Brookfield Infrastructure (BIPC) 6-K 9 Aug 24 2024 Q2 Current report (foreign) Financial data

COVER PAGE

COVER PAGE	6 Months Ended
	Jun. 30, 2024
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, 2024
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 466	$ 539
Financial assets	43	38
Accounts receivable and other	872	939
Due from Brookfield Infrastructure	1,684	1,288
Current assets	3,065	2,804
Property, plant and equipment	14,001	14,151
Intangible assets	3,261	3,699
Goodwill	1,658	1,726
Financial assets	144	65
Other assets	1,490	1,424
Deferred income tax asset	38	40
Total assets	23,657	23,909
Liabilities
Accounts payable and other	965	1,099
Non-recourse borrowings	467	1,021
Financial liabilities	46	60
Loans payable to Brookfield Infrastructure	100	26
Exchangeable and class B shares	3,622	4,153
Current liabilities	5,200	6,359
Non-recourse borrowings	12,621	11,007
Financial liabilities	1	15
Other liabilities	278	325
Deferred income tax liability	2,027	2,135
Total liabilities	20,127	19,841
Equity
Brookfield Infrastructure Partners L.P.	149	(399)
Non-controlling interest	3,381	4,467
Total equity	3,530	4,068
Total liabilities and equity	$ 23,657	$ 23,909

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Profit or loss [abstract]
Revenues	$ 908	$ 538	$ 1,810	$ 1,035
Direct operating costs	(329)	(149)	(668)	(296)
General and administrative expenses	(17)	(17)	(35)	(33)
Profit (loss) from operating activities	562	372	1,107	706
Interest expense	(259)	(161)	(498)	(314)
Share of earnings from investments in associates	0	3	0	4
Remeasurement of liability	498	(301)	535	(608)
Mark-to-market and foreign currency revaluation	(15)	12	(36)	12
Other (expense) income	(44)	16	(70)	26
Income (loss) before income tax	742	(59)	1,038	(174)
Income tax expense
Current	(94)	(89)	(195)	(169)
Deferred	(5)	(6)	(3)	(6)
Net income (loss)	643	(154)	840	(349)
Attributable to:
Brookfield Infrastructure Partners L.P.	491	(274)	519	(575)
Non-controlling interest	$ 152	$ 120	$ 321	$ 226

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
Net income (loss)	$ 643	$ (154)	$ 840	$ (349)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation	106	81	89	119
Cash flow hedges	7	(7)	16	(12)
Taxes on the above items	(1)	(1)	5	5
Share of income (losses) from investments in associates	0	13	0	(3)
Total other comprehensive income	112	86	110	109
Comprehensive income (loss)	755	(68)	950	(240)
Attributable to:
Brookfield Infrastructure Partners L.P.	526	(219)	546	(511)
Non-controlling interests	$ 229	$ 151	$ 404	$ 271

UNAUDITED INTERIM CONDENSED A_4

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Brookfield Infrastructure Partners L.P.	Share capital	Share capital Parent	Retained earnings	Ownership changes	Accumulated other comprehensive income	Non-controlling interest
Balance as at Dec. 31, 2022	$ (361)	$ (1,119)		$ 53	$ 901	$ (2,379)	$ 306	$ 758
Net income (loss)	(349)	(575)			(575)			226
Other comprehensive loss	109	64					64	45
Comprehensive income (loss)	(240)	(511)			(575)		64	271
Distributions to non-controlling interest	(163)							(163)
Balance as at Jun. 30, 2023	(764)	(1,630)	$ 53	53	326	(2,379)	370	866
Balance as at Mar. 31, 2023	(648)	(1,411)	53		600	(2,379)	315	763
Net income (loss)	(154)	(274)			(274)			120
Other comprehensive loss	86	55					55	31
Comprehensive income (loss)	(68)	(219)			(274)		55	151
Distributions to non-controlling interest	(48)							(48)
Balance as at Jun. 30, 2023	(764)	(1,630)	53	$ 53	326	(2,379)	370	866
Balance as at Dec. 31, 2023	4,068	(399)	392		1,115	(2,379)	473	4,467
Net income (loss)	840	519			519			321
Other comprehensive loss	110	27					27	83
Comprehensive income (loss)	950	546			519		27	404
Capital provided to non-controlling interest	(1,206)							(1,206)
Distributions to non-controlling interest	(334)							(334)
Other items	52	2			2			50
Balance as at Jun. 30, 2024	3,530	149	392		1,636	(2,379)	500	3,381
Balance as at Mar. 31, 2024	2,916	(379)	392		1,143	(2,379)	465	3,295
Net income (loss)	643	491			491			152
Other comprehensive loss	112	35					35	77
Comprehensive income (loss)	755	526			491		35	229
Distributions to non-controlling interest	(177)							(177)
Other items	36	2			2			34
Balance as at Jun. 30, 2024	$ 3,530	$ 149	$ 392		$ 1,636	$ (2,379)	$ 500	$ 3,381

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income (loss)	$ 643	$ (154)	$ 840	$ (349)
Adjusted for the following items:
Earnings from investments in associates, net of distributions received	0	0	0	(1)
Depreciation and amortization expense	191	57	386	112
Mark-to-market and other	34	(10)	79	(5)
Remeasurement of exchangeable and class B shares	(498)	301	(535)	608
Deferred income tax expense	5	6	3	6
Changes in non-cash working capital, net	136	65	16	(116)
Cash from operating activities	511	265	789	255
Investing Activities
Purchase of long-lived assets	(403)	(135)	(576)	(261)
Disposal of long-lived assets	99	1	175	2
Purchase of financial assets and other	0	0	0	(4)
Other investing activities	56	0	87	0
Cash used by investing activities	(248)	(134)	(314)	(263)
Financing Activities
Distributions to non-controlling interest	(177)	(48)	(334)	(163)
Capital provided to non-controlling interest	0	0	(1,206)	0
Proceeds from non-recourse borrowings	1,388	467	3,201	770
Repayment of non-recourse borrowings	(1,286)	(476)	(1,589)	(476)
Loans and repayments from Brookfield Infrastructure	34	44	36	101
Loans and repayments to Brookfield Infrastructure	(77)	(88)	(632)	(337)
Other financing activities	0	0	18	0
Cash used by financing activities	(118)	(101)	(506)	(105)
Cash and cash equivalents
Change during the period	145	30	(31)	(113)
Impact of foreign exchange on cash	(34)	17	(42)	24
Balance, beginning of period	355	309	539	445
Balance, end of period	$ 466	$ 356	$ 466	$ 356

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF OUR COMPANY	6 Months Ended
	Jun. 30, 2024
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 and the United Kingdom as well as a global intermodal logistics operation (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 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
	Jun. 30, 2024
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, 2023 (“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 9, 2024. 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 International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) Our company operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. Our company has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection the global minimum top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the period ended June 30, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of our company. Classification of Liabilities as Current or Non-current (Amendments to IAS 1)

ACQUISITION OF BUSINESSES

ACQUISITION OF BUSINESSES	6 Months Ended
	Jun. 30, 2024
Disclosure of detailed information about business combination [abstract]
ACQUISITION OF BUSINESSES	ACQUISITION OF BUSINESSES Acquisitions Completed in 2023 a) Acquisition of a Global Intermodal Logistics Operation On September 28, 2023, our company, alongside institutional partners (the “Triton consortium”) completed the acquisition of Triton International Limited (“Triton”), the world’s largest owner and lessor of intermodal shipping containers, for consideration of $1.2 billion (Triton consortium - $4.5 billion). Our company has an effective 28% interest in Triton. Concurrently, our company entered into a voting agreement with an affiliate of Brookfield, providing our company the right to direct the relevant activities of the entity, thereby providing our company with control. Accordingly, our company consolidated the entity effective September 28, 2023. Acquisition costs of approximately $49 million were recorded as other (expense) income within the Consolidated Statement of Operating Results for the year ended December 31, 2023. Consideration Transferred: US$ MILLIONS Cash $ 350 BIPC Exchangeable shares 751 Pre-existing interest in the business 55 Total consideration $ 1,156 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 491 Accounts receivable and other (2) 1,871 Property, plant and equipment 8,811 Intangible assets 710 Goodwill 1,163 Accounts payable and other liabilities (408) Non-recourse borrowings (7,041) Deferred income tax liabilities (444) Net assets acquired before non-controlling interest 5,153 Non-controlling interest (3) (3,997) Net assets acquired $ 1,156 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our company is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Accounts receivable and other primarily comprised of finance lease receivables, trade receivables, and other financial assets. 3. Non-controlling interest includes $641 million of preferred equity instruments transferred as part of the acquisition, the remaining balance represents the interest not acquired by our company, measured at fair value at the acquisition date. Our company acquired intangible assets of $0.7 billion, comprising of customer relationships, brand and technology. The customer relationships acquired in the transaction were valued using a discounted cash flow model and have estimated useful lives of 50 years. The acquired customer relationship assets were valued with key inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model. The brand and technology acquired were valued using a discounted cash flow model and have estimated useful lives ranging between 10 to 50 years with the key inputs being technology migration factors, revenue growth rates, after-tax royalty rates and a discount rate determined using a capital asset pricing model.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
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, 2024: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 466 $ 466 Accounts receivable and other (current and non-current) — 2,241 2,241 Financial assets (current and non-current) (1) 187 — 187 Due from Brookfield Infrastructure — 1,684 1,684 Total $ 187 $ 4,391 $ 4,578 Financial liabilities Accounts payable and other (current and non-current) $ — $ 700 $ 700 Non-recourse borrowings (current and non-current) — 13,088 13,088 Exchangeable and class B shares (2) — 3,622 3,622 Financial liabilities (current and non-current) (1) 47 — 47 Loans payable to Brookfield Infrastructure — 100 100 Total $ 47 $ 17,510 $ 17,557 1. Derivative instruments which are elected for hedge accounting totaling $187 million are included in financial assets and $47 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 539 $ 539 Accounts receivable and other (current and non-current) — 2,218 2,218 Financial assets (current and non-current) (1) 103 — 103 Due from Brookfield Infrastructure — 1,288 1,288 Total $ 103 $ 4,045 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ — $ 837 $ 837 Non-recourse borrowings (current and non-current) — 12,028 12,028 Exchangeable and class B shares (2) — 4,153 4,153 Financial liabilities (1) 75 — 75 Loans payable to Brookfield Infrastructure — 26 26 Total $ 75 $ 17,044 $ 17,119 1. Derivative instruments which are elected for hedge accounting totaling $103 million are included in financial assets and $75 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity. The following table provides the carrying values and fair values of financial instruments as at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 466 $ 466 $ 539 $ 539 Accounts receivable and other (current and non-current) 2,241 2,241 2,218 2,218 Financial assets (current and non-current) 187 187 103 103 Due from Brookfield Infrastructure 1,684 1,684 1,288 1,288 Total $ 4,578 $ 4,578 $ 4,148 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ 700 $ 700 $ 837 $ 837 Non-recourse borrowings (current and non-current) (1) 13,088 12,857 12,028 11,836 Exchangeable and class B shares (2) 3,622 3,622 4,153 4,153 Financial liabilities (current and non-current) 47 47 75 75 Loans payable to Brookfield Infrastructure 100 100 26 26 Total $ 17,557 $ 17,326 $ 17,119 $ 16,927 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 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. 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, 2024, pre-tax net unrealized gains of $7 million and Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds. The fair value of our company’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for our company’ financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2024 December 31, 2023 Interest rate swaps & other Level 2 (1) Financial assets $ 187 $ 103 Financial liabilities 47 75 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, 2024, 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, 2024
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, 2023 $ 3,947 $ (707) $ 1,478 $ 4,718 Additions, net of disposals 468 15 — 483 Acquisitions through business combinations (1) 8,811 — — 8,811 Non-cash additions (11) (5) — (16) Depreciation expense — (252) — (252) Fair value adjustments — — 142 142 Net foreign currency exchange differences 223 (41) 83 265 Balance at December 31, 2023 $ 13,438 $ (990) $ 1,703 $ 14,151 Additions, net of disposals 388 5 — 393 Depreciation expense — (321) — (321) Non-cash disposals (183) (3) — (186) Net foreign currency exchange differences (31) 6 (11) (36) Balance at June 30, 2024 $ 13,612 $ (1,303) $ 1,692 $ 14,001 1. Refer to Note 3, Acquisition of Businesses, for further details.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
Intangible Assets [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS As of US$ MILLIONS June 30, 2024 December 31, 2023 Cost $ 4,164 $ 4,657 Accumulated amortization (903) (958) Total $ 3,261 $ 3,699 Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2024 December 31, 2023 Brazilian regulated gas transmission operation $ 2,547 $ 2,970 Global intermodal logistics operation (1) 693 704 U.K. regulated distribution operation 21 25 Total $ 3,261 $ 3,699 1. Refer to Note 3, Acquisition of Businesses, for further details. The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2024 For the 12 month period ended December 31, 2023 Cost at beginning of the period $ 4,657 $ 3,629 Acquisitions through business combinations (1) — 710 Additions, net of disposals 8 36 Foreign currency translation (501) 282 Ending Balance $ 4,164 $ 4,657 1. Refer to Note 3, Acquisition of Businesses, for further details. The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2024 For the 12 month period ended December 31, 2023 Accumulated amortization at beginning of the period $ (958) $ (782) Amortization (65) (113) Foreign currency translation 120 (63) Ending Balance $ (903) $ (958)

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Balance at beginning of the period $ 1,726 $ 518 Acquisitions through business combinations (1) — 1,163 Foreign currency translation and other (68) 45 Ending Balance $ 1,658 $ 1,726 1. Refer to Note 3, Acquisition of Businesses, for further details Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Impairment is determined by assessing if the carrying value of cash generating units, including allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. There were no impairment indicators noted during the six-month period ended June 30, 2024.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2024
Disclosure of borrowings [Abstract]
BORROWINGS	BORROWINGS Non-Recourse Borrowings As of US$ MILLIONS June 30, 2024 December 31, 2023 Current $ 467 $ 1,021 Non-current 12,621 11,007 Total $ 13,088 $ 12,028

FINANCIAL LIABILITIES

FINANCIAL LIABILITIES	6 Months Ended
	Jun. 30, 2024
Financial Instruments [Abstract]
FINANCIAL LIABILITIES	FINANCIAL LIABILITIES As of US$ MILLIONS June 30, 2024 December 31, 2023 Current: Interest rate swaps $ 46 $ 60 Total current financial liabilities $ 46 $ 60 Non-current: Interest rate swaps $ 1 $ 15 Total non-current financial liabilities $ 1 $ 15 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, 2024, our company issued 126,509 exchangeable shares in connection with exchange requests from BIPC Exchange LP unit holders. Upon issuance, the exchangeable shares were recognized at their fair value. In September 2023, our company issued approximately 21.1 million exchangeable shares in connection with the acquisition of our global intermodal logistics operation. In addition, our company issued approximately 9 million class C shares to Brookfield Infrastructure to partially finance the acquisition. During the six-month period ended June 30, 2024, our shareholders exchanged 7,463 exchangeable shares for an equal number of partnership units. As at June 30, 2024, the exchangeable and class B shares were remeasured to reflect the NYSE closing price of one unit, $27.44 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 $53 million and $106 million on its exchangeable shares outstanding during the three and six-month periods ended June 30, 2024 (2023: $43 million and $85 million). Dividends paid on exchangeable shares are presented as interest expense in the unaudited interim condensed and consolidated statements of operating results. 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, 2023 110,567,671 2 $ 3,426 Share issuance (1) 21,094,441 — 751 Share issuance - BIPC exchangeable LP unit exchanges 220,956 — 10 Shares exchanged to units (11,002) — — Remeasurement of liability — — (34) Balance at December 31, 2023 131,872,066 2 $ 4,153 Share issuance - BIPC exchangeable LP unit exchanges 126,509 — 4 Shares exchanged to units (7,463) — — Remeasurement of liability — — (535) Balance as at June 30, 2024 131,991,112 2 $ 3,622 1. Refer to Note 3, Acquisition of Businesses, for further details 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
	Jun. 30, 2024
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 2024 2023 2024 2023 Gas Transmission $ 337 $ 379 $ 689 $ 721 Leasing 389 — 770 — Distribution 126 96 239 192 Connections 48 53 92 97 Other 8 10 20 25 Total $ 908 $ 538 $ 1,810 $ 1,035 During the three and six-month periods ended June 30, 2024, revenues benefited from the acquisition of our global intermodal logistics operation, along with 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 2024 2023 2024 2023 Brazil $ 338 $ 379 $ 690 $ 721 United Kingdom 183 159 353 314 France 78 — 150 — Switzerland 81 — 151 — Singapore 91 — 144 — China 21 — 64 — Denmark 47 — 87 — Hong Kong 20 — 38 — Germany 12 — 24 — United States 12 — 24 — Other 25 — 85 — Total (1) $ 908 $ 538 $ 1,810 $ 1,035 1. Our company generates the majority of its leasing revenues from international containers which are deployed by customers in a wide variety of global trade routes. Leasing revenue contracts are denominated in U.S. dollars and are disaggregated by geographical region where our customers are domiciled. 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 periods ended June 30, 2024, revenue generated from this customer was $321 million and $660 million, respectively (2023: $379 million and $721 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
	Jun. 30, 2024
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, 2024, and 2023. For the three-month For the six-month US$ MILLIONS 2024 2023 2024 2023 Depreciation and amortization $ 191 $ 57 $ 386 $ 112 Transportation and distribution 50 48 101 97 Compensation 38 18 73 35 Operations and maintenance 37 18 79 36 Cost of inventory — 1 2 3 Other 13 7 27 13 Total $ 329 $ 149 $ 668 $ 296

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [abstract]
EQUITY	EQUITY Our company’s equity is comprised of the following shares: Class C shares Shares outstanding Share capital Balance at January 1, 2023 2,103,677 $ 53 Share issuance 9,013,983 339 Balance at December 31, 2023 and June 30, 2024 11,117,660 $ 392 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
	Jun. 30, 2024
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 $15 million and $31 million, respectively, for the three and six-month periods ended June 30, 2024 (2023: $16 million and $31 million) 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, 2024 revenues of less than $1 million were generated (2023: less than $1 million) and $nil expenses were incurred (2023: $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, CORRA, 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, 2024, $nil (December 31, 2023: $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, 2024, $nil (December 31, 2023: $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. 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, which accrued interest at SOFR plus 200 basis points per annum and matured on May 24, 2024. This loan was non-recourse to our company and was presented as non-recourse borrowings on the unaudited interim and condensed consolidated statements of financial position. Interest accrued during the three and six-month periods ended June 30, 2024 was $3 million and $8 million (2023: $4 million and $4 million), respectively. Upon maturity, the loan was restructured and settled as a non-cash transaction with Brookfield Infrastructure through a combination of settling pre-existing loans and establishing new loan agreements. On March 28, 2023, our company entered into a loan agreement (as lender) with Brookfield Infrastructure for $250 million. On May 24, 2024, the loan was partially settled as part of a non-cash transaction for $200 million and had a balance outstanding of $58 million as of June 30, 2024. The loan is presented as amounts due from Brookfield Infrastructure on the unaudited interim and condensed consolidated statements of financial position. The loan was extended to a maturity date of May 24, 2029 and accrues interest at SOFR plus 210 basis points per annum until May 24, 2026, and thereafter accrues interest at SOFR plus 475 basis points per annum until the maturity date. Interest accrued during the three and six-month periods ended June 30, 2024 was $3 million and $8 million (2023: $4 million and $4 million), respectively. On May 24, 2024, our company entered into an additional loan agreement (as lender) with Brookfield Infrastructure as part of a non-cash transaction for $24 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 210 basis points per annum until May 24, 2026, and thereafter accrues interest at SOFR plus 475 basis points per annum until May 24, 2029, the maturity date. Interest accrued during the three and six-month periods ended June 30, 2024 was less than $1 million. As at June 30, 2024, the balance outstanding on our deposit with Brookfield Infrastructure was $1,602 million (December 31, 2023: $1,038 million). As at June 30, 2024, the demand deposit payable to Brookfield Infrastructure was $nil (December 31, 2023: $26 million) following a non-cash settlement of $26 million on May 24, 2024. The deposit arrangements accrue interest at 0.2% per annum. Interest on each deposit during the three and six-month period ended June 30, 2024 was less than $1 million (2023: less than $1 million). On May 24, 2024, our company entered into loan agreements with Brookfield Infrastructure as part of a non-cash transaction for total cumulative proceeds of $100 million. The loans are presented as loans payable to Brookfield Infrastructure on the unaudited interim and condensed consolidated statements of financial position and accrue interest at SOFR plus 210 basis points per annum until May 24, 2026, and thereafter accrue interest at SOFR plus 475 basis points per annum until May 24, 2029, the maturity date. Interest accrued during the three and six-month periods ended June 30, 2024 was less than $1 million. As at June 30, 2024, our company had accounts payable of $10 million (December 31, 2023: $10 million) to subsidiaries of Brookfield Infrastructure and accounts receivable of $nil (December 31, 2023: $19 million) from subsidiaries of Brookfield Infrastructure.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
Cash Flow Statement [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION For the three-month For the six-month US$ MILLIONS 2024 2023 2024 2023 Interest paid $ 161 $ 129 $ 399 $ 289 Income taxes paid $ 15 $ 40 $ 281 $ 282 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 2024 2023 2024 2023 Accounts receivable $ (29) $ (15) $ 48 $ (25) Accounts payable and other 165 80 (32) (91) Changes in non-cash working capital, net $ 136 $ 65 $ 16 $ (116)

MATERIAL ACCOUNTING POLICY IN_2

MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023 (“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 9, 2024.
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.

ACQUISITION OF BUSINESSES (Tabl

ACQUISITION OF BUSINESSES (Tables)	6 Months Ended
	Jun. 30, 2024
ACQUISITION OF BUSINESS [Abstract]
Disclosure of detailed information about business combination	Consideration Transferred: US$ MILLIONS Cash $ 350 BIPC Exchangeable shares 751 Pre-existing interest in the business 55 Total consideration $ 1,156 Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 491 Accounts receivable and other (2) 1,871 Property, plant and equipment 8,811 Intangible assets 710 Goodwill 1,163 Accounts payable and other liabilities (408) Non-recourse borrowings (7,041) Deferred income tax liabilities (444) Net assets acquired before non-controlling interest 5,153 Non-controlling interest (3) (3,997) Net assets acquired $ 1,156 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our company is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Accounts receivable and other primarily comprised of finance lease receivables, trade receivables, and other financial assets. 3. Non-controlling interest includes $641 million of preferred equity instruments transferred as part of the acquisition, the remaining balance represents the interest not acquired by our company, measured at fair value at the acquisition date.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 466 $ 466 Accounts receivable and other (current and non-current) — 2,241 2,241 Financial assets (current and non-current) (1) 187 — 187 Due from Brookfield Infrastructure — 1,684 1,684 Total $ 187 $ 4,391 $ 4,578 Financial liabilities Accounts payable and other (current and non-current) $ — $ 700 $ 700 Non-recourse borrowings (current and non-current) — 13,088 13,088 Exchangeable and class B shares (2) — 3,622 3,622 Financial liabilities (current and non-current) (1) 47 — 47 Loans payable to Brookfield Infrastructure — 100 100 Total $ 47 $ 17,510 $ 17,557 1. Derivative instruments which are elected for hedge accounting totaling $187 million are included in financial assets and $47 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 539 $ 539 Accounts receivable and other (current and non-current) — 2,218 2,218 Financial assets (current and non-current) (1) 103 — 103 Due from Brookfield Infrastructure — 1,288 1,288 Total $ 103 $ 4,045 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ — $ 837 $ 837 Non-recourse borrowings (current and non-current) — 12,028 12,028 Exchangeable and class B shares (2) — 4,153 4,153 Financial liabilities (1) 75 — 75 Loans payable to Brookfield Infrastructure — 26 26 Total $ 75 $ 17,044 $ 17,119 1. Derivative instruments which are elected for hedge accounting totaling $103 million are included in financial assets and $75 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity.
Disclosure of classification of financial liabilities	The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2024: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 466 $ 466 Accounts receivable and other (current and non-current) — 2,241 2,241 Financial assets (current and non-current) (1) 187 — 187 Due from Brookfield Infrastructure — 1,684 1,684 Total $ 187 $ 4,391 $ 4,578 Financial liabilities Accounts payable and other (current and non-current) $ — $ 700 $ 700 Non-recourse borrowings (current and non-current) — 13,088 13,088 Exchangeable and class B shares (2) — 3,622 3,622 Financial liabilities (current and non-current) (1) 47 — 47 Loans payable to Brookfield Infrastructure — 100 100 Total $ 47 $ 17,510 $ 17,557 1. Derivative instruments which are elected for hedge accounting totaling $187 million are included in financial assets and $47 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized cost Total Financial assets Cash and cash equivalents $ — $ 539 $ 539 Accounts receivable and other (current and non-current) — 2,218 2,218 Financial assets (current and non-current) (1) 103 — 103 Due from Brookfield Infrastructure — 1,288 1,288 Total $ 103 $ 4,045 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ — $ 837 $ 837 Non-recourse borrowings (current and non-current) — 12,028 12,028 Exchangeable and class B shares (2) — 4,153 4,153 Financial liabilities (1) 75 — 75 Loans payable to Brookfield Infrastructure — 26 26 Total $ 75 $ 17,044 $ 17,119 1. Derivative instruments which are elected for hedge accounting totaling $103 million are included in financial assets and $75 million are included in financial liabilities. 2. Class C shares are also classified as financial liabilities due to their cash redemption feature. However, the class C shares meet certain qualifying criteria and are presented as equity. See Note 12, Equity.
Carrying and fair values of financial assets	The following table provides the carrying values and fair values of financial instruments as at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 466 $ 466 $ 539 $ 539 Accounts receivable and other (current and non-current) 2,241 2,241 2,218 2,218 Financial assets (current and non-current) 187 187 103 103 Due from Brookfield Infrastructure 1,684 1,684 1,288 1,288 Total $ 4,578 $ 4,578 $ 4,148 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ 700 $ 700 $ 837 $ 837 Non-recourse borrowings (current and non-current) (1) 13,088 12,857 12,028 11,836 Exchangeable and class B shares (2) 3,622 3,622 4,153 4,153 Financial liabilities (current and non-current) 47 47 75 75 Loans payable to Brookfield Infrastructure 100 100 26 26 Total $ 17,557 $ 17,326 $ 17,119 $ 16,927 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 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. US$ MILLIONS Fair value June 30, 2024 December 31, 2023 Interest rate swaps & other Level 2 (1) Financial assets $ 187 $ 103 Financial liabilities 47 75 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, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 466 $ 466 $ 539 $ 539 Accounts receivable and other (current and non-current) 2,241 2,241 2,218 2,218 Financial assets (current and non-current) 187 187 103 103 Due from Brookfield Infrastructure 1,684 1,684 1,288 1,288 Total $ 4,578 $ 4,578 $ 4,148 $ 4,148 Financial liabilities Accounts payable and other (current and non-current) $ 700 $ 700 $ 837 $ 837 Non-recourse borrowings (current and non-current) (1) 13,088 12,857 12,028 11,836 Exchangeable and class B shares (2) 3,622 3,622 4,153 4,153 Financial liabilities (current and non-current) 47 47 75 75 Loans payable to Brookfield Infrastructure 100 100 26 26 Total $ 17,557 $ 17,326 $ 17,119 $ 16,927 1. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 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. US$ MILLIONS Fair value June 30, 2024 December 31, 2023 Interest rate swaps & other Level 2 (1) Financial assets $ 187 $ 103 Financial liabilities 47 75 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
	Jun. 30, 2024
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, 2023 $ 3,947 $ (707) $ 1,478 $ 4,718 Additions, net of disposals 468 15 — 483 Acquisitions through business combinations (1) 8,811 — — 8,811 Non-cash additions (11) (5) — (16) Depreciation expense — (252) — (252) Fair value adjustments — — 142 142 Net foreign currency exchange differences 223 (41) 83 265 Balance at December 31, 2023 $ 13,438 $ (990) $ 1,703 $ 14,151 Additions, net of disposals 388 5 — 393 Depreciation expense — (321) — (321) Non-cash disposals (183) (3) — (186) Net foreign currency exchange differences (31) 6 (11) (36) Balance at June 30, 2024 $ 13,612 $ (1,303) $ 1,692 $ 14,001 1. Refer to Note 3, Acquisition of Businesses, for further details.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets [Abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill	As of US$ MILLIONS June 30, 2024 December 31, 2023 Cost $ 4,164 $ 4,657 Accumulated amortization (903) (958) Total $ 3,261 $ 3,699 The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month period ended June 30, 2024 For the 12 month period ended December 31, 2023 Cost at beginning of the period $ 4,657 $ 3,629 Acquisitions through business combinations (1) — 710 Additions, net of disposals 8 36 Foreign currency translation (501) 282 Ending Balance $ 4,164 $ 4,657 1. Refer to Note 3, Acquisition of Businesses, for further details. The following table presents the accumulated amortization for our company’s intangible assets: US$ MILLIONS For the six-month period ended June 30, 2024 For the 12 month period ended December 31, 2023 Accumulated amortization at beginning of the period $ (958) $ (782) Amortization (65) (113) Foreign currency translation 120 (63) Ending Balance $ (903) $ (958)
Disclosure of detailed information about intangible assets	Intangible assets are allocated to the following cash generating units: As of US$ MILLIONS June 30, 2024 December 31, 2023 Brazilian regulated gas transmission operation $ 2,547 $ 2,970 Global intermodal logistics operation (1) 693 704 U.K. regulated distribution operation 21 25 Total $ 3,261 $ 3,699

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Balance at beginning of the period $ 1,726 $ 518 Acquisitions through business combinations (1) — 1,163 Foreign currency translation and other (68) 45 Ending Balance $ 1,658 $ 1,726 1. Refer to Note 3, Acquisition of Businesses, for further details

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2024
Disclosure of borrowings [Abstract]
Disclosure of detailed information about borrowings	As of US$ MILLIONS June 30, 2024 December 31, 2023 Current $ 467 $ 1,021 Non-current 12,621 11,007 Total $ 13,088 $ 12,028

FINANCIAL LIABILTIES (Tables)

FINANCIAL LIABILTIES (Tables)	6 Months Ended
	Jun. 30, 2024
Financial Instruments [Abstract]
Disclosure of financial liabilities	As of US$ MILLIONS June 30, 2024 December 31, 2023 Current: Interest rate swaps $ 46 $ 60 Total current financial liabilities $ 46 $ 60 Non-current: Interest rate swaps $ 1 $ 15 Total non-current financial liabilities $ 1 $ 15 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, 2023 110,567,671 2 $ 3,426 Share issuance (1) 21,094,441 — 751 Share issuance - BIPC exchangeable LP unit exchanges 220,956 — 10 Shares exchanged to units (11,002) — — Remeasurement of liability — — (34) Balance at December 31, 2023 131,872,066 2 $ 4,153 Share issuance - BIPC exchangeable LP unit exchanges 126,509 — 4 Shares exchanged to units (7,463) — — Remeasurement of liability — — (535) Balance as at June 30, 2024 131,991,112 2 $ 3,622 1. Refer to Note 3, Acquisition of Businesses, for further details

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Gas Transmission $ 337 $ 379 $ 689 $ 721 Leasing 389 — 770 — Distribution 126 96 239 192 Connections 48 53 92 97 Other 8 10 20 25 Total $ 908 $ 538 $ 1,810 $ 1,035 The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2024 2023 2024 2023 Brazil $ 338 $ 379 $ 690 $ 721 United Kingdom 183 159 353 314 France 78 — 150 — Switzerland 81 — 151 — Singapore 91 — 144 — China 21 — 64 — Denmark 47 — 87 — Hong Kong 20 — 38 — Germany 12 — 24 — United States 12 — 24 — Other 25 — 85 — Total (1) $ 908 $ 538 $ 1,810 $ 1,035 1. Our company generates the majority of its leasing revenues from international containers which are deployed by customers in a wide variety of global trade routes. Leasing revenue contracts are denominated in U.S. dollars and are disaggregated by geographical region where our customers are domiciled.

DIRECT OPERATING COSTS (Tables)

DIRECT OPERATING COSTS (Tables)	6 Months Ended
	Jun. 30, 2024
Direct Operating Costs [Abstract]
Disclosure Of Detailed Information On Operating Costs	For the three-month For the six-month US$ MILLIONS 2024 2023 2024 2023 Depreciation and amortization $ 191 $ 57 $ 386 $ 112 Transportation and distribution 50 48 101 97 Compensation 38 18 73 35 Operations and maintenance 37 18 79 36 Cost of inventory — 1 2 3 Other 13 7 27 13 Total $ 329 $ 149 $ 668 $ 296

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [abstract]
Disclosure of classes of share capital	Our company’s equity is comprised of the following shares: Class C shares Shares outstanding Share capital Balance at January 1, 2023 2,103,677 $ 53 Share issuance 9,013,983 339 Balance at December 31, 2023 and June 30, 2024 11,117,660 $ 392

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Cash Flow Statement [Abstract]
Disclosure Of Interest And Income Taxes Paid	For the three-month For the six-month US$ MILLIONS 2024 2023 2024 2023 Interest paid $ 161 $ 129 $ 399 $ 289 Income taxes paid $ 15 $ 40 $ 281 $ 282
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 2024 2023 2024 2023 Accounts receivable $ (29) $ (15) $ 48 $ (25) Accounts payable and other 165 80 (32) (91) Changes in non-cash working capital, net $ 136 $ 65 $ 16 $ (116)

ACQUISITION OF BUSINESSES - Add

ACQUISITION OF BUSINESSES - Additional Information (Details) $ in Millions	Sep. 28, 2023 USD ($)
Triton International Limited
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary	28%
Total consideration	$ 1,156
Acquisition-related costs	49
Non-controlling interest in acquiree recognised at acquisition date	3,997
Intangible assets	$ 710
Triton International Limited | Customer-related intangible assets [member]
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	50 years
Triton International Limited | Brand names [member] | Bottom of range
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	10 years
Triton International Limited | Brand names [member] | Top of range
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	50 years
Triton International Limited | Consortium
Disclosure of detailed information about business combination [line items]
Total consideration	$ 4,500
Triton International Limited, Preferred Equity Instruments
Disclosure of detailed information about business combination [line items]
Non-controlling interest in acquiree recognised at acquisition date	$ 641

ACQUISITION OF BUSINESSES - Pur

ACQUISITION OF BUSINESSES - Purchase Price Allocation (Details) $ in Millions	Sep. 28, 2023 USD ($)
Triton International Limited
Consideration transferred
Cash	$ 350
BIPC exchangeable shares	751
Pre-existing interest in the business	55
Total consideration	1,156
Fair value of assets and liabilities acquired
Cash and cash equivalents	491
Account receivable and other	1,871
Property, plant and equipment	8,811
Intangible assets	710
Goodwill	1,163
Accounts payable and other liabilities	(408)
Non-recourse borrowings	(7,041)
Deferred income tax liabilities	(444)
Net assets acquired before non-controlling interest	5,153
Non-controlling interest	(3,997)
Net assets acquired	1,156
Triton International Limited, Preferred Equity Instruments
Fair value of assets and liabilities acquired
Non-controlling interest	$ (641)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Financial assets	$ 4,578	$ 4,148
Financial liabilities	17,557	17,119
Hedge accounting, financial assets	187	103
Hedge accounting, financial liabilities	47	75
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	47	75
Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	17,510	17,044
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	700	837
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	700	837
Non-recourse borrowings (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	13,088	12,028
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	13,088	12,028
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities	3,622	4,153
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	3,622	4,153
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities	47	75
Financial liabilities (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial liabilities	47	75
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	100	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	100	26
Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	187	103
Amortized cost
Disclosure of financial liabilities [line items]
Financial assets	4,391	4,045
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	466	539
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	466	539
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	2,241	2,218
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	2,241	2,218
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	187	103
Financial assets (current and non-current) | Fair value through profit or loss
Disclosure of financial liabilities [line items]
Financial assets	187	103
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	1,684	1,288
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	$ 1,684	$ 1,288

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Financial assets	$ 4,578	$ 4,148
Fair Value	4,578	4,148
Financial liabilities, carrying	17,557	17,119
Financial liabilities, fair value	17,326	16,927
Accounts payable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	700	837
Financial liabilities, fair value	700	837
Non-recourse borrowings
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	13,088	12,028
Financial liabilities, fair value	12,857	11,836
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	3,622	4,153
Financial liabilities, fair value	3,622	4,153
Financial liabilities (current and non-current)
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	47	75
Financial liabilities, fair value	47	75
Loans payable to Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial liabilities, carrying	100	26
Financial liabilities, fair value	100	26
Cash and cash equivalents
Disclosure of financial liabilities [line items]
Financial assets	466	539
Fair Value	466	539
Accounts receivable and other (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	2,241	2,218
Fair Value	2,241	2,218
Financial assets (current and non-current)
Disclosure of financial liabilities [line items]
Financial assets	187	103
Fair Value	187	103
Due from Brookfield Infrastructure
Disclosure of financial liabilities [line items]
Financial assets	1,684	1,288
Fair Value	$ 1,684	$ 1,288

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	$ 1		$ 1		$ 15
Cash flow hedges	7	$ (7)	16	$ (12)
Cash flow hedges | Financial assets at fair value through other comprehensive income, category
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Derivative financial assets	$ 140		$ 140		$ 28

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	$ 1	$ 15
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	47	75
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	$ 187	$ 103

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Net Book Value (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 14,151	$ 4,718
Additions, net of disposals	393	483
Acquisitions through business combinations(1)		8,811
Non-cash additions	186	(16)
Depreciation expense	(321)	(252)
Fair value adjustments		142
Net foreign currency exchange differences	(36)	265
Ending balance	14,001	14,151
Gross Carrying Amount:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	13,438	3,947
Additions, net of disposals	388	468
Acquisitions through business combinations(1)		8,811
Non-cash additions	183	(11)
Depreciation expense	0	0
Fair value adjustments		0
Net foreign currency exchange differences	(31)	223
Ending balance	13,612	13,438
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(990)	(707)
Additions, net of disposals	5	15
Acquisitions through business combinations(1)		0
Non-cash additions	3	(5)
Depreciation expense	(321)	(252)
Fair value adjustments		0
Net foreign currency exchange differences	6	(41)
Ending balance	(1,303)	(990)
Accumulated fair value adjustments
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,703	1,478
Additions, net of disposals	0	0
Acquisitions through business combinations(1)		0
Non-cash additions	0	0
Depreciation expense	0	0
Fair value adjustments		142
Net foreign currency exchange differences	(11)	83
Ending balance	$ 1,692	$ 1,703

INTANGIBLE ASSETS - Net Amounts

INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ 3,261	$ 3,699
Cost
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	4,164	4,657	$ 3,629
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Net intangible assets	$ (903)	$ (958)	$ (782)

INTANGIBLE ASSETS - Cash Genera

INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of information for cash-generating units [line items]
Total	$ 3,261	$ 3,699
Brazilian regulated gas transmission operation
Disclosure of information for cash-generating units [line items]
Total	2,547	2,970
Global intermodal logistics operation(1)
Disclosure of information for cash-generating units [line items]
Total	693	704
U.K. regulated distribution operation
Disclosure of information for cash-generating units [line items]
Total	$ 21	$ 25

INTANGIBLE ASSETS - Reconciliat

INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	$ 3,699
Cost at end of year	3,261	$ 3,699
Cost
Reconciliation of changes in intangible assets other than goodwill
Cost at beginning of the year	4,657	3,629
Acquisitions through business combinations(1)	0	710
Additions, net of disposals	8	36
Foreign currency translation	(501)	282
Cost at end of year	$ 4,164	$ 4,657

INTANGIBLE ASSETS - Accumulated

INTANGIBLE ASSETS - Accumulated Amortization (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	$ 3,699
Cost at end of year	3,261	$ 3,699
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Cost at beginning of the year	(958)	(782)
Amortization	(65)	(113)
Foreign currency translation	120	(63)
Cost at end of year	$ (903)	$ (958)

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	$ 1,726
Balance at end of year	1,658	$ 1,726
Goodwill
Disclosure of reconciliation of changes in goodwill [line items]
Balance at beginning of year	1,726	518
Acquisitions through business combinations(1)	0	1,163
Foreign currency translation and other	(68)	45
Balance at end of year	$ 1,658	$ 1,726

BORROWINGS - Non-Recourse Borro

BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Current	$ 467	$ 1,021
Non-current	12,621	11,007
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Total	$ 13,088	$ 12,028

BORROWINGS - Additional Informa

BORROWINGS - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	May 24, 2024	Dec. 31, 2023	Mar. 28, 2023
Brookfield Infrastructure
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0	$ 200	$ 0
Subsidiary of Common Parent | Brookfield Infrastructure
Disclosure of detailed information about borrowings [line items]
Borrowings	58	$ 24		$ 250
Non-recourse borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings	13,088		$ 12,028
Non-recourse borrowings | U.K. Regulated Distribution Business and Brazilian Regulated Gas Transmission Business
Disclosure of detailed information about borrowings [line items]
Increase (decrease) in borrowings	$ 1,600

FINANCIAL LIABILITIES (Details)

FINANCIAL LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current:
Foreign currency forward contracts	$ 46	$ 60
Total current financial liabilities	46	60
Interest rate swaps	1	15
Total non-current financial liabilities	$ 1	$ 15

FINANCIAL LIABILITIES - Additio

FINANCIAL LIABILITIES - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Exchangeable shares issued (in shares)	21,100,000
Dividends recognised as distributions to owners		$ 53	$ 43	$ 106	$ 85
Class C Shares
Disclosure of detailed information about financial instruments [line items]
Exchangeable shares issued (in shares)	9,000,000
Share capital | Exchangeable Shares
Disclosure of detailed information about financial instruments [line items]
Share issuance, exchangeable share conversion (in shares)				126,509		220,956
Exchangeable share conversion, shares (in shares)				7,463		11,002
Number of share issued, price per share (in dollars per share)		$ 27.44		$ 27.44

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			$ 4,153
Remeasurement of liability	$ 498	$ (301)	535	$ (608)
Exchangeable share liability, end	3,622		3,622		$ 4,153
Exchangeable and class B Shares
Disclosure of financial liabilities [line items]
Exchangeable share liability, beginning			4,153	$ 3,426	3,426
Share issuance - BIPC exchangeable LP unit exchanges			4		10
Exchangeable share conversion, value			0		0
Remeasurement of liability			(535)		(34)
Exchangeable share liability, end	$ 3,622		$ 3,622		4,153
Share issuance					$ 751
Share capital | Exchangeable Shares
Disclosure of financial liabilities [line items]
Number of shares outstanding at beginning of period (in shares)			131,872,066	110,567,671	110,567,671
Share issuance, exchangeable share conversion (in shares)			126,509		220,956
Exchangeable share conversion, shares (in shares)			(7,463)		(11,002)
Remeasurement of liability, shares (in shares)			0		0
Share Issuance (in shares)					21,094,441
Number of shares outstanding at end of period (in shares)	131,991,112		131,991,112		131,872,066
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
Share Issuance (in shares)					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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [line items]
Revenue	$ 908	$ 538	$ 1,810	$ 1,035
Gas Transmission
Disclosure of operating segments [line items]
Revenue	337	379	689	721
Leasing
Disclosure of operating segments [line items]
Revenue	389	0	770	0
Distribution
Disclosure of operating segments [line items]
Revenue	126	96	239	192
Connections
Disclosure of operating segments [line items]
Revenue	48	53	92	97
Other
Disclosure of operating segments [line items]
Revenue	$ 8	$ 10	$ 20	$ 25

REVENUE - Geographic Informatio

REVENUE - Geographic Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($)
Disclosure of geographical areas [line items]
Revenues	$ 908	$ 538	$ 1,810	$ 1,035
One Customer
Disclosure of geographical areas [line items]
Revenues	321	379	660	721
Brazil
Disclosure of geographical areas [line items]
Revenues	338	379	690	721
United Kingdom
Disclosure of geographical areas [line items]
Revenues	183	159	353	314
France
Disclosure of geographical areas [line items]
Revenues	78	0	150	0
Switzerland
Disclosure of geographical areas [line items]
Revenues	81	0	151	0
Singapore
Disclosure of geographical areas [line items]
Revenues	91	0	144	0
China
Disclosure of geographical areas [line items]
Revenues	21	0	64	0
Denmark
Disclosure of geographical areas [line items]
Revenues	47	0	87	0
Hong Kong
Disclosure of geographical areas [line items]
Revenues	20	0	38	0
Germany
Disclosure of geographical areas [line items]
Revenues	12	0	24	0
United States
Disclosure of geographical areas [line items]
Revenues	12	0	24	0
Other
Disclosure of geographical areas [line items]
Revenues	$ 25	$ 0	$ 85	$ 0
Partnership's Sales Revenue, Net | Customer Concentration Risk 1
Disclosure of geographical areas [line items]
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Direct Operating Costs [Abstract]
Depreciation and amortization	$ 191	$ 57	$ 386	$ 112
Transportation and distribution	50	48	101	97
Compensation	38	18	73	35
Operations and maintenance	37	18	79	36
Cost of inventory	0	1	2	3
Other	13	7	27	13
Total	$ 329	$ 149	$ 668	$ 296

EQUITY - Shares (Details)

EQUITY - Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Partnership Units [Line Items]
Equity		$ 3,530	$ 2,916	$ 4,068	$ (764)	$ (648)	$ (361)
Class C Shares
Schedule of Partnership Units [Line Items]
Number of shares outstanding (in shares)		11,117,660,000,000
Share Issuance (in shares)	9,000,000	9,013,983,000,000
Share capital
Schedule of Partnership Units [Line Items]
Equity		$ 392	$ 392	$ 392	$ 53	$ 53
Share capital | Class C Shares
Schedule of Partnership Units [Line Items]
Number of shares outstanding (in shares)				2,103,677,000,000
Equity		392		$ 53
Issue of equity	$ 339	$ 339
Number of share issued, price per share (in dollars per share)	$ 37.64

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($)	Mar. 28, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) agreement $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	May 24, 2024 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			$ 1,684		1,684		1,288
Interest expense, related party transactions			1	$ 1	1	$ 1
Amounts receivable, related party transactions			0		$ 0		19
AusNet Services Ltd
Disclosure of transactions between related parties [line items]
Gain on disposition	$ 32
Reclassification adjustments on exchange differences on translation of foreign operations, net of tax	$ 28
Australian Regulated Utility Operation
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate	7.90%
Proceeds from sales of interests in associates	$ 435
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	$ 200
Due from Brookfield Infrastructure			1,602		1,602		1,038
Interest expense, related party transactions			$ 3	4	$ 8	4
Borrowings, interest rate			0.20%		0.20%
Repayments of borrowings, classified as financing activities		$ 26			$ 0
Brookfield Infrastructure | Loans Payable to Brookfield Infrastructure
Disclosure of transactions between related parties [line items]
Interest expense, related party transactions			$ 1		$ 1
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			15	$ 16	$ 31	$ 31
Subsidiary of Common Parent
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions			10		10		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	58		58			24
Interest expense, related party transactions			$ 1		$ 1
Borrowings, adjustment to interest rate basis		2.10%
Subsidiary of Common Parent | Brookfield Infrastructure | Loans Payable to Brookfield Infrastructure
Disclosure of transactions between related parties [line items]
Subsidiary and corporate borrowings								$ 100
Subsidiary of Common Parent | Brookfield Infrastructure | Loans Payable to Brookfield Infrastructure, Until June 30, 2026
Disclosure of transactions between related parties [line items]
Borrowings, adjustment to interest rate basis		2%						2.10%
Subsidiary of Common Parent | Brookfield Infrastructure | Loans Payable to Brookfield Infrastructure, Until May 24, 2029
Disclosure of transactions between related parties [line items]
Borrowings, adjustment to interest rate basis								4.75%

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash Flow Statement [Abstract]
Interest paid	$ 161	$ 129	$ 399	$ 289
Income taxes paid	$ 15	$ 40	$ 281	$ 282

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash Flow Statement [Abstract]
Accounts receivable	$ (29)	$ (15)	$ 48	$ (25)
Accounts payable and other	165	80	(32)	(91)
Changes in non-cash working capital, net	$ 136	$ 65	$ 16	$ (116)