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INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2021
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 container terminal operation, our 13% 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 38% 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, a 13% interest in a New Zealand data distribution business and a 13% interest in an Indian data center business. The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS |  | 2021 |  | 2020
Balance at beginning of year |  | $ | 5,528 |  |  | $ | 4,967 |
Share of earnings for the year |  | 88 |  |  | 131 |
Foreign currency translation and other |  | (323) |  |  | (245) |
Share of other comprehensive income |  | 163 |  |  | 7 |
Distributions |  | (157) |  |  | (167) |
Disposition of interest(1) |  | (336) |  |  | — |
Held for sale(2) |  | (146) |  |  | — |
Change in basis of accounting(3).(4),(5) |  | (92) |  |  | 466 |
Acquisitions(6) |  | — |  |  | 369 |
Balance at end of year(7),(8) |  | $ | 4,725 |  |  | $ | 5,528 |
(1)In March 2021, Brookfield Infrastructure sold an effective 13% interest in its U.S. gas pipeline for net proceeds of $412 million. Approximately $125 million of the proceeds were used to repay a shareholder loan. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $75 million in Other income (expense) in the Consolidated Statement of Operating Results. Based on our ownership interest and governance rights retained, our partnership will continue to equity account for this investment in the midstream segment. (2)In December 2021, a subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. The subsidiary is expected to receive net proceeds of approximately $0.3 billion. (3)On February 26, 2021, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Jose Maria de Macedo de Eletricidade S.A. (“JMM”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in JMM to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated JMM effective February 26, 2021.Refer to Note 6, Acquisition of Businesses, for further details. (4)On December 24, 2021, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Giovanni Sanguinetti Transmissora de Energia S.A.(“Sanguinetti”) and Veredas Transmissora de Electricidade S.A. (Veredas”), Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in each operation to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated both operations effective December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. (5)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. (6)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. (7)The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2020: $500 million). (8)Subsequent to December 31, 2021, Brookfield Infrastructure acquired an approximate 10% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:
|  |  |  | As at December 31, 2021
|  |  |  | Total |  | Attributable to
US$ 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% |  | $ | 359 |  |  | $ | 5,723 |  |  | $ | 6,082 |  |  | $ | 444 |  |  | $ | 3,738 |  |  | $ | 4,182 |  |  | $ | 1,900 |  |  | $ | 1,670 |  |  | $ | 230 |
Transport |  | 6-49% |  | 1,356 |  |  | 24,437 |  |  | 25,793 |  |  | 2,172 |  |  | 13,044 |  |  | 15,216 |  |  | 10,577 |  |  | 8,260 |  |  | 2,317 |
Midstream(1) |  | 20-38% |  | 223 |  |  | 6,275 |  |  | 6,498 |  |  | 234 |  |  | 4,087 |  |  | 4,321 |  |  | 2,177 |  |  | 1,125 |  |  | 1,052 |
Data |  | 12-21% |  | 1,055 |  |  | 13,393 |  |  | 14,448 |  |  | 1,727 |  |  | 6,284 |  |  | 8,011 |  |  | 6,437 |  |  | 5,350 |  |  | 1,087 |
Corporate |  | 25-50% |  | 4 |  |  | 144 |  |  | 148 |  |  | 1 |  |  | — |  |  | 1 |  |  | 147 |  |  | 108 |  |  | 39 |
Total |  |  |  | $ | 2,997 |  |  | $ | 49,972 |  |  | $ | 52,969 |  |  | $ | 4,578 |  |  | $ | 27,153 |  |  | $ | 31,731 |  |  | $ | 21,238 |  |  | $ | 16,513 |  |  | $ | 4,725 |
(1)The partnership’s share of total net assets include a shareholder loan of $375 million receivable from our U.S. gas pipeline.
|  |  |  | As at December 31, 2020
|  |  |  | Total |  | Attributable to
US$ 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 $500 million receivable from our U.S. gas pipeline. Our investments in associates and joint ventures are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Based on the analysis performed for the year ended December 31, 2021, our investments in associates and joint ventures remain largely unaffected by the global pandemic. Investments in associates and joint ventures represent long-term critical infrastructure supported by regulated or highly contracted revenues that provide stable and predictable cash flows. Our investments in associates and joint ventures are predominantly comprised of our U.S. gas pipeline, our Brazilian toll road operation, our European telecommunications infrastructure operation, our Australian export terminal and our U.S. LNG export terminal. Each of our U.S. gas pipeline, Australian export terminal and U.S. LNG export terminal generate cash flows through long-term capacity based “ship-or-pay” or “take-or-pay” agreements with high-quality investment grade counterparties which minimize volume and price risk. Our European telecommunications business is comprised of approximately 8,000 multi-purpose towers and active rooftop sites and 50,000 kilometers of fiber located in France. Cash flows are supported by long-term contracts which have not been affected by the current market environment. Investments in our Brazilian toll road operation relate to concession arrangements with local transportation authorities. As at December 31, 2021, two (2020: two) of our investments in associates or joint ventures have a quoted price in an active market. The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019:
|  | Year ended December 31, 2021
|  | Total |  |  |  | Net income (loss) attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  |  |
Utilities |  | $ | 1,336 |  |  | $ | 521 |  |  | $ | 28 |  |  | $ | 549 |  |  |  |  | $ | 84 |
Transport |  | 11,808 |  |  | 1,574 |  |  | (435) |  |  | 1,139 |  |  |  |  | 15 |
Midstream |  | 833 |  |  | 146 |  |  | (46) |  |  | 100 |  |  |  |  | 74 |
Data |  | 2,460 |  |  | 70 |  |  | 73 |  |  | 143 |  |  |  |  | 14 |
Corporate |  | — |  |  | (76) |  |  | 102 |  |  | 26 |  |  |  |  | (99) |
Total |  | $ | 16,437 |  |  | $ | 2,235 |  |  | $ | (278) |  |  | $ | 1,957 |  |  |  |  | $ | 88 |
|  | Year ended December 31, 2020
|  | Total |  |  |  | Net income (loss) 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 (loss) 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 |
The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019:
|  | Year ended December 31, 2021
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 202 |  |  | $ | (611) |  |  | $ | 176 |  |  | $ | (233) |  |  | $ | (199) |  |  | $ | (34) |
Transport |  | 3,192 |  |  | (372) |  |  | (1,627) |  |  | 1,193 |  |  | 1,091 |  |  | 102 |
Midstream |  | 342 |  |  | (33) |  |  | (314) |  |  | (5) |  |  | (2) |  |  | (3) |
Data |  | 718 |  |  | (996) |  |  | 489 |  |  | 211 |  |  | 171 |  |  | 40 |
Corporate |  | (79) |  |  | (293) |  |  | 372 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 4,375 |  |  | $ | (2,305) |  |  | $ | (904) |  |  | $ | 1,166 |  |  | $ | 1,061 |  |  | $ | 105 |
|  | 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) |

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