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INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables) | 6 Months Ended
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Jun. 30, 2024
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$ MILLIONS | For the six-month period ended June 30, 2024 |  | For the 12-month period ended December 31, 2023
Balance at the beginning of the period | $ | 5,402 |  |  | $ | 5,325 |
Share of earnings for the period | 136 |  |  | 459 |
Foreign currency translation and other | (238) |  |  | 172 |
Share of other comprehensive income (loss) | 123 |  |  | (92) |
Distributions(2),(6) | (138) |  |  | (782) |
Disposition of interest(3),(4),(5),(7) | — |  |  | (778) |
Acquisitions(1),(8),(9) | 350 |  |  | 1,098 |
Ending Balance(10) | $ | 5,635 |  |  | $ | 5,402 |
1.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. 2.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. 3.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. 4.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. 5.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. 6.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. 7.On August 31, 2023, Brookfield Infrastructure sold its interest in AusNet Services Ltd., an Australian regulated utility operation, for net proceeds of approximately $435 million. On disposition, Brookfield Infrastructure realized 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. 8.On October 3, 2023, Brookfield Infrastructure acquired an approximate 15% interest in a North American hyperscale data center platform, for total consideration of approximately $400 million. 9.On April 18, 2024, Brookfield Infrastructure completed the acquisition of an additional 10% interest in our Brazilian rail and port logistics business, for total consideration of approximately $350 million, increasing our ownership to approximately 21%. 10.The closing balance includes a shareholder loan of $250 million receivable from our U.S. gas pipeline (2023: $250 million).
Disclosure of operating segments |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 658 |  |  | $ | 650 |  |  | $ | 389 |  |  | $ | 213 |  |  | $ | — |  |  | $ | 1,910 |  |  | $ | (511) |  |  | $ | 3,739 |  |  | $ | 5,138 |
Costs attributed to revenues(2) |  | (351) |  |  | (225) |  |  | (162) |  |  | (74) |  |  | — |  |  | (812) |  |  | 153 |  |  | (2,334) |  |  | (2,993) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (92) |  |  | (92) |  |  | — |  |  | — |  |  | (92) |
Other (expense) income |  | (30) |  |  | (6) |  |  | (1) |  |  | 1 |  |  | 48 |  |  | 12 |  |  | 14 |  |  | (82) |  |  | (56) |
Interest expense |  | (97) |  |  | (100) |  |  | (83) |  |  | (62) |  |  | (68) |  |  | (410) |  |  | 99 |  |  | (515) |  |  | (826) |
FFO |  | 180 |  |  | 319 |  |  | 143 |  |  | 78 |  |  | (112) |  |  | 608 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (411) |  |  | 118 |  |  | (589) |  |  | (882) |
Deferred taxes |  | (2) |  |  | (12) |  |  | 65 |  |  | 51 |
Mark-to-market and other |  | (187) |  |  | 44 |  |  | (108) |  |  | (251) |
Share of earnings from associates |  | — |  |  | 95 |  |  | — |  |  | 95 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (176) |  |  | (176) |
Net income attributable to partnership(3) |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 669 |  |  | $ | 492 |  |  | $ | 426 |  |  | $ | 175 |  |  | $ | — |  |  | $ | 1,762 |  |  | $ | (565) |  |  | $ | 3,059 |  |  | $ | 4,256 |
Costs attributed to revenues(2) |  | (333) |  |  | (209) |  |  | (196) |  |  | (62) |  |  | — |  |  | (800) |  |  | 213 |  |  | (2,061) |  |  | (2,648) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (109) |  |  | (109) |  |  | — |  |  | — |  |  | (109) |
Other (expense) income |  | (27) |  |  | (2) |  |  | (5) |  |  | (3) |  |  | 52 |  |  | 15 |  |  | 12 |  |  | (91) |  |  | (64) |
Interest expense |  | (85) |  |  | (82) |  |  | (64) |  |  | (38) |  |  | (47) |  |  | (316) |  |  | 95 |  |  | (346) |  |  | (567) |
FFO |  | 224 |  |  | 199 |  |  | 161 |  |  | 72 |  |  | (104) |  |  | 552 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (346) |  |  | 121 |  |  | (407) |  |  | (632) |
Deferred taxes |  | (21) |  |  | (2) |  |  | (15) |  |  | (38) |
Mark-to-market and other |  | 193 |  |  | (147) |  |  | 256 |  |  | 302 |
Share of earnings from associates |  | — |  |  | 273 |  |  | — |  |  | 273 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (395) |  |  | (395) |
Net income attributable to partnership(3) |  | $ | 378 |  |  | $ | — |  |  | $ | — |  |  | $ | 378 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,317 |  |  | $ | 1,264 |  |  | $ | 850 |  |  | $ | 422 |  |  | $ | — |  |  | $ | 3,853 |  |  | $ | (985) |  |  | $ | 7,457 |  |  | $ | 10,325 |
Costs attributed to revenues(2) |  | (694) |  |  | (438) |  |  | (367) |  |  | (153) |  |  | — |  |  | (1,652) |  |  | 291 |  |  | (4,609) |  |  | (5,970) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (189) |  |  | (189) |  |  | — |  |  | — |  |  | (189) |
Other (expense) income |  | (67) |  |  | (14) |  |  | (5) |  |  | 7 |  |  | 94 |  |  | 15 |  |  | 33 |  |  | (177) |  |  | (129) |
Interest expense |  | (186) |  |  | (191) |  |  | (165) |  |  | (130) |  |  | (132) |  |  | (804) |  |  | 191 |  |  | (1,007) |  |  | (1,620) |
FFO |  | 370 |  |  | 621 |  |  | 313 |  |  | 146 |  |  | (227) |  |  | 1,223 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (840) |  |  | 224 |  |  | (1,202) |  |  | (1,818) |
Deferred taxes |  | 21 |  |  | (4) |  |  | 184 |  |  | 201 |
Mark-to-market and other |  | (226) |  |  | 114 |  |  | 174 |  |  | 62 |
Share of earnings from associates |  | — |  |  | 136 |  |  | — |  |  | 136 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (820) |  |  | (820) |
Net income attributable to partnership(3) |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,305 |  |  | $ | 966 |  |  | $ | 901 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 3,522 |  |  | $ | (1,115) |  |  | $ | 6,067 |  |  | $ | 8,474 |
Costs attributed to revenues(2) |  | (655) |  |  | (411) |  |  | (399) |  |  | (130) |  |  | — |  |  | (1,595) |  |  | 421 |  |  | (4,058) |  |  | (5,232) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (212) |  |  | (212) |  |  | — |  |  | — |  |  | (212) |
Other (expense) income |  | (53) |  |  | (6) |  |  | (13) |  |  | 1 |  |  | 85 |  |  | 14 |  |  | 22 |  |  | (164) |  |  | (128) |
Interest expense |  | (165) |  |  | (158) |  |  | (130) |  |  | (79) |  |  | (91) |  |  | (623) |  |  | 188 |  |  | (700) |  |  | (1,135) |
FFO |  | 432 |  |  | 391 |  |  | 359 |  |  | 142 |  |  | (218) |  |  | 1,106 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (690) |  |  | 237 |  |  | (824) |  |  | (1,277) |
Deferred taxes |  | (23) |  |  | 2 |  |  | 26 |  |  | 5 |
Mark-to-market and other |  | 8 |  |  | (131) |  |  | 168 |  |  | 45 |
Share of earnings from associates |  | — |  |  | 376 |  |  | — |  |  | 376 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (515) |  |  | (515) |
Net income attributable to partnership(3) |  |  |  |  |  |  |  |  |  |  |  | $ | 401 |  |  | $ | — |  |  | $ | — |  |  | $ | 401 |
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, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 8,856 |  |  | $ | 12,011 |  |  | $ | 9,583 |  |  | $ | 8,659 |  |  | $ | (2,133) |  |  | $ | 36,976 |  |  | $ | (7,548) |  |  | $ | 62,681 |  |  | $ | 8,783 |  |  | $ | 100,892 |
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF DECEMBER 31, 2023 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 9,035 |  |  | $ | 11,840 |  |  | $ | 9,918 |  |  | $ | 7,511 |  |  | $ | (2,480) |  |  | $ | 35,824 |  |  | $ | (7,580) |  |  | $ | 62,732 |  |  | $ | 9,808 |  |  | $ | 100,784 |
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$ MILLIONS | June 30, 2024 |  | December 31, 2023
Utilities | $ | 382 |  |  | $ | 402 |
Transport | 2,239 |  |  | 1,965 |
Midstream | 708 |  |  | 711 |
Data | 2,264 |  |  | 2,307 |
Corporate | 42 |  |  | 17 |
Ending Balance | $ | 5,635 |  |  | $ | 5,402 |
Disclosure of associates | The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis:
| As of
US$ MILLIONS | June 30, 2024 |  | December 31, 2023
Financial position: |  |  |
Total assets | $ | 100,237 |  |  | $ | 96,472 |
Total liabilities | (60,013) |  |  | (55,764) |
Net assets | $ | 40,224 |  |  | $ | 40,708 |
| For the three-month period ended June 30 | For the six-month period ended June 30 |  |
US$ MILLIONS | 2024 |  | 2023 | 2024 |  | 2023 |  |  |  |
Financial performance: |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 4,481 |  |  | $ | 6,722 |  | $ | 8,955 |  |  | $ | 12,710 |  |  |  |  |
Total net income for the period | 1,058 |  |  | 1,054 |  | 1,558 |  |  | $ | 2,084 |  |  |  |  |
Brookfield Infrastructure’s share of net income | $ | 95 |  |  | $ | 273 |  | $ | 136 |  |  | $ | 376 |  |  |  |  |

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