Brookfield Infrastructure Corpo (BIPH) 6-K 11 Aug 22 2022 Q2 Current report (foreign) Financial data

COVER PAGE

COVER PAGE	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity Central Index Key	0001788348
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Registrant Name	BROOKFIELD INFRASTRUCTURE CORPORATION

UNAUDITED INTERIM CONDENSED AND

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 512	$ 469
Financial assets	55	0
Accounts receivable and other	485	448
Due from Brookfield Infrastructure	558	1,093
Current assets	1,610	2,010
Property, plant and equipment	4,467	4,803
Intangible assets	2,846	2,687
Investments in associates	419	0
Goodwill	516	489
Financial assets	113	30
Other assets	17	15
Deferred income tax asset	46	52
Total assets	10,034	10,086
Liabilities
Accounts payable and other	640	605
Non-recourse borrowings	1,315	0
Financial liabilities	0	995
Loans payable to Brookfield Infrastructure	131	131
Exchangeable and class B shares	4,222	4,466
Current liabilities	6,308	6,197
Non-recourse borrowings	3,158	3,556
Other liabilities	121	119
Deferred income tax liability	1,525	1,638
Total liabilities	11,112	11,510
Equity
Brookfield Infrastructure Partners L.P.	(1,963)	(2,127)
Non-controlling interest	885	703
Total equity	(1,078)	(1,424)
Total liabilities and equity	$ 10,034	$ 10,086

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Revenues		$ 479	$ 416	$ 940	$ 815
Direct operating costs	[1]	(131)	(142)	(265)	(286)
General and administrative expenses		(17)	(10)	(37)	(20)
Profit (loss) from operating activities		331	264	638	509
Interest expense		(143)	(68)	(245)	(131)
Share of earnings (losses) from investments in associates		2	0	(4)	0
Share issuance - BIPC exchangeable LP unit exchanges		656	(103)	259	(276)
Mark-to-market on hedging items and foreign currency revaluation		(19)	(15)	82	(25)
Other income		14	160	14	146
Income before income tax		841	238	744	223
Income tax (expense) recovery
Current		(110)	(51)	(200)	(104)
Deferred		111	(122)	82	(140)
Net income (loss)		842	65	626	(21)
Attributable to:
Brookfield Infrastructure Partners L.P.		673	(43)	300	(221)
Non-controlling interest		$ 169	$ 108	$ 326	$ 200
[1]Our company reclassified depreciation and amortization expense, which was previously presented as a separate line item, to direct operating costs. Direct operating costs include depreciation and amortization expenses of $54 million and $108 million for the three and six-month periods ended June 30, 2022, respectively. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs by $70 million and $145 million for the three and six-month periods ended June 30, 2021, respectively, with an equal and offsetting decrease to depreciation and amortization expense. This reclassification had no impact on revenues or net income.

UNAUDITED INTERIM CONDENSED A_3

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Net income (loss)	$ 842	$ 65	$ 626	$ (21)
Items that will not be reclassified subsequently to profit or loss:
Tax impact of remeasurement of revaluation surplus	0	(87)	0	(87)
Other comprehensive income that will not be reclassified to profit or loss, net of tax	0	(87)	0	(87)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation	(231)	244	(146)	96
Cash flow hedges	(1)	0	(3)	0
Taxes on the above items	0	0	1	0
Share of (losses) earnings from investments in associates	(8)	0	4	0
Other comprehensive income that will be reclassified to profit or loss, net of tax	(240)	244	(144)	96
Total other comprehensive (loss) income	(240)	157	(144)	9
Comprehensive income (loss)	602	222	482	(12)
Attributable to:
Brookfield Infrastructure Partners L.P.	507	(19)	164	(229)
Non-controlling interests	$ 95	$ 241	$ 318	$ 217

UNAUDITED INTERIM CONDENSED A_4

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions		Total	Share capital	Retained earnings	Ownership changes	Accumulated other comprehensive income	Brookfield Infrastructure Partners L.P.	Non-controlling interest
Balance as at Dec. 31, 2020		$ (572)	$ 53	$ 33	$ (2,347)	$ 539	$ (1,722)	$ 1,150
Net income (loss)		(21)		(221)			(221)	200
Other comprehensive loss		9				(8)	(8)	17
Comprehensive income (loss)		(12)		(221)		(8)	(229)	217
Distributions to non-controlling interest		(281)						(281)
Acquisition of non-controlling interest	[1]	(196)						(196)
Other items	[1],[2]	(87)		142	(32)	(142)	(32)	(55)
Balance as at Jun. 30, 2021		(1,148)	53	(46)	(2,379)	389	(1,983)	835
Balance as at Mar. 31, 2021		(912)	53	(145)	(2,347)	507	(1,932)	1,020
Net income (loss)		65		(43)			(43)	108
Other comprehensive loss		157				24	24	133
Comprehensive income (loss)		222		(43)		24	(19)	241
Distributions to non-controlling interest		(175)						(175)
Acquisition of non-controlling interest	[1]	(196)						(196)
Other items	[1],[2]	(87)		142	(32)	(142)	(32)	(55)
Balance as at Jun. 30, 2021		(1,148)	53	(46)	(2,379)	389	(1,983)	835
Balance as at Dec. 31, 2021		(1,424)	53	(193)	(2,379)	392	(2,127)	703
Net income (loss)		626		300			300	326
Other comprehensive loss		(144)				(136)	(136)	(8)
Comprehensive income (loss)		482		300		(136)	164	318
Distributions to non-controlling interest		(136)						(136)
Balance as at Jun. 30, 2022		(1,078)	53	107	(2,379)	256	(1,963)	885
Balance as at Mar. 31, 2022		(1,563)	53	(566)	(2,379)	422	(2,470)	907
Net income (loss)		842		673			673	169
Other comprehensive loss		(240)				(166)	(166)	(74)
Comprehensive income (loss)		602		673		(166)	507	95
Distributions to non-controlling interest		(117)						(117)
Balance as at Jun. 30, 2022		$ (1,078)	$ 53	$ 107	$ (2,379)	$ 256	$ (1,963)	$ 885
[1]See Note 4, Acquisition of Businesses for further details.[2]See Note 3, Disposition of Businesses for further details.

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net income (loss)	$ 842	$ 65	$ 626	$ (21)
Adjusted for the following items:
Earnings from investments in associates, net of distributions received	15	0	21	0
Depreciation and amortization expense	54	70	108	145
Mark-to-market on hedging items and other	28	(141)	(54)	(120)
Remeasurement of exchangeable and class B shares	(656)	103	(259)	276
Deferred income tax (recovery) expense	(111)	122	(82)	140
Changes in non-cash working capital, net	60	16	(5)	(61)
Cash from operating activities	232	235	355	359
Investing Activities
Disposal of subsidiaries, net of cash disposed	0	817	0	817
Investments in associates	0	0	(455)	0
Purchase of long-lived assets, net of disposals	(140)	(101)	(253)	(196)
Purchase of financial assets	0	0	(71)	0
Settlement of foreign exchange and other hedging items	0	(76)	0	(76)
Cash (used by) from investing activities	(140)	640	(779)	545
Financing Activities
Distributions to non-controlling interest	(117)	(175)	(136)	(281)
Acquisition of partial interest from non-controlling interest	0	(283)	0	(283)
Proceeds from non-recourse borrowings	472	331	1,046	377
Repayment of non-recourse borrowings	0	(193)	(11)	(211)
Repayment from Brookfield Infrastructure	0	0	595	0
Repayment to Brookfield Infrastructure	(46)	(340)	(60)	(340)
Settlement of deferred consideration	(1,037)	0	(1,037)	0
Cash (used by) from financing activities	(728)	(660)	397	(738)
Cash and cash equivalents
Change during the period	(636)	215	(27)	166
Impact of foreign exchange on cash	(71)	31	70	12
Balance, beginning of period	1,219	124	469	192
Balance, end of period	$ 512	$ 370	$ 512	$ 370

UNAUDITED INTERIM CONDENSED A_6

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Depreciation and amortisation expense	$ (54)	$ (70)	$ (108)	$ (145)

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF OUR COMPANY	6 Months Ended
	Jun. 30, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
ORGANIZATION AND DESCRIPTION OF OUR COMPANY	ORGANIZATION AND DESCRIPTION OF OUR COMPANYBrookfield Infrastructure CorporationBrookfield Infrastructure Corporation and its subsidiaries, own and operate regulated utilities investments in Brazil, the United Kingdom and Australia (the “businesses”). Our company was formed as a corporation established under the British Columbia Business Corporation Act on August 30, 2019 and is a subsidiary of Brookfield Infrastructure Partners L.P. (the “partnership”), which we also refer to as the parent company and Brookfield Infrastructure. The partnership, our company and our respective subsidiaries, are referred to collectively as our group. Brookfield Asset Management Inc. (“Brookfield”) is our company’s ultimate parent. The class A exchangeable subordinate voting shares (“exchangeable shares”) of Brookfield Infrastructure Corporation are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BIPC”. The registered head office of Brookfield Infrastructure Corporation is 250 Vesey Street, New York, NY, United States. The exchangeable shares of our company are structured with the intention of being economically equivalent to the units of the partnership. Given the economic equivalence, we expect that the market price of the exchangeable shares will be significantly impacted by the market price of the partnership’s units and the combined business performance of our company and Brookfield Infrastructure as a whole.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES a) Statement of Compliance These unaudited interim condensed and consolidated financial statements (“interim financial statements”) of our company and its subsidiaries 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 our company applied in its consolidated financial statements as of and for the year-ended December 31, 2021 (“consolidated financial statements”). The accounting policies that our company applied in its consolidated financial statements are disclosed in Note 3 of such financial statements, of which reference should be made in reading these interim financial statements. In addition to the accounting policies disclosed in Note 3 of our consolidated financial statements, our interim financial statements have been prepared in accordance with the accounting policies described below . These interim financial statements were authorized for issuance by the Board of Directors of our company on August 11, 2022. b) Basis of presentation The interim financial statements are prepared on a going concern basis. Associates Associates are entities over which our company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not constitute control. Our company accounts for investments over which it has significant influence using the equity method, and are recorded as Investments in associates on the unaudited interim condensed and consolidated statements of financial position. Interests in investments accounted for using the equity method are initially recorded at cost. If the cost of the associate is lower than the proportionate share of the investment’s underlying fair value, our company records a gain on the difference between the cost and the underlying fair values of the identifiable net assets of the associate. If the cost of the associate is greater than our company’s proportionate share of the underlying fair value, goodwill and other adjustments arising from the purchase price allocation relating to the associate is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of our company’s interest in an investee is adjusted for our company’s share of comprehensive income or loss and distributions from the investee. Profits or losses resulting from transactions with an associate are recognized in the interim financial statements based on the interests of unrelated investors in the associate. c) Significant Accounting Judgments and Key Sources of Estimation Uncertainty

DISPOSITION OF BUSINESSES

DISPOSITION OF BUSINESSES	6 Months Ended
	Jun. 30, 2022
Disclosure of Disposition of Businesses [Abstract]
DISPOSITION OF BUSINESSES	DISPOSITION OF BUSINESSES Dispositions Completed in 2021 a) Disposition of our U.K. regulated distribution business’s portfolio of smart meters On May 12, 2021, our U.K. regulated distribution business sold its smart meters business for gross consideration of approximately $820 million. After the repayment of debt and working capital requirements at the business, our company received net proceeds of approximately $340 million. The business recognized a gain of approximately $195 million in Other income (expense) on the Consolidated Statements of Operating Results, of which approximately $155 million is attributable to our company. Our company’s share of accumulated revaluation surplus of $142 million was reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Equity. Our company’s share of net losses relating to previous foreign exchange movements of $17 million was reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statements of Operating Results.

ACQUISITION OF BUSINESSES

ACQUISITION OF BUSINESSES	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about business combination [abstract]
ACQUISITION OF BUSINESSES	ACQUISITION OF BUSINESSES Acquisitions Completed in 2021 a) Acquisition of additional interest in our Brazilian regulated gas transmission operation On April 30, 2021, Brookfield Infrastructure, alongside institutional partners (the “NTS consortium”), acquired an additional 3% interest (NTS consortium total of 10%) in our Brazilian regulated gas transmission operation, increasing our company’s ownership of the business to approximately 31%. Total consideration paid was $87 million (NTS consortium total of $283 million), all of which was funded using asset level debt raised on closing. As a result of the purchase price exceeding the previous carrying value of non-controlling interests, a loss of $32 million was recognized directly in ownership changes and recorded within Other items on the Consolidated Statements of Equity.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
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, our company 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 unaudited interim condensed and 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 on hedging items 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 financial instrument classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 512 $ 512 Accounts receivable and other (current and non-current) — 423 423 Financial assets (1) 168 — 168 Due from Brookfield Infrastructure — 558 558 Total $ 168 $ 1,493 $ 1,661 Financial liabilities Accounts payable and other (current and non-current) $ — $ 467 $ 467 Non-recourse borrowings (current and non-current) — 4,473 4,473 Exchangeable and class B shares (2) — 4,222 4,222 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,293 $ 9,293 1. Derivative instruments which are elected for hedge accounting totaling $98 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 469 $ 469 Accounts receivable and other (current and non-current) — 402 402 Financial assets (1) 30 — 30 Due from Brookfield Infrastructure — 1,093 1,093 Total $ 30 $ 1,964 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ — $ 416 $ 416 Non-recourse borrowings (current and non-current) — 3,556 3,556 Exchangeable and class B shares (2) — 4,466 4,466 Financial liabilities (current and non-current) (1) — 995 995 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,564 $ 9,564 1. Derivative instruments which are elected for hedge accounting totaling $30 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity. The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 512 $ 512 $ 469 $ 469 Accounts receivable and other (current and non-current) 423 423 402 402 Financial assets 168 168 30 30 Due from Brookfield Infrastructure 558 558 1,093 1,093 Total $ 1,661 $ 1,661 $ 1,994 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ 467 $ 467 $ 416 $ 416 Non-recourse borrowings (current and non-current) (1) 4,473 4,375 3,556 3,627 Exchangeable and class B shares (2) 4,222 4,222 4,466 4,466 Financial liabilities (current and non-current) — — 995 995 Loans payable to Brookfield Infrastructure 131 131 131 131 Total $ 9,293 $ 9,195 $ 9,564 $ 9,635 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $80 million as at June 30, 2022. Hedging Activities Our company 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, our company 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 Our company 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, 2022, pre-tax net unrealized losses of $1 million and $3 million, respectively (2021: $nil and $nil, respectively), were recorded in other comprehensive income for the effective portion of the cash flow hedges. As of June 30, 2022, there was a net derivative asset balance of $98 million relating to derivative contracts designated as cash flow hedges (December 31, 2021: $30 million). Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds. The fair value of our company’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for our company’ financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Interest rate swaps & other Level 2 (1) Financial assets $ 98 $ 30 Financial liabilities — — Other instruments Level 3 (2) Financial assets $ 70 $ — Financial liabilities — — 1. 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. 2. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates During the six-month period ended June 30, 2022, 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, 2022
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT US$ MILLIONS Gross carrying amount Accumulated depreciation Accumulated fair value adjustments Total Balance at January 1, 2021 $ 4,197 $ (719) $ 1,633 $ 5,111 Additions, net of disposals 367 10 — 377 Assets held by subsidiaries disposed during the period (599) 163 (217) (653) Non-cash disposals (1) (3) — (4) Depreciation expense — (128) — (128) Fair value adjustments — — 134 134 Net foreign currency exchange differences (29) 4 (9) (34) Balance at December 31, 2021 $ 3,935 $ (673) $ 1,541 $ 4,803 Additions, net of disposals 209 3 — 212 Non-cash additions 2 (2) — — Depreciation expense — (57) — (57) Net foreign currency exchange differences (407) 71 (155) (491) Balance at June 30, 2022 $ 3,739 $ (658) $ 1,386 $ 4,467 Property, plant and equipment of our company is predominantly comprised of last mile utility connections at our U.K. regulated distribution operation which provides essential services and generate regulated cash flows. Tariffs are set on the basis of a regulated asset base, provides inflation protection, and are typically adjusted annually. Our U.K. operation has a diverse customer base throughout England, Scotland, and Wales, which underpins its cash flows.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS As of US$ MILLIONS June 30, 2022 December 31, 2021 Cost $ 3,575 $ 3,332 Accumulated amortization (729) (645) Total $ 2,846 $ 2,687 Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2022 December 31, 2021 Brazilian regulated gas transmission operation $ 2,812 $ 2,645 U.K. regulated distribution operation 34 42 Total $ 2,846 $ 2,687 Our company’s intangible assets are primarily related to concession arrangements with the local energy regulator, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (“ANP”), at our Brazilian regulated gas transmission operation. Total capacity is fully contracted under long-term “ship-or-pay” gas transportation agreements (“GTA”) and therefore the business is exposed to no volume or price risk. Each GTA takes into account a return on regulatory asset base (“RAB”), and the tariffs are calculated on an inflation adjusted regulatory weighted average cost of capital (“WACC”) fixed for the life of GTAs. On April 8, 2021, new legislation was passed in Brazil which provides our Brazilian regulated gas transmission operation the right to operate the gas pipelines perpetually. The intangible assets at our U.K. regulated distribution operation relate to customer order backlogs, which represents the present value of future earnings derived from the build out of contracted connections at the acquisition date of the 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, 2022 For the 12 month period ended December 31, 2021 Cost at beginning of the period $ 3,332 $ 3,527 Additions, net of disposals 41 38 Non cash additions — 5 Foreign currency translation 202 (238) Ending Balance $ 3,575 $ 3,332 The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2022 For the 12 month period ended December 31, 2021 Accumulated amortization at beginning of the period $ (645) $ (579) Amortization (51) (108) Foreign currency translation (33) 42 Ending Balance $ (729) $ (645)

INVESTMENTS IN ASSOCIATES

INVESTMENTS IN ASSOCIATES	6 Months Ended
	Jun. 30, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
INVESTMENTS IN ASSOCIATES	INVESTMENTS IN ASSOCIATES The following table represents the change in balance of investments in associates: US$ MILLIONS For the six-month period Balance at the beginning of the period $ — Acquisitions 455 Share of losses for the period (4) Foreign currency translation and other (19) Share of other comprehensive income 4 Distributions (17) Ending Balance $ 419 In February 2022, our company acquired an approximate 8% interest in an Australian regulated utility, AusNet Services Ltd (“AusNet”) for $455 million. Based on our ownership interest and governance rights retained, our company equity accounts for the entity. The following tables summarize the aggregate balances of investments in associates on a 100% basis: As of US$ MILLIONS June 30, 2022 Financial position: Total assets 13,868 Total liabilities (8,462) Net assets $ 5,406 US$ MILLIONS For the three-month period For the six-month period Financial performance: Total revenue $ 361 $ 521 Total net income for the period (1) 36 (52) Our company’s share of net income $ 2 $ (4) 1. Total net income for the six-month period ended June 30, 2022 includes acquisition-related transaction costs of $105 million.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2022
Disclosure of reconciliation of changes in goodwill [abstract]
GOODWILL	GOODWILL The following table presents the carrying amount for our company’s goodwill: As of US$ MILLIONS June 30, 2022 December 31, 2021 Balance at beginning of the period $ 489 $ 528 Foreign currency translation and other 27 (39) Ending Balance $ 516 $ 489

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2022
Disclosure of borrowings [Abstract]
BORROWINGS	BORROWINGS Non-Recourse Borrowings As of US$ MILLIONS June 30, 2022 December 31, 2021 Current $ 1,315 $ — Non-current 3,158 3,556 Total $ 4,473 $ 3,556 Non-recourse borrowings have increased by $917 million since year-end. The increase is primarily attributable to debt raised by our Brazilian regulated gas transmission business in connection with financing our deferred consideration obligation, partially offset by the impact of foreign exchange.

FINANCIAL LIABILITIES

FINANCIAL LIABILITIES	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
FINANCIAL LIABILITIES	FINANCIAL LIABILITIES As of US$ MILLIONS June 30, 2022 December 31, 2021 Current: Deferred consideration — 995 Total current financial liabilities $ — $ 995 Deferred consideration Deferred consideration is related to the April 4, 2017 acquisition of Nova Transportadora do Sudeste S.A. (“NTS”), our Brazilian regulated gas transmission business. The deferred consideration was denominated in U.S. dollars and accrued interest at 3.35% compounded annually. The financial liability was measured at amortized cost and was settled on April 4, 2022, the fifth anniversary of the date of acquisition. Exchangeable shares, class B shares and class C shares The exchangeable and class B shares are classified as liabilities due to their exchangeable and cash redemption features. Upon issuance, exchangeable and class B shares are recognized at their fair value. Subsequent to initial recognition, the exchangeable and class B shares are recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one unit of the partnership. In August 2021, the partnership acquired a controlling interest in Inter Pipeline Limited (“IPL”) for consideration comprised of cash, exchangeable shares and class B exchangeable limited partnership units (“BIPC exchangeable LP units”) of Brookfield Infrastructure Corporation Exchange Limited Partnership (“BIPC Exchange LP”). BIPC Exchange LP is a subsidiary of the partnership and holders of BIPC exchangeable LP units have the right to require the partnership to purchase BIPC exchangeable LP units and deliver one exchangeable share for each BIPC exchangeable LP unit purchased. During the six-month period ended June 30, 2022, our company issued 317,595 exchangeable shares in connection with exchange requests from BIPC Exchange LP unit holders. Upon issuance, the exchangeable shares were recognized at their fair value. During the six-month period ended June 30, 2022, our shareholders exchanged 6,332 exchangeable shares for an equal number of partnership units. As at June 30, 2022, the exchangeable and class B shares were remeasured to reflect the NYSE closing price of one unit, $38.22 per share. Remeasurement gains or losses associated with these shares are recorded in the unaudited interim condensed and consolidated statements of operating results. Our company declared and paid dividends of $39 million and $79 million on its exchangeable shares outstanding during the three and six-month periods ended June 30, 2022, respectively (2021: $23 million and $46 million, respectively). Dividends paid on exchangeable shares are presented as interest expense in the unaudited interim condensed and consolidated statements of operating results. On June 10, 2022, Brookfield Infrastructure completed a three-for-two stock split of partnership units, BIPC exchangeable LP units, exchangeable shares, class B shares and class C shares, by way of a subdivision whereby unitholders/shareholders received an additional one-half of a unit/share for each unit/share held. All historical units/shares and per unit/share disclosures have been adjusted to effect for the change in units/shares due to the stock split. The following table provides a continuity schedule of outstanding exchangeable shares and class B shares along with our corresponding liability and remeasurement gains and losses: Exchangeable shares outstanding Class B shares outstanding Exchangeable and class B shares Balance at January 1, 2021 67,441,451 2 $ 2,221 Share issuance (1) 42,195,641 — 1,776 Share issuance - BIPC exchangeable LP unit exchanges 556,997 — 23 Shares exchanged to units (36,549) — (1) Remeasurement of liability — — 447 Balance at December 31, 2021 110,157,540 2 $ 4,466 Share issuance - BIPC exchangeable LP unit exchanges 317,595 — 15 Shares exchanged to units (6,332) — — Remeasurement of liability — — (259) Balance as at June 30, 2022 110,468,803 2 $ 4,222 1. During the year ended December 31, 2021, our company issued 3.2 million shares in exchange for net cash consideration of $128 million. The remaining shares were issued to subsidiaries of the partnership in exchange for non-cash consideration including loans receivable and settlements of loan payable. Similar to class B shares, class C shares are classified as liabilities due to their cash redemption feature. However, class C shares, the most subordinated class of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 15, Equity , for further details related to class C shares.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
REVENUE	REVENUE a) Revenues by service line Substantially all of these revenues are recognized over time as services are rendered. The following table disaggregates revenues by service line: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Gas Transmission $ 343 $ 272 $ 663 $ 530 Distribution 86 92 177 196 Connections 45 45 85 78 Other 5 7 15 11 Total $ 479 $ 416 $ 940 $ 815 During the three and six-month periods ended June 30, 2022, revenues benefited from inflationary tariff increases and capital commissioned into rate base. b) Revenues from external customers The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Brazil $ 343 $ 272 $ 663 $ 530 United Kingdom 136 144 277 285 Total $ 479 $ 416 $ 940 $ 815 Our company’s revenues are generated from a diverse customer base, with only one customer that makes up greater than 10% of our company’s consolidated revenues. For the three and six-month periods ended June 30, 2022, revenue generated from this customer was $343 million and $663 million, respectively (2021: $272 million and $530 million). Our company 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 company 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, 2022
Direct Operating Costs [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, 2022, and 2021. Comparative figures have been reclassified to conform to the current period’s presentation: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Depreciation and amortization $ 54 $ 70 $ 108 $ 145 Transportation and distribution 40 40 80 80 Operations and maintenance 14 12 29 24 Compensation 15 11 30 20 Cost of inventory 1 2 4 3 Other 7 7 14 14 Total $ 131 $ 142 $ 265 $ 286

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Taxes [Abstract]
INCOME TAXES	INCOME TAXES For the three and six-month periods ended June 30, 2022, net income included a $90 million deferred tax recovery due to an internal restructuring at our Brazilian regulated gas transmission business. On May 24, 2021, Finance Bill 2021 in the U.K. became substantively enacted. As a result, effective April 2023, the U.K. tax rate will increase from 19% to 25%. During the three and six-month periods ended June 30, 2021, net income and accumulated other comprehensive income included $96 million and $87 million of deferred tax expenses, respectively, related to the rate change. There was no corresponding impact to the results for the three and six-month periods ended June 30, 2022.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [abstract]
EQUITY	EQUITY Our company’s equity is comprised of the following shares: Class C shares Shares outstanding (Shares) 1 Share capital Balance at January 1, 2021 2,103,677 $ 53 Share issuance — — Balance at December 31, 2021 and June 30, 2022 2,103,677 $ 53 1. Shares outstanding have been adjusted to effect for the change in shares due to the stock split. See Note 11, Financial Liabilities. Our company’s share capital is comprised of exchangeable shares, class B shares and class C shares. Due to the exchange feature of the exchangeable shares and the cash redemption feature of the class B and class C shares, the exchangeable shares, the class B shares, and the class C shares are classified as financial liabilities. However, class C shares, the most subordinated of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. Refer to Note 11 , Financial Liabilities , for further details related to exchangeable and class B shares.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In the normal course of operations, our company entered into the transactions below with related parties. The ultimate parent of our company is Brookfield. Other related parties of our company represent Brookfield’s subsidiary and operating entities. Since inception, our partnership 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, the partnership pays a base management fee, referred to as the Base Management Fee, to the Service Provider equal to 0.3125% per quarter (1.25% annually) of the combined market value of the partnership and our company. Our company reimburses the partnership for our proportionate share of the management fee. For purposes of calculating the base management fee, the market value of the partnership is equal to the aggregate value of all the outstanding units (assuming full conversion of Brookfield’s Redeemable Partnership Units in Brookfield Infrastructure into units), preferred units and securities of the other Service Recipients (as defined in the 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. The amount attributable to our company is based on weighted average units and shares outstanding, after retroactively adjusting for the special distribution. The Base Management Fee attributable to our company was $16 million and $34 million for the three and six-month periods ended June 30, 2022, respectively (2021: $9 million and $18 million, respectively) and has been recorded as part of general and administrative expenses in the interim financial statements. Our company’s affiliates provide connection services in the normal course of operations on market terms to affiliates and associates of Brookfield Property Partners L.P. For the three and six-month periods ended June 30, 2022, revenues of less than $1 million were generated (2021: less than $1 million) and $nil expenses were incurred (2021: $nil). Our company is party to two credit agreements with Brookfield Infrastructure, one as borrower and one as lender, each providing for a ten-year revolving $1 billion credit facility for purposes of providing our company and Brookfield Infrastructure with access to debt financing on an as-needed basis and to maximize our flexibility and facilitate the movement of cash within our group. We intend to use the liquidity provided by the credit facilities for working capital purposes and to fund growth capital investments and acquisitions. The determination of which of these sources of funding our company will access in any particular situation will be a matter of optimizing needs and opportunities at that time. The credit facilities are available in U.S. or Canadian dollars, and advances will be made by way of LIBOR, base rate, CDOR, or prime rate loans. Both operating facilities bear interest at the benchmark rate plus an applicable spread, in each case subject to adjustment from time to time as the parties may agree. In addition, each credit facility contemplates potential deposit arrangements pursuant to which the lender thereunder would, with the consent of a borrower, deposit funds on a demand basis to such borrower’s account at market interest rate. As of June 30, 2022, $nil (December 31, 2021: $nil) was drawn on the credit facilities under the credit agreements with Brookfield Infrastructure. Brookfield Infrastructure provided our company an equity commitment in the amount of $1 billion. The equity commitment may be called by our company in exchange for the issuance of a number of class C shares or preferred shares, as the case may be, to Brookfield Infrastructure, corresponding to the amount of the equity commitment called divided (i) in the case of a subscription for class C shares, by the volume-weighted average of the trading price for one exchangeable share on the principal stock exchange on which our exchangeable shares are listed for the five (5) days immediately preceding the date of the call, and (ii) in the case of a subscription for preferred shares, $25.00. The equity commitment will be reduced permanently by the amount so called. As at June 30, 2022, $nil (December 31, 2021: $nil) was called on the equity commitment. BIPC Holdings Inc., a wholly owned subsidiary of our company, fully and unconditionally guaranteed (i) any unsecured debt securities issued by Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited and Brookfield Infrastructure Finance Pty Ltd., which we refer to collectively as the “Co-Issuers”, in each case as to payment of principal, premium (if any) and interest when and as the same will become due and payable under or in respect of the trust indenture dated October 10, 2012 among the Co-Issuers and Computershare Trust Company of Canada under which such securities are issued, (ii) the senior preferred shares of BIP Investment Corporation (“BIPIC”), as to the payment of dividends when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of BIPIC, (iii) certain of the partnership’s preferred units, as to payment of distributions when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of the partnership, and (iv) the obligations of Brookfield Infrastructure under its bilateral credit facilities. These arrangements do not have or are not reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. In addition, BIPC Holdings Inc. guaranteed (i) subordinated debt securities issued by Brookfield Infrastructure Finance ULC or BIP Bermuda Holdings I Limited on a subordinated basis, as to payment of principal, premium (if any) and interest when and as the same will become due and payable under or in respect of the trust indenture under which such securities are issued, and (ii) the obligations of Brookfield Infrastructure Holdings (Canada) Inc. under its commercial paper program. As at June 30, 2022, the balance outstanding on our deposit with Brookfield Infrastructure was $558 million (December 31, 2021: $1,093 million). The balance decreased from December 31, 2021 due to net repayments from Brookfield Infrastructure of $535 million. The deposit accrues interest at 0.2% per annum. As at June 30, 2022, the demand deposit payable to Brookfield Infrastructure was $131 million (December 31, 2021: $131 million). The deposit accrues interest at 0.2% per annum. Interest incurred on the deposit payable to Brookfield Infrastructure during the three and six-month periods ended June 30, 2022 was less than $1 million (2021: $13 million and $26 million, respectively). As at June 30, 2022, our company had accounts payable of $9 million (December 31, 2021: $5 million) to subsidiaries of Brookfield Infrastructure and accounts receivable of $9 million (December 31, 2021: $20 million) from subsidiaries of Brookfield Infrastructure.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2022
Cash Flow Statement [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Interest paid $ 136 $ 76 $ 203 $ 127 Income taxes paid $ 32 $ 34 $ 242 $ 145 Amounts paid and received for interest were reflected as operating cash flows in the unaudited interim condensed and consolidated statements of cash flows. Interest paid is net of debt related hedges. Amounts paid for income taxes were reflected as either operating cash flows or investing cash flows in the unaudited interim condensed and consolidated statements of cash flows depending upon the nature of the underlying transaction. Details of “Changes in non-cash working capital, net” on the unaudited interim condensed and consolidated statements of cash flows are as follows: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Accounts receivable $ (25) $ (16) $ (44) $ (56) Accounts payable and other 85 32 39 (5) Changes in non-cash working capital, net $ 60 $ 16 $ (5) $ (61)

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Statement of Compliance	Statement of Compliance These unaudited interim condensed and consolidated financial statements (“interim financial statements”) of our company and its subsidiaries 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 our company applied in its consolidated financial statements as of and for the year-ended December 31, 2021 (“consolidated financial statements”). The accounting policies that our company applied in its consolidated financial statements are disclosed in Note 3 of such financial statements, of which reference should be made in reading these interim financial statements. In addition to the accounting policies disclosed in Note 3 of our consolidated financial statements, our interim financial statements have been prepared in accordance with the accounting policies described below . These interim financial statements were authorized for issuance by the Board of Directors of our company on August 11, 2022.
Basis of presentation	Basis of presentationThe interim financial statements are prepared on a going concern basis.
Significant Accounting Judgments and Key Sources of Estimation Uncertainty	Significant Accounting Judgments and Key Sources of Estimation Uncertainty In preparing our interim 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 disclosed in our consolidated financial statements, our company 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. In addition, the impairment assessment of investments in associates requires estimation of the recoverable amount of the investment.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurement [Abstract]
Disclosure of classification of financial assets	The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 512 $ 512 Accounts receivable and other (current and non-current) — 423 423 Financial assets (1) 168 — 168 Due from Brookfield Infrastructure — 558 558 Total $ 168 $ 1,493 $ 1,661 Financial liabilities Accounts payable and other (current and non-current) $ — $ 467 $ 467 Non-recourse borrowings (current and non-current) — 4,473 4,473 Exchangeable and class B shares (2) — 4,222 4,222 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,293 $ 9,293 1. Derivative instruments which are elected for hedge accounting totaling $98 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 469 $ 469 Accounts receivable and other (current and non-current) — 402 402 Financial assets (1) 30 — 30 Due from Brookfield Infrastructure — 1,093 1,093 Total $ 30 $ 1,964 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ — $ 416 $ 416 Non-recourse borrowings (current and non-current) — 3,556 3,556 Exchangeable and class B shares (2) — 4,466 4,466 Financial liabilities (current and non-current) (1) — 995 995 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,564 $ 9,564 1. Derivative instruments which are elected for hedge accounting totaling $30 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
Disclosure of classification of financial liabilities	The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 512 $ 512 Accounts receivable and other (current and non-current) — 423 423 Financial assets (1) 168 — 168 Due from Brookfield Infrastructure — 558 558 Total $ 168 $ 1,493 $ 1,661 Financial liabilities Accounts payable and other (current and non-current) $ — $ 467 $ 467 Non-recourse borrowings (current and non-current) — 4,473 4,473 Exchangeable and class B shares (2) — 4,222 4,222 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,293 $ 9,293 1. Derivative instruments which are elected for hedge accounting totaling $98 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 469 $ 469 Accounts receivable and other (current and non-current) — 402 402 Financial assets (1) 30 — 30 Due from Brookfield Infrastructure — 1,093 1,093 Total $ 30 $ 1,964 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ — $ 416 $ 416 Non-recourse borrowings (current and non-current) — 3,556 3,556 Exchangeable and class B shares (2) — 4,466 4,466 Financial liabilities (current and non-current) (1) — 995 995 Loans payable to Brookfield Infrastructure — 131 131 Total $ — $ 9,564 $ 9,564 1. Derivative instruments which are elected for hedge accounting totaling $30 million are included in financial assets and $nil of derivative instruments are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
Carrying and fair values of financial assets	The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 512 $ 512 $ 469 $ 469 Accounts receivable and other (current and non-current) 423 423 402 402 Financial assets 168 168 30 30 Due from Brookfield Infrastructure 558 558 1,093 1,093 Total $ 1,661 $ 1,661 $ 1,994 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ 467 $ 467 $ 416 $ 416 Non-recourse borrowings (current and non-current) (1) 4,473 4,375 3,556 3,627 Exchangeable and class B shares (2) 4,222 4,222 4,466 4,466 Financial liabilities (current and non-current) — — 995 995 Loans payable to Brookfield Infrastructure 131 131 131 131 Total $ 9,293 $ 9,195 $ 9,564 $ 9,635 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $80 million as at June 30, 2022. US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Interest rate swaps & other Level 2 (1) Financial assets $ 98 $ 30 Financial liabilities — — Other instruments Level 3 (2) Financial assets $ 70 $ — Financial liabilities — — 1. 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. 2. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates
Carrying and fair values of financial liabilities	The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 512 $ 512 $ 469 $ 469 Accounts receivable and other (current and non-current) 423 423 402 402 Financial assets 168 168 30 30 Due from Brookfield Infrastructure 558 558 1,093 1,093 Total $ 1,661 $ 1,661 $ 1,994 $ 1,994 Financial liabilities Accounts payable and other (current and non-current) $ 467 $ 467 $ 416 $ 416 Non-recourse borrowings (current and non-current) (1) 4,473 4,375 3,556 3,627 Exchangeable and class B shares (2) 4,222 4,222 4,466 4,466 Financial liabilities (current and non-current) — — 995 995 Loans payable to Brookfield Infrastructure 131 131 131 131 Total $ 9,293 $ 9,195 $ 9,564 $ 9,635 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $80 million as at June 30, 2022. US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Interest rate swaps & other Level 2 (1) Financial assets $ 98 $ 30 Financial liabilities — — Other instruments Level 3 (2) Financial assets $ 70 $ — Financial liabilities — — 1. 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. 2. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	US$ MILLIONS Gross carrying amount Accumulated depreciation Accumulated fair value adjustments Total Balance at January 1, 2021 $ 4,197 $ (719) $ 1,633 $ 5,111 Additions, net of disposals 367 10 — 377 Assets held by subsidiaries disposed during the period (599) 163 (217) (653) Non-cash disposals (1) (3) — (4) Depreciation expense — (128) — (128) Fair value adjustments — — 134 134 Net foreign currency exchange differences (29) 4 (9) (34) Balance at December 31, 2021 $ 3,935 $ (673) $ 1,541 $ 4,803 Additions, net of disposals 209 3 — 212 Non-cash additions 2 (2) — — Depreciation expense — (57) — (57) Net foreign currency exchange differences (407) 71 (155) (491) Balance at June 30, 2022 $ 3,739 $ (658) $ 1,386 $ 4,467

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill	As of US$ MILLIONS June 30, 2022 December 31, 2021 Cost $ 3,575 $ 3,332 Accumulated amortization (729) (645) Total $ 2,846 $ 2,687 The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2022 For the 12 month period ended December 31, 2021 Cost at beginning of the period $ 3,332 $ 3,527 Additions, net of disposals 41 38 Non cash additions — 5 Foreign currency translation 202 (238) Ending Balance $ 3,575 $ 3,332 The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2022 For the 12 month period ended December 31, 2021 Accumulated amortization at beginning of the period $ (645) $ (579) Amortization (51) (108) Foreign currency translation (33) 42 Ending Balance $ (729) $ (645)
Disclosure of detailed information about intangible assets	Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2022 December 31, 2021 Brazilian regulated gas transmission operation $ 2,812 $ 2,645 U.K. regulated distribution operation 34 42 Total $ 2,846 $ 2,687

INVESTMENTS IN ASSOCIATES (Tabl

INVESTMENTS IN ASSOCIATES (Tables)	6 Months Ended
	Jun. 30, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Change in balance of investment	The following table represents the change in balance of investments in associates: US$ MILLIONS For the six-month period Balance at the beginning of the period $ — Acquisitions 455 Share of losses for the period (4) Foreign currency translation and other (19) Share of other comprehensive income 4 Distributions (17) Ending Balance $ 419
Aggregate balances of investments in associates	The following tables summarize the aggregate balances of investments in associates on a 100% basis: As of US$ MILLIONS June 30, 2022 Financial position: Total assets 13,868 Total liabilities (8,462) Net assets $ 5,406 US$ MILLIONS For the three-month period For the six-month period Financial performance: Total revenue $ 361 $ 521 Total net income for the period (1) 36 (52) Our company’s share of net income $ 2 $ (4) 1. Total net income for the six-month period ended June 30, 2022 includes acquisition-related transaction costs of $105 million.

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of reconciliation of changes in goodwill [abstract]
Disclosure of goodwill	The following table presents the carrying amount for our company’s goodwill: As of US$ MILLIONS June 30, 2022 December 31, 2021 Balance at beginning of the period $ 489 $ 528 Foreign currency translation and other 27 (39) Ending Balance $ 516 $ 489

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of borrowings [Abstract]
Disclosure of detailed information about borrowings	As of US$ MILLIONS June 30, 2022 December 31, 2021 Current $ 1,315 $ — Non-current 3,158 3,556 Total $ 4,473 $ 3,556

FINANCIAL LIABILTIES (Tables)

FINANCIAL LIABILTIES (Tables)	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
Disclosure of financial liabilities	As of US$ MILLIONS June 30, 2022 December 31, 2021 Current: Deferred consideration — 995 Total current financial liabilities $ — $ 995 The following table provides a continuity schedule of outstanding exchangeable shares and class B shares along with our corresponding liability and remeasurement gains and losses: Exchangeable shares outstanding Class B shares outstanding Exchangeable and class B shares Balance at January 1, 2021 67,441,451 2 $ 2,221 Share issuance (1) 42,195,641 — 1,776 Share issuance - BIPC exchangeable LP unit exchanges 556,997 — 23 Shares exchanged to units (36,549) — (1) Remeasurement of liability — — 447 Balance at December 31, 2021 110,157,540 2 $ 4,466 Share issuance - BIPC exchangeable LP unit exchanges 317,595 — 15 Shares exchanged to units (6,332) — — Remeasurement of liability — — (259) Balance as at June 30, 2022 110,468,803 2 $ 4,222

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue [abstract]
Disclosure of revenues	Substantially all of these revenues are recognized over time as services are rendered. The following table disaggregates revenues by service line: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Gas Transmission $ 343 $ 272 $ 663 $ 530 Distribution 86 92 177 196 Connections 45 45 85 78 Other 5 7 15 11 Total $ 479 $ 416 $ 940 $ 815 The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Brazil $ 343 $ 272 $ 663 $ 530 United Kingdom 136 144 277 285 Total $ 479 $ 416 $ 940 $ 815

DIRECT OPERATING COSTS (Tables)

DIRECT OPERATING COSTS (Tables)	6 Months Ended
	Jun. 30, 2022
Direct Operating Costs [Abstract]
Disclosure Of Detailed Information On Operating Costs	Comparative figures have been reclassified to conform to the current period’s presentation: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Depreciation and amortization $ 54 $ 70 $ 108 $ 145 Transportation and distribution 40 40 80 80 Operations and maintenance 14 12 29 24 Compensation 15 11 30 20 Cost of inventory 1 2 4 3 Other 7 7 14 14 Total $ 131 $ 142 $ 265 $ 286

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [abstract]
Disclosure of classes of share capital	Our company’s equity is comprised of the following shares: Class C shares Shares outstanding (Shares) 1 Share capital Balance at January 1, 2021 2,103,677 $ 53 Share issuance — — Balance at December 31, 2021 and June 30, 2022 2,103,677 $ 53 1. Shares outstanding have been adjusted to effect for the change in shares due to the stock split. See Note 11, Financial Liabilities.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Cash Flow Statement [Abstract]
Disclosure Of Interest And Income Taxes Paid	For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Interest paid $ 136 $ 76 $ 203 $ 127 Income taxes paid $ 32 $ 34 $ 242 $ 145
Disclosure Of Changes In Non-cash Working Capital	Details of “Changes in non-cash working capital, net” on the unaudited interim condensed and consolidated statements of cash flows are as follows: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Accounts receivable $ (25) $ (16) $ (44) $ (56) Accounts payable and other 85 32 39 (5) Changes in non-cash working capital, net $ 60 $ 16 $ (5) $ (61)

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF OUR COMPANY - Additional Information (Details)	Jun. 30, 2022	Mar. 30, 2020
Disclosure of corporate information [line items]
Class A shares to Limited Partner units, conversion ratio		0.11
Parent
Disclosure of corporate information [line items]
Class A shares to Limited Partner units, conversion ratio	1

DISPOSITION OF BUSINESSES - Add

DISPOSITION OF BUSINESSES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	May 12, 2021
Disclosure of subsidiaries [line items]
Gain (loss) on disposition of business	$ 155
U.K. regulated distribution business
Disclosure of subsidiaries [line items]
Proceeds from disposition of subsidiary		$ 820
Net proceeds from disposition of subsidiary		$ 340
Gain (loss) on disposition of business	195
Increase (decrease) through transfer between revaluation surplus and retained earnings, equity	142
Reclassification adjustments on exchange differences on translation, net of tax	$ 17

ACQUISITION OF BUSINESSES - Add

ACQUISITION OF BUSINESSES - Additional Information (Details) - Brazilian regulated gas transmission operation $ in Millions	Apr. 30, 2021 USD ($)
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary, additional	3%
Percentage of voting interest in company	31%
Total consideration	$ 87
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination	$ (32)
Consortium
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary	10%
Total consideration	$ 283

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial liabilities [line items]
Financial assets	$ 1,661	$ 1,994
Financial liabilities	9,293	9,564
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities	9,293	9,564
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	467	416
Accounts payable and other (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Accounts payable and other (current and non-current) | Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities	467	416
Non-recourse borrowings (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	4,473	3,556
Non-recourse borrowings (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Non-recourse borrowings (current and non-current) | Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities	4,473	3,556
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities	4,222	4,466
Exchangeable and class B Shares | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Exchangeable and class B Shares | Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities	4,222	4,466
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	0	995
Financial liabilities (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities		0
Financial liabilities (current and non-current) | Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities		995
Loans payable to Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial liabilities	131	131
Loans payable to Brookfield Infrastructure | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Loans payable to Brookfield Infrastructure | Amortized Cost
Disclosure of financial liabilities [line items]
Financial liabilities	131	131
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	168	30
Amortized Cost
Disclosure of financial liabilities [line items]
Financial assets	1,493	1,964
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	512	469
Cash and cash equivalents | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	0	0
Cash and cash equivalents | Amortized Cost
Disclosure of financial liabilities [line items]
Financial assets	512	469
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	423	402
Accounts receivable and other (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	0	0
Accounts receivable and other (current and non-current) | Amortized Cost
Disclosure of financial liabilities [line items]
Financial assets	423	402
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	168	30
Financial assets (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	168	30
Financial assets (current and non-current) | Amortized Cost
Disclosure of financial liabilities [line items]
Financial assets	0	0
Due from Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial assets	558	1,093
Due from Brookfield Infrastructure | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	0	0
Due from Brookfield Infrastructure | Amortized Cost
Disclosure of financial liabilities [line items]
Financial assets	$ 558	$ 1,093

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS- Allocation of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financial assets (current and non-current)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial instrument assets (liabilities) designated as hedging instruments, at fair value	$ 98	$ 30
Financial liabilities (current and non-current)
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial instrument assets (liabilities) designated as hedging instruments, at fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial liabilities [line items]
Financial assets	$ 1,661	$ 1,994
Fair Value	1,661	1,994
Financial liabilities, carrying	9,293	9,564
Financial liabilities, fair value	9,195	9,635
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	467	416
Financial liabilities, fair value	467	416
Non-recourse borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	4,473	3,556
Financial liabilities, fair value	4,375	3,627
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	4,222	4,466
Financial liabilities, fair value	4,222	4,466
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	0	995
Financial liabilities, fair value	0	995
Loans payable to Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	131	131
Financial liabilities, fair value	131	131
Class C Shares
Disclosure of financial liabilities [line items]
Financial liabilities, fair value	80
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	512	469
Fair Value	512	469
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	423	402
Fair Value	423	402
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	168	30
Fair Value	168	30
Due from Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial assets	558	1,093
Fair Value	$ 558	$ 1,093

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - Cash flow hedges - Financial assets at fair value through other comprehensive income, category - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Gains (losses) on hedging instrument, fair value hedges	$ (1)	$ 0	$ (3)	$ 0
Derivative financial assets	$ 98		$ 98		$ 30

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - Recurring fair value measurement - Discounted cash flow - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Interest rate swaps & other | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities (current and non-current)	$ 0	$ 0
Other Derivative Contract | Level 3 of fair value hierarchy
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities (current and non-current)	0	0
Interest rate swaps & other | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	98	30
Other Derivative Contract | Level 3 of fair value hierarchy
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 70	$ 0

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Net Book Value (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 4,803	$ 5,111
Additions, net of disposals	212	377
Assets held by subsidiaries disposed during the period		(653)
Non-cash disposals	0	(4)
Depreciation expense	(57)	(128)
Fair value adjustments		134
Net foreign currency exchange differences	(491)	(34)
Ending balance	4,467	4,803
Gross Carrying Amount:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,935	4,197
Additions, net of disposals	209	367
Assets held by subsidiaries disposed during the period		(599)
Non-cash disposals	2	(1)
Depreciation expense	0	0
Fair value adjustments		0
Net foreign currency exchange differences	(407)	(29)
Ending balance	3,739	3,935
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(673)	(719)
Additions, net of disposals	3	10
Assets held by subsidiaries disposed during the period		163
Non-cash disposals	(2)	(3)
Depreciation expense	(57)	(128)
Fair value adjustments		0
Net foreign currency exchange differences	71	4
Ending balance	(658)	(673)
Accumulated fair value adjustments
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,541	1,633
Additions, net of disposals	0	0
Assets held by subsidiaries disposed during the period		(217)
Non-cash disposals	0	0
Depreciation expense	0	0
Fair value adjustments		134
Net foreign currency exchange differences	(155)	(9)
Ending balance	$ 1,386	$ 1,541

INTANGIBLE ASSETS - Net Amounts

INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ 2,846	$ 2,687
Cost
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	3,575	3,332	$ 3,527
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ (729)	$ (645)	$ (579)

INTANGIBLE ASSETS - Cash Genera

INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of information for cash-generating units [line items]
Total	$ 2,846	$ 2,687
Brazilian regulated gas transmission operation
Disclosure of information for cash-generating units [line items]
Total	2,812	2,645
U.K. regulated distribution operation
Disclosure of information for cash-generating units [line items]
Total	$ 34	$ 42

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	$ 2,687
Cost at end of year	2,846	$ 2,687
Cost
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	3,332	3,527
Additions, net of disposals	41	38
Non cash additions	0	5
Foreign currency translation	202	(238)
Cost at end of year	$ 3,575	$ 3,332

INTANGIBLE ASSETS - Accumulated

INTANGIBLE ASSETS - Accumulated Amortization (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	$ 2,687
Cost at end of year	2,846	$ 2,687
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	(645)	(579)
Amortization	(51)	(108)
Foreign currency translation	(33)	42
Cost at end of year	$ (729)	$ (645)

INVESTMENTS IN ASSOCIATES - Nar

INVESTMENTS IN ASSOCIATES - Narrative (Details) - AusNet Services Ltd - Brookfield Infrastructure - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2022	Feb. 01, 2022
Disclosure of Associates and Joint Ventures [Line Items]
Proportion of ownership interest in subsidiary	8%
Total consideration		$ 455

INVESTMENTS IN ASSOCIATES - Bal

INVESTMENTS IN ASSOCIATES - Balance of investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Balance at the beginning of the period			$ 0
Acquisitions			455
Share of earnings (losses) from investments in associates	$ 2	$ 0	(4)	$ 0
Foreign currency translation and other			(19)
Share of other comprehensive income			4
Distributions			(17)
Ending Balance	$ 419		$ 419

INVESTMENTS IN ASSOCIATES - Agg

INVESTMENTS IN ASSOCIATES - Aggregate balances of investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of Associates and Joint Ventures [Line Items]
Total assets	$ 10,034		$ 10,034		$ 10,086
Total liabilities	(11,112)		(11,112)		$ (11,510)
Revenues	479	$ 416	940	$ 815
Total net income for the period	842	65	626	(21)
Share of earnings (losses) from investments in associates	2	$ 0	(4)	$ 0
Acquisition-related costs for transaction			105
Associates And Joint Ventures
Disclosure of Associates and Joint Ventures [Line Items]
Total assets	13,868		13,868
Total liabilities	(8,462)		(8,462)
Net assets	5,406		5,406
Revenues	361		521
Total net income for the period	$ 36		$ (52)

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	$ 489
Balance at end of year	516	$ 489
Goodwill
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	489	528
Foreign currency translation and other	27	(39)
Balance at end of year	$ 516	$ 489

BORROWINGS - Non-Recourse Borro

BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Current	$ 1,315	$ 0
Non-current	3,158	3,556
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Total	$ 4,473	$ 3,556

BORROWINGS - Additional Informa

BORROWINGS - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Increase (Decrease) in borrowings	$ 917

FINANCIAL LIABILITIES (Details)

FINANCIAL LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current:
Deferred consideration	$ 0	$ 995
Total current financial liabilities	$ 0	$ 995

FINANCIAL LIABILITIES - Additio

FINANCIAL LIABILITIES - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 10, 2022	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 shares
Disclosure of detailed information about financial instruments [line items]
Dividends recognised as distributions to owners | $		$ 39	$ 23	$ 79	$ 46
Stock split conversion ratio	1.5
Exchangeable and class B Shares
Disclosure of detailed information about financial instruments [line items]
Number of share issued, price per share (in dollars per share) | $ / shares		$ 38.22		$ 38.22
Share capital | Exchangeable Shares
Disclosure of detailed information about financial instruments [line items]
Share issuance, exchangeable share conversion (in shares)				317,595		556,997
Exchangeable share conversion, shares (in shares)				6,332		36,549
Brazilian regulated gas transmission operation
Disclosure of detailed information about financial instruments [line items]
Deferred consideration, annual interest accrual		3.35%		3.35%

FINANCIAL LIABILITIES - Exchang

FINANCIAL LIABILITIES - Exchangeable and Class B Shares (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			$ 4,466
Share issuance - BIPC exchangeable LP unit exchanges	$ 656	$ (103)	259	$ (276)
Exchangeable share liability, end	4,222		4,222		$ 4,466
Equity issued exchangeable shares (in shares)					3,200,000
Exchangeable shares issued, net of costs					$ 128
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			4,466	$ 2,221	2,221
Share issuance					1,776
Share issuance - BIPC exchangeable LP unit exchanges			15		23
Exchangeable share conversion, value			0		(1)
Share issuance - BIPC exchangeable LP unit exchanges			(259)		447
Exchangeable share liability, end	$ 4,222		$ 4,222		$ 4,466
Share capital | Exchangeable Shares
Disclosure of financial liabilities [line items]
Number of shares outstanding at beginning of period (in shares)			110,157,540	67,441,451	67,441,451
Share Issuance (in shares)					42,195,641
Share issuance, exchangeable share conversion (in shares)			317,595		556,997
Shares exchanged to units (in shares)			(6,332)		(36,549)
Remeasurement of liability, shares (in shares)			0		0
Number of shares outstanding at end of period (in shares)	110,468,803		110,468,803		110,157,540
Share capital | Class B Shares
Disclosure of financial liabilities [line items]
Number of shares outstanding at beginning of period (in shares)			2	2	2
Share Issuance (in shares)					0
Share issuance, exchangeable share conversion (in shares)			0		0
Shares exchanged to units (in shares)			0		0
Remeasurement of liability, shares (in shares)			0		0
Number of shares outstanding at end of period (in shares)	2		2		2

REVENUE - By Service Line (Deta

REVENUE - By Service Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of operating segments [line items]
Revenue	$ 479	$ 416	$ 940	$ 815
Gas Transmission
Disclosure of operating segments [line items]
Revenue	343	272	663	530
Distribution
Disclosure of operating segments [line items]
Revenue	86	92	177	196
Connections
Disclosure of operating segments [line items]
Revenue	45	45	85	78
Other
Disclosure of operating segments [line items]
Revenue	$ 5	$ 7	$ 15	$ 11

REVENUE - Geographic Informatio

REVENUE - Geographic Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) customer	Jun. 30, 2021 USD ($)
Disclosure of geographical areas [line items]
Revenues	$ 479	$ 416	$ 940	$ 815
Brazil
Disclosure of geographical areas [line items]
Revenues	343	272	663	530
United Kingdom
Disclosure of geographical areas [line items]
Revenues	$ 136	144	$ 277	$ 285
Partnership's Sales Revenue, Net | Customer Concentration Risk 1
Disclosure of geographical areas [line items]
Revenues		$ 272
Concentration risk, number of customers | customer			1
Bottom of range | Partnership's Sales Revenue, Net | Customer Concentration Risk 1
Disclosure of geographical areas [line items]
Percentage of entity's revenue			10%

DIRECT OPERATING COSTS (Details

DIRECT OPERATING COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Direct Operating Costs [Abstract]
Depreciation and amortization	$ 54	$ 70	$ 108	$ 145
Transportation and distribution	40	40	80	80
Operations and maintenance	14	12	29	24
Compensation	15	11	30	20
Cost of inventory	1	2	4	3
Other	7	7	14	14
Total	$ 131	$ 142	$ 265	$ 286

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense (income)		$ (111)	$ 122	$ (82)	$ 140
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes			$ 96		$ 87
Brazilian regulated gas transmission operation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense (income)		$ 90		$ 90
Bottom of range
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate effect from change in tax rate	19%
Top of range
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate effect from change in tax rate	25%

EQUITY - Shares (Details)

EQUITY - Shares (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule of Partnership Units [Line Items]
Equity	$ (1,078)	$ (1,563)	$ (1,424)	$ (1,148)	$ (912)	$ (572)
Share capital
Schedule of Partnership Units [Line Items]
Equity	$ 53	$ 53	$ 53	$ 53	$ 53	$ 53
Share capital | Class C Shares
Schedule of Partnership Units [Line Items]
Number of shares outstanding (in shares)	2,103,677					2,103,677,000,000
Share Issuance (in shares)	0
Equity	$ 53					$ 53
Issue of equity	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Related party, equity commitment				$ 1,000,000,000
Preferred shares (in dollars per share)		$ 25		$ 25
Amount called on the equity commitment				$ 0		$ 0
Due from Brookfield Infrastructure		$ 558,000,000		558,000,000		1,093,000,000
Repayments of bonds, notes and debentures				535,000,000
Interest expense, related party transactions		1,000,000	$ 13,000,000		$ 26,000,000
Brookfield Infrastructure
Disclosure of transactions between related parties [line items]
Subsidiary and corporate borrowings		$ 0		0		0
Repayments of borrowings, classified as financing activities				$ 131,000,000		131,000,000
Borrowings, interest rate		0.20%		0.20%
Brookfield Infrastructure | Senior Unsecured Revolving Credit Facility
Disclosure of transactions between related parties [line items]
Borrowings maturity, term	10 years
Credit facility, maximum borrowing capacity	$ 1,000,000,000
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%
Services received, related party transactions		$ 16,000,000	9,000,000	$ 34,000,000	18,000,000
Subsidiary of Common Parent
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions		9,000,000		9,000,000		5,000,000
Amounts receivable, related party transactions		9,000,000		9,000,000		$ 20,000,000
Subsidiary of Common Parent | Brookfield Office Properties Inc.
Disclosure of transactions between related parties [line items]
Services received, related party transactions		0	0	0	0
Revenue from rendering of services, related party transactions		$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flow Statement [Abstract]
Interest paid	$ 136	$ 76	$ 203	$ 127
Income taxes paid	$ 32	$ 34	$ 242	$ 145

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Changes in non-cash working capital (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flow Statement [Abstract]
Accounts receivable	$ (25)	$ (16)	$ (44)	$ (56)
Accounts payable and other	85	32	39	(5)
Changes in non-cash working capital, net	$ 60	$ 16	$ (5)	$ (61)