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INVESTMENT IN ASSOCIATES AND JOINT VENTURES
 6 Months Ended
Jun. 30, 2018
Interests In Other Entities [Abstract]  
INVESTMENT IN ASSOCIATES AND JOINT VENTURES
INVESTMENT IN ASSOCIATES AND JOINT VENTURES
The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS
For the six-month period ended June 30, 2018
 
For the 12 month period ended December 31, 2017
Balance at beginning of period
$
5,572

 
$
4,727

Share of (losses) earnings for the period(1)
(4
)
 
118

Foreign currency translation and other
(325
)
 
167

Share of other reserves for the period—OCI
63

 
183

Distributions
(20
)
 
(66
)
Disposition of interest(1),(2)
(951
)
 
(177
)
Acquisitions(3),(4)
72

 
620

Ending Balance
$
4,407

 
$
5,572

1.
In March 2018, Brookfield Infrastructure sold its ownership in ETC Transmission Holdings, a Chilean electricity transmission operation, for $1.3 billion. On disposition, Brookfield Infrastructure recognized a gain on sale of $338 million ($209 million, net of taxes) presented within gain on sale of associate on the Consolidated Statements of Operating Results. In association with the gain, $35 million of accumulated other comprehensive losses were reclassified to share of losses from associates and joint ventures on the Consolidated Statements of Operating Results. Please refer to Note 4 Disposition of Chilean Electricity Transmission Operation for additional details.
2.
In August 2017, Brookfield Infrastructure and its institutional partners reorganized the holding entities of its investment in the Brazilian toll road operation. This transaction resulted in no gain or loss being recorded within the Consolidated Statements of Operating Results. The reorganization resulted in Brookfield Infrastructure no longer consolidating a portion of the investment attributable to an institutional partner representing approximately an 8% stake. The reorganization concurrently reduced the investments in associates and joint venture and non-controlling interest partnership capital balances by $177 million during the third quarter of 2017.
3.
In May 2017, Brookfield Infrastructure and its partner in its North American natural gas transmission operation each injected $200 million into the business to pay down operating level debt.
4.
Throughout 2017, Brookfield Infrastructure, alongside an institutional partner, injected $349 million into the Brazilian toll road operation for growth capital expenditure requirements increasing our partnership’s ownership to 45%. No injection was made during the six-month period ended June 30, 2018.
The following table represents the carrying value of our partnership’s investments in associates and joint ventures:
 
As of
US$ MILLIONS
June 30, 2018
 
December 31, 2017
Brazilian toll road operation
$
1,467

 
$
1,715

North American natural gas transmission operation
1,034

 
1,013

European telecommunications infrastructure operation
638

 
614

Brazilian rail operation
375

 
436

Australian ports operation
176

 
191

Chilean electricity transmission operation
—

 
930

Other associates(1)
717

 
673

Ending Balance
$
4,407

 
$
5,572

1.
Other includes our partnership’s Texas electricity transmission project, Brazilian electricity transmission operation, European port operation, North American west coast container terminal, U.S. gas storage operation and other investments in associates and joint ventures held by consolidated subsidiaries.
The following tables summarize the aggregate balances of investments in associates on a 100% basis:
 
As of
US$ MILLIONS
June 30, 2018
 
December 31, 2017
Financial position:
 
 
 
Total assets
$
31,412

 
$
40,375

Total liabilities
(15,950
)
 
(20,575
)
Net assets
$
15,462

 
$
19,800

 
For the three-month
period ended June 30
 
For the six-month
period ended June 30
US$ MILLIONS
2018

 
2017

 
2018

 
2017

Financial performance:
 
 
 
 
 
 
 
Total revenue
$
1,406

 
$
1,629

 
$
2,973

 
$
3,074

Total income for the period
32

 
122

 
96

 
181

Brookfield Infrastructure’s share of net income before reclassification
1

 
36

 
31

 
59

Reclassification of previously recognized foreign currency movements(1)
—

 
—

 
(35
)
 
—

Brookfield Infrastructure’s share of net income (loss)
$
1

 
$
36

 
$
(4
)
 
$
59

1.
In March 2018, Brookfield Infrastructure sold its ownership in ETC Transmission Holdings. In conjunction with the sale, $35 million of accumulated other comprehensive losses were reclassified to the Consolidated Statement of Operating Results and recorded within share of losses from associates and joint ventures.