6,102,000,000 | $ 6,085,000,000 | $ 6,102,000,000 | 6,085,000,000 | $ 6,092,000,000 | |||||
Ending balance (in shares) | 458,747,440 | 458,747,440 | 458,380,315 | |||||||
Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 401,000,000 | $ 408,000,000 | $ 408,000,000 | |||||||
Opening balance (in shares) | 6,464,819 | 7,015,032 | 7,015,032 | |||||||
Conversions (in shares) | (220,681) | (550,213) | ||||||||
Conversions | $ (3,000,000) | $ 2,000,000 | $ (7,000,000) | |||||||
Balance as | $ 398,000,000 | $ 398,000,000 | $ 401,000,000 | |||||||
Ending balance (in shares) | 6,244,138 | 6,244,138 | 6,464,819 | |||||||
Preferred unitholders capital | ||||||||||
Changes in equity [abstract] | ||||||||||
Balance as | $ 918,000,000 | $ 1,138,000,000 | $ 1,138,000,000 | |||||||
Opening balance (in shares) | 43,901,312 | 55,881,062 | 55,881,062 | |||||||
Repurchased and cancelled | $ 0 | $ (220,000,000) | ||||||||
Repurchased and cancelled (in shares) | 0 | (11,979,750) | ||||||||
Balance as | $ 918,000,000 | $ 918,000,000 | $ 918,000,000 | |||||||
Ending balance (in shares) | 43,901,312 | 43,901,312 | 43,901,312 | |||||||
Perpetual subordinated notes | ||||||||||
Changes in equity [abstract] | ||||||||||
Opening balance (in shares) | 293,000,000 | 0 | 0 | |||||||
Issued for cash (in shares) | 12,000,000 | 0 | 293,000,000 | |||||||
Ending balance (in shares) | 293,000,000 | 293,000,000 | 293,000,000 | |||||||
[1]Refer to Note 15, Partnership Capital.[2]Refer to Note 15, Partnership Capital.[3]Refer to Note 15, Partnership Capital.[4]Refer to Note 5, Acquisition of Businesses.[5]Refer to Note 15, Partnership Capital.[6]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[7]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
PARTNERSHIP CAPITAL - Additiona
PARTNERSHIP CAPITAL - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Jan. 21, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Partnership Units [Line Items] | |||||||
Partnership units issued | $ 2 | $ 4 | $ 8 | $ 8 | |||
Preferred unitholders capital | Series 7 Preferred Units | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Partnership units issued | $ 243 | ||||||
Losses on redemption of equity instruments | $ 23 | ||||||
Limited partners’ capital | Limited partners’ capital | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Weighted average number of shares outstanding (in shares) | 458,700,000 | 458,000,000 | 458,500,000 | 458,000,000 | |||
Stock issued during period, dividend reinvestment plan (in shares) | 300,000 | 200,000 | |||||
Dividend reinvestment plan, proceeds | $ 8 | $ 8 | |||||
Number of shares issued (in shares) | 262,603 | 338,953 | |||||
Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Exchange LP unit conversion, shares (in shares) | 100,000 | 100,000 | |||||
Conversions | $ (3) | $ 2 | $ (7) | ||||
Exchange LP unit conversion, value | $ 2 | ||||||
Conversions (in shares) | (220,681) | (550,213) | |||||
Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Conversions | $ 1 | $ 1 | $ 2 | ||||
Conversions (in shares) | 116,159 | 100,000 | 410,131 | ||||
Limited partners’ capital | General Partner | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Weighted average number of shares outstanding (in shares) | 2,400,000 | 2,400,000 | |||||
Limited partners’ capital | Non-controlling Interest - Exchange BIPC LP Units, equity | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Conversions | $ 4 | ||||||
Exchange LP unit conversion, value | $ 1 | ||||||
Conversions (in shares) | 100,000 | 300,000 | |||||
Perpetual subordinated notes | |||||||
Schedule of Partnership Units [Line Items] | |||||||
Number of shares issued (in shares) | 12,000,000 | 0 | 293,000,000 | ||||
Shares issued during period, price per share (dollars per share) | $ 25 | ||||||
Preferred stock, dividend rate | 5.125% | ||||||
Partnership units issued | $ 293 |
DISTRIBUTIONS DISTRIBUTIONS (De
DISTRIBUTIONS DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 361 | [1] | $ 338 | [2] | $ 722 | [3] | $ 676 | [4] |
Total Distributions | 377 | 354 | 753 | 711 | ||||
Preferred unitholders capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 12 | $ 12 | $ 23 | $ 27 | ||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 270,000 | $ 0.27 | $ 530,000 | $ 0.53 | ||||
Perpetual subordinated notes | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 4 | $ 4 | $ 8 | $ 8 | ||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 320,000 | $ 0.32 | $ 640,000 | $ 0.64 | ||||
Limited partners’ capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 175 | [1] | $ 165 | [2] | $ 350 | [3] | $ 330 | [4] |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 380,000 | $ 0.36 | $ 770,000 | $ 0.72 | ||||
General Partner | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 67 | $ 61 | $ 134 | $ 122 | ||||
Dividends recognised as incentive distributions to owners | 66 | 60 | 132 | 120 | ||||
Redeemable Partnership Units held by Brookfield | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 75 | [1] | $ 69 | [2] | $ 149 | [3] | $ 138 | [4] |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 380,000 | $ 0.36 | $ 770,000 | $ 0.72 | ||||
Non-controlling interest – BIPC exchangeable shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 42 | [1] | $ 40 | [2] | $ 84 | [3] | $ 80 | [4] |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 380,000 | $ 0.36 | $ 770,000 | $ 0.72 | ||||
Non-controlling Interest - Exchange LP Units, equity | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends recognised as distributions to owners | $ 2 | [1],[5] | $ 3 | [2],[6] | $ 5 | [3] | $ 6 | [4] |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 380,000 | $ 0.36 | $ 770,000 | $ 0.72 | ||||
[1]Refer to Note 16, Distributions.[2]Refer to Note 16, Distributions.[3]Refer to Note 16, Distributions.[4]Refer to Note 16, Distributions.[5]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[6]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 13, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | $ 28,312 | $ 26,975 | $ 25,554 | $ 26,391 | |||||
Other comprehensive income (loss) | 544 | (850) | 524 | (94) | |||||
Other items | 0 | [1] | 0 | [2] | 0 | [3],[4],[5] | |||
Balance as | 28,623 | 26,039 | 28,623 | 26,039 | |||||
Increase (decrease) in accumulated deferred tax recognised in other comprehensive income due to change in tax rate | $ 142 | ||||||||
North American container terminal operation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Disposal of ownership interest, percentage | 19% | ||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 142 | ||||||||
Proportion of ownership interest in joint venture | 49% | ||||||||
Non-controlling Interest - Exchange LP Units, equity | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 68 | [6] | 81 | [7] | 72 | 85 | |||
Other comprehensive income (loss) | 1 | [6] | (3) | [7] | 1 | ||||
Other items | (2) | [6],[8] | (3) | [2] | |||||
Balance as | 68 | [6] | 75 | [7] | 68 | [6] | 75 | [7] | |
Non-controlling Interest - Exchange LP Units, equity | Accumulated other comprehensive income | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 6 | 4 | |||||||
Other comprehensive income (loss) | 1 | 0 | |||||||
Balance as | 7 | 4 | 7 | 4 | |||||
Non-controlling Interest - Exchange LP Units, equity | Revaluation surplus | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 11 | 10 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 11 | 10 | 11 | 10 | |||||
Non-controlling Interest - Exchange LP Units, equity | Foreign currency translation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (28) | (24) | |||||||
Other comprehensive income (loss) | 2 | (2) | |||||||
Balance as | (26) | (26) | (26) | (26) | |||||
Non-controlling Interest - Exchange LP Units, equity | Net investment hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 2 | 1 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 2 | 1 | 2 | 1 | |||||
Non-controlling Interest - Exchange LP Units, equity | Cash flow hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1 | 1 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 1 | 1 | 1 | 1 | |||||
Non-controlling Interest - Exchange LP Units, equity | Marketable securities | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1 | 1 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 1 | 1 | 1 | 1 | |||||
Non-controlling Interest - Exchange LP Units, equity | Unrealized actuarial losses | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 0 | 0 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 0 | 0 | 0 | 0 | |||||
Non-controlling Interest - Exchange LP Units, equity | Equity accounted investments | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 19 | 15 | |||||||
Other comprehensive income (loss) | (1) | 2 | |||||||
Balance as | 18 | 17 | 18 | 17 | |||||
Redeemable Partnership Units held by Brookfield | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 2,149 | 2,420 | 2,263 | 2,408 | |||||
Other comprehensive income (loss) | 48 | (93) | 23 | (1) | |||||
Balance as | 2,195 | 2,282 | 2,195 | 2,282 | |||||
Redeemable Partnership Units held by Brookfield | Accumulated other comprehensive income | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 210 | 137 | |||||||
Other comprehensive income (loss) | 23 | (1) | |||||||
Other items | (8) | (36) | |||||||
Balance as | 225 | 100 | 225 | 100 | |||||
Redeemable Partnership Units held by Brookfield | Revaluation surplus | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 326 | 283 | |||||||
Other comprehensive income (loss) | 0 | 6 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 326 | 289 | 326 | 289 | |||||
Redeemable Partnership Units held by Brookfield | Foreign currency translation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (726) | (616) | |||||||
Other comprehensive income (loss) | 64 | (80) | |||||||
Other items | 0 | 0 | |||||||
Balance as | (662) | (696) | (662) | (696) | |||||
Redeemable Partnership Units held by Brookfield | Net investment hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 49 | 12 | |||||||
Other comprehensive income (loss) | (3) | 15 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 46 | 27 | 46 | 27 | |||||
Redeemable Partnership Units held by Brookfield | Cash flow hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 36 | 24 | |||||||
Other comprehensive income (loss) | (1) | 20 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 35 | 44 | 35 | 44 | |||||
Redeemable Partnership Units held by Brookfield | Marketable securities | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 53 | 53 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 53 | 53 | 53 | 53 | |||||
Redeemable Partnership Units held by Brookfield | Unrealized actuarial losses | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (1) | (6) | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Other items | 0 | 0 | |||||||
Balance as | (1) | (6) | (1) | (6) | |||||
Redeemable Partnership Units held by Brookfield | Equity accounted investments | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 473 | 387 | |||||||
Other comprehensive income (loss) | (37) | 38 | |||||||
Other items | (8) | (36) | |||||||
Balance as | 428 | 389 | 428 | 389 | |||||
Limited partners’ capital | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 5,112 | 5,741 | 5,372 | 5,702 | |||||
Other comprehensive income (loss) | 113 | (223) | 55 | (6) | |||||
Other items | 1 | [8] | 1 | [1] | 2 | [2] | 3 | [3],[4],[5] | |
Balance as | 5,229 | 5,419 | 5,229 | 5,419 | |||||
Limited partners’ capital | Accumulated other comprehensive income | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 423 | [9] | 540 | [10] | 481 | [11] | 323 | [3] | |
Other comprehensive income (loss) | 113 | [9] | (223) | [10] | 55 | [11] | (6) | [3] | |
Other items | (18) | [8],[9] | (86) | [1],[10] | (18) | [2],[11] | (86) | [3],[4],[5] | |
Balance as | 518 | [11] | 231 | [3],[10] | 518 | [11] | 231 | [3],[10] | |
Limited partners’ capital | Revaluation surplus | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 774 | 673 | |||||||
Other comprehensive income (loss) | (1) | 13 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 773 | 686 | 773 | 686 | |||||
Limited partners’ capital | Foreign currency translation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (1,741) | (1,463) | |||||||
Other comprehensive income (loss) | 153 | (195) | |||||||
Other items | 0 | 0 | |||||||
Balance as | (1,588) | (1,658) | (1,588) | (1,658) | |||||
Limited partners’ capital | Net investment hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 115 | 27 | |||||||
Other comprehensive income (loss) | (5) | 37 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 110 | 64 | 110 | 64 | |||||
Limited partners’ capital | Cash flow hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 87 | 56 | |||||||
Other comprehensive income (loss) | (2) | 49 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 85 | 105 | 85 | 105 | |||||
Limited partners’ capital | Marketable securities | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 125 | 125 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 125 | 125 | 125 | 125 | |||||
Limited partners’ capital | Unrealized actuarial losses | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 3 | (10) | |||||||
Other comprehensive income (loss) | 0 | 4 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 3 | (6) | 3 | (6) | |||||
Limited partners’ capital | Equity accounted investments | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1,118 | 915 | |||||||
Other comprehensive income (loss) | (90) | 86 | |||||||
Other items | (18) | (86) | |||||||
Balance as | 1,010 | 915 | 1,010 | 915 | |||||
Non-controlling interest – BIPC exchangeable shares | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1,225 | 1,381 | 1,289 | 1,369 | |||||
Other comprehensive income (loss) | 27 | (52) | 13 | 0 | |||||
Other items | 1 | [8] | (1) | [1] | 1 | [2] | |||
Balance as | 1,254 | 1,303 | 1,254 | 1,303 | |||||
Non-controlling interest – BIPC exchangeable shares | Accumulated other comprehensive income | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 118 | 77 | |||||||
Other comprehensive income (loss) | 13 | 0 | |||||||
Other items | (4) | (20) | |||||||
Balance as | 127 | 57 | 127 | 57 | |||||
Non-controlling interest – BIPC exchangeable shares | Revaluation surplus | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 186 | 161 | |||||||
Other comprehensive income (loss) | 0 | 4 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 186 | 165 | 186 | 165 | |||||
Non-controlling interest – BIPC exchangeable shares | Foreign currency translation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (415) | (351) | |||||||
Other comprehensive income (loss) | 37 | (46) | |||||||
Other items | 0 | 0 | |||||||
Balance as | (378) | (397) | (378) | (397) | |||||
Non-controlling interest – BIPC exchangeable shares | Net investment hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 28 | 7 | |||||||
Other comprehensive income (loss) | (1) | 9 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 27 | 16 | 27 | 16 | |||||
Non-controlling interest – BIPC exchangeable shares | Cash flow hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 20 | 13 | |||||||
Other comprehensive income (loss) | (1) | 12 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 19 | 25 | 19 | 25 | |||||
Non-controlling interest – BIPC exchangeable shares | Marketable securities | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 30 | 30 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 30 | 30 | 30 | 30 | |||||
Non-controlling interest – BIPC exchangeable shares | Unrealized actuarial losses | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1 | (2) | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Other items | 0 | 0 | |||||||
Balance as | 1 | (2) | 1 | (2) | |||||
Non-controlling interest – BIPC exchangeable shares | Equity accounted investments | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 268 | 219 | |||||||
Other comprehensive income (loss) | (22) | 21 | |||||||
Other items | (4) | (20) | |||||||
Balance as | 242 | 220 | 242 | 220 | |||||
General partner | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 25 | 31 | 27 | 31 | |||||
Other comprehensive income (loss) | 1 | (1) | 1 | ||||||
Balance as | 26 | 29 | 26 | 29 | |||||
General partner | Accumulated other comprehensive income | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 2 | 2 | |||||||
Other comprehensive income (loss) | 1 | 0 | |||||||
Balance as | 3 | 2 | 3 | 2 | |||||
General partner | Revaluation surplus | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 4 | 4 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 4 | 4 | 4 | 4 | |||||
General partner | Foreign currency translation | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | (9) | (8) | |||||||
Other comprehensive income (loss) | 2 | (1) | |||||||
Balance as | (7) | (9) | (7) | (9) | |||||
General partner | Net investment hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 0 | 0 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 0 | 0 | 0 | 0 | |||||
General partner | Cash flow hedges | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 0 | 0 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 0 | 0 | 0 | 0 | |||||
General partner | Marketable securities | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 1 | 1 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 1 | 1 | 1 | 1 | |||||
General partner | Unrealized actuarial losses | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 0 | 0 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Balance as | 0 | 0 | 0 | 0 | |||||
General partner | Equity accounted investments | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Balance as | 6 | 5 | |||||||
Other comprehensive income (loss) | (1) | 1 | |||||||
Balance as | $ 5 | $ 6 | $ 5 | $ 6 | |||||
[1]Refer to Note 15, Partnership Capital.[2]Refer to Note 15, Partnership Capital.[3]Refer to Note 17, Accumulated Other Comprehensive Income (Loss).[4]Refer to Note 4, Disposition of Businesses.[5]Refer to Note 5, Acquisition of Businesses.[6]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[7]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.[8]Refer to Note 15, Partnership Capital.[9]Refer to Note 17, Accumulated Other Comprehensive Income (Loss).[10]Refer to Note 17, Accumulated Other Comprehensive Income (Loss)[11]Refer to Note 17, Accumulated Other Comprehensive Income (Loss). |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Aug. 03, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 28, 2023 | |
Disclosure of transactions between related parties [line items] | |||||||
Directors' remuneration expense | $ 1 | $ 1 | $ 1 | $ 1 | |||
Purchase of financial assets | (111) | (146) | (343) | (382) | |||
Australian Regulated Utility Operation | Disposal of major subsidiary [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Proportion of ownership interest in associate | 7.90% | ||||||
Proceeds from sales of interests in associates | $ 450 | ||||||
Revolving credit facility with Brookfield | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Credit facility, maximum borrowing capacity | 1,000 | 1,000 | |||||
Subsidiary and corporate borrowings | 0 | $ 0 | 0 | 0 | 0 | ||
Brookfield | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions | 10 | 700 | 10 | ||||
Deposit balance | 0 | 0 | 0 | ||||
Interest expense, related party transactions | 1 | 2 | |||||
Credit facility, maximum borrowing capacity | 1,000 | 1,000 | |||||
Subsidiary of Common Parent (Brookfield) | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions | 25 | 25 | 25 | ||||
Interest expense, related party transactions | 9 | 9 | |||||
Subsidiary and corporate borrowings | $ 500 | ||||||
Corporate borrowings, related party transactions | 140 | 160 | 140 | ||||
Subsidiary of Common Parent (Brookfield) | Brookfield Office Properties Inc. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Right-of-use assets | $ 12 | 12 | $ 12 | ||||
Subsidiary of Common Parent (Brookfield) | Bottom of range | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions, interest rate | 1.70% | 1.70% | |||||
Service Provider | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Asset management fee as percent per quarter | 0.3125% | ||||||
Asset management fee, percent | 1.25% | ||||||
Revenue from sale of goods, related party transactions | $ 106 | 105 | $ 206 | 223 | |||
Amounts payable, related party transactions | 104 | 91 | 104 | ||||
Revenue from sale of goods, related party transactions | 7 | 2 | 9 | 3 | |||
Related party expenses | 34 | $ 27 | 69 | $ 28 | |||
Associates | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Fair value of investments | $ 310 | ||||||
Purchase of financial assets | $ (120) | $ (182) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Business combinations [member] $ in Millions | Aug. 01, 2023 USD ($) |
Data4 Group | |
Disclosure of non-adjusting events after reporting period [line items] | |
Total consideration | $ 600 |
Percentage of voting equity interests acquired | 20% |
Data4 Group, Consortium | |
Disclosure of non-adjusting events after reporting period [line items] | |
Total consideration | $ 3,000 |