Brookfield Infrastructure Corpo (BIPH) 6-K11 Aug 232023 Q2 Current report (foreign)Financial data

Company Profile

COVER PAGE

COVER PAGE	6 Months Ended
COVER PAGE	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	BROOKFIELD INFRASTRUCTURE CORPORATION
Entity Central Index Key	0001788348
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED INTERIM CONDENSED AND

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 356	$ 445
Financial assets	0	57
Accounts receivable and other	554	499
Due from Brookfield Infrastructure	820	566
Current assets	1,730	1,567
Property, plant and equipment	5,149	4,718
Intangible assets	3,043	2,847
Investments in associates	417	428
Goodwill	566	518
Financial assets	0	40
Other assets	26	17
Deferred income tax asset	42	43
Total assets	10,973	10,178
Liabilities
Accounts payable and other	756	781
Non-recourse borrowings	247	328
Financial liabilities	71	72
Loans payable to Brookfield Infrastructure	26	26
Exchangeable and class B shares	4,040	3,426
Current liabilities	5,140	4,633
Non-recourse borrowings	4,810	4,249
Financial liabilities	36	0
Other liabilities	114	119
Deferred income tax liability	1,637	1,538
Total liabilities	11,737	10,539
Equity
Brookfield Infrastructure Partners L.P.	(1,630)	(1,119)
Non-controlling interest	866	758
Total equity	(764)	(361)
Total liabilities and equity	$ 10,973	$ 10,178

UNAUDITED INTERIM CONDENSED A_2

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenues	$ 538	$ 479	$ 1,035	$ 940
Direct operating costs	(149)	(131)	(296)	(265)
General and administrative expenses	(17)	(17)	(33)	(37)
Profit (loss) from operating activities	372	331	706	638
Interest expense	(161)	(143)	(314)	(245)
Share of earnings (losses) from investments in associates	3	2	4	(4)
Remeasurement of liability	(301)	656	(608)	259
Mark-to-market and foreign currency revaluation	12	(19)	12	82
Other income	16	14	26	14
(Loss) income before income tax	(59)	841	(174)	744
Income tax (expense) recovery
Current	(89)	(110)	(169)	(200)
Deferred	(6)	111	(6)	82
Net (loss) income	(154)	842	(349)	626
Attributable to:
Brookfield Infrastructure Partners L.P.	(274)	673	(575)	300
Non-controlling interest	$ 120	$ 169	$ 226	$ 326

UNAUDITED INTERIM CONDENSED A_3

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Net (loss) income	$ (154)	$ 842	$ (349)	$ 626
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation	81	(231)	119	(146)
Cash flow hedges	(7)	(1)	(12)	(3)
Taxes on the above items	(1)	0	5	1
Share of income (losses) from investments in associates	13	(8)	(3)	4
Total other comprehensive income (loss)	86	(240)	109	(144)
Comprehensive income (loss)	(68)	602	(240)	482
Attributable to:
Brookfield Infrastructure Partners L.P.	(219)	507	(511)	164
Non-controlling interests	$ 151	$ 95	$ 271	$ 318

UNAUDITED INTERIM CONDENSED A_4

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Share capital	Share capital Parent	Retained earnings	Ownership changes	Accumulated other comprehensive income	Brookfield Infrastructure Partners L.P.	Non-controlling interest
Balance as at Dec. 31, 2021	$ (1,424)		$ 53	$ (193)	$ (2,379)	$ 392	$ (2,127)	$ 703
Net (loss) income	626			300			300	326
Other comprehensive loss	(144)					(136)	(136)	(8)
Comprehensive income (loss)	482			300		(136)	164	318
Acquisition of non-controlling interest	(136)							(136)
Balance as at Jun. 30, 2022	(1,078)	$ 53	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 (loss) income	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	$ 53	107	(2,379)	256	(1,963)	885
Balance as at Dec. 31, 2022	(361)	53		901	(2,379)	306	(1,119)	758
Net (loss) income	(349)			(575)			(575)	226
Other comprehensive loss	109					64	64	45
Comprehensive income (loss)	(240)			(575)		64	(511)	271
Distributions to non-controlling interest	(163)							(163)
Balance as at Jun. 30, 2023	(764)	53		326	(2,379)	370	(1,630)	866
Balance as at Mar. 31, 2023	(648)	53		600	(2,379)	315	(1,411)	763
Net (loss) income	(154)			(274)			(274)	120
Other comprehensive loss	86					55	55	31
Comprehensive income (loss)	(68)			(274)		55	(219)	151
Distributions to non-controlling interest	(48)							(48)
Balance as at Jun. 30, 2023	$ (764)	$ 53		$ 326	$ (2,379)	$ 370	$ (1,630)	$ 866

UNAUDITED INTERIM CONDENSED A_5

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net (loss) income	$ (154)	$ 842	$ (349)	$ 626
Adjusted for the following items:
Earnings from investments in associates, net of distributions received	0	15	(1)	21
Depreciation and amortization expense	57	54	112	108
Mark-to-market and other	(10)	28	(5)	(54)
Remeasurement of exchangeable and class B shares	301	(656)	608	(259)
Deferred income tax expense (recovery)	6	(111)	6	(82)
Changes in non-cash working capital, net	65	60	(116)	(5)
Cash from operating activities	265	232	255	355
Investing Activities
Investments in associates	0	0	0	(455)
Purchase of long-lived assets, net of disposals	(134)	(140)	(259)	(253)
Purchase of financial assets and other	0	0	(4)	(71)
Cash used by investing activities	(134)	(140)	(263)	(779)
Financing Activities
Distributions to non-controlling interest	(48)	(117)	(163)	(136)
Proceeds from non-recourse borrowings	467	472	770	1,046
Repayment of non-recourse borrowings	(476)	0	(476)	(11)
Repayment from Brookfield Infrastructure	44	0	101	595
Loans and repayments to Brookfield Infrastructure	(88)	(46)	(337)	(60)
Settlement of deferred consideration	0	(1,037)	0	(1,037)
Cash (used by) from financing activities	(101)	(728)	(105)	397
Cash and cash equivalents
Change during the period	30	(636)	(113)	(27)
Impact of foreign exchange on cash	17	(71)	24	70
Balance, beginning of period	309	1,219	445	469
Balance, end of period	$ 356	$ 512	$ 356	$ 512

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Depreciation and amortisation expense	$ (57)	$ (54)	$ (112)	$ (108)

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF OUR COMPANY	6 Months Ended
ORGANIZATION AND DESCRIPTION OF OUR COMPANY	Jun. 30, 2023
Corporate information and statement of IFRS compliance [abstract]
ORGANIZATION AND DESCRIPTION OF OUR COMPANY	ORGANIZATION AND DESCRIPTION OF OUR COMPANY Brookfield Infrastructure Corporation Brookfield Infrastructure Corporation (our “company”) and its subsidiaries, own regulated utility investments in Brazil, Australia and the United Kingdom (the “businesses”). Our company was formed as a corporation established under the Business Corporation Act (British Columbia) 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 Corporation, formerly Brookfield Asset Management Inc., is our company’s ultimate parent. Brookfield Corporation and any affiliate of Brookfield Corporation, other than our group, are referred to collectively as “Brookfield” and, unless the context otherwise requires, includes Brookfield Asset Management Ltd. The class A exchangeable subordinate voting shares (“exchangeable shares”) of our company are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BIPC”. The registered head office of our company 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.

MATERIAL ACCOUNTING POLICY INFO

MATERIAL ACCOUNTING POLICY INFORMATION	6 Months Ended
MATERIAL ACCOUNTING POLICY INFORMATION	Jun. 30, 2023
Corporate information and statement of IFRS compliance [abstract]
MATERIAL ACCOUNTING POLICY INFORMATION	MATERIAL ACCOUNTING POLICY INFORMATION 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, 2022 (“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. These interim financial statements were authorized for issuance by the Board of Directors of our company on August 11, 2023. b) 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. c) Recently adopted accounting standards Our company applied, for the first time, certain new applicable standards that became effective January 1, 2023. The impact of these amendments on our company’s accounting policies are as follows: Amendments to IAS 1 – Making Materiality Judgements - Disclosure of Accounting Policies Our company adopted Amendments to IAS 1 - Making Materiality Judgements - Disclosure of Accounting Policies , effective January 1, 2023. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The adoption did not have a significant impact on our company’s financial reporting. International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) In May 2023, the IASB issued amendments to IAS 12 “Income Taxes” to give entities temporary mandatory relief from accounting for deferred taxes arising from Organization for Economic Co-operation and Development’s (“OECD”) international tax reform. The amendments are effective immediately upon their issue and retrospectively in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” except for some targeted disclosure requirements which become effective for annual reporting periods beginning on or after January 1, 2023. Our company has applied the temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2023
Fair Value Measurement [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analyses, using observable market inputs. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, 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 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, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 356 $ 356 Accounts receivable and other (current and non-current) — 479 479 Due from Brookfield Infrastructure — 820 820 Total $ — $ 1,655 $ 1,655 Financial liabilities Accounts payable and other (current and non-current) $ — $ 542 $ 542 Non-recourse borrowings (current and non-current) — 5,057 5,057 Exchangeable and class B shares (1) — 4,040 4,040 Financial liabilities (current and non-current) (2) 107 — 107 Loans payable to Brookfield Infrastructure — 26 26 Total $ 107 $ 9,665 $ 9,772 1. 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 12, Equity. 2. Derivative instruments which are elected for hedge accounting totaling $nil are included in financial assets and $107 million are included in financial liabilities. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 445 $ 445 Accounts receivable and other (current and non-current) — 441 441 Financial assets (current and non-current) (1) 97 — 97 Due from Brookfield Infrastructure — 566 566 Total $ 97 $ 1,452 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ — $ 589 $ 589 Non-recourse borrowings (current and non-current) — 4,577 4,577 Exchangeable and class B shares (2) — 3,426 3,426 Financial liabilities (1) 72 — 72 Loans payable to Brookfield Infrastructure — 26 26 Total $ 72 $ 8,618 $ 8,690 1. Derivative instruments which are elected for hedge accounting totaling $97 million are included in financial assets and $72 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity. The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 356 $ 356 $ 445 $ 445 Accounts receivable and other 479 479 441 441 Financial assets (current and non-current) — — 97 97 Due from Brookfield Infrastructure 820 820 566 566 Total $ 1,655 $ 1,655 $ 1,549 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ 542 $ 542 $ 589 $ 589 Non-recourse borrowings (current and non-current) (1) 5,057 4,570 4,577 4,303 Exchangeable and class B shares (2) 4,040 4,040 3,426 3,426 Financial liabilities (current and non-current) 107 107 72 72 Loans payable to Brookfield Infrastructure 26 26 26 26 Total $ 9,772 $ 9,285 $ 8,690 $ 8,416 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. 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 period ended June 30, 2023, pre-tax net unrealized losses of $7 million and $12 million (2022: losses of $1 million and $3 million, respectively), were recorded in other comprehensive income for the effective portion of the cash flow hedges. As of June 30, 2023, there was a net derivative liability balance of $107 million relating to derivative contracts designated as cash flow hedges (December 31, 2022: asset balance of $25 million). Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds. The fair value of our company’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for our company’ financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Interest rate swaps & other Level 2 (1) Financial assets $ — $ 97 Financial liabilities 107 72 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. During the six-month period ended June 30, 2023, no transfers were made between level 1 and 2 or level 2 and 3.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Jun. 30, 2023
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, 2022 $ 3,935 $ (673) $ 1,541 $ 4,803 Additions, net of disposals 435 5 — 440 Non-cash additions 7 (4) — 3 Depreciation expense — (110) — (110) Fair value adjustments — — 100 100 Net foreign currency exchange differences (430) 75 (163) (518) Balance at December 31, 2022 $ 3,947 $ (707) $ 1,478 $ 4,718 Additions, net of disposals 236 6 — 242 Non-cash additions 4 (3) — 1 Depreciation expense — (59) — (59) Net foreign currency exchange differences 209 (38) 76 247 Balance at June 30, 2023 $ 4,396 $ (801) $ 1,554 $ 5,149 Property, plant and equipment of our company is predominantly comprised of last mile utility connections at our U.K. regulated distribution operation which provide 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
INTANGIBLE ASSETS	Jun. 30, 2023
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS As of US$ MILLIONS June 30, 2023 December 31, 2022 Cost $ 3,943 $ 3,629 Accumulated amortization (900) (782) Total $ 3,043 $ 2,847 Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2023 December 31, 2022 Brazilian regulated gas transmission operation $ 3,014 $ 2,816 U.K. regulated distribution operation 29 31 Total $ 3,043 $ 2,847 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. 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. Our intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Despite recent volatility observed in commodity and foreign exchange markets and the interruption to global supply chains, our intangible assets remain largely unaffected. Our intangible assets represent long-term critical infrastructure supported by regulated or highly contracted revenues which help protect value over the long term. The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12 month period ended December 31, 2022 Cost at beginning of the period $ 3,629 $ 3,332 Additions, net of disposals 17 81 Foreign currency translation 297 216 Ending Balance $ 3,943 $ 3,629 The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12 month period ended December 31, 2022 Accumulated amortization at beginning of the period $ (782) $ (645) Amortization (53) (101) Foreign currency translation (65) (36) Ending Balance $ (900) $ (782)

INVESTMENTS IN ASSOCIATES

INVESTMENTS IN ASSOCIATES	6 Months Ended
INVESTMENTS IN ASSOCIATES	Jun. 30, 2023
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 For the 12 month period ended December 31, 2022 Balance at the beginning of the period $ 428 $ — Acquisitions — 455 Share of earnings for the period 4 4 Foreign currency translation and other (9) (25) Share of other comprehensive (loss) income (3) 27 Distributions (3) (33) Ending Balance $ 417 $ 428 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, 2023 December 31, 2022 Financial position: Total assets $ 13,384 $ 13,541 Total liabilities (8,001) (8,018) Net assets $ 5,383 $ 5,523 For the three-month period ended June 30 For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Financial performance: Total revenue $ 391 $ 361 $ 721 $ 521 Total net income for the period (1) 33 36 52 (52) Our company’s share of net income $ 3 $ 2 $ 4 $ (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
GOODWILL	Jun. 30, 2023
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, 2023 December 31, 2022 Balance at beginning of the period $ 518 $ 489 Foreign currency translation and other 48 29 Ending Balance $ 566 $ 518

BORROWINGS

BORROWINGS	6 Months Ended
BORROWINGS	Jun. 30, 2023
Disclosure of borrowings [Abstract]
BORROWINGS	BORROWINGS Non-Recourse Borrowings As of US$ MILLIONS June 30, 2023 December 31, 2022 Current $ 247 $ 328 Non-current 4,810 4,249 Total $ 5,057 $ 4,577 Non-recourse borrowings have increased by $480 million since year-end. The increase is primarily attributable to obtaining $250 million of secured, non-recourse financing, additional borrowings of $45 million at our U.K. regulated distribution business and our Brazilian regulated gas transmission business, along with the impact of foreign exchange as the foreign currencies underlying non-recourse borrowings appreciated relative to the U.S. dollar. Refer to Note 13, Related Party Transactions

FINANCIAL LIABILITIES

FINANCIAL LIABILITIES	6 Months Ended
FINANCIAL LIABILITIES	Jun. 30, 2023
Financial Instruments [Abstract]
FINANCIAL LIABILITIES	FINANCIAL LIABILITIES As of US$ MILLIONS June 30, 2023 December 31, 2022 Current: Interest rate swaps $ 71 $ 72 Total current financial liabilities $ 71 $ 72 Non-current: Interest rate swaps $ 36 $ — Total non-current financial liabilities $ 36 $ — 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, 2023, our company issued 121,970 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, 2023, our shareholders exchanged 5,811 exchangeable shares for an equal number of partnership units. As at June 30, 2023, the exchangeable and class B shares were remeasured to reflect the NYSE closing price of one unit, $36.50 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 $43 million and $85 million on its exchangeable shares outstanding during the three and six-month period ended June 30, 2023, respectively (2022: $39 million and $79 million). 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, our group completed a three-for-two split of partnership units, BIPC Exchangeable LP Units, BIP Exchange 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 splits. 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, 2022 110,157,540 2 $ 4,466 Share issuance - BIPC exchangeable LP unit exchanges 427,643 — 19 Shares exchanged to units (17,512) — (1) Remeasurement of liability — — (1,058) Balance at December 31, 2022 110,567,671 2 $ 3,426 Share issuance - BIPC exchangeable LP unit exchanges 121,970 — 6 Shares exchanged to units (5,811) — — Remeasurement of liability — — 608 Balance as at June 30, 2023 110,683,830 2 $ 4,040 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 12, Equity , for further details related to class C shares.

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2023
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 2023 2022 2023 2022 Gas Transmission $ 379 $ 343 $ 721 $ 663 Distribution 96 86 192 177 Connections 53 45 97 85 Other 10 5 25 15 Total $ 538 $ 479 $ 1,035 $ 940 During the three and six-month period ended June 30, 2023, 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 2023 2022 2023 2022 Brazil $ 379 $ 343 $ 721 $ 663 United Kingdom 159 136 314 277 Total $ 538 $ 479 $ 1,035 $ 940 Our company’s customer base is comprised predominantly of investment grade companies, with only one customer that makes up greater than 10% of our company’s consolidated revenues. For the three and six-month period ended June 30, 2023, revenue generated from this customer was $379 million and $721 million, respectively (2022: $343 million and $663 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.

DIRECT OPERATING COSTS

DIRECT OPERATING COSTS	6 Months Ended
DIRECT OPERATING COSTS	Jun. 30, 2023
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, 2023, and 2022. For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Depreciation and amortization $ 57 $ 54 $ 112 $ 108 Transportation and distribution 48 40 97 80 Operations and maintenance 18 14 36 29 Compensation 18 15 35 30 Cost of inventory 1 1 3 4 Other 7 7 13 14 Total $ 149 $ 131 $ 296 $ 265

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2023
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, 2022 2,103,677 $ 53 Share issuance — — Balance at December 31, 2022 and June 30, 2023 2,103,677 $ 53 1. Shares outstanding have been adjusted to effect for the change in shares due to the stock split. See Note 9, 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 9 , Financial Liabilities , for further details related to exchangeable and class B shares.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
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, the partnership has had a management agreement, the Master Services Agreement, with the Service Providers which are subsidiaries of Brookfield. Pursuant to the Master Services Agreement, on a quarterly basis, our group pays a base management fee, to the Service Providers 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 Holdings LP into units), preferred units and securities of the other Service Recipients (including the exchangeable shares and the exchangeable units of Brookfield Infrastructure Partners Exchange LP and Brookfield Infrastructure Corporation Exchange LP) 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. The base management fee attributable to our company was $16 million and $31 million for the three and six-month periods ended June 30, 2023, respectively (2022: $16 million and $34 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, 2023, revenues of less than $1 million were generated (2022: less than $1 million) and $nil expenses were incurred (2022: $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 SOFR, 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, 2023, $nil (December 31, 2022: $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, 2023, $nil (December 31, 2022: $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, 2023, the balance outstanding on our deposit with Brookfield Infrastructure was $570 million (December 31, 2022: $566 million). As at June 30, 2023, the demand deposit payable to Brookfield Infrastructure was $26 million (December 31, 2022: $26 million). The deposit arrangements accrue interest at 0.2% per annum. Interest on each deposit during the three and six-month periods ended June 30, 2023 was less than $1 million (2022: less than $1 million). In addition, on March 28, 2023, our company entered into a loan agreement (as lender) with Brookfield Infrastructure for $250 million. The loan is presented as amounts due from Brookfield Infrastructure on the unaudited interim and condensed consolidated statements of financial position and accrues interest at SOFR plus 200 basis points per annum with a maturity date of March 27, 2024. Interest accrued during the three and six-month periods ended June 30, 2023 was $4 million. On March 28, 2023, a subsidiary of our company entered into a loan agreement with an affiliate of Brookfield for total proceeds of $250 million. This loan is non-recourse to our company and is presented as non-recourse borrowings on the unaudited interim and condensed consolidated statements of financial position and accrues interest at SOFR plus 200 basis points per annum with a maturity date of March 27, 2024. Interest accrued during the three and six-month periods ended June 30, 2023 was $4 million. As at June 30, 2023, our company had accounts payable of $9 million (December 31, 2022: $6 million) to subsidiaries of Brookfield Infrastructure and accounts receivable of $nil (December 31, 2022: $10 million) from subsidiaries of Brookfield Infrastructure. On September 23, 2022, our company sold a financial asset to the partnership for fair market value consideration of $66 million. Our company recognized a loss on disposal of $2 million in the consolidated statement of operating results for the year ended December 31, 2022. On August 3, 2023, our company agreed to the sale of its 7.9% effective interest in its Australian regulated utility operation to an affiliate of Brookfield for net proceeds of approximately $450 million. The sale price was based on a fair value as determined by an independent valuation. The transaction was approved by the Limited Partners Advisory Committee (“LPAC”) of the acquirer and is expected to close within the third quarter of 2023.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Jun. 30, 2023
Cash Flow Statement [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Interest paid $ 129 $ 136 $ 289 $ 203 Income taxes paid $ 40 $ 32 $ 282 $ 242 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 and includes dividends paid on our exchangeable shares classified as liabilities. 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 2023 2022 2023 2022 Accounts receivable $ (15) $ (25) $ (25) $ (44) Accounts payable and other 80 85 (91) 39 Changes in non-cash working capital, net $ 65 $ 60 $ (116) $ (5)

MATERIAL ACCOUNTING POLICY IN_2

MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	6 Months Ended
MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	Jun. 30, 2023
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, 2022 (“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. These interim financial statements were authorized for issuance by the Board of Directors of our company on August 11, 2023.
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
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2023
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, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 356 $ 356 Accounts receivable and other (current and non-current) — 479 479 Due from Brookfield Infrastructure — 820 820 Total $ — $ 1,655 $ 1,655 Financial liabilities Accounts payable and other (current and non-current) $ — $ 542 $ 542 Non-recourse borrowings (current and non-current) — 5,057 5,057 Exchangeable and class B shares (1) — 4,040 4,040 Financial liabilities (current and non-current) (2) 107 — 107 Loans payable to Brookfield Infrastructure — 26 26 Total $ 107 $ 9,665 $ 9,772 1. 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 12, Equity. 2. Derivative instruments which are elected for hedge accounting totaling $nil are included in financial assets and $107 million are included in financial liabilities. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 445 $ 445 Accounts receivable and other (current and non-current) — 441 441 Financial assets (current and non-current) (1) 97 — 97 Due from Brookfield Infrastructure — 566 566 Total $ 97 $ 1,452 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ — $ 589 $ 589 Non-recourse borrowings (current and non-current) — 4,577 4,577 Exchangeable and class B shares (2) — 3,426 3,426 Financial liabilities (1) 72 — 72 Loans payable to Brookfield Infrastructure — 26 26 Total $ 72 $ 8,618 $ 8,690 1. Derivative instruments which are elected for hedge accounting totaling $97 million are included in financial assets and $72 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity.
Disclosure of classification of financial liabilities	The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 356 $ 356 Accounts receivable and other (current and non-current) — 479 479 Due from Brookfield Infrastructure — 820 820 Total $ — $ 1,655 $ 1,655 Financial liabilities Accounts payable and other (current and non-current) $ — $ 542 $ 542 Non-recourse borrowings (current and non-current) — 5,057 5,057 Exchangeable and class B shares (1) — 4,040 4,040 Financial liabilities (current and non-current) (2) 107 — 107 Loans payable to Brookfield Infrastructure — 26 26 Total $ 107 $ 9,665 $ 9,772 1. 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 12, Equity. 2. Derivative instruments which are elected for hedge accounting totaling $nil are included in financial assets and $107 million are included in financial liabilities. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 445 $ 445 Accounts receivable and other (current and non-current) — 441 441 Financial assets (current and non-current) (1) 97 — 97 Due from Brookfield Infrastructure — 566 566 Total $ 97 $ 1,452 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ — $ 589 $ 589 Non-recourse borrowings (current and non-current) — 4,577 4,577 Exchangeable and class B shares (2) — 3,426 3,426 Financial liabilities (1) 72 — 72 Loans payable to Brookfield Infrastructure — 26 26 Total $ 72 $ 8,618 $ 8,690 1. Derivative instruments which are elected for hedge accounting totaling $97 million are included in financial assets and $72 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity.
Carrying and fair values of financial assets	The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 356 $ 356 $ 445 $ 445 Accounts receivable and other 479 479 441 441 Financial assets (current and non-current) — — 97 97 Due from Brookfield Infrastructure 820 820 566 566 Total $ 1,655 $ 1,655 $ 1,549 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ 542 $ 542 $ 589 $ 589 Non-recourse borrowings (current and non-current) (1) 5,057 4,570 4,577 4,303 Exchangeable and class B shares (2) 4,040 4,040 3,426 3,426 Financial liabilities (current and non-current) 107 107 72 72 Loans payable to Brookfield Infrastructure 26 26 26 26 Total $ 9,772 $ 9,285 $ 8,690 $ 8,416 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. US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Interest rate swaps & other Level 2 (1) Financial assets $ — $ 97 Financial liabilities 107 72 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.
Carrying and fair values of financial liabilities	The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 356 $ 356 $ 445 $ 445 Accounts receivable and other 479 479 441 441 Financial assets (current and non-current) — — 97 97 Due from Brookfield Infrastructure 820 820 566 566 Total $ 1,655 $ 1,655 $ 1,549 $ 1,549 Financial liabilities Accounts payable and other (current and non-current) $ 542 $ 542 $ 589 $ 589 Non-recourse borrowings (current and non-current) (1) 5,057 4,570 4,577 4,303 Exchangeable and class B shares (2) 4,040 4,040 3,426 3,426 Financial liabilities (current and non-current) 107 107 72 72 Loans payable to Brookfield Infrastructure 26 26 26 26 Total $ 9,772 $ 9,285 $ 8,690 $ 8,416 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. US$ MILLIONS Fair value June 30, 2023 December 31, 2022 Interest rate swaps & other Level 2 (1) Financial assets $ — $ 97 Financial liabilities 107 72 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.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Jun. 30, 2023
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, 2022 $ 3,935 $ (673) $ 1,541 $ 4,803 Additions, net of disposals 435 5 — 440 Non-cash additions 7 (4) — 3 Depreciation expense — (110) — (110) Fair value adjustments — — 100 100 Net foreign currency exchange differences (430) 75 (163) (518) Balance at December 31, 2022 $ 3,947 $ (707) $ 1,478 $ 4,718 Additions, net of disposals 236 6 — 242 Non-cash additions 4 (3) — 1 Depreciation expense — (59) — (59) Net foreign currency exchange differences 209 (38) 76 247 Balance at June 30, 2023 $ 4,396 $ (801) $ 1,554 $ 5,149

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
INTANGIBLE ASSETS (Tables)	Jun. 30, 2023
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill	As of US$ MILLIONS June 30, 2023 December 31, 2022 Cost $ 3,943 $ 3,629 Accumulated amortization (900) (782) Total $ 3,043 $ 2,847 The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12 month period ended December 31, 2022 Cost at beginning of the period $ 3,629 $ 3,332 Additions, net of disposals 17 81 Foreign currency translation 297 216 Ending Balance $ 3,943 $ 3,629 The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2023 For the 12 month period ended December 31, 2022 Accumulated amortization at beginning of the period $ (782) $ (645) Amortization (53) (101) Foreign currency translation (65) (36) Ending Balance $ (900) $ (782)
Disclosure of detailed information about intangible assets	Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2023 December 31, 2022 Brazilian regulated gas transmission operation $ 3,014 $ 2,816 U.K. regulated distribution operation 29 31 Total $ 3,043 $ 2,847

INVESTMENTS IN ASSOCIATES (Tabl

INVESTMENTS IN ASSOCIATES (Tables)	6 Months Ended
INVESTMENTS IN ASSOCIATES (Tables)	Jun. 30, 2023
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 For the 12 month period ended December 31, 2022 Balance at the beginning of the period $ 428 $ — Acquisitions — 455 Share of earnings for the period 4 4 Foreign currency translation and other (9) (25) Share of other comprehensive (loss) income (3) 27 Distributions (3) (33) Ending Balance $ 417 $ 428
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, 2023 December 31, 2022 Financial position: Total assets $ 13,384 $ 13,541 Total liabilities (8,001) (8,018) Net assets $ 5,383 $ 5,523 For the three-month period ended June 30 For the six-month period ended June 30 US$ MILLIONS 2023 2022 2023 2022 Financial performance: Total revenue $ 391 $ 361 $ 721 $ 521 Total net income for the period (1) 33 36 52 (52) Our company’s share of net income $ 3 $ 2 $ 4 $ (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
GOODWILL (Tables)	Jun. 30, 2023
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, 2023 December 31, 2022 Balance at beginning of the period $ 518 $ 489 Foreign currency translation and other 48 29 Ending Balance $ 566 $ 518

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
BORROWINGS (Tables)	Jun. 30, 2023
Disclosure of borrowings [Abstract]
Disclosure of detailed information about borrowings	As of US$ MILLIONS June 30, 2023 December 31, 2022 Current $ 247 $ 328 Non-current 4,810 4,249 Total $ 5,057 $ 4,577

FINANCIAL LIABILTIES (Tables)

FINANCIAL LIABILTIES (Tables)	6 Months Ended
FINANCIAL LIABILTIES (Tables)	Jun. 30, 2023
Financial Instruments [Abstract]
Disclosure of financial liabilities	As of US$ MILLIONS June 30, 2023 December 31, 2022 Current: Interest rate swaps $ 71 $ 72 Total current financial liabilities $ 71 $ 72 Non-current: Interest rate swaps $ 36 $ — Total non-current financial liabilities $ 36 $ — 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, 2022 110,157,540 2 $ 4,466 Share issuance - BIPC exchangeable LP unit exchanges 427,643 — 19 Shares exchanged to units (17,512) — (1) Remeasurement of liability — — (1,058) Balance at December 31, 2022 110,567,671 2 $ 3,426 Share issuance - BIPC exchangeable LP unit exchanges 121,970 — 6 Shares exchanged to units (5,811) — — Remeasurement of liability — — 608 Balance as at June 30, 2023 110,683,830 2 $ 4,040

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2023
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 2023 2022 2023 2022 Gas Transmission $ 379 $ 343 $ 721 $ 663 Distribution 96 86 192 177 Connections 53 45 97 85 Other 10 5 25 15 Total $ 538 $ 479 $ 1,035 $ 940 The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Brazil $ 379 $ 343 $ 721 $ 663 United Kingdom 159 136 314 277 Total $ 538 $ 479 $ 1,035 $ 940

DIRECT OPERATING COSTS (Tables)

DIRECT OPERATING COSTS (Tables)	6 Months Ended
DIRECT OPERATING COSTS (Tables)	Jun. 30, 2023
Direct Operating Costs [Abstract]
Disclosure Of Detailed Information On Operating Costs	For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Depreciation and amortization $ 57 $ 54 $ 112 $ 108 Transportation and distribution 48 40 97 80 Operations and maintenance 18 14 36 29 Compensation 18 15 35 30 Cost of inventory 1 1 3 4 Other 7 7 13 14 Total $ 149 $ 131 $ 296 $ 265

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
EQUITY (Tables)	Jun. 30, 2023
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, 2022 2,103,677 $ 53 Share issuance — — Balance at December 31, 2022 and June 30, 2023 2,103,677 $ 53 1. Shares outstanding have been adjusted to effect for the change in shares due to the stock split. See Note 9, Financial Liabilities.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Jun. 30, 2023
Cash Flow Statement [Abstract]
Disclosure Of Interest And Income Taxes Paid	For the three-month For the six-month US$ MILLIONS 2023 2022 2023 2022 Interest paid $ 129 $ 136 $ 289 $ 203 Income taxes paid $ 40 $ 32 $ 282 $ 242
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 2023 2022 2023 2022 Accounts receivable $ (15) $ (25) $ (25) $ (44) Accounts payable and other 80 85 (91) 39 Changes in non-cash working capital, net $ 65 $ 60 $ (116) $ (5)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Financial assets	$ 1,655	$ 1,549
Financial liabilities	9,772	8,690
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	107	72
Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	9,665	8,618
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	542	589
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	542	589
Non-recourse borrowings (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	5,057	4,577
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	5,057	4,577
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities	4,040	3,426
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	4,040	3,426
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	107	72
Financial liabilities (current and non-current) \| Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	107	72
Financial liabilities (current and non-current) \| Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Loans payable to Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial liabilities	26	26
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	26	26
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	0	97
Amortized cost
Disclosure of financial liabilities [line items]
Financial assets	1,655	1,452
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	356	445
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	356	445
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	479	441
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	479	441
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	0	97
Financial assets (current and non-current) \| Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets		97
Financial assets (current and non-current) \| Amortized cost
Disclosure of financial liabilities [line items]
Financial assets		0
Due from Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial assets	820	566
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	$ 820	$ 566

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS- Allocation of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
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	$ 0	$ 97
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	$ (107)	$ 72

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Financial assets	$ 1,655	$ 1,549
Fair Value	1,655	1,549
Financial liabilities, carrying	9,772	8,690
Financial liabilities, fair value	9,285	8,416
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	542	589
Financial liabilities, fair value	542	589
Non-recourse borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	5,057	4,577
Financial liabilities, fair value	4,570	4,303
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	4,040	3,426
Financial liabilities, fair value	4,040	3,426
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	107	72
Financial liabilities, fair value	107	72
Loans payable to Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	26	26
Financial liabilities, fair value	26	26
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	356	445
Fair Value	356	445
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	479	441
Fair Value	479	441
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	0	97
Fair Value	0	97
Due from Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial assets	820	566
Fair Value	$ 820	$ 566

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	$ 36		$ 36		$ 0
Cash flow hedges \| Financial assets at fair value through other comprehensive income, category
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Gains (losses) on hedging instrument, fair value hedges	(7)	$ (1)	(12)	$ (3)
Derivative financial assets	$ 107		$ 107		$ 25

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	$ 36	$ 0
Recurring fair value measurement \| Discounted cash flow \| Interest rate swaps & other \| Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	107	72
Recurring fair value measurement \| Discounted cash flow \| Interest rate swaps & other \| Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 0	$ 97

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Net Book Value (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 4,718	$ 4,803
Additions, net of disposals	242	440
Non-cash additions	1	3
Depreciation expense	(59)	(110)
Fair value adjustments		100
Net foreign currency exchange differences	247	(518)
Ending balance	5,149	4,718
Gross Carrying Amount:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,947	3,935
Additions, net of disposals	236	435
Non-cash additions	4	7
Depreciation expense	0	0
Fair value adjustments		0
Net foreign currency exchange differences	209	(430)
Ending balance	4,396	3,947
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(707)	(673)
Additions, net of disposals	6	5
Non-cash additions	(3)	(4)
Depreciation expense	(59)	(110)
Fair value adjustments		0
Net foreign currency exchange differences	(38)	75
Ending balance	(801)	(707)
Accumulated fair value adjustments
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,478	1,541
Additions, net of disposals	0	0
Non-cash additions	0	0
Depreciation expense	0	0
Fair value adjustments		100
Net foreign currency exchange differences	76	(163)
Ending balance	$ 1,554	$ 1,478

INTANGIBLE ASSETS - Net Amounts

INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ 3,043	$ 2,847
Cost
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	3,943	3,629	$ 3,332
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ (900)	$ (782)	$ (645)

INTANGIBLE ASSETS - Cash Genera

INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of information for cash-generating units [line items]
Total	$ 3,043	$ 2,847
Brazilian regulated gas transmission operation
Disclosure of information for cash-generating units [line items]
Total	3,014	2,816
U.K. regulated distribution operation
Disclosure of information for cash-generating units [line items]
Total	$ 29	$ 31

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	$ 2,847
Cost at end of year	3,043	$ 2,847
Cost
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	3,629	3,332
Additions, net of disposals	17	81
Foreign currency translation	297	216
Cost at end of year	$ 3,943	$ 3,629

INTANGIBLE ASSETS - Accumulated

INTANGIBLE ASSETS - Accumulated Amortization (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	$ 2,847
Cost at end of year	3,043	$ 2,847
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	(782)	(645)
Amortization	(53)	(101)
Foreign currency translation	(65)	(36)
Cost at end of year	$ (900)	$ (782)

INVESTMENTS IN ASSOCIATES - Nar

INVESTMENTS IN ASSOCIATES - Narrative (Details) - AusNet Services Ltd $ in Millions	1 Months Ended
	Feb. 28, 2022 USD ($)
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		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Balance at the beginning of the period			$ 428	$ 0	$ 0
Acquisitions			0		455
Share of earnings (losses) from investments in associates	$ 3	$ 2	4	$ (4)	4
Foreign currency translation and other			(9)		(25)
Share of other comprehensive (loss) income			(3)		27
Distributions			(3)		(33)
Ending Balance	$ 417		$ 417		$ 428

INVESTMENTS IN ASSOCIATES - Agg

INVESTMENTS IN ASSOCIATES - Aggregate balances of investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of Associates and Joint Ventures [Line Items]
Total assets	$ 10,973		$ 10,973		$ 10,178
Total liabilities	(11,737)		(11,737)		(10,539)
Revenues	538	$ 479	1,035	$ 940
Total net income for the period	(154)	842	(349)	626
Share of earnings (losses) from investments in associates	3	2	4	(4)	4
Acquisition-related costs for transaction			105
Associates And Joint Ventures
Disclosure of Associates and Joint Ventures [Line Items]
Total assets	13,384		13,384		13,541
Total liabilities	(8,001)		(8,001)		(8,018)
Net assets	5,383		5,383		$ 5,523
Revenues	391	361	721	521
Total net income for the period	$ 33	$ 36	$ 52	$ (52)

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
GOODWILL (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	$ 518
Balance at end of year	566	$ 518
Goodwill
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	518	489
Foreign currency translation and other	48	29
Balance at end of year	$ 566	$ 518

BORROWINGS - Non-Recourse Borro

BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Current	$ 247	$ 328
Non-current	4,810	4,249
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Total	$ 5,057	$ 4,577

BORROWINGS - Additional Informa

BORROWINGS - Additional Information (Details) $ in Millions	6 Months Ended
BORROWINGS - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Debt instruments issued	$ 250
U.K. Regulated Distribution Business and Brazilian Regulated Gas Transmission Business
Disclosure of detailed information about borrowings [line items]
Debt instruments issued	45
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Increase (decrease) in borrowings	$ 480

FINANCIAL LIABILITIES (Details)

FINANCIAL LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current:
Foreign currency forward contracts	$ 71	$ 72
Total current financial liabilities	71	72
Interest rate swaps	36	0
Total non-current financial liabilities	$ 36	$ 0

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, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 shares
Disclosure of detailed information about financial instruments [line items]
Dividends recognised as distributions to owners \| $		$ 43	$ 39	$ 85	$ 79
Stock split conversion ratio	1.5
Share capital \| Exchangeable Shares
Disclosure of detailed information about financial instruments [line items]
Share issuance, exchangeable share conversion (in shares)				121,970		427,643
Exchangeable share conversion, shares (in shares)				5,811		17,512
Number of share issued, price per share (in dollars per share) \| $ / shares		$ 36.50		$ 36.50

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			$ 3,426
Remeasurement of liability	$ (301)	$ 656	(608)	$ 259
Exchangeable share liability, end	4,040		4,040		$ 3,426
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			3,426	$ 4,466	4,466
Share issuance - BIPC exchangeable LP unit exchanges			6		19
Exchangeable share conversion, value			0		(1)
Remeasurement of liability			608		(1,058)
Exchangeable share liability, end	$ 4,040		$ 4,040		$ 3,426
Share capital \| Exchangeable Shares
Disclosure of financial liabilities [line items]
Number of shares outstanding at beginning of period (in shares)			110,567,671	110,157,540	110,157,540
Share issuance, exchangeable share conversion (in shares)			121,970		427,643
Exchangeable share conversion, shares (in shares)			(5,811)		(17,512)
Remeasurement of liability, shares (in shares)			0		0
Number of shares outstanding at end of period (in shares)	110,683,830		110,683,830		110,567,671
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, exchangeable share conversion (in shares)			0		0
Exchangeable share conversion, shares (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
REVENUE - By Service Line (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Revenue	$ 538	$ 479	$ 1,035	$ 940
Gas Transmission
Disclosure of operating segments [line items]
Revenue	379	343	721	663
Distribution
Disclosure of operating segments [line items]
Revenue	96	86	192	177
Connections
Disclosure of operating segments [line items]
Revenue	53	45	97	85
Other
Disclosure of operating segments [line items]
Revenue	$ 10	$ 5	$ 25	$ 15

REVENUE - Geographic Informatio

REVENUE - Geographic Information (Details) $ in Millions	3 Months Ended		6 Months Ended
REVENUE - Geographic Information (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($)
Disclosure of geographical areas [line items]
Revenues	$ 538	$ 479	$ 1,035	$ 940
Brazil
Disclosure of geographical areas [line items]
Revenues	379	343	721	663
United Kingdom
Disclosure of geographical areas [line items]
Revenues	$ 159	136	$ 314	$ 277
Partnership's Sales Revenue, Net \| Customer Concentration Risk 1
Disclosure of geographical areas [line items]
Revenues		$ 343
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
DIRECT OPERATING COSTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Direct Operating Costs [Abstract]
Depreciation and amortization	$ 57	$ 54	$ 112	$ 108
Transportation and distribution	48	40	97	80
Operations and maintenance	18	14	36	29
Compensation	18	15	35	30
Cost of inventory	1	1	3	4
Other	7	7	13	14
Total	$ 149	$ 131	$ 296	$ 265

EQUITY - Shares (Details)

EQUITY - Shares (Details) - USD ($) $ in Millions	6 Months Ended
EQUITY - Shares (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Partnership Units [Line Items]
Equity	$ (764)	$ (648)	$ (361)	$ (1,078)	$ (1,563)	$ (1,424)
Share capital
Schedule of Partnership Units [Line Items]
Equity	$ 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) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 03, 2023 USD ($)	Sep. 23, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 28, 2023 USD ($)
Disclosure of transactions between related parties [line items]
Related party, equity commitment					$ 1,000
Preferred shares (in dollars per share) \| $ / shares			$ 25		$ 25
Amount called on the equity commitment					$ 0		$ 0
Due from Brookfield Infrastructure			$ 820		820		566
Interest expense, related party transactions			1	$ 1	$ 1	$ 1
Australian Regulated Utility Operation \| Disposal of major subsidiary [member]
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate	7.90%
Proceeds from sales of interests in associates	$ 450
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		$ 1,000
Borrowing agreements \| agreement					2
Brookfield Infrastructure
Disclosure of transactions between related parties [line items]
Subsidiary and corporate borrowings			0		$ 0		0
Due from Brookfield Infrastructure			570		570
Interest expense, related party transactions			$ 4		$ 4
Borrowings, interest rate			0.20%		0.20%
Repayments of borrowings, classified as financing activities					$ 26		26
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	$ 16	$ 31	$ 34
Subsidiary of Common Parent
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions			9		9		6
Amounts receivable, related party transactions			0		0		10
Subsidiary of Common Parent \| Brookfield Office Properties Inc.
Disclosure of transactions between related parties [line items]
Services received, related party transactions			0		0		0
Revenue from rendering of services, related party transactions			$ 1		$ 1		$ 1
Subsidiary of Common Parent \| Brookfield Infrastructure
Disclosure of transactions between related parties [line items]
Subsidiary and corporate borrowings								$ 250
Borrowings, adjustment to interest rate basis								2%
Parent
Disclosure of transactions between related parties [line items]
Sales of property and other assets, related party transactions		$ 66
Gains (losses) on available-for-sale financial assets		$ 2

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash Flow Statement [Abstract]
Interest paid	$ 129	$ 136	$ 289	$ 203
Income taxes paid	$ 40	$ 32	$ 282	$ 242

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash Flow Statement [Abstract]
Accounts receivable	$ (15)	$ (25)	$ (25)	$ (44)
Accounts payable and other	80	85	(91)	39
Changes in non-cash working capital, net	$ 65	$ 60	$ (116)	$ (5)