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CAPITAL MANAGEMENT
 6 Months Ended
Jun. 30, 2021
Disclosure of Capital Management [Abstract]  
Disclosure of objectives, policies and processes for managing capital [text block] CAPITAL MANAGEMENT
Our partnership’s approach to capital management is focused on maximizing returns to unitholders and ensuring capital is deployed in a manner consistent with achieving our investment return objectives.
Invested Capital, which tracks the amount of capital that has been contributed to our partnership, is a measure we utilize to assess returns on capital deployed, relative to targeted returns. Investment decisions are based on, amongst other measures and factors, targeted returns on Invested Capital of 12% to 15% annually over the long term. We measure return on Invested Capital as Adjusted Funds from Operations (“AFFO”), less estimated returns of capital on operations that are not perpetual in life, divided by the weighted average Invested Capital for the period.
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$ MILLIONSJune 30, 2021December 31, 2020
Partnership Capital$21,451 $21,673 
Remove impact of the following items since inception:
Non-controlling interest - in operating subsidiaries(13,475)(13,954)
Deficit2,552 2,752 
Accumulated other comprehensive income(620)(731)
Ownership changes and other(495)(527)
Invested Capital$9,413 $9,213 
The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2021:
For the three-month
period ended June 30		For the six-month
period ended June 30
US$ MILLIONS2021202020212020
Opening balance$9,410 $9,011 $9,213 $9,009 
Issuance of preferred units— — 194 — 
Issuance of limited partnership units 3 3 6 5 
Ending balance$9,413 $9,014 $9,413 $9,014 
Weighted Average Invested Capital$9,410 $9,011 $9,386 $9,010