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INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2018
Interests In Other Entities [Abstract] |
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | INVESTMENT IN ASSOCIATES AND JOINT VENTURES Our partnership’s investment in associates and joint ventures are reviewed and reported on a segmented basis. Investments in the utilities segment include a 15% interest in a Brazilian electricity transmission operation, our partnership’s 11% interest in a Texas electricity transmission project and four associates of our Colombian natural gas distribution operation. Transport investments include a 45% interest in a Brazilian toll road business, an 11% interest in a Brazilian rail and port logistics business, a 19% ownership interest of a North American west coast container terminal, and our 13% and 50% interests in port operations in Australia, and a 40% stake in a European port operation. In our energy segment, investments in associates and joint ventures include our 50% interest in a North American natural gas business and a 20% interest in a North American gas storage operation. Our investments in the data infrastructure segment relates to our 21% interest in a European telecommunications infrastructure operation. The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS |  | 2018 |  | 2017
Balance at beginning of year |  | $ | 5,572 |  |  | $ | 4,727 |
Share of earnings for the year(4) |  | (13 | ) |  | 118 |
Foreign currency translation and other |  | (296 | ) |  | 167 |
Share of other comprehensive income |  | 260 |  |  | 183 |
Distributions |  | (59 | ) |  | (66 | )
Disposition of interest(1) |  | (951 | ) |  | (177 | )
Acquisitions(2),(3) |  | 78 |  |  | 620 |
Balance at end of year |  | $ | 4,591 |  |  | $ | 5,572 |
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(1) | In August 2017, Brookfield Infrastructure, alongside institutional partners and a Brookfield-sponsored infrastructure fund, 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 an 8% interest of the investment attributable to an institutional partner. 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.
(2) | 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 interest to 45%.
(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. A similar transaction was completed in April 2016 by Brookfield Infrastructure and its partner in the amount of $312 million.
(4) | In March 2018, Brookfield Infrastructure sold its ownership in ETC Transmission Holdings, S.L. 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, $35 million of accumulated other comprehensive losses were reclassified to share of losses from associates and joint ventures on the Consolidated Statements of Operating Results. Please refer to Note 5 Disposition of Chilean Electricity Transmission Operation for additional details.
The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:
|  |  |  | As at December 31, 2018
|  |  |  | Total |  | Attributable to
US$ MILLIONS |  | Ownership and Voting Interest |  | Current Assets |  | Non- Current Assets |  | Total Assets |  | Current Liabilities |  | Non- Current Liabilities |  | Total Liabilities |  | Total Net Assets |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | 11-20% |  | $ | 289 |  |  | $ | 2,227 |  |  | $ | 2,516 |  |  | $ | 325 |  |  | $ | 1,391 |  |  | $ | 1,716 |  |  | $ | 800 |  |  | $ | 708 |  |  | $ | 92 |
Transport |  | 11-50% |  | 1,520 |  |  | 15,892 |  |  | 17,412 |  |  | 1,876 |  |  | 6,447 |  |  | 8,323 |  |  | 9,089 |  |  | 6,592 |  |  | 2,497 |
Energy |  | 20-50% |  | 178 |  |  | 5,307 |  |  | 5,485 |  |  | 162 |  |  | 2,875 |  |  | 3,037 |  |  | 2,448 |  |  | 1,265 |  |  | 1,183 |
Data infrastructure |  | 21% |  | 447 |  |  | 6,692 |  |  | 7,139 |  |  | 438 |  |  | 2,902 |  |  | 3,340 |  |  | 3,799 |  |  | 3,089 |  |  | 710 |
Corporate & other |  | 25-50% |  | 105 |  |  | 386 |  |  | 491 |  |  | 99 |  |  | 55 |  |  | 154 |  |  | 337 |  |  | 228 |  |  | 109 |
Total |  |  |  | $ | 2,539 |  |  | $ | 30,504 |  |  | $ | 33,043 |  |  | $ | 2,900 |  |  | $ | 13,670 |  |  | $ | 16,570 |  |  | $ | 16,473 |  |  | $ | 11,882 |  |  | $ | 4,591 |
|  |  |  | As at December 31, 2017
|  |  |  | Total |  | Attributable to
US$ MILLIONS |  | Ownership and Voting Interest |  | Current Assets |  | Non- Current Assets |  | Total Assets |  | Current Liabilities |  | Non- Current Liabilities |  | Total Liabilities |  | Total Net Assets |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | 11-28% |  | $ | 631 |  |  | $ | 9,068 |  |  | $ | 9,699 |  |  | $ | 756 |  |  | $ | 4,892 |  |  | $ | 5,648 |  |  | $ | 4,051 |  |  | $ | 3,037 |  |  | $ | 1,014 |
Transport |  | 11-50% |  | 1,548 |  |  | 17,096 |  |  | 18,644 |  |  | 1,396 |  |  | 7,002 |  |  | 8,398 |  |  | 10,246 |  |  | 7,385 |  |  | 2,861 |
Energy |  | 20-50% |  | 164 |  |  | 5,054 |  |  | 5,218 |  |  | 162 |  |  | 2,784 |  |  | 2,946 |  |  | 2,272 |  |  | 1,196 |  |  | 1,076 |
Data infrastructure |  | 21% |  | 464 |  |  | 6,281 |  |  | 6,745 |  |  | 561 |  |  | 2,968 |  |  | 3,529 |  |  | 3,216 |  |  | 2,602 |  |  | 614 |
Corporate & other |  | 25-40% |  | 15 |  |  | 54 |  |  | 69 |  |  | 12 |  |  | 42 |  |  | 54 |  |  | 15 |  |  | 8 |  |  | 7 |
Total |  |  |  | $ | 2,822 |  |  | $ | 37,553 |  |  | $ | 40,375 |  |  | $ | 2,887 |  |  | $ | 17,688 |  |  | $ | 20,575 |  |  | $ | 19,800 |  |  | $ | 14,228 |  |  | $ | 5,572 |
The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2018, 2017, and 2016:
|  | Year ended December 31, 2018
|  | Total |  | Attributable to
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 541 |  |  | $ | 92 |  |  | $ | 110 |  |  | $ | 202 |  |  | $ | 146 |  |  | $ | 56 |
Transport |  | 3,747 |  |  | (74 | ) |  | (856 | ) |  | (930 | ) |  | (597 | ) |  | (333 | )
Energy |  | 739 |  |  | 91 |  |  | 8 |  |  | 99 |  |  | 53 |  |  | 46 |
Data infrastructure |  | 804 |  |  | 64 |  |  | 244 |  |  | 308 |  |  | 234 |  |  | 74 |
Corporate & other |  | 41 |  |  | (132 | ) |  | 356 |  |  | 224 |  |  | 169 |  |  | 55 |
Total |  | $ | 5,872 |  |  | $ | 41 |  |  | $ | (138 | ) |  | $ | (97 | ) |  | $ | 5 |  |  | $ | (102 | )
|  | Year ended December 31, 2017
|  | Total |  | Attributable to
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 1,164 |  |  | $ | 101 |  |  | $ | 779 |  |  | $ | 880 |  |  | $ | 642 |  |  | $ | 238 |
Transport |  | 3,796 |  |  | 213 |  |  | 718 |  |  | 931 |  |  | 744 |  |  | 187 |
Energy |  | 724 |  |  | 22 |  |  | (37 | ) |  | (15 | ) |  | (22 | ) |  | 7 |
Data infrastructure |  | 783 |  |  | 58 |  |  | 435 |  |  | 493 |  |  | 409 |  |  | 84 |
Corporate & other |  | 2 |  |  | (16 | ) |  | (145 | ) |  | (161 | ) |  | (108 | ) |  | (53 | )
Total |  | $ | 6,469 |  |  | $ | 378 |  |  | $ | 1,750 |  |  | $ | 2,128 |  |  | $ | 1,665 |  |  | $ | 463 |
|  | Year ended December 31, 2016
|  | Total |  | Attributable to
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 592 |  |  | $ | 87 |  |  | $ | 233 |  |  | $ | 320 |  |  | $ | 241 |  |  | $ | 79 |
Transport |  | 2,861 |  |  | 221 |  |  | 1,399 |  |  | 1,620 |  |  | 1,210 |  |  | 410 |
Energy |  | 598 |  |  | 141 |  |  | 138 |  |  | 279 |  |  | 183 |  |  | 96 |
Data infrastructure |  | 767 |  |  | 121 |  |  | 385 |  |  | 506 |  |  | 399 |  |  | 107 |
Total |  | $ | 4,818 |  |  | $ | 570 |  |  | $ | 2,155 |  |  | $ | 2,725 |  |  | $ | 2,033 |  |  | $ | 692 |
As at December 31, 2018 and 2017, none of the associates or joint ventures have quoted prices in an active market. The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2018, 2017, and 2016:
|  | Year ended December 31, 2018
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 380 |  |  | $ | 6,189 |  |  | $ | (6,716 | ) |  | $ | (147 | ) |  | $ | (106 | ) |  | $ | (41 | )
Transport |  | 776 |  |  | (1,018 | ) |  | 369 |  |  | 127 |  |  | 77 |  |  | 50 |
Energy |  | 320 |  |  | (288 | ) |  | (46 | ) |  | (14 | ) |  | (10 | ) |  | (4 | )
Data infrastructure |  | 323 |  |  | (305 | ) |  | 19 |  |  | 37 |  |  | 29 |  |  | 8 |
Corporate & other |  | 7 |  |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 1,806 |  |  | $ | 4,571 |  |  | $ | (6,374 | ) |  | $ | 3 |  |  | $ | (10 | ) |  | $ | 13 |
|  | Year ended December 31, 2017
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 433 |  |  | $ | (803 | ) |  | $ | 494 |  |  | $ | 124 |  |  | $ | 102 |  |  | $ | 22 |
Transport |  | 1,000 |  |  | (1,673 | ) |  | 1,121 |  |  | 448 |  |  | 370 |  |  | 78 |
Energy |  | 261 |  |  | (171 | ) |  | (77 | ) |  | 13 |  |  | 6 |  |  | 7 |
Data infrastructure |  | 338 |  |  | (226 | ) |  | (57 | ) |  | 55 |  |  | 44 |  |  | 11 |
Corporate & other |  | 1 |  |  | (10 | ) |  | 4 |  |  | (5 | ) |  | (3 | ) |  | (2 | )
Total |  | $ | 2,033 |  |  | $ | (2,883 | ) |  | $ | 1,485 |  |  | $ | 635 |  |  | $ | 519 |  |  | $ | 116 |
|  | Year ended December 31, 2016
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 352 |  |  | $ | (311 | ) |  | $ | (21 | ) |  | $ | 20 |  |  | $ | 12 |  |  | $ | 8 |
Transport |  | 675 |  |  | (1,783 | ) |  | 969 |  |  | (139 | ) |  | (122 | ) |  | (17 | )
Energy |  | 152 |  |  | (174 | ) |  | 15 |  |  | (7 | ) |  | (4 | ) |  | (3 | )
Data infrastructure |  | 325 |  |  | (323 | ) |  | (83 | ) |  | (81 | ) |  | (63 | ) |  | (18 | )
Total |  | $ | 1,504 |  |  | $ | (2,591 | ) |  | $ | 880 |  |  | $ | (207 | ) |  | $ | (177 | ) |  | $ | (30 | )

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