We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes.



	As of
US$ MILLIONS	June 30, 2019			December 31, 2018
Partnership Capital	$	16,233		$	14,668
Remove impact of the following items since inception:
Non-controlling interest - in operating subsidiaries	(8,918		)	(7,303		)
Deficit	1,639			1,228
Accumulated other comprehensive income	(352		)	(328		)
Ownership changes and other	(398		)	(109		)
Invested Capital	$	8,204		$	8,156

The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2019:



	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2019		2018		2019			2018
Opening balance	$	8,202	$	7,760	$	8,156		$	7,599
Issuance of preferred units and preferred shares, net of repurchases	—		—		72			157
Issuances of limited partnership units and redeemable partnership units, net of repurchases	2		4		(24		)	8
Ending balance	$	8,204	$	7,764	$	8,204		$	7,764
Weighted Average Invested Capital	$	8,202	$	7,760	$	8,192		$	7,738