Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | BROOKFIELD INFRASTRUCTURE PARTNERS L.P. |
Entity Central Index Key | 0001406234 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED AND
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | $ 1,301 | $ 1,406 | |
Financial assets | 870 | 740 | |
Accounts receivable and other | 2,317 | 2,204 | |
Inventory | 458 | 400 | |
Assets classified as held for sale | 878 | 146 | |
Current assets | 5,824 | 4,896 | |
Property, plant and equipment | 37,469 | 38,655 | |
Intangible assets | 13,524 | 14,214 | |
Investments in associates and joint ventures | 5,183 | 4,725 | |
Investment properties | 646 | 655 | |
Goodwill | 8,952 | 8,979 | |
Financial assets | 796 | 536 | |
Other assets | 1,379 | 1,141 | |
Deferred income tax asset | 126 | 160 | |
Total assets | 73,899 | 73,961 | |
Liabilities | |||
Accounts payable and other | 4,163 | 4,019 | |
Corporate borrowings | 264 | 431 | |
Current | 3,506 | 2,701 | |
Financial liabilities | 454 | 1,510 | |
Liabilities directly associated with assets classified as held for sale | 508 | 0 | |
Current liabilities | 8,895 | 8,661 | |
Corporate borrowings | 3,225 | 2,288 | |
Non-recourse borrowings | 23,393 | 23,833 | |
Financial liabilities | 1,694 | 1,730 | |
Other liabilities | 4,663 | 5,027 | |
Deferred income tax liability | 5,970 | 6,011 | |
Preferred shares | 20 | 20 | |
Total liabilities | 47,860 | 47,570 | |
Partnership capital | |||
Limited partners | 5,419 | 5,702 | |
General partner | 29 | 31 | |
Non-controlling interest attributable to: | |||
Redeemable Partnership Units held by Brookfield | 2,282 | 2,408 | |
BIPC exchangeable shares | 1,303 | 1,369 | |
Exchangeable units | [1] | 75 | 85 |
Perpetual subordinated notes | 293 | 0 | |
Interest of others in operating subsidiaries | 15,720 | 15,658 | |
Preferred unitholders | 918 | 1,138 | |
Total partnership capital | 26,039 | 26,391 | |
Total liabilities and partnership capital | $ 73,899 | $ 73,961 | |
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
UNAUDITED INTERIM CONDENSED A_2
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Profit or loss [abstract] | |||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 | |
Direct operating costs | [1] | (2,712) | (1,925) | (5,218) | (3,740) |
General and administrative expenses | (108) | (96) | (229) | (191) | |
Profit (loss) from operating activities | 861 | 642 | 1,645 | 1,415 | |
Interest expense | (469) | (362) | (878) | (717) | |
Share of (losses) earnings from investments in associates and joint ventures | (34) | 10 | 20 | 77 | |
Mark-to-market on hedging items | 169 | (15) | 137 | 20 | |
Other income | 52 | 1,317 | 87 | 1,344 | |
Income before income tax | 579 | 1,592 | 1,011 | 2,139 | |
Income tax (expense) recovery | |||||
Current | (180) | (74) | (300) | (168) | |
Deferred | 26 | (212) | 8 | (252) | |
Net income | 425 | 1,306 | 719 | 1,719 | |
Attributable to: | |||||
Limited partners | 70 | 192 | 76 | 281 | |
General partner | 60 | 51 | 120 | 101 | |
Non-controlling interest attributable to: | |||||
Redeemable Partnership Units held by Brookfield | 29 | 79 | 32 | 116 | |
BIPC exchangeable shares | 17 | 29 | 18 | 43 | |
Exchange LP Units | 0 | 1 | 0 | 1 | |
Interest of others in operating subsidiaries | $ 249 | $ 954 | $ 473 | $ 1,177 | |
Basic and diluted income per limited partner unit: | |||||
Basic earnings (loss) per share (in dollars per share) | $ 0.13 | $ 0.41 | $ 0.12 | $ 0.59 | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.13 | $ 0.41 | $ 0.12 | $ 0.59 | |
[1]Our company reclassified depreciation and amortization expense, which was previously presented as a separate line item, to direct operating costs. Direct operating costs include $552 million and $1,096 million of depreciation and amortization expenses for the three and six-month periods ended June 30, 2022, respectively. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs of $492 million and $961 million for the three and six-month periods ended June 30, 2021, with an equal and offsetting decrease to depreciation and amortization expense. This reclassification had no impact on revenues, net income, or basic and diluted earnings per limited partner unit. |
UNAUDITED INTERIM CONDENSED A_3
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||||
Depreciation and amortisation expense | $ 552 | $ 492 | $ 1,096 | $ 961 |
UNAUDITED INTERIM CONDENSED A_4
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of comprehensive income [abstract] | |||||
Net income | $ 425 | $ 1,306 | $ 719 | $ 1,719 | |
Items that will not be reclassified subsequently to profit or loss: | |||||
Revaluation of asset retirement obligation | 23 | 0 | 48 | 0 | |
Marketable securities, net of tax | 0 | 45 | 0 | 165 | |
Unrealized actuarial gains (losses) | 5 | (1) | 18 | 20 | |
Tax impact of remeasurement of revaluation surplus and other | (6) | (90) | (15) | (94) | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 22 | (46) | 51 | 91 | |
Items that may be reclassified subsequently to profit or loss: | |||||
Foreign currency translation | (1,286) | 424 | (751) | 50 | |
Cash flow hedge | 195 | (19) | 450 | 160 | |
Net investment hedge | 93 | (47) | 122 | (41) | |
Taxes on the above items | (47) | 6 | (114) | (34) | |
Share of income (losses) from investments in associates and joint ventures | 173 | (3) | 148 | 5 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (872) | 361 | (145) | 140 | |
Total other comprehensive (loss) income | (850) | 315 | (94) | 231 | |
Comprehensive (loss) income | (425) | 1,621 | 625 | 1,950 | |
Attributable to: | |||||
Limited partners | (153) | 326 | 70 | 380 | |
General partner | 59 | 51 | 120 | 101 | |
Non-controlling interest attributable to: | |||||
Redeemable Partnership Units held by Brookfield | (64) | 135 | 31 | 157 | |
BIPC exchangeable shares | (35) | 49 | 18 | 58 | |
Exchangeable units | [1] | (3) | 1 | 0 | 1 |
Interest of others in operating subsidiaries | $ (229) | $ 1,059 | $ 386 | $ 1,253 | |
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
UNAUDITED INTERIM CONDENSED A_5
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL - USD ($) $ in Millions | Total | Non-controlling interest – in operating subsidiaries | Limited partners’ capital | Limited partners’ capital Limited partners’ capital | Limited partners’ capital (Deficit) | Limited partners’ capital Ownership changes | Limited partners’ capital Accumulated other comprehensive income | General partner | General partner Accumulated other comprehensive income | Redeemable Partnership Units held by Brookfield | Redeemable Partnership Units held by Brookfield Limited partners’ capital | Redeemable Partnership Units held by Brookfield Accumulated other comprehensive income | Non-controlling interest – BIPC exchangeable shares | Non-controlling interest – BIPC exchangeable shares Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares Accumulated other comprehensive income | Non-controlling Interest - Exchange LP Units, equity | Non-controlling Interest - Exchange LP Units, equity Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity Accumulated other comprehensive income | Non-controlling interest – in operating subsidiaries | Non-controlling interest – in operating subsidiaries Non-controlling interest – in operating subsidiaries | Preferred unitholders capital | |||||||||||
Balance as at Dec. 31, 2020 | $ 21,673 | $ 4,233 | $ 5,526 | $ (2,285) | $ 540 | $ 452 | [1] | $ 19 | $ 3 | $ 1,687 | $ 2,328 | $ 209 | $ 638 | $ (19) | $ 62 | $ 12 | $ 156 | $ 5 | $ 13,954 | $ 1,130 | ||||||||||||
Net income | 1,719 | 281 | 281 | 101 | 116 | 43 | 1 | 1,177 | ||||||||||||||||||||||||
Other comprehensive loss | 231 | 99 | 99 | [1] | 0 | 41 | 41 | 15 | 15 | 0 | 76 | |||||||||||||||||||||
Comprehensive income (loss) | 1,950 | 380 | 281 | 99 | [1] | 101 | 157 | 58 | 1 | 1,253 | ||||||||||||||||||||||
Unit issuance | [2] | 6 | 6 | 6 | ||||||||||||||||||||||||||||
Partnership distributions | [3] | (574) | (302) | (302) | (100) | (124) | (46) | (2) | ||||||||||||||||||||||||
Partnership preferred distributions | [3] | (34) | (21) | (21) | (9) | (4) | ||||||||||||||||||||||||||
Increase (decrease) through acquisition of subsidiary, equity | 288 | $ 288 | ||||||||||||||||||||||||||||||
Disposition of subsidiaries | (1,408) | (1,408) | ||||||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (538) | $ (538) | ||||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||||
Acquisition of non-controlling interest | [4] | (196) | (196) | |||||||||||||||||||||||||||||
Preferred units issued, net of redemption | [2] | 194 | 194 | |||||||||||||||||||||||||||||
Increase (decrease) through other changes, equity | 90 | [1],[4],[5] | (21) | [1],[4],[5] | 170 | [1],[4],[5] | (21) | [1],[4],[5] | (170) | [1],[4],[5] | (8) | [1],[4],[5] | (69) | (3) | [1],[4],[5] | (27) | 122 | [1],[4],[5] | ||||||||||||||
Balance as at Jun. 30, 2021 | 21,451 | 4,275 | 5,532 | (2,157) | 519 | 381 | [1] | 20 | 3 | 1,703 | 181 | 643 | 50 | 11 | 5 | 13,475 | 1,324 | |||||||||||||||
Balance as at Dec. 31, 2020 | 21,673 | 4,233 | 5,526 | (2,285) | 540 | 452 | [1] | 19 | 3 | 1,687 | 2,328 | 209 | 638 | (19) | 62 | 12 | 156 | 5 | 13,954 | 1,130 | ||||||||||||
Unit issuance | 545 | 400 | 259 | |||||||||||||||||||||||||||||
Balance as at Dec. 31, 2021 | 26,391 | 5,702 | 6,074 | (2,125) | 1,430 | 323 | [1] | 31 | 2 | 2,408 | 2,728 | 137 | 1,369 | 1,755 | 77 | 85 | 408 | 4 | 15,658 | 1,138 | ||||||||||||
Balance as at Mar. 31, 2021 | 21,952 | 4,129 | 5,529 | (2,357) | 540 | 417 | [1] | 19 | 1,643 | 622 | 11 | 14,204 | 1,324 | |||||||||||||||||||
Net income | 1,306 | 192 | 192 | 51 | 79 | 29 | 1 | 954 | ||||||||||||||||||||||||
Other comprehensive loss | 315 | 134 | 134 | [1] | 56 | 20 | 105 | |||||||||||||||||||||||||
Comprehensive income (loss) | 1,621 | 326 | 192 | 134 | [1] | 51 | 135 | 49 | 1 | 1,059 | ||||||||||||||||||||||
Unit issuance | [2] | 3 | 3 | 3 | ||||||||||||||||||||||||||||
Partnership distributions | [3] | (287) | (151) | (151) | (50) | (62) | (23) | (1) | ||||||||||||||||||||||||
Partnership preferred distributions | [3] | (18) | (11) | (11) | (5) | (2) | ||||||||||||||||||||||||||
Disposition of subsidiaries | [5] | (1,408) | (1,408) | |||||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (306) | (306) | ||||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||||
Acquisition of non-controlling interest | [4] | 196 | $ 196 | |||||||||||||||||||||||||||||
Increase (decrease) through other changes, equity | [1],[4],[5] | 90 | (21) | 170 | (21) | (170) | (8) | (3) | 122 | |||||||||||||||||||||||
Balance as at Jun. 30, 2021 | 21,451 | 4,275 | 5,532 | (2,157) | 519 | 381 | [1] | 20 | 3 | 1,703 | 181 | 643 | 50 | 11 | 5 | 13,475 | 1,324 | |||||||||||||||
Perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||||
Balance as at Dec. 31, 2021 | 26,391 | 5,702 | 6,074 | (2,125) | 1,430 | 323 | [1] | 31 | 2 | 2,408 | 2,728 | 137 | 1,369 | 1,755 | 77 | 85 | 408 | 4 | 15,658 | 1,138 | ||||||||||||
Perpetual subordinated notes at Dec. 31, 2021 | 0 | |||||||||||||||||||||||||||||||
Net income | 719 | 76 | 76 | 120 | 32 | 18 | 473 | |||||||||||||||||||||||||
Other comprehensive loss | (94) | (6) | (6) | [1] | 0 | (1) | (1) | 0 | 0 | (87) | ||||||||||||||||||||||
Comprehensive income (loss) | 625 | 70 | 76 | (6) | [1] | 120 | 31 | 18 | 386 | |||||||||||||||||||||||
Unit issuance | 8 | [2] | 8 | [2] | 8 | [2] | 0 | 0 | ||||||||||||||||||||||||
Partnership distributions | [3] | (676) | (330) | (330) | (122) | (138) | (80) | (6) | ||||||||||||||||||||||||
Partnership preferred distributions | [3] | (35) | (20) | (20) | (10) | (5) | ||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (324) | (324) | ||||||||||||||||||||||||||||||
Preferred units redeemed | [2] | (243) | (14) | (14) | (9) | (220) | ||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | [2] | 293 | ||||||||||||||||||||||||||||||
Increase (decrease) through other changes, equity | 3 | [2] | 3 | [2] | 86 | [2] | (86) | [1],[2] | (36) | 1 | [2] | (20) | (4) | [2] | ||||||||||||||||||
Balance as at Jun. 30, 2022 | 26,039 | 5,419 | 6,085 | (2,327) | 1,430 | 231 | [1] | 29 | 2 | 2,282 | 2,728 | 100 | 1,303 | 1,758 | 57 | 75 | [5] | 402 | 4 | 15,720 | 918 | |||||||||||
Perpetual subordinated notes | 293 | |||||||||||||||||||||||||||||||
Balance as at Mar. 31, 2022 | 26,975 | 5,741 | 6,080 | (2,309) | 1,430 | 540 | [1] | 31 | 2,420 | 1,381 | 81 | [5] | 16,110 | 918 | ||||||||||||||||||
Perpetual subordinated notes at Mar. 31, 2022 | 293 | |||||||||||||||||||||||||||||||
Net income | 425 | 70 | 70 | 60 | 29 | 17 | 249 | |||||||||||||||||||||||||
Other comprehensive loss | (850) | (223) | (223) | [1] | (1) | (93) | (52) | (3) | [5] | (478) | ||||||||||||||||||||||
Comprehensive income (loss) | (425) | (153) | 70 | (223) | [1] | 59 | (64) | (35) | (3) | [5] | (229) | |||||||||||||||||||||
Unit issuance | [2] | 4 | 4 | 4 | ||||||||||||||||||||||||||||
Partnership distributions | [3] | (338) | (165) | (165) | (61) | (69) | (40) | (3) | [5] | |||||||||||||||||||||||
Partnership preferred distributions | [3] | (16) | (9) | (9) | (5) | (2) | ||||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (161) | (161) | ||||||||||||||||||||||||||||||
Issuance of perpetual subordinated notes | 0 | |||||||||||||||||||||||||||||||
Increase (decrease) through other changes, equity | [2] | 1 | 1 | 86 | (86) | [1] | (1) | |||||||||||||||||||||||||
Balance as at Jun. 30, 2022 | 26,039 | $ 5,419 | $ 6,085 | $ (2,327) | $ 1,430 | $ 231 | [1] | $ 29 | $ 2 | $ 2,282 | $ 2,728 | $ 100 | $ 1,303 | $ 1,758 | $ 57 | $ 75 | [5] | $ 402 | $ 4 | $ 15,720 | $ 918 | |||||||||||
Perpetual subordinated notes | $ 293 | |||||||||||||||||||||||||||||||
[1]Refer to Note 18 Accumulated Other Comprehensive Income (Loss).[2]Refer to Note 16 Partnership Capital.[3]Refer to Note 17 Distributions.[4]Refer to Note 6 Acquisition of Businesses.[5]Refer to Note 5 Disposition of Businesses. |
UNAUDITED INTERIM CONDENSED A_6
UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||||
Net income | $ 425 | $ 1,306 | $ 719 | $ 1,719 |
Adjusted for the following items: | ||||
Earnings from investments in associates and joint ventures, net of distributions received | 76 | (10) | 146 | (18) |
Depreciation and amortization expense | 552 | 492 | 1,096 | 961 |
Mark-to-market on hedging items, provisions and other | (200) | (1,254) | (179) | (1,348) |
Deferred income tax (recovery) expense | (26) | 212 | (8) | 252 |
Changes in non-cash working capital, net | (93) | (182) | (305) | (276) |
Cash from operating activities | 734 | 564 | 1,469 | 1,290 |
Investing Activities | ||||
Acquisition of subsidiaries, net of cash acquired | 0 | (49) | (42) | (145) |
Disposal of subsidiaries, net of cash disposed | 0 | 2,588 | 0 | 2,588 |
Investments in associates and joint ventures | (216) | 0 | (671) | 0 |
Disposal of investments in associates and joint ventures | 275 | 0 | 275 | 412 |
Purchase of long-lived assets | (735) | (414) | (1,334) | (746) |
Disposal of long-lived assets | 12 | 12 | 21 | 23 |
Purchase of financial assets | (146) | (331) | (382) | (502) |
Sale of financial assets | 201 | 230 | 401 | 526 |
Net settlement of foreign exchange hedging items | 25 | (18) | 24 | (17) |
Cash (used by) from investing activities | (584) | 2,018 | (1,708) | 2,139 |
Financing Activities | ||||
Distributions to general partner | (61) | (50) | (122) | (100) |
Distributions to other unitholders | (293) | (255) | (589) | (508) |
Subsidiary distributions to non-controlling interest | (161) | (306) | (324) | (538) |
Capital provided by non-controlling interest | 0 | 0 | 293 | 100 |
Capital provided to non-controlling interest | 0 | (1,408) | 0 | (1,408) |
Acquisition of partial interest from non-controlling interest | 0 | (283) | 0 | (283) |
Deposit repaid to parent | (200) | (744) | 0 | (344) |
Proceeds from corporate borrowings | 474 | 244 | 474 | 244 |
(Repayment of) net proceeds from commercial paper program | (124) | 406 | (164) | 496 |
Proceeds from corporate credit facility | 1,245 | 1,539 | 2,202 | 1,830 |
Repayment of corporate credit facility | (1,216) | (1,816) | (1,694) | (2,961) |
Proceeds from non-recourse borrowings | 2,164 | 1,005 | 3,400 | 1,597 |
Repayment of non-recourse borrowings | (1,413) | (555) | (2,007) | (974) |
Lease liability repaid and other | (72) | (119) | (90) | (178) |
Settlement of deferred consideration | (1,037) | (137) | (1,037) | (191) |
Net preferred units (redeemed) issued | 0 | 0 | (243) | 194 |
Partnership units issued | 4 | 3 | 8 | 6 |
Cash (used by) from financing activities | (690) | (2,476) | 107 | (3,018) |
Cash and cash equivalents | ||||
Change during the period | (540) | 106 | (132) | 411 |
Cash reclassified as assets held for sale | (30) | 0 | (30) | (6) |
Impact of foreign exchange on cash | (98) | 29 | 57 | 3 |
Balance, beginning of year | 1,969 | 1,140 | 1,406 | 867 |
Balance, end of year | $ 1,301 | $ 1,275 | $ 1,301 | $ 1,275 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 6 Months Ended |
Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ORGANIZATION AND DESCRIPTION OF THE BUSINESS Brookfield Infrastructure Partners L.P. (our “partnership” and, together with its subsidiaries and operating entities, “Brookfield Infrastructure”) owns and operates utilities, transport, midstream and data businesses in North and South America, Europe and the Asia Pacific region. Our partnership was formed as a limited partnership established under the laws of Bermuda, pursuant to a limited partnership agreement dated May 17, 2007, as amended and restated. Our partnership is a subsidiary of Brookfield Asset Management Inc. (“Brookfield”). Our partnership’s units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “BIP” and “BIP.UN”, respectively. Our cumulative Class A preferred limited partnership units, Series 1, Series 3, Series 9 and Series 11 are listed on the Toronto Stock Exchange under the symbols “BIP.PR.A,” “BIP.PR.B,” “BIP.PR.E” and “BIP.PR.F,” respectively. Our cumulative Class A preferred limited partnership units, Series 13 and Series 14, are listed on the New York Stock Exchange under the symbols “BIP.PR.A” and “BIP.PR.B”, respectively. Our partnership’s registered office is 73 Front Street, 5th Floor Hamilton, HM 12, Bermuda. In these notes to the consolidated financial statements, references to “units” are to the limited partnership units in our partnership other than the preferred units, references to our “preferred units” are to preferred limited partnership units in our partnership and references to our “unitholders” and “preferred unitholders” are to the holders of our units and preferred units, respectively. References to “Class A Preferred Units,” “Series 1 Preferred Units,” “Series 3 Preferred Units,” “Series 9 Preferred Units,” “Series 11 Preferred Units,” “Series 13 Preferred Units” and “Series 14 Preferred Units” are to cumulative Class A preferred limited partnership units, cumulative Class A preferred limited partnership units, Series 1, cumulative Class A preferred limited partnership units, Series 3, cumulative Class A preferred limited partnership units, Series 9, cumulative Class A preferred limited partnership units, Series 11, cumulative Class A preferred limited partnership units, Series 13, and cumulative Class A preferred limited partnership units Series 14, in our partnership, respectively. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | SUMMARY OF ACCOUNTING POLICIES a) Statement of Compliance These interim condensed and consolidated financial statements of our partnership and its subsidiaries (together “Brookfield Infrastructure”) have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting , (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies Brookfield Infrastructure applied in its consolidated financial statements as of and for the year-ended December 31, 2021. The accounting policies that our partnership applied in its annual consolidated financial statements as of and for the year-ended December 31, 2021 are disclosed in Note 3 of such financial statements, with which reference should be made in reading these interim condensed and consolidated financial statements. These interim condensed and consolidated financial statements were authorized for issuance by the Board of Directors of our partnership on August 11, 2022. b) Significant Accounting Judgments and Key Sources of Estimation Uncertainty |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION IFRS 8, Operating Segments , requires operating segments to be determined based on information that is regularly reviewed by the Executive Management and the Board of Directors for the purpose of allocating resources to the segment and to assess its performance. The Chief Operating Decision Maker (“CODM”) uses Funds from Operations (“FFO”) in assessing performance and in making resource allocation decisions, which enable the determination of return on the equity deployed. We define FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, mark-to-market on hedging items and other income (expenses) that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. FFO includes balances attributable to the partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 617 $ 411 $ 145 $ — $ 1,658 $ (617) $ 2,640 $ 3,681 Costs attributed to revenues (2) (199) (347) (193) (62) — (801) 313 (1,672) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market on hedging items and other 37 138 (6) 169 Share of losses from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 428 $ 506 $ 130 $ 151 $ — $ 1,215 $ (474) $ 1,922 $ 2,663 Costs attributed to revenues (2) (177) (267) (48) (67) — (559) 235 (1,109) (1,433) General and administrative expenses — — — — (96) (96) — — (96) Other (expense) income (18) — — — 30 12 1 (47) (34) Interest expense (43) (66) (22) (24) (23) (178) 64 (248) (362) FFO 190 173 60 60 (89) 394 Depreciation and amortization expense (273) 124 (343) (492) Deferred taxes (108) (14) (90) (212) Mark-to-market on hedging items and other 339 54 869 1,262 Share of earnings from associates — 10 — 10 Net income attributable to non-controlling interest — — (954) (954) Net income attributable to partnership (3) $ 352 $ — $ — $ 352 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 1,195 $ 834 $ 297 $ — $ 3,250 $ (1,188) $ 5,030 $ 7,092 Costs attributed to revenues (2) (384) (670) (382) (131) — (1,567) 598 (3,153) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market on hedging items and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 818 $ 1,001 $ 364 $ 300 $ — $ 2,483 $ (964) $ 3,827 $ 5,346 Costs attributed to revenues (2) (344) (529) (97) (134) — (1,104) 470 (2,145) (2,779) General and administrative expenses — — — — (191) (191) — — (191) Other (expense) income (34) (4) (15) 5 49 1 1 (99) (97) Interest expense (84) (133) (46) (51) (50) (364) 134 (487) (717) FFO 356 335 206 120 (192) 825 Depreciation and amortization expense (553) 252 (660) (961) Deferred taxes (136) (15) (101) (252) Mark-to-market on hedging items and other 406 45 842 1,293 Share of earnings from associates — 77 — 77 Net income attributable to non-controlling interest — — (1,177) (1,177) Net income attributable to partnership (3) $ 542 $ — $ — $ 542 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. Segment assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment: Total Attributable to Brookfield Infrastructure AS OF JUNE 30, 2022 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,640 $ 8,451 $ 10,310 $ 3,331 $ (1,231) $ 28,501 $ (5,529) $ 42,466 $ 8,461 $ 73,899 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2021 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 6,184 $ 8,601 $ 10,378 $ 3,405 $ (1,471) $ 27,097 $ (4,825) $ 42,415 $ 9,274 $ 73,961 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. |
ASSETS AND LIABILITIES CLASSIFI
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about assets and liabilities classified as held for sale [Abstract] | |
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE | ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE In June 2022, Brookfield Infrastructure, alongside institutional partners, agreed to the sale of its Indian toll road operations for total net proceeds of approximately $0.2 billion (Indian toll road consortium of approximately $0.6 billion). As a result, the assets and liabilities of the business were classified as held for sale as at June 30, 2022. In addition, in December 2021, a subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. As a result, our net investment in the port, which was previously presented as investments in associates, has been classified as held for sale. The major classes of assets and liabilities of the businesses classified as held for sale are as follows: US$ MILLIONS June 30, 2022 Assets Cash and cash equivalents $ 30 Accounts receivable and other current assets 80 Current assets 110 Property, plant and equipment 4 Investment in associates (1) 139 Intangible assets 605 Goodwill and other non-current assets 20 Total assets classified as held for sale $ 878 Liabilities Accounts payable and other liabilities $ 75 Deferred income tax liability 6 Non-recourse borrowings 427 Total liabilities associated with assets held for sale 508 Net assets classified as held for sale $ 370 |
DISPOSITION OF BUSINESSES
DISPOSITION OF BUSINESSES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Disposition of Businesses [Abstract] | |
DISPOSITION OF BUSINESSES | DISPOSITION OF BUSINESSES Dispositions completed in 2021 a) Disposition of our Chilean toll road operation On November 16, 2021, Brookfield Infrastructure, alongside institutional partners (collectively, the “AVN consortium”) completed the sale of its 17% interest in our Chilean toll road business (AVN consortium total of approximately 34%). The sale resulted in net proceeds of approximately $165 million (AVN consortium total of approximately $315 million). Our partnership recognized a gain of approximately $140 million (AVN consortium total of $270 million) in Other income (expense) on the Consolidated Statements of Operating Results. The partnership’s share of losses relating to previous foreign exchange movements and hedges of $8 million were reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statements of Operating Results. b) Disposition of our U.S. district energy operation On July 16, 2021, Brookfield Infrastructure completed the sale of its 40% interest in our U.S. district energy operation. The sale resulted in net proceeds of approximately $555 million. Our partnership recognized a gain of approximately $425 million in Other income (expense) on the Consolidated Statements of Operating Results. The partnership’s share of accumulated revaluation surplus of $150 million was reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. c) Disposition of our Canadian district energy operation On June 7, 2021, Brookfield Infrastructure, alongside institutional partners (collectively, the “Enwave Canada consortium”) completed the sale of its 25% interest in our Canadian district energy operation. The sale resulted in net proceeds of approximately $450 million (Enwave Canada consortium total of approximately $1.8 billion). Our partnership recognized a gain of approximately $295 million (Enwave Canada consortium total of approximately $1.2 billion) in Other income (expense) on the Consolidated Statements of Operating Results. The partnership’s share of accumulated revaluation surplus of $124 million was reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. The partnership’s share of net gains relating to previous foreign exchange movements and hedges of $9 million were reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statements of Operating Results. d) Disposition of our U.K. regulated distribution business’s portfolio of smart meters On May 12, 2021, our U.K. regulated distribution business sold its smart meters business for gross consideration of approximately $820 million. After the repayment of debt and working capital requirements at the business, our partnership received net proceeds of approximately $340 million. The business recognized a gain of approximately $195 million in Other income (expense) on the Consolidated Statements of Operating Results, of which approximately $155 million is attributable to our partnership. The partnership’s share of accumulated revaluation surplus of $142 million was reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. The partnership’s share of net gains relating to previous foreign exchange movements and hedges of $12 million were reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statements of Operating Results. |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES Acquisitions Completed in 2022 a) Individually insignificant business combinations The following table summarizes the purchase price allocation of individually insignificant business combinations that have been completed in 2022: US$ MILLIONS Cash $ 7 Equity consideration (1) 13 Contingent consideration 8 Total consideration $ 28 1. As part of our consideration, we issued shares of the subsidiary which are compound instruments. Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Accounts receivable and other $ 15 Property, plant and equipment 33 Intangible assets 72 Goodwill 104 Accounts payable and other liabilities (55) Non-recourse borrowings (6) Net assets acquired before non-controlling interest 163 Non-controlling interest (2) (135) Net assets acquired $ 28 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Supplemental Information Had the individually insignificant acquisitions been effective January 1, 2022, the revenue and net income of Brookfield Infrastructure would have increased by approximately $5.0 million and $1.0 million, respectively, for the six-month period ended June 30, 2022. In determining the pro-forma revenue and net income attributable to our partnership, management has: • Calculated depreciation of property, plant and equipment and amortization of intangible assets acquired on the basis of the fair values at the time of the business combination rather than the carrying amounts recognized in the pre-acquisition financial statements and; • Based borrowing costs on the funding levels, credit ratings and debt and equity position of Brookfield Infrastructure after the business combination. Acquisitions Completed in 2021 (a) Acquisition of Brazilian electricity transmission operation On February 26, 2021, Brookfield Infrastructure, alongside institutional partners, exercised its option to acquire an additional 15% interest in Jose Maria de Macedo de Eletricidade S.A (“JMM”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in JMM to 31%. Prior to February 26, 2021, our partnership’s existing interest in JMM was accounted for using the equity method. On December 24, 2021, Brookfield Infrastructure, alongside institutional partners, exercised its option to acquire an additional 15% interest in Giovanni Sanguinetti Transmissora de Energia S.A. (“Sanguinetti”) and Veredas Transmissora de Electricidade S.A. (“Veredas”), Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in both operations to 31%. Prior to December 24, 2021, our partnership’s existing interest in both operations were accounted for using the equity method. Consideration Transferred: US$ MILLIONS Cash $ 56 Pre-existing interest in the businesses 92 Total consideration $ 148 Fair value of assets and liabilities acquired as of the date of acquisitions (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 70 Accounts receivable and other 13 Intangible assets 1,094 Goodwill 44 Accounts payable and other liabilities (99) Non-recourse borrowings (481) Deferred income tax liabilities (152) Net assets acquired before non-controlling interest 489 Non-controlling interest (2) (341) Net assets acquired $ 148 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisition. 2. Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. (b) Acquisition of a Canadian diversified midstream operation On August 20, 2021, Brookfield Infrastructure, alongside institutional partners (collectively, the “IPL consortium”) acquired an effective 41% interest (IPL consortium total of 69%) in IPL for total consideration of approximately $2.8 billion (IPL consortium total of approximately $4.7 billion). The acquisition was funded through cash provided by the partnership of $0.8 billion (IPL consortium total of $1.9 billion), $0.2 billion of BIPC exchangeable LP units, $1.1 billion of BIPC exchangeable shares and $0.5 billion (IPL consortium total of $0.9 billion) of asset level debt raised on closing. In addition, Brookfield Infrastructure had an existing 3% interest in IPL (IPL consortium total - 10%) valued at $0.2 billion prior to the acquisition (IPL consortium total of $0.6 billion). Concurrently, Brookfield Infrastructure entered into a voting agreement with an affiliate of Brookfield, providing Brookfield Infrastructure the right to direct the relevant activities of the entity, thereby providing Brookfield Infrastructure with control. Accordingly, Brookfield Infrastructure consolidated the entity effective August 20, 2021. Acquisition costs of approximately $65 million were recorded as Other income (expense) within the Consolidated Statements of Operating Results. Consideration Transferred: US$ MILLIONS Cash $ 1,268 BIPC exchangeable shares 1,061 BIPC exchangeable LP units 245 Pre-existing interest in business (1) 192 Total consideration $ 2,766 1. Prior to the acquisition, Brookfield held an interest in the acquiree which was accounted for as a financial asset. Fair value of assets and liabilities acquired as of August 20, 2021 (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 121 Accounts receivable and other 440 Property, plant and equipment 9,865 Intangible assets 2,569 Goodwill 2,096 Accounts payable and other liabilities (700) Lease liabilities (226) Non-recourse borrowings (6,185) IPL shares held by public shareholders (2) (2,086) Deferred income tax liabilities (1,229) Net assets acquired before non-controlling interest 4,665 Non-controlling interest (3) (1,899) Net assets acquired $ 2,766 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, and the resulting impact to goodwill and deferred taxes as at the date of the acquisition. 2. IPL shares held by public shareholders represent the 31% interest in IPL not yet acquired by Brookfield as of August 20, 2021. The interest is classified as liability on acquisition due to the mandatory extension of Brookfield’s offer to acquire the remaining interest in IPL. The mandatory extension expired on September 3, 2021 and the remaining $1.6 billion interest was reclassified to non-controlling interest thereafter. 3. Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date. The goodwill recorded on acquisition is largely reflective of the potential to obtain long-term contracts for the business’ unutilized capacity and production growth. The goodwill recognized is not deductible for income tax purposes. Subsequent to the initial acquisition, Brookfield Infrastructure, alongside institutional partners, acquired an additional 4% interest (IPL consortium total of 7%) in IPL during the period between August 25, 2021 and September 3, 2021, increasing our partnership’s ownership of the business to approximately 45% (IPL consortium total of 76%), for approximately $315 million (IPL consortium total of $530 million). The acquisition was funded through cash provided by the partnership of approximately $225 million (IPL consortium total of approximately $440 million), $11 million of BIPC exchangeable LP units and $79 million of BIPC exchangeable shares. No gain or loss was recognized on acquisition. On October 28, 2021 Brookfield Infrastructure, alongside institutional partners, acquired an additional 14% interest (IPL consortium total of 24%) in IPL for total consideration of $0.9 billion (IPL consortium of $1.6 billion). The acquisition was funded through cash provided by the partnership of approximately $0.4 billion (IPL consortium total of approximately $1.1 billion) and $0.5 billion of BIPC exchangeable shares and BIPC exchangeable LP units. Subsequent to the acquisition, our partnership’s ownership of the business is 59% (IPL consortium total of 100%). As a result of the carrying value of non-controlling interests exceeding the purchase price, a gain of approximately $30 million was recognized directly in ownership changes and recorded within Other items on the Consolidated Statements of Partnership Capital. c) Acquisition of additional interest in our Brazilian regulated gas transmission operation On April 30, 2021, Brookfield Infrastructure, alongside institutional partners (the “NTS consortium”), acquired an additional 3% interest (NTS consortium total of 10%) in our Brazilian regulated gas transmission operation, increasing our partnership’s ownership of the business to approximately 31%. Total consideration paid was $87 million (NTS consortium total of $283 million), all of which was funded using asset level debt raised on closing. As a result of the purchase price exceeding the previous carrying value of non-controlling interests, a loss of $32 million was recognized directly in ownership changes and recorded within Other items on the Consolidated Statements of Partnership Capital. d) Individually insignificant business combinations The following table summarizes the purchase price allocation of individually insignificant business combinations that were completed in 2021: US$ MILLIONS Cash $ 79 Deferred consideration 3 Contingent consideration 2 Total consideration $ 84 Fair value of assets and liabilities acquired as of the date of acquisitions (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 26 Accounts receivable and other 34 Property, plant and equipment 314 Intangible assets 71 Goodwill 260 Accounts payable and other liabilities (51) Lease liabilities (109) Non-recourse borrowings (32) Deferred income tax liabilities (49) Net assets acquired before non-controlling interest 464 Non-controlling interest (2) (380) Net assets acquired $ 84 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analyses, using observable market inputs. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, Brookfield Infrastructure looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatilities as applicable. The fair value of interest rate swap contracts which form part of financing arrangements is calculated by way of discounted cash flows using market interest rates and applicable credit spreads. Classification of Financial Instruments Financial instruments classified as fair value through profit or loss are carried at fair value on the Consolidated Statements of Financial Position. Changes in the fair values of financial instruments classified as fair value through profit or loss are recognized in profit or loss. Mark-to-market adjustments on hedging items for those in an effective hedging relationship and changes in the fair value of securities designated as fair value through other comprehensive income are recognized in other comprehensive income. Carrying Value and Fair Value of Financial Instruments The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,301 $ 1,301 Accounts receivable and other — 2,971 2,971 Financial assets (current and non-current) (1) 1,542 124 1,666 Total $ 1,542 $ 4,396 $ 5,938 Financial liabilities Corporate borrowings $ — $ 3,489 $ 3,489 Non-recourse borrowings (current and non-current) — 26,899 26,899 Accounts payable and other — 3,450 3,450 Financial liabilities (current and non-current) (1) 296 1,852 2,148 Lease liabilities — 3,646 3,646 Preferred shares (2) — 20 20 Total $ 296 $ 39,356 $ 39,652 1. Derivative instruments which are elected for hedge accounting totaling $697 million are included in financial assets and $58 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,406 $ 1,406 Accounts receivable and other — 2,718 2,718 Financial assets (current and non-current) (1) 1,171 105 1,276 Total $ 1,171 $ 4,229 $ 5,400 Financial liabilities Corporate borrowings $ — $ 2,719 $ 2,719 Non-recourse borrowings (current and non-current) — 26,534 26,534 Accounts payable and other — 3,392 3,392 Financial liabilities (current and non-current) (1) 501 2,739 3,240 Lease liabilities — 3,840 3,840 Preferred shares (2) — 20 20 Total $ 501 $ 39,244 $ 39,745 1. Derivative instruments which are elected for hedge accounting totaling $384 million are included in financial assets and $314 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,301 $ 1,301 $ 1,406 $ 1,406 Accounts receivable and other 2,971 2,971 2,718 2,718 Financial assets (current and non-current) 1,666 1,666 1,276 1,276 Total $ 5,938 $ 5,938 $ 5,400 $ 5,400 Financial liabilities Corporate borrowings (1) $ 3,489 $ 3,234 $ 2,719 $ 2,805 Non-recourse borrowings (current and non-current) (2) 26,899 26,264 26,534 26,769 Accounts payable and other 3,450 3,450 3,392 3,392 Financial liabilities (current and non-current) 2,148 2,148 3,240 3,240 Preferred shares (3) 20 20 20 20 Total $ 36,006 $ 35,116 $ 35,905 $ 36,226 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. Hedging Activities Brookfield Infrastructure uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest and currency risks. For certain derivatives which are used to manage exposures, Brookfield Infrastructure determines whether hedge accounting can be applied. When hedge accounting can be applied, a hedge relationship can be designated as a fair value hedge, cash flow hedge or a hedge of foreign currency exposure of a net investment in a foreign operation with a functional currency other than the U.S. dollar. To qualify for hedge accounting, the derivative must be designated as a hedge of a specific exposure and the hedging relationship must meet all of the hedge effectiveness requirements in accomplishing the objective of offsetting changes in the fair value or cash flows attributable to the hedged risk both at inception and over the life of the hedge. If it is determined that the hedging relationship does not meet all of the hedge effectiveness requirements, hedge accounting is discontinued prospectively. Cash Flow Hedges Brookfield Infrastructure uses interest rate swaps to hedge the variability in cash flows related to a variable rate asset or liability and highly probable forecasted issuances of debt. The settlement dates coincide with the dates on which the interest is payable on the underlying debt, and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on debt affect profit or loss. For the three and six-month periods ended June 30, 2022, gains of $195 million and $450 million, respectively (2021: losses of $19 million and gains of $160 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As of June 30, 2022, there was a net derivative asset balance of $574 million relating to derivative contracts designated as cash flow hedges (December 31, 2021: $101 million). Net Investment Hedges Brookfield Infrastructure uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations having a functional currency other than the U.S. dollar. For the three and six-month periods ended June 30, 2022, gains of $93 million and $122 million, respectively (2021: losses of $47 million and $41 million) were recorded in other comprehensive income relating to the hedges of net investments in foreign operations. Further, for the three and six-month periods ended June 30, 2022, Brookfield Infrastructure received $25 million and $24 million, respectively (2021: paid $18 million and $17 million) relating to the settlement of foreign exchange contracts in the period. As of June 30, 2022, there was a net unrealized derivative asset balance of $65 million relating to derivative contracts designated as net investment hedges (December 31, 2021: liability balance of $31 million). Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. • Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Marketable securities Level 1 (1) $ 75 $ 179 Foreign currency forward contracts Level 2 (2) Financial asset $ 244 $ 104 Financial liability 43 98 Interest rate swaps & other Level 2 (2) Financial asset $ 1,168 $ 882 Financial liability 104 307 Other contracts Level 3 (3) Financial asset $ 55 $ 6 Financial liability 149 96 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. During the three and six-month periods ended June 30, 2022, no transfers were made between level 1 and 2 or level 2 and 3. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT US$ MILLIONS Utilities Transport Midstream Data Total Balance at January 1, 2021 $ 9,289 $ 8,697 $ 4,321 $ 8,593 $ 30,900 Additions, net of disposals 478 434 423 429 1,764 Acquisitions through business combinations (1) 180 134 9,865 — 10,179 Assets held by subsidiaries disposed during the period (2) (2,300) (15) — — (2,315) Non-cash additions (disposals) (3) 34 (107) 88 (532) (517) Net foreign currency exchange differences (116) (145) 165 (166) (262) Balance at December 31, 2021 $ 7,565 $ 8,998 $ 14,862 $ 8,324 $ 39,749 Additions, net of disposals 218 274 427 233 1,152 Acquisitions through business combinations (1) — — — 33 33 Non-cash (disposals) additions (105) (2) (6) 38 (75) Assets reclassified as held for sale — (8) — — (8) Net foreign currency exchange differences (535) (292) (294) (411) (1,532) Balance at June 30, 2022 $ 7,143 $ 8,970 $ 14,989 $ 8,217 $ 39,319 Accumulated depreciation: Balance at January 1, 2021 $ (1,613) $ (1,404) $ (356) $ (263) $ (3,636) Depreciation expense (352) (481) (270) (419) (1,522) Disposals 19 9 17 — 45 Assets held by subsidiaries disposed during the period (2) 663 12 — — 675 Non-cash disposals — 140 3 45 188 Net foreign currency exchange differences 11 56 (16) 8 59 Balance at December 31, 2021 $ (1,272) $ (1,668) $ (622) $ (629) $ (4,191) Depreciation expense (160) (232) (208) (195) (795) Assets reclassified as held for sale — 4 — — 4 Non-cash disposals — 10 3 5 18 Net foreign currency exchange differences 93 86 24 32 235 Balance at June 30, 2022 $ (1,339) $ (1,800) $ (803) $ (787) $ (4,729) Accumulated fair value adjustments: Balance at January 1, 2021 $ 2,934 $ 1,048 $ 338 $ — $ 4,320 Fair value adjustments 134 48 70 — 252 Net foreign currency exchange differences (26) (50) — — (76) Assets held by subsidiaries disposed during the period (2) (1,399) — — — (1,399) Balance at December 31, 2021 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Net foreign currency exchange differences (155) (62) (1) — (218) Balance at June 30, 2022 $ 1,488 $ 984 $ 407 $ — $ 2,879 Net book value: December 31, 2021 $ 7,936 $ 8,376 $ 14,648 $ 7,695 $ 38,655 June 30, 2022 (4) $ 7,292 $ 8,154 $ 14,593 $ 7,430 $ 37,469 1. Refer to Note 6 , Acquisition of Businesses, for further details. 2. Refer to Note 5, Disposition of Businesses, for further details. 3. Non-cash disposals within the data segment primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. 4. Includes right-of-use assets of $118 million in our utilities segment, $1,044 million in our transport segment, $369 million in our midstream segment and $2,174 million in our data segment. Current lease liabilities of $404 million have been included in accounts payable and other and non-current lease liabilities of $3,242 million have been included in other liabilities in the Consolidated Statement of Financial Position. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS As of US$ MILLIONS June 30, 2022 December 31, 2021 Cost $ 15,195 $ 15,785 Accumulated amortization (1,671) (1,571) Total $ 13,524 $ 14,214 Intangible assets are allocated to the following cash generating units, or group of cash generating units: As of US$ MILLIONS June 30, 2022 December 31, 2021 Brazilian regulated gas transmission operation $ 2,812 $ 2,645 Canadian diversified midstream 2,395 2,536 North American rail operations 1,799 1,867 North American residential energy infrastructure operation 1,662 1,720 Brazilian electricity transmission operation 1,477 1,366 Peruvian toll roads 1,025 976 Indian telecom tower operation 729 782 Indian toll roads (1) — 658 U.K. telecom towers operation 429 480 U.K. port operation 260 289 Other (2) 936 895 Total $ 13,524 $ 14,214 1. Refer to Note 4, Assets and Liabilities Classified as Held for Sale, for further details. 2. Other intangibles are primarily comprised of customer contracts at our Australian port operation, Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation, natural gas operation in India and contracted order book at our U.K. regulated distribution operation. The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month For the 12 month period ended December 31, 2021 Cost at beginning of the period $ 15,785 $ 13,233 Additions through business combinations (1) 72 3,734 Additions, net of disposals 71 67 Assets held by subsidiaries disposed during the period (2) — (957) Assets reclassified as held for sale (3) (816) — Non-cash additions (4) 68 271 Foreign currency translation 15 (563) Ending Balance $ 15,195 $ 15,785 1. Refer to Note 6, Acquisition of Businesses, for further details. 2. Refer to Note 5, Disposition of Businesses, for further details. 3. Refer to Note 4, Assets and Liabilities Classified as Held for Sale, for further details. 4. Non-cash additions for the three-month period ended June 30, 2022 primarily relates to revisions to the purchase price allocation at our residential infrastructure operation in Germany. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS For the six-month For the 12 month period ended December 31, 2021 Accumulated amortization at beginning of the period $ (1,571) $ (1,466) Assets held by subsidiaries disposed during the period (1) — 281 Non-cash additions, net of disposals 1 26 Assets reclassified as held for sale 211 — Amortization (301) (514) Disposals (3) — Foreign currency translation (8) 102 Ending Balance $ (1,671) $ (1,571) 1. Refer to Note 5, Disposition of Businesses, for further details. |
INVESTMENT IN ASSOCIATES AND JO
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 6 Months Ended |
Jun. 30, 2022 | |
Interests In Other Entities [Abstract] | |
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS For the six-month For the 12 month period ended December 31, 2021 Balance at the beginning of the period $ 4,725 $ 5,528 Share of earnings for the period 20 88 Foreign currency translation and other (65) (323) Share of other comprehensive income 148 163 Distributions (166) (157) Disposition of interest (1),(7) (150) (336) Held for sale (2) — (146) Change in basis of accounting (3),(4) — (92) Acquisitions (5),(6),(8) 671 — Ending Balance (9) $ 5,183 $ 4,725 1. 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 in the midstream segment. 2. In December 2021, a subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. The transaction is subject to regulatory approval. The subsidiary is expected to receive net proceeds of approximately $0.3 billion. 3. 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 6, Acquisition of Businesses, for further details. 4. On December 24, 2021, Brookfield Infrastructure, alongside institutional partners, 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”), which are both Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in both operations to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Sanguinetti and Veredas as of December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. 5. 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. 6. On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million. 7. On June 13, 2022, Brookfield Infrastructure sold an effective 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 Statement 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. 8. Subsequent to quarter end, Brookfield Infrastructure acquired a 13% interest in an Australian data transmission business, for total equity consideration of approximately $0.2 billion. 9. The closing balance includes a shareholder loan of $375 million receivable from our U.S. gas pipeline (2021: $375 million). The following table represents the carrying value of our partnership’s investments in associates and joint ventures: As of US$ MILLIONS June 30, 2022 December 31, 2021 Utilities $ 870 $ 230 Transport 2,132 2,317 Midstream 1,052 1,052 Data 1,025 1,087 Corporate 104 39 Ending Balance $ 5,183 $ 4,725 The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis: As of US$ MILLIONS June 30, 2022 December 31, 2021 Financial position: Total assets $ 67,997 $ 52,969 Total liabilities (39,918) (31,731) Net assets $ 28,079 $ 21,238 For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Financial performance: Total revenue $ 5,455 $ 3,897 $ 10,471 $ 7,862 Total net income for the period 309 324 901 846 Brookfield Infrastructure’s share of net (loss) income $ (34) $ 10 $ 20 $ 77 |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS a) Corporate Borrowings Brookfield Infrastructure has a $2.1 billion senior unsecured revolving credit facility used for general working capital purposes including acquisitions. The $2.1 billion is available on a revolving basis for the full term of the facility. All amounts outstanding under this facility will be repayable on June 29, 2027. All obligations of Brookfield Infrastructure under the facility are guaranteed by our partnership. Loans under this facility accrue interest at a floating rate based on LIBOR plus 1.2%. Brookfield Infrastructure is required to pay an unused commitment fee under the facility of 13 basis points per annum. As at June 30, 2022, draws on the credit facility were $508 million (2021: nil) and $15 million of letters of credit were issued (2021: $12 million). Maturity (2) Annual Rate (2) Currency As of June 30, 2022 December 31, 2021 Corporate revolving credit facility June 29, 2027 LIBOR plus 1.2% US$ $ 508 $ — Commercial paper July 18, 2022 1.9% US$ 267 431 Non-current: Medium-term notes (1) : Public - Canadian February 22, 2024 3.3% C$ 233 237 Public - Canadian February 22, 2024 3.3% C$ 311 317 Public - Canadian September 11, 2028 4.2% C$ 544 554 Public - Canadian October 9, 2029 3.4% C$ 544 554 Public - Canadian September 1, 2032 2.9% C$ 388 396 Public - Canadian April 25, 2034 5.4% C$ 311 — Public - Canadian April 25, 2052 5.8% C$ 155 — Subordinated notes (1) : Public - U.S. May 24, 2081 5.0% US$ 250 250 3,511 2,739 Deferred financing costs and other (22) (20) Total $ 3,489 $ 2,719 1. Refer to Note 13, Subsidiary Public Issuers, for further details. 2. Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of June 30, 2022. Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility automatically renews for eight consecutive one-year terms, which would result in the facility ultimately maturing in February 2027. Brookfield has the option to terminate the agreement prior to April 14 each year by providing Brookfield Infrastructure with a written notice. Loans under this facility accrued interest on LIBOR plus 1.8% and no commitment fees were incurred for any undrawn balance. As of June 30, 2022, there were $nil (2021: $nil) borrowings outstanding. On April 21, 2022, Brookfield Infrastructure Finance ULC issued C$600 million of medium-term notes in two tranches: C$400 million maturing on April 25, 2034 with a coupon of 5.439% per annum and C$200 million maturing on April 25, 2052 with a coupon of 5.789% per annum, and $3 million of debt issuance costs were incurred. On May 24, 2021, Brookfield Infrastructure Finance ULC issued $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0% and $6 million of debt issuance costs were incurred. On February 24, 2021, Brookfield Infrastructure established a U.S. commercial paper program under which a subsidiary of our partnership may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $500 million. Proceeds from the commercial paper issuances are supplemented by our corporate credit facilities. As of June 30, 2022, there were $267 million of borrowing outstanding (2021: $431 million). The increase in corporate borrowings during the six-month period ended June 30, 2022 is attributable to draws on our corporate credit facility of $508 million and the issuance of $474 million of medium-term notes. This increase was partially offset by $164 million of net repayment on our commercial paper program and the impact of a weaker Canadian dollar relative to the U.S. dollar. b) Non-Recourse Borrowings As of US$ MILLIONS June 30, 2022 December 31, 2021 Current $ 3,506 $ 2,701 Non-current 23,393 23,833 Total $ 26,899 $ 26,534 Non-recourse borrowings increased as compared to December 31, 2021 due to net borrowings of $1.4 billion, partially offset by $0.4 billion of borrowings reclassified to held for sale and the impact of foreign exchange. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Capital Management [Abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT Our partnership’s approach to capital management is focused on maximizing returns to unitholders and ensuring capital is deployed in a manner consistent with achieving our investment return objectives. Invested Capital, which tracks the amount of capital that has been contributed to our partnership, is a measure we utilize to assess returns on capital deployed, relative to targeted returns. Investment decisions are based on, amongst other measures and factors, targeted returns on Invested Capital of 12% to 15% annually over the long term. We measure return on Invested Capital as Adjusted Funds from Operations (“AFFO”), less estimated returns of capital on operations that are not perpetual in nature, divided by the weighted average Invested Capital for the period. We define AFFO as FFO less capital expenditures required to maintain the current performance of our operations (maintenance capital expenditures). We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes. As of US$ MILLIONS June 30, 2022 December 31, 2021 Partnership Capital $ 26,039 $ 26,391 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (15,720) (15,658) Deficit 2,865 2,520 Accumulated other comprehensive income (393) (543) Ownership changes and other (515) (515) Invested Capital $ 12,276 $ 12,195 The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2022 and 2021: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Opening balance $ 12,272 $ 9,410 $ 12,195 $ 9,213 Net (redemption) issuance of preferred units — — (220) 194 Issuance of perpetual subordinated notes — — 293 — Issuance of limited partnership units 4 3 8 6 Ending balance $ 12,276 $ 9,413 $ 12,276 $ 9,413 Weighted Average Invested Capital $ 12,272 $ 9,410 $ 12,346 $ 9,386 |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2022 | |
Subsidiary Public Issuer [Abstract] | |
SUBSIDIARY PUBLIC ISSUERS | SUBSIDIARY PUBLIC ISSUERS An indenture dated as of October 10, 2012 between certain wholly-owned subsidiaries of our partnership, Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Pty Ltd and Brookfield Infrastructure Finance Limited (collectively, the “Co-Issuers”), and Computershare Trust Company of Canada, as supplemented and amended from time to time (“Indenture”) provides for the issuance of one or more series of unsecured notes of the Co-Issuers. An indenture dated as of May 24, 2021, between Brookfield Infrastructure Finance ULC, our partnership and its subsidiaries, Brookfield Infrastructure L.P. (the “Holding LP”), Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation, BIP Bermuda Holdings I Limited (collectively, the “BIP Guarantors”), BIPC Holdings Inc. (“BIPC Holdings”), Computershare Trust Company of Canada and Computershare Trust Company, N.A., as supplemented and amended from time to time (the “U.S. Indenture”) provides for the issuance of one or more series of unsecured notes of Brookfield Infrastructure Finance ULC. On April 21, 2022, the Co-Issuers issued C$600 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$400 million maturing April 25, 2034 with a coupon of 5.439%, and C$200 million maturing April 25, 2052 with a coupon of 5.789%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings. On May 24, 2021, Brookfield Infrastructure Finance ULC issued $250 million of subordinated unsecured notes under the U.S. Indenture maturing May 24, 2081 in the U.S. with a coupon of 5.0% (the “subordinated notes”). The subordinated notes are guaranteed, on a subordinated basis, as to payment of principal, premium (if any) and interest and certain other amounts by the BIP Guarantors and BIPC Holdings. The subordinated notes, including any accrued and unpaid interest thereon, will be exchanged automatically, without the consent or action of the holders thereof, into units of a newly-issued series of Class A preferred limited partnership units of the partnership, being class A preferred limited partnership units, Series 15, upon the occurrence of certain bankruptcy-related events. The BIP Guarantors will also fully and unconditionally guarantee the payment obligations of Brookfield Infrastructure Preferred Equity Inc. (“Pref Finco” and collectively with the Co-Issuers, the “Fincos”) in respect of any Class A preference shares issued to the public by the Pref Finco, if and when issued. A base shelf prospectus of BIP Investment Corporation (“BIPIC”) dated as of December 11, 2020 provides for the issuance of one or more series of senior preferred shares of BIPIC. The BIP Guarantors and BIPC Holdings will fully and unconditionally guarantee the payment obligations of BIPIC in respect of any senior preferred shares issued by BIPIC under the prospectus. Each of the Fincos and BIPIC are subsidiaries of our partnership. In the tables below, information relating to the Fincos has been combined. The Fincos have not guaranteed the obligations of BIPIC, nor has BIPIC guaranteed the obligations of the Fincos. BIPC Holdings has also fully and unconditionally guaranteed the payment obligations of the partnership in respect of certain of the partnership’s currently outstanding cumulative class A preferred limited partnership units and may guarantee the payment obligations of the partnership in respect of additional cumulative class A preferred limited partnership units issued to the public, if and when issued. The following tables set forth consolidated summary financial information for our partnership, the Fincos, BIPIC and BIPC Holdings: FOR THE THREE-MONTH PERIOD ENDED Our partnership (2) The BIPIC BIPC Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our Revenues $ — $ — $ — $ — $ — $ 3,681 $ 3,681 Net income (loss) attributable to partnership (1) 70 — — — 176 (70) 176 FOR THE THREE-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 2,663 $ 2,663 Net income (loss) attributable to partnership (1) 192 — — 119 233 (192) 352 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 7,092 $ 7,092 Net income (loss) attributable to partnership (1) 76 — — — 246 (76) 246 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 5,346 $ 5,346 Net income (loss) attributable to partnership (1) 281 — — 134 408 (281) 542 AS OF JUNE 30, 2022 Current assets $ — $ — $ — $ — $ — $ 5,824 $ 5,824 Non-current assets 6,630 — 1,045 2,999 9,282 48,119 68,075 Current liabilities — — 209 — — 8,686 8,895 Non-current liabilities — 2,714 — 84 — 36,167 38,965 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,282 2,282 BIPC exchangeable shares — — — — — 1,303 1,303 Exchangeable units (5) — — — — — 75 75 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 15,720 15,720 Preferred unitholders — — — — — 918 918 AS OF DECEMBER 31, 2021 Current assets $ — $ — $ — $ — $ — $ 4,896 $ 4,896 Non-current assets 6,840 — 1,045 2,373 9,835 48,972 69,065 Current liabilities — — 232 — — 8,429 8,661 Non-current liabilities — 2,288 — — — 36,621 38,909 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,408 2,408 BIPC exchangeable shares — — — — — 1,369 1,369 Exchangeable units (5) — — — — — 85 85 In operating subsidiaries — — — — — 15,658 15,658 Preferred unitholders — — — — — 1,138 1,138 1. 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. 2. Includes investments in all subsidiaries of our partnership under the equity method. 3. Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method. 4. Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
Revenue [abstract] | |
REVENUE | REVENUE The following table disaggregates revenues by our operating segments: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Utilities $ 1,350 $ 1,229 $ 2,562 $ 2,320 Midstream 1,007 178 1,909 553 Transport 894 871 1,768 1,719 Data 430 385 853 754 Total $ 3,681 $ 2,663 $ 7,092 $ 5,346 Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Canada $ 1,158 $ 411 $ 2,225 $ 835 U.S. 693 644 1,286 1,384 India 481 420 948 805 U.K. 392 381 799 756 Brazil 401 295 769 568 Colombia 236 211 450 428 Australia 174 148 339 297 New Zealand 29 — 56 — Peru 29 23 56 46 Chile — 38 — 77 Other 88 92 164 150 Total $ 3,681 $ 2,663 $ 7,092 $ 5,346 Brookfield Infrastructure’s customer base is comprised predominantly of investment grade companies. Our revenues are well diversified by region and counterparty with only one customer making up greater than 10% of our partnership’s consolidated revenues. For the three and six-month periods ended June 30, 2022, revenues generated from these customers within the utilities and data segments were $385 million and $764 million, respectively (2021: $341 million and $668 million). Our partnership has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time. Our partnership continues to monitor the credit risk of our counterparties in light of the current economic environment. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 6 Months Ended |
Jun. 30, 2022 | |
Direct Operating Costs [Abstract] | |
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS Direct operating costs are costs incurred to earn revenue and include all attributable expenses. The following table lists direct operating costs for the three and six-month periods ended June 30, 2022, and 2021. Comparative figures have been reclassified to conform to the current period’s presentation. For the three-month For the six-month period ended June 30 US$ MILLIONS 2022 2021 2022 2021 Depreciation and amortization $ 552 $ 492 $ 1,096 $ 961 Compensation 414 368 857 739 Fuel, transportation, and distribution costs 423 383 808 741 Cost of inventory 787 245 1,407 431 Utilities 117 108 237 215 Other direct operating costs 419 329 813 653 Total $ 2,712 $ 1,925 $ 5,218 $ 3,740 |
PARTNERSHIP CAPITAL
PARTNERSHIP CAPITAL | 6 Months Ended |
Jun. 30, 2022 | |
Equity [abstract] | |
PARTNERSHIP CAPITAL | PARTNERSHIP CAPITAL As at June 30, 2022, our partnership’s capital structure was comprised of three classes of partnership units: limited partnership units, preferred units and general partnership units. Limited partnership units entitle the holder to their proportionate share of distributions. Preferred units entitle the holder to cumulative preferential cash distributions in accordance with their terms. General partnership units entitle the holder to the right to govern the financial and operating policies of our partnership. The Holding LP’s capital structure is composed of four classes of partnership units: special general partner units, Holding LP Class A preferred units, managing general partner units and redeemable partnership units held by Brookfield. On June 10, 2022, Brookfield Infrastructure completed a three-for-two stock split of BIP units, BIPC exchangeable shares, Exchange LP Units, and BIPC exchangeable LP units, by way of a subdivision whereby unitholders/shareholders received an additional one-half of a unit/share for each unit/share held. Brookfield Infrastructure’s preferred units were not affected by the stock split. All historical unit and share counts, as well as per unit/share disclosures have been adjusted to effect for the change in units due to the stock split. (a) Special General and Limited Partnership Capital Special General Partner Units Limited Partnership Units Total UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for Opening balance 2.4 2.4 457.9 443.1 460.3 445.5 Issued for cash — — 0.2 14.6 0.2 14.6 Conversion from Exchange LP Units — — — 0.1 — 0.1 Conversion from BIPC exchangeable shares — — — 0.1 — 0.1 Ending balance 2.4 2.4 458.1 457.9 460.5 460.3 Weighted average number of special general partner units outstanding for the three and six-month periods ended June 30, 2022 were 2.4 million (2021: 2.4 million). The weighted average number of limited partnership units outstanding for the three and six-month periods ended June 30, 2022 was 458.0 million (2021: 443.3 million and 443.2 million). Special General Partner Limited Partners Total US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for Opening balance $ 19 $ 19 $ 6,074 $ 5,526 $ 6,093 $ 5,545 Unit issuance — — 8 545 8 545 Conversion from Exchange LP Units — — 2 2 2 2 Conversion from BIPC exchangeable shares — — 1 1 1 1 Ending balance $ 19 $ 19 $ 6,085 $ 6,074 $ 6,104 $ 6,093 In November 2021, Brookfield Infrastructure issued 14.3 million units at $39.10 per unit in public offerings in the U.S. and Canada. In total, $556 million of gross proceeds were raised through the issuance and $23 million in equity issuance costs were incurred. Concurrently, Brookfield Infrastructure issued approximately 10.7 million Redeemable Partnership Units at the public offering price, net of commissions, to Brookfield for additional proceeds of $400 million. As a result of the issuances during the year, inclusive of equity raised as part of the IPL acquisition, equity was reallocated between 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 to reflect the difference between the ratio in which the unit/shareholders participated in the issuance and their original economic interest in the partnership. The resulting impacts were recognized as ownership changes within the Consolidated Statements of Partnership Capital. Amounts in accumulated other comprehensive income (loss) were also ratably allocated. In June 2010, we implemented a distribution reinvestment plan (the “Plan”) that allows eligible holders of our partnership to purchase additional units by reinvesting their cash distributions. Under the Plan, units are acquired at a price per unit calculated by reference to the volume weighted average of the trading price for our units on the New York Stock Exchange for the five trading days immediately preceding the relevant distribution date. During the six-month period ending June 30, 2022, our partnership issued 0.2 million units for proceeds of $8 million (2021: 0.2 million units for proceeds of $6 million). (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield Non-controlling interest – Redeemable Partnership Units held by Brookfield UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 193.6 182.9 Issued for cash — 10.7 Ending balance 193.6 193.6 In November 2021, Brookfield Infrastructure issued 10.7 million Redeemable Partnership Units to Brookfield for proceeds of $400 million. The weighted average number of Redeemable Partnership Units outstanding for both the three and six-month periods ended June 30, 2022 was 193.6 million (2021: 182.9 million). Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 2,728 $ 2,328 Unit issuance — 400 Ending balance $ 2,728 $ 2,728 (c) Non-controlling interest – BIPC exchangeable shares Non-controlling interest – SHARES MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 110.0 67.4 Share issuance — 0.6 Issued in conjunction with the acquisition of Inter Pipeline — 39.0 Conversion to units — 3.2 Conversion from BIPC Exchangeable LP Units 0.3 (0.2) Ending balance 110.3 110.0 Non-controlling interest – US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 1,755 $ (19) Share issuance — 1,770 Conversion to limited partnership units (1) (1) Conversion from BIPC Exchangeable LP Units 4 5 Ending balance $ 1,758 $ 1,755 In November 2021, BIPC, a subsidiary of our partnership issued 3.2 million BIPC exchangeable shares at $41.73 per share in public offerings in the U.S. and Canada. In total, $134 million of gross proceeds were raised through the issuance and $6 million in equity issuance costs were incurred. In October 2021, BIPC issued 12.2 million BIPC exchangeable shares for a fair value of $502 million in connection with the acquisition of our Canadian diversified midstream operation. Refer to Note 6, Acquisition of Business , for further details. During August and September 2021, BIPC issued 26.9 million BIPC exchangeable shares for a fair value of $1,140 million in connection with the acquisition of our Canadian diversified midstream operation. Refer to Note 6, Acquisition of Businesses , for further details. During the six-month period ended June 30, 2022, BIPC exchangeable shareholders exchanged less than 0.1 million BIPC exchangeable shares for $1 million of our units (2021: less than 0.1 million for less than $1 million). (d) Non-controlling interest – Exchangeable Units Non-controlling interest – Exchangeable units UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 6.9 1.5 Issuance of BIPC exchangeable LP units — 6.2 Conversion to BIPC exchangeable shares (0.3) (0.6) Conversion to limited partnership units (0.1) (0.2) Ending balance (1) 6.5 6.9 Non-controlling interest – Exchangeable units US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 408 $ 156 Issuance of BIPC exchangeable LP units — 259 BIPC Exchangeable LP Units converted to BIPC exchangeable shares (4) (5) Conversion to limited partnership units (2) (2) Ending balance (1) $ 402 $ 408 1. Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. During August, September and October 2021, BIPC Exchange LP, a subsidiary of our partnership, issued 6.2 million BIPC Exchangeable LP Units for a fair value of $259 million in connection with the acquisition of our Canadian diversified midstream operation. Refer to Note 6, Acquisition of Businesses for further detail. During the six-month period ended June 30, 2022, Exchange LP unitholders exchanged less than 0.1 million Exchange LP units for $2 million of our units (2021: 0.1 million for less than $1.0 million) During the six-month period ended June 30, 2022, BIPC Exchangeable LP unitholders exchanged 0.3 million BIPC exchangeable LP units for $4.0 million of BIPC exchangeable shares. (e) Non-controlling interest - Perpetual Subordinated Notes Perpetual Subordinated Notes UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ — $ — Issued for cash 293 — Ending balance $ 293 $ — On January 21, 2022, our partnership issued 12 million fixed rate perpetual subordinated notes, at $25 per unit, with a fixed coupon rate of 5.125% annually. In total, $293 million net proceeds were raised. The notes do not have a fixed maturity date and are not redeemable at the option of the holders, therefore the notes are classified as non-controlling interest. The perpetual subordinated notes also provide Brookfield Infrastructure, at its discretion, the right to defer the interest (in whole or in part) indefinitely. (f) Preferred Unitholders’ Capital Preferred Units UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 55.9 57.9 Issued for cash — 8.0 Repurchased and cancelled (12.0) (10.0) Ending balance 43.9 55.9 Preferred Units US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 1,138 $ 1,130 Unit issuance — 194 Repurchased and cancelled (220) (186) Ending balance $ 918 $ 1,138 On March 31, 2022, our partnership redeemed all of its outstanding Cumulative Class A Preferred Limited Partnership Units, Series 7, for $220 million. Losses on redemption of $23 million were recognized directly in equity. On September 30, 2021, our partnership redeemed all of its outstanding Cumulative Class A Preferred Limited Partnership Units, Series 5, for $206 million. Losses on redemption of $20 million were recognized directly in equity. On January 21, 2021, our partnership issued 12 million Series 14 Preferred Units, at $25 per unit, with a quarterly fixed distribution of 5.00% annually. In total, $200 million of gross proceeds were raised and $6 million in underwriting and issuance costs were incurred. Net proceeds of the issuance were used to finance or refinance eligible green projects following criteria outlined by the International Capital Markets Association. |
DISTRIBUTIONS
DISTRIBUTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Distributions [Abstract] | |
DISTRIBUTIONS | 17. DISTRIBUTIONS The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares and Exchange LP units that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares: For the three-month period ended June 30 2022 2021 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 165 $ 0.36 $ 151 $ 0.34 General Partner (1) 61 50 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 69 0.36 62 0.34 BIPC exchangeable shares 40 0.36 23 0.34 Exchangeable units (2) 3 0.36 1 0.34 Preferred unitholders 12 0.27 18 0.27 Perpetual subordinated notes 4 0.21 — — Total Distributions $ 354 $ 305 For the six-month period ended June 30 2022 2021 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 330 $ 0.72 $ 302 $ 0.68 General Partner (1) 122 100 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 138 0.72 124 0.68 BIPC exchangeable shares 80 0.72 46 0.68 Exchangeable units (2) 6 0.72 2 0.68 Preferred unitholders 27 0.53 34 0.52 Perpetual subordinated notes 8 0.42 — — Total Distributions $ 711 $ 608 1. Distributions to the General Partner include $60 million and $120 million of incentive distributions for the three and six-month periods ended June 30, 2022, respectively (2021: $50 million and $100 million). |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) a) Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 Other comprehensive income (loss) 13 (195) 37 49 — 4 86 (6) Other items (1) — — — — — — (86) (86) Balance at June 30, 2022 $ 686 $ (1,658) $ 64 $ 105 $ 125 $ (6) $ 915 $ 231 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 1,015 $ (1,562) $ 37 $ (14) $ 39 $ (36) $ 973 $ 452 Other comprehensive (loss) income (2) (49) 15 (20) 39 106 5 3 99 Other items (3),(4) (170) — — — — — — (170) Balance at June 30, 2021 $ 796 $ (1,547) $ 17 $ 25 $ 145 $ (31) $ 976 $ 381 b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 Other comprehensive (loss) income — (1) — — — — 1 — Balance at June 30, 2022 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 Other comprehensive income — — — — — — — — Balance at June 30, 2021 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 c) Attributable to Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 Other comprehensive income (loss) 6 (80) 15 20 — — 38 (1) Other items (1) — — — — — — (36) (36) Balance at June 30, 2022 $ 289 $ (696) $ 27 $ 44 $ 53 $ (6) $ 389 $ 100 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 438 $ (647) $ 17 $ (9) $ 13 $ (12) $ 409 $ 209 Other comprehensive (loss) income (2) (20) 8 (9) 16 43 2 1 41 Other items (3),(4) (69) — — — — — — (69) Balance at June 30, 2021 $ 349 $ (639) $ 8 $ 7 $ 56 $ (10) $ 410 $ 181 d) Attributable to Non-controlling interest – BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 Other comprehensive income (loss) 4 (46) 9 12 — — 21 — Other items (1) — — — — — — (20) (20) Balance at June 30, 2022 $ 165 $ (397) $ 16 $ 25 $ 30 $ (2) $ 220 $ 57 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 27 $ 28 $ (6) $ 22 $ 5 $ (3) $ (11) $ 62 Other comprehensive (loss) income (2) (7) 2 (3) 6 16 — 1 15 Other items (3),(4) (27) — — — — — — (27) Balance at June 30, 2021 $ (7) $ 30 $ (9) $ 28 $ 21 $ (3) $ (10) $ 50 e) Attributable to Non-controlling interest – Exchangeable units (5) US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 Other comprehensive (loss) income — (2) — — — — 2 — Balance at June 30, 2022 $ 10 $ (26) $ 1 $ 1 $ 1 $ — $ 17 $ 4 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 Other comprehensive loss — — — — — — — — Balance at June 30, 2021 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 1. In relation to the disposition of a 49% interest in its North American container terminal operation, $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 10, Investments in Associates and Joint Ventures, for further details. 2. On May 24, 2021, Finance Bill 2021 in the U.K. became substantively enacted. As a result, effective April 2023, the U.K. tax rate will increase from 19% to 25%. During the three and six-month periods ended June 30, 2021, net income and accumulated other comprehensive income included $178 million and $90 million of deferred tax expenses, respectively, related to the rate change. 3. In relation to the disposition of a 25% interest in our Canadian district energy operation, $124 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. 4. In relation to the disposition of our smart meters business in the U.K., $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, Brookfield Infrastructure entered into the transactions below with related parties. The immediate parent of Brookfield Infrastructure is our partnership. The ultimate parent of Brookfield Infrastructure is Brookfield. Other related parties of Brookfield Infrastructure represent its subsidiary and operating entities. Throughout the year, the General Partner, in its capacity as our partnership’s general partner, incurs director fees, a portion of which are charged at cost to our partnership in accordance with our limited partnership agreement. Director fees of less than $1 million were incurred during the three and six-month periods ended June 30, 2022 (2021: less than $1 million for the three and six-month periods). Since inception, Brookfield Infrastructure has had a management agreement (the “Master Services Agreement”) with certain service providers (the “Service Provider”), which are wholly-owned subsidiaries of Brookfield. Pursuant to the Master Services Agreement, on a quarterly basis, Brookfield Infrastructure pays a base management fee, referred to as the Base Management Fee, to the Service Provider equal to 0.3125% per quarter (1.25% annually) of the market value of our partnership. The Base Management Fee was $105 million and $223 million respectively, for the three and six-month periods ended June 30, 2022 (2021: $93 million and $185 million). As of June 30, 2022, $103 million was outstanding as payable to the Service Provider (December 31, 2021: $108 million). For purposes of calculating the Base Management Fee, the market value of our partnership is equal to the aggregate value of all the outstanding units of our partnership (assuming full conversion of Brookfield’s Redeemable Partnership Units in the Holding LP into units of our partnership), preferred units and securities of the other Service Recipients (as defined in Brookfield Infrastructure’s Master Services Agreement) that are not held by Brookfield Infrastructure, plus all outstanding third party debt with recourse to a Service Recipient, less all cash held by such entities. As of June 30, 2022, Brookfield Infrastructure had a loan payable of $26 million to a subsidiary of Brookfield (December 31, 2021: $26 million). The loan is payable in full prior to the end of 2024 with an interest rate of 1.7%. Brookfield Infrastructure, from time to time, will place deposits with, or receive deposits from, Brookfield. As at June 30, 2022, our net deposit from Brookfield was $nil (December 31, 2021: $nil) and Brookfield Infrastructure incurred interest expense of less than $1 million and $2 million for the three and six-month periods ended June 30, 2022, respectively (2021: $1 million and $2 million). Deposits bear interest at market rates. Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. As of June 30, 2022, there were no borrowings outstanding (December 31, 2021: $nil). During the quarter, Brookfield Infrastructure transferred an investment funded by our partnership on behalf of future institutional partners to Brookfield. In connection with the transfer, our partnership received approximately $189 million from Brookfield. Separately, Brookfield Infrastructure transferred an investment to Brookfield. Our partnership received $24 million from Brookfield. As at June 30, 2022, Brookfield Infrastructure had $95 million of corporate borrowings outstanding to a subsidiary of Brookfield (December 31, 2021: $45 million), $6 million of non-recourse borrowings outstanding to an associate of Brookfield (December 31, 2021: $6 million) and approximately $0.6 billion of net payables to a subsidiary of Brookfield (December 31, 2021: $0.6 billion), representing funding provided on behalf of Brookfield Infrastructure in connection with the acquisition of our Canadian diversified midstream operation. As at June 30, 2022, associates of Brookfield Infrastructure had $80 million of non-recourse borrowings outstanding to an associate of Brookfield (December 31, 2021: $111 million). Brookfield Infrastructure’s subsidiaries provide heating, cooling, connection, port marine and natural gas services on market terms in the normal course of operations to subsidiaries and associates of Brookfield. For the three and six-month periods ended June 30, 2022, revenues of less than $2 million and $3 million, respectively were generated (2021: $2 million and $4 million). Brookfield Infrastructure’s subsidiaries purchase power, lease office space and obtain construction, consulting and engineering services in the normal course of operations on market terms from subsidiaries and associates of Brookfield. For the three and six-month periods ended June 30, 2022, expenses of $27 million and $28 million, respectively were incurred (2021: less than $1 million for the three and six-month periods, respectively). In addition, subsidiaries of Brookfield Infrastructure reported lease assets and liabilities of $12 million at June 30, 2022 (December 31, 2021: $12 million) with a subsidiary of Brookfield. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of Compliance | ) Statement of Compliance These interim condensed and consolidated financial statements of our partnership and its subsidiaries (together “Brookfield Infrastructure”) have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting , (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies Brookfield Infrastructure applied in its consolidated financial statements as of and for the year-ended December 31, 2021. The accounting policies that our partnership applied in its annual consolidated financial statements as of and for the year-ended December 31, 2021 are disclosed in Note 3 of such financial statements, with which reference should be made in reading these interim condensed and consolidated financial statements. These interim condensed and consolidated financial statements were authorized for issuance by the Board of Directors of our partnership on August 11, 2022. |
Significant Accounting Judgments and Key Sources of Estimation Uncertainty | Significant Accounting Judgments and Key Sources of Estimation UncertaintyIn preparing our consolidated financial statements, we make judgments in applying our accounting policies. The areas of policy judgment are consistent with those reported in our consolidated financial statements as of and for the year-ended December 31, 2021. As disclosed in our 2021 annual consolidated financial statements, our partnership uses significant assumptions and estimates to determine the fair value of our property, plant and equipment and the value-in-use or fair value less costs of disposal of the cash-generating units or groups of cash generating units to which goodwill or an intangible asset has been allocated. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
Summary of financial information by segment | Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 617 $ 411 $ 145 $ — $ 1,658 $ (617) $ 2,640 $ 3,681 Costs attributed to revenues (2) (199) (347) (193) (62) — (801) 313 (1,672) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market on hedging items and other 37 138 (6) 169 Share of losses from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 428 $ 506 $ 130 $ 151 $ — $ 1,215 $ (474) $ 1,922 $ 2,663 Costs attributed to revenues (2) (177) (267) (48) (67) — (559) 235 (1,109) (1,433) General and administrative expenses — — — — (96) (96) — — (96) Other (expense) income (18) — — — 30 12 1 (47) (34) Interest expense (43) (66) (22) (24) (23) (178) 64 (248) (362) FFO 190 173 60 60 (89) 394 Depreciation and amortization expense (273) 124 (343) (492) Deferred taxes (108) (14) (90) (212) Mark-to-market on hedging items and other 339 54 869 1,262 Share of earnings from associates — 10 — 10 Net income attributable to non-controlling interest — — (954) (954) Net income attributable to partnership (3) $ 352 $ — $ — $ 352 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 1,195 $ 834 $ 297 $ — $ 3,250 $ (1,188) $ 5,030 $ 7,092 Costs attributed to revenues (2) (384) (670) (382) (131) — (1,567) 598 (3,153) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market on hedging items and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 818 $ 1,001 $ 364 $ 300 $ — $ 2,483 $ (964) $ 3,827 $ 5,346 Costs attributed to revenues (2) (344) (529) (97) (134) — (1,104) 470 (2,145) (2,779) General and administrative expenses — — — — (191) (191) — — (191) Other (expense) income (34) (4) (15) 5 49 1 1 (99) (97) Interest expense (84) (133) (46) (51) (50) (364) 134 (487) (717) FFO 356 335 206 120 (192) 825 Depreciation and amortization expense (553) 252 (660) (961) Deferred taxes (136) (15) (101) (252) Mark-to-market on hedging items and other 406 45 842 1,293 Share of earnings from associates — 77 — 77 Net income attributable to non-controlling interest — — (1,177) (1,177) Net income attributable to partnership (3) $ 542 $ — $ — $ 542 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, 2022 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,640 $ 8,451 $ 10,310 $ 3,331 $ (1,231) $ 28,501 $ (5,529) $ 42,466 $ 8,461 $ 73,899 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2021 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 6,184 $ 8,601 $ 10,378 $ 3,405 $ (1,471) $ 27,097 $ (4,825) $ 42,415 $ 9,274 $ 73,961 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, 2022 December 31, 2021 Utilities $ 870 $ 230 Transport 2,132 2,317 Midstream 1,052 1,052 Data 1,025 1,087 Corporate 104 39 Ending Balance $ 5,183 $ 4,725 |
ASSETS AND LIABILITIES CLASSI_2
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about assets and liabilities classified as held for sale [Abstract] | |
Disclosure of detailed information about assets and liabilities classified as held for sale | The major classes of assets and liabilities of the businesses classified as held for sale are as follows: US$ MILLIONS June 30, 2022 Assets Cash and cash equivalents $ 30 Accounts receivable and other current assets 80 Current assets 110 Property, plant and equipment 4 Investment in associates (1) 139 Intangible assets 605 Goodwill and other non-current assets 20 Total assets classified as held for sale $ 878 Liabilities Accounts payable and other liabilities $ 75 Deferred income tax liability 6 Non-recourse borrowings 427 Total liabilities associated with assets held for sale 508 Net assets classified as held for sale $ 370 |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | The following table summarizes the purchase price allocation of individually insignificant business combinations that have been completed in 2022: US$ MILLIONS Cash $ 7 Equity consideration (1) 13 Contingent consideration 8 Total consideration $ 28 1. As part of our consideration, we issued shares of the subsidiary which are compound instruments. Fair value of assets and liabilities acquired (provisional) (1) : US$ MILLIONS Accounts receivable and other $ 15 Property, plant and equipment 33 Intangible assets 72 Goodwill 104 Accounts payable and other liabilities (55) Non-recourse borrowings (6) Net assets acquired before non-controlling interest 163 Non-controlling interest (2) (135) Net assets acquired $ 28 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Consideration Transferred: US$ MILLIONS Cash $ 56 Pre-existing interest in the businesses 92 Total consideration $ 148 Fair value of assets and liabilities acquired as of the date of acquisitions (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 70 Accounts receivable and other 13 Intangible assets 1,094 Goodwill 44 Accounts payable and other liabilities (99) Non-recourse borrowings (481) Deferred income tax liabilities (152) Net assets acquired before non-controlling interest 489 Non-controlling interest (2) (341) Net assets acquired $ 148 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisition. 2. Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. Consideration Transferred: US$ MILLIONS Cash $ 1,268 BIPC exchangeable shares 1,061 BIPC exchangeable LP units 245 Pre-existing interest in business (1) 192 Total consideration $ 2,766 1. Prior to the acquisition, Brookfield held an interest in the acquiree which was accounted for as a financial asset. Fair value of assets and liabilities acquired as of August 20, 2021 (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 121 Accounts receivable and other 440 Property, plant and equipment 9,865 Intangible assets 2,569 Goodwill 2,096 Accounts payable and other liabilities (700) Lease liabilities (226) Non-recourse borrowings (6,185) IPL shares held by public shareholders (2) (2,086) Deferred income tax liabilities (1,229) Net assets acquired before non-controlling interest 4,665 Non-controlling interest (3) (1,899) Net assets acquired $ 2,766 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, and the resulting impact to goodwill and deferred taxes as at the date of the acquisition. 2. IPL shares held by public shareholders represent the 31% interest in IPL not yet acquired by Brookfield as of August 20, 2021. The interest is classified as liability on acquisition due to the mandatory extension of Brookfield’s offer to acquire the remaining interest in IPL. The mandatory extension expired on September 3, 2021 and the remaining $1.6 billion interest was reclassified to non-controlling interest thereafter. 3. Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date. The following table summarizes the purchase price allocation of individually insignificant business combinations that were completed in 2021: US$ MILLIONS Cash $ 79 Deferred consideration 3 Contingent consideration 2 Total consideration $ 84 Fair value of assets and liabilities acquired as of the date of acquisitions (provisional) (1) : US$ MILLIONS Cash and cash equivalents $ 26 Accounts receivable and other 34 Property, plant and equipment 314 Intangible assets 71 Goodwill 260 Accounts payable and other liabilities (51) Lease liabilities (109) Non-recourse borrowings (32) Deferred income tax liabilities (49) Net assets acquired before non-controlling interest 464 Non-controlling interest (2) (380) Net assets acquired $ 84 1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions. 2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurement [Abstract] | |
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,301 $ 1,301 Accounts receivable and other — 2,971 2,971 Financial assets (current and non-current) (1) 1,542 124 1,666 Total $ 1,542 $ 4,396 $ 5,938 Financial liabilities Corporate borrowings $ — $ 3,489 $ 3,489 Non-recourse borrowings (current and non-current) — 26,899 26,899 Accounts payable and other — 3,450 3,450 Financial liabilities (current and non-current) (1) 296 1,852 2,148 Lease liabilities — 3,646 3,646 Preferred shares (2) — 20 20 Total $ 296 $ 39,356 $ 39,652 1. Derivative instruments which are elected for hedge accounting totaling $697 million are included in financial assets and $58 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,406 $ 1,406 Accounts receivable and other — 2,718 2,718 Financial assets (current and non-current) (1) 1,171 105 1,276 Total $ 1,171 $ 4,229 $ 5,400 Financial liabilities Corporate borrowings $ — $ 2,719 $ 2,719 Non-recourse borrowings (current and non-current) — 26,534 26,534 Accounts payable and other — 3,392 3,392 Financial liabilities (current and non-current) (1) 501 2,739 3,240 Lease liabilities — 3,840 3,840 Preferred shares (2) — 20 20 Total $ 501 $ 39,244 $ 39,745 1. Derivative instruments which are elected for hedge accounting totaling $384 million are included in financial assets and $314 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2022: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,301 $ 1,301 Accounts receivable and other — 2,971 2,971 Financial assets (current and non-current) (1) 1,542 124 1,666 Total $ 1,542 $ 4,396 $ 5,938 Financial liabilities Corporate borrowings $ — $ 3,489 $ 3,489 Non-recourse borrowings (current and non-current) — 26,899 26,899 Accounts payable and other — 3,450 3,450 Financial liabilities (current and non-current) (1) 296 1,852 2,148 Lease liabilities — 3,646 3,646 Preferred shares (2) — 20 20 Total $ 296 $ 39,356 $ 39,652 1. Derivative instruments which are elected for hedge accounting totaling $697 million are included in financial assets and $58 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Amortized Cost Total Financial assets Cash and cash equivalents $ — $ 1,406 $ 1,406 Accounts receivable and other — 2,718 2,718 Financial assets (current and non-current) (1) 1,171 105 1,276 Total $ 1,171 $ 4,229 $ 5,400 Financial liabilities Corporate borrowings $ — $ 2,719 $ 2,719 Non-recourse borrowings (current and non-current) — 26,534 26,534 Accounts payable and other — 3,392 3,392 Financial liabilities (current and non-current) (1) 501 2,739 3,240 Lease liabilities — 3,840 3,840 Preferred shares (2) — 20 20 Total $ 501 $ 39,244 $ 39,745 1. Derivative instruments which are elected for hedge accounting totaling $384 million are included in financial assets and $314 million of derivative instruments are included in financial liabilities. 2. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,301 $ 1,301 $ 1,406 $ 1,406 Accounts receivable and other 2,971 2,971 2,718 2,718 Financial assets (current and non-current) 1,666 1,666 1,276 1,276 Total $ 5,938 $ 5,938 $ 5,400 $ 5,400 Financial liabilities Corporate borrowings (1) $ 3,489 $ 3,234 $ 2,719 $ 2,805 Non-recourse borrowings (current and non-current) (2) 26,899 26,264 26,534 26,769 Accounts payable and other 3,450 3,450 3,392 3,392 Financial liabilities (current and non-current) 2,148 2,148 3,240 3,240 Preferred shares (3) 20 20 20 20 Total $ 36,006 $ 35,116 $ 35,905 $ 36,226 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Marketable securities Level 1 (1) $ 75 $ 179 Foreign currency forward contracts Level 2 (2) Financial asset $ 244 $ 104 Financial liability 43 98 Interest rate swaps & other Level 2 (2) Financial asset $ 1,168 $ 882 Financial liability 104 307 Other contracts Level 3 (3) Financial asset $ 55 $ 6 Financial liability 149 96 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. |
Carrying and fair values of financial liabilities | The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,301 $ 1,301 $ 1,406 $ 1,406 Accounts receivable and other 2,971 2,971 2,718 2,718 Financial assets (current and non-current) 1,666 1,666 1,276 1,276 Total $ 5,938 $ 5,938 $ 5,400 $ 5,400 Financial liabilities Corporate borrowings (1) $ 3,489 $ 3,234 $ 2,719 $ 2,805 Non-recourse borrowings (current and non-current) (2) 26,899 26,264 26,534 26,769 Accounts payable and other 3,450 3,450 3,392 3,392 Financial liabilities (current and non-current) 2,148 2,148 3,240 3,240 Preferred shares (3) 20 20 20 20 Total $ 36,006 $ 35,116 $ 35,905 $ 36,226 1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available. 2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our U.K. port operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period. 3. $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value June 30, 2022 December 31, 2021 Marketable securities Level 1 (1) $ 75 $ 179 Foreign currency forward contracts Level 2 (2) Financial asset $ 244 $ 104 Financial liability 43 98 Interest rate swaps & other Level 2 (2) Financial asset $ 1,168 $ 882 Financial liability 104 307 Other contracts Level 3 (3) Financial asset $ 55 $ 6 Financial liability 149 96 1. Valuation technique: Quoted bid prices in an active market. 2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties. 3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | US$ MILLIONS Utilities Transport Midstream Data Total Balance at January 1, 2021 $ 9,289 $ 8,697 $ 4,321 $ 8,593 $ 30,900 Additions, net of disposals 478 434 423 429 1,764 Acquisitions through business combinations (1) 180 134 9,865 — 10,179 Assets held by subsidiaries disposed during the period (2) (2,300) (15) — — (2,315) Non-cash additions (disposals) (3) 34 (107) 88 (532) (517) Net foreign currency exchange differences (116) (145) 165 (166) (262) Balance at December 31, 2021 $ 7,565 $ 8,998 $ 14,862 $ 8,324 $ 39,749 Additions, net of disposals 218 274 427 233 1,152 Acquisitions through business combinations (1) — — — 33 33 Non-cash (disposals) additions (105) (2) (6) 38 (75) Assets reclassified as held for sale — (8) — — (8) Net foreign currency exchange differences (535) (292) (294) (411) (1,532) Balance at June 30, 2022 $ 7,143 $ 8,970 $ 14,989 $ 8,217 $ 39,319 Accumulated depreciation: Balance at January 1, 2021 $ (1,613) $ (1,404) $ (356) $ (263) $ (3,636) Depreciation expense (352) (481) (270) (419) (1,522) Disposals 19 9 17 — 45 Assets held by subsidiaries disposed during the period (2) 663 12 — — 675 Non-cash disposals — 140 3 45 188 Net foreign currency exchange differences 11 56 (16) 8 59 Balance at December 31, 2021 $ (1,272) $ (1,668) $ (622) $ (629) $ (4,191) Depreciation expense (160) (232) (208) (195) (795) Assets reclassified as held for sale — 4 — — 4 Non-cash disposals — 10 3 5 18 Net foreign currency exchange differences 93 86 24 32 235 Balance at June 30, 2022 $ (1,339) $ (1,800) $ (803) $ (787) $ (4,729) Accumulated fair value adjustments: Balance at January 1, 2021 $ 2,934 $ 1,048 $ 338 $ — $ 4,320 Fair value adjustments 134 48 70 — 252 Net foreign currency exchange differences (26) (50) — — (76) Assets held by subsidiaries disposed during the period (2) (1,399) — — — (1,399) Balance at December 31, 2021 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Net foreign currency exchange differences (155) (62) (1) — (218) Balance at June 30, 2022 $ 1,488 $ 984 $ 407 $ — $ 2,879 Net book value: December 31, 2021 $ 7,936 $ 8,376 $ 14,648 $ 7,695 $ 38,655 June 30, 2022 (4) $ 7,292 $ 8,154 $ 14,593 $ 7,430 $ 37,469 1. Refer to Note 6 , Acquisition of Businesses, for further details. 2. Refer to Note 5, Disposition of Businesses, for further details. 3. Non-cash disposals within the data segment primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. 4. Includes right-of-use assets of $118 million in our utilities segment, $1,044 million in our transport segment, $369 million in our midstream segment and $2,174 million in our data segment. Current lease liabilities of $404 million have been included in accounts payable and other and non-current lease liabilities of $3,242 million have been included in other liabilities in the Consolidated Statement of Financial Position. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Intangible Assets [Abstract] | |
Disclosure of detailed information about intangible assets | As of US$ MILLIONS June 30, 2022 December 31, 2021 Cost $ 15,195 $ 15,785 Accumulated amortization (1,671) (1,571) Total $ 13,524 $ 14,214 Intangible assets are allocated to the following cash generating units, or group of cash generating units: As of US$ MILLIONS June 30, 2022 December 31, 2021 Brazilian regulated gas transmission operation $ 2,812 $ 2,645 Canadian diversified midstream 2,395 2,536 North American rail operations 1,799 1,867 North American residential energy infrastructure operation 1,662 1,720 Brazilian electricity transmission operation 1,477 1,366 Peruvian toll roads 1,025 976 Indian telecom tower operation 729 782 Indian toll roads (1) — 658 U.K. telecom towers operation 429 480 U.K. port operation 260 289 Other (2) 936 895 Total $ 13,524 $ 14,214 1. Refer to Note 4, Assets and Liabilities Classified as Held for Sale, for further details. 2. Other intangibles are primarily comprised of customer contracts at our Australian port operation, Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation, natural gas operation in India and contracted order book at our U.K. regulated distribution operation. |
Disclosure of reconciliation of changes in intangible assets and goodwill | The following table presents the change in the cost balance of intangible assets: US$ MILLIONS For the six-month For the 12 month period ended December 31, 2021 Cost at beginning of the period $ 15,785 $ 13,233 Additions through business combinations (1) 72 3,734 Additions, net of disposals 71 67 Assets held by subsidiaries disposed during the period (2) — (957) Assets reclassified as held for sale (3) (816) — Non-cash additions (4) 68 271 Foreign currency translation 15 (563) Ending Balance $ 15,195 $ 15,785 1. Refer to Note 6, Acquisition of Businesses, for further details. 2. Refer to Note 5, Disposition of Businesses, for further details. 3. Refer to Note 4, Assets and Liabilities Classified as Held for Sale, for further details. 4. Non-cash additions for the three-month period ended June 30, 2022 primarily relates to revisions to the purchase price allocation at our residential infrastructure operation in Germany. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS For the six-month For the 12 month period ended December 31, 2021 Accumulated amortization at beginning of the period $ (1,571) $ (1,466) Assets held by subsidiaries disposed during the period (1) — 281 Non-cash additions, net of disposals 1 26 Assets reclassified as held for sale 211 — Amortization (301) (514) Disposals (3) — Foreign currency translation (8) 102 Ending Balance $ (1,671) $ (1,571) 1. Refer to Note 5, Disposition of Businesses, for further details. |
INVESTMENT IN ASSOCIATES AND _2
INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 For the 12 month period ended December 31, 2021 Balance at the beginning of the period $ 4,725 $ 5,528 Share of earnings for the period 20 88 Foreign currency translation and other (65) (323) Share of other comprehensive income 148 163 Distributions (166) (157) Disposition of interest (1),(7) (150) (336) Held for sale (2) — (146) Change in basis of accounting (3),(4) — (92) Acquisitions (5),(6),(8) 671 — Ending Balance (9) $ 5,183 $ 4,725 1. 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 in the midstream segment. 2. In December 2021, a subsidiary of Brookfield Infrastructure agreed to the sale of its 50% interest in a freehold landlord port in Victoria, Australia. The transaction is subject to regulatory approval. The subsidiary is expected to receive net proceeds of approximately $0.3 billion. 3. 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 6, Acquisition of Businesses, for further details. 4. On December 24, 2021, Brookfield Infrastructure, alongside institutional partners, 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”), which are both Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in both operations to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Sanguinetti and Veredas as of December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. 5. 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. 6. On April 1, 2022, Brookfield Infrastructure acquired a 13% interest in an Australian smart meter business, for total equity consideration of approximately $215 million. 7. On June 13, 2022, Brookfield Infrastructure sold an effective 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 Statement 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. 8. Subsequent to quarter end, Brookfield Infrastructure acquired a 13% interest in an Australian data transmission business, for total equity consideration of approximately $0.2 billion. |
Disclosure of operating segments | Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 485 $ 617 $ 411 $ 145 $ — $ 1,658 $ (617) $ 2,640 $ 3,681 Costs attributed to revenues (2) (199) (347) (193) (62) — (801) 313 (1,672) (2,160) General and administrative expenses — — — — (108) (108) — — (108) Other (expense) income (23) (1) (4) 2 37 11 7 (146) (128) Interest expense (75) (70) (44) (25) (33) (247) 82 (304) (469) FFO 188 199 170 60 (104) 513 Depreciation and amortization expense (334) 131 (349) (552) Deferred taxes (40) (20) 86 26 Mark-to-market on hedging items and other 37 138 (6) 169 Share of losses from associates — (34) — (34) Net income attributable to non-controlling interest — — (249) (249) Net income attributable to partnership (3) $ 176 $ — $ — $ 176 Total attributable to Brookfield Infrastructure FOR THE THREE-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 428 $ 506 $ 130 $ 151 $ — $ 1,215 $ (474) $ 1,922 $ 2,663 Costs attributed to revenues (2) (177) (267) (48) (67) — (559) 235 (1,109) (1,433) General and administrative expenses — — — — (96) (96) — — (96) Other (expense) income (18) — — — 30 12 1 (47) (34) Interest expense (43) (66) (22) (24) (23) (178) 64 (248) (362) FFO 190 173 60 60 (89) 394 Depreciation and amortization expense (273) 124 (343) (492) Deferred taxes (108) (14) (90) (212) Mark-to-market on hedging items and other 339 54 869 1,262 Share of earnings from associates — 10 — 10 Net income attributable to non-controlling interest — — (954) (954) Net income attributable to partnership (3) $ 352 $ — $ — $ 352 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 924 $ 1,195 $ 834 $ 297 $ — $ 3,250 $ (1,188) $ 5,030 $ 7,092 Costs attributed to revenues (2) (384) (670) (382) (131) — (1,567) 598 (3,153) (4,122) General and administrative expenses — — — — (229) (229) — — (229) Other (expense) income (51) (5) (1) 5 69 17 15 (226) (194) Interest expense (134) (136) (85) (53) (57) (465) 154 (567) (878) FFO 355 384 366 118 (217) 1,006 Depreciation and amortization expense (656) 254 (694) (1,096) Deferred taxes (52) (23) 83 8 Mark-to-market on hedging items and other (52) 170 — 118 Share of earnings from associates — 20 — 20 Net income attributable to non-controlling interest — — (473) (473) Net income attributable to partnership (3) $ 246 $ — $ — $ 246 Total attributable to Brookfield Infrastructure FOR THE SIX-MONTH PERIOD ENDED Utilities Transport Midstream Data Corporate Total Contribution Attributable to non-controlling As per IFRS (1) Revenues $ 818 $ 1,001 $ 364 $ 300 $ — $ 2,483 $ (964) $ 3,827 $ 5,346 Costs attributed to revenues (2) (344) (529) (97) (134) — (1,104) 470 (2,145) (2,779) General and administrative expenses — — — — (191) (191) — — (191) Other (expense) income (34) (4) (15) 5 49 1 1 (99) (97) Interest expense (84) (133) (46) (51) (50) (364) 134 (487) (717) FFO 356 335 206 120 (192) 825 Depreciation and amortization expense (553) 252 (660) (961) Deferred taxes (136) (15) (101) (252) Mark-to-market on hedging items and other 406 45 842 1,293 Share of earnings from associates — 77 — 77 Net income attributable to non-controlling interest — — (1,177) (1,177) Net income attributable to partnership (3) $ 542 $ — $ — $ 542 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, 2022 Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 7,640 $ 8,451 $ 10,310 $ 3,331 $ (1,231) $ 28,501 $ (5,529) $ 42,466 $ 8,461 $ 73,899 Total Attributable to Brookfield Infrastructure AS OF DECEMBER 31, 2021 US$ MILLIONS Utilities Transport Midstream Data Corporate Total Contribution Attributable Working As per (1) Total assets $ 6,184 $ 8,601 $ 10,378 $ 3,405 $ (1,471) $ 27,097 $ (4,825) $ 42,415 $ 9,274 $ 73,961 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, 2022 December 31, 2021 Utilities $ 870 $ 230 Transport 2,132 2,317 Midstream 1,052 1,052 Data 1,025 1,087 Corporate 104 39 Ending Balance $ 5,183 $ 4,725 |
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, 2022 December 31, 2021 Financial position: Total assets $ 67,997 $ 52,969 Total liabilities (39,918) (31,731) Net assets $ 28,079 $ 21,238 For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Financial performance: Total revenue $ 5,455 $ 3,897 $ 10,471 $ 7,862 Total net income for the period 309 324 901 846 Brookfield Infrastructure’s share of net (loss) income $ (34) $ 10 $ 20 $ 77 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | Maturity (2) Annual Rate (2) Currency As of June 30, 2022 December 31, 2021 Corporate revolving credit facility June 29, 2027 LIBOR plus 1.2% US$ $ 508 $ — Commercial paper July 18, 2022 1.9% US$ 267 431 Non-current: Medium-term notes (1) : Public - Canadian February 22, 2024 3.3% C$ 233 237 Public - Canadian February 22, 2024 3.3% C$ 311 317 Public - Canadian September 11, 2028 4.2% C$ 544 554 Public - Canadian October 9, 2029 3.4% C$ 544 554 Public - Canadian September 1, 2032 2.9% C$ 388 396 Public - Canadian April 25, 2034 5.4% C$ 311 — Public - Canadian April 25, 2052 5.8% C$ 155 — Subordinated notes (1) : Public - U.S. May 24, 2081 5.0% US$ 250 250 3,511 2,739 Deferred financing costs and other (22) (20) Total $ 3,489 $ 2,719 1. Refer to Note 13, Subsidiary Public Issuers, for further details. 2. Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of June 30, 2022. As of US$ MILLIONS June 30, 2022 December 31, 2021 Current $ 3,506 $ 2,701 Non-current 23,393 23,833 Total $ 26,899 $ 26,534 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Capital Management [Abstract] | |
Schedule of invested capital | We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes. As of US$ MILLIONS June 30, 2022 December 31, 2021 Partnership Capital $ 26,039 $ 26,391 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (15,720) (15,658) Deficit 2,865 2,520 Accumulated other comprehensive income (393) (543) Ownership changes and other (515) (515) Invested Capital $ 12,276 $ 12,195 The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2022 and 2021: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Opening balance $ 12,272 $ 9,410 $ 12,195 $ 9,213 Net (redemption) issuance of preferred units — — (220) 194 Issuance of perpetual subordinated notes — — 293 — Issuance of limited partnership units 4 3 8 6 Ending balance $ 12,276 $ 9,413 $ 12,276 $ 9,413 Weighted Average Invested Capital $ 12,272 $ 9,410 $ 12,346 $ 9,386 |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Subsidiary Public Issuer [Abstract] | |
Condensed Financial Information | The following tables set forth consolidated summary financial information for our partnership, the Fincos, BIPIC and BIPC Holdings: FOR THE THREE-MONTH PERIOD ENDED Our partnership (2) The BIPIC BIPC Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our Revenues $ — $ — $ — $ — $ — $ 3,681 $ 3,681 Net income (loss) attributable to partnership (1) 70 — — — 176 (70) 176 FOR THE THREE-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 2,663 $ 2,663 Net income (loss) attributable to partnership (1) 192 — — 119 233 (192) 352 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 7,092 $ 7,092 Net income (loss) attributable to partnership (1) 76 — — — 246 (76) 246 FOR THE SIX-MONTH PERIOD ENDED Revenues $ — $ — $ — $ — $ — $ 5,346 $ 5,346 Net income (loss) attributable to partnership (1) 281 — — 134 408 (281) 542 AS OF JUNE 30, 2022 Current assets $ — $ — $ — $ — $ — $ 5,824 $ 5,824 Non-current assets 6,630 — 1,045 2,999 9,282 48,119 68,075 Current liabilities — — 209 — — 8,686 8,895 Non-current liabilities — 2,714 — 84 — 36,167 38,965 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,282 2,282 BIPC exchangeable shares — — — — — 1,303 1,303 Exchangeable units (5) — — — — — 75 75 Perpetual subordinated notes — — — — — 293 293 In operating subsidiaries — — — — — 15,720 15,720 Preferred unitholders — — — — — 918 918 AS OF DECEMBER 31, 2021 Current assets $ — $ — $ — $ — $ — $ 4,896 $ 4,896 Non-current assets 6,840 — 1,045 2,373 9,835 48,972 69,065 Current liabilities — — 232 — — 8,429 8,661 Non-current liabilities — 2,288 — — — 36,621 38,909 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 2,408 2,408 BIPC exchangeable shares — — — — — 1,369 1,369 Exchangeable units (5) — — — — — 85 85 In operating subsidiaries — — — — — 15,658 15,658 Preferred unitholders — — — — — 1,138 1,138 1. 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. 2. Includes investments in all subsidiaries of our partnership under the equity method. 3. Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method. 4. Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue [abstract] | |
Disclosure of revenues | The following table disaggregates revenues by our operating segments: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Utilities $ 1,350 $ 1,229 $ 2,562 $ 2,320 Midstream 1,007 178 1,909 553 Transport 894 871 1,768 1,719 Data 430 385 853 754 Total $ 3,681 $ 2,663 $ 7,092 $ 5,346 Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region: For the three-month For the six-month US$ MILLIONS 2022 2021 2022 2021 Canada $ 1,158 $ 411 $ 2,225 $ 835 U.S. 693 644 1,286 1,384 India 481 420 948 805 U.K. 392 381 799 756 Brazil 401 295 769 568 Colombia 236 211 450 428 Australia 174 148 339 297 New Zealand 29 — 56 — Peru 29 23 56 46 Chile — 38 — 77 Other 88 92 164 150 Total $ 3,681 $ 2,663 $ 7,092 $ 5,346 |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Direct Operating Costs [Abstract] | |
Direct Operating Costs | The following table lists direct operating costs for the three and six-month periods ended June 30, 2022, and 2021. Comparative figures have been reclassified to conform to the current period’s presentation. For the three-month For the six-month period ended June 30 US$ MILLIONS 2022 2021 2022 2021 Depreciation and amortization $ 552 $ 492 $ 1,096 $ 961 Compensation 414 368 857 739 Fuel, transportation, and distribution costs 423 383 808 741 Cost of inventory 787 245 1,407 431 Utilities 117 108 237 215 Other direct operating costs 419 329 813 653 Total $ 2,712 $ 1,925 $ 5,218 $ 3,740 |
PARTNERSHIP CAPITAL (Tables)
PARTNERSHIP CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [abstract] | |
Disclosure of classes of share capital | (a) Special General and Limited Partnership Capital Special General Partner Units Limited Partnership Units Total UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for Opening balance 2.4 2.4 457.9 443.1 460.3 445.5 Issued for cash — — 0.2 14.6 0.2 14.6 Conversion from Exchange LP Units — — — 0.1 — 0.1 Conversion from BIPC exchangeable shares — — — 0.1 — 0.1 Ending balance 2.4 2.4 458.1 457.9 460.5 460.3 Special General Partner Limited Partners Total US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for As of and for the six-month period ended June 30, 2022 As of and for Opening balance $ 19 $ 19 $ 6,074 $ 5,526 $ 6,093 $ 5,545 Unit issuance — — 8 545 8 545 Conversion from Exchange LP Units — — 2 2 2 2 Conversion from BIPC exchangeable shares — — 1 1 1 1 Ending balance $ 19 $ 19 $ 6,085 $ 6,074 $ 6,104 $ 6,093 (b) Non-controlling interest – Redeemable Partnership Units held by Brookfield Non-controlling interest – Redeemable Partnership Units held by Brookfield UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 193.6 182.9 Issued for cash — 10.7 Ending balance 193.6 193.6 Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 2,728 $ 2,328 Unit issuance — 400 Ending balance $ 2,728 $ 2,728 (c) Non-controlling interest – BIPC exchangeable shares Non-controlling interest – SHARES MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 110.0 67.4 Share issuance — 0.6 Issued in conjunction with the acquisition of Inter Pipeline — 39.0 Conversion to units — 3.2 Conversion from BIPC Exchangeable LP Units 0.3 (0.2) Ending balance 110.3 110.0 Non-controlling interest – US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 1,755 $ (19) Share issuance — 1,770 Conversion to limited partnership units (1) (1) Conversion from BIPC Exchangeable LP Units 4 5 Ending balance $ 1,758 $ 1,755 Non-controlling interest – Exchangeable units UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 6.9 1.5 Issuance of BIPC exchangeable LP units — 6.2 Conversion to BIPC exchangeable shares (0.3) (0.6) Conversion to limited partnership units (0.1) (0.2) Ending balance (1) 6.5 6.9 Non-controlling interest – Exchangeable units US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 408 $ 156 Issuance of BIPC exchangeable LP units — 259 BIPC Exchangeable LP Units converted to BIPC exchangeable shares (4) (5) Conversion to limited partnership units (2) (2) Ending balance (1) $ 402 $ 408 1. Includes non-controlling interest attributable to Exchange LP unitholders and BIPC exchangeable LP unitholders. (e) Non-controlling interest - Perpetual Subordinated Notes Perpetual Subordinated Notes UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ — $ — Issued for cash 293 — Ending balance $ 293 $ — Preferred Units UNITS MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance 55.9 57.9 Issued for cash — 8.0 Repurchased and cancelled (12.0) (10.0) Ending balance 43.9 55.9 Preferred Units US$ MILLIONS As of and for the six-month period ended June 30, 2022 As of and for the 12 month period ended Dec. 31, 2021 Opening balance $ 1,138 $ 1,130 Unit issuance — 194 Repurchased and cancelled (220) (186) Ending balance $ 918 $ 1,138 |
DISTRIBUTIONS DISTRIBUTIONS (Ta
DISTRIBUTIONS DISTRIBUTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Distributions [Abstract] | |
Disclosure of dividends | The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares and Exchange LP units that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares: For the three-month period ended June 30 2022 2021 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 165 $ 0.36 $ 151 $ 0.34 General Partner (1) 61 50 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 69 0.36 62 0.34 BIPC exchangeable shares 40 0.36 23 0.34 Exchangeable units (2) 3 0.36 1 0.34 Preferred unitholders 12 0.27 18 0.27 Perpetual subordinated notes 4 0.21 — — Total Distributions $ 354 $ 305 For the six-month period ended June 30 2022 2021 US$ MILLIONS EXCEPT PER UNIT INFORMATION Total Per Unit Total Per Unit Limited Partners $ 330 $ 0.72 $ 302 $ 0.68 General Partner (1) 122 100 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 138 0.72 124 0.68 BIPC exchangeable shares 80 0.72 46 0.68 Exchangeable units (2) 6 0.72 2 0.68 Preferred unitholders 27 0.53 34 0.52 Perpetual subordinated notes 8 0.42 — — Total Distributions $ 711 $ 608 1. Distributions to the General Partner include $60 million and $120 million of incentive distributions for the three and six-month periods ended June 30, 2022, respectively (2021: $50 million and $100 million). |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Schedule of accumulated other comprehensive income (loss) | a) Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 Other comprehensive income (loss) 13 (195) 37 49 — 4 86 (6) Other items (1) — — — — — — (86) (86) Balance at June 30, 2022 $ 686 $ (1,658) $ 64 $ 105 $ 125 $ (6) $ 915 $ 231 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 1,015 $ (1,562) $ 37 $ (14) $ 39 $ (36) $ 973 $ 452 Other comprehensive (loss) income (2) (49) 15 (20) 39 106 5 3 99 Other items (3),(4) (170) — — — — — — (170) Balance at June 30, 2021 $ 796 $ (1,547) $ 17 $ 25 $ 145 $ (31) $ 976 $ 381 b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 Other comprehensive (loss) income — (1) — — — — 1 — Balance at June 30, 2022 $ 4 $ (9) $ — $ — $ 1 $ — $ 6 $ 2 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 Other comprehensive income — — — — — — — — Balance at June 30, 2021 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 c) Attributable to Non-controlling interest – Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 Other comprehensive income (loss) 6 (80) 15 20 — — 38 (1) Other items (1) — — — — — — (36) (36) Balance at June 30, 2022 $ 289 $ (696) $ 27 $ 44 $ 53 $ (6) $ 389 $ 100 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 438 $ (647) $ 17 $ (9) $ 13 $ (12) $ 409 $ 209 Other comprehensive (loss) income (2) (20) 8 (9) 16 43 2 1 41 Other items (3),(4) (69) — — — — — — (69) Balance at June 30, 2021 $ 349 $ (639) $ 8 $ 7 $ 56 $ (10) $ 410 $ 181 d) Attributable to Non-controlling interest – BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 Other comprehensive income (loss) 4 (46) 9 12 — — 21 — Other items (1) — — — — — — (20) (20) Balance at June 30, 2022 $ 165 $ (397) $ 16 $ 25 $ 30 $ (2) $ 220 $ 57 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 27 $ 28 $ (6) $ 22 $ 5 $ (3) $ (11) $ 62 Other comprehensive (loss) income (2) (7) 2 (3) 6 16 — 1 15 Other items (3),(4) (27) — — — — — — (27) Balance at June 30, 2021 $ (7) $ 30 $ (9) $ 28 $ 21 $ (3) $ (10) $ 50 e) Attributable to Non-controlling interest – Exchangeable units (5) US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2022 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 Other comprehensive (loss) income — (2) — — — — 2 — Balance at June 30, 2022 $ 10 $ (26) $ 1 $ 1 $ 1 $ — $ 17 $ 4 US$ MILLIONS Revaluation Foreign Net Cash flow Marketable securities Unrealized Equity Accumulated Balance at January 1, 2021 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 Other comprehensive loss — — — — — — — — Balance at June 30, 2021 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 1. In relation to the disposition of a 49% interest in its North American container terminal operation, $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 10, Investments in Associates and Joint Ventures, for further details. 2. On May 24, 2021, Finance Bill 2021 in the U.K. became substantively enacted. As a result, effective April 2023, the U.K. tax rate will increase from 19% to 25%. During the three and six-month periods ended June 30, 2021, net income and accumulated other comprehensive income included $178 million and $90 million of deferred tax expenses, respectively, related to the rate change. 3. In relation to the disposition of a 25% interest in our Canadian district energy operation, $124 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. 4. In relation to the disposition of our smart meters business in the U.K., $142 million of accumulated other comprehensive income (net of tax) of revaluation surplus gains were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 | |
Costs attributed to revenues | (2,160) | (1,433) | (4,122) | (2,779) | |
General and administrative expenses | (108) | (96) | (229) | (191) | |
Other (expense) income | (128) | (34) | (194) | (97) | |
Interest expense | (469) | (362) | (878) | (717) | |
Depreciation and amortization expense | (552) | (492) | (1,096) | (961) | |
Deferred taxes | 26 | (212) | 8 | (252) | |
Mark-to-market on hedging items and other | 169 | 1,262 | 118 | 1,293 | |
Share of losses from associates | (34) | 10 | 20 | 77 | $ 88 |
Net income attributable to non-controlling interest | (249) | (954) | (473) | (1,177) | |
Net income (loss) attributable to partnership | 176 | 352 | 246 | 542 | |
Utilities | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,350 | 1,229 | 2,562 | 2,320 | |
Transport | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 894 | 871 | 1,768 | 1,719 | |
Midstream | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,007 | 178 | 1,909 | 553 | |
Data Infrastructure | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 430 | 385 | 853 | 754 | |
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 1,658 | 1,215 | 3,250 | 2,483 | |
Costs attributed to revenues | (801) | (559) | (1,567) | (1,104) | |
General and administrative expenses | (108) | (96) | (229) | (191) | |
Other (expense) income | 11 | 12 | 17 | 1 | |
Interest expense | (247) | (178) | (465) | (364) | |
Funds from operations | 513 | 394 | 1,006 | 825 | |
Depreciation and amortization expense | (334) | (273) | (656) | (553) | |
Deferred taxes | (40) | (108) | (52) | (136) | |
Mark-to-market on hedging items and other | 37 | 339 | (52) | 406 | |
Share of losses from associates | 0 | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 176 | 352 | 246 | 542 | |
Operating segments | Utilities | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 485 | 428 | 924 | 818 | |
Costs attributed to revenues | (199) | (177) | (384) | (344) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (23) | (18) | (51) | (34) | |
Interest expense | (75) | (43) | (134) | (84) | |
Funds from operations | 188 | 190 | 355 | 356 | |
Operating segments | Transport | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 617 | 506 | 1,195 | 1,001 | |
Costs attributed to revenues | (347) | (267) | (670) | (529) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (1) | 0 | (5) | (4) | |
Interest expense | (70) | (66) | (136) | (133) | |
Funds from operations | 199 | 173 | 384 | 335 | |
Operating segments | Midstream | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 411 | 130 | 834 | 364 | |
Costs attributed to revenues | (193) | (48) | (382) | (97) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (4) | 0 | (1) | (15) | |
Interest expense | (44) | (22) | (85) | (46) | |
Funds from operations | 170 | 60 | 366 | 206 | |
Operating segments | Data Infrastructure | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 145 | 151 | 297 | 300 | |
Costs attributed to revenues | (62) | (67) | (131) | (134) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | 2 | 0 | 5 | 5 | |
Interest expense | (25) | (24) | (53) | (51) | |
Funds from operations | 60 | 60 | 118 | 120 | |
Operating segments | Corporate | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs attributed to revenues | 0 | 0 | 0 | 0 | |
General and administrative expenses | (108) | (96) | (229) | (191) | |
Other (expense) income | 37 | 30 | 69 | 49 | |
Interest expense | (33) | (23) | (57) | (50) | |
Funds from operations | (104) | (89) | (217) | (192) | |
Material reconciling items | Associates | |||||
Disclosure of operating segments [line items] | |||||
Revenues | (617) | (474) | (1,188) | (964) | |
Costs attributed to revenues | 313 | 235 | 598 | 470 | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | 7 | 1 | 15 | 1 | |
Interest expense | 82 | 64 | 154 | 134 | |
Depreciation and amortization expense | 131 | 124 | 254 | 252 | |
Deferred taxes | (20) | (14) | (23) | (15) | |
Mark-to-market on hedging items and other | 138 | 54 | 170 | 45 | |
Share of losses from associates | (34) | 10 | 20 | 77 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 0 | 0 | 0 | 0 | |
Material reconciling items | Non-controlling interests | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 2,640 | 1,922 | 5,030 | 3,827 | |
Costs attributed to revenues | (1,672) | (1,109) | (3,153) | (2,145) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Other (expense) income | (146) | (47) | (226) | (99) | |
Interest expense | (304) | (248) | (567) | (487) | |
Depreciation and amortization expense | (349) | (343) | (694) | (660) | |
Deferred taxes | 86 | (90) | 83 | (101) | |
Mark-to-market on hedging items and other | (6) | 869 | 0 | 842 | |
Share of losses from associates | 0 | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | (249) | (954) | (473) | (1,177) | |
Net income (loss) attributable to partnership | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Assets (D
SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | ||
Total assets | $ 73,899 | $ 73,961 |
Material reconciling items | Associates | ||
Disclosure of operating segments [line items] | ||
Total assets | 5,529 | 4,825 |
Material reconciling items | Non-controlling interests | ||
Disclosure of operating segments [line items] | ||
Total assets | 42,466 | 42,415 |
Material reconciling items | Working capital adjustment and other | ||
Disclosure of operating segments [line items] | ||
Total assets | 8,461 | 9,274 |
Operating segments | ||
Disclosure of operating segments [line items] | ||
Total assets | 28,501 | 27,097 |
Operating segments | Utilities | ||
Disclosure of operating segments [line items] | ||
Total assets | 7,640 | 6,184 |
Operating segments | Transport | ||
Disclosure of operating segments [line items] | ||
Total assets | 8,451 | 8,601 |
Operating segments | Midstream | ||
Disclosure of operating segments [line items] | ||
Total assets | 10,310 | 10,378 |
Operating segments | Data Infrastructure | ||
Disclosure of operating segments [line items] | ||
Total assets | 3,331 | 3,405 |
Operating segments | Corporate | ||
Disclosure of operating segments [line items] | ||
Total assets | $ (1,231) | $ (1,471) |
ASSETS AND LIABILITIES CLASSI_3
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE - Additional Information (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Australian Ports Operation | ||
Disclosure of detailed information about assets and liabilities classified as held for sale [Line Items] | ||
Ownership interest | 50% | |
Indian toll roads | ||
Disclosure of detailed information about assets and liabilities classified as held for sale [Line Items] | ||
Total consideration | $ 0.2 | |
Indian toll roads | Consortium | ||
Disclosure of detailed information about assets and liabilities classified as held for sale [Line Items] | ||
Total consideration | $ 0.6 |
ASSETS AND LIABILITIES CLASSI_4
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE - Assets and Liabilities Schedule (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Disclosure of detailed information about assets and liabilities classified as held for sale [Abstract] | |
Cash and cash equivalents | $ 30 |
Accounts receivable and other current assets | 80 |
Current assets | 110 |
Property, plant and equipment | 4 |
Investment in associates | 139 |
Intangible assets | 605 |
Goodwill and other non-current assets | 20 |
Total assets classified as held for sale | 878 |
Accounts payable and other liabilities | 75 |
Deferred income tax liability | 6 |
Non-recourse borrowings | 427 |
Total liabilities associated with assets held for sale | 508 |
Net assets classified as held for sale | $ 370 |
DISPOSITION OF BUSINESSES (Deta
DISPOSITION OF BUSINESSES (Details) - USD ($) $ in Millions | Nov. 16, 2021 | Jun. 07, 2021 | May 12, 2021 |
Chilean toll roads | |||
Disclosure of subsidiaries [line items] | |||
Disposal of ownership interest, percentage | 17% | ||
Total consideration | $ 165 | ||
Gain (Loss) on disposition of business | 140 | ||
Reclassification adjustments on exchange differences on translation, net of tax | $ 8 | ||
Chilean toll roads | Consortium | |||
Disclosure of subsidiaries [line items] | |||
Disposal of ownership interest, percentage | 34% | ||
Total consideration | $ 315 | ||
Gain (Loss) on disposition of business | $ 270 | ||
Canadian district energy operations | |||
Disclosure of subsidiaries [line items] | |||
Disposal of ownership interest, percentage | 40% | ||
Gain (Loss) on disposition of business | $ 425 | ||
Proceeds from disposition of subsidiary | 555 | ||
Increase (decrease) through transfer between revaluation surplus and retained earnings, equity | $ 150 | ||
Canadian District Energy Operation | |||
Disclosure of subsidiaries [line items] | |||
Disposal of ownership interest, percentage | 25% | ||
Gain (Loss) on disposition of business | $ 295 | ||
Reclassification adjustments on exchange differences on translation, net of tax | 9 | ||
Proceeds from disposition of subsidiary | 450 | ||
Increase (decrease) through transfer between revaluation surplus and retained earnings, equity | 124 | ||
Canadian District Energy Operation | Consortium | |||
Disclosure of subsidiaries [line items] | |||
Total consideration | 1,800 | ||
Gain (Loss) on disposition of business | $ 1,200 | ||
U.K. Regulated Distribution Operation | |||
Disclosure of subsidiaries [line items] | |||
Total consideration | $ 820 | ||
Gain (Loss) on disposition of business | 155 | ||
Reclassification adjustments on exchange differences on translation, net of tax | 12 | ||
Proceeds from disposition of subsidiary | 195 | ||
Increase (decrease) through transfer between revaluation surplus and retained earnings, equity | 142 | ||
U.K. Regulated Distribution Operation | Consortium | |||
Disclosure of subsidiaries [line items] | |||
Proceeds from disposition of subsidiary | $ 340 |
ACQUISITION OF BUSINESSES - Add
ACQUISITION OF BUSINESSES - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |||||||||
Dec. 31, 2021 | Dec. 24, 2021 | Oct. 28, 2021 | Sep. 03, 2021 | Aug. 20, 2021 | Aug. 19, 2021 | Apr. 30, 2021 | Feb. 26, 2021 | Jun. 30, 2022 | Aug. 25, 2021 | |
Brazil electricity transmission operation | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Ownership interest | 31% | 15% | 15% | |||||||
Proportion of ownership interest in subsidiary, additional | 31% | 31% | ||||||||
Canadian diversified midstream operation | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interest in subsidiary, additional | 14% | 4% | ||||||||
Proportion of ownership interest in subsidiary | 59% | 45% | 41% | 3% | ||||||
Total consideration | $ 315 | $ 900 | $ 2,766 | |||||||
Cash funded consideration | 800 | |||||||||
BIPC exchangeable LP units | 500 | $ 11 | 245 | |||||||
BIPC exchangeable shares | 1,061 | $ 79 | ||||||||
Asset level debt raised | 500 | |||||||||
Business combinations, pre-existing interest, equity | 192 | |||||||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 65 | |||||||||
Cash and cash equivalents | $ 225 | 121 | ||||||||
Cash | 400 | $ 1,268 | ||||||||
Gain (Loss) on acquisition of business | $ 30 | |||||||||
Canadian diversified midstream operation | Consortium | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interest in subsidiary | 24% | 7% | 69% | 10% | ||||||
Total consideration | 530 | $ 1,600 | $ 4,700 | |||||||
Cash funded consideration | 1,900 | |||||||||
Asset level debt raised | 900 | |||||||||
Business combinations, pre-existing interest, equity | $ 600 | |||||||||
Percentage of voting interest in company | 100% | 76% | ||||||||
Cash | $ 1,100 | $ 440 | ||||||||
Brazilian regulated gas transmission operation | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interest in subsidiary, additional | 3% | |||||||||
Total consideration | $ 87 | |||||||||
Percentage of voting interest in company | 31% | |||||||||
Loss recognized as a result of partial acquisition | $ (32) | |||||||||
Brazilian regulated gas transmission operation | Consortium | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interest in subsidiary | 10% | |||||||||
Total consideration | $ 283 | |||||||||
Aggregated individually immaterial business combinations | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Business acquisition, proforma revenue | $ 5 | |||||||||
Business acquisition, proforma income | 1 | |||||||||
Total consideration | 84 | 28 | ||||||||
Cash and cash equivalents | 26 | |||||||||
Cash | $ 79 | $ 7 |
ACQUISITION OF BUSINESSES - Pur
ACQUISITION OF BUSINESSES - Purchase Price Allocation (Details) $ in Millions | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 24, 2021 USD ($) | Oct. 28, 2021 USD ($) | Sep. 03, 2021 USD ($) | Aug. 20, 2021 USD ($) |
Fair value of assets and liabilities acquired | ||||||
Goodwill | $ 8,952 | $ 8,979 | ||||
Canadian diversified midstream operation | ||||||
Consideration transferred | ||||||
Cash | $ 400 | $ 1,268 | ||||
BIPC exchangeable LP units | 500 | $ 11 | 245 | |||
Business combinations, pre-existing interest, equity | 192 | |||||
Total consideration | 315 | $ 900 | 2,766 | |||
Fair value of assets and liabilities acquired | ||||||
Cash and cash equivalents | 225 | 121 | ||||
Accounts receivable and other | 440 | |||||
Property, plant and equipment | 9,865 | |||||
Intangible assets | 2,569 | |||||
Goodwill | 2,096 | |||||
Accounts payable and other liabilities | (700) | |||||
Lease liabilities | (226) | |||||
Non-recourse borrowings | (6,185) | |||||
IPL shares held by public shareholders | 2,086 | |||||
Deferred income tax liabilities | (1,229) | |||||
Net assets acquired before non-controlling interest | 4,665 | |||||
Non-controlling interest | (1,899) | |||||
Net assets acquired | $ 2,766 | |||||
Public shareholders interest | 0.31 | |||||
Non-controlling interest in operating subsidiaries | $ 1,600 | |||||
Brazilian electricity transmission operation | ||||||
Consideration transferred | ||||||
Cash | $ 56 | |||||
Business combinations, pre-existing interest, equity | 92 | |||||
Total consideration | 148 | |||||
Fair value of assets and liabilities acquired | ||||||
Cash and cash equivalents | 70 | |||||
Accounts receivable and other | 13 | |||||
Intangible assets | 1,094 | |||||
Goodwill | 44 | |||||
Accounts payable and other liabilities | (99) | |||||
Lease liabilities | (481) | |||||
Deferred income tax liabilities | (152) | |||||
Net assets acquired before non-controlling interest | 489 | |||||
Non-controlling interest | (341) | |||||
Net assets acquired | $ 148 | |||||
Aggregated individually immaterial business combinations | ||||||
Consideration transferred | ||||||
Cash | 7 | 79 | ||||
Business combinations, equity consideration | 13 | |||||
Deferred consideration | 3 | |||||
Contingent consideration | 8 | 2 | ||||
Total consideration | 28 | 84 | ||||
Fair value of assets and liabilities acquired | ||||||
Cash and cash equivalents | 26 | |||||
Accounts receivable and other | 15 | 34 | ||||
Property, plant and equipment | 33 | 314 | ||||
Intangible assets | 72 | 71 | ||||
Goodwill | 104 | 260 | ||||
Accounts payable and other liabilities | (55) | (51) | ||||
Lease liabilities | (6) | (109) | ||||
Non-recourse borrowings | (32) | |||||
Deferred income tax liabilities | (49) | |||||
Net assets acquired before non-controlling interest | 163 | 464 | ||||
Non-controlling interest | (135) | (380) | ||||
Net assets acquired | $ 28 | $ 84 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Cash flow hedge | $ 195 | $ (19) | $ 450 | $ 160 | |
Net investment hedge | 93 | (47) | 122 | (41) | |
Cash flow hedges | Financial assets at fair value through other comprehensive income, category | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 574 | 574 | $ 101 | ||
Hedges of net investment in foreign operations | Financial assets at fair value through other comprehensive income, category | |||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||||
Derivative financial assets | 65 | 65 | |||
Derivative financial liabilities | $ 31 | ||||
Settlements, fair value measurement, liabilities | $ 25 | $ 18 | $ 24 | $ 17 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 5,938 | $ 5,400 |
Financial liabilities | 39,652 | 39,745 |
Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,489 | 2,719 |
Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 26,899 | 26,534 |
Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,450 | 3,392 |
Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 2,148 | 3,240 |
Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,646 | 3,840 |
Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 20 | 20 |
FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 296 | 501 |
FVTPL (Fair Value) | Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 296 | 501 |
FVTPL (Fair Value) | Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL (Fair Value) | Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 0 | 0 |
Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 39,356 | 39,244 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,489 | 2,719 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Non-recourse borrowings (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 26,899 | 26,534 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Accounts payable and other | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,450 | 3,392 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 1,852 | 2,739 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Lease liabilities | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 3,646 | 3,840 |
Loans and Receivables/Other Liabilities (Amortized Cost) | Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities | 20 | 20 |
FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,542 | 1,171 |
Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,396 | 4,229 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,301 | 1,406 |
Cash and cash equivalents | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,301 | 1,406 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,971 | 2,718 |
Accounts receivable and other | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,971 | 2,718 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,666 | 1,276 |
Financial assets (current and non-current) | FVTPL (Fair Value) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,542 | 1,171 |
Financial assets (current and non-current) | Loans and Receivables/Other Liabilities (Amortized Cost) | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 124 | $ 105 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS- Allocation of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Preferred shares | $ 20 | $ 20 |
Financial assets (current and non-current) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | 697 | 384 |
Financial liabilities (current and non-current) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | $ 58 | $ 314 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying | $ 5,938 | $ 5,400 |
Financial assets, fair value | 5,938 | 5,400 |
Financial liabilities, carrying | 39,652 | 39,745 |
Financial liabilities, fair value | 35,116 | 36,226 |
Financial liabilities and other liabilities, excluding lease liabilities | 36,006 | 35,905 |
Preferred shares | 20 | 20 |
Corporate Borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 3,489 | 2,719 |
Financial liabilities, fair value | 3,234 | 2,805 |
Non-recourse borrowings | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 26,899 | 26,534 |
Financial liabilities, fair value | 26,264 | 26,769 |
Accounts payable and other (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 3,450 | 3,392 |
Financial liabilities, fair value | 3,450 | 3,392 |
Preferred shares | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 20 | 20 |
Financial liabilities, fair value | 20 | 20 |
Financial liabilities (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial liabilities, carrying | 2,148 | 3,240 |
Financial liabilities, fair value | 2,148 | 3,240 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 1,301 | 1,406 |
Financial assets, fair value | 1,301 | 1,406 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 2,971 | 2,718 |
Financial assets, fair value | 2,971 | 2,718 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying | 1,666 | 1,276 |
Financial assets, fair value | $ 1,666 | $ 1,276 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - Recurring fair value measurement - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | $ 43 | $ 98 |
Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | 104 | 307 |
Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities (current and non-current) | 149 | 96 |
Marketable securities | Level 1 | Quoted bid prices | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 75 | 179 |
Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 244 | 104 |
Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 1,168 | 882 |
Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 55 | $ 6 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 38,655 | |
Ending balance | 37,469 | $ 38,655 |
Current lease liabilities | 404 | |
Non-current lease liabilities | 3,242 | |
Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,936 | |
Ending balance | 7,292 | 7,936 |
Right-of-use assets | 118 | |
Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,376 | |
Ending balance | 8,154 | 8,376 |
Right-of-use assets | 1,044 | |
Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,695 | |
Ending balance | 7,430 | 7,695 |
Right-of-use assets | 2,174 | |
Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 14,648 | |
Ending balance | 14,593 | 14,648 |
Right-of-use assets | 369 | |
Gross Carrying Amount: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 39,749 | 30,900 |
Additions, net of disposals | 1,152 | 1,764 |
Acquisitions through business combinations | 33 | 10,179 |
Assets held by subsidiaries disposed during the period | (2,315) | |
Non-cash disposals | (75) | (517) |
Assets reclassified as held for sale | (8) | |
Net foreign currency exchange differences | (1,532) | (262) |
Ending balance | 39,319 | 39,749 |
Gross Carrying Amount: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 7,565 | 9,289 |
Additions, net of disposals | 218 | 478 |
Acquisitions through business combinations | 0 | 180 |
Assets held by subsidiaries disposed during the period | (2,300) | |
Non-cash disposals | (105) | 34 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | (535) | (116) |
Ending balance | 7,143 | 7,565 |
Gross Carrying Amount: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,998 | 8,697 |
Additions, net of disposals | 274 | 434 |
Acquisitions through business combinations | 0 | 134 |
Assets held by subsidiaries disposed during the period | (15) | |
Non-cash disposals | (2) | (107) |
Assets reclassified as held for sale | (8) | |
Net foreign currency exchange differences | (292) | (145) |
Ending balance | 8,970 | 8,998 |
Gross Carrying Amount: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,324 | 8,593 |
Additions, net of disposals | 233 | 429 |
Acquisitions through business combinations | 33 | 0 |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash disposals | 38 | (532) |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | (411) | (166) |
Ending balance | 8,217 | 8,324 |
Gross Carrying Amount: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 14,862 | 4,321 |
Additions, net of disposals | 427 | 423 |
Acquisitions through business combinations | 0 | 9,865 |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash disposals | (6) | 88 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | (294) | 165 |
Ending balance | 14,989 | 14,862 |
Accumulated depreciation: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (4,191) | (3,636) |
Assets held by subsidiaries disposed during the period | 675 | |
Non-cash disposals | 18 | 188 |
Assets reclassified as held for sale | 4 | |
Net foreign currency exchange differences | 235 | 59 |
Depreciation expense | (795) | (1,522) |
Disposals | 45 | |
Ending balance | (4,729) | (4,191) |
Accumulated depreciation: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (1,272) | (1,613) |
Assets held by subsidiaries disposed during the period | 663 | |
Non-cash disposals | 0 | 0 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | 93 | 11 |
Depreciation expense | (160) | (352) |
Disposals | (19) | |
Ending balance | (1,339) | (1,272) |
Accumulated depreciation: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (1,668) | (1,404) |
Assets held by subsidiaries disposed during the period | 12 | |
Non-cash disposals | 10 | 140 |
Assets reclassified as held for sale | 4 | |
Net foreign currency exchange differences | 86 | 56 |
Depreciation expense | (232) | (481) |
Disposals | (9) | |
Ending balance | (1,800) | (1,668) |
Accumulated depreciation: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (629) | (263) |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash disposals | 5 | 45 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | 32 | 8 |
Depreciation expense | (195) | (419) |
Disposals | 0 | |
Ending balance | (787) | (629) |
Accumulated depreciation: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (622) | (356) |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash disposals | 3 | 3 |
Assets reclassified as held for sale | 0 | |
Net foreign currency exchange differences | 24 | (16) |
Depreciation expense | (208) | (270) |
Disposals | (17) | |
Ending balance | (803) | (622) |
Accumulated fair value adjustments: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 3,097 | 4,320 |
Assets held by subsidiaries disposed during the period | (1,399) | |
Net foreign currency exchange differences | (218) | (76) |
Fair value adjustments | 252 | |
Ending balance | 2,879 | 3,097 |
Accumulated fair value adjustments: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,643 | 2,934 |
Assets held by subsidiaries disposed during the period | (1,399) | |
Net foreign currency exchange differences | (155) | (26) |
Fair value adjustments | 134 | |
Ending balance | 1,488 | 1,643 |
Accumulated fair value adjustments: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,046 | 1,048 |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | (62) | (50) |
Fair value adjustments | 48 | |
Ending balance | 984 | 1,046 |
Accumulated fair value adjustments: | Data Infrastructure | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | 0 | 0 |
Fair value adjustments | 0 | |
Ending balance | 0 | 0 |
Accumulated fair value adjustments: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 408 | 338 |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | (1) | 0 |
Fair value adjustments | 70 | |
Ending balance | $ 407 | $ 408 |
INTANGIBLE ASSETS - Net Amounts
INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ 13,524 | $ 14,214 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | 15,195 | 15,785 | $ 13,233 |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ (1,671) | $ (1,571) | $ (1,466) |
INTANGIBLE ASSETS - Cash Genera
INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 13,524 | $ 14,214 |
Brazilian regulated gas transmission operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,812 | 2,645 |
Canadian diversified midstream operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,395 | 2,536 |
North American Rail Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,799 | 1,867 |
North American Residential Energy Infrastructure Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,662 | 1,720 |
Brazil electricity transmission operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,477 | 1,366 |
Peruvian toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,025 | 976 |
Indian Telecom Towers Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 729 | 782 |
Indian toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 0 | 658 |
U.K. Telecom Towers Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 429 | 480 |
U.K. port operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 260 | 289 |
Other | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 936 | $ 895 |
INTANGIBLE ASSETS - Reconciliat
INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | $ 14,214 | |
Cost at end of year | 13,524 | $ 14,214 |
Cost | ||
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | 15,785 | 13,233 |
Acquisitions through business combinations, intangible assets and goodwill | 72 | 3,734 |
Additions, net of disposals | 71 | 67 |
Assets reclassified as held for sale | (816) | 0 |
Assets held by subsidiaries disposed during the period | 0 | (957) |
Non-cash additions | 68 | 271 |
Foreign currency translation | 15 | (563) |
Cost at end of year | $ 15,195 | $ 15,785 |
INTANGIBLE ASSETS - Accumulated
INTANGIBLE ASSETS - Accumulated Amortization (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Cost at beginning of the year | $ 14,214 | |
Cost at end of year | 13,524 | $ 14,214 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cost at beginning of the year | (1,571) | (1,466) |
Assets held by subsidiaries disposed during the period | 0 | 281 |
Non-cash additions, net of disposals | 1 | 26 |
Assets reclassified as held for sale | 211 | 0 |
Amortization | (301) | (514) |
Disposals | (3) | 0 |
Foreign currency translation | (8) | 102 |
Cost at end of year | $ (1,671) | $ (1,571) |
INVESTMENT IN ASSOCIATES AND _3
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Change in Investments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 13, 2022 | Apr. 01, 2022 | Feb. 16, 2022 | Dec. 31, 2021 | Dec. 24, 2021 | Feb. 26, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Reconciliation of changes in associates and joint ventures | |||||||||||||
Balance at the beginning of the period | $ 4,725 | $ 5,528 | $ 5,528 | ||||||||||
Share of earnings for the period | $ (34) | $ 10 | 20 | 77 | 88 | ||||||||
Foreign currency translation and other | (65) | (323) | |||||||||||
Share of other comprehensive income | 148 | 163 | |||||||||||
Distributions | (166) | (157) | |||||||||||
Disposition of interest | (150) | (336) | |||||||||||
Held for sale | 0 | 146 | |||||||||||
Change in basis of accounting | 0 | (92) | |||||||||||
Acquisitions | 671 | 0 | |||||||||||
Balance at end of year | $ 4,725 | 5,183 | 5,183 | 4,725 | |||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Disposal of investments in associates and joint ventures | $ 275 | $ 0 | 275 | $ 412 | |||||||||
Acquisitions | $ 671 | 0 | |||||||||||
U.S. Gas Pipeline | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Disposal of ownership interest, percentage | 13% | ||||||||||||
Disposal of investments in associates and joint ventures | $ 412 | ||||||||||||
Repayments of bonds, notes and debentures | 125 | ||||||||||||
Gain (Loss) on sale of investments accounted for using equity method | $ 75 | ||||||||||||
Australian Ports Operation | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Disposal of investments in associates and joint ventures | $ 300 | ||||||||||||
Ownership interest | 50% | ||||||||||||
Brazilian Electricity Transmission Operation | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Ownership interest | 31% | ||||||||||||
Percentage of voting equity interests acquired | 15% | ||||||||||||
Brazil electricity transmission operation | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Ownership interest | 31% | 15% | 15% | ||||||||||
AusNet Services Ltd | |||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||
Acquisitions | $ 500 | ||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Acquisitions | $ 500 | ||||||||||||
Proportion of voting rights held in associate | 8% | ||||||||||||
Smart Metering Business | |||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||
Acquisitions | $ 215 | ||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Acquisitions | $ 215 | ||||||||||||
Proportion of voting rights held in associate | 13% | ||||||||||||
North American container terminal operation | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Disposal of ownership interest, percentage | 49% | 49% | |||||||||||
Gain (Loss) on sale of investments accounted for using equity method | $ 125 | ||||||||||||
Proportion of voting rights held in associate | 49% | ||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 142 | ||||||||||||
Tax expense (income) | $ 50 | ||||||||||||
Australian Data Transmissions Business | |||||||||||||
Reconciliation of changes in associates and joint ventures | |||||||||||||
Acquisitions | $ 200 | ||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Acquisitions | $ 200 | ||||||||||||
Proportion of voting rights held in associate | 13% | ||||||||||||
North American Natural Gas Transmission Operation | |||||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||||
Loans and receivables | $ 375 | $ 375 | $ 375 | $ 375 |
INVESTMENT IN ASSOCIATES AND _4
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Segment Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | $ 5,183 | $ 4,725 | $ 5,528 |
Utilities | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 870 | 230 | |
Transport | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 2,132 | 2,317 | |
Midstream | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 1,052 | 1,052 | |
Data Infrastructure | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | 1,025 | 1,087 | |
Corporate | |||
Disclosure of operating segments [line items] | |||
Investments in associates and joint ventures | $ 104 | $ 39 |
INVESTMENT IN ASSOCIATES AND _5
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Balance Sheet Impact of Investments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | $ 73,899 | $ 73,961 |
Total liabilities | (47,860) | (47,570) |
Associates and Joint Ventures | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 67,997 | 52,969 |
Total liabilities | (39,918) | (31,731) |
Net assets | $ 28,079 | $ 21,238 |
INVESTMENT IN ASSOCIATES AND _6
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Income Statement Impact of Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 | |
Net income | 425 | 1,306 | 719 | 1,719 | |
Share of (losses) earnings from investments in associates and joint ventures | (34) | 10 | 20 | 77 | $ 88 |
Associates and Joint Ventures | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Revenues | 5,455 | 3,897 | 10,471 | 7,862 | |
Net income | $ 309 | $ 324 | $ 901 | $ 846 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Details) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Apr. 21, 2022 USD ($) | May 24, 2021 USD ($) | Jun. 30, 2022 USD ($) extension | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) extension | Jun. 30, 2021 USD ($) | Apr. 21, 2022 CAD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from corporate credit facility | $ 1,245 | $ 1,539 | $ 2,202 | $ 1,830 | ||||
Proceeds from corporate borrowings | 474 | 244 | 474 | 244 | ||||
(Repayment of) net proceeds from commercial paper program | (124) | 406 | (164) | 496 | ||||
Corporate Revolving Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility, maximum borrowing capacity | $ 2,100 | $ 2,100 | ||||||
Line of credit facility, unused capacity, commitment fee percentage | 13 | 13 | ||||||
Subsidiary and corporate borrowings | $ 508 | $ 508 | $ 0 | |||||
Letter of credit outstanding amount | $ 15 | 15 | 12 | |||||
Proceeds from corporate credit facility | $ 508 | |||||||
Corporate Revolving Credit Facility | Floating interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 1.20% | 1.20% | ||||||
Medium-term Notes, Maturing September 11, 2028 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 544 | $ 544 | 554 | |||||
Medium-term Notes, Maturing September 11, 2028 | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 4.20% | 4.20% | ||||||
Revolving credit facility with Brookfield | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility, maximum borrowing capacity | $ 1,000 | $ 1,000 | ||||||
Subsidiary and corporate borrowings | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||
Borrowings, number of extensions | extension | 8 | 8 | ||||||
Revolving credit facility with Brookfield | Floating interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 1.80% | 1.80% | ||||||
Medium-term Notes, Maturing October 9, 2029 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 544 | $ 544 | 554 | |||||
Medium-term Notes, Maturing October 9, 2029 | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 3.40% | 3.40% | ||||||
Subordinated Notes, Maturing May 24, 2081 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 250 | $ 250 | 250 | |||||
Subordinated Notes, Maturing May 24, 2081 | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5% | 5% | ||||||
Medium-term Notes, Maturing April 25, 2034 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 311 | $ 311 | 0 | |||||
Notional amount | $ 600 | |||||||
Finance costs | $ 3 | |||||||
Medium-term Notes, Maturing April 25, 2034 | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5.40% | 5.40% | ||||||
Medium-term Notes, Maturing April 25, 2034 Tranche One | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notional amount | $ 400 | |||||||
Medium-term Notes, Maturing April 25, 2034 Tranche One | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5.439% | |||||||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notional amount | $ 200 | |||||||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5.789% | |||||||
Medium-term Notes, Maturing September 1, 2032 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 388 | $ 388 | 396 | |||||
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 2.90% | 2.90% | ||||||
Commercial Paper | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Subsidiary and corporate borrowings | $ 267 | $ 267 | $ 431 | |||||
Commercial paper program, maximum borrowing capacity | $ 500 | 500 | ||||||
(Repayment of) net proceeds from commercial paper program | $ 164 | |||||||
Commercial Paper | Fixed interest rate | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 1.90% | 1.90% | ||||||
Subordinated notes, Maturing May 24, 2081 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5% | |||||||
Subsidiary and corporate borrowings | $ 250 | |||||||
Finance costs | $ 6 |
BORROWINGS - Corporate Borrowin
BORROWINGS - Corporate Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Corporate Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 508 | $ 0 |
Corporate Revolving Credit Facility | Floating interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 1.20% | |
Commercial Paper | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 267 | 431 |
Commercial Paper | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 1.90% | |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 233 | 237 |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.30% | |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 311 | 317 |
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.30% | |
Medium-term Notes, Maturing September 11, 2028 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 544 | 554 |
Medium-term Notes, Maturing September 11, 2028 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 4.20% | |
Medium-term Notes, Maturing October 9, 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 544 | 554 |
Medium-term Notes, Maturing October 9, 2029 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 3.40% | |
Medium-term Notes, Maturing September 1, 2032 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 388 | 396 |
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 2.90% | |
Medium-term Notes, Maturing April 25, 2034 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 311 | 0 |
Medium-term Notes, Maturing April 25, 2034 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.40% | |
Medium-term Notes, Maturing April 25, 2052 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 155 | 0 |
Medium-term Notes, Maturing April 25, 2052 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.80% | |
Subordinated Notes, Maturing May 24, 2081 | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 250 | 250 |
Subordinated Notes, Maturing May 24, 2081 | Fixed interest rate | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5% | |
Corporate Borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Subsidiary and corporate borrowings | $ 3,489 | 2,719 |
Corporate borrowings, outstanding principal | 3,511 | 2,739 |
Corporate borrowings, deferred financing costs and other | $ (22) | $ (20) |
BORROWINGS - Non-Recourse Borro
BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Current | $ 3,506 | $ 2,701 |
Non-recourse borrowings | 23,393 | 23,833 |
Borrowings associated with recent acquisitions and growth initiatives | 1,400 | |
Non-recourse borrowings classified as held for sale | 427 | |
Non Recourse Borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Current | 3,506 | 2,701 |
Non-recourse borrowings | 23,393 | 23,833 |
Total | $ 26,899 | $ 26,534 |
CAPITAL MANAGEMENT - Invested C
CAPITAL MANAGEMENT - Invested Capital (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Total partnership capital | $ 26,039 | $ 26,975 | $ 26,391 | $ 21,451 | $ 21,952 | $ 21,673 |
Non-controlling interest - in operating subsidiaries | (15,720) | (15,658) | ||||
Deficit | 2,865 | 2,520 | ||||
Accumulated other comprehensive income | (393) | (543) | ||||
Ownership changes | (515) | (515) | ||||
Invested Capital | $ 12,276 | $ 12,272 | $ 12,195 | $ 9,413 | $ 9,410 | $ 9,213 |
Bottom of range | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Targeted returns on invested capital | 12% | |||||
Top of range | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Targeted returns on invested capital | 15% |
CAPITAL MANAGEMENT - Changes in
CAPITAL MANAGEMENT - Changes in Invested Capital (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Changes in Invested capital [Roll Forward] | |||||
Opening balance | $ 12,272 | $ 9,410 | $ 12,195 | $ 9,213 | |
Net (redemption) issuance of preferred units | 0 | 0 | (220) | 194 | |
Issuance of perpetual subordinated notes | 0 | 0 | 293 | [1] | 0 |
Issuance of limited partnership units | 4 | 3 | 8 | 6 | |
Ending balance | 12,276 | 9,413 | 12,276 | 9,413 | |
Weighted Average Invested Capital | $ 12,272 | $ 9,410 | $ 12,346 | $ 9,386 | |
[1]Refer to Note 16 Partnership Capital. |
SUBSIDIARY PUBLIC ISSUERS - Add
SUBSIDIARY PUBLIC ISSUERS - Additional Information (Details) $ in Millions, $ in Millions | Jun. 30, 2022 USD ($) | Apr. 21, 2022 CAD ($) | Dec. 31, 2021 USD ($) | May 24, 2021 USD ($) |
Medium-term Notes, Maturing April 25, 2034 | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 600 | |||
Subsidiary and corporate borrowings | $ 311 | $ 0 | ||
Medium-term Notes, Maturing April 25, 2034 Tranche One | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | 400 | |||
Medium-term Notes, Maturing April 25, 2034 Tranche Two | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 200 | |||
Subordinated notes, Maturing May 24, 2081 | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Borrowings, interest rate | 5% | |||
Subsidiary and corporate borrowings | $ 250 | |||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Borrowings, interest rate | 5.40% | |||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 Tranche One | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Borrowings, interest rate | 5.439% | |||
Fixed interest rate | Medium-term Notes, Maturing April 25, 2034 Tranche Two | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Borrowings, interest rate | 5.789% |
SUBSIDIARY PUBLIC ISSUERS - Fin
SUBSIDIARY PUBLIC ISSUERS - Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Statement of comprehensive income [abstract] | |||||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 | |||
Net income attributable to partnership | 176 | 352 | 246 | 542 | |||
Statement of financial position [abstract] | |||||||
Current assets | 5,824 | 5,824 | $ 4,896 | ||||
Non-current assets | 68,075 | 68,075 | 69,065 | ||||
Current liabilities | 8,895 | 8,895 | 8,661 | ||||
Non-current liabilities | 38,965 | 38,965 | 38,909 | ||||
Redeemable Partnership Units held by Brookfield | 2,282 | 2,282 | 2,408 | ||||
BIPC exchangeable shares | 1,303 | 1,303 | 1,369 | ||||
Exchangeable units | [1] | 75 | 75 | 85 | |||
Perpetual subordinated notes | 293 | 293 | $ 293 | 0 | |||
In operating subsidiaries | 15,720 | 15,720 | 15,658 | ||||
Preferred unitholders | 918 | 918 | 1,138 | ||||
Our partnership | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 70 | 192 | 76 | 281 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 6,630 | 6,630 | 6,840 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | |||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
The Fincos | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 0 | 0 | 0 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 0 | 0 | 0 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 2,714 | 2,714 | 2,288 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | |||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
BIPIC | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 0 | 0 | 0 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 1,045 | 1,045 | 1,045 | ||||
Current liabilities | 209 | 209 | 232 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | |||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
BIPC Holdings | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 0 | 119 | 0 | 134 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 2,999 | 2,999 | 2,373 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 84 | 84 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | |||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
Subsidiaries of our partnership other than the Fincos and BIPIC | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Net income attributable to partnership | 176 | 233 | 246 | 408 | |||
Statement of financial position [abstract] | |||||||
Current assets | 0 | 0 | 0 | ||||
Non-current assets | 9,282 | 9,282 | 9,835 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Non-current liabilities | 0 | 0 | 0 | ||||
Redeemable Partnership Units held by Brookfield | 0 | 0 | 0 | ||||
BIPC exchangeable shares | 0 | 0 | 0 | ||||
Exchangeable units | 0 | 0 | 0 | ||||
Perpetual subordinated notes | 0 | 0 | |||||
In operating subsidiaries | 0 | 0 | 0 | ||||
Preferred unitholders | 0 | 0 | 0 | ||||
Consolidating adjustments | |||||||
Statement of comprehensive income [abstract] | |||||||
Revenues | 3,681 | 2,663 | 7,092 | 5,346 | |||
Net income attributable to partnership | (70) | $ (192) | (76) | $ (281) | |||
Statement of financial position [abstract] | |||||||
Current assets | 5,824 | 5,824 | 4,896 | ||||
Non-current assets | 48,119 | 48,119 | 48,972 | ||||
Current liabilities | 8,686 | 8,686 | 8,429 | ||||
Non-current liabilities | 36,167 | 36,167 | 36,621 | ||||
Redeemable Partnership Units held by Brookfield | 2,282 | 2,282 | 2,408 | ||||
BIPC exchangeable shares | 1,303 | 1,303 | 1,369 | ||||
Exchangeable units | 75 | 75 | 85 | ||||
Perpetual subordinated notes | 293 | 293 | |||||
In operating subsidiaries | 15,720 | 15,720 | 15,658 | ||||
Preferred unitholders | $ 918 | $ 918 | $ 1,138 | ||||
[1]Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units. |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 |
Utilities | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,350 | 1,229 | 2,562 | 2,320 |
Midstream | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,007 | 178 | 1,909 | 553 |
Transport | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 894 | 871 | 1,768 | 1,719 |
Data Infrastructure | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 430 | $ 385 | $ 853 | $ 754 |
REVENUE - Geographic Informatio
REVENUE - Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of geographical areas [line items] | ||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 |
Canada | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,158 | 411 | 2,225 | 835 |
U.S. | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 693 | 644 | 1,286 | 1,384 |
India | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 481 | 420 | 948 | 805 |
U.K. | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 392 | 381 | 799 | 756 |
Brazil | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 401 | 295 | 769 | 568 |
Colombia | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 236 | 211 | 450 | 428 |
Australia | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 174 | 148 | 339 | 297 |
New Zealand | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 29 | 0 | 56 | 0 |
Peru | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 29 | 23 | 56 | 46 |
Chile | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | 38 | 0 | 77 |
Other | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 88 | $ 92 | $ 164 | $ 150 |
REVENUE - Additional Informatio
REVENUE - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) customer | Jun. 30, 2021 USD ($) | |
Disclosure of geographical areas [line items] | ||||
Revenues | $ 3,681 | $ 2,663 | $ 7,092 | $ 5,346 |
Customer Concentration Risk | Partnership's Sales Revenue, Net | ||||
Disclosure of geographical areas [line items] | ||||
Concentration risk, number of customers | customer | 1 | |||
Revenues | $ 385 | $ 341 | $ 764 | $ 668 |
Customer Concentration Risk | Partnership's Sales Revenue, Net | Bottom of range | ||||
Disclosure of geographical areas [line items] | ||||
Percentage of entity's revenue | 10% |
DIRECT OPERATING COSTS (Details
DIRECT OPERATING COSTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Direct Operating Costs [Abstract] | |||||
Depreciation and amortization expense | $ 552 | $ 492 | $ 1,096 | $ 961 | |
Compensation | 414 | 368 | 857 | 739 | |
Fuel, transportation, and distribution costs | 423 | 383 | 808 | 741 | |
Cost of inventory | 787 | 245 | 1,407 | 431 | |
Utilities | 117 | 108 | 237 | 215 | |
Other direct operating costs | 419 | 329 | 813 | 653 | |
Total | [1] | $ 2,712 | $ 1,925 | $ 5,218 | $ 3,740 |
[1]Our company reclassified depreciation and amortization expense, which was previously presented as a separate line item, to direct operating costs. Direct operating costs include $552 million and $1,096 million of depreciation and amortization expenses for the three and six-month periods ended June 30, 2022, respectively. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs of $492 million and $961 million for the three and six-month periods ended June 30, 2021, with an equal and offsetting decrease to depreciation and amortization expense. This reclassification had no impact on revenues, net income, or basic and diluted earnings per limited partner unit. |
PARTNERSHIP CAPITAL - Special G
PARTNERSHIP CAPITAL - Special General and Limited Partnership Capital (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | ||||||
Schedule of Partnership Units [Line Items] | |||||||||||||
Equity | $ 26,039 | $ 21,451 | $ 26,039 | $ 21,451 | $ 26,391 | $ 26,975 | $ 21,952 | $ 21,673 | |||||
Unit issuance | [1] | 4 | 3 | 8 | 6 | ||||||||
General Partner | Limited partners’ capital | |||||||||||||
Schedule of Partnership Units [Line Items] | |||||||||||||
Equity | 19 | 19 | 19 | 19 | |||||||||
Unit issuance | 0 | 0 | |||||||||||
Conversion from Exchange LP Units | 0 | 0 | |||||||||||
Conversion from BIPC exchangeable shares | 0 | 0 | |||||||||||
Limited partners’ capital | |||||||||||||
Schedule of Partnership Units [Line Items] | |||||||||||||
Equity | 5,419 | 4,275 | 5,419 | 4,275 | 5,702 | 5,741 | 4,129 | 4,233 | |||||
Unit issuance | [1] | 4 | 3 | 8 | 6 | ||||||||
Limited partners’ capital | Limited partners’ capital | |||||||||||||
Schedule of Partnership Units [Line Items] | |||||||||||||
Equity | 6,085 | 5,532 | 6,085 | 5,532 | 6,074 | $ 6,080 | $ 5,529 | 5,526 | |||||
Unit issuance | 4 | [1] | $ 3 | [1] | 8 | [1] | $ 6 | [1] | 545 | ||||
Conversion from Exchange LP Units | 2 | 2 | |||||||||||
Conversion from BIPC exchangeable shares | 1 | 1 | |||||||||||
Special General Partner and Limited Partner | Limited partners’ capital | |||||||||||||
Schedule of Partnership Units [Line Items] | |||||||||||||
Equity | $ 6,104 | 6,104 | 6,093 | $ 5,545 | |||||||||
Unit issuance | 8 | 545 | |||||||||||
Conversion from Exchange LP Units | 2 | 2 | |||||||||||
Conversion from BIPC exchangeable shares | $ 1 | $ 1 | |||||||||||
[1]Refer to Note 16 Partnership Capital. |
PARTNERSHIP CAPITAL - Non-contr
PARTNERSHIP CAPITAL - Non-controlling interest – Redeemable Partnership Units held by Brookfield (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Schedule of Partnership Units [Line Items] | ||||||||||
Equity | $ 26,039 | $ 21,451 | $ 26,039 | $ 21,451 | $ 26,391 | $ 26,975 | $ 21,952 | $ 21,673 | ||
Unit issuance | [1] | 4 | 3 | 8 | 6 | |||||
Redeemable Partnership Units held by Brookfield | ||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||
Equity | 2,282 | $ 1,703 | $ 2,282 | $ 1,703 | $ 2,408 | $ 2,420 | $ 1,643 | $ 1,687 | ||
Redeemable Partnership Units held by Brookfield | Limited partners’ capital | ||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||
Number of shares outstanding (in shares) | 193.6 | 182.9 | ||||||||
Number of shares issued (in shares) | 10.7 | 0 | 10.7 | |||||||
Equity | $ 2,728 | $ 2,728 | $ 2,728 | $ 2,328 | ||||||
Unit issuance | $ 400 | $ 0 | $ 400 | |||||||
[1]Refer to Note 16 Partnership Capital. |
PARTNERSHIP CAPITAL - Additiona
PARTNERSHIP CAPITAL - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jan. 21, 2021 USD ($) $ / shares shares | Nov. 30, 2021 USD ($) shares | Oct. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) day shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) shares | Nov. 01, 2021 $ / shares shares | Oct. 01, 2021 shares | Aug. 01, 2021 shares | Dec. 31, 2020 shares | ||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Shares issued during period, price per share (dollars per share) | $ / shares | $ 41.73 | |||||||||||||||||||
Partnership units issued | $ 4 | $ 3 | $ 8 | $ 6 | ||||||||||||||||
Share issue related cost | $ 6 | |||||||||||||||||||
Unit issuance | [1] | 4 | 3 | $ 8 | 6 | |||||||||||||||
Volume weighted average of trading price, number of trading days | day | 5 | |||||||||||||||||||
Exchangeable shares issued as a result of the Holding LP Distribution, total (in shares) | shares | 3,200 | 12,200 | 26,900 | |||||||||||||||||
Exchangeable shares, issuance, value | $ 134 | $ 502 | $ 1,140 | |||||||||||||||||
Limited partners’ capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Unit issuance | [1] | $ 4 | $ 3 | $ 8 | $ 6 | |||||||||||||||
Preferred unitholders capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Number of shares issued (in shares) | shares | 0 | 8,000 | ||||||||||||||||||
Unit issuance | $ 0 | $ 194 | ||||||||||||||||||
Number of shares outstanding (in shares) | shares | 43,900 | 43,900 | 55,900 | 57,900 | ||||||||||||||||
Preferred unitholders capital | Series 14 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Number of shares issued (in shares) | shares | 12,000 | |||||||||||||||||||
Shares issued during period, price per share (dollars per share) | $ / shares | $ 25 | |||||||||||||||||||
Partnership units issued | $ 220 | $ 206 | ||||||||||||||||||
Preferred unitholders capital | Series 14 Preferred Units | Major ordinary share transactions | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Partnership units issued | $ 200 | |||||||||||||||||||
Quarterly fixed distribution rate | 5% | |||||||||||||||||||
Share underwriting related cost | $ 6 | |||||||||||||||||||
Preferred unitholders capital | Series 5 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Losses on redemption of equity instruments | $ 23 | $ 20 | ||||||||||||||||||
Limited partners’ capital | Limited partners’ capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Weighted average number of shares outstanding (in shares) | shares | 458,000 | 443,300 | 443,200 | |||||||||||||||||
Number of shares issued (in shares) | shares | 14,300 | 200 | 14,600 | |||||||||||||||||
Shares issued during period, price per share (dollars per share) | $ / shares | $ 39.10 | |||||||||||||||||||
Partnership units issued | $ 556 | |||||||||||||||||||
Share issue related cost | $ 23 | |||||||||||||||||||
Unit issuance | $ 4 | [1] | $ 3 | [1] | $ 8 | [1] | $ 6 | [1] | $ 545 | |||||||||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 200 | 200 | ||||||||||||||||||
Dividend reinvestment plan, proceeds | $ 8 | $ 6 | ||||||||||||||||||
Number of shares outstanding (in shares) | shares | 458,100 | 458,100 | 457,900 | 443,100 | ||||||||||||||||
Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Unit issuance | $ 0 | $ 259 | ||||||||||||||||||
Number of shares outstanding (in shares) | shares | 6,500 | 6,500 | 6,900 | 1,500 | ||||||||||||||||
Issuance of exchangeable LP units, shares (in shares) | shares | 0 | 6,200 | ||||||||||||||||||
Exchange LP unit conversion, shares (in shares) | shares | 100 | 100 | 200 | |||||||||||||||||
Exchange LP unit conversion, value | $ (2) | $ (2) | ||||||||||||||||||
Exchange LP Unit conversion, value | $ 1 | |||||||||||||||||||
Exchangeable LP converted to exchangeable, value | $ 0.3 | $ (5) | ||||||||||||||||||
Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 110,300 | 110,300 | 110,000 | 67,400 | ||||||||||||||||
Class A shares of BIPC conversion, shares, rounded (in shares) | shares | 100 | 100 | ||||||||||||||||||
Units converted from Class A share of BIPC, value, rounded | $ 1 | $ 1 | ||||||||||||||||||
Exchangeable LP converted to exchangeable, value | $ (4) | |||||||||||||||||||
Limited partners’ capital | General Partner | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Weighted average number of shares outstanding (in shares) | shares | 2,400 | 2,400 | ||||||||||||||||||
Number of shares issued (in shares) | shares | 0 | 0 | ||||||||||||||||||
Unit issuance | $ 0 | $ 0 | ||||||||||||||||||
Number of shares outstanding (in shares) | shares | 2,400 | 2,400 | 2,400 | 2,400 | ||||||||||||||||
Limited partners’ capital | Redeemable Partnership Units held by Brookfield | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Weighted average number of shares outstanding (in shares) | shares | 193,600 | 182,900 | 193,600 | 182,900 | ||||||||||||||||
Number of shares issued (in shares) | shares | 10,700 | 0 | 10,700 | |||||||||||||||||
Unit issuance | $ 400 | $ 0 | $ 400 | |||||||||||||||||
Number of shares outstanding (in shares) | shares | 193,600 | 182,900 | ||||||||||||||||||
[1]Refer to Note 16 Partnership Capital. |
PARTNERSHIP CAPITAL - Capital C
PARTNERSHIP CAPITAL - Capital Categories (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||||||
Changes in equity [abstract] | |||||||||||
Balance as | $ 26,975 | $ 21,952 | $ 26,391 | $ 21,673 | $ 21,673 | ||||||
Unit issuance | [1] | 4 | 3 | 8 | 6 | ||||||
Balance as | 26,039 | 21,451 | 26,039 | 21,451 | 26,391 | ||||||
Redeemable Partnership Units held by Brookfield | |||||||||||
Changes in equity [abstract] | |||||||||||
Balance as | 2,420 | 1,643 | 2,408 | 1,687 | 1,687 | ||||||
Balance as | 2,282 | 1,703 | 2,282 | 1,703 | 2,408 | ||||||
Non-controlling interest – BIPC exchangeable shares | |||||||||||
Changes in equity [abstract] | |||||||||||
Balance as | 1,381 | 622 | 1,369 | 638 | 638 | ||||||
Balance as | 1,303 | 643 | 1,303 | 643 | 1,369 | ||||||
Limited Partners 1 | |||||||||||
Changes in equity [abstract] | |||||||||||
Balance as | 5,741 | 4,129 | 5,702 | 4,233 | 4,233 | ||||||
Unit issuance | [1] | 4 | 3 | 8 | 6 | ||||||
Balance as | 5,419 | 4,275 | 5,419 | 4,275 | 5,702 | ||||||
Non-controlling Interest - Exchange LP Units, equity | |||||||||||
Changes in equity [abstract] | |||||||||||
Balance as | 81 | [2] | 11 | 85 | 12 | 12 | |||||
Balance as | 75 | [2] | 11 | 75 | [2] | $ 11 | 85 | ||||
Limited partners’ capital | Inter Pipeline | |||||||||||
Changes in equity [abstract] | |||||||||||
Unit issuance | $ 0 | $ 39 | |||||||||
Limited partners’ capital | Redeemable Partnership Units held by Brookfield | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 193.6 | 182.9 | 182.9 | ||||||||
Issued for cash | 10.7 | 0 | 10.7 | ||||||||
Ending balance (in shares) | 193.6 | ||||||||||
Balance as | $ 2,728 | $ 2,328 | $ 2,328 | ||||||||
Unit issuance | $ 400 | 0 | 400 | ||||||||
Balance as | $ 2,728 | $ 2,728 | $ 2,728 | ||||||||
Limited partners’ capital | Non-controlling interest – BIPC exchangeable shares | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 110 | 67.4 | 67.4 | ||||||||
Class A Shares conversion, shares (in shares) | 0 | 3.2 | |||||||||
Ending balance (in shares) | 110.3 | 110.3 | 110 | ||||||||
Balance as | $ 1,755 | $ (19) | $ (19) | ||||||||
Exchangeable LP converted to exchangeable, value | (4) | ||||||||||
Balance as | $ 1,758 | $ 1,758 | $ 1,755 | ||||||||
Limited partners’ capital | Special General Partner and Limited Partner | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 460.3 | 445.5 | 445.5 | ||||||||
Issued for cash | 0.2 | 14.6 | |||||||||
Units converted from Exchange LP units (in shares) | 0 | 0.1 | |||||||||
Class A Shares conversion, shares (in shares) | 0 | 0.1 | |||||||||
Ending balance (in shares) | 460.5 | 460.5 | 460.3 | ||||||||
Balance as | $ 6,093 | $ 5,545 | $ 5,545 | ||||||||
Unit issuance | 8 | 545 | |||||||||
Conversion from Exchange LP Units | 2 | 2 | |||||||||
Conversion from BIPC exchangeable shares | 1 | 1 | |||||||||
Balance as | $ 6,104 | $ 6,104 | $ 6,093 | ||||||||
Limited partners’ capital | General Partner | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 2.4 | 2.4 | 2.4 | ||||||||
Issued for cash | 0 | 0 | |||||||||
Units converted from Exchange LP units (in shares) | 0 | 0 | |||||||||
Class A Shares conversion, shares (in shares) | 0 | 0 | |||||||||
Ending balance (in shares) | 2.4 | 2.4 | 2.4 | ||||||||
Balance as | $ 19 | $ 19 | $ 19 | ||||||||
Unit issuance | 0 | 0 | |||||||||
Conversion from Exchange LP Units | 0 | 0 | |||||||||
Conversion from BIPC exchangeable shares | 0 | 0 | |||||||||
Balance as | $ 19 | $ 19 | $ 19 | ||||||||
Limited partners’ capital | Limited Partners 1 | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 457.9 | 443.1 | 443.1 | ||||||||
Issued for cash | 14.3 | 0.2 | 14.6 | ||||||||
Units converted from Exchange LP units (in shares) | 0 | 0.1 | |||||||||
Class A Shares conversion, shares (in shares) | 0 | 0.1 | |||||||||
Ending balance (in shares) | 458.1 | 458.1 | 457.9 | ||||||||
Balance as | $ 6,080 | 5,529 | $ 6,074 | $ 5,526 | $ 5,526 | ||||||
Unit issuance | 4 | [1] | 3 | [1] | 8 | [1] | 6 | [1] | 545 | ||
Conversion from Exchange LP Units | 2 | 2 | |||||||||
Conversion from BIPC exchangeable shares | 1 | 1 | |||||||||
Balance as | $ 6,085 | $ 5,532 | $ 6,085 | $ 5,532 | $ 6,074 | ||||||
Limited partners’ capital | Non-controlling Interest - Exchange LP Units, equity | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 6.9 | 1.5 | 1.5 | ||||||||
Issuance of exchangeable LP units, shares (in shares) | 0 | 6.2 | |||||||||
Exchangeable LP converted to exchangeable (in shares) | (0.3) | (0.6) | |||||||||
Exchange LP unit conversion, shares (in shares) | 0.1 | 0.1 | 0.2 | ||||||||
Ending balance (in shares) | 6.5 | 6.5 | 6.9 | ||||||||
Balance as | $ 408 | $ 156 | $ 156 | ||||||||
Unit issuance | 0 | 259 | |||||||||
Exchangeable LP converted to exchangeable, value | 0.3 | (5) | |||||||||
Exchange LP unit conversion, value | 2 | 2 | |||||||||
Balance as | $ 402 | $ 402 | $ 408 | ||||||||
Limited partners’ capital | Non-controlling Interest - Exchangeable Shares, equity | |||||||||||
Changes in equity [abstract] | |||||||||||
Issued for cash | 0 | 0.6 | |||||||||
Units converted to exchangeable shares, value | $ (1) | $ (1) | |||||||||
Units converted from exchangeable units, value | $ 4 | $ 5 | |||||||||
Units converted from exchangeable shares (in shares) | 0.3 | (0.2) | |||||||||
Unit issuance | $ 0 | $ 1,770 | |||||||||
Preferred unitholders capital | |||||||||||
Changes in equity [abstract] | |||||||||||
Opening balance (in shares) | 55.9 | 57.9 | 57.9 | ||||||||
Issued for cash | 0 | 8 | |||||||||
Ending balance (in shares) | 43.9 | 43.9 | 55.9 | ||||||||
Balance as | $ 1,138 | $ 1,130 | $ 1,130 | ||||||||
Unit issuance | 0 | 194 | |||||||||
Repurchase of equity | (220) | (186) | |||||||||
Repurchase of preferred equity | 12 | 10 | |||||||||
Balance as | $ 918 | $ 918 | $ 1,138 | ||||||||
[1]Refer to Note 16 Partnership Capital.[2]Refer to Note 5 Disposition of Businesses. |
PARTNERSHIP CAPITAL - Non-con_2
PARTNERSHIP CAPITAL - Non-controlling interest – Exchangeable Units (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Equity | $ 26,039 | $ 21,451 | $ 26,039 | $ 21,451 | $ 26,391 | $ 26,975 | $ 21,952 | $ 21,673 | ||||
Unit issuance | [1] | 4 | 3 | 8 | 6 | |||||||
Balance as | 26,039 | 21,451 | 26,039 | 21,451 | 26,391 | |||||||
Non-controlling Interest - Exchange LP Units, equity | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Equity | 75 | [2] | 11 | 75 | [2] | 11 | 85 | 81 | [2] | 11 | 12 | |
Balance as | 75 | [2] | 11 | 75 | [2] | 11 | 85 | |||||
Non-controlling Interest - Exchange LP Units, equity | Limited partners’ capital | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Equity | 402 | 402 | 408 | 156 | ||||||||
Unit issuance | 0 | 259 | ||||||||||
Exchangeable LP converted to exchangeable, value | 0.3 | (5) | ||||||||||
Exchange LP unit conversion, value | (2) | (2) | ||||||||||
Balance as | 402 | 402 | 408 | |||||||||
Non-controlling interest – BIPC exchangeable shares | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Equity | 1,303 | 643 | 1,303 | 643 | 1,369 | $ 1,381 | $ 622 | 638 | ||||
Balance as | 1,303 | $ 643 | 1,303 | $ 643 | 1,369 | |||||||
Non-controlling interest – BIPC exchangeable shares | Limited partners’ capital | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Equity | 1,758 | 1,758 | 1,755 | $ (19) | ||||||||
Exchangeable LP converted to exchangeable, value | (4) | |||||||||||
Balance as | $ 1,758 | $ 1,758 | $ 1,755 | |||||||||
[1]Refer to Note 16 Partnership Capital.[2]Refer to Note 5 Disposition of Businesses. |
PARTNERSHIP CAPITAL - Non-con_3
PARTNERSHIP CAPITAL - Non-controlling interest - Perpetual Subordinated Notes (Details) - $ / shares shares in Millions | 6 Months Ended | 12 Months Ended | |||
Jan. 21, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Nov. 01, 2021 | Dec. 31, 2020 | |
Schedule of Partnership Units [Line Items] | |||||
Shares issued during period, price per share (dollars per share) | $ 41.73 | ||||
Perpetual subordinated notes | |||||
Schedule of Partnership Units [Line Items] | |||||
Number of shares outstanding (in shares) | 293 | 0 | 0 | ||
Number of shares issued (in shares) | 293 | 0 | |||
Series 7 Preferred Units | Perpetual subordinated notes | |||||
Schedule of Partnership Units [Line Items] | |||||
Number of shares issued (in shares) | 12 | ||||
Shares issued during period, price per share (dollars per share) | $ 25 | ||||
Series 14 Preferred Units | Perpetual subordinated notes | |||||
Schedule of Partnership Units [Line Items] | |||||
Preferred stock, dividend rate | 5.125% |
PARTNERSHIP CAPITAL - Preferred
PARTNERSHIP CAPITAL - Preferred Unitholders’ Capital (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Equity | $ 26,039 | $ 21,451 | $ 26,039 | $ 21,451 | $ 26,391 | $ 26,975 | $ 21,952 | $ 21,673 | |
Unit issuance | [1] | 4 | 3 | 8 | 6 | ||||
Balance as | $ 26,039 | $ 21,451 | $ 26,039 | $ 21,451 | $ 26,391 | ||||
Preferred unitholders capital | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Number of shares outstanding (in shares) | 43.9 | 43.9 | 55.9 | 57.9 | |||||
Number of shares issued (in shares) | 0 | 8 | |||||||
Repurchase of preferred equity | $ (12) | $ (10) | |||||||
Equity | $ 918 | 918 | 1,138 | $ 1,130 | |||||
Unit issuance | 0 | 194 | |||||||
Repurchased and cancelled | (220) | (186) | |||||||
Balance as | $ 918 | $ 918 | $ 1,138 | ||||||
[1]Refer to Note 16 Partnership Capital. |
DISTRIBUTIONS DISTRIBUTIONS (De
DISTRIBUTIONS DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | [1] | $ 338 | $ 287 | $ 676 | $ 574 | |
Total Distributions | 354 | 305 | 711 | 608 | ||
Preferred unitholders capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | $ 12 | $ 18 | $ 27 | $ 34 | ||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.53 | $ 0.52 | ||
Perpetual subordinated notes | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | $ 4 | $ 0 | $ 8 | $ 0 | ||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.21 | $ 0 | $ 0.42 | $ 0 | ||
Limited partners’ capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | [1] | $ 165 | $ 151 | $ 330 | $ 302 | |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||
General Partner | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | $ 61 | $ 50 | $ 122 | $ 100 | ||
Dividends recognised as incentive distributions to owners | 60 | 50 | 120 | 100 | ||
Redeemable Partnership Units held by Brookfield | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | [1] | $ 69 | $ 62 | $ 138 | $ 124 | |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||
Non-controlling interest – BIPC exchangeable shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | [1] | $ 40 | $ 23 | $ 80 | $ 46 | |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||
Non-controlling Interest - Exchange LP Units, equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends recognised as distributions to owners | [1] | $ 3 | [2] | $ 1 | $ 6 | $ 2 |
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||
[1]Refer to Note 17 Distributions.[2]Refer to Note 5 Disposition of Businesses. |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 07, 2021 | May 12, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | $ 26,975 | $ 21,952 | $ 26,391 | $ 21,673 | |||||||
Other comprehensive income (loss) | (850) | 315 | (94) | 231 | |||||||
Other items | [1],[2],[3] | 90 | 90 | ||||||||
Balance as | $ 26,039 | 21,451 | $ 26,039 | 21,451 | |||||||
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | 178 | ||||||||||
Increase (decrease) in accumulated deferred tax recognised in other comprehensive income due to change in tax rate | 90 | ||||||||||
North American container terminal operation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Disposal of ownership interest, percentage | 49% | 49% | |||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 142 | ||||||||||
Canadian district energy operations | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Disposal of ownership interest, percentage | 25% | ||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 124 | ||||||||||
Non-controlling Interest - Exchange LP Units, equity | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | $ 81 | [2] | 11 | 85 | 12 | ||||||
Other comprehensive income (loss) | [2] | (3) | |||||||||
Other items | [4] | (4) | |||||||||
Balance as | 75 | [2] | 11 | 75 | [2] | 11 | |||||
Non-controlling Interest - Exchange LP Units, equity | Accumulated other comprehensive income | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 4 | 5 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 4 | 5 | 4 | 5 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Revaluation surplus | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 10 | 4 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 10 | 4 | 10 | 4 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Foreign currency translation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (24) | (1) | |||||||||
Other comprehensive income (loss) | (2) | 0 | |||||||||
Balance as | (26) | (1) | (26) | (1) | |||||||
Non-controlling Interest - Exchange LP Units, equity | Net investment hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 1 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 1 | 0 | 1 | 0 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Cash flow hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 1 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 1 | 0 | 1 | 0 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Marketable securities | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 1 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 1 | 0 | 1 | 0 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Unrealized actuarial losses | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 0 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 0 | 0 | 0 | 0 | |||||||
Non-controlling Interest - Exchange LP Units, equity | Equity accounted investments | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 15 | 2 | |||||||||
Other comprehensive income (loss) | 2 | 0 | |||||||||
Balance as | 17 | 2 | 17 | 2 | |||||||
Redeemable Partnership Units held by Brookfield | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 2,420 | 1,643 | 2,408 | 1,687 | |||||||
Other comprehensive income (loss) | (93) | 56 | (1) | 41 | |||||||
Other items | [1],[2],[3] | (8) | (8) | ||||||||
Balance as | 2,282 | 1,703 | 2,282 | 1,703 | |||||||
Redeemable Partnership Units held by Brookfield | Accumulated other comprehensive income | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 137 | 209 | |||||||||
Other comprehensive income (loss) | (1) | 41 | |||||||||
Other items | (36) | (69) | |||||||||
Balance as | 100 | 181 | 100 | 181 | |||||||
Redeemable Partnership Units held by Brookfield | Revaluation surplus | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 283 | 438 | |||||||||
Other comprehensive income (loss) | 6 | (20) | |||||||||
Other items | 0 | (69) | |||||||||
Balance as | 289 | 349 | 289 | 349 | |||||||
Redeemable Partnership Units held by Brookfield | Foreign currency translation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (616) | (647) | |||||||||
Other comprehensive income (loss) | (80) | 8 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (696) | (639) | (696) | (639) | |||||||
Redeemable Partnership Units held by Brookfield | Net investment hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 12 | 17 | |||||||||
Other comprehensive income (loss) | 15 | (9) | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 27 | 8 | 27 | 8 | |||||||
Redeemable Partnership Units held by Brookfield | Cash flow hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 24 | (9) | |||||||||
Other comprehensive income (loss) | 20 | 16 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 44 | 7 | 44 | 7 | |||||||
Redeemable Partnership Units held by Brookfield | Marketable securities | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 53 | 13 | |||||||||
Other comprehensive income (loss) | 0 | 43 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 53 | 56 | 53 | 56 | |||||||
Redeemable Partnership Units held by Brookfield | Unrealized actuarial losses | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (6) | (12) | |||||||||
Other comprehensive income (loss) | 0 | 2 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (6) | (10) | (6) | (10) | |||||||
Redeemable Partnership Units held by Brookfield | Equity accounted investments | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 387 | 409 | |||||||||
Other comprehensive income (loss) | 38 | 1 | |||||||||
Other items | (36) | 0 | |||||||||
Balance as | 389 | 410 | 389 | 410 | |||||||
Limited partners’ capital | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 5,741 | 4,129 | 5,702 | 4,233 | |||||||
Other comprehensive income (loss) | (223) | 134 | (6) | 99 | |||||||
Other items | 1 | [4] | (21) | [1],[2],[3] | 3 | [4] | (21) | [1],[2],[3] | |||
Balance as | 5,419 | 4,275 | 5,419 | 4,275 | |||||||
Limited partners’ capital | Accumulated other comprehensive income | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | [1] | 540 | 417 | 323 | 452 | ||||||
Other comprehensive income (loss) | [1] | (223) | 134 | (6) | 99 | ||||||
Other items | [1] | (86) | [4] | (170) | [2],[3] | (86) | [4] | (170) | [2],[3] | ||
Balance as | [1] | 231 | 381 | 231 | 381 | ||||||
Limited partners’ capital | Revaluation surplus | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 673 | 1,015 | |||||||||
Other comprehensive income (loss) | 13 | (49) | |||||||||
Other items | 0 | (170) | |||||||||
Balance as | 686 | 796 | 686 | 796 | |||||||
Limited partners’ capital | Foreign currency translation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (1,463) | (1,562) | |||||||||
Other comprehensive income (loss) | (195) | 15 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (1,658) | (1,547) | (1,658) | (1,547) | |||||||
Limited partners’ capital | Net investment hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 27 | 37 | |||||||||
Other comprehensive income (loss) | 37 | (20) | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 64 | 17 | 64 | 17 | |||||||
Limited partners’ capital | Cash flow hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 56 | (14) | |||||||||
Other comprehensive income (loss) | 49 | 39 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 105 | 25 | 105 | 25 | |||||||
Limited partners’ capital | Marketable securities | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 125 | 39 | |||||||||
Other comprehensive income (loss) | 0 | 106 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 125 | 145 | 125 | 145 | |||||||
Limited partners’ capital | Unrealized actuarial losses | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (10) | (36) | |||||||||
Other comprehensive income (loss) | 4 | 5 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (6) | (31) | (6) | (31) | |||||||
Limited partners’ capital | Equity accounted investments | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 915 | 973 | |||||||||
Other comprehensive income (loss) | 86 | 3 | |||||||||
Other items | (86) | 0 | |||||||||
Balance as | 915 | 976 | 915 | 976 | |||||||
Non-controlling interest – BIPC exchangeable shares | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 1,381 | 622 | 1,369 | 638 | |||||||
Other comprehensive income (loss) | (52) | 20 | 15 | ||||||||
Other items | (1) | [4] | (3) | [1],[2],[3] | 1 | [4] | (3) | [1],[2],[3] | |||
Balance as | 1,303 | 643 | 1,303 | 643 | |||||||
Non-controlling interest – BIPC exchangeable shares | Accumulated other comprehensive income | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 77 | 62 | |||||||||
Other comprehensive income (loss) | 0 | 15 | |||||||||
Other items | (20) | (27) | |||||||||
Balance as | 57 | 50 | 57 | 50 | |||||||
Non-controlling interest – BIPC exchangeable shares | Revaluation surplus | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 161 | 27 | |||||||||
Other comprehensive income (loss) | 4 | (7) | |||||||||
Other items | 0 | (27) | |||||||||
Balance as | 165 | (7) | 165 | (7) | |||||||
Non-controlling interest – BIPC exchangeable shares | Foreign currency translation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (351) | 28 | |||||||||
Other comprehensive income (loss) | (46) | 2 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (397) | 30 | (397) | 30 | |||||||
Non-controlling interest – BIPC exchangeable shares | Net investment hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 7 | (6) | |||||||||
Other comprehensive income (loss) | 9 | (3) | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 16 | (9) | 16 | (9) | |||||||
Non-controlling interest – BIPC exchangeable shares | Cash flow hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 13 | 22 | |||||||||
Other comprehensive income (loss) | 12 | 6 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 25 | 28 | 25 | 28 | |||||||
Non-controlling interest – BIPC exchangeable shares | Marketable securities | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 30 | 5 | |||||||||
Other comprehensive income (loss) | 0 | 16 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | 30 | 21 | 30 | 21 | |||||||
Non-controlling interest – BIPC exchangeable shares | Unrealized actuarial losses | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (2) | (3) | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Other items | 0 | 0 | |||||||||
Balance as | (2) | (3) | (2) | (3) | |||||||
Non-controlling interest – BIPC exchangeable shares | Equity accounted investments | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 219 | (11) | |||||||||
Other comprehensive income (loss) | 21 | 1 | |||||||||
Other items | (20) | 0 | |||||||||
Balance as | 220 | (10) | 220 | (10) | |||||||
General partner | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 31 | 19 | 31 | 19 | |||||||
Other comprehensive income (loss) | (1) | ||||||||||
Balance as | 29 | 20 | 29 | 20 | |||||||
General partner | Accumulated other comprehensive income | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 2 | 3 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 2 | 3 | 2 | 3 | |||||||
General partner | Revaluation surplus | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 4 | 7 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 4 | 7 | 4 | 7 | |||||||
General partner | Foreign currency translation | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | (8) | (12) | |||||||||
Other comprehensive income (loss) | (1) | 0 | |||||||||
Balance as | (9) | (12) | (9) | (12) | |||||||
General partner | Net investment hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 0 | 2 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 0 | 2 | 0 | 2 | |||||||
General partner | Cash flow hedges | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 0 | 1 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 0 | 1 | 0 | 1 | |||||||
General partner | Marketable securities | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 1 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 1 | 0 | 1 | 0 | |||||||
General partner | Unrealized actuarial losses | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 0 | 0 | |||||||||
Other comprehensive income (loss) | 0 | 0 | |||||||||
Balance as | 0 | 0 | 0 | 0 | |||||||
General partner | Equity accounted investments | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Balance as | 5 | 5 | |||||||||
Other comprehensive income (loss) | 1 | 0 | |||||||||
Balance as | $ 6 | $ 5 | $ 6 | $ 5 | |||||||
U.K. regulated distribution business | |||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 142 | ||||||||||
[1]Refer to Note 18 Accumulated Other Comprehensive Income (Loss).[2]Refer to Note 5 Disposition of Businesses.[3]Refer to Note 6 Acquisition of Businesses.[4]Refer to Note 16 Partnership Capital. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 08, 2022 | Jun. 01, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||||||
Directors' remuneration expense | $ 1 | $ 1 | $ 1 | $ 1 | |||
Revolving credit facility with Brookfield | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Credit facility, maximum borrowing capacity | 1,000 | 1,000 | |||||
Subsidiary and corporate borrowings | 0 | 0 | 0 | 0 | $ 0 | ||
Brookfield | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions | 600 | 600 | 600 | ||||
Deposit balance | 0 | 0 | 0 | ||||
Interest expense, related party transactions | 1 | 1 | 2 | 2 | |||
Credit facility, maximum borrowing capacity | 1,000 | 1,000 | |||||
Brookfield | Brookfield Office Properties Inc. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Non-recourse borrowings | 111 | ||||||
Subsidiary of Common Parent (Brookfield) | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions | 26 | 26 | 26 | ||||
Amounts receivable, related party transactions | $ 189 | $ 24 | |||||
Corporate borrowings, related party transactions | 95 | 95 | 45 | ||||
Associate borrowing obligations, related party transaction | 6 | 6 | 6 | ||||
Subsidiary of Common Parent (Brookfield) | Brookfield Office Properties Inc. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Revenue from sale of goods, related party transactions | 27 | 1 | 28 | 1 | |||
Right-of-use assets | 12 | 12 | 12 | ||||
Subsidiary of Common Parent (Brookfield) | Brookfield Business Partners LP | U.K. port operation | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Revenue from sale of goods, related party transactions | $ 2 | 2 | $ 3 | 4 | |||
Subsidiary of Common Parent (Brookfield) | Bottom of range | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Amounts payable, related party transactions, interest rate | 1.70% | 1.70% | |||||
Service Provider | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Asset management fee as percent per quarter | 0.3125% | ||||||
Asset management fee, percent | 1.25% | ||||||
Revenue from sale of goods, related party transactions | $ 105 | $ 93 | $ 223 | $ 185 | |||
Amounts payable, related party transactions | 103 | 103 | $ 108 | ||||
Associate borrowing obligations, related party transaction | $ 80 | $ 80 |