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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 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 adjusted 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. During the fourth quarter of 2020, our partnership conducted a comprehensive review of our operating segments. To better align with how our CODM reviews and evaluates our operations, our district energy and Indian natural gas operations were reallocated to our utilities segment and our Australian export terminal was reallocated to our transport segment. Our energy segment was renamed to midstream and our data infrastructure segment was renamed to data. Comparative figures have been adjusted retrospectively to reflect the impact of the reallocation.
FOR THE YEAR ENDED DECEMBER 31, 2020 US$ MILLIONS |  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
| Contribution from investments in associates |  | Attributable to non- controlling interest |  | As per IFRS financials(1)
| Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |
Revenues(2) |  | $ | 1,434 |  |  | $ | 1,573 |  |  | $ | 572 |  |  | $ | 519 |  |  | $ | — |  |  | $ | 4,098 |  |  | $ | (1,379) |  |  | $ | 6,166 |  |  | $ | 8,885 |
Costs attributed to revenues |  | (580) |  |  | (767) |  |  | (193) |  |  | (253) |  |  | — |  |  | (1,793) |  |  | 600 |  |  | (3,650) |  |  | (4,843) |
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (312) |  |  | (312) |  |  | — |  |  | — |  |  | (312) |
Adjusted EBITDA |  | 854 |  |  | 806 |  |  | 379 |  |  | 266 |  |  | (312) |  |  | 1,993 |  |  | (779) |  |  | 2,516 |  |  |
Other (expense) income |  | (43) |  |  | (2) |  |  | 3 |  |  | (1) |  |  | 127 |  |  | 84 |  |  | 17 |  |  | (188) |  |  | (87) |
Interest expense |  | (152) |  |  | (214) |  |  | (93) |  |  | (69) |  |  | (95) |  |  | (623) |  |  | 177 |  |  | (733) |  |  | (1,179) |
FFO |  | 659 |  |  | 590 |  |  | 289 |  |  | 196 |  |  | (280) |  |  | 1,454 |  |  | (585) |  |  | 1,595 |  |  |
Depreciation and amortization |  | (268) |  |  | (419) |  |  | (153) |  |  | (194) |  |  | — |  |  | (1,034) |  |  | 471 |  |  | (1,142) |  |  | (1,705) |
Deferred taxes |  | (80) |  |  | 30 |  |  | (10) |  |  | 74 |  |  | (11) |  |  | 3 |  |  | (65) |  |  | 8 |  |  | (54) |
Mark-to-market on hedging items and other |  | (91) |  |  | (116) |  |  | (31) |  |  | (44) |  |  | 253 |  |  | (29) |  |  | 48 |  |  | 49 |  |  | 68 |
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 131 |  |  | — |  |  | 131 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (510) |  |  | (510) |
Net income (loss) attributable to partnership(3) |  | $ | 220 |  |  | $ | 85 |  |  | $ | 95 |  |  | $ | 32 |  |  | $ | (38) |  |  | $ | 394 |  |  | $ | — |  |  | $ | — |  |  | $ | 394 |
FOR THE YEAR ENDED DECEMBER 31, 2019 US$ MILLIONS |  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
| Contribution from investments in associates |  | Attributable to non- controlling interest |  | As per IFRS financials(1)
| Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |
Revenues(2) |  | $ | 1,432 |  |  | $ | 1,614 |  |  | $ | 491 |  |  | $ | 336 |  |  | $ | — |  |  | $ | 3,873 |  |  | $ | (1,424) |  |  | $ | 4,148 |  |  | $ | 6,597 |
Costs attributed to revenues |  | (582) |  |  | (781) |  |  | (171) |  |  | (161) |  |  | — |  |  | (1,695) |  |  | 649 |  |  | (2,349) |  |  | (3,395) |
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (279) |  |  | (279) |  |  | — |  |  | — |  |  | (279) |
Adjusted EBITDA |  | 850 |  |  | 833 |  |  | 320 |  |  | 175 |  |  | (279) |  |  | 1,899 |  |  | (775) |  |  | 1,799 |  |  |
Other (expense) income |  | (31) |  |  | (3) |  |  | 10 |  |  | 3 |  |  | 91 |  |  | 70 |  |  | 11 |  |  | (109) |  |  | (28) |
Interest expense |  | (147) |  |  | (227) |  |  | (86) |  |  | (42) |  |  | (83) |  |  | (585) |  |  | 173 |  |  | (492) |  |  | (904) |
FFO |  | 672 |  |  | 603 |  |  | 244 |  |  | 136 |  |  | (271) |  |  | 1,384 |  |  | (591) |  |  | 1,198 |  |  |
Depreciation and amortization |  | (264) |  |  | (370) |  |  | (131) |  |  | (129) |  |  | (1) |  |  | (895) |  |  | 399 |  |  | (718) |  |  | (1,214) |
Deferred taxes |  | (41) |  |  | 25 |  |  | (55) |  |  | 10 |  |  | (16) |  |  | (77) |  |  | 52 |  |  | (3) |  |  | (28) |
Mark-to-market on hedging items and other |  | (64) |  |  | (168) |  |  | 132 |  |  | (30) |  |  | (49) |  |  | (179) |  |  | (84) |  |  | (60) |  |  | (323) |
Share of earnings from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 224 |  |  | — |  |  | 224 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (417) |  |  | (417) |
Net income (loss) attributable to partnership(3) |  | $ | 303 |  |  | $ | 90 |  |  | $ | 190 |  |  | $ | (13) |  |  | $ | (337) |  |  | $ | 233 |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |
FOR THE YEAR ENDED DECEMBER 31, 2018 US$ MILLIONS |  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
| Contribution from investments in associates |  | Attributable to non- controlling interest |  | As per IFRS financials(1)
| Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |
Revenues(2) |  | $ | 1,070 |  |  | $ | 1,831 |  |  | $ | 434 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 3,505 |  |  | $ | (1,524) |  |  | $ | 2,671 |  |  | $ | 4,652 |
Costs attributed to revenues |  | (371) |  |  | (1,044) |  |  | (177) |  |  | (77) |  |  | — |  |  | (1,669) |  |  | 833 |  |  | (1,372) |  |  | (2,208) |
General and administrative costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (223) |  |  | (223) |  |  | — |  |  | — |  |  | (223) |
Adjusted EBITDA |  | 699 |  |  | 787 |  |  | 257 |  |  | 93 |  |  | (223) |  |  | 1,613 |  |  | (691) |  |  | 1,299 |  |  |
Other (expense) income |  | (25) |  |  | 2 |  |  | 17 |  |  | (4) |  |  | 72 |  |  | 62 |  |  | 11 |  |  | (107) |  |  | (34) |
Interest expense |  | (103) |  |  | (203) |  |  | (68) |  |  | (12) |  |  | (58) |  |  | (444) |  |  | 134 |  |  | (245) |  |  | (555) |
FFO |  | 571 |  |  | 586 |  |  | 206 |  |  | 77 |  |  | (209) |  |  | 1,231 |  |  | (546) |  |  | 947 |  |  |
Depreciation and amortization |  | (211) |  |  | (361) |  |  | (114) |  |  | (72) |  |  | — |  |  | (758) |  |  | 370 |  |  | (413) |  |  | (801) |
Deferred taxes |  | (34) |  |  | 38 |  |  | (9) |  |  | 7 |  |  | 10 |  |  | 12 |  |  | (44) |  |  | (14) |  |  | (46) |
Mark-to-market on hedging items and other |  | (99) |  |  | (215) |  |  | (49) |  |  | (6) |  |  | 85 |  |  | (284) |  |  | 233 |  |  | (124) |  |  | (175) |
Gain on sale of associate, net of tax |  | — |  |  | — |  |  | — |  |  | — |  |  | 209 |  |  | 209 |  |  | — |  |  | — |  |  | 209 |
Share of losses from associates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | (13) |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (396) |  |  | (396) |
Net income attributable to partnership(3) |  | $ | 227 |  |  | $ | 48 |  |  | $ | 34 |  |  | $ | 6 |  |  | $ | 95 |  |  | $ | 410 |  |  | $ | — |  |  | $ | — |  |  | $ | 410 |
(1)The above table provides each segment’s results in the format that management organizes its reporting 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 reflecting the portion of each line item attributable to non-controlling interests. (2)Revenues on a consolidated basis were $4,083 million (2019: $4,265 million, 2018: $2,811 million) from our utilities segment, $3,449 million (2019: $1,617 million, 2018: $1,629 million) from our transport segment, $643 million (2019: $399 million, 2018: $212 million) from our midstream segment and $710 million (2019: $316 million, 2018: $nil) from our data segment. (3)Includes net income (loss) attributable to limited partners, non-controlling interests—Redeemable Partnership Units held by Brookfield, non-controlling interests—Exchange LP Units, non-controlling interests - BIPC exchangeable shares, general partner and limited partners. Segment assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment:
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
|  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
AS AT DECEMBER 31, 2020 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Brookfield Infrastructure |
Total assets |  | $ | 6,814 |  |  | $ | 9,155 |  |  | $ | 3,829 |  |  | $ | 3,338 |  |  | $ | (2,062) |  |  | $ | 21,074 |  |  | $ | (4,895) |  |  | $ | 37,851 |  |  | $ | 7,301 |  |  | $ | 61,331 |
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
|  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
AS AT DECEMBER 31, 2019 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Brookfield Infrastructure |
Total assets |  | $ | 6,679 |  |  | $ | 7,962 |  |  | $ | 3,689 |  |  | $ | 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 reporting 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. Geographic Information Revenues from external customers Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region.
US$ MILLIONS |  | 2020 |  | 2019 |  | 2018
United States |  | $ | 2,279 |  |  | $ | 921 |  |  | $ | 293 |
Canada |  | 1,461 |  |  | 976 |  |  | 379 |
United Kingdom |  | 1,305 |  |  | 688 |  |  | 653 |
Brazil |  | 981 |  |  | 1,142 |  |  | 1,112 |
Australia |  | 916 |  |  | 1,031 |  |  | 1,104 |
Colombia |  | 799 |  |  | 1,054 |  |  | 693 |
India |  | 740 |  |  | 399 |  |  | 60 |
Chile |  | 117 |  |  | 163 |  |  | 168 |
Peru |  | 81 |  |  | 107 |  |  | 92 |
Other |  | 206 |  |  | 116 |  |  | 98 |
|  | $ | 8,885 |  |  | $ | 6,597 |  |  | $ | 4,652 |
Brookfield Infrastructure’s customer base is comprised predominantly of investment grade companies. Our revenues are well diversified by region and counterparty with only one customer making up greater than 10% of our partnership’s consolidated revenues. For the year ended December 31, 2020, revenue generated from this customer within the utilities segment was $942 million (2019: $1,141 million). Our partnership has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time. Our partnership continues to monitor the credit risk of our counterparties in light of the current economic environment. Non-current assets
US$ MILLIONS |  | 2020 |  | 2019
United States |  | $ | 13,372 |  |  | $ | 13,671 |
India |  | 10,986 |  |  | 3,150 |
Canada |  | 10,057 |  |  | 9,243 |
United Kingdom |  | 8,940 |  |  | 7,196 |
Brazil |  | 5,404 |  |  | 7,103 |
Australia |  | 4,042 |  |  | 5,488 |
Colombia |  | 1,256 |  |  | 1,166 |
Peru |  | 1,247 |  |  | 1,337 |
Europe |  | 1,022 |  |  | 764 |
Chile |  | 841 |  |  | 821 |
Other |  | 453 |  |  | 528 |
|  | $ | 57,620 |  |  | $ | 50,467 |

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