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ACQUISITION OF BUSINESSES (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure of detailed information about business combination [abstract] |
Disclosure of detailed information about business combinations | Consideration transferred
US$ MILLIONS |
Cash | $ | 67 |
Senior notes(2) | 141 |
Working capital credit facility | 19 |
Total consideration | $ | 227 |
(1) | The total consideration through the Brookfield-sponsored partnership includes $170 million cash, $357 million in fair value of the Senior notes and $48 million of a working capital facility.
(2) | On the date of acquisition of the North American gas storage operation Brookfield Infrastructure held a pre-existing interest in the Senior notes of $117 million, representing the original cost of $104 million and $13 million of income recorded as Other income on the Consolidated Statement of Operating Results in prior periods. On the acquisition date, Brookfield Infrastructure recorded an additional $24 million of Other income on the Consolidated Statement of Operating Results associated with the recycling of accumulated mark-to-market gains on revaluation of the Senior notes, which was equivalent to fair value.
Fair value of assets and liabilities acquired as of July 19, 2016
US$ MILLIONS |
Cash and cash equivalents | $ | 15 |
Accounts receivable and other | 99 |
Inventory | 39 |
Property, plant and equipment | 825 |
Goodwill | 82 |
Deferred income tax and other liabilities | (148 | )
Non-recourse borrowings | (337 | )
Net assets acquired before non-controlling interest | 575 |
Non-controlling interest(1) | (348 | )
Net assets acquired | $ | 227 |
(1) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure and was measured at fair value on the acquisition date
Consideration transferred
US$ MILLIONS |
Cash | $ | 1,306 |
Consideration payable(1) | 262 |
Total Consideration | $ | 1,568 |
Fair value of assets and liabilities acquired as of April 4, 2017:
US$ MILLIONS |
Cash and cash equivalents | $ | 89 |
Accounts receivable and other | 317 |
Intangible assets(2) | 5,515 |
Goodwill | 804 |
Accounts payable and other liabilities | (202 | )
Deferred income tax liabilities | (946 | )
Net assets acquired before non-controlling interest | 5,577 |
Non-controlling interest(3) | (4,009 | )
Net assets acquired | 1,568 |
(1) | The deferred consideration is payable on the fifth anniversary of the date of acquisition and has therefore been initially recorded at fair value within non-current financial liabilities on the consolidated statements of financial position. The deferred consideration is denominated in U.S. dollars and accrues interest at 3.35% compounded annually. The financial liability will be subsequently measured at amortized cost.
(2) | Represents authorizations that expire between 2039 and 2041.
(3) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
The following table summarizes the purchase price allocation of individually insignificant business combinations that have been completed during the twelve-month periods ended December 31, 2017.
US$ MILLIONS |
Cash | $ | 9 |
Consideration payable | 18 |
Total consideration | $ | 27 |
Fair value of assets and liabilities acquired (provisional):
US$ MILLIONS |
Accounts receivable and other | $ | 28 |
Goodwill | 11 |
Property, plant and equipment | 100 |
Deferred income tax and other liabilities | (31 | )
Non-recourse borrowings | (30 | )
Net assets acquired before non-controlling interest | 78 |
Non-controlling interest(1) | (51 | )
Net assets acquired | $ | 27 |
(1) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.
Consideration transferred
US$ MILLIONS |
Cash | $ | 13 |
Common shares of Asciano Limited | 132 |
Total consideration | $ | 145 |
Fair value of assets and liabilities acquired as of August 18, 2016
US$ MILLIONS |
Cash and cash equivalents | $ | 12 |
Accounts receivable and other | 233 |
Assets classified as held for sale(1) | 115 |
Property, plant and equipment | 225 |
Intangible assets | 69 |
Goodwill | 199 |
Liabilities directly associated with assets classified as held for sale(1) | (58 | )
Deferred income tax and other liabilities | (109 | )
Non-recourse borrowings | (181 | )
Net assets acquired before non-controlling interest | 505 |
Non-controlling interest(2) | (360 | )
Net assets acquired | $ | 145 |
(1) | $115 million of equity accounted investments and $58 million of non-recourse borrowings relate to a non-core business acquired as part of the acquisition of the Australian ports business which was sold in the fourth quarter of 2016. The net proceeds recorded approximated the carrying value of the business and therefore no gain or loss on disposition was recorded.
(2) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date
Consideration transferred
US$ MILLIONS |
Cash | $ | 118 |
Consideration payable(1) | 9 |
Total consideration | $ | 127 |
Fair value of assets and liabilities acquired as of June 28, 2016
US$ MILLIONS |
Cash and cash equivalents(2) | $ | 115 |
Accounts receivable and other | 121 |
Property, plant and equipment | 6 |
Intangible assets(3) | 973 |
Goodwill | 139 |
Deferred income tax and other liabilities | (160 | )
Non-recourse borrowings | (441 | )
Net assets acquired before non-controlling interest | 753 |
Non-controlling interest(4) | (626 | )
Net assets acquired | $ | 127 |
(1) | The purchase price is payable in a series of four payments, one on the date of acquisition as well as three equal payments made 18 months, 27 months and 36 months subsequent to this date and consequently an amount payable of $9 million is recorded as a financial liability within the consolidated statements of financial position as at December 31, 2016.
(2) | Includes $114 million of restricted cash primarily related to toll road construction obligations.
(3) | Represents a 30 year Peruvian toll road service concession agreement expiring in January 2043. The agreement obligates Rutas to maintain the toll roads to an acceptable standard in exchange for the ability to charge regulated tariffs to the users of the toll road.
(4) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date
Consideration transferred
US$ MILLIONS |
Cash | $ | 42 |
Total consideration | $ | 42 |
Fair value of assets and liabilities acquired as of March 1, 2016
US$ MILLIONS |
Accounts receivable and other | $ | 38 |
Property, plant and equipment | 7 |
Financial assets | 142 |
Intangible assets | 147 |
Deferred income tax assets | 10 |
Accounts payable and other | (38 | )
Non-recourse borrowings | (202 | )
Net assets acquired before non-controlling interest | 104 |
Non-controlling interest(1) | (62 | )
Net assets acquired | $ | 42 |
(1) | Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date which is equal to the consideration paid by the non-controlling interest

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