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INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2022

Interests In Other Entities [Abstract]

Disclosure of ownership interest, voting interest, and carrying value of joint ventures

The following table represents the change in the balance of investments in associates and joint ventures:

US$ MILLIONS						2022						2021
Balance at beginning of year						$	4,725					$	5,528
Share of earnings for the year						12						88
Foreign currency translation and other						(44)						(323)
Share of other comprehensive income						485						163
Distributions(8)						(575)						(157)
Disposition of interest(2),(6)						(142)						(336)
Held for sale(10)						—						(146)
Change in basis of accounting(1),(3)						—						(92)
Acquisitions(4),(5),(7),(9)						864						—
Balance at end of year(11),(12)						$	5,325					$	4,725

(1)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 7, Acquisition of Businesses, for further details.

(2)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.

(3)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”) both being 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 7, Acquisition of Businesses, for further details.

(4)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.

(5)On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million.

(6)On June 13, 2022, Brookfield Infrastructure sold an effective 19% (Brookfield consortium - 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 Statements 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.

(7)On August 4, 2022, Brookfield Infrastructure acquired an approximate 12% interest in an Australian data transmission business, for total consideration of $193 million.

(8)On November 1, 2022, our New Zealand data distribution business completed the sale of a portfolio of telecom towers which generated net proceeds of approximately $140 million to the partnership.

(9)On November 22, 2022, Brookfield Infrastructure entered into a joint-venture agreement with Intel Corporation for the construction and operation of a semiconductor manufacturing facility in Chandler, Arizona. The partnership has an effective 12% economic interest in the operation.

(10)A subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. The subsidiary’s interest in the port was therefore classified as held for sale. Please refer to Note 6, Assets and Liabilities Classified as Held for Sale, for further details.

(11)The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2021: $375 million).

(12)Subsequent to year end, on February 1, 2023, Brookfield Infrastructure acquired an effective 6% interest in a telecom towers operation in Germany and Austria, for total consideration of approximately $0.7 billion.

Disclosure of ownership interest, voting interest, and carrying value of associates

The following table represents the change in the balance of investments in associates and joint ventures:

US$ MILLIONS						2022						2021
Balance at beginning of year						$	4,725					$	5,528
Share of earnings for the year						12						88
Foreign currency translation and other						(44)						(323)
Share of other comprehensive income						485						163
Distributions(8)						(575)						(157)
Disposition of interest(2),(6)						(142)						(336)
Held for sale(10)						—						(146)
Change in basis of accounting(1),(3)						—						(92)
Acquisitions(4),(5),(7),(9)						864						—
Balance at end of year(11),(12)						$	5,325					$	4,725

(1)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 7, Acquisition of Businesses, for further details.

(2)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.

(3)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”) both being 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 7, Acquisition of Businesses, for further details.

(4)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.

(5)On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million.

(6)On June 13, 2022, Brookfield Infrastructure sold an effective 19% (Brookfield consortium - 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 Statements 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.

(7)On August 4, 2022, Brookfield Infrastructure acquired an approximate 12% interest in an Australian data transmission business, for total consideration of $193 million.

(8)On November 1, 2022, our New Zealand data distribution business completed the sale of a portfolio of telecom towers which generated net proceeds of approximately $140 million to the partnership.

(9)On November 22, 2022, Brookfield Infrastructure entered into a joint-venture agreement with Intel Corporation for the construction and operation of a semiconductor manufacturing facility in Chandler, Arizona. The partnership has an effective 12% economic interest in the operation.

(10)A subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. The subsidiary’s interest in the port was therefore classified as held for sale. Please refer to Note 6, Assets and Liabilities Classified as Held for Sale, for further details.

(11)The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2021: $375 million).

(12)Subsequent to year end, on February 1, 2023, Brookfield Infrastructure acquired an effective 6% interest in a telecom towers operation in Germany and Austria, for total consideration of approximately $0.7 billion.

Disclosure of interests in associates

The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:

												As at December 31, 2022
												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						8-21%						$	801					$	22,050					$	22,851					$	786					$	12,724					$	13,510					$	9,341					$	8,454					$	887
Transport						6-49%						1,587						22,305						23,892						2,399						12,096						14,495						9,397						7,472						1,925
Midstream(1)						20-38%						232						6,279						6,511						226						4,067						4,293						2,218						1,160						1,058
Data						12-21%						1,462						15,811						17,273						1,224						8,594						9,818						7,455						6,158						1,297
Corporate						25-40%						4						492						496						—						—						—						496						338						158
Total												$	4,086					$	66,937					$	71,023					$	4,635					$	37,481					$	42,116					$	28,907					$	23,582					$	5,325

(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, 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.

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, 2022, 2021, and 2020:

						Year ended December 31, 2022
						Total																														Net income (loss) attributable to the Partnership
US$ MILLIONS						Revenue						Net Income						OCI						Total Comprehensive Income
Utilities						$	2,287					$	249					$	52					$	301											$	28
Transport						16,994						1,151						388						1,539												(85)
Midstream						918						220						67						287												97
Data						2,385						315						769						1,084												28
Corporate						—						(86)						619						533												(56)
Total						$	22,584					$	1,849					$	1,895					$	3,744											$	12

						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

The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2022, 2021, and 2020:

						Year ended December 31, 2022
						Total																								Attributable to
US$ MILLIONS						Operating						Investing						Financing						Total Cash Flows						Other Ownership Interests						Partnership’s Share
Utilities						$	620					$	50					$	(833)					$	(163)					$	(152)					$	(11)
Transport						3,319						(1,294)						(3,081)						(1,056)						(1,012)						(44)
Midstream						448						(147)						(306)						(5)						(4)						(1)
Data						1,164						(1,020)						176						320						279						41
Corporate						(51)						379						(328)						—						—						—
Total						$	5,500					$	(2,032)					$	(4,372)					$	(904)					$	(889)					$	(15)

						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

Disclosure of interests in joint ventures

The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:

												As at December 31, 2022
												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						8-21%						$	801					$	22,050					$	22,851					$	786					$	12,724					$	13,510					$	9,341					$	8,454					$	887
Transport						6-49%						1,587						22,305						23,892						2,399						12,096						14,495						9,397						7,472						1,925
Midstream(1)						20-38%						232						6,279						6,511						226						4,067						4,293						2,218						1,160						1,058
Data						12-21%						1,462						15,811						17,273						1,224						8,594						9,818						7,455						6,158						1,297
Corporate						25-40%						4						492						496						—						—						—						496						338						158
Total												$	4,086					$	66,937					$	71,023					$	4,635					$	37,481					$	42,116					$	28,907					$	23,582					$	5,325

(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, 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.

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, 2022, 2021, and 2020:

						Year ended December 31, 2022
						Total																														Net income (loss) attributable to the Partnership
US$ MILLIONS						Revenue						Net Income						OCI						Total Comprehensive Income
Utilities						$	2,287					$	249					$	52					$	301											$	28
Transport						16,994						1,151						388						1,539												(85)
Midstream						918						220						67						287												97
Data						2,385						315						769						1,084												28
Corporate						—						(86)						619						533												(56)
Total						$	22,584					$	1,849					$	1,895					$	3,744											$	12

						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

The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2022, 2021, and 2020:

						Year ended December 31, 2022
						Total																								Attributable to
US$ MILLIONS						Operating						Investing						Financing						Total Cash Flows						Other Ownership Interests						Partnership’s Share
Utilities						$	620					$	50					$	(833)					$	(163)					$	(152)					$	(11)
Transport						3,319						(1,294)						(3,081)						(1,056)						(1,012)						(44)
Midstream						448						(147)						(306)						(5)						(4)						(1)
Data						1,164						(1,020)						176						320						279						41
Corporate						(51)						379						(328)						—						—						—
Total						$	5,500					$	(2,032)					$	(4,372)					$	(904)					$	(889)					$	(15)

						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

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Interests In Other Entities [Abstract]

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The disclosure of interests in associates. [Refer: Associates [member]]

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The disclosure of interests in joint arrangements. A joint arrangement is an arrangement of which two or more parties have joint control.

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The disclosure of joint ventures. [Refer: Joint ventures [member]]

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-URIDate 2021-03-24

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Namespace Prefix:	ifrs-full_
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X

- Definition

The disclosure of associates. [Refer: Associates [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 27
-IssueDate 2021-01-01
-Paragraph 17
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_17_b&doctype=Standard
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 27
-IssueDate 2021-01-01
-Paragraph 16
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_16_b&doctype=Standard
-URIDate 2021-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B4
-Subparagraph d
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B4_d&doctype=Appendix&subtype=B
-URIDate 2021-03-24

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