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INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables)
 6 Months Ended
Jun. 30, 2022
Interests In Other Entities [Abstract]  
Disclosure of joint ventures
The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONSFor the six-month
period ended June 30, 2022		For the 12 month period ended December 31, 2021
Balance at the beginning of the period$4,725 $5,528 
Share of earnings for the period20 88 
Foreign currency translation and other(65)(323)
Share of other comprehensive income148 163 
Distributions(166)(157)
Disposition of interest(1),(7)
(150)(336)
Held for sale(2)
— (146)
Change in basis of accounting(3),(4)
— (92)
Acquisitions(5),(6),(8)
671 — 
Ending Balance(9)
$5,183 $4,725 
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 transaction is subject to regulatory approval. 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, alongside institutional partners, 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”), which are both Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in both operations to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Sanguinetti and Veredas as of December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details.
5.On February 16, 2022, Brookfield Infrastructure acquired an approximate 8% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion.
6.On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million.
7.On June 13, 2022, Brookfield Infrastructure sold an effective 49% interest in its North American container terminal operation for net proceeds of $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $125 million and income tax expense of approximately $50 million in the Consolidated Statement of Operating Results. $142 million of revaluation gains (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital.
8.Subsequent to quarter end, Brookfield Infrastructure acquired a 13% interest in an Australian data transmission business, for total equity consideration of approximately $0.2 billion.
9.The closing balance includes a shareholder loan of $375 million receivable from our U.S. gas pipeline (2021: $375 million).
Disclosure of operating segments
Total attributable to Brookfield Infrastructure
FOR THE THREE-MONTH PERIOD ENDED
JUNE 30, 2022
US$ MILLIONS		UtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable to non-controlling
interest
As per IFRS
financials(1)
Revenues$485 $617 $411 $145 $— $1,658 $(617)$2,640 $3,681 
Costs attributed to revenues(2)
(199)(347)(193)(62)— (801)313 (1,672)(2,160)
General and administrative expenses— — — — (108)(108)— — (108)
Other (expense) income (23)(1)(4)2 37 11 7 (146)(128)
Interest expense(75)(70)(44)(25)(33)(247)82 (304)(469)
FFO188 199 170 60 (104)513 
Depreciation and amortization expense(334)131 (349)(552)
Deferred taxes(40)(20)86 26 
Mark-to-market on hedging items and other37 138 (6)169 
Share of losses from associates— (34)— (34)
Net income attributable to non-controlling interest— — (249)(249)
Net income attributable to partnership(3)
$176 $— $— $176 
Total attributable to Brookfield Infrastructure
FOR THE THREE-MONTH PERIOD ENDED
JUNE 30, 2021
US$ MILLIONS		UtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable to non-controlling
interest
As per IFRS
financials(1)
Revenues$428 $506 $130 $151 $— $1,215 $(474)$1,922 $2,663 
Costs attributed to revenues(2)
(177)(267)(48)(67)— (559)235 (1,109)(1,433)
General and administrative expenses— — — — (96)(96)— — (96)
Other (expense) income(18)— — — 30 12 1 (47)(34)
Interest expense(43)(66)(22)(24)(23)(178)64 (248)(362)
FFO190 173 60 60 (89)394 
Depreciation and amortization expense(273)124 (343)(492)
Deferred taxes(108)(14)(90)(212)
Mark-to-market on hedging items and other339 54 869 1,262 
Share of earnings from associates— 10 — 10 
Net income attributable to non-controlling interest— — (954)(954)
Net income attributable to partnership(3)
$352 $— $— $352 

Total attributable to Brookfield Infrastructure
FOR THE SIX-MONTH PERIOD ENDED
JUNE 30, 2022
US$ MILLIONS		UtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable to non-controlling
interest
As per IFRS
financials(1)
Revenues$924 $1,195 $834 $297 $— $3,250 $(1,188)$5,030 $7,092 
Costs attributed to revenues(2)
(384)(670)(382)(131)— (1,567)598 (3,153)(4,122)
General and administrative expenses— — — — (229)(229)— — (229)
Other (expense) income (51)(5)(1)5 69 17 15 (226)(194)
Interest expense(134)(136)(85)(53)(57)(465)154 (567)(878)
FFO355 384 366 118 (217)1,006 
Depreciation and amortization expense(656)254 (694)(1,096)
Deferred taxes(52)(23)83 8 
Mark-to-market on hedging items and other(52)170 — 118 
Share of earnings from associates— 20 — 20 
Net income attributable to non-controlling interest— — (473)(473)
Net income attributable to partnership(3)
$246 $— $— $246 
Total attributable to Brookfield Infrastructure
FOR THE SIX-MONTH PERIOD ENDED
JUNE 30, 2021
US$ MILLIONS		UtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable to non-controlling
interest
As per IFRS
financials(1)
Revenues$818 $1,001 $364 $300 $— $2,483 $(964)$3,827 $5,346 
Costs attributed to revenues(2)
(344)(529)(97)(134)— (1,104)470 (2,145)(2,779)
General and administrative expenses— — — — (191)(191)— — (191)
Other (expense) income (34)(4)(15)5 49 1 1 (99)(97)
Interest expense(84)(133)(46)(51)(50)(364)134 (487)(717)
FFO356 335 206 120 (192)825 
Depreciation and amortization expense(553)252 (660)(961)
Deferred taxes(136)(15)(101)(252)
Mark-to-market on hedging items and other406 45 842 1,293 
Share of earnings from associates— 77 — 77 
Net income attributable to non-controlling interest— — (1,177)(1,177)
Net income attributable to partnership(3)
$542 $— $— $542 
1.The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests.
2.Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 15, Direct Operating Costs, for further details.
3.Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC Exchangeable LP units and non-controlling interests - BIPC exchangeable shares.
The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment:
Total Attributable to Brookfield Infrastructure
AS OF JUNE 30, 2022
US$ MILLIONS		UtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable
to non-
controlling
interest		Working
capital
adjustment
and other
As per
IFRS
financials(1)
Total assets$7,640 $8,451 $10,310 $3,331 $(1,231)$28,501 $(5,529)$42,466 $8,461 $73,899 

Total Attributable to Brookfield Infrastructure
AS OF DECEMBER 31, 2021 US$ MILLIONSUtilitiesTransportMidstreamDataCorporateTotalContribution
from
investments
in associates		Attributable
to non-
controlling
interest		Working
capital
adjustment
and other
As per
IFRS
financials(1)
Total assets$6,184 $8,601 $10,378 $3,405 $(1,471)$27,097 $(4,825)$42,415 $9,274 $73,961 
1.The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities.
The following table represents the carrying value of our partnership’s investments in associates and joint ventures:
As of
US$ MILLIONSJune 30, 2022December 31, 2021
Utilities$870 $230 
Transport2,132 2,317 
Midstream1,052 1,052 
Data1,025 1,087 
Corporate 104 39 
Ending Balance$5,183 $4,725 
Disclosure of associates
The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis:
As of
US$ MILLIONSJune 30, 2022December 31, 2021
Financial position:
Total assets$67,997 $52,969 
Total liabilities(39,918)(31,731)
Net assets$28,079 $21,238 
For the three-month
period ended June 30		For the six-month
period ended June 30
US$ MILLIONS2022202120222021
Financial performance:
Total revenue$5,455 $3,897 $10,471 $7,862 
Total net income for the period309 324 901 846 
Brookfield Infrastructure’s share of net (loss) income $(34)$10 $20 $77