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INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2020
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, a 13% and 11% interest in two businesses collectively referred to as our regulated natural gas transmission business in Mexico 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, our 13%, 26% and 49% interests in port and export terminal operations in Australia and a 6% interest in a U.S. LNG export terminal. In our midstream segment, investments in associates and joint ventures include our 50% interest in a U.S. gas pipeline and a 20% interest in a North American gas storage operation. Our investments in the data segment include our 21% interest in a European telecommunications infrastructure operation, a 12% interest in a Brazilian data center operation and a 13% interest in a New Zealand data distribution business. The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS |  | 2020 |  | 2019
Balance at beginning of year |  | $ | 4,967 |  |  | $ | 4,591 |
Share of earnings for the year |  | 131 |  |  | 224 |
Foreign currency translation and other |  | (245) |  |  | (62) |
Share of other comprehensive income |  | 7 |  |  | 54 |
Distributions |  | (167) |  |  | (254) |
Disposition of interest(1),(2) |  | — |  |  | (135) |
Held for sale(2) |  | — |  |  | (38) |
Change in basis of accounting(3) |  | 466 |  |  | — |
Acquisitions(4),(5),(6),(7) |  | 369 |  |  | 587 |
Balance at end of year(8) |  | $ | 5,528 |  |  | $ | 4,967 |
(1)In June 2019, Brookfield Infrastructure sold its 40% interest in its European port operation to a third party for $135 million. (2)In July 2020, Brookfield Infrastructure sold its 11% interest in its Texas electricity transmission operation for total consideration, net of tax, of approximately $60 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $20 million. The investment was classified as held for sale effective December 31, 2019. (3)On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Our 49% retained interest was remeasured using the initial public offering price of $466 million. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. Refer to Note 5, Disposition of Businesses, for further details. (4)In March 2019, Brookfield Infrastructure, alongside its institutional partners, acquired an effective 12% interest in a Brazilian data center operation, Ascenty Participacoes S.A (“Ascenty”), for approximately $190 million. Brookfield maintains 50% of the voting rights of Ascenty in a joint venture with Digital Realty Trust Inc. Brookfield Infrastructure has joint control through its position in the business. Accordingly, our partnership equity accounts for the entity. Subsequent to the initial acquisition, Brookfield Infrastructure has made additional injections into the business to fund growth capital expenditures. (5)In July 2019, Brookfield Infrastructure, alongside its institutional partners, acquired an effective 12% interest in a New Zealand integrated data provider, Vodafone New Zealand (“VNZ”) for approximately $170 million. Brookfield maintains 50% of the voting rights of VNZ in a joint venture with Infratil Limited. Brookfield Infrastructure has joint control through its position in the business. Accordingly, our partnership equity accounts for the entity. (6)Brookfield Infrastructure acquired a 13% interest in Ramones II Norte (“Norte”) on October 7, 2019 and an 11% interest in Ramones II Sur (“Sur”) on October 21, 2019, collectively the regulated natural gas transmission business in Mexico (“Los Ramones”), for approximately $140 million. Brookfield maintains 50% of the voting rights in Norte and 45% of the voting rights in Sur. Brookfield Infrastructure has joint control of Los Ramones through its ownership interest and governance rights. (7)In September 2020, Brookfield Infrastructure, acquired an effective 6% interest in a U.S. LNG export terminal (“Sabine Pass”), Cheniere Energy Partners, L.P. for $369 million. Brookfield maintains a co-controlling interest in a joint venture with Blackstone Infrastructure Partners, which holds an approximate 41% interest in Sabine Pass. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (8)The current and comparative period include a shareholder loan of $500 million receivable from our U.S. gas pipeline. The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:
|  |  |  | As at December 31, 2020
|  |  |  | Total |  | Attributable to
US$ 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% |  | $ | 646 |  |  | $ | 6,142 |  |  | $ | 6,788 |  |  | $ | 487 |  |  | $ | 4,238 |  |  | $ | 4,725 |  |  | $ | 2,063 |  |  | $ | 1,810 |  |  | $ | 253 |
Transport |  | 6-50% |  | 1,266 |  |  | 25,762 |  |  | 27,028 |  |  | 1,959 |  |  | 9,836 |  |  | 11,795 |  |  | 15,233 |  |  | 12,474 |  |  | 2,759 |
Midstream(1) |  | 20-50% |  | 173 |  |  | 6,392 |  |  | 6,565 |  |  | 249 |  |  | 4,033 |  |  | 4,282 |  |  | 2,283 |  |  | 911 |  |  | 1,372 |
Data |  | 12-21% |  | 841 |  |  | 13,308 |  |  | 14,149 |  |  | 1,263 |  |  | 6,081 |  |  | 7,344 |  |  | 6,805 |  |  | 5,672 |  |  | 1,133 |
Corporate |  | 25-50% |  | 22 |  |  | 121 |  |  | 143 |  |  | 14 |  |  | 56 |  |  | 70 |  |  | 73 |  |  | 62 |  |  | 11 |
Total |  |  |  | $ | 2,948 |  |  | $ | 51,725 |  |  | $ | 54,673 |  |  | $ | 3,972 |  |  | $ | 24,244 |  |  | $ | 28,216 |  |  | $ | 26,457 |  |  | $ | 20,929 |  |  | $ | 5,528 |
(1)The partnership’s share of total net assets include a shareholder loan of $500 million receivable from our U.S. gas pipeline.
|  |  |  | As at December 31, 2019
|  |  |  | Total |  | Attributable to
US$ 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% |  | $ | 870 |  |  | $ | 6,499 |  |  | $ | 7,369 |  |  | $ | 686 |  |  | $ | 4,152 |  |  | $ | 4,838 |  |  | $ | 2,531 |  |  | $ | 2,286 |  |  | $ | 245 |
Transport |  | 11-50% |  | 1,233 |  |  | 18,327 |  |  | 19,560 |  |  | 1,948 |  |  | 8,444 |  |  | 10,392 |  |  | 9,168 |  |  | 6,770 |  |  | 2,398 |
Midstream(1) |  | 20-50% |  | 166 |  |  | 5,696 |  |  | 5,862 |  |  | 275 |  |  | 4,013 |  |  | 4,288 |  |  | 1,574 |  |  | 307 |  |  | 1,267 |
Data |  | 12-21% |  | 912 |  |  | 11,636 |  |  | 12,548 |  |  | 1,042 |  |  | 4,908 |  |  | 5,950 |  |  | 6,598 |  |  | 5,569 |  |  | 1,029 |
Corporate |  | 25-50% |  | 8 |  |  | 133 |  |  | 141 |  |  | 13 |  |  | 56 |  |  | 69 |  |  | 72 |  |  | 44 |  |  | 28 |
Total |  |  |  | $ | 3,189 |  |  | $ | 42,291 |  |  | $ | 45,480 |  |  | $ | 3,964 |  |  | $ | 21,573 |  |  | $ | 25,537 |  |  | $ | 19,943 |  |  | $ | 14,976 |  |  | $ | 4,967 |
(1)The partnership’s share of total net assets include a shareholder loan of $500 million receivable from our U.S. gas pipeline. Our investments in associates and joint ventures are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Based on the analysis performed for the year ended December 31, 2020, our investments in associates and joint ventures remain largely unaffected by the global pandemic. Investments in associates and joint ventures represent long-term critical infrastructure supported by regulated or highly contracted revenues that provide stable and predictable cash flows. Our investments in associates and joint ventures are predominantly comprised of our U.S. gas pipeline, our Brazilian toll road operation, our European telecommunications infrastructure operation, our Australian export terminal and our U.S. LNG export terminal. Each of our U.S. gas pipeline, Australian export terminal and U.S. LNG export terminal generate cash flows through long-term capacity based “ship-or-pay” or “take-or-pay” agreements with high-quality investment grade counterparties which minimize volume and price risk. Our European telecommunications business includes approximately 7,000 multi-purpose towers and active rooftop sites and 5,500 kilometers of fiber backbone located in France. Cash flows are supported by long-term contracts which have not been affected by the current market environment. Investments in our Brazilian toll road operation relate to concession arrangements with local transportation authorities. While our toll road operations have experienced reduced volumes as a result of local government imposed shutdowns, we are engaged in discussions to determine if we will be compensated under the regulatory framework either through increased tariffs or extension of our concession agreement and believe that the long-term value of our concession arrangement will be not impacted. We have received positive indications that the global pandemic qualifies as an act of force majeure within our concession arrangements. As at December 31, 2020, two (2019: none) of our investments in associates or joint ventures have a quoted price in an active market. 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, 2020, 2019, and 2018:
|  | Year ended December 31, 2020
|  | Total |  |  |  | Net Income Attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  |  |
Utilities |  | $ | 1,715 |  |  | $ | 364 |  |  | $ | (205) |  |  | $ | 159 |  |  |  |  | $ | 50 |
Transport |  | 4,161 |  |  | 171 |  |  | (1,419) |  |  | (1,248) |  |  |  |  | (101) |
Midstream |  | 767 |  |  | 236 |  |  | — |  |  | 236 |  |  |  |  | 136 |
Data |  | 2,245 |  |  | 293 |  |  | 374 |  |  | 667 |  |  |  |  | 45 |
Corporate |  | 9 |  |  | (15) |  |  | (245) |  |  | (260) |  |  |  |  | 1 |
Total |  | $ | 8,897 |  |  | $ | 1,049 |  |  | $ | (1,495) |  |  | $ | (446) |  |  |  |  | $ | 131 |
|  | Year ended December 31, 2019
|  | Total |  |  |  | Net Income Attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  |  |
Utilities |  | $ | 1,046 |  |  | $ | 354 |  |  | $ | 26 |  |  | $ | 380 |  |  |  |  | $ | 57 |
Transport |  | 3,351 |  |  | 22 |  |  | 364 |  |  | 386 |  |  |  |  | 2 |
Midstream |  | 734 |  |  | 351 |  |  | (54) |  |  | 297 |  |  |  |  | 184 |
Data |  | 1,447 |  |  | (38) |  |  | 57 |  |  | 19 |  |  |  |  | (9) |
Corporate |  | 17 |  |  | (38) |  |  | (156) |  |  | (194) |  |  |  |  | (10) |
Total |  | $ | 6,595 |  |  | $ | 651 |  |  | $ | 237 |  |  | $ | 888 |  |  |  |  | $ | 224 |
|  | Year ended December 31, 2018
|  | Total |  |  |  | Net Income Attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  |  |
Utilities |  | $ | 541 |  |  | $ | 92 |  |  | $ | 110 |  |  | $ | 202 |  |  |  |  | $ | 56 |
Transport |  | 3,747 |  |  | (74) |  |  | (856) |  |  | (930) |  |  |  |  | (333) |
Midstream |  | 739 |  |  | 91 |  |  | 8 |  |  | 99 |  |  |  |  | 46 |
Data |  | 804 |  |  | 64 |  |  | 244 |  |  | 308 |  |  |  |  | 74 |
Corporate |  | 41 |  |  | (132) |  |  | 356 |  |  | 224 |  |  |  |  | 55 |
Total |  | $ | 5,872 |  |  | $ | 41 |  |  | $ | (138) |  |  | $ | (97) |  |  |  |  | $ | (102) |
The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2020, 2019, and 2018:
|  | Year ended December 31, 2020
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 184 |  |  | $ | (697) |  |  | $ | 285 |  |  | $ | (228) |  |  | $ | (199) |  |  | $ | (29) |
Transport |  | 1,189 |  |  | (1,039) |  |  | 826 |  |  | 976 |  |  | 843 |  |  | 133 |
Midstream |  | 378 |  |  | (314) |  |  | (56) |  |  | 8 |  |  | 3 |  |  | 5 |
Data |  | 852 |  |  | (735) |  |  | (77) |  |  | 40 |  |  | 34 |  |  | 6 |
Corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 2,603 |  |  | $ | (2,785) |  |  | $ | 978 |  |  | $ | 796 |  |  | $ | 681 |  |  | $ | 115 |
|  | Year ended December 31, 2019
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 108 |  |  | $ | (1,109) |  |  | $ | 1,548 |  |  | $ | 547 |  |  | $ | 471 |  |  | $ | 76 |
Transport |  | 692 |  |  | (852) |  |  | 11 |  |  | (149) |  |  | (76) |  |  | (73) |
Midstream |  | 357 |  |  | (267) |  |  | (95) |  |  | (5) |  |  | (3) |  |  | (2) |
Data |  | 531 |  |  | (2,707) |  |  | 2,201 |  |  | 25 |  |  | 30 |  |  | (5) |
Corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 1,688 |  |  | $ | (4,935) |  |  | $ | 3,665 |  |  | $ | 418 |  |  | $ | 422 |  |  | $ | (4) |
|  | 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 |
Midstream |  | 320 |  |  | (288) |  |  | (46) |  |  | (14) |  |  | (10) |  |  | (4) |
Data |  | 323 |  |  | (305) |  |  | 19 |  |  | 37 |  |  | 29 |  |  | 8 |
Corporate |  | 7 |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 1,806 |  |  | $ | 4,571 |  |  | $ | (6,374) |  |  | $ | 3 |  |  | $ | (10) |  |  | $ | 13 |

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