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INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2023
Interests In Other Entities [Abstract] |
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | INVESTMENT IN ASSOCIATES AND JOINT VENTURES The following table provides information about our partnership’s investments in associates and joint ventures as of December 31, 2023 and December 31, 2022.
|  | Effective Ownership Interest (%) as of
Defined Name |  | December 31, 2023 |  | December 31, 2022
Utilities |  |  |  |
Brazilian electricity transmission operation |  | 15% |  | 15%
Mexican regulated natural gas transmission business |  | 11% |  | 11%
Mexican regulated natural gas transmission business |  | 13% |  | 13%
Australian regulated utility operation |  | —% |  | 8%
Australian smart meter business |  | 13% |  | 13%
Transport |  |  |  |
Brazilian toll road business |  | 45% |  | 45%
Brazilian rail and port logistics business |  | 11% |  | 11%
Australian container terminal operation |  | 13% |  | 13%
Australian export terminal operation |  | 49% |  | 49%
U.S. LNG export terminal |  | 6% |  | 6%
Midstream |  |  |  |
U.S. gas pipeline |  | 25% |  | 38%
North American gas storage operation |  | —% |  | 20%
Data |  |  |  |
French telecom operation |  | 21% |  | 21%
Latin American data center operation |  | 12% |  | 12%
New Zealand data distribution business |  | —% |  | 12%
Indian data center business |  | 13% |  | 13%
Australian data distribution business |  | 12% |  | 12%
U.S. semiconductor manufacturing facility |  | 13% |  | 12%
European telecom tower operation |  | 6% |  | —%
North American hyperscale data center platform |  | 15% |  | —%
The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS |  | 2023 |  | 2022
Balance at beginning of year |  | $ | 5,325 |  |  | $ | 4,725 |
Share of earnings for the year |  | 459 |  |  | 12 |
Foreign currency translation and other |  | 172 |  |  | (44) |
Share of other comprehensive income |  | (92) |  |  | 485 |
Distributions(5),(8),(12) |  | (782) |  |  | (575) |
Disposition of interest(1),(3),(9),(10),(11) |  | (778) |  |  | (142) |
Acquisitions(1),(2),(4),(6),(7),(13) |  | 1,098 |  |  | 864 |
Balance at end of year(14) |  | $ | 5,402 |  |  | $ | 5,325 |
(1)On February 16, 2022, Brookfield Infrastructure acquired an approximate 7.9% interest in AusNet Services Ltd., an Australian regulated utility operation, for total equity consideration of approximately $0.5 billion. On August 31, 2023, Brookfield Infrastructure sold its interest for net proceeds of approximately $435 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $30 million in the Consolidated Statement of Operating Results and accumulated currency translation losses of $28 million were reclassified from accumulated other comprehensive income to the Consolidated Statement of Operating Results. (2)On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million. (3)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. (4)On August 4, 2022, Brookfield Infrastructure acquired an approximate 12% interest in an Australian data transmission business, for total consideration of $193 million. (5)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. (6)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. (7)On February 1, 2023, Brookfield Infrastructure acquired an effective 6% interest in a European telecom tower operation in Germany and Austria, for total consideration of approximately $702 million. (8)On April 1, 2023, our North American gas storage operation sold a portion of its U.S. gas storage portfolio for net proceeds of approximately $70 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $12 million in the Consolidated Statements of Operating Results. Revaluation gains of approximately $14 million (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. (9)On April 26, 2023, a subsidiary of Brookfield Infrastructure completed the sale of its 50% interest in a freehold landlord port in Victoria, Australia, which generated net proceeds of approximately $70 million to the partnership. Prior to completion of the sale, the subsidiary’s interest in the port was classified as held for sale. (10)On May 2, 2023, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Transmissora Sertaneja de Eletricidade S.A. (“Sertaneja”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Sertaneja to 31%. As a result of governance rights obtained, Brookfield Infrastructure will consolidate Sertaneja effective May 2, 2023. Refer to Note 6. Acquisition of Businesses, for further details. (11)On June 15, 2023, a subsidiary of Brookfield Infrastructure sold a portion of its interest in its U.S. gas pipeline for net proceeds of approximately $420 million , decreasing its ownership from approximately 38% to 25%. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $80 million in the Consolidated Statements of Operating Results. (12)On June 15, 2023, Brookfield Infrastructure sold an effective 12% (Brookfield consortium - 50%) interest in its New Zealand data distribution business for net proceeds of approximately $275 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $220 million in the Consolidated Statements of Operating Results. Revaluation gains of $14 million (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. (13)On October 3, 2023, Brookfield Infrastructure acquired an approximate 15% interest in a North American hyperscale data center platform, for total consideration of approximately $0.4 billion. (14)The closing balance includes a shareholder loan of $250 million from our U.S. gas pipeline (2022: $375 million). The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures:
|  |  |  | As at December 31, 2023
|  |  |  | Total |  | Attributable to
US$ 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 |  | 11-15% |  | $ | 722 |  |  | $ | 8,766 |  |  | $ | 9,488 |  |  | $ | 466 |  |  | $ | 5,370 |  |  | $ | 5,836 |  |  | $ | 3,652 |  |  | $ | 3,250 |  |  | $ | 402 |
Transport |  | 6-49% |  | 1,914 |  |  | 23,583 |  |  | 25,497 |  |  | 2,234 |  |  | 13,214 |  |  | 15,448 |  |  | 10,049 |  |  | 8,084 |  |  | 1,965 |
Midstream(1) |  | 25% |  | 226 |  |  | 6,143 |  |  | 6,369 |  |  | 190 |  |  | 4,058 |  |  | 4,248 |  |  | 2,121 |  |  | 1,410 |  |  | 711 |
Data |  | 6-21% |  | 1,409 |  |  | 46,364 |  |  | 47,773 |  |  | 2,862 |  |  | 23,443 |  |  | 26,305 |  |  | 21,468 |  |  | 19,161 |  |  | 2,307 |
Corporate |  | 25-40% |  | 5 |  |  | 107 |  |  | 112 |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | 95 |  |  | 17 |
Total |  |  |  | $ | 4,276 |  |  | $ | 84,963 |  |  | $ | 89,239 |  |  | $ | 5,752 |  |  | $ | 46,085 |  |  | $ | 51,837 |  |  | $ | 37,402 |  |  | $ | 32,000 |  |  | $ | 5,402 |
(1)The partnership’s share of total net assets include a shareholder loan of $250 million receivable from our U.S. gas pipeline.
|  |  |  | As at December 31, 2022
|  |  |  | Total |  | Attributable to
US$ 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 |  | 8-15% |  | $ | 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 $375 million receivable from our U.S. gas pipeline. The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2023, 2022, and 2021:
|  | Year ended December 31, 2023
|  | Total |  |  |  | Net income (loss) attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |  |  |
Utilities |  | $ | 2,002 |  |  | $ | 354 |  |  | $ | (178) |  |  | $ | 176 |  |  |  |  | $ | 6 |
Transport |  | 15,210 |  |  | 4,248 |  |  | 312 |  |  | 4,560 |  |  |  |  | 233 |
Midstream |  | 924 |  |  | 315 |  |  | 188 |  |  | 503 |  |  |  |  | 105 |
Data |  | 3,320 |  |  | 749 |  |  | 785 |  |  | 1,534 |  |  |  |  | 218 |
Corporate |  | — |  |  | (316) |  |  | (245) |  |  | (561) |  |  |  |  | (103) |
Total |  | $ | 21,456 |  |  | $ | 5,350 |  |  | $ | 862 |  |  | $ | 6,212 |  |  |  |  | $ | 459 |
|  | 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 |
The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2023, 2022, and 2021:
|  | Year ended December 31, 2023
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Partnership’s Share
Utilities |  | $ | 673 |  |  | $ | (855) |  |  | $ | 157 |  |  | $ | (25) |  |  | $ | (22) |  |  | $ | (3) |
Transport |  | 3,763 |  |  | (1,413) |  |  | (2,426) |  |  | (76) |  |  | (86) |  |  | 10 |
Midstream |  | 487 |  |  | (77) |  |  | (400) |  |  | 10 |  |  | 5 |  |  | 5 |
Data |  | 1,083 |  |  | (1,696) |  |  | 746 |  |  | 133 |  |  | 127 |  |  | 6 |
Corporate |  | (130) |  |  | 44 |  |  | 86 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5,876 |  |  | $ | (3,997) |  |  | $ | (1,837) |  |  | $ | 42 |  |  | $ | 24 |  |  | $ | 18 |
|  | 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 |  | 1,111 |  |  | 383 |  |  | (1,630) |  |  | (136) |  |  | (120) |  |  | (16) |
Corporate |  | (51) |  |  | 379 |  |  | (328) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5,447 |  |  | $ | (629) |  |  | $ | (6,178) |  |  | $ | (1,360) |  |  | $ | (1,288) |  |  | $ | (72) |
|  | 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 |

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