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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2020
Operating Segments [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION IFRS 8, Operating Segments, requires operating segments to be determined based on information that is regularly reviewed by the Executive Management and the Board of Directors for the purpose of allocating resources to the segment and to assess its performance. Key measures used by the Chief Operating Decision Maker (“CODM”) in assessing performance and in making resource allocation decisions are Funds from Operations (“FFO”) and earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”), which enable the determination of return on the equity deployed. FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses. Adjusted EBITDA is calculated as net income excluding the impact of depreciation and amortization, interest expense, current and deferred income taxes, breakage and transaction costs, and non-cash valuation gains or losses.
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2020 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 248 |  |  | $ | 283 |  |  | $ | 266 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 901 |  |  | $ | (298 | ) |  | $ | 1,343 |  |  | $ | 1,946 |
Costs attributed to revenues |  | (74 | ) |  | (138 | ) |  | (128 | ) |  | (51 | ) |  | — |  |  | (391 | ) |  | 130 |  |  | (802 | ) |  | (1,063 | )
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (72 | ) |  | (72 | ) |  | — |  |  | — |  |  | (72 | )
Adjusted EBITDA |  | 174 |  |  | 145 |  |  | 138 |  |  | 53 |  |  | (72 | ) |  | 438 |  |  | (168 | ) |  | 541 |  |  |
Other (expense) income |  | (10 | ) |  | 9 |  |  | 2 |  |  | 2 |  |  | 40 |  |  | 43 |  |  | (7 | ) |  | (40 | ) |  | (4 | )
Interest expense |  | (34 | ) |  | (46 | ) |  | (34 | ) |  | (12 | ) |  | (22 | ) |  | (148 | ) |  | 46 |  |  | (145 | ) |  | (247 | )
FFO |  | 130 |  |  | 108 |  |  | 106 |  |  | 43 |  |  | (54 | ) |  | 333 |  |  | (129 | ) |  | 356 |  |  |
Depreciation and amortization |  | (42 | ) |  | (76 | ) |  | (63 | ) |  | (41 | ) |  | — |  |  | (222 | ) |  | 92 |  |  | (245 | ) |  | (375 | )
Deferred taxes |  | (15 | ) |  | 5 |  |  | (1 | ) |  | 19 |  |  | (4 | ) |  | 4 |  |  | (12 | ) |  | — |  |  | (8 | )
Mark-to-market on hedging items and other |  | (13 | ) |  | (32 | ) |  | (24 | ) |  | (5 | ) |  | (102 | ) |  | (176 | ) |  | 38 |  |  | (16 | ) |  | (154 | )
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (95 | ) |  | (95 | )
Net income (loss) attributable to partnership(2) |  | $ | 60 |  |  | $ | 5 |  |  | $ | 18 |  |  | $ | 16 |  |  | $ | (160 | ) |  | $ | (61 | ) |  | $ | — |  |  | $ | — |  |  | $ | (61 | )
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2019 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 278 |  |  | $ | 386 |  |  | $ | 256 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 987 |  |  | $ | (369 | ) |  | $ | 1,067 |  |  | $ | 1,685 |
Costs attributed to revenues |  | (88 | ) |  | (202 | ) |  | (133 | ) |  | (28 | ) |  | — |  |  | (451 | ) |  | 180 |  |  | (569 | ) |  | (840 | )
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (64 | ) |  | (64 | ) |  | — |  |  | — |  |  | (64 | )
Adjusted EBITDA |  | 190 |  |  | 184 |  |  | 123 |  |  | 39 |  |  | (64 | ) |  | 472 |  |  | (189 | ) |  | 498 |  |  |
Other (expense) income |  | (9 | ) |  | 2 |  |  | 6 |  |  | 1 |  |  | 19 |  |  | 19 |  |  | (1 | ) |  | (15 | ) |  | 3 |
Interest expense |  | (38 | ) |  | (51 | ) |  | (33 | ) |  | (10 | ) |  | (22 | ) |  | (154 | ) |  | 46 |  |  | (133 | ) |  | (241 | )
FFO |  | 143 |  |  | 135 |  |  | 96 |  |  | 30 |  |  | (67 | ) |  | 337 |  |  | (144 | ) |  | 350 |  |  |
Depreciation and amortization |  | (44 | ) |  | (94 | ) |  | (65 | ) |  | (30 | ) |  | (1 | ) |  | (234 | ) |  | 105 |  |  | (194 | ) |  | (323 | )
Deferred taxes |  | (27 | ) |  | 5 |  |  | 3 |  |  | (1 | ) |  | 1 |  |  | (19 | ) |  | 14 |  |  | 6 |  |  | 1 |
Mark-to-market on hedging items and other |  | 44 |  |  | (37 | ) |  | (25 | ) |  | (9 | ) |  | 41 |  |  | 14 |  |  | (9 | ) |  | (6 | ) |  | (1 | )
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (156 | ) |  | (156 | )
Net income (loss) attributable to partnership(2) |  | $ | 116 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | (10 | ) |  | $ | (26 | ) |  | $ | 98 |  |  | $ | — |  |  | $ | — |  |  | $ | 98 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2020 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 523 |  |  | $ | 608 |  |  | $ | 543 |  |  | $ | 213 |  |  | $ | — |  |  | $ | 1,887 |  |  | $ | (627 | ) |  | $ | 2,882 |  |  | $ | 4,142 |
Costs attributed to revenues |  | (156 | ) |  | (297 | ) |  | (257 | ) |  | (104 | ) |  | — |  |  | (814 | ) |  | 267 |  |  | (1,755 | ) |  | (2,302 | )
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (133 | ) |  | (133 | ) |  | — |  |  | — |  |  | (133 | )
Adjusted EBITDA |  | 367 |  |  | 311 |  |  | 286 |  |  | 109 |  |  | (133 | ) |  | 940 |  |  | (360 | ) |  | 1,127 |  |  |
Other (expense) income |  | (22 | ) |  | 8 |  |  | 5 |  |  | — |  |  | 59 |  |  | 50 |  |  | (3 | ) |  | (69 | ) |  | (22 | )
Interest expense |  | (69 | ) |  | (91 | ) |  | (70 | ) |  | (24 | ) |  | (45 | ) |  | (299 | ) |  | 88 |  |  | (318 | ) |  | (529 | )
FFO |  | 276 |  |  | 228 |  |  | 221 |  |  | 85 |  |  | (119 | ) |  | 691 |  |  | (275 | ) |  | 740 |  |  |
Depreciation and amortization |  | (87 | ) |  | (166 | ) |  | (127 | ) |  | (89 | ) |  | — |  |  | (469 | ) |  | 203 |  |  | (509 | ) |  | (775 | )
Deferred taxes |  | (54 | ) |  | 13 |  |  | (6 | ) |  | 19 |  |  | (7 | ) |  | (35 | ) |  | (2 | ) |  | (19 | ) |  | (56 | )
Mark-to-market on hedging items and other |  | (23 | ) |  | (98 | ) |  | (49 | ) |  | (23 | ) |  | 64 |  |  | (129 | ) |  | 15 |  |  | (88 | ) |  | (202 | )
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124 | ) |  | (124 | )
Net income (loss) attributable to partnership(2) |  | $ | 112 |  |  | $ | (23 | ) |  | $ | 39 |  |  | $ | (8 | ) |  | $ | (62 | ) |  | $ | 58 |  |  | $ | — |  |  | $ | — |  |  | $ | 58 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2019 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 547 |  |  | $ | 775 |  |  | $ | 501 |  |  | $ | 129 |  |  | $ | — |  |  | $ | 1,952 |  |  | $ | (737 | ) |  | $ | 2,063 |  |  | $ | 3,278 |
Costs attributed to revenues |  | (176 | ) |  | (402 | ) |  | (251 | ) |  | (54 | ) |  | — |  |  | (883 | ) |  | 357 |  |  | (1,112 | ) |  | (1,638 | )
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (125 | ) |  | (125 | ) |  | — |  |  | — |  |  | (125 | )
Adjusted EBITDA |  | 371 |  |  | 373 |  |  | 250 |  |  | 75 |  |  | (125 | ) |  | 944 |  |  | (380 | ) |  | 951 |  |  |
Other (expense) income |  | (19 | ) |  | 1 |  |  | 14 |  |  | 2 |  |  | 40 |  |  | 38 |  |  | 2 |  |  | (53 | ) |  | (13 | )
Interest expense |  | (72 | ) |  | (100 | ) |  | (61 | ) |  | (19 | ) |  | (42 | ) |  | (294 | ) |  | 87 |  |  | (246 | ) |  | (453 | )
FFO |  | 280 |  |  | 274 |  |  | 203 |  |  | 58 |  |  | (127 | ) |  | 688 |  |  | (291 | ) |  | 652 |  |  |
Depreciation and amortization |  | (89 | ) |  | (185 | ) |  | (124 | ) |  | (55 | ) |  | (1 | ) |  | (454 | ) |  | 203 |  |  | (364 | ) |  | (615 | )
Deferred taxes |  | (40 | ) |  | 11 |  |  | 1 |  |  | 3 |  |  | 4 |  |  | (21 | ) |  | 10 |  |  | — |  |  | (11 | )
Mark-to-market on hedging items and other |  | 33 |  |  | (77 | ) |  | (39 | ) |  | (15 | ) |  | 13 |  |  | (85 | ) |  | 26 |  |  | 3 |  |  | (56 | )
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (291 | ) |  | (291 | )
Net income (loss) attributable to partnership(2) |  | $ | 184 |  |  | $ | 23 |  |  | $ | 41 |  |  | $ | (9 | ) |  | $ | (111 | ) |  | $ | 128 |  |  | $ | — |  |  | $ | — |  |  | $ | 128 |
1. | The above table provides each segment’s results in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations accounted for using the consolidation and equity methods under IFRS. The above table reconciles Brookfield Infrastructure’s proportionate results to our partnership’s Consolidated Statements of Operating Results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and joint ventures and reflecting the portion of each line item attributable to non-controlling interests.
2. | Includes net income (loss) attributable to non-controlling interests—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, general partner, limited partners and class A shares of BIPC.
Segment assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment.
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF JUNE 30, 2020 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 5,224 |  |  | $ | 5,780 |  |  | $ | 5,458 |  |  | $ | 2,114 |  |  | $ | (1,111 | ) |  | $ | 17,465 |  |  | $ | (2,762 | ) |  | $ | 28,970 |  |  | $ | 7,649 |  |  | $ | 51,322 |
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF DECEMBER 31, 2019 US$ MILLIONS |  | Utilities |  | Transport |  | Energy |  | Data Infrastructure |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 5,825 |  |  | $ | 6,916 |  |  | $ | 5,589 |  |  | $ | 2,204 |  |  | $ | (1,284 | ) |  | $ | 19,250 |  |  | $ | (2,884 | ) |  | $ | 32,621 |  |  | $ | 7,321 |  |  | $ | 56,308 |
1. The above table provides each segment’s assets in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment respectively. The above table reconciles Brookfield Infrastructure’s proportionate assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities.

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