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INVESTMENT IN ASSOCIATES AND JOINT VENTURES

12 Months Ended

Dec. 31, 2024

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, 2024 and December 31, 2023.

						Effective Ownership Interest (%) as of
Defined Name						December 31, 2024						December 31, 2023
Utilities
Brazilian electricity transmission operation						15%						15%
Mexican regulated natural gas transmission business						11%						11%
Mexican regulated natural gas transmission business						13%						13%
Australian smart meter business						13%						13%
Transport
Brazilian toll road business						45%						45%
Brazilian rail and port logistics business						21%						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%						25%
Data
French telecom operation						21%						21%
Latin American data center operation						12%						12%
Indian data center business						8%						13%
Australian data distribution business						12%						12%
U.S. semiconductor manufacturing facility						13%						13%
European telecom tower operation						6%						6%
North American hyperscale data center platform						15%						15%

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

US$ MILLIONS						2024						2023
Balance at beginning of year						$	5,402					$	5,325
Share of earnings for the year						439						459
Foreign currency translation and other						(542)						172
Share of other comprehensive income						361						(92)
Distributions(2),(6)						(283)						(782)
Disposition of interest(3),(4),(5),(7),(10),(11)						(55)						(778)
Acquisitions(1),(8),(9)						350						1,098
Balance at end of year(12)						$	5,672					$	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 7. 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 $0.4 billion.

(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)On December 23, 2024, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Chimarrão Transmissora de Energia S.A, a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Chimarrão to 31%. As a result of governance rights obtained, Brookfield Infrastructure will consolidate Chimarrão effective December 23, 2024. Refer to Note 7. Acquisition of Businesses, for further details.

(11)On December 30, 2024, our French telecom infrastructure business completed the sale of its fiber platform for net proceeds to the partnership of approximately $100 million. Earnings from Investments in Associates and Joint Ventures in the Consolidated Statement of Operating Results includes a realized gain on sale of approximately $50 million.

(12)The closing balance includes a shareholder loan of $250 million from our U.S. gas pipeline (2023: $250 million).

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

												As at December 31, 2024
												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(1)						11-15%						$	4,060					$	3,408					$	7,468					$	2,706					$	2,246					$	4,952					$	2,516					$	2,204					$	312
Transport						6-49%						1,563						21,980						23,543						1,301						12,304						13,605						9,938						7,776						2,162
Midstream(2)						25%						195						6,257						6,452						259						4,080						4,339						2,113						1,406						707
Data						6-21%						4,131						58,265						62,396						4,911						31,552						36,463						25,933						23,607						2,326
Corporate						25-40%						4						647						651						—						—						—						651						486						165
Total												$	9,953					$	90,557					$	100,510					$	9,177					$	50,182					$	59,359					$	41,151					$	35,479					$	5,672

(1)During the second half of 2024, Brookfield Infrastructure agreed to the sale of its Mexican regulated gas transmission pipelines. As at December 31, 2024, the assets and liabilities of our Mexican regulated natural gas transmission pipelines are classified as Held for Sale.

(2)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, 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%						1,493						53,513						55,006						3,003						27,229						30,232						24,774						22,467						2,307
Corporate						25-40%						5						107						112						—						—						—						112						95						17
Total												$	4,360					$	92,112					$	96,472					$	5,893					$	49,871					$	55,764					$	40,708					$	35,306					$	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.

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, 2024, 2023, and 2022:

						Year ended December 31, 2024
						Total																														Net income (loss) attributable to the Partnership
US$ MILLIONS						Revenue						Net Income						OCI						Total Comprehensive Income (loss)
Utilities						$	1,218					$	155					$	(285)					$	(130)											$	20
Transport						12,530						2,831						(964)						1,867												226
Midstream						902						198						66						264												62
Data						3,208						812						(1,327)						(515)												112
Corporate						—						68						752						820												19
Total						$	17,858					$	4,064					$	(1,758)					$	2,306											$	439

						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

The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2024, 2023, and 2022:

						Year ended December 31, 2024
						Total																								Attributable to
US$ MILLIONS						Operating						Investing						Financing						Total Cash Flows						Other Ownership Interests						Partnership’s Share
Utilities						$	489					$	(363)					$	(109)					$	17					$	13					$	4
Transport						2,960						(1,020)						(1,917)						23						40						(17)
Midstream						435						(267)						(188)						(20)						(15)						(5)
Data						947						(2,473)						2,028						502						408						94
Corporate						(83)						92						(9)						—						—						—
Total						$	4,748					$	(4,031)					$	(195)					$	522					$	446					$	76

						Year ended December 31, 2023
						Total																								Attributable to
US$ MILLIONS						Operating						Investing						Financing						Total Cash Flows						Other Ownership Interests						Partnership’s Share
Utilities						$	752					$	(855)					$	47					$	(56)					$	(46)					$	(10)
Transport						3,763						(1,306)						(2,426)						31						(33)						64
Midstream						475						(202)						(263)						10						5						5
Data						1,082						(1,647)						746						181						175						6
Corporate						(130)						44						86						—						—						—
Total						$	5,942					$	(3,966)					$	(1,810)					$	166					$	101					$	65

						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						423						(147)						(281)						(5)						(4)						(1)
Data						1,164						(1,020)						174						318						277						41
Corporate						(51)						379						(328)						—						—						—
Total						$	5,475					$	(2,032)					$	(4,349)					$	(906)					$	(891)					$	(15)

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Interests In Other Entities [Abstract]

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The entire disclosure for interests in other entities.

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