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INVESTMENTS IN ASSOCIATES | 12 Months Ended
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Dec. 31, 2023
Interests In Other Entities [Abstract] |
INVESTMENTS IN ASSOCIATES | INVESTMENTS IN ASSOCIATES The following table represents the change in balance of investments in associates:
|  | For the year ended
US$ MILLIONS |  | Dec. 31, 2023 |  | Dec. 31, 2022 |  |
Balance at the beginning of the period |  | $ | 428 |  |  | $ | — |  |  |
Acquisitions |  | — |  |  | 455 |  |  |
Share of (losses) earnings for the year |  | (20) |  |  | 4 |  |  |
Foreign currency translation & other |  | 25 |  |  | (25) |  |  |
Share of other comprehensive (loss) income |  | (27) |  |  | 27 |  |  |
Distributions |  | (3) |  |  | (33) |  |  |
Disposition of interest |  | (403) |  |  | — |  |  |
Ending Balance |  | $ | — |  |  | $ | 428 |  |  |
In February 2022, our company acquired a 7.9% interest in an Australian regulated utility, AusNet Services Ltd (“AusNet”) for $455 million. Based on our ownership interest and governance rights retained, our company equity accounted for the entity. On August 31, 2023, our company sold its interest for net proceeds of approximately $435 million. On disposition, our company recognized a gain of $32 million in the consolidated statement of operating results and accumulated currency translation losses of $28 million were reclassified from accumulated other comprehensive income to the consolidated statement of operating results. As at December 31, 2023, our company does not hold any investments in associates. The following table presents the gross assets and liabilities of our company’s investments in associates as at December 31, 2022:
|  |  |  | As at December 31, 2022
|  |  |  | Total |  | Attributable to
US$ MILLIONS |  | Ownership Interest |  | Current Assets |  | Non- Current Assets |  | Total Assets |  | Current Liabilities |  | Non- Current Liabilities |  | Total Liabilities |  | Total Net Assets |  | Other Ownership Interests |  | Brookfield Infrastructure Partners LP
Australian regulated utility |  | 8% |  | $ | 211 |  |  | $ | 13,330 |  |  | $ | 13,541 |  |  | $ | 302 |  |  | $ | 7,716 |  |  | $ | 8,018 |  |  | $ | 5,523 |  |  | $ | 5,095 |  |  | $ | 428 |
Total |  |  |  | $ | 211 |  |  | $ | 13,330 |  |  | $ | 13,541 |  |  | $ | 302 |  |  | $ | 7,716 |  |  | $ | 8,018 |  |  | $ | 5,523 |  |  | $ | 5,095 |  |  | $ | 428 |
The following tables present the gross amounts of revenue, net income, other comprehensive income from our company’s investments in associates:
|  | Year ended December 31, 2023
|  | Total |  | Net income attributable to the Partnership(1)
US$ MILLIONS |  | Revenue |  | Net Income |  | OCI |  | Total Comprehensive Income |
Australian regulated utility |  | $ | 1,008 |  |  | $ | 99 |  |  | $ | (375) |  |  | $ | (276) |  |  | $ | (20) |
Total |  | $ | 1,008 |  |  | $ | 99 |  |  | $ | (375) |  |  | $ | (276) |  |  | $ | (20) |
(1)Our company’s share of net income for the year ended December 31, 2023 includes $28 million of accumulated currency translation losses which were reclassified from accumulated other comprehensive income to the consolidated statement of operating results on disposition of our company’s interest in AusNet.
|  | Year ended December 31, 2022
|  | Total |  | Net income attributable to the Partnership
US$ MILLIONS |  | Revenue |  | Net Income(1) |  | OCI |  | Total Comprehensive Income |
Australian regulated utility |  | $ | 1,227 |  |  | $ | 57 |  |  | $ | 21 |  |  | $ | 78 |  |  | $ | 4 |
Total |  | $ | 1,227 |  |  | $ | 57 |  |  | $ | 21 |  |  | $ | 78 |  |  | $ | 4 |
(1)Total net income for the year ended December 31, 2022 includes acquisition-related transaction costs of $105 million. The following tables present the cash flow activities of our company’s investments in associates for the years ended:
|  | Year ended December 31, 2023
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Brookfield Infrastructure Partners LP
Australian regulated utility |  | $ | 380 |  |  | $ | (395) |  |  | $ | 1 |  |  | $ | (14) |  |  | $ | (13) |  |  | $ | (1) |
Total |  | $ | 380 |  |  | $ | (395) |  |  | $ | 1 |  |  | $ | (14) |  |  | $ | (13) |  |  | $ | (1) |
|  | Year ended December 31, 2022
|  | Total |  | Attributable to
US$ MILLIONS |  | Operating |  | Investing |  | Financing |  | Total Cash Flows |  | Other Ownership Interests |  | Brookfield Infrastructure Partners LP
Australian regulated utility |  | $ | 427 |  |  | $ | (452) |  |  | $ | (162) |  |  | $ | (187) |  |  | $ | (172) |  |  | $ | (15) |
Total |  | $ | 427 |  |  | $ | (452) |  |  | $ | (162) |  |  | $ | (187) |  |  | $ | (172) |  |  | $ | (15) |

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