Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-33632 |
Entity Registrant Name | BROOKFIELD INFRASTRUCTURE PARTNERS L.P. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001406234 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Limited Partnership Units | |
Entity Information [Line Items] | |
Title of 12(b) Security | Limited Partnership Units |
Trading Symbol | BIP; BIP UN |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 305,265,498 |
Class A Preferred Limited Partnership Units, Series 13 | |
Entity Information [Line Items] | |
Title of 12(b) Security | Class A Preferred Limited Partnership Units, Series 13 |
Trading Symbol | BIP PR A |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 8,000,000 |
Class A Preferred Limited Partnership Units, Series 14 | |
Entity Information [Line Items] | |
Title of 12(b) Security | Class A Preferred Limited Partnership Units, Series 14 |
Trading Symbol | BIP PR B |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 8,000,000 |
Subordinated notes, Maturing 2081 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.000% Subordinated Notes due 2081 (and the subordinated guarantees related thereto) |
Trading Symbol | BIPH |
Security Exchange Name | NYSE |
Perpetual Subordinated Notes 5.125% | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.125% Perpetual Subordinated Notes (and the subordinated guarantees related thereto) |
Trading Symbol | BIPI |
Security Exchange Name | NYSE |
Preference Limited Partnership Units, Series 1 | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,989,265 |
Class A Preference Limited Partnership Units, Series 3 | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,989,262 |
Series 7 Preferred Units | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 11,979,750 |
Series 9 Preferred Units | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,986,595 |
Series 11 Preferred Units | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,936,190 |
General Partner | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1 |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 73 Front Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Contact Personnel Name | Jane Sheere |
City Area Code | 441 |
Local Phone Number | 294-3309 |
Contact Personnel Email Address | bip.enquiries@brookfield.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte LLP |
Auditor Location | Toronto, Canada |
Auditor Firm ID | 1208 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 1,406 | $ 867 | |
Financial assets | 740 | 698 | |
Accounts receivable and other | 2,204 | 1,925 | |
Inventory | 400 | 221 | |
Assets classified as held for sale | 146 | 0 | |
Current assets | 4,896 | 3,711 | |
Property, plant and equipment | 38,655 | 31,584 | |
Intangible assets | 14,214 | 11,767 | |
Investments in associates and joint ventures | 4,725 | 5,528 | |
Investment properties | 655 | 518 | |
Goodwill | 8,979 | 6,634 | |
Financial assets | 536 | 709 | |
Other assets | 1,141 | 756 | |
Deferred income tax asset | 160 | 124 | |
Total assets | 73,961 | 61,331 | |
Liabilities | |||
Accounts payable and other | 4,019 | 3,277 | |
Corporate borrowings | 431 | 0 | |
Non-recourse borrowings | 2,701 | 1,551 | |
Financial liabilities | 1,510 | 696 | |
Current liabilities | 8,661 | 5,524 | |
Corporate borrowings | 2,288 | 3,158 | |
Non-recourse borrowings | 23,833 | 18,469 | |
Financial liabilities | 1,730 | 2,678 | |
Other liabilities | 5,027 | 5,197 | |
Deferred income tax liability | 6,011 | 4,612 | |
Preferred shares | 20 | 20 | |
Total liabilities | 47,570 | 39,658 | |
Partnership capital | |||
Limited partners | 5,702 | 4,233 | |
General partner | 31 | 19 | |
Non-controlling interest attributable to: | |||
Redeemable Partnership Units held by Brookfield | 2,408 | 1,687 | |
BIPC exchangeable shares | 1,369 | 638 | |
Exchangeable units | [1] | 85 | 12 |
Interest of others in operating subsidiaries | 15,658 | 13,954 | |
Preferred unitholders | 1,138 | 1,130 | |
Total partnership capital | 26,391 | 21,673 | |
Total liabilities and partnership capital | $ 73,961 | $ 61,331 | |
[1] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details . |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Entity Information [Line Items] | ||||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 | |
Direct operating costs | [1] | (8,247) | (6,548) | (4,609) |
General and administrative expenses | (406) | (312) | (279) | |
Profit (loss) from operating activities | 2,884 | 2,025 | 1,709 | |
Interest expense | (1,468) | (1,179) | (904) | |
Share of earnings from investments in associates and joint ventures | 88 | 131 | 224 | |
Mark-to-market on hedging items | 80 | (16) | 57 | |
Other income (expense) | 1,749 | 234 | (158) | |
Income before income tax | 3,333 | 1,195 | 928 | |
Income tax expense | ||||
Current | (374) | (237) | (250) | |
Deferred | (240) | (54) | (28) | |
Net income | 2,719 | 904 | 650 | |
Attributable to: | ||||
Limited partners | 556 | 141 | 52 | |
General partner | 210 | 183 | 159 | |
Non-controlling interest attributable to: | ||||
Redeemable Partnership Units held by Brookfield | 229 | 55 | 22 | |
BIPC exchangeable shares | 95 | 14 | 0 | |
Exchangeable units | [2] | 3 | 1 | 0 |
Interest of others in operating subsidiaries | $ 1,626 | $ 510 | $ 417 | |
Basic and diluted income per unit attributable to | ||||
Limited partners, basic (in dollars per unit) | [3] | $ 1.74 | $ 0.35 | $ 0.06 |
Limited partners, diluted (in dollars per unit) | [3] | $ 1.74 | $ 0.35 | $ 0.06 |
[1] | During the fourth quarter of 2021, the partnership reclassified $2,036 million of depreciation and amortization expenses, which were previously presented as a separate line item, to direct operating costs. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs by $1,705 million and $1,214 million for years ended December 31, 2020 and 2019, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues, net income, or basic and diluted earnings per limited partner unit. | |||
[2] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. | |||
[3] | Basic and diluted income per limited partner unit for the years ended December 31, 2020, and 2019 have been restated to reflect the impact of the special distribution on March 31, 2020. Refer to Note 1, Organization and Description of the Business, for further details. |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATING RESULTS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Depreciation and amortisation expense | $ 2,036 | $ 1,705 | $ 1,214 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of comprehensive income [abstract] | ||||
Net income | $ 2,719 | $ 904 | $ 650 | |
Items that will not be reclassified subsequently to profit or loss: | ||||
Revaluation of property, plant and equipment | 252 | 786 | 719 | |
Marketable securities | 153 | 59 | 47 | |
Unrealized actuarial gains (losses) | 170 | (157) | (6) | |
Taxes on the above items | (197) | (188) | (148) | |
Share of income from investments in associates and joint ventures | 96 | 98 | 108 | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 474 | 598 | 720 | |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation | (513) | (516) | 64 | |
Cash flow hedge | 293 | (104) | (33) | |
Net investment hedge | 2 | (12) | (113) | |
Taxes on the above items | (63) | 63 | 6 | |
Share of losses from investments in associates and joint ventures | 67 | (91) | (54) | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (214) | (660) | (130) | |
Total other comprehensive income (loss) | 260 | (62) | 590 | |
Comprehensive income | 2,979 | 842 | 1,240 | |
Attributable to: | ||||
Limited partners | 694 | 130 | 298 | |
General partner | 210 | 182 | 160 | |
Non-controlling interest attributable to: | ||||
Redeemable Partnership Units held by Brookfield | 287 | 48 | 125 | |
BIPC exchangeable shares | 125 | 101 | 0 | |
Exchangeable units | [1] | 4 | 1 | 1 |
Interest of others in operating subsidiaries | $ 1,659 | $ 380 | $ 656 | |
[1] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL - USD ($) $ in Millions | Total | Non-controlling interest— BIPC exchangeable shares | Non-controlling Interest - Exchange LP Units, equity | Non-controlling interest— in operating subsidiaries | Preferred Unitholders Capital | Limited Partners | Limited PartnersPartners' capital | Limited Partners(Deficit) | Limited PartnersOwnership Changes | Limited PartnersAccumulated Other Comprehensive Income | General Partner | General PartnerAccumulated Other Comprehensive Income | Non-controlling Interest - Redeemable Partnership Units | Non-controlling Interest - Redeemable Partnership UnitsPartners' capital | Non-controlling Interest - Redeemable Partnership Units(Deficit) | Non-controlling Interest - Redeemable Partnership UnitsOwnership Changes | Non-controlling Interest - Redeemable Partnership UnitsAccumulated Other Comprehensive Income | ||||||||||
Balance as at Dec. 31, 2018 | $ 14,668 | $ 71 | $ 7,303 | $ 936 | $ 4,513 | $ 4,911 | $ (856) | $ 249 | $ 209 | $ 22 | $ 1,823 | $ 2,078 | $ (370) | $ 3 | $ 112 | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||
Net income | 650 | 417 | 52 | 52 | 159 | 22 | 22 | ||||||||||||||||||||
Other comprehensive income | 590 | 1 | 239 | 246 | 246 | 1 | 103 | 103 | |||||||||||||||||||
Comprehensive income | 1,240 | 1 | 656 | 298 | 52 | 246 | 160 | 125 | 22 | 103 | |||||||||||||||||
Unit issuance | 809 | 0 | 559 | 559 | 250 | 250 | |||||||||||||||||||||
Repurchased and cancelled | (29) | (1) | (28) | (28) | |||||||||||||||||||||||
Partnership distributions | (978) | $ 0 | (4) | (575) | (575) | (158) | (241) | (241) | |||||||||||||||||||
Partnership preferred distributions | (49) | (33) | (33) | (16) | (16) | ||||||||||||||||||||||
Acquisition of subsidiaries | 7,559 | 7,559 | |||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (1,216) | (1,216) | |||||||||||||||||||||||||
Other items | 173 | (50) | (189) | 314 | 53 | (18) | 261 | 18 | 98 | (8) | 98 | 8 | |||||||||||||||
Balance as at Dec. 31, 2019 | 22,177 | 0 | 18 | 14,113 | 935 | 5,048 | 5,495 | (1,430) | 510 | 473 | [1] | 24 | $ 4 | 2,039 | 2,328 | (613) | 101 | 223 | [1] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||
Net income | 904 | 14 | 1 | 510 | 141 | 141 | 183 | 55 | 55 | ||||||||||||||||||
Other comprehensive income | (62) | 87 | (130) | (11) | (11) | [1] | (1) | (1) | (7) | (7) | [1] | ||||||||||||||||
Comprehensive income | 842 | 101 | 1 | 380 | 130 | 141 | (11) | [1] | 182 | 48 | 55 | (7) | [1] | ||||||||||||||
Unit issuance | 9 | [2] | 195 | 9 | [2] | 9 | [2] | 0 | |||||||||||||||||||
Repurchased and cancelled | (0.1) | ||||||||||||||||||||||||||
Partnership distributions | [3] | (1,083) | (66) | (4) | (588) | (588) | (185) | (240) | (240) | ||||||||||||||||||
Partnership preferred distributions | [3] | (51) | (3) | (35) | (35) | (13) | (13) | ||||||||||||||||||||
Acquisition of subsidiaries | [4] | 1,880 | 1,880 | ||||||||||||||||||||||||
Disposition of subsidiaries | [5] | (1,078) | (1,078) | ||||||||||||||||||||||||
Capital provided by non-controlling interest | 63 | 63 | |||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (1,278) | (1,278) | |||||||||||||||||||||||||
Acquisition of non-controlling interest | [4] | (107) | (107) | ||||||||||||||||||||||||
Preferred unit issuance | [2] | 195 | 195 | ||||||||||||||||||||||||
Issuance of BIPC exchangeable shares | [2],[6] | 0 | 626 | (441) | (398) | (61) | 18 | [1] | (2) | (183) | (174) | (14) | 5 | [1] | |||||||||||||
Other items | [1],[4] | 104 | (20) | (3) | (19) | 110 | 22 | 25 | 91 | (28) | 36 | 10 | 38 | (12) | |||||||||||||
Balance as at Dec. 31, 2020 | 21,673 | 638 | 12 | [7] | 13,954 | 1,130 | 4,233 | 5,526 | (2,285) | 540 | 452 | [8] | 19 | 3 | 1,687 | 2,328 | (975) | 125 | 209 | [8] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||
Net income | 2,719 | 95 | 3 | [7] | 1,626 | 556 | 556 | 210 | 229 | 229 | |||||||||||||||||
Other comprehensive income | 260 | 30 | 1 | [7] | 33 | 138 | 138 | [8] | 0 | 58 | 58 | [8] | |||||||||||||||
Comprehensive income | 2,979 | 125 | 4 | [7] | 1,659 | 694 | 556 | 138 | [8] | 210 | 287 | 229 | 58 | [8] | |||||||||||||
Unit issuance | 2,974 | [9] | 1,770 | [9] | 259 | [7],[9] | 194 | 545 | [9] | 545 | [9] | 400 | [9] | 400 | [9] | ||||||||||||
Repurchased and cancelled | 0 | ||||||||||||||||||||||||||
Partnership distributions | [10] | (1,190) | (115) | (7) | [7] | (608) | (608) | (209) | (251) | (251) | |||||||||||||||||
Partnership preferred distributions | [3] | (67) | (8) | (41) | (41) | (18) | (18) | ||||||||||||||||||||
Acquisition of subsidiaries | [11] | 2,707 | 2,707 | ||||||||||||||||||||||||
Disposition of subsidiaries | [12] | (1,340) | (1,340) | ||||||||||||||||||||||||
Subsidiary distributions to non-controlling interest | (955) | (955) | |||||||||||||||||||||||||
Acquisition of non-controlling interest | [11] | (939) | (939) | ||||||||||||||||||||||||
Preferred units redeemed | [9] | (206) | (2) | (186) | (13) | (13) | (5) | (5) | |||||||||||||||||||
Preferred unit issuance | [9] | 194 | 194 | ||||||||||||||||||||||||
Issuance of BIPC exchangeable shares | (2) | (1) | (21) | ||||||||||||||||||||||||
Other items | [8],[9],[11],[13] | 561 | (1,039) | (183) | [7] | 572 | 892 | 3 | 266 | 890 | (267) | (11) | 308 | 109 | 329 | (130) | |||||||||||
Balance as at Dec. 31, 2021 | $ 26,391 | $ 1,369 | $ 85 | [7] | $ 15,658 | $ 1,138 | $ 5,702 | $ 6,074 | $ (2,125) | $ 1,430 | $ 323 | [8] | $ 31 | $ 2 | $ 2,408 | $ 2,728 | $ (911) | $ 454 | $ 137 | [8] | |||||||
[1] | Refer to Note 28, Accumulated Other Comprehensive Income (Loss). | ||||||||||||||||||||||||||
[2] | Refer to Note 27, Partnership Capital. | ||||||||||||||||||||||||||
[3] | Refer to Note 29, Distributions. | ||||||||||||||||||||||||||
[4] | Refer to Note 6, Acquisition of Businesses | ||||||||||||||||||||||||||
[5] | Refer to Note 5, Disposition of Businesses. | ||||||||||||||||||||||||||
[6] | Refer to Note 1, Organization and Description of the Business. | ||||||||||||||||||||||||||
[7] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. | ||||||||||||||||||||||||||
[8] | Refer to Note 28, Accumulated Other Comprehensive Income (Loss). | ||||||||||||||||||||||||||
[9] | Refer to Note 27, Partnership Capital. | ||||||||||||||||||||||||||
[10] | Refer to Note 29, Distributions. | ||||||||||||||||||||||||||
[11] | Refer to Note 6, Acquisition of Businesses. | ||||||||||||||||||||||||||
[12] | Refer to Note 5, Disposition of Businesses. | ||||||||||||||||||||||||||
[13] | Refer to Note 1, Organization and Description of the Business. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating Activities | ||||
Net income | $ 2,719 | $ 904 | $ 650 | |
Adjusted for the following items: | ||||
Earnings from investments in associates and joint ventures, net of distributions received | 69 | 36 | 30 | |
Depreciation and amortization expense | 2,036 | 1,705 | 1,214 | |
Mark-to-market on hedging items, provisions and other | (1,768) | 51 | 153 | |
Deferred income tax expense | 240 | 54 | 28 | |
Changes in non-cash working capital, net | (524) | (220) | 68 | |
Cash from operating activities | 2,772 | 2,530 | 2,143 | |
Investing Activities | ||||
Acquisition of subsidiaries, net of cash acquired | (2,923) | (3,405) | (10,271) | |
Disposal of subsidiaries and assets held for sale, net of cash disposed | 3,284 | 745 | 272 | |
Investments in associates and joint ventures | 0 | (369) | (539) | |
Disposal of investments in associates and joint ventures | 412 | 0 | 135 | |
Purchase of long lived assets | (2,067) | (1,472) | (1,182) | |
Disposal of long lived assets | 85 | 46 | 38 | |
Purchase of financial assets | (1,324) | (1,170) | (176) | |
Sale of financial assets | 1,341 | 933 | 278 | |
Net settlement of foreign exchange hedging items | 19 | 83 | 73 | |
Cash used by investing activities | (1,173) | (4,609) | (11,372) | |
Financing Activities | ||||
Distributions to general partner | (209) | (185) | (158) | |
Distributions to other unitholders | (1,048) | (949) | (869) | |
Subsidiary distributions to non-controlling interest | (955) | (1,278) | (1,216) | |
Capital provided by non-controlling interest | 3,071 | 3,091 | 6,902 | |
Capital provided to non-controlling interest | (1,560) | (828) | 0 | |
Disposal of partial interest to non-controlling interest, net of taxes. | 0 | 168 | 165 | |
Acquisition of partial interest from non-controlling interest | (1,399) | (150) | 0 | |
Net proceeds from commercial paper program | 431 | 0 | 0 | |
Deposit (repaid to) received from parent | (545) | 545 | 0 | |
Proceeds from corporate borrowings | 244 | 657 | 376 | |
Repayment of corporate borrowings | 0 | (339) | (288) | |
Proceeds from corporate credit facility | 5,928 | 3,183 | 4,651 | |
Repayment of corporate credit facility | (7,059) | (2,872) | (4,341) | |
Proceeds from non-recourse borrowings | [1] | 16,510 | 5,196 | 8,625 |
Repayment of non-recourse borrowings | (14,499) | (4,077) | (5,052) | |
Lease liability repaid and other | (966) | (240) | (106) | |
Net preferred units (redeemed) issued | (12) | 195 | 72 | |
Partnership units issued, net of costs and repurchases | 1,073 | 9 | 781 | |
Cash (used by) from financing activities | (995) | 2,126 | 9,542 | |
Cash and cash equivalents | ||||
Change during the year | 604 | 47 | 313 | |
Impact of foreign exchange on cash | (65) | (7) | (13) | |
Cash reclassified as held for sale | 0 | 0 | (13) | |
Cash and cash equivalents at beginning of period | 867 | 827 | 540 | |
Cash and cash equivalents at end of period | $ 1,406 | $ 867 | $ 827 | |
[1] | Includes proceeds from the settlement of cross-currency interest rate swaps at our Australian export terminal. |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ORGANIZATION AND DESCRIPTION OF THE BUSINESS a) Brookfield Infrastructure Partners L.P. 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 7, Series 9 and Series 11 are listed on the Toronto Stock Exchange under the symbols “BIP.PR.A”, “BIP.PR.B,” “BIP.PR.D,” “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 7 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 5, cumulative Class A preferred limited partnership units, Series 7, 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. b) Brookfield Infrastructure Corporation On August 30, 2019, Brookfield Infrastructure Corporation (“BIPC”) was established by the partnership. On March 30, 2020, the partnership contributed our U.K. regulated distribution operation and Brazilian regulated gas transmission operation to BIPC. On March 31, 2020, the partnership completed a special distribution (the “special distribution”) whereby unitholders as of March 20, 2020 (the “Record Date”) received one class A exchangeable subordinate voting share (“BIPC exchangeable share”) for every nine units held. Immediately prior to the special distribution, the partnership received exchangeable shares through a distribution by Brookfield Infrastructure L.P. (“Holding LP”), or the Holding LP Distribution, of the BIPC exchangeable shares to all of its unitholders. As a result of the Holding LP Distribution, (i) Brookfield and its subsidiaries received approximately 13.7 million BIPC exchangeable shares and (ii) the partnership received approximately 32.6 million BIPC exchangeable shares, which it subsequently distributed to unitholders pursuant to the special distribution. Immediately following the special distribution, (i) holders of units held approximately 70.4% of the issued and outstanding BIPC exchangeable shares (ii) Brookfield and its affiliates held approximately 29.6% of the issued and outstanding BIPC exchangeable shares, and (iii) a subsidiary of the partnership owned all of the issued and outstanding class B multiple voting shares, or class B shares, which represent a 75.0% voting interest in BIPC, and all of the issued and outstanding class C non-voting shares, or class C shares, of BIPC, which entitle the partnership to the residual value in BIPC after payment in full of the amount due to holders of BIPC exchangeable shares and class B shares. The partnership directly and indirectly controlled BIPC prior to the special distribution and continues to control BIPC subsequent to the special distribution through its interests in the company. The BIPC exchangeable shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BIPC”. i) BIPC exchangeable shares At any time, holders of BIPC exchangeable shares have the right to exchange all or a portion of their BIPC exchangeable shares for one unit per BIPC exchangeable share held or its cash equivalent based on the NYSE closing price of one unit on the date that the request for exchange is received, on a fixed-for-fixed basis. BIPC or the partnership, as applicable, has the ability to satisfy exchanges of BIPC exchangeable shares in units instead of cash. Additionally, the partnership has the ability to exchange all BIPC exchangeable shares for units at our election, on a fixed-for fixed basis. As a result of these characteristics, BIPC exchangeable shares have been classified as non-controlling interests in the Consolidated Statements of Financial Position. ii) Basic and diluted income per unit: The special distribution resulted in the issuance of approximately 46.3 million exchangeable shares. c) Brookfield Infrastructure Corporation Exchange Limited Partnership On April 21, 2021, Brookfield Infrastructure Corporation Exchange Limited Partnership (“BIPC Exchange LP”) was established by the partnership. In connection with the acquisition of Inter Pipeline Ltd. (“IPL,” “Inter Pipeline,” or “Canadian diversified midstream operation”), certain IPL shareholders were given the right to elect to receive, for each common share of IPL and in lieu of cash consideration, 0.25 BIPC exchange LP class B exchangeable limited partnership units (“BIPC exchangeable LP units”), or 0.25 BIPC exchangeable shares. The BIPC exchangeable LP units provide holders with economic terms that are substantially equivalent to those of a BIPC exchangeable share and are exchangeable, on a one-for-one basis, for BIPC exchangeable shares. Given the exchangeable features, we present the BIPC Exchangeable LP units as a component of non-controlling interest. d) Comparative figures |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
SUBSIDIARIES | SUBSIDIARIES The following provides information about our partnership’s wholly-owned subsidiaries as of December 31, 2021 and 2020: Ownership Country of Defined Name Name of entity 2021 2020 Transport Australian rail operation Arc Infrastructure Holdings No. 1 Pty Ltd Australia 100 100 The following table presents details of non-wholly owned subsidiaries of our partnership: Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Utilities U.K. regulated distribution operation BUUK Infrastructure No 1 Limited (3) U.K. 80 80 80 80 Canadian district energy operation Enwave Energy Corporation (1),(3) Canada — 25 — 100 U.S. district energy operation Enwave USA (1),(3) U.S. — 40 — 100 Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Brazilian regulated gas transmission operation Nova Transportadora do Sudeste S.A. (1),(2) Brazil 31 28 92 90 Colombian natural gas distribution operation Vanti S.A. ESP (1),(2) Colombia 21 21 75 75 Brazilian electricity transmission operation Odoya Transmissora de Energia S.A., Esperanza Transmissora de Energia S.A., Jose Maria de Macedo de Eletricidade S.A, Giovanni Sanguinetti Transmissora de Energia S.A. & Veredas Transmissora de Eletricidade S.A. (1),(2) Brazil 31 31 100 100 European residential infrastructure operation Thermondo GmbH (2) Germany 11 — 51 — North American residential energy infrastructure operation Enercare Inc. (1) Canada 30 30 100 100 Indian gas transmission operation Pipeline Infrastructure Ltd. (1) India 23 24 80 83 U.K. residential infrastructure business BOXT Limited (1),(2) U.K. 15 — 60 — Transport North American rail operation Genesee & Wyoming Inc. (1) U.S. 9 9 72 72 U.K. ports operation Brookfield Port Acquisitions (UK) Limited (1) U.K. 59 59 100 100 Australian port operation Linx Cargo Care Group Pty Ltd (1) Australia 27 27 67 67 Chilean toll roads Sociedad Concesionaria Vespucio Norte Express S.A. (1),(3) Chile — 17 — 60 Indian toll roads BIF India Holdings Pte Ltd (1) Singapore 40 40 93 93 Peruvian toll roads Rutas de Lima S.A.C (1) Peru 17 17 57 57 Indian toll roads Simhapuri Expressway Limited (1) India 29 29 93 93 Indian toll roads Rayalseema Expressway Private Limited (1) India 26 26 84 84 Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Midstream North American gas storage operation Warwick Gas Storage L.P. (1) Canada 25 25 100 100 North American gas storage operation Lodi Gas Storage LLC (1) U.S. 40 40 100 100 North American gas storage operation Rockpoint Gas Storage Partners L.P. (1) U.S. 40 40 100 100 Canadian diversified midstream operation Inter Pipeline Ltd. (1),(2) Canada 59 — 100 — Western Canadian natural gas gathering and processing operation NorthRiver Midstream Inc. (1) Canada 29 29 100 100 Data U.S. data center operation Dawn Acquisitions LLC (1) U.S. 29 29 100 100 Australian data center operation Ruby Pooling Hold Trust (1) Australia 29 29 100 100 Indian telecom towers operation Summit Digitel Infrastructure Private Limited (1),(2) India 17 17 62 62 U.K. telecom towers operation WIG Holdings I Limited (1) U.K. 24 25 98 100 Corporate Holding LP Brookfield Infrastructure L.P. Bermuda 70 70 100 100 (1) For the above noted subsidiaries, our partnership has entered into voting arrangements to provide our partnership with the ability to direct the relevant activities of the investee. Our partnership controls these investees given that our partnership is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Our partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where our partnership’s voting interest differs from its ownership interest in an investee. The following were considered to determine whether our partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 6, Acquisition of Businesses, for further details. (3) See Note 5, Disposition of Businesses, for further details. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The consolidated financial statements were authorized for issue by the Board of Directors on March 9, 2022. (b) Basis of Preparation The consolidated financial statements are prepared on a going concern basis. (i) Subsidiaries These consolidated financial statements include the accounts of our partnership and subsidiaries over which our partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which our partnership obtains control, and continue to be consolidated until the date when control is lost. Our partnership (investor) controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Together, our partnership and its subsidiaries are referred to as “Brookfield Infrastructure” in these financial statements. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Holding LP has issued Redeemable Partnership Units held by Brookfield, which may, at the request of the holder, require the Holding LP to redeem the Redeemable Partnership Units for cash consideration equal to the market price of our partnership’s units. This right is subject to our partnership’s right of first refusal which entitles it, at its sole discretion, to elect to acquire any Redeemable Partnership Unit so presented to Holding LP in exchange for one of our partnership’s units subject to certain customary adjustments. All intercompany balances, transactions, revenues and expenses are eliminated in full. (ii) Associates and Joint Ventures Associates and joint ventures are entities over which our partnership has significant influence or joint control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not constitute control. Our partnership accounts for investments over which it has significant influence using the equity method, and are recorded as Investments in associates and joint ventures on the Consolidated Statements of Financial Position. Interests in investments accounted for using the equity method are initially recorded at cost. If the cost of the associate is lower than the proportionate share of the investment’s underlying fair value, our partnership records a gain on the difference between the cost and the underlying fair values of the identifiable net assets of the associate. If the cost of the associate is greater than our partnership’s proportionate share of the underlying fair value, goodwill and other adjustments arising from the purchase price allocation relating to the associate is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of our partnership’s interest in an investee is adjusted for our partnership’s share of comprehensive income or loss and distributions from the investee. Profits or losses resulting from transactions with an associate are recognized in the consolidated financial statements based on the interests of unrelated investors in the associate. (c) Foreign Currency Translation The U.S. dollar is the functional and presentation currency of Brookfield Infrastructure. Each of Brookfield Infrastructure’s subsidiaries, associates and jointly controlled entities determines its own functional currency and items included in the financial statements of each subsidiary and associate are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of other comprehensive income. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains and losses on transactions which hedge these items are also included in net income or loss. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. (d) Business Combinations Business acquisitions in which control is acquired are accounted for using the acquisition method, other than those between and among entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by Brookfield Infrastructure in exchange for control of the acquiree. Acquisition related costs are recognized in the Consolidated Statements of Operating Results as incurred and included in other expenses. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the Consolidated Statements of Operating Results, whereas changes in the fair values of contingent consideration classified within partnership capital are not subsequently re-measured. Where a business combination is achieved in stages, Brookfield Infrastructure’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date Brookfield Infrastructure attains control and the resulting gain or loss, if any, is recognized in the Consolidated Statements of Operating Results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to the Consolidated Statements of Operating Results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, Brookfield Infrastructure reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date Brookfield Infrastructure obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is subject to a maximum of one year subsequent to the acquisition date. If, after reassessment, Brookfield Infrastructure’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in profit or loss as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37 , Provisions, Contingent Liabilities and Contingent Assets (“IAS 37”) and the amount initially recognized less cumulative amount of income recognized in accordance with IFRS 15, Revenue from Contracts with Customers . (e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (f) Accounts Receivable Trade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. (g) Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined using the weighted average costing method and includes direct purchase costs as well as costs of production, storage, and transportation of natural gas, natural gas liquids and other hydrocarbons. Net realizable value represents the estimated selling price in the ordinary course of business less estimated costs of completion and selling costs. If applicable, an increase in net realizable value representing a reversal of a previous inventory write-down is recognized as an increase in inventory. (h) Property, Plant and Equipment Brookfield Infrastructure uses the revaluation method of accounting for all classes of property, plant and equipment. Property, plant and equipment is initially measured at cost and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are made on at least an annual basis, and on a sufficient basis to ensure that the carrying amount does not differ significantly from fair value. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income or loss and accumulated in equity within the revaluation surplus reserve, unless the increase reverses a previously recognized impairment recorded through net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Revaluation gains are included in other comprehensive income, but are not subsequently recycled into profit or loss. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Consolidated Statements of Operating Results. However, any balance accumulated in revaluation surplus is subsequently recorded in retained earnings when an asset is derecognized and not transferred to profit or loss. Depreciation of an asset commences when it is available for use. Property, plant and equipment are depreciated on a straight-line or declining-balance basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 75 years Transmission stations, towers and related fixtures Up to 40 years Leasehold improvements Up to 50 years Plant and equipment Up to 40 years Network systems Up to 65 years Track Up to 40 years District energy systems Up to 50 years Pipelines Up to 20 years Gas storage assets Up to 50 years Depreciation on property, plant and equipment is calculated on a straight-line or declining-balance basis so as to depreciate the net cost of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. (i) Investment Properties Brookfield Infrastructure uses the fair value method to account for assets classified as investment property. An asset is determined to be an investment property when it is principally held to earn rental income or for capital appreciation, or both. Investment property is initially measured at cost including transaction costs. Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in profit or loss. Fair values are primarily determined by valuation of the lease term and freehold reversion. An income capitalization approach is used by applying a yield to the rental income of the capitalization rate that is reflective of the characteristics, location and market of each property. Fair value is estimated by management of our partnership with due consideration given to observable market inputs, where available. (j) Asset Impairment At each reporting date, Brookfield Infrastructure assesses whether for assets, other than those measured at fair value with changes in values recorded in profit or loss, there is any indication that such assets are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates in, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the discounted future cash flows generated from use and eventual disposal from an asset or cash generating unit is less than its carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. (k) Intangible Assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. Brookfield Infrastructure’s intangible assets are comprised primarily of conservancy rights, service concession arrangements, customer order backlogs, track access rights, operating network agreements and customer contracts and relationships. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization unless indefinite-lived and accumulated impairment losses, on the same basis as intangible assets acquired separately. Public service concessions that provide Brookfield Infrastructure the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as an intangible asset under IFRIC 12, Service Concession Arrangements . Concession arrangements were acquired as part of the acquisition of the Brazilian regulated gas transmission operation, Brazilian electricity transmission operation and Indian and Peruvian toll roads and were initially recognized at their fair values. The intangible assets at the Brazilian regulated gas transmission operation and Brazilian electricity transmission operation relate to concession contracts. For our Brazilian regulated gas transmission operation, the concession arrangement provides the business with the right to operate the asset perpetually. As a result, the asset is amortized over its estimated useful life. For our Brazilian electricity transmission operation, the intangible asset is amortized on a straight-line basis over the life of the contractual arrangement. The intangible assets at the Indian and Peruvian toll roads relate to the right to operate a road and charge users a specified tariff for a contractual length of time and is amortized over the life of the contractual arrangement with an average of 15 and 21 years remaining, respectively. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss when the asset is derecognized. (l) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. Brookfield Infrastructure identifies cash generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to profit or loss in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. In the year of a business acquisition, the recoverability of the acquired goodwill is assessed by revisiting the assumptions of the related underwriting model. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. (m) Revenue Recognition Our partnership recognizes revenue when it transfers control of a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Brookfield Infrastructure recognizes revenue when the specific criteria have also been met for each of Brookfield Infrastructure’s activities as described below. Cash received by Brookfield Infrastructure from customers is recorded as deferred revenue until revenue recognition criteria are met. Utilities Revenue from utilities infrastructure is derived from the transmission of energy and natural gas, and from our commercial and residential distribution operations. Distribution and transmission revenue each contain a single performance obligation that is recognized over time. The connection revenue relating to Brookfield Infrastructure’s U.K. regulated distribution operation contains a distinct performance obligation that is recognized over the period that the connection is constructed, based on an input method of progress recognition on the basis that this methodology is most reflective of the underlying transfer of control. Performance obligations relating to commercial and residential distribution operations are satisfied over time as the services are rendered or upon commencement of a finance lease agreement. The payment terms for all of our businesses in the utilities segment require payment upon completion, except for connections income whereby payment is typically collected up-front prior to the completion of any services. Transport Revenue from transport infrastructure consists primarily of freight, toll road operations, transportation services revenue, and from our Australian export terminal. These services consist of a single performance obligation and revenue is recognized over time when services are rendered, based primarily on usage or volume during the period. Terminal infrastructure revenue contains both a capacity charge and a handling charge associated with operating the terminal. The terminal infrastructure service contracts contain a performance obligation recognized over time pertaining to capacity for the period the services are provided and for handling services based on tons of coal shipped through the terminal when service is provided. The payment terms for all of our businesses in the transport segment require payment upon completion of the underlying transportation service. Midstream Revenue from midstream infrastructure consists primarily of midstream and storage services. Natural gas midstream services revenue consists of a single performance obligation and is recognized over time as services are rendered, based primarily on volume throughput or contracted capacity. Gas storage revenues contain both a capacity charge and a variable charge, however the associated services are highly interdependent and represent a single performance obligation that is satisfied over time as the services are provided. The payment terms for all of our businesses in the midstream segment require payment upon completion of the underlying service within a given period. Data Revenues from data transmission and distribution operations are derived from contracts with media broadcasting and telecom customers to access infrastructure, and revenue from data storage operations are generated from providing data storage services to enterprise customers. These contracts consist of performance obligations that are satisfied over time in accordance with the underlying agreements. The payment terms require upfront and recurring payments to utilize space on towers to host the customers’ equipment at our data transmission and distribution operations, and to receive colocation services, mainly leased space and power, at our data storage operations. The differing payment terms do not constitute separate performance obligations as revenue is recognized over time for the period the services are provided. (n) Financial Instruments and Hedge Accounting (i) Financial Instrument Classification Our partnership classifies cash and cash equivalents and accounts receivable and other as amortized cost. Additionally, our partnership maintains a portfolio of marketable securities comprised of liquid equity and debt securities. The marketable securities are classified either as fair value through other comprehensive income (“FVTOCI”) or fair value through profit or loss (“FVTPL”). Derivative assets are classified as FVTPL, except for derivatives in certain hedging relationships. Other financial assets are classified as either amortized cost or FVTOCI. Financial assets classified as FVTPL or FVTOCI are subsequently measured at fair value at each reporting date. For financial assets classified as FVTPL, the change in fair value is recorded through profit or loss. For financial assets classified as FVTOCI, the change in fair value is recorded in other comprehensive income. The cumulative gains or losses related to FVTOCI equity instruments are not reclassified to profit or loss on disposal, whereas the cumulative gains or losses on all other FVTOCI assets are reclassified to profit or loss on disposal. For financial instruments at amortized cost or debt instruments at FVTOCI, the partnership assesses if there have been significant increases in credit risk since initial recognition to determine whether lifetime or 12-month expected credit losses should be recognized. Any related loss allowances are recorded through profit or loss. Borrowings, accounts payable and other, and preferred shares are classified as amortized cost, except for derivatives embedded in related financial instruments. Embedded derivatives and any other derivative liabilities are classified as FVTPL and are subsequently measured at fair value, except for derivatives in certain hedging relationships. Other financial liabilities are classified as either FVTPL or amortized cost. (ii) Hedge Accounting Brookfield Infrastructure selectively utilizes derivative financial instruments primarily to manage financial risks, including interest rate and foreign exchange risks. Derivative financial instruments are recorded at fair value. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and that the hedging relationship meets all of the hedge effectiveness requirements. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. Realized and unrealized gains and losses on foreign exchange contracts, designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at estimated fair value with changes in fair value recorded in profit or loss or as a component of equity as applicable. Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate swap contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. (o) Income Taxes Income tax expense represents the sum of the tax accrued in the period and deferred income tax. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. Current income tax relating to items recognized directly in partnership capital and other comprehensive income are also recognized directly in partnership capital and other comprehensive income, respectively. (ii) Deferred income tax Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where Brookfield Infrastructure is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflect the tax consequences that would follow from the manner in which Brookfield Infrastructure expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or Brookfield Infrastructure intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. (p) Assets Held for Sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. When Brookfield Infrastructure is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether Brookfield Infrastructure will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Non-current assets classified as held for sale and the assets of a disposal group are presented separately from other assets in the Consolidated Statements of Financial Position and are classified as current. The liabilities of a disposal group classified as held for sale are |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
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. FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,623 $ 2,062 $ 1,101 $ 625 $ — $ 5,411 $ (1,976) $ 8,102 $ 11,537 Costs attributed to revenues (3) (681) (1,094) (489) (290) — (2,554) 964 (4,621) (6,211) General and administrative costs — — — — (406) (406) — — (406) Other (expense) income (64) (8) (4) 7 106 37 9 (256) (210) Interest expense (173) (259) (116) (104) (103) (755) 258 (971) (1,468) FFO 705 701 492 238 (403) 1,733 Depreciation and amortization (1,144) 480 (1,372) (2,036) Deferred taxes (168) (10) (62) (240) Mark-to-market on hedging items and other 672 187 806 1,665 Share of earnings from associates — 88 — 88 Net income attributable to non-controlling interest — — (1,626) (1,626) Net income attributable to partnership (4) $ 1,093 $ — $ — $ 1,093 FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,434 $ 1,573 $ 572 $ 519 $ — $ 4,098 $ (1,379) $ 6,166 $ 8,885 Costs attributed to revenues (3) (580) (767) (193) (253) — (1,793) 600 (3,650) (4,843) General and administrative costs — — — — (312) (312) — — (312) Other (expense) income (43) (2) 3 (1) 127 84 17 (188) (87) Interest expense (152) (214) (93) (69) (95) (623) 177 (733) (1,179) FFO 659 590 289 196 (280) 1,454 Depreciation and amortization (1,034) 471 (1,142) (1,705) Deferred taxes 3 (65) 8 (54) Mark-to-market on hedging items and other (29) 48 49 68 Share of earnings from associates — 131 — 131 Net income attributable to non-controlling interest — — (510) (510) Net income attributable to partnership (4) $ 394 $ — $ — $ 394 FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,432 $ 1,614 $ 491 $ 336 $ — $ 3,873 $ (1,424) $ 4,148 $ 6,597 Costs attributed to revenues (3) (582) (781) (171) (161) — (1,695) 649 (2,349) (3,395) General and administrative costs — — — — (279) (279) — — (279) Other (expense) income (31) (3) 10 3 91 70 11 (109) (28) Interest expense (147) (227) (86) (42) (83) (585) 173 (492) (904) FFO 672 603 244 136 (271) 1,384 Depreciation and amortization (895) 399 (718) (1,214) Deferred taxes (77) 52 (3) (28) Mark-to-market on hedging items and other (179) (84) (60) (323) Share of losses from associates — 224 — 224 Net income attributable to non-controlling interest — — (417) (417) Net income attributable to partnership (4) $ 233 $ — $ — $ 233 (1) The above table reconciles Brookfield Infrastructure’s share of results to our partnership’s 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) Revenues on a consolidated basis were $4,622 million (2020: $4,083 million, 2019: $4,265 million) from our utilities segment, $3,497 million (2020: $3,449 million, 2019: $1,617 million) from our transport segment, $1,829 million (2020: $643 million, 2019: $399 million) from our midstream segment and $1,589 million (2020: $710 million, 2019: $316 million) from our data segment. (3) Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 23, Direct Operating Costs, for further details. (4) Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable 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 Contribution Attributable Working As per IFRS financials (1) AS AT Utilities Transport Midstream Data Corporate Brookfield Total assets $ 6,184 $ 8,601 $ 10,378 $ 3,405 $ (1,471) $ 27,097 $ (4,825) $ 42,415 $ 9,274 $ 73,961 Total Attributable to Brookfield Infrastructure Contribution Attributable Working As per IFRS financials (1) AS AT Utilities Transport Midstream Data Corporate Brookfield Total assets $ 6,814 $ 9,155 $ 3,829 $ 3,338 $ (2,062) $ 21,074 $ (4,895) $ 37,851 $ 7,301 $ 61,331 (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. Geographic Information Revenues from external customers Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region. US$ MILLIONS 2021 2020 2019 United States $ 2,644 $ 2,279 $ 921 Canada 2,423 1,461 976 India 1,717 740 399 United Kingdom 1,511 1,305 688 Brazil 1,164 981 1,142 Colombia 862 799 1,054 Australia 617 916 1,031 Chile 138 117 163 Peru 96 81 107 Other 365 206 116 $ 11,537 $ 8,885 $ 6,597 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 year ended December 31, 2021, revenue generated from this customer within the utilities and data segment was $1,405 million (2020: $477 million, 2019: $82 million). Our partnership has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time. Our partnership continues to monitor the credit risk of our counterparties in light of the current economic environment. Non-current assets US$ MILLIONS 2021 2020 Canada (1) $ 23,324 $ 10,057 United States 12,382 13,372 India 10,836 10,986 United Kingdom 8,831 8,940 Brazil 5,840 5,404 Australia 3,688 4,042 Europe 1,467 1,022 Peru 1,132 1,247 Colombia 1,061 1,256 Chile 8 841 Other 496 453 $ 69,065 $ 57,620 (1) Includes the impact from the acquisition of our Canadian diversified midstream operation. Refer to Note 6, Acquisition of Businesses, for details. |
DISPOSITION OF BUSINESSES
DISPOSITION OF BUSINESSES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of interests in other entities [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 Statement 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 Statement 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. Dispositions Completed in 2020 a) Partial disposition of our Australian export terminal On December 7, 2020, Brookfield Infrastructure, alongside institutional partners (collectively the “DBI Consortium”) completed the partial sale of a 22% interest in our Australian export terminal for net proceeds of approximately $55 million (DBI consortium total of approximately $265 million). Our partnership recognized gains of approximately $400 million (DBI consortium total of $575 million) in Other income (expense) in the Consolidated Statement of Operating Results related to the disposition and remeasurement of our residual 49% interest. The partnership derecognized the business from our consolidated financial statements effective December 7, 2020, and accounts for our residual interest using the equity method, as it retained significant influence over the Australian export terminal. Net losses relating to foreign currency translation and net investment and cash flow hedges of approximately $35 million (DBI consortium total of approximately $70 million) were reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statement of Operating Results. b) Disposition of the Australian portion of our North American rail operation On February 15, 2020, Brookfield Infrastructure, together with institutional partners, completed the sale of its 51% interest in the Australian operations of its North American rail infrastructure business for total consideration of approximately $420 million, of which approximately $40 million is attributable to our partnership. The total consideration includes deferred consideration of approximately $195 million. Our partnership recognized no gain or loss on disposition. c) Partial disposition of our interest in our Chilean toll road business On February 6, 2020, Brookfield Infrastructure completed the sale of a further 33% interest in its Chilean toll road business for net proceeds of approximately $170 million. Brookfield Infrastructure retained control over the business subsequent to the sale. As a result of the partial disposition, a gain of approximately $140 million (net of tax) and accumulated other comprehensive losses of $44 million were recognized directly in retained earnings (deficit) on the Consolidated Statements of Partnership Capital. d) Disposition of Colombian regulated distribution operation On January 14, 2020, Brookfield Infrastructure, alongside institutional partners (collectively, the “EBSA consortium”) completed the sale of its 17% interest in a Colombian regulated distribution operation for proceeds of approximately $88 million (EBSA consortium total of approximately $495 million). Our partnership recognized a gain of $36 million (EBSA consortium total of $197 million) in the Consolidated Statement of Operating Results. The partnership’s share of accumulated revaluation surplus was $61 million which 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 losses relating to previous foreign exchange movements and cash flow hedges was $44 million which were reclassified from accumulated other comprehensive income to Other income (expense) on the Consolidated Statement of Operating Results. |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES Acquisitions Completed in 2021 (a) Acquisition of Brazilian electricity transmission operation On February 26, 2021, Brookfield Infrastructure, alongside institutional partners, exercised its option to acquire an additional 15% interest in Jose Maria de Macedo de Eletricidade S.A (“JMM”), a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in JMM to 31%. Prior to February 26, 2021, our partnership’s existing interest in JMM was accounted for using the equity method. On December 24, 2021, Brookfield Infrastructure, alongside institutional partners, exercised its option to acquire an additional 15% interest in Giovanni Sanguinetti Transmissora de Energia S.A. (“Sanguinetti”) and Veredas Transmissora de Electricidade S.A. (“Veredas”), Brazilian electricity transmission operations, increasing Brookfield Infrastructure’s ownership in both operations to 31%. Prior to December 24, 2021, our partnership’s existing interest in both operations were accounted for using the equity method. Consideration Transferred US$ 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 (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. For the year ended December 31, 2021, our Canadian diversified midstream operation contributed revenues of $906 million and net income of $59 million. 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 (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. Acquisitions Completed in 2020 a) Acquisition of a telecom tower operation in India On August 31, 2020, Brookfield Infrastructure, alongside institutional partners (the “Summit consortium”), acquired an effective 17% interest in Summit Digitel Infrastructure Private Limited, an Indian telecom tower operation (“Summit”) from Reliance Industries Limited (“RIL”) for $584 million (Summit consortium total of approximately $3.4 billion). 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 31, 2020. Acquisition costs of approximately $15 million were recorded in Other income (expense) within the Consolidated Statements of Operating Results. Consideration transferred US$ MILLIONS Cash $ 584 Total Consideration $ 584 Fair value of assets and liabilities acquired as of August 31, 2020: US$ MILLIONS Accounts receivable and other $ 367 Property, plant and equipment (1) 6,766 Intangible assets (1) 830 Goodwill (1) 153 Accounts payable and other liabilities (391) Non-recourse borrowings (2,341) Lease liabilities (1) (1,967) Deferred income tax liabilities (1) (12) Net assets acquired before non-controlling interest 3,405 Non-controlling interest (2) (2,821) Net assets acquired $ 584 (1) Revisions to the purchase price allocation resulted in adjustments to the preliminary fair values, including intangible assets, property, plant and equipment, lease liabilities, and deferred income tax liabilities. The revisions resulted in an adjustment to goodwill of approximately $125 million. (2) Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date, and includes capital provided by non-controlling interest in the form of a shareholder loan to the operating business. The goodwill recorded on acquisition is largely reflective of the potential to obtain long-term contracts for the business’ unutilized capacity of the telecom towers. The goodwill recognized is not deductible for income tax purposes. b) Partial acquisition of interest in our Colombian natural gas transmission operation On July 15, 2020, Brookfield Infrastructure, alongside institutional partners (the “Vanti consortium”), completed a take private tender offer resulting in the acquisition of an additional 20% interest (Brookfield Infrastructure’s share of approximately 6%) in our Colombian natural gas transmission operation, increasing our ownership of the business to approximately 21%. Total consideration paid was approximately $45 million (Vanti consortium total of $150 million), of which approximately $25 million (Vanti consortium total of approximately $90 million) was funded through equity and the remainder with 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 $10 million was recognized directly in ownership changes and recorded within Other items on the Consolidated Statements of Partnership Capital. Supplemental Information Had the acquisitions of IPL, our Brazilian electricity transmission operations and the individually insignificant acquisitions been effective January 1, 2021, the revenue and net income of Brookfield Infrastructure would have been approximately $13.1 billion (unaudited) and $2.9 billion (unaudited), respectively, for the year ended December 31, 2021. 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. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
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 financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI 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) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 867 $ 867 Accounts receivable and other — — 2,031 2,031 Financial assets (current and non-current) (1) 846 239 322 1,407 Total $ 846 $ 239 $ 3,220 $ 4,305 Financial liabilities Corporate borrowings $ — $ — $ 3,158 $ 3,158 Non-recourse borrowings (current and non-current) — — 20,020 20,020 Accounts payable and other — — 2,745 2,745 Financial liabilities (current and non-current) (1) 931 — 2,443 3,374 Lease liabilities — — 3,803 3,803 Preferred shares (2) — — 20 20 Total $ 931 $ — $ 32,189 $ 33,120 (1) Derivative instruments which are elected for hedge accounting totaling $373 million are included in financial assets and $572 million of derivative instruments are included in financial liabilities. (2) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the carrying values and fair values of financial instruments as at December 31, 2021 and December 31, 2020: Dec. 31, 2021 Dec. 31, 2020 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,406 $ 1,406 $ 867 $ 867 Accounts receivable and other 2,718 2,718 2,031 2,031 Financial assets (current and non-current) 1,276 1,276 1,407 1,407 Total $ 5,400 $ 5,400 $ 4,305 $ 4,305 Dec. 31, 2021 Dec. 31, 2020 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial liabilities Corporate borrowings (1) $ 2,719 $ 2,805 $ 3,158 $ 3,350 Non-recourse borrowings (current and non-current) (2) 26,534 26,769 20,020 20,328 Accounts payable and other 3,392 3,392 2,745 2,745 Financial liabilities (current and non-current) 3,240 3,240 3,374 3,374 Preferred shares (3) 20 20 20 20 Total $ 35,905 $ 36,226 $ 29,317 $ 29,817 (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 year ended December 31, 2021, pre-tax net unrealized gains of $293 million (2020: losses of $104 million, 2019: losses of $33 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As at December 31, 2021, there was a net derivative asset balance of $101 million relating to derivative contracts designated as cash flow hedges (2020: liability balance of $150 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 year ended December 31, 2021, gains of $2 million (2020: losses of $12 million, 2019: losses of $113 million) were recorded in other comprehensive income relating to hedges of net investments in foreign operations. Further, Brookfield Infrastructure paid $11 million (2020: received $83 million, 2019: paid $62 million) relating to the settlement of foreign exchange contracts in the period. As at December 31, 2021, there was a net unrealized derivative liability balance of $31 million relating to derivative contracts designated as net investment hedges (2020: net unrealized derivative liability balance of $49 million). Fair Value Hierarchical Levels—Financial Instruments Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities that are included in this category are interest rate swap contracts, derivative contracts, certain equity securities carried at fair value which are not traded in an active market and the non-controlling interest’s share of net assets of limited life funds. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities: US$ MILLIONS Fair value hierarchy Dec. 31, 2021 Dec. 31, 2020 Marketable securities Level 1 (1) $ 179 $ 526 Foreign currency forward contracts Level 2 (2) Financial asset $ 104 $ 115 Financial liability 98 251 Interest rate swaps & other Level 2 (2) Financial asset $ 882 $ 438 Financial liability 307 561 Other contracts Level 3 (3) Financial asset $ 6 $ 6 Financial liability 96 119 (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 flows and discount rates. Assets and liabilities measured at fair value on a recurring basis include $1,171 million (2020: $1,085 million) of financial assets and $501 million (2020: $931 million) of financial liabilities which are measured at fair value using valuation inputs based on management’s best estimates. During the year, no transfers were made between level 1 and 2 or level 2 and 3. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS US$ MILLIONS 2021 2020 Cash $ 745 $ 520 Cash equivalents (1) 505 222 Restricted cash (2) 156 125 Total cash and cash equivalents $ 1,406 $ 867 (1) Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL ASSETS | FINANCIAL ASSETS US$ MILLIONS 2021 2020 Current: Marketable securities $ 518 $ 563 Foreign currency forward contracts 79 34 Cross currency interest rate swaps 58 22 Loans and receivables 47 68 Other 38 11 Total current $ 740 $ 698 Non-current: Marketable securities $ 168 $ 97 Foreign currency forward contracts 24 81 Cross currency interest rate swaps 202 262 Loans and receivables 63 259 Other 79 10 Total non-current $ 536 $ 709 |
ACCOUNTS RECEIVABLE AND OTHER
ACCOUNTS RECEIVABLE AND OTHER | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS RECEIVABLE AND OTHER | ACCOUNTS RECEIVABLE AND OTHER US$ MILLIONS 2021 2020 Current: Accounts receivable $ 1,847 $ 1,463 Finance lease receivables 29 12 Prepayments & other assets 328 450 Total current $ 2,204 $ 1,925 Non-current: Finance lease receivables $ 667 $ 343 Restricted cash (1) 127 81 Accounts receivable 35 123 Other assets 312 209 Total non-current $ 1,141 $ 756 (1) Restricted cash primarily relates to our partnership’s financing arrangements, including debt service accounts. Cash that becomes unrestricted within one year of the reporting date is classified as cash and cash equivalents. The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2021: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 128 $ 127 $ 126 $ 124 $ 122 $ 1,040 $ 1,667 Operating lease receivables 361 350 308 284 260 1,289 2,852 Total lease receivables $ 489 $ 477 $ 434 $ 408 $ 382 $ 2,329 $ 4,519 The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2020: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 62 $ 61 $ 61 $ 60 $ 59 $ 555 $ 858 Operating lease receivables 396 384 318 295 271 1,474 3,138 Total lease receivables $ 458 $ 445 $ 379 $ 355 $ 330 $ 2,029 $ 3,996 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
INVENTORY | INVENTORY US$ MILLIONS 2021 2020 Natural gas inventory $ 132 $ 71 Raw materials and other 268 150 Carrying amount of inventories $ 400 $ 221 Refer to Note 23, Direct Operating Costs , for further details on inventory expenses identified as “ cost of inventory |
INVESTMENT IN ASSOCIATES AND JO
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
INVESTMENT IN ASSOCIATES AND JOINT VENTURES | INVESTMENT IN ASSOCIATES AND JOINT VENTURES Our partnership’s investment in associates and joint ventures are reviewed and reported on a segmented basis. Investments in the utilities segment include a 15% interest in a Brazilian electricity transmission operation, a 13% and 11% interest in two businesses collectively referred to as our regulated natural gas transmission business in Mexico and four associates of our Colombian natural gas distribution operation. Transport investments include a 45% interest in a Brazilian toll road business, an 11% interest in a Brazilian rail and port logistics business, a 19% ownership interest of a North American container terminal operation, our 13% and 49% interests in port and export terminal operations in Australia and a 6% interest in a U.S. LNG export terminal. In our midstream segment, investments in associates and joint ventures include our 38% interest in a U.S. gas pipeline and a 20% interest in a North American gas storage operation. Our investments in the data segment include our 21% interest in a European telecommunications infrastructure operation, a 12% interest in a Brazilian data center operation, a 13% interest in a New Zealand data distribution business and a 13% interest in an Indian data center business. The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS 2021 2020 Balance at beginning of year $ 5,528 $ 4,967 Share of earnings for the year 88 131 Foreign currency translation and other (323) (245) Share of other comprehensive income 163 7 Distributions (157) (167) Disposition of interest (1) (336) — Held for sale (2) (146) — Change in basis of accounting (3).(4),(5) (92) 466 Acquisitions (6) — 369 Balance at end of year (7),(8) $ 4,725 $ 5,528 (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 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 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 each operation to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated both operations effective December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. (5) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Our 49% retained interest was remeasured using the initial public offering price of $466 million. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (6) In September 2020, Brookfield Infrastructure, acquired an effective 6% interest in a U.S. LNG export terminal (“Sabine Pass”), Cheniere Energy Partners, L.P. for $369 million. Brookfield maintains a co-controlling interest in a joint venture with Blackstone Infrastructure Partners, which holds an approximate 41% interest in Sabine Pass. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (7) The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2020: $500 million). (8) Subsequent to December 31, 2021, Brookfield Infrastructure acquired an approximate 10% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures: As at December 31, 2021 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 359 $ 5,723 $ 6,082 $ 444 $ 3,738 $ 4,182 $ 1,900 $ 1,670 $ 230 Transport 6-49% 1,356 24,437 25,793 2,172 13,044 15,216 10,577 8,260 2,317 Midstream (1) 20-38% 223 6,275 6,498 234 4,087 4,321 2,177 1,125 1,052 Data 12-21% 1,055 13,393 14,448 1,727 6,284 8,011 6,437 5,350 1,087 Corporate 25-50% 4 144 148 1 — 1 147 108 39 Total $ 2,997 $ 49,972 $ 52,969 $ 4,578 $ 27,153 $ 31,731 $ 21,238 $ 16,513 $ 4,725 (1) The partnership’s share of total net assets include a shareholder loan of $375 million receivable from our U.S. gas pipeline. As at December 31, 2020 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 646 $ 6,142 $ 6,788 $ 487 $ 4,238 $ 4,725 $ 2,063 $ 1,810 $ 253 Transport 6-50% 1,266 25,762 27,028 1,959 9,836 11,795 15,233 12,474 2,759 Midstream (1) 20-50% 173 6,392 6,565 249 4,033 4,282 2,283 911 1,372 Data 12-21% 841 13,308 14,149 1,263 6,081 7,344 6,805 5,672 1,133 Corporate 25-50% 22 121 143 14 56 70 73 62 11 Total $ 2,948 $ 51,725 $ 54,673 $ 3,972 $ 24,244 $ 28,216 $ 26,457 $ 20,929 $ 5,528 (1) The partnership’s share of total net assets include a shareholder loan of $500 million receivable from our U.S. gas pipeline. Our investments in associates and joint ventures are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Based on the analysis performed for the year ended December 31, 2021, our investments in associates and joint ventures remain largely unaffected by the global pandemic. Investments in associates and joint ventures represent long-term critical infrastructure supported by regulated or highly contracted revenues that provide stable and predictable cash flows. Our investments in associates and joint ventures are predominantly comprised of our U.S. gas pipeline, our Brazilian toll road operation, our European telecommunications infrastructure operation, our Australian export terminal and our U.S. LNG export terminal. Each of our U.S. gas pipeline, Australian export terminal and U.S. LNG export terminal generate cash flows through long-term capacity based “ship-or-pay” or “take-or-pay” agreements with high-quality investment grade counterparties which minimize volume and price risk. Our European telecommunications business is comprised of approximately 8,000 multi-purpose towers and active rooftop sites and 50,000 kilometers of fiber located in France. Cash flows are supported by long-term contracts which have not been affected by the current market environment. Investments in our Brazilian toll road operation relate to concession arrangements with local transportation authorities. As at December 31, 2021, two (2020: two) of our investments in associates or joint ventures have a quoted price in an active market. The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,336 $ 521 $ 28 $ 549 $ 84 Transport 11,808 1,574 (435) 1,139 15 Midstream 833 146 (46) 100 74 Data 2,460 70 73 143 14 Corporate — (76) 102 26 (99) Total $ 16,437 $ 2,235 $ (278) $ 1,957 $ 88 Year ended December 31, 2020 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,715 $ 364 $ (205) $ 159 $ 50 Transport 4,161 171 (1,419) (1,248) (101) Midstream 767 236 — 236 136 Data 2,245 293 374 667 45 Corporate 9 (15) (245) (260) 1 Total $ 8,897 $ 1,049 $ (1,495) $ (446) $ 131 Year ended December 31, 2019 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,046 $ 354 $ 26 $ 380 $ 57 Transport 3,351 22 364 386 2 Midstream 734 351 (54) 297 184 Data 1,447 (38) 57 19 (9) Corporate 17 (38) (156) (194) (10) Total $ 6,595 $ 651 $ 237 $ 888 $ 224 The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Partnership’s Utilities $ 202 $ (611) $ 176 $ (233) $ (199) $ (34) Transport 3,192 (372) (1,627) 1,193 1,091 102 Midstream 342 (33) (314) (5) (2) (3) Data 718 (996) 489 211 171 40 Corporate (79) (293) 372 — — — Total $ 4,375 $ (2,305) $ (904) $ 1,166 $ 1,061 $ 105 Year ended December 31, 2020 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Partnership’s Utilities $ 184 $ (697) $ 285 $ (228) $ (199) $ (29) Transport 1,189 (1,039) 826 976 843 133 Midstream 378 (314) (56) 8 3 5 Data 852 (735) (77) 40 34 6 Corporate — — — — — — Total $ 2,603 $ (2,785) $ 978 $ 796 $ 681 $ 115 Year ended December 31, 2019 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Interests Partnership’s Utilities $ 108 $ (1,109) $ 1,548 $ 547 $ 471 $ 76 Transport 692 (852) 11 (149) (76) (73) Midstream 357 (267) (95) (5) (3) (2) Data 531 (2,707) 2,201 25 30 (5) Corporate — — — — — — Total $ 1,688 $ (4,935) $ 3,665 $ 418 $ 422 $ (4) |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT US$ MILLIONS Utilities Transport Midstream Data Total Gross Carrying Amount: Balance at January 1, 2020 $ 8,633 $ 8,309 $ 3,971 $ 1,131 $ 22,044 Additions, net of disposals 535 387 306 77 1,305 Non-cash additions (disposals) 15 (241) (29) (26) (281) Acquisitions through business combinations (1) — — — 7,334 7,334 Net foreign currency exchange differences 106 242 73 77 498 Balance at December 31, 2020 $ 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 Accumulated depreciation: Balance at January 1, 2020 $ (1,171) $ (950) $ (208) $ (88) $ (2,417) Depreciation expense (419) (498) (141) (189) (1,247) Disposals 12 4 — — 16 Non-cash disposals — 130 — 17 147 Net foreign currency exchange differences (35) (90) (7) (3) (135) Balance at December 31, 2020 $ (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) US$ MILLIONS Utilities Transport Midstream Data Total Accumulated fair value adjustments: Balance at January 1, 2020 $ 2,212 $ 857 $ 317 $ — $ 3,386 Fair value adjustments 652 113 21 — 786 Net foreign currency exchange differences 70 78 — — 148 Balance at December 31, 2020 $ 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 (1,399) — — — (1,399) Balance at December 31, 2021 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Net book value: December 31, 2021 (4) $ 7,936 $ 8,376 $ 14,648 $ 7,695 $ 38,655 December 31, 2020 $ 10,610 $ 8,341 $ 4,303 $ 8,330 $ 31,584 1. See Note 6, Acquisition of Businesses, for additional information. 2. See Note 5, Disposition of Businesses, for additional information. 3. Non-cash disposals within the data segment primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. Refer to Note 6, Acquisition of Businesses, for additional information. 4. Includes right-of-use assets of $118 million (2020: $159 million) in our utilities segment, $1,179 million (2020: $1,187 million) in our transport segment, $389 million (2020: $113 million) in our midstream segment and $2,287 million (2020: $2,643 million) in our data segment. The partnership’s property, plant, and equipment is measured at fair value on a recurring basis with an effective date of revaluation for all asset classes of December 31, 2021 and 2020. Brookfield Infrastructure determined fair value under the income method or on a depreciated replacement cost basis. Assets under development were revalued where fair value could be reliably measured. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s property, plant and equipment assets valued using the income method, categorized by segment. Dec. 31, 2021 Dec. 31, 2020 Segment Valuation Technique (1) Discount Rate Terminal Value Multiple Investment Horizon Primary Valuation Technique (1) Discount Rate Terminal Value Multiple Investment Horizon Utilities Discounted cash flow model 7% to 11% 20x 10 to 20 yrs Discounted cash flow model 7% to 14% 7x to 23x 10 yrs Transport Discounted cash flow model 7% to 14% 9x to 15x 10 yrs Discounted cash flow model 7% to 13% 9x to 14x 10 yrs Midstream Discounted cash flow model 15% 10x 5 to 10 yrs Discounted cash flow model 15% 10x 5 to 10 yrs (1) Certain businesses are valued using the replacement cost method as a result of their underlying operations. Replacement costs are determined with guidance from independent studies and third party evaluators. An increase in the discount rate would lead to a decrease in the fair value of property, plant and equipment. Conversely, an increase to the terminal value multiple would increase the fair value of property, plant and equipment. Our partnership has classified all property, plant and equipment under level 3 of the fair value hierarchy. At December 31, 2021, Brookfield Infrastructure carried out an assessment of the fair value of its utilities property, plant and equipment, resulting in a gain from revaluation of $134 million (2020: $652 million) which was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. The key driver behind the revaluation gain recorded was growth in underlying cash flows at our U.K. regulated distribution business. The prior year included an uplift at our North American district energy operations which were disposed of during the year ended December 31, 2021. See Note 5, Disposition of Businesses , for additional information. At December 31, 2021, Brookfield Infrastructure carried out an assessment of the fair value of its transport property, plant and equipment. A gain from revaluation of $48 million (2020: $113 million) was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. Underlying valuation assumptions in the transport segment remain relatively consistent with the prior year with the current year’s gain attributable to increasing cash flows associated with organic growth. At December 31, 2021, Brookfield Infrastructure carried out an assessment of the fair value of its midstream property, plant and equipment. A gain from revaluation of $70 million (2020: $21 million) was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. Underlying valuation assumptions in the midstream segment remain relatively consistent with the prior year with the current year’s gain attributable to increasing cash flows associated with organic growth. At December 31, 2021, Brookfield Infrastructure carried out an assessment of the fair value of its data property, plant and equipment. No revaluation gains were recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income (2020: $nil). The following table summarizes the carrying amount of property, plant and equipment that would have been recognized had assets been carried under the cost model, inclusive of purchase price allocations. US$ MILLIONS Dec. 31, 2021 Dec. 31, 2020 Utilities $ 6,504 $ 8,114 Transport 7,557 7,548 Midstream 14,300 4,007 Data 7,694 8,330 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS US$ MILLIONS 2021 2020 Cost $ 15,785 $ 13,233 Accumulated amortization (1,571) (1,466) Net intangible assets $ 14,214 $ 11,767 Intangible assets are allocated to the following cash generating units: US$ MILLIONS 2021 2020 Brazilian regulated transmission operation $ 2,645 $ 2,903 Canadian diversified midstream operation (2) 2,536 — North American rail operations 1,867 1,929 North American residential energy infrastructure operation 1,720 1,748 Brazilian electricity transmission operation (2) 1,366 270 Peruvian toll roads 976 1,073 Indian telecom tower operation (2) 782 537 Indian toll roads (1) 658 714 U.K. telecom towers operation 480 491 U.K. port operation 289 292 Other (3) 895 985 Chilean toll roads (4) — 825 Total $ 14,214 $ 11,767 (1) Indian toll roads include $604 million of intangible assets at our investments in Simhapuri Expressway Limited and Rayalseema Expressway Limited and $54 million at BIF India Holdings Pte Ltd. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Other intangibles are primarily comprised of customer contracts at our Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation and our natural gas operation in India. (4) Refer to Note 5, Disposition of Businesses, for further details. Our intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Despite recent volatility observed in commodity and foreign exchange markets and the interruption to global supply chains as a result of the global pandemic, our intangible assets remain largely unaffected, with no impairment required during the year ended December 31, 2021. Our intangible assets represent long-term critical infrastructure supported by regulated or highly contracted revenues which help protect value over the long term. The intangible assets at our Brazilian regulated transmission operation relate to concession arrangements with the local energy regulator, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (“ANP”). Total capacity is fully contracted under long-term “ship-or-pay” gas transportation agreements (“GTA”) and therefore, the business is exposed to no volume or price risk. Each GTA takes into account a return on regulatory asset base (“RAB”), and the tariffs are calculated on an inflation adjusted regulatory weighted average cost of capital (“WACC”) fixed for the life of GTAs. On April 8, 2021, new legislation was passed in Brazil which provides our Brazilian regulated gas transmission operation the right to operate the gas pipelines perpetually. The intangible assets will be amortized on a straight-line basis over the estimated useful life of the underlying infrastructure. The intangible assets at our Canadian diversified midstream operation relate to long-term take-or-pay and fee-for-service contractual arrangements which are not materially impacted by volume or commodity price fluctuations. These customer relationships and shipping agreements are with investment grade counterparties. Revenues are recognized over time as transportation services are fulfilled. The intangible assets will be amortized on a straight-line basis over the estimated useful life. The intangible assets at Brookfield Infrastructure’s North American rail operations mainly relate to customer relationships, operating network agreements and track access rights. The business provides critical first and last mile rail services which connect large Class I railroad operators to end customers. Our North American freight revenue is diversified across numerous commodities and the business largely performed in line with expectations. Customer relationships and operating network agreements as well as trackage rights, which are long-term leases, are not expected to be negatively impacted in the long term. The intangible assets at our North American residential infrastructure operation are comprised of contractual customer relationships, customer contracts, proprietary technology and brands. The contractual customer relationships and customer contracts represent ongoing economic benefits from leasing customers and annuity-based management agreements. Proprietary technology is recognized for the development of new metering technology, which allows the business to generate revenue through its sub-metering business. Brands represent the intrinsic value customers place on the operation’s various brand names. The business generates revenues under long-term contracts with a diversified customer base across North America and is exposed to minimum volume risk. The terms and conditions of the Brazilian electricity transmission concession are regulated by the Brazilian Electricity Regulatory Agency (“ANEEL”). The concession agreement grants the right to construct, maintain and operate the transmission lines, in exchange for a regulated return (“RAP”) during the concession period. Concessions are awarded for a period of 30 years and RAP is adjusted for inflation annually and updated every five years to reflect changes in third-party cost of capital. The terms and conditions of the Peruvian toll roads concession, including tariffs that can be charged to the users and the duties to be performed by the operator, are regulated by the Municipalidad Metropolitana de Lima (“MML”) and its municipal arm, Fondo Metropolitano de Inversiones. The service concession provides the operator the right to charge a tariff to vehicles which use the road network over the life of the concession in exchange for the design, construction, improvement, maintenance and operation of the road network. Tariffs are adjusted annually for the Lima Metropolitana Consumer Price Index. The concession arrangement has an expiration date of 2043 at which point the underlying concession assets will be returned to the MML. The intangible asset at Brookfield Infrastructure’s Indian telecom tower operation relates primarily to the customer contract with Reliance Jio, India’s largest cellular network operator. Reliance Jio is an anchor tenant of our tower operation under a 30-year Master Service Agreement. The terms and conditions of the Simhapuri Expressway (“SEL”), Rayalseema Expressway (“REPL”) and Mumbai Nasik (“MNEL”) Indian toll road concessions, including tariffs that can be charged to the users and the duties to be performed by the operator, are regulated by the National Highways Authority of India (“NHAI”). The Service Concession Agreements provides the operators the right to charge a tariff to vehicles which use the road over the term of the concession in exchange for operating the road, including preserving the road based on a defined maintenance schedule. Tariffs are revised annually for the Indian Wholesale Price Index. The Concession Arrangements have expiration dates of 2041, 2040 and 2026, respectively, for SEL, REPL and MNEL, at which point the underlying concessions assets will be returned to the NHAI. The intangible asset at Brookfield Infrastructure’s U.K telecom tower operation primarily relates to customer contracts and related relationships. The contractual customer contracts and customer relationships represent ongoing economic benefits from leasing space on the existing portfolio of towers and distributed antenna systems. Intangible assets are amortized straight-line over the average remaining contractual period plus a reasonable expectation of long term renewals. The intangible asset at Brookfield Infrastructure’s U.K. port operation relates to a conservancy right. As a right in perpetuity issued by the Statutory Harbour Authority in the U.K., the conservancy right is classified as having an indefinite life, and is subject to an annual impairment review. The carrying value as at December 31, 2021, of Brookfield Infrastructure’s indefinite lived intangibles is $899 million (2020: $876 million). The following table presents the change in the cost balance of intangible assets: US$ MILLIONS 2021 2020 Cost at beginning of the year $ 13,233 $ 15,695 Acquisitions through business combinations (1) 3,734 532 Additions, net of disposals 67 102 Assets held by subsidiaries disposed during the period (2) (957) — Non-cash additions (disposals) (3),(4) 271 (2,118) Foreign currency translation (563) (978) Cost at end of year $ 15,785 $ 13,233 (1) See Note 6, Acquisition of Businesses, for additional information. (2) Refer to Note 5, Disposition of Businesses, for further details. (3) Non-cash additions during the year ended December 31, 2021 primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. Refer to Note 6, Acquisition of Businesses, for additional information. (4) Non-cash disposals during the year ended December 31, 2020, primarily relates to the partial disposition of our Australian export terminal. See Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS 2021 2020 Accumulated amortization at beginning of year $ (1,466) $ (1,309) Assets held by subsidiaries disposed during the period (2) 281 — Non-cash disposals (1) 26 216 Amortization (514) (458) Foreign currency translation 102 85 Accumulated amortization at end of year $ (1,571) $ (1,466) (1) Non-cash disposals during the year ended December 31, 2020, primarily relates to the partial disposition of our Australian export terminal. See Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. (2) See Note 5, Disposition of Businesses, for further details |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL The following table presents the carrying amount for Brookfield Infrastructure’s goodwill: US$ MILLIONS 2021 2020 Balance at beginning of the year $ 6,634 $ 6,553 Acquisitions through business combinations (1) 2,400 27 Assets held by subsidiaries disposed during the period (2) (56) — Foreign currency translation and other 1 54 Balance at end of the year $ 8,979 $ 6,634 (1) See Note 6, Acquisition of Businesses, for additional information. (2) See Note 5, Disposition of Businesses, for additional information. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Impairment is determined by assessing if the carrying value of cash generating units or a group of cash generating units, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. During 2021, the carrying amount of each cash generating unit was determined to not exceed its recoverable amount. Goodwill is allocated to the following cash generating units or group of cash generating units: US$ MILLIONS 2021 2020 Canadian diversified midstream operation (1) $ 2,125 $ — North American rail operations 2,105 2,126 North American residential energy infrastructure operation 1,356 1,296 Western Canadian natural gas gathering and processing operation 762 756 U.S. data center operation 503 487 Brazilian regulated transmission operation 456 490 Colombian natural gas distribution operation 433 520 U.K. telecom tower operation 341 345 Other 898 614 Total $ 8,979 $ 6,634 (1) See Note 6, Acquisition of Businesses, for additional information. The recoverable amount of the goodwill has been determined using a discounted cash flow model whereby the fair value measurement is classified under level 3 on the fair value hierarchy. For businesses with the most significant goodwill as separately listed in the table above, the key inputs in determining the fair value of each cash generating unit under the discounted cash flow model are the utilization of discount rates ranging from 11% to 14%, terminal value multiples of 6x to 20x and discrete cash flow periods from 6 to 20 years. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
Investment property [abstract] | |
INVESTMENT PROPERTIES | INVESTMENT PROPERTIES The following table presents the carrying amount for Brookfield Infrastructure’s investment properties: US$ MILLIONS 2021 2020 Balance at beginning of the year $ 518 $ 416 Additions, net of disposals 106 3 Fair value adjustments 42 68 Foreign currency translation (11) 31 Balance at end of the year $ 655 $ 518 Investment properties are measured at fair value on a recurring basis and the effective date of revaluation is December 31, 2021 and 2020. The fair value of our partnership’s investment properties are determined by management of our partnership with due consideration given to relevant market conditions. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s investment property. Our partnership has classified all assets below under level 3 of the fair value hierarchy: Segment Valuation technique Significant unobservable inputs Range of inputs Transport Direct Income Capitalization Capitalization Rate 6% to 14% Data Direct Income Capitalization Capitalization Rate 6% to 8% An increase in the capitalization rate would lead to a decrease in the fair value of investment property, with the opposite impact for a decrease in the capitalization rate. |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER US$ MILLIONS Note 2021 2020 Current: Accounts payable $ 1,877 $ 1,461 Accrued liabilities 1,103 751 Deferred revenue (i) 338 256 Lease liabilities 416 206 Provisions (1) 161 176 Loans and notes payable — 134 Other liabilities 124 293 Total current $ 4,019 $ 3,277 Non-current: Lease liabilities $ 3,423 $ 3,597 Deferred revenue (i) 366 467 Accrued liabilities 200 — Provisions (1) 492 423 Pension liabilities (2) 172 315 Loans and notes payable 28 84 Other liabilities 346 311 Total non-current $ 5,027 $ 5,197 (1) Provisions primarily relate to decommissioning and site restoration liabilities at our Western Canadian natural gas gathering and processing operation and our Indian telecom tower operation. (2) See Note 32, Retirement Benefit Plans, for further details. Brookfield Infrastructure’s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 35, Financial Risk Management. (i) Deferred revenue Deferred revenue relates primarily to cash contributions from third parties to build or upgrade existing network capabilities at our Australian rail operation, for future natural gas and electricity connections at our U.K. regulated distribution operation, for future transportation of gas at our Indian natural gas operation, for future protection plans at our North American residential energy infrastructure operation and to build or upgrade existing networks at our U.K. telecom towers operation. The deferred revenue is recorded on receipt of cash payments and recognized as revenue as services are rendered over the life of the contracted track access, connections arrangements, gas transportation agreement, contract plans or networks. |
FINANCIAL LIABILITIES
FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL LIABILITIES | FINANCIAL LIABILITIES US$ MILLIONS 2021 2020 Current: Deferred consideration (1) $ 1,148 $ 136 Interest rate swaps 54 116 Foreign currency forward contracts 76 107 Other financial liabilities 232 337 Total current financial liabilities $ 1,510 $ 696 Non-current: Deferred consideration (1) $ 6 $ 1,022 Interest rate swaps 160 341 Foreign currency forward contracts 22 138 Inflation swaps — 46 Other financial liabilities (2) 1,542 1,131 Total non-current financial liabilities $ 1,730 $ 2,678 (1) Deferred consideration primarily relates to the April 4, 2017 acquisition our Brazilian regulated gas transmission operation. The deferred consideration is denominated in U.S. dollars and accrues interest at 3.35% compounded annually. The financial liability is measured at amortized cost and is payable on the fifth anniversary of the date of acquisition. (2) Other financial liabilities primarily includes capital provided by non-controlling interest in the form of a shareholder loan. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS (a) Corporate Borrowings Brookfield Infrastructure has a $1.975 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $1.975 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 28, 2026. 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 December 31, 2021, there were no (2020: $1,131 million) draws outstanding on the credit facility and $12 million of letters of credit were issued (2020: $63 million). Maturity (2) Annual Rate (2) Currency 2021 2020 Corporate revolving credit facility June 29, 2026 LIBOR plus 1.2% US$ $ — $ 1,131 Corporate revolving credit facility April 14, 2022 LIBOR plus 1.2% US$ — — Commercial Paper January 25, 2022 0.37% US$ 431 — Non-Current: Medium Term Notes (1) : Public - Canadian February 22, 2024 3.3% C$ 237 236 Public - Canadian February 22, 2024 3.3% C$ 317 314 Public - Canadian September 11, 2028 4.2% C$ 554 550 Public - Canadian October 9, 2029 3.4% C$ 554 550 Public - Canadian September 1, 2032 2.9% C$ 396 392 Subordinated notes (1) Public - United States May 24, 2081 5.0% US$ 250 — 2,739 3,173 Deferred financing costs and other (20) (15) Total $ 2,719 $ 3,158 (1) See Note 20, 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 December 31, 2021. 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 December 31, 2021, there were $431 million of borrowings outstanding (2020: $nil). On September 1, 2020, Brookfield Infrastructure Finance ULC issued C$500 million of medium-term notes maturing September 1, 2032 with a coupon of 2.9% per annum. On October 6, 2020, the proceeds were used to early redeem C$450 million of medium-term notes maturing March 11, 2022. On April 14, 2020, the partnership secured an incremental $1.0 billion syndicated revolving credit facility. The facility was secured to fund new investment opportunities that may arise while other sources of capital, including asset sales, are delayed. The facility matures on April 14, 2022 and all amounts not previously repaid will be due on such date. All obligations under the facility are guaranteed by our partnership and its subsidiary, BIPC Holdings Inc. Loans under this facility accrue interest at LIBOR plus 2.1% with an annual unused commitment fee of 42 basis points during the period prior to April 14, 2021, and LIBOR plus 2.2% thereafter with an annual unused commitment fee of 44 basis points. As of December 31, 2021, the balance remains undrawn (2020: $nil). On April 7, 2020, Brookfield Infrastructure Finance ULC, a wholly owned subsidiary of Brookfield Infrastructure, issued C$400 million of medium-term notes. C$200 million of the medium-term notes mature September 11, 2028 and have a coupon rate of 4.2% per annum. These notes were issued at a premium with an effective interest rate of 4.1% per annum. The remaining C$200 million medium term notes mature on October 9, 2029 and have a coupon rate of 3.4% per annum. These notes were issued at a discount with an effective interest rate of 4.1%. Brookfield Infrastructure has entered into a $500 million revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility has an effective date of February 8, 2018 and automatically renews for four consecutive one year terms on the first, second, third and fourth anniversary of such effective date, which would result in it ultimately maturing on February 8, 2023. Brookfield has the option to terminate the agreement prior to February 8 each year by providing Brookfield Infrastructure with written notice. All obligations of Brookfield Infrastructure under the facility were guaranteed by our partnership. Loans under this facility accrued interest on LIBOR plus 1.8% and no commitment fees were incurred for any undrawn balance. As of December 31, 2021, there were no (2020: $nil) borrowings outstanding. The decrease in corporate borrowings of $434 million during the year ended December 31, 2021 is primarily attributable to the repayment of $1,131 million of our revolving credit facility, partially offset by $431 million of net proceeds raised from our commercial paper program and the issuance of $250 million subordinated notes. (b) Non-Recourse Borrowings The current and non-current balances of non-recourse borrowings are as follows: US$ MILLIONS 2021 2020 Current $ 2,701 $ 1,551 Non-current 23,833 18,469 Total $ 26,534 $ 20,020 Non-recourse borrowings have increased by $6.5 billion since year-end. The impact from $8.7 billion of additional net borrowings, inclusive of $6.7 billion acquired as part of recent acquisitions, primarily our Canadian diversified midstream operation, was partially offset by recently completed dispositions. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows: US$ MILLIONS Utilities Transport Midstream Data Total 2022 (1) $ 341 $ 386 $ 1,819 $ 53 $ 2,599 2023 1,619 247 715 216 2,797 2024 1,191 296 1,536 195 3,218 2025 440 258 1,264 707 2,669 2026 694 3,217 1,028 509 5,448 Thereafter 3,697 944 2,972 2,165 9,778 Total principal repayments (2) 7,982 5,348 9,334 3,845 26,509 Deferred financing costs and other (31) (39) 156 (61) 25 Total - Dec. 31, 2021 $ 7,951 $ 5,309 $ 9,490 $ 3,784 $ 26,534 Total - Dec. 31, 2020 $ 8,067 $ 6,635 $ 2,111 $ 3,207 $ 20,020 (1) Includes commercial paper obligations at our Canadian diversified midstream operation. (2) As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity. The weighted average interest rates of non-recourse borrowings are as follows: US$ MILLIONS Utilities Transport Midstream Data Total Dec. 31, 2021 4 % 5 % 6 % 7 % 6 % Dec. 31, 2020 4 % 5 % 6 % 6 % 5 % Principal repayments on non-recourse borrowings in their local currency are as follows: US$ MILLIONS, except as noted Dec. 31, 2021 Local Currency Dec. 31, 2020 Local Currency Canadian dollars $ 9,257 CAD 11,698 $ 2,400 CAD $ 3,056 U.S. dollars 7,376 USD 7,376 7,457 USD 7,457 Indian rupees 3,650 INR 272,388 3,760 INR 274,457 British pounds 3,067 GBP 2,266 2,941 GBP 2,151 Brazilian real 1,840 BRL 10,268 1,161 BRL 6,035 Australian dollars 468 AUD 644 320 AUD 416 Colombian pesos 394 COP 1,621,399 418 COP 1,430,115 Peruvian soles 380 PEN 1,521 417 PEN 1,511 New Zealand dollars 41 NZD 60 43 NZD 60 Euro 36 EUR 32 59 EUR 48 Chilean Unidad de Fomento (1),(2) — UF — 1,201 UF 29 (1) Chilean Unidad de Fomento is an inflation adjusted unit of account indexed to the Chilean Peso. (2) See Note 5, Disposition of Businesses, for additional information. (c) Supplemental Information Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows: US$ MILLIONS 2020 Cash Flows (1) Acquisitions/ Dispositions (1) Foreign Exchange Movement and Other 2021 Corporate borrowings $ 3,158 $ (456) $ — $ 17 $ 2,719 Non-recourse borrowings 20,020 851 5,819 (156) 26,534 (1) Cash flows related to asset level debt raised on the closing of our Canadian diversified midstream operation and the acquisition of an additional interest in our Brazilian regulated gas transmission operation have been presented within Acquisitions/Dispositions. Refer to Note 6, Acquisition of Businesses, and Note 5, Disposition of Businesses, for further details. |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 12 Months Ended |
Dec. 31, 2021 | |
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 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. On September 1, 2020, the Co-Issuers issued C$500 million of medium-term notes under the Indenture maturing September 1, 2032 in the Canadian bond market with a coupon of 2.9%, which was swapped into U.S. dollars on a matched maturity basis at an all-in rate of 3.9%. On October 6, 2020, the proceeds were used to early redeem C$450 million of medium-term notes maturing March 11, 2022. On April 7, 2020, the Co-Issuers issued C$200 million of medium-term notes under the Indenture maturing September 11, 2028 in the Canadian bond market with a coupon of 4.2%. The principal balance was hedged to U.S. dollars using foreign exchange contracts. On April 7, 2020, the Co-Issuers issued C$200 million of medium-term notes under the Indenture maturing October 9, 2029 in the Canadian bond market with a coupon of 3.4%. The principal balance was hedged to U.S. dollars using foreign exchange contracts. On October 7, 2019, the Co-Issuers issued C$500 million of medium-term notes under the Indenture maturing October 9, 2029 in the Canadian bond market with a coupon of 3.4%. Our partnership swapped C$92 million of the total issuance to U.S. dollars on a matched maturity basis at an all-in rate of 3.5% and the remaining principal balance of the issuance was subsequently hedged using foreign exchange contracts. On November 6, 2019, the proceeds were used to early redeem C$375 million of medium-term notes maturing October 30, 2020. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings. 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. On February 5, 2019, BIPIC issued 4 million Series 1 Senior Preferred Shares at C$25 per share with a quarterly fixed dividend at a rate of 5.85% annually for the initial period ending March 31, 2024. In total, C$100 million or $75 million of gross proceeds were raised, $2 million in underwriting costs were incurred and less than $1 million in issuance costs were incurred. The preferred shares are retractable at the option of the holders and are therefore classified as liabilities. 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 year ended December 31, 2021 Our partnership (2) The Fincos BIPIC BIPC Holdings Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our partnership Revenues $ — $ — $ — $ — $ — $ 11,537 $ 11,537 Net income (loss) attributable to partnership (1) 556 — — 208 885 (556) 1,093 For the year ended December 31, 2020 Revenues $ — $ — $ — $ — $ — $ 8,885 $ 8,885 Net income (loss) attributable to partnership (1) 141 — — 5 389 (141) 394 For the year ended December 31, 2019 Revenues $ — $ — $ — $ — $ — $ 6,597 $ 6,597 Net income (loss) attributable to partnership (1) 52 — — — 233 (52) 233 As at 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 As at December 31, 2020 Current assets $ — $ — $ — $ — $ — $ 3,711 $ 3,711 Non-current assets 5,363 — 944 2,238 7,232 41,843 57,620 Current liabilities — — 77 — — 5,447 5,524 Non-current liabilities — 2,027 — 591 — 31,516 34,134 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 1,687 1,687 BIPC exchangeable shares — — — — — 638 638 Exchangeable units (5) — — — — — 12 12 In operating subsidiaries — — — — — 13,954 13,954 Preferred unitholders — — — — — 1,130 1,130 (1) Includes net income (loss) 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. |
PREFERRED SHARES
PREFERRED SHARES | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
PREFERRED SHARES | PREFERRED SHARESAs at December 31, 2021, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited (wholly owned subsidiaries of Brookfield Infrastructure) have issued 196,000, 1 and 400,000 preferred shares, respectively, to wholly owned subsidiaries of Brookfield, for proceeds of $5 million, $5 million and $10 million, respectively. Each preferred share is non-voting and is redeemable at $25 per share except in the case of the preferred share issued by Brookfield Infrastructure US Holdings I Corporation, which is redeemable for $5 million. Each of these preferred shares is redeemable, together with any accrued and unpaid dividends, at the option of the issuer on or after the tenth anniversary of the date of issue, subject to certain restrictions. Further, these preferred shares entitle the holders thereof to a fixed cumulative 6% preferential cash dividend payable quarterly as and when declared by the issuer’s board of directors. At December 31, 2021, there were no dividends in arrears (2020: $nil). |
INTEREST EXPENSE
INTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
INTEREST EXPENSE | INTEREST EXPENSE US$ MILLIONS 2021 2020 2019 Interest on corporate facility $ 16 $ 19 $ 20 Interest on corporate debt 87 76 63 Interest on non-recourse borrowings 1,134 944 738 Other financing fees (1) 231 140 83 $ 1,468 $ 1,179 $ 904 (1) Other financing fees primarily relate to interest expense associated with leases in connection with IFRS 16. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 12 Months Ended |
Dec. 31, 2021 | |
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 years ended December 31, 2021, 2020 and 2019. Comparative figures have been reclassified to conform to the current period’s presentation: US$ MILLIONS 2021 2020 2019 Depreciation and amortization $ 2,036 $ 1,705 $ 1,214 Compensation 1,517 1,284 674 Fuel, transportation and distribution costs 1,514 1,291 929 Cost of inventory 1,308 706 463 Utilities 409 171 72 Other direct operating costs 1,463 1,391 1,257 Total $ 8,247 $ 6,548 $ 4,609 |
PAYROLL EXPENSE
PAYROLL EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
PAYROLL EXPENSE | PAYROLL EXPENSE Our partnership has no key employees; therefore, Brookfield Infrastructure does not remunerate key management personnel. Key decision makers of Brookfield Infrastructure are all employees of the ultimate parent company who provide management services under Brookfield Infrastructure’s Master Services Agreement. Details of the management fees paid are disclosed in Note 33, Related Party Transactions. Throughout the year, the General Partner in its capacity as our partnership’s general partner, incurs director fees, a portion of which are charged to our partnership in accordance with the limited partnership agreement. Refer to Note 23, Direct Operating Costs , for further details on payroll expenses identified as “ compensation ,” across all of Brookfield Infrastructure’s subsidiaries. |
NON-WHOLLY OWNED SUBSIDIARIES
NON-WHOLLY OWNED SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
NON-WHOLLY OWNED SUBSIDIARIES | NON-WHOLLY OWNED SUBSIDIARIES The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Financial Position: As of December 31, 2021 US$ MILLIONS Current Non-Current Current Non-Current Non-Controlling Interest in Operating Subsidiaries Partnership Capital (1) Utilities U.K. regulated distribution operation $ 249 $ 4,961 $ 316 $ 3,285 $ 314 $ 1,295 Brazilian regulated gas transmission operation 668 3,115 1,278 2,028 389 88 Colombian natural gas distribution operation 219 1,061 162 522 512 84 Brazilian electricity transmission operation (2) 104 1,457 30 902 436 193 North American residential energy infrastructure operation 269 4,583 466 2,660 1,215 511 Indian gas transmission operation 154 2,015 287 1,191 644 47 U.K. residential infrastructure business (2) 5 151 34 5 99 18 European residential infrastructure operation (2) 24 213 10 78 132 17 Transport North American rail operation 564 9,561 564 4,930 4,173 458 U.K. port operation 55 1,154 40 779 159 231 Australian port operation 262 581 223 180 316 124 Peruvian toll roads 98 1,132 17 561 541 111 Indian toll roads (3) 70 732 166 364 189 83 Midstream Canadian diversified midstream operation (2) 441 15,034 2,875 7,283 2,413 2,904 North American gas storage operation 258 1,479 227 662 525 323 Western Canadian natural gas gathering and processing operation 130 3,932 96 1,974 1,422 570 Data U.S. data center operation 51 1,401 86 929 312 125 Australian data center operation 28 402 23 119 206 82 U.K. telecom towers operation 40 880 190 495 177 58 Indian telecom towers operation (2) 306 8,081 407 6,034 1,443 503 Corporate Holding LP and other 746 101 889 2,470 41 (2,553) Total $ 4,741 $ 62,026 $ 8,386 $ 37,451 $ 15,658 $ 5,272 As of December 31, 2020 US$ MILLIONS Current Non-Current Current Non-Current Non-Controlling Partnership Capital (1) Utilities U.K. regulated distribution operation $ 181 $ 5,264 $ 333 $ 3,241 $ 367 $ 1,504 Brazilian regulated transmission operation 405 3,494 203 2,772 783 141 Colombian natural gas distribution operation 220 1,256 248 478 636 114 Brazilian electricity transmission operation (2) 15 320 11 196 89 39 Canadian district energy operation (4) 28 1,260 147 567 429 145 U.S. district energy operation (4) 38 1,097 78 768 163 126 North American residential energy infrastructure operation 210 4,215 436 2,321 1,174 494 Indian gas transmission operation 94 2,172 131 1,308 781 46 Transport North American rail operation 504 9,569 699 4,898 4,032 444 U.K. port operation 62 1,105 45 735 157 230 Australian port operation 151 863 131 393 352 138 Chilean toll roads (4) 126 835 125 1,148 (335) 23 Peruvian toll roads 105 1,247 438 212 591 111 Indian toll roads (3) 87 808 177 426 203 89 Midstream North American gas storage 170 1,433 67 658 544 334 Western Canadian natural gas gathering and processing operation 125 3,964 131 2,072 1,348 538 Data U.S. data center operation 67 1,634 95 1,138 334 134 Australian data center operation 12 311 127 7 135 54 U.K. telecom towers operation 32 896 332 327 203 66 Indian telecom towers operation (2) 392 7,998 493 5,392 1,917 588 Corporate Holding LP and other 589 172 870 3,423 52 (3,584) Total $ 3,613 $ 49,913 $ 5,317 $ 32,480 $ 13,955 $ 1,774 (1) Attributable to all equity holders other than non-controlling interests in operating subsidiaries. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) Refer to Note 5 , Disposition of Businesses, for further details. The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Operating Results: Year ended December 31, 2021 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation $ 569 $ 34 $ 6 $ 138 $ 26 Brazilian regulated transmission operation 1,074 361 (87) 150 (31) Colombian natural gas distribution operation 862 34 (101) 8 (24) Brazilian electricity transmission operation (1) 90 22 (6) 10 (2) Canadian district energy operation (2) 72 9 35 3 8 U.S. district energy operation (2) 74 2 — — — North American residential energy infrastructure operation 1,444 75 43 32 18 Indian gas transmission operation 342 35 (17) 13 (5) U.K. residential infrastructure business (1) 2 — — — — European residential infrastructure operation (1) 89 (6) (8) (1) (1) Transport North American rail operation 2,157 208 131 24 13 U.K. port operation 274 17 6 24 9 Australian port operation 412 (16) (18) (6) (6) Chilean toll roads (2) 138 (40) 53 (8) 13 Peruvian toll roads 96 6 (57) 1 (11) Indian toll roads (3) 117 (25) (6) (9) (3) Midstream North American gas storage operation 371 95 36 65 22 Canadian diversified midstream operation (1) 906 59 38 65 30 Western Canadian natural gas gathering and processing operation 551 62 52 25 21 Data U.S. data center operation 249 (33) 13 (13) 5 Australian data center operation 23 3 (8) 1 (3) U.K. telecom towers operation 59 (19) (1) (6) — Indian telecom towers operation (1) 1,257 1 (80) — (16) Corporate Holding LP and other 5 742 — 450 194 Total $ 11,233 $ 1,626 $ 24 $ 966 $ 257 Year ended December 31, 2020 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation $ 488 $ 11 $ 42 $ 46 $ 167 Colombian regulated distribution operation (2) 6 2 156 — (6) Brazilian regulated transmission operation 942 309 (399) 116 (152) Colombian natural gas distribution operation 793 39 34 7 13 Brazilian electricity transmission operation (1) 40 9 (25) 4 (11) Canadian district energy operation (2) 127 5 115 2 39 U.S. district energy operation (2) 137 (14) 58 (9) 38 North American residential energy infrastructure operation 1,274 70 (32) 29 (14) Indian gas transmission operation 268 (61) (23) (19) (7) Transport Australian export terminal (4) 297 163 35 54 16 North American Rail Operation 1,974 86 (153) 11 (16) U.K. port operation 235 22 16 31 22 Australian port operation 381 (29) 40 (10) 14 Chilean toll roads (2) 116 (21) (21) (6) 2 Peruvian toll roads 81 7 (54) 1 (11) Indian toll roads (3) 111 (24) (4) (8) (2) Midstream North American gas storage operation 143 (10) 10 (7) 6 Western Canadian natural gas gathering and processing operation 501 29 (1) 12 (1) Data U.S. data center operation 273 (32) (10) (13) (4) Australian data center operation 24 4 12 1 5 U.K. telecom towers operation 51 (3) 5 (1) 2 Indian telecom towers operation (1) 360 5 69 3 14 Corporate Holding LP and other 9 (56) — (7) 250 Total $ 8,631 $ 511 $ (130) $ 237 $ 364 Year ended December 31, 2019 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation 478 24 71 103 278 Colombian regulated distribution operation (2) 179 10 (9) 2 (2) Brazilian regulated transmission operation 1,141 349 (83) 132 (33) Colombian natural gas distribution operation 874 51 (4) 7 — Brazilian transmission operation 2 15 (2) 7 (1) Canadian district energy operation 121 6 85 2 29 U.S. district energy operation 158 (14) 49 (9) 32 North American residential energy infrastructure operation 956 3 63 2 26 Indian gas transmission operation 266 (39) (33) (12) (10) Transport Australian export terminal (4) 308 15 (3) 43 (8) North American Rail Operation — — (10) — (1) U.K. port operation 197 4 19 7 27 Australian port operation 462 (24) (1) (7) — Chilean toll roads 162 — 27 2 16 Peruvian toll roads 107 5 10 1 2 Indian toll roads (3) 130 (19) (6) (9) (3) Midstream North American gas storage operation 143 12 52 9 32 Western Canadian natural gas gathering and processing operation 256 35 31 14 12 Data U.S. data center operation 294 (22) (10) (7) (4) Australian data center operation 20 6 (3) 2 (1) U.K. telecom towers operation — — (2) — (1) Corporate Holding LP and other 25 (5) — (295) (26) Total $ 6,279 $ 412 $ 241 $ (6) $ 364 (1) Refer to Note 6, Acquisition of Businesses, for further details. (2) Refer to Note 5 , Disposition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Upon partial disposition, the operation ceased to meet the definition of a non-wholly owned subsidiary. The balance in the tables above reflect the period up until the date of partial disposition. Refer to Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Cash Flows: Cash Flow Activities Year ended December 31, 2021 Year ended December 31, 2020 US$ MILLIONS Operating Investing Financing Operating Investing Financing Utilities U.K. regulated distribution operation $ 273 $ 344 $ (582) $ 241 $ (372) $ 133 Colombian regulated distribution operation (1) — — — 2 — (2) Brazilian regulated transmission operation 768 (32) (473) 634 (34) (588) Colombian natural gas distribution operation 91 (38) (41) 89 (35) (55) Brazilian electricity transmission operation (2) 29 70 (24) 13 — (14) Canadian district energy operation (1) 30 (38) 7 42 (97) 55 U.S. district energy operation (1) 13 (34) 25 51 (50) — North American residential energy infrastructure operation (79) (107) 189 (42) (5) 45 Indian gas transmission operation 187 (51) (120) 136 (14) (117) U.K. residential infrastructure business (2) — 1 — — — — European residential infrastructure operation (2) (6) 15 — — — — Transport Australian export terminal (4) — — — 68 (27) (57) North American rail operation 511 (98) (424) 616 (24) (606) U.K. port operation 66 (53) (24) 42 (25) (11) Australian port operation 11 (21) (18) 28 (32) 26 Chilean toll roads (1) 46 (172) 85 49 (1) (34) Peruvian toll roads 30 (27) — 18 (22) — Indian toll roads (3) (2) 3 5 11 (18) 19 Midstream North American gas storage operation 196 (35) (179) 68 12 (53) Canadian diversified midstream operation (2) 198 (246) 108 — — — Western Canadian natural gas gathering and processing operation 235 (91) (135) 156 (299) 114 Data U.S. data center operation 38 (25) (15) 77 (16) (63) Australian data center operation 16 (105) 104 7 (3) (3) U.K. telecom towers operation 16 (15) 2 27 (20) (9) Indian telecom towers operation (2) 189 (416) 261 245 (3,451) 3,331 Corporate Holding LP and other (171) 22 322 (182) (4) 89 Total $ 2,685 $ (1,149) $ (927) $ 2,396 $ (4,537) $ 2,200 Cash Flow Activities Year ended December 31, 2019 US$ MILLIONS Operating Investing Financing Utilities U.K. regulated distribution operation $ 271 $ (416) $ 147 Colombian regulated distribution operation (1) 26 (24) (4) Brazilian regulated transmission operation 839 (21) (702) Colombian natural gas distribution operation 72 (38) (73) Brazilian electricity transmission operation 22 (4) (6) Canadian district energy operation (1) 53 (68) 14 U.S. district energy operation (1) 22 (29) 2 North American residential energy infrastructure business 128 (228) 87 Indian gas transmission operation 208 (1,950) 1,746 Transport Australian export terminal (4) 91 (23) (55) North American rail operation — (6,460) 6,578 U.K. port operation 27 (43) 9 Australian port operation 52 (45) (10) Chilean toll roads (1) 62 (2) (55) Peruvian toll roads 47 (39) — Indian toll roads (3) 7 (9) (29) Midstream North American gas storage operation 83 (10) (63) Western Canadian natural gas gathering and processing business 92 (1,396) 1,339 Data U.S. data center operation 51 (6) (35) Australian data center operation — (277) 286 U.K. telecom towers operation 3 (280) 289 Corporate Holding LP and other (46) 243 (128) Total $ 2,110 $ (11,125) $ 9,337 (1) Refer to Note 5, Disposition of Businesses, for further details. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Upon partial disposition, the operation ceased to meet the definition of a non-wholly owned subsidiary. The balance in the tables above reflect the period up until the date of partial disposition. Refer to Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES Our partnership is a flow through entity for tax purposes and as such is not subject to taxation. However, income taxes are recognized for the amount of taxes payable by the partnership’s corporate subsidiaries and for the impact of deferred tax assets and liabilities related to such subsidiaries. (a) Deferred Income Tax Balances The sources of deferred income tax balances are as follows: As of December 31, US$ MILLIONS 2021 2020 Deferred income tax assets Tax losses carried forward $ 1,731 $ 1,002 Financial instruments and other 284 408 $ 2,015 $ 1,410 Deferred income tax liabilities Property, plant and equipment $ (5,472) $ (3,367) Intangible assets (2,316) (2,458) Investment in associates and investment properties (78) (73) $ (7,866) $ (5,898) Net deferred income tax liabilities $ (5,851) $ (4,488) Reflected in the Consolidated Statements of Financial Position as follows: Deferred income tax assets $ 160 $ 124 Deferred income tax liabilities (6,011) (4,612) Net deferred income tax liabilities $ (5,851) $ (4,488) The deferred tax asset related to losses available for carry forward includes $150 million (2020: $80 million) of tax benefits that have been recognized based on projections of future taxable profits. In addition, we also consider tax planning opportunities that will create taxable income in the period in which the unused tax losses can be utilized. The sources of deferred income tax balances and movements are as follows: Recognized in US$ MILLIONS Jan. 1, 2021 Net Income Other Comprehensive Income Other (1) Acquisitions/ Dispositions Dec. 31, 2021 Deferred income tax assets related to non-capital losses and capital losses $ 999 $ 377 $ — $ (16) $ 371 $ 1,731 Deferred income tax liabilities related to differences in tax and book basis, net (5,487) (617) (260) 100 (1,318) (7,582) Net deferred income tax liabilities $ (4,488) $ (240) $ (260) $ 84 $ (947) $ (5,851) Recognized in US$ MILLIONS Jan. 1, 2020 Net Income Other Comprehensive Income Other (1) Acquisitions/ Dispositions Dec. 31, 2020 Deferred income tax assets related to non-capital losses and capital losses $ 397 $ 506 $ — $ 146 $ (50) $ 999 Deferred income tax liabilities related to differences in tax and book basis, net (4,905) (560) (125) (126) 229 (5,487) Net deferred income tax liabilities $ (4,508) $ (54) $ (125) $ 20 $ 179 $ (4,488) (1) Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity. A deferred tax asset is not recognized in respect of deductible temporary differences of $134 million (2020: $143 million), unused capital losses of $1,799 million (2020: $143 million) and unused non-capital losses of $1,362 million (2020: $963 million). Of the total deductible temporary differences of $134 million (2020: $143 million), $24 million expire after five years from the reporting date and $110 million do not expire. Of the unused capital losses of $1,799 million (2020: $143 million), $1,703 million expire after five years from the reporting date and $96 million do not expire. The following table details the expiry date, if applicable, of the non-capital losses: Year of Expiration US$ MILLIONS 2022 2023 2024 2025 2026 Beyond Do not expire Total As of December 31, 2021 $ 35 $ 35 $ 18 $ 4 $ 5 $ 269 $ 996 $ 1,362 As of December 31, 2020 36 37 18 7 5 287 573 963 (b) Income Tax Recognized in Profit or Loss The major components of income tax expense include the following: For the year ended December 31, US$ MILLIONS 2021 2020 2019 Tax expense comprises: Current income tax expense $ 374 $ 237 $ 250 Deferred income tax expense (recovery) Origination and reversal of temporary differences 13 (37) 29 Changes in tax rates or the imposition of new taxes 188 41 (20) Previously unrecognized deferred taxes 39 50 19 Total income tax expense $ 614 $ 291 $ 278 Net income before income tax expense reconciles to income tax expense as follows: Net income before income tax $ 3,333 $ 1,195 $ 928 Income tax expense calculated at the domestic rates applicable to profits in the country concerned 829 431 304 Change in substantively enacted tax rates 188 41 (20) International operations subject to different tax rates (9) (21) (6) Taxable income attributable to non-controlling interests (325) (91) (62) Portion of gains subject to different tax rates (115) (117) 34 Deferred tax assets not recognized 39 50 19 Permanent differences and other 7 (2) 9 Income tax expense recognized in profit or loss $ 614 $ 291 $ 278 As the partnership is not subject to tax, the above reconciliation has been prepared using a composite statutory rate for jurisdictions where Brookfield Infrastructure’s subsidiaries operate. The composite rate has decreased due to changes in the related operating income in the various subsidiaries and changes in local statutory rates. The partnership has approximately $40 million (2020: $15 million) of temporary differences associated with investments in subsidiaries, and associates for which no deferred income taxes have been provided. (c) Income Tax Recognized Directly in Other Comprehensive Income US$ MILLIONS 2021 2020 2019 Deferred income tax arising on income and expenses recognized in other comprehensive income: Revaluation of property, plant and equipment $ (164) $ (219) $ (148) Cash flow hedges (63) 63 3 Pension plan actuarial changes (33) 31 3 Total income tax expense recognized directly in other comprehensive income $ (260) $ (125) $ (142) |
PARTNERSHIP CAPITAL
PARTNERSHIP CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
PARTNERSHIP CAPITAL | PARTNERSHIP CAPITAL As at December 31, 2021, our partnership’s capital structure was comprised of three classes of partnership units: units, preferred units and general partnership units. 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 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. In its capacity as the holder of the Special General Partner Units of the Holding LP, the special general partner is entitled to incentive distribution rights which are based on the amount by which quarterly distributions on the Holding LP’s units (other than Holding LP Class A Preferred Units) exceed specified target levels. To the extent distributions on the Holding LP’s units (other than Holding LP Class A Preferred Units) exceed $0.1827 per quarter, the incentive distribution rights entitle the special general partner to 15% of incremental distributions above this threshold. To the extent that distributions on the Holding LP’s units (other than Holding LP Class A Preferred Units) exceed $0.198 per unit, the incentive distribution rights entitle the special general partner to 25% of incremental distributions above this threshold. During the year, the Holding LP paid incentive distributions of $206 million (2020: $183 million, 2019: $158 million). Prior to the special distribution, the above thresholds of $0.1827 and $0.198 were $0.203 and $0.22, respectively. The Holding LP has issued 129 million Redeemable Partnership Units to Brookfield, which may, at the request of the holder, require the Holding LP to redeem the Redeemable Partnership Units for cash in an amount equal to the market value of our units. This right is subject to our partnership’s right of first refusal which entitles it, at its sole discretion, to elect to acquire any Redeemable Partnership Units so presented to the Holding LP in exchange for one of our partnership’s units (subject to certain customary adjustments). Both the units issued by our partnership and the Redeemable Partnership Units issued by the Holding LP have the same economic attributes in all respects, except for the redemption right described above. The Redeemable Partnership Units participate in earnings and distributions on a per Redeemable Partnership Unit basis equivalent to the per unit participation of the units of our partnership. Our partnership reflects the Redeemable Partnership Units issued to Brookfield by the Holding LP as non-controlling interest—Redeemable Partnership Units held by Brookfield. (a) Special and Limited Partnership Capital Special General Limited Total UNITS MILLIONS 2021 2020 2019 2021 2020 2019 2021 2020 2019 Opening balance 1.6 1.6 1.6 295.4 293.5 277.3 297.0 295.1 278.9 Issued for cash — — — 9.7 0.2 13.8 9.7 0.2 13.8 Conversion from Exchange LP Units — — — 0.1 0.3 3.2 0.1 0.3 3.2 Conversion from BIPC exchangeable shares — — — 0.1 1.4 — 0.1 1.4 — Repurchased and cancelled — — — — — (0.8) — — (0.8) Ending balance 1.6 1.6 1.6 305.3 295.4 293.5 306.9 297.0 295.1 Special General Partner Limited Partners Total US$ MILLIONS 2021 2020 2019 2021 2020 2019 2021 2020 2019 Opening balance $ 19 $ 19 $ 19 $ 5,526 $ 5,495 $ 4,911 $ 5,545 $ 5,514 $ 4,930 Unit issuance — — — 545 9 559 545 9 559 Conversion from Exchange LP Units — — — 2 3 53 2 3 53 Conversion from BIPC exchangeable shares — — — 1 19 — 1 19 — Repurchased and cancelled — — — — — (28) — — (28) Ending balance $ 19 $ 19 $ 19 $ 6,074 $ 5,526 $ 5,495 $ 6,093 $ 5,545 $ 5,514 In November 2021, Brookfield Infrastructure issued 9.5 million units at $58.65 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 7.1 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 July 2019, Brookfield Infrastructure issued 13.5 million units at $42.50 per unit under shelf registrations in the U.S. and Canada. In total, $575 million of gross proceeds were raised through the issuance and $24 million in equity issuance costs were incurred. Concurrently, Brookfield Infrastructure issued approximately 6.1 million Redeemable Partnership Units to Brookfield for gross proceeds of $250 million. As Brookfield participated in the unit offering at a percentage greater than its ownership interest in the Holding LP prior to the equity offering, this resulted in a slight decrease in our partnership’s ownership interest in the Holding LP without resulting in a loss of control. The difference between the proportionate amount by which the non-controlling interest in Holding LP was increased and the proceeds of the Redeemable Partnership Unit offering resulted in a gain of $8 million that was recognized directly in equity. During the year ended December 31, 2021, Brookfield Infrastructure did not repurchase or cancel any units (2020: less than 0.1 million for less than $0.1 million, 2019: 0.8 million for $28 million) and did not incur any commission costs (2020: less than $1 million, 2019: less than $1 million). 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 NYSE for the five trading days immediately preceding the relevant distribution date. During the year ended December 31, 2021, our partnership issued 0.2 million units for proceeds of $12 million (2020: less than 1 million units for proceeds of $9 million, 2019: less than 1 million units for proceeds of $8 million) under the Plan. The weighted average number of Special General Partner Units outstanding for the year ended December 31, 2021 was 1.6 million (2020: 1.6 million, 2019: 1.6 million). The weighted average number of limited partnership units outstanding for the year ended December 31, 2021 was 296.7 million (2020: 294.7 million, 2019: 285.6 million). Net income per limited partnership unit was $1.74 for the year ended December 31, 2021 (2020: $0.35, 2019: $0.06). Net income per limited partnership unit is calculated as the total net income attributable to limited partnership units, less preferred partnership distributions, divided by the average number of limited partnership units outstanding during the year ended December 31, 2021. (b) Non-controlling interest—Redeemable Partnership Units held by Brookfield Non-controlling interest—Redeemable Partnership Units held by Brookfield UNITS MILLIONS 2021 2020 2019 Opening balance 121.9 121.9 115.8 Issued for cash 7.1 — 6.1 Ending balance 129.0 121.9 121.9 Non-controlling interest—Redeemable Partnership Units held by Brookfield US$ MILLIONS 2021 2020 2019 Opening balance $ 2,328 $ 2,328 $ 2,078 Unit issuance 400 — 250 Ending balance $ 2,728 $ 2,328 $ 2,328 In November 2021, Brookfield Infrastructure issued 7.1 million Redeemable Partnership Units to Brookfield for proceeds of $400 million. In July 2019, Brookfield Infrastructure issued 6.1 million Redeemable Partnership Units to Brookfield for proceeds of $250 million. The weighted average number of Redeemable Partnership Units outstanding for the year ended December 31, 2021 was 122.8 million (2020: 121.9 million, 2019: 118.6 million). (c) Non-controlling interest—BIPC exchangeable shares Non-controlling interest— BIPC exchangeable shares UNITS MILLIONS 2021 2020 2019 Opening balance 44.9 — — Unit issuance 2.1 — — Issued in conjunction with the acquisition of Inter Pipeline 26.0 — — Non-cash issuance — 46.3 — Conversion to units (0.1) (1.4) — Conversion from BIPC Exchangeable LP Units 0.4 — — Ending balance 73.3 44.9 — Non-controlling interest— BIPC exchangeable shares US$ MILLIONS 2021 2020 2019 Opening balance $ (19) $ — $ — Unit issuance 1,770 — — Conversion to units (1) (19) — Conversion from BIPC Exchangeable LP Units 5 — — Ending balance $ 1,755 $ (19) $ — In November 2021, BIPC, a subsidiary of our partnership issued 2.1 million BIPC exchangeable shares at $62.70 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 8.1 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 17.9 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. On March 31, 2020, BIPC, a subsidiary of our partnership, issued 46.3 million BIPC exchangeable shares to unitholders as part of the BIPC special distribution. The distribution resulted in no cash proceeds to the partnership. The BIPC exchangeable shares provide holders with economic terms that are substantially equivalent to those of our units and are exchangeable, on a one-for-one basis, for our units. Given the exchangeable feature, the BIPC exchangeable shares are presented as a component of non-controlling interests. Refer to Note 1, Organization and Description of the Business, for further details. During the year ended December 31, 2021, BIPC exchangeable shareholders exchanged 0.1 million (2020: 1.4 million) BIPC exchangeable shares for $1 million of our units (2020: $19 million). (d) Non-controlling interest—Exchangeable Units Non-controlling interest—Exchangeable units UNITS MILLIONS 2021 2020 2019 Opening balance 1.0 1.2 4.4 Special distribution — 0.1 — Issuance of BIPC Exchangeable LP Units 4.1 — — BIPC Exchangeable LP Units converted to BIPC exchangeable shares (0.4) — — Exchange LP Units converted to units (0.1) (0.3) (3.2) Ending balance 4.6 1.0 1.2 Non-controlling interest—Exchangeable units US$ MILLIONS 2021 2020 2019 Opening balance $ 156 $ 159 $ 212 Issuance of BIPC Exchangeable LP Units 259 — — BIPC Exchangeable LP Units converted to BIPC exchangeable shares (5) — — Exchange LP Units converted to units (2) (3) (53) Ending balance $ 408 $ 156 $ 159 During August, September and October 2021, BIPC Exchange LP, a subsidiary of our partnership, issued 4.1 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 , and Note 1, Organization and Description of the Business, for further details. During the year ended December 31, 2021, Exchange LP unitholders exchanged 0.1 million (2020: 0.3 million, 2019: 3.2 million) Exchange LP Units for $2 million (2020: $3 million, 2019: $53 million) of our units. During the year ended December 31, 2021, BIPC Exchangeable LP unitholders exchanged 0.4 million BIPC exchangeable LP units for $5 million of BIPC exchangeable shares. On March 31, 2020, the partnership executed a special distribution of its Exchange LP units whereby each Exchange LP unitholder received one additional Exchange LP unit for every nine Exchange LP units held. The special distribution resulted in no cash proceeds to the partnership. In total, 0.1 million Exchange LP units were issued. On January 21, 2022, BIP Bermuda Holdings I Limited, a wholly owned subsidiary of Brookfield Infrastructure, issued $300 million of perpetual subordinated notes with a coupon of 5.125% per annum. The perpetual subordinated notes do not have a maturity date or fixed redemption date, and are not redeemable at the option of the holders. The perpetual notes will be classified as a separate class of non-controlling interest in the partnership’s Consolidated Statements of Financial Position. (e) Preferred Unitholders’ Capital Preferred Units UNITS MILLIONS 2021 2020 2019 Opening balance 57.9 49.9 49.9 Issued for cash 8.0 8.0 — Repurchased and cancelled (10.0) — — Ending balance 55.9 57.9 49.9 Preferred Units US$ MILLIONS 2021 2020 2019 Opening balance $ 1,130 $ 935 $ 936 Unit issuance 194 195 — Repurchased and cancelled (186) — (1) Ending balance $ 1,138 $ 1,130 $ 935 On February 25, 2022, our partnership announced its intention to redeem 12.0 million issued and outstanding Series 7 Preferred Units, which represents all of the issued and outstanding Series 7 Preferred Units, at $25 per unit on March 31, 2022. During the year ended December 31, 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 (2020: $nil , 2019: less than 0.1 million for $1 million). On January 21, 2021, our partnership issued 8 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. On September 21, 2020, our partnership issued 8 million Series 13 Preferred Units, at $25 per unit, with a quarterly fixed distribution of 5.125% annually. In total, $200 million of gross proceeds were raised and $5 million in underwriting and issuance costs were incurred. Net proceeds of the issuance were used to finance or refinance eligible green projects following criteria outlined by the International Capital Markets Association. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (a) Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 899 $ (1,324) $ 30 $ (82) $ — $ (18) $ 968 $ 473 Other comprehensive income (loss) 175 (287) 7 68 39 (18) 5 (11) Issuance of BIPC exchangeable shares (1) — 18 — — — — — 18 Other items (2),(3),(4) (59) 31 — — — — — (28) Balance at December 31, 2020 $ 1,015 $ (1,562) $ 37 $ (14) $ 39 $ (36) $ 973 $ 452 Other comprehensive income (loss) (5) 31 (168) (2) 59 98 21 99 138 Equity issuance (6) (108) 267 (8) 11 (12) 5 (157) (2) Other items (7) (265) — — — — — — (265) Balance at December 31, 2021 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 (b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Securities Unrealized Equity Accumulated Balance at December 31, 2019 $ 6 $ (9) $ 2 $ — $ — $ — $ 5 $ 4 Other comprehensive income (loss) 1 (3) — 1 — — — (1) Balance at December 31, 2020 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 Other comprehensive (loss) income (5) — (1) — — — — 1 — Equity issuance (6) (3) 5 (2) (1) 1 (1) (1) Balance at December 31, 2021 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 (c) Attributable to Non-controlling interest—Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 391 $ (546) $ 14 $ (37) $ (2) $ (4) $ 407 $ 223 Other comprehensive income (loss) 72 (119) 3 28 15 (8) 2 (7) Issuance of BIPC exchangeable shares ,(1) — 5 — — — — — 5 Other items (2),(3),(4) (25) 13 — — — — — (12) Balance at December 31, 2020 $ 438 $ (647) $ 17 $ (9) $ 13 $ (12) $ 409 $ 209 Other comprehensive income (loss) (5) 13 (68) (1) 25 40 8 41 58 Equity issuance (6) (59) 99 (4) 8 — (2) (63) (21) Other items (7) (109) — — — — — — (109) Balance at December 31, 2021 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 (d) Attributable to Non-controlling interest—BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ — $ — $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) 29 51 (6) 22 5 (3) (11) 87 Issuance of BIPC exchangeable shares ,(1) — (23) — — — — — (23) Other items (4) (2) — — — — — — (2) Balance at December 31, 2020 $ 27 $ 28 $ (6) $ 22 $ 5 $ (3) $ (11) $ 62 Other comprehensive (loss) income (5) 11 (31) — 10 15 4 21 30 Equity issuance (6) 165 (348) 13 (19) 10 (3) 209 27 Other items (7) (42) — — — — — — (42) Balance at December 31, 2021 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 (e) Attributable to Non-controlling interest—Exchangeable units (8) US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 3 $ 1 $ — $ (1) $ — $ — $ 2 $ 5 Other comprehensive income (loss) 1 (2) — 1 — — — — Balance at December 31, 2020 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 Other comprehensive (loss) income (5) 1 (1) — — — — 1 1 Equity issuance (6) 5 (22) 1 1 1 — 12 (2) Other items — — — — — — — — Balance at December 31, 2021 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 (1) In relation to the special distribution of BIPC, $23 million of accumulated other comprehensive income was reallocated to BIPC exchangeable shares. Refer to Note 1, Organization and Description of the Business, for further details. (2) In relation to the partial disposition of a further 33% interest in our Chilean toll road business, $44 million of accumulated other comprehensive loss was reclassified directly to retained earnings in the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. (3) In relation to the disposition of a 17% interest in our Colombian regulated distribution operation, $61 million (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 a 11% interest in our Texas electricity transmission operation, $25 million (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 12, Investments in Associates and Joint Ventures, for further details. (5) 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 year ended December 31, 2021, net income and accumulated other comprehensive income included $178 million and $90 million of deferred tax expenses, respectively, related to the rate change. (6) In relation to the issuance of BIPC exchangeable shares and BIPC Exchangeable LP Units in connection with the acquisition of IPL, as well as the issuance of BIPC exchangeable shares, units and Redeemable Partnership Units in November 2021, accumulated other comprehensive income was reallocated between all components of equity. Refer to Note 6, Acquisition of Businesses and Note 27, Partnership Capital, for further details. (7) In relation to the disposition of our smart meters business in the U.K., a 25% interest in our Canadian district energy operation and a 40% interest in our U.S. district energy operation, $416 million of accumulated other comprehensive (net of tax) of revaluation surplus gains were reclassified directly into retained earnings. (8) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
DISTRIBUTIONS
DISTRIBUTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Distributions [Abstract] | |
DISTRIBUTIONS | DISTRIBUTIONS The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares. For the year ended US$ MILLIONS 2021 2020 2019 Limited Partners $ (608) $ (588) $ (575) General Partner (1) (209) (185) (158) Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield (251) (240) (241) BIPC exchangeable shares (115) (66) — Exchangeable units (3) (7) (4) (4) Preferred unitholders (67) (51) (49) Total Distributions $ (1,257) $ (1,134) $ (1,027) For the year ended PER UNIT/SHARE (2) 2021 2020 2019 Limited Partners $ 2.04 $ 1.94 $ 1.81 General Partner (1) 2.04 1.94 1.81 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 2.04 1.94 1.81 BIPC exchangeable shares 2.04 1.94 1.81 Exchangeable units (3) 2.04 1.94 1.81 Preferred unitholders 1.05 0.97 0.98 (1) Distributions to the General Partner include $206 million of incentive distributions for the year ended December 31, 2021 (2020: $183 million, 2019: $158 million). (2) Our partnership paid a distribution of $0.5375 per unit in March 2020. On March 31, 2020, our partnership completed the previously announced creation of BIPC with a special distribution of BIPC exchangeable shares. The special distribution resulted in the issuance of approximately 46.3 million BIPC exchangeable shares. Historical per unit disclosures have been retroactively adjusted for the impact of the special distribution. Refer to Note 1, Organization and Description of the Business, for further details. (3) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. For the period up until June 30, 2020, holders of the Series 1 Preferred Units, received a cumulative quarterly fixed distribution at an annual rate of 4.50% (C$0.2813 per unit per quarter). On June 1, 2020, our partnership announced the fixed distribution rate reset on its Series 1 Preferred Units for the five years commencing July 1, 2020 and ending June 30, 2025 at 3.974% (C$0.2484 per unit per quarter). |
CONTINGENT ASSETS_& LIABILITIES
CONTINGENT ASSETS & LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
CONTINGENT ASSETS & LIABILITIES | CONTINGENT ASSETS & LIABILITIES Brookfield Infrastructure, including its associates, had bank and customs guarantees and letters of credit outstanding to third parties totaling $474 million (2020: $249 million). These guarantees are generally supported by cash on deposit with banks. Our partnership and its subsidiaries are contingently liable with respect to litigation and claims that arise in the normal course of operations. |
CONTRACTUAL COMMITMENTS
CONTRACTUAL COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Contractual Commitments [Abstract] | |
CONTRACTUAL COMMITMENTS | CONTRACTUAL COMMITMENTS In the normal course of business, our partnership will enter into contractual commitments which include commitments relating to contracted project costs for various growth initiatives, committed expenditures associated with gas and electricity sales contracts at our U.K. regulated distribution operation, service agreements for the purchase and transportation of core utilities at our Canadian diversified midstream operation and leases associated with our U.S. data center operation, Indian telecom towers operation, North American rail operation and Canadian diversified midstream operation. As at December 31, 2021, our partnership had $8,376 million (2020: $5,750 million) of commitments outstanding, of which 11% mature in less than one year, 28% between two and five years, and 61% after five years. In addition, pursuant to the Master Service Agreement, on a quarterly basis, Brookfield Infrastructure pays a base management fee to the Service Provider equal to 0.3125% per quarter (1.25% annually) of the market value of our partnership. This fee is recorded on the Consolidated Statements of Operating Results in general and administrative expenses. |
RETIREMENT BENEFIT PLANS
RETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS Brookfield Infrastructure offers pension plans to certain employees of its subsidiaries. Brookfield Infrastructure’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The benefit plans’ expense for 2021 was $37 million (2020: $38 million, 2019: $9 million). The discount rate used was 2.3% (2020: 1.72%, 2019: 2.5%) with a rate of compensation of 2.6% (2020: 2.3%, 2019: 2.8%). US$ MILLIONS 2021 2020 Plan assets $ 934 $ 833 Less accrued benefit obligation (1,126) (1,164) Accrued benefit liability (1) $ (192) $ (331) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSIn 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 $1 million were incurred during the year ended December 31, 2021 (2020: $1 million, 2019: $1 million). 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 $394 million for the year ended December 31, 2021 (2020: $302 million, 2019: $270 million). As of December 31, 2021, $108 million was outstanding as payable to the Service Provider (December 31, 2020: $89 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 December 31, 2021, Brookfield Infrastructure had a loan payable of $26 million to subsidiaries of Brookfield (December 31, 2020: $82 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 December 31, 2021, our net deposit from Brookfield was $nil (December 31, 2020: $545 million) and Brookfield Infrastructure incurred interest expense of $3 million for the year ended December 31, 2021 (2020: $1 million, 2019: $4 million). Deposits bear interest at market rates. Brookfield Infrastructure has entered into a $500 million revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. As of December 31, 2021, there were no (December 31, 2020: $nil) borrowings outstanding. On April 28, 2021, 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 $25 million from Brookfield. Separately, on July 1, 2021, Brookfield transferred an investment to Brookfield Infrastructure. The transfer was completed at fair value and in consideration, our partnership paid $50 million to Brookfield. As at December 31, 2021, Brookfield Infrastructure had $45 million of corporate borrowings outstanding to an associate of Brookfield, $6 million of non-recourse borrowings outstanding to an associate of Brookfield and approximately $0.6 billion of net payables to a subsidiary of Brookfield, representing funding provided on behalf of Brookfield Infrastructure in connection with the acquisition of our Canadian diversified midstream operation. As at December 31, 2021, associates of Brookfield Infrastructure had $111 million of non-recourse borrowings outstanding an associate of Brookfield. 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 year ended December 31, 2021, revenues of $10 million were generated (2020: $12 million, 2019: $40 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 year ended December 31, 2021, expenses of $37 million were incurred (2020: $2 million, 2019: $67 million). |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Brookfield Infrastructure’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk, commodity risk and other price risk), credit risk and liquidity risk. Brookfield Infrastructure and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2021 and 2020 were as follows: US$ MILLIONS Note 2021 2020 Foreign exchange contracts (a) $ 4,383 $ 3,274 Interest rates swaps and other (b) 10,095 11,437 Commodity contracts 424 32 $ 14,902 $ 14,743 The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2021 and 2020: US$ MILLIONS Unrealized Gains Unrealized Losses Net Change During 2021 Net Change During 2020 Foreign exchange derivatives $ 145 $ (45) $ 100 $ (213) Interest rate derivatives 454 (156) 298 (173) Commodity derivatives — (43) (43) (17) $ 599 $ (244) $ 355 $ (403) (a) Foreign Exchange Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2021 and 2020. Notional Amount Average US$ MILLIONS 2021 2020 2021 2020 Foreign exchange contracts British pounds $ 1,871 $ 1,404 $ 1.35 $ 1.31 Canadian dollars 679 612 0.75 0.75 Australian dollars 642 609 0.73 0.69 European Union euros 367 239 1.21 1.21 Indian rupees 216 308 0.013 0.013 Colombian pesos 27 28 0.0002 0.0003 Peruvian soles 9 12 0.26 0.28 Chilean pesos — 34 — 0.0013 Other (1) 572 28 — — $ 4,383 $ 3,274 (1) Includes foreign exchange contracts at our operating subsidiaries intended to offset the risk associated with non-recourse borrowings in currencies other than the functional currency of the underlying operation. (b) Interest Rates At December 31, 2021, Brookfield Infrastructure held interest rate and cross currency interest rate swap contracts having an aggregate notional amount of $10,095 million (2020: $11,265 million). Brookfield Infrastructure has inflation linked swaps with an aggregate notional amount of $nil (2020: $172 million). Our partnership has an aggregate notional amount of $4,698 million floating interest rate derivatives that are benchmarked against the LIBOR, $440 million floating interest rates derivatives that are benchmarked against the bank bill swap rate and $1,741 million floating interest rates derivatives that are benchmarked against the CDOR. It is currently expected that the Secured Overnight Financing Rate will replace US$ LIBOR prior to June 30, 2023. As at December 31, 2021, none of our partnership’s floating rate borrowings have been impacted by this reform. Please refer to Note 3 , Significant Accounting Policies , for more details. Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2021 and the comparative notional amounts at December 31, 2020, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting: 2021 2020 US$ MILLIONS < 1 year 1 to 5 years > 5 years Total Notional Total Notional Fair value through profit or loss Foreign exchange derivatives $ 1,021 $ 1,082 $ — $ 2,103 $ 1,723 Interest rate derivatives Interest rate swaps, cross currency interest rate swaps and other 579 107 — 686 779 Inflation linked swaps — — — — 172 Commodity contracts 424 — — 424 32 $ 2,024 $ 1,189 $ — $ 3,213 $ 2,706 Elected for hedge accounting Foreign exchange derivatives $ 1,211 $ 497 $ 572 $ 2,280 $ 1,551 Interest rate derivatives Interest rate and cross currency interest rate swaps 324 8,246 839 9,409 10,486 $ 1,535 $ 8,743 $ 1,411 $ 11,689 $ 12,037 The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2021 and 2020 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2021 2020 AS AT AND FOR THE YEARS ENDED (MILLIONS) Notional Effective Ineffective Notional Effective Ineffective Cash flow hedges $ 9,981 $ 288 $ 28 $ 11,089 $ (160) $ 9 Net investment hedges 1,708 62 (14) 948 32 2 $ 11,689 $ 350 $ 14 $ 12,037 $ (128) $ 11 Our partnership settles the difference between the contracted fixed and floating rates of its interest rate swaps on a net basis. All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are designated as cash flow hedges in order to reduce our partnership’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on borrowings affect profit or loss. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT Brookfield Infrastructure is exposed to the following risks as a result of holding financial instruments: capital risk; liquidity risk; market risk (i.e. interest rate risk and foreign currency risk); and credit risk. The following is a description of these risks and how they are managed: (a) Liquidity Risk Management Brookfield Infrastructure manages its capital structure to be able to continue as a going concern while maximizing the return to stakeholders. Brookfield Infrastructure’s overall capital strategy remains unchanged from 2020. Our non-recourse borrowings have increased due to recently completed acquisitions while maintaining our consolidated net debt to capitalization ratio consistent with the prior year. The capital structure of Brookfield Infrastructure consists of debt, offset by cash and cash equivalents, and partnership capital comprised of issued capital and accumulated gains. US$ MILLIONS 2021 2020 Corporate borrowings $ 2,719 $ 3,158 Non-recourse borrowings 26,534 20,020 Subsidiary and corporate borrowings 29,253 23,178 Preferred shares 20 20 Cash and cash equivalents (1) (1,924) (1,393) Consolidated net debt 27,349 21,805 Total partnership capital 26,391 21,673 Total capital and consolidated net debt $ 53,740 $ 43,478 Consolidated net debt to capitalization ratio 51 % 50 % (1) Includes current marketable securities. The Board, along with senior management of the Service Provider, reviews Brookfield Infrastructure’s capital structure and as part of this review, considers the cost of capital and the risk associated with each class of capital. Brookfield Infrastructure manages its debt exposure by financing its operations on a non-recourse basis with prudent levels of debt, ensuring a diversity of funding sources as well as laddering its maturity profile to minimize refinance risk. Brookfield Infrastructure also borrows in the currency where the asset operates, where possible, in order to hedge its currency risk. Generally, Brookfield Infrastructure’s equity strategy is to issue equity in conjunction with acquisitions or outsized organic growth initiatives. The equity portion of capital expenditures and normal levels of acquisition of activity will be self-funded through operating cash flows retained in the business and proceeds from the sale of mature, de-risked businesses. However, Brookfield Infrastructure may also issue equity opportunistically to enhance its liquidity to pursue investment activity. Brookfield Infrastructure maintains active shelf registrations to enable it to issue securities in both the U.S. and Canadian markets. Brookfield Infrastructure’s financing plan is to fund its recurring growth capital expenditures with cash flow generated by its operations after maintenance capital expenditure, as well as debt financing that is sized to maintain its credit profile. To fund large scale development projects and acquisitions, Brookfield Infrastructure will evaluate a variety of capital sources including proceeds from selling mature assets, equity and debt financing. Our partnership will seek to raise additional equity if Brookfield Infrastructure believes it can earn returns on these investments in excess of the cost of the incremental partnership capital. As disclosed within Note 19, Borrowings, Brookfield Infrastructure has various loan facilities in place. In certain cases, the facilities have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. Brookfield Infrastructure does not have any market capitalization covenants attached to any of its borrowings, nor does it have any other externally imposed capital requirements. Brookfield Infrastructure attempts to maintain sufficient financial liquidity at all times so that it is able to participate in attractive opportunities as they arise, better withstand sudden adverse changes in economic circumstances and maintain its distribution of FFO to unitholders. Brookfield Infrastructure’s principal sources of liquidity are cash flows from its operations, undrawn credit facilities and access to public and private capital markets. Brookfield Infrastructure also structures the ownership of its assets to enhance its ability to monetize them to provide additional liquidity, if necessary. Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows: US$ MILLIONS (1) 2021 2020 Corporate cash and financial assets $ 683 $ 464 Availability under committed credit facilities (2) 3,475 3,475 Commercial paper (431) — Draws on credit facility — (1,131) Deposit from parent — (545) Commitments under credit facility (12) (63) Corporate liquidity $ 3,715 $ 2,200 (1) Liquidity managed by Brookfield Infrastructure L.P. and affiliated corporate entities. (2) Includes a $1.975 billion committed corporate credit facility, a $500 million credit facility with Brookfield and an incremental $1.0 billion syndicated revolving credit facility. Refer to Note 19, Borrowings, for further details. The following tables detail the contractual maturities for Brookfield Infrastructure’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which Brookfield Infrastructure can be required to pay. The tables include both interest and principal cash flows: Less than 1-2 years 2-5 years 5+ years Total December 31, 2021 US$ MILLIONS Accounts payable and other liabilities $ 2,980 $ 46 $ 47 $ 319 $ 3,392 Corporate borrowings 431 — 554 1,754 2,739 Non-recourse borrowings (1) 2,599 2,797 11,335 9,778 26,509 Financial liabilities 1,510 101 122 1,507 3,240 Lease liabilities 459 437 1,169 2,859 4,924 Interest Expense: Corporate borrowings (2) 96 96 229 837 1,258 Non-recourse borrowings 1,046 968 2,199 2,951 7,164 (1) As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity. (2) Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0% Less than 1-2 years 2-5 years 5+ years Total December 31, 2020 US$ MILLIONS Accounts payable and other liabilities $ 2,346 $ 27 $ 71 $ 301 $ 2,745 Corporate borrowings — — 1,681 1,492 3,173 Non-recourse borrowings 1,052 881 8,336 9,908 20,177 Financial liabilities 696 1,138 350 1,190 3,374 Lease liabilities 279 247 647 3,685 4,858 Interest Expense: Corporate borrowings 72 72 163 170 477 Non-recourse borrowings 853 811 1,970 2,592 6,226 (b) Market Risk Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by Brookfield Infrastructure will fluctuate because of the change in market prices. Market risk includes the risk of changes in interest rates, foreign currency exchange rates and equity prices. Brookfield Infrastructure seeks to minimize the risks associated with foreign currency exchange rates and interest rates primarily through the use of derivative financial instruments to hedge these risk exposures. The use of financial derivatives is governed by Brookfield Infrastructure’s Treasury Policy. Brookfield Infrastructure does not enter into, or trade financial instruments, including derivative financial instruments, for speculative purposes. The Treasury Policy provides written principles on the use of financial derivatives. With respect to its treasury policy, the Service Provider performs the monitoring, review and approval role and report to the Board on a regular basis. Financial instruments held by Brookfield Infrastructure that are subject to market risk include other financial assets, borrowings, derivative instruments, such as interest rate and foreign currency contracts, and marketable securities. Our partnership is exposed to equity price risks arising from marketable securities. As at December 31, 2021, the balance of the portfolio was $588 million (2020: $526 million), a 10% change in the value of the portfolio would impact our equity by $58 million and result in an impact on the Consolidated Statements of Operating Results of $58 million. Interest Rate Risk Management Brookfield Infrastructure’s primary objectives with respect to interest rate risk management are to ensure that: • Brookfield Infrastructure is not exposed to interest rate movements that could adversely impact its ability to meet financial obligations; • Earnings and distributions are not adversely affected; • Volatility of debt servicing costs is managed within acceptable parameters; and • All borrowing covenants under various borrowing facilities, including interest coverage ratios, are complied with. To achieve these objectives, in general terms, Brookfield Infrastructure’s funding mix comprises both fixed and floating rate debt. Fixed rate debt is achieved either through fixed rate debt funding or through the use of financial derivate instruments. In addition, where possible, interest rate risk is minimized by matching the terms of interest rate swap contracts in regulated businesses to the term of the rate period, thus providing natural hedges. The sensitivity analyses below reflect Brookfield Infrastructure’s exposure to interest rates for both derivative and non-derivative instruments at the reporting date, assuming that a 10 basis point increase or decrease in rates takes place at the beginning of the financial year and is held constant throughout the reporting period. The sensitivity analyses assume a 10 basis point change to reflect the current methodology employed by Brookfield Infrastructure in assessing interest rate risk. Such parallel shift in the yield curve by 10 basis points would have had the following impact, assuming all other variables were held constant: 2021 2020 2019 US$ MILLIONS 10 bp 10 bp 10 bp 10 bp 10 bp 10 bp Net income $ 1 $ (1) $ 1 $ (1) $ 1 $ (1) Other comprehensive income (loss) (1) 1 (1) 1 (2) 2 Foreign Currency Risk Management Brookfield Infrastructure has exposure to foreign currency risk in respect of currency transactions, the value of Brookfield Infrastructure’s net investment, cash flows and capital expenditures that are denominated outside of the U.S. Brookfield Infrastructure’s approach to foreign currency risk management is: • Brookfield Infrastructure leverages any natural hedges that may exist within its operations, including local inflation indexation; • Brookfield Infrastructure utilizes local currency debt financing to the extent possible; and • Brookfield Infrastructure may utilize derivative contracts to the extent that natural hedges are insufficient. The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2021 and 2020: 2021 US$ MILLIONS USD AUD GBP BRL CAD EUR COP PEN INR NZD & Other Total Assets: Current assets $ 1,446 $ 394 $ 582 $ 772 $ 775 $ 67 $ 216 $ 98 $ 463 $ 83 $ 4,896 Non-current assets 13,142 3,688 8,831 5,848 22,576 1,272 1,061 1,132 10,836 679 69,065 $ 14,588 $ 4,082 $ 9,413 $ 6,620 $ 23,351 $ 1,339 $ 1,277 $ 1,230 $ 11,299 $ 762 $ 73,961 Liabilities: Current liabilities $ 2,247 $ 462 $ 792 $ 1,307 $ 2,670 $ 40 $ 161 $ 17 $ 857 $ 108 $ 8,661 Non-current liabilities 9,292 1,656 5,228 2,931 11,531 154 522 561 6,876 158 38,909 11,539 2,118 6,020 4,238 14,201 194 683 578 7,733 266 47,570 Non-controlling interest—in operating subsidiaries and preferred unitholders 4,894 518 749 825 6,348 132 512 541 2,277 — 16,796 Non-controlling interest—Redeemable Partnership Units held by Brookfield (463) 363 664 391 703 254 21 28 323 124 2,408 Non-controlling interest—BIPC exchangeable shares (264) 206 377 222 400 145 12 16 184 71 1,369 Non-controlling interest—Exchangeable units (1) (16) 13 23 14 25 9 1 1 11 4 85 Net investment attributable to limited partners and general partner $ (1,102) $ 864 $ 1,580 $ 930 $ 1,674 $ 605 $ 48 $ 66 $ 771 $ 297 $ 5,733 2020 US$ MILLIONS USD AUD GBP BRL CLP CAD EUR COP PEN INR NZD & Other Total Assets: Current assets $ 805 $ 314 $ 471 $ 420 $ 126 $ 492 $ 145 $ 216 $ 105 $ 573 $ 44 $ 3,711 Non-current assets 14,313 4,042 8,939 5,210 834 9,334 903 1,256 1,247 10,979 563 57,620 $ 15,118 $ 4,356 $ 9,410 $ 5,630 $ 960 $ 9,826 $ 1,048 $ 1,472 $ 1,352 $ 11,552 $ 607 $ 61,331 Liabilities: Current liabilities $ 1,875 $ 446 $ 877 $ 214 $ 125 $ 602 $ 24 $ 246 $ 438 $ 620 $ 57 $ 5,524 Non-current liabilities 10,887 1,842 4,939 2,970 1,148 4,994 118 478 212 6,389 157 34,134 12,762 2,288 5,816 3,184 1,273 5,596 142 724 650 7,009 214 39,658 Non-controlling interest—in operating subsidiaries and preferred unitholders 5,186 488 726 871 (335) 4,020 — 636 591 2,901 — 15,084 Non-controlling interest—Redeemable Partnership Units held by Brookfield (725) 405 734 403 6 54 232 29 28 420 101 1,687 Non-controlling interest—BIPC exchangeable shares (275) 153 278 153 2 20 88 11 11 159 38 638 Non-controlling interest—Exchange LP (5) 3 5 3 — — 2 — — 3 1 12 Net investment attributable to limited partners and general partner $ (1,825) $ 1,019 $ 1,851 $ 1,016 $ 14 $ 136 $ 584 $ 72 $ 72 $ 1,060 $ 253 $ 4,252 (1) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. The following tables detail Brookfield Infrastructure’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: • Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; • Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and • The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts). Impact on Net Income to the Partnership (1) 2021 2020 2019 US$ MILLIONS -10% 10% -10% 10% -10% 10% USD/AUD $ 9 $ (9) $ 4 $ (4) $ 4 $ (4) USD/EUR 1 (1) 2 (2) — — USD/GBP 11 (11) 5 (5) 7 (7) USD/CLP (1) 1 (1) 1 — — USD/COP 1 (1) 1 (1) 1 (1) USD/BRL 18 (18) 15 (15) 18 (18) USD/CAD 13 (13) 4 (4) 1 (1) USD/INR — — (3) 3 (2) 2 USD/NZD — — (1) 1 — — (1) Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares. Impact on Partnership Capital 2021 2020 US$ MILLIONS -10% 10% -10% 10% USD/AUD $ 32 $ (32) $ 70 $ (70) USD/EUR — — 14 (14) USD/GBP 27 (27) 105 (105) USD/CLP — — (5) 5 USD/COP 6 (6) 8 (8) USD/BRL 154 (154) 158 (158) USD/CAD 69 (69) 1 (1) USD/PEN 10 (10) 10 (10) USD/INR 49 (49) 58 (58) (c) Credit Risk Management Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. From a treasury perspective, counterparty credit risk is managed through the establishment of authorized counterparty credit limits which are designed to ensure that Brookfield Infrastructure only deals with creditworthy counterparties and that counterparty concentration is addressed and the risk of loss is mitigated. Credit limits are sufficiently low to restrict Brookfield Infrastructure from having credit exposures concentrated with a single counterparty but rather encourages spreading such risks among several parties. The limits are set at levels that reflect Brookfield Infrastructure’s scale of activity and allow it to manage its treasury business competitively. Brookfield Infrastructure does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Exposure to credit risk is limited to the carrying amount of the assets on the Consolidated Statements of Financial Position. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
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. US$ MILLIONS 2021 2020 Partnership Capital $ 26,391 $ 21,673 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (15,658) (13,954) Deficit 2,520 2,752 Accumulated other comprehensive income (543) (731) Ownership changes (515) (527) Invested Capital $ 12,195 $ 9,213 The following table presents the change in Invested Capital during year ended December 31, 2021: For the year ended December 31, US$ MILLIONS 2021 2020 Opening balance $ 9,213 $ 9,009 Net issuance of preferred units 8 195 Issuance of limited partnership and redeemable partnership units 945 9 Issuance of BIPC exchangeable shares 1,770 — Issuance of BIPC exchange LP Units 259 — Ending balance $ 12,195 $ 9,213 Weighted Average Invested Capital $ 10,076 $ 9,067 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION For the year ended US$ MILLIONS 2021 2020 2019 Interest paid $ 1,074 $ 985 $ 829 Income taxes paid $ 262 $ 172 $ 179 Amounts paid and received for interest were reflected as operating cash flows in the Consolidated Statements of Cash Flows. Interest paid is net of debt related hedges. Amounts paid for income taxes were reflected as either operating cash flows or investing cash flows in the Consolidated Statements of Cash Flows depending upon the nature of the underlying transaction. Details of “Changes in non-cash working capital, net” on the Consolidated Statements of Cash Flows are as follows: For the year ended US$ MILLIONS 2021 2020 2019 Accounts receivable $ (190) $ 284 $ 42 Prepayments (11) (415) (120) Accounts payable and other (323) (89) 146 Changes in non-cash working capital, net (1) $ (524) $ (220) $ 68 (1) During the year ended December 31, 2021, changes in non-cash working capital include a $0.3 billion, (2020: $0.3 billion, 2019: $nil) reduction to cash related to the impact of finance lease receivables signed at our North American residential energy infrastructure operation. The operation presents an outflow for the cost of inventory within the operating cash flows, and given the business has been securitized since 2019, the corresponding cash outflows are more than offset by increases in non-recourse borrowings under financing activities on the Consolidated Statements of Cash Flows. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of events after reporting period [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of Compliance | Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The consolidated financial statements were authorized for issue by the Board of Directors on March 9, 2022. |
Basis of Preparation | Basis of PreparationThe consolidated financial statements are prepared on a going concern basis. |
Subsidiaries | Subsidiaries These consolidated financial statements include the accounts of our partnership and subsidiaries over which our partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which our partnership obtains control, and continue to be consolidated until the date when control is lost. Our partnership (investor) controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Together, our partnership and its subsidiaries are referred to as “Brookfield Infrastructure” in these financial statements. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Holding LP has issued Redeemable Partnership Units held by Brookfield, which may, at the request of the holder, require the Holding LP to redeem the Redeemable Partnership Units for cash consideration equal to the market price of our partnership’s units. This right is subject to our partnership’s right of first refusal which entitles it, at its sole discretion, to elect to acquire any Redeemable Partnership Unit so presented to Holding LP in exchange for one of our partnership’s units subject to certain customary adjustments. All intercompany balances, transactions, revenues and expenses are eliminated in full. |
Associates and Joint Ventures | Associates and Joint Ventures Associates and joint ventures are entities over which our partnership has significant influence or joint control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not constitute control. Our partnership accounts for investments over which it has significant influence using the equity method, and are recorded as Investments in associates and joint ventures on the Consolidated Statements of Financial Position. Interests in investments accounted for using the equity method are initially recorded at cost. If the cost of the associate is lower than the proportionate share of the investment’s underlying fair value, our partnership records a gain on the difference between the cost and the underlying fair values of the identifiable net assets of the associate. If the cost of the associate is greater than our partnership’s proportionate share of the underlying fair value, goodwill and other adjustments arising from the purchase price allocation relating to the associate is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of our partnership’s interest in an investee is adjusted for our partnership’s share of comprehensive income or loss and distributions from the investee. Profits or losses resulting from transactions with an associate are recognized in the consolidated financial statements based on the interests of unrelated investors in the associate. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional and presentation currency of Brookfield Infrastructure. Each of Brookfield Infrastructure’s subsidiaries, associates and jointly controlled entities determines its own functional currency and items included in the financial statements of each subsidiary and associate are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of other comprehensive income. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities measured at fair value are translated at the rate of exchange prevailing at the date when the fair value was determined. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in net income. Gains and losses on transactions which hedge these items are also included in net income or loss. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. |
Business Combinations | Business Combinations Business acquisitions in which control is acquired are accounted for using the acquisition method, other than those between and among entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by Brookfield Infrastructure in exchange for control of the acquiree. Acquisition related costs are recognized in the Consolidated Statements of Operating Results as incurred and included in other expenses. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the Consolidated Statements of Operating Results, whereas changes in the fair values of contingent consideration classified within partnership capital are not subsequently re-measured. Where a business combination is achieved in stages, Brookfield Infrastructure’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date Brookfield Infrastructure attains control and the resulting gain or loss, if any, is recognized in the Consolidated Statements of Operating Results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to the Consolidated Statements of Operating Results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, Brookfield Infrastructure reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date Brookfield Infrastructure obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is subject to a maximum of one year subsequent to the acquisition date. If, after reassessment, Brookfield Infrastructure’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in profit or loss as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37 , Provisions, Contingent Liabilities and Contingent Assets (“IAS 37”) and the amount initially recognized less cumulative amount of income recognized in accordance with IFRS 15, Revenue from Contracts with Customers . |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents include cash on hand and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Accounts Receivable | Accounts ReceivableTrade receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. (g) Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined using the weighted average costing method and includes direct purchase costs as well as costs of production, storage, and transportation of natural gas, natural gas liquids and other hydrocarbons. Net realizable value represents the estimated selling price in the ordinary course of business less estimated costs of completion and selling costs. If applicable, an increase in net realizable value representing a reversal of a previous inventory write-down is recognized as an increase in inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Brookfield Infrastructure uses the revaluation method of accounting for all classes of property, plant and equipment. Property, plant and equipment is initially measured at cost and subsequently carried at its revalued amount, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are made on at least an annual basis, and on a sufficient basis to ensure that the carrying amount does not differ significantly from fair value. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income or loss and accumulated in equity within the revaluation surplus reserve, unless the increase reverses a previously recognized impairment recorded through net income, in which case that portion of the increase is recognized in net income. Where the carrying amount of an asset is decreased, the decrease is recognized in other comprehensive income to the extent of any balance existing in revaluation surplus in respect of the asset, with the remainder of the decrease recognized in net income. Revaluation gains are included in other comprehensive income, but are not subsequently recycled into profit or loss. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Consolidated Statements of Operating Results. However, any balance accumulated in revaluation surplus is subsequently recorded in retained earnings when an asset is derecognized and not transferred to profit or loss. Depreciation of an asset commences when it is available for use. Property, plant and equipment are depreciated on a straight-line or declining-balance basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 75 years Transmission stations, towers and related fixtures Up to 40 years Leasehold improvements Up to 50 years Plant and equipment Up to 40 years Network systems Up to 65 years Track Up to 40 years District energy systems Up to 50 years Pipelines Up to 20 years Gas storage assets Up to 50 years |
Investment Properties | Investment Properties Brookfield Infrastructure uses the fair value method to account for assets classified as investment property. An asset is determined to be an investment property when it is principally held to earn rental income or for capital appreciation, or both. Investment property is initially measured at cost including transaction costs. Subsequent to initial recognition, investment properties are carried at fair value. Gains or losses arising from changes in fair value are included in profit or loss. Fair values are primarily determined by valuation of the lease term and freehold reversion. An income capitalization approach is used by applying a yield to the rental income of the capitalization rate that is reflective of the characteristics, location and market of each property. Fair value is estimated by management of our partnership with due consideration given to observable market inputs, where available. |
Asset Impairment | Asset ImpairmentAt each reporting date, Brookfield Infrastructure assesses whether for assets, other than those measured at fair value with changes in values recorded in profit or loss, there is any indication that such assets are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates in, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the discounted future cash flows generated from use and eventual disposal from an asset or cash generating unit is less than its carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Intangible Assets | Intangible Assets Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. Brookfield Infrastructure’s intangible assets are comprised primarily of conservancy rights, service concession arrangements, customer order backlogs, track access rights, operating network agreements and customer contracts and relationships. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization unless indefinite-lived and accumulated impairment losses, on the same basis as intangible assets acquired separately. Public service concessions that provide Brookfield Infrastructure the right to charge users for a service in which the service and fee is regulated by the grantor are accounted for as an intangible asset under IFRIC 12, Service Concession Arrangements . Concession arrangements were acquired as part of the acquisition of the Brazilian regulated gas transmission operation, Brazilian electricity transmission operation and Indian and Peruvian toll roads and were initially recognized at their fair values. The intangible assets at the Brazilian regulated gas transmission operation and Brazilian electricity transmission operation relate to concession contracts. For our Brazilian regulated gas transmission operation, the concession arrangement provides the business with the right to operate the asset perpetually. As a result, the asset is amortized over its estimated useful life. For our Brazilian electricity transmission operation, the intangible asset is amortized on a straight-line basis over the life of the contractual arrangement. The intangible assets at the Indian and Peruvian toll roads relate to the right to operate a road and charge users a specified tariff for a contractual length of time and is amortized over the life of the contractual arrangement with an average of 15 and 21 years remaining, respectively. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss when the asset is derecognized. |
Goodwill | Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. Brookfield Infrastructure identifies cash generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to profit or loss in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. In the year of a business acquisition, the recoverability of the acquired goodwill is assessed by revisiting the assumptions of the related underwriting model. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. |
Revenue Recognition | Revenue Recognition Our partnership recognizes revenue when it transfers control of a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Brookfield Infrastructure recognizes revenue when the specific criteria have also been met for each of Brookfield Infrastructure’s activities as described below. Cash received by Brookfield Infrastructure from customers is recorded as deferred revenue until revenue recognition criteria are met. Utilities Revenue from utilities infrastructure is derived from the transmission of energy and natural gas, and from our commercial and residential distribution operations. Distribution and transmission revenue each contain a single performance obligation that is recognized over time. The connection revenue relating to Brookfield Infrastructure’s U.K. regulated distribution operation contains a distinct performance obligation that is recognized over the period that the connection is constructed, based on an input method of progress recognition on the basis that this methodology is most reflective of the underlying transfer of control. Performance obligations relating to commercial and residential distribution operations are satisfied over time as the services are rendered or upon commencement of a finance lease agreement. The payment terms for all of our businesses in the utilities segment require payment upon completion, except for connections income whereby payment is typically collected up-front prior to the completion of any services. Transport Revenue from transport infrastructure consists primarily of freight, toll road operations, transportation services revenue, and from our Australian export terminal. These services consist of a single performance obligation and revenue is recognized over time when services are rendered, based primarily on usage or volume during the period. Terminal infrastructure revenue contains both a capacity charge and a handling charge associated with operating the terminal. The terminal infrastructure service contracts contain a performance obligation recognized over time pertaining to capacity for the period the services are provided and for handling services based on tons of coal shipped through the terminal when service is provided. The payment terms for all of our businesses in the transport segment require payment upon completion of the underlying transportation service. Midstream Revenue from midstream infrastructure consists primarily of midstream and storage services. Natural gas midstream services revenue consists of a single performance obligation and is recognized over time as services are rendered, based primarily on volume throughput or contracted capacity. Gas storage revenues contain both a capacity charge and a variable charge, however the associated services are highly interdependent and represent a single performance obligation that is satisfied over time as the services are provided. The payment terms for all of our businesses in the midstream segment require payment upon completion of the underlying service within a given period. |
Financial Instruments and Hedge Accounting | Financial Instruments and Hedge Accounting (i) Financial Instrument Classification Our partnership classifies cash and cash equivalents and accounts receivable and other as amortized cost. Additionally, our partnership maintains a portfolio of marketable securities comprised of liquid equity and debt securities. The marketable securities are classified either as fair value through other comprehensive income (“FVTOCI”) or fair value through profit or loss (“FVTPL”). Derivative assets are classified as FVTPL, except for derivatives in certain hedging relationships. Other financial assets are classified as either amortized cost or FVTOCI. Financial assets classified as FVTPL or FVTOCI are subsequently measured at fair value at each reporting date. For financial assets classified as FVTPL, the change in fair value is recorded through profit or loss. For financial assets classified as FVTOCI, the change in fair value is recorded in other comprehensive income. The cumulative gains or losses related to FVTOCI equity instruments are not reclassified to profit or loss on disposal, whereas the cumulative gains or losses on all other FVTOCI assets are reclassified to profit or loss on disposal. For financial instruments at amortized cost or debt instruments at FVTOCI, the partnership assesses if there have been significant increases in credit risk since initial recognition to determine whether lifetime or 12-month expected credit losses should be recognized. Any related loss allowances are recorded through profit or loss. Borrowings, accounts payable and other, and preferred shares are classified as amortized cost, except for derivatives embedded in related financial instruments. Embedded derivatives and any other derivative liabilities are classified as FVTPL and are subsequently measured at fair value, except for derivatives in certain hedging relationships. Other financial liabilities are classified as either FVTPL or amortized cost. (ii) Hedge Accounting Brookfield Infrastructure selectively utilizes derivative financial instruments primarily to manage financial risks, including interest rate and foreign exchange risks. Derivative financial instruments are recorded at fair value. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and that the hedging relationship meets all of the hedge effectiveness requirements. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. Realized and unrealized gains and losses on foreign exchange contracts, designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at estimated fair value with changes in fair value recorded in profit or loss or as a component of equity as applicable. |
Income Taxes | Income Taxes Income tax expense represents the sum of the tax accrued in the period and deferred income tax. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. Current income tax relating to items recognized directly in partnership capital and other comprehensive income are also recognized directly in partnership capital and other comprehensive income, respectively. (ii) Deferred income tax Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where Brookfield Infrastructure is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflect the tax consequences that would follow from the manner in which Brookfield Infrastructure expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or Brookfield Infrastructure intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. |
Assets Held for Sale | Assets Held for Sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. When Brookfield Infrastructure is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether Brookfield Infrastructure will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Non-current assets classified as held for sale and the assets of a disposal group are presented separately from other assets in the Consolidated Statements of Financial Position and are classified as current. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statements of Financial Position. Once classified as held for sale, property, plant and equipment and intangible assets are not depreciated or amortized, respectively. |
Provisions | Provisions Provisions are recognized when Brookfield Infrastructure has a present obligation, either legal or constructive, as a result of a past event, it is probable that Brookfield Infrastructure will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Recently adopted accounting standards | Recently adopted accounting standards Brookfield Infrastructure applied, for the first time, certain new standards applicable to our partnership that became effective January 1, 2021. The impact of these amendments on our partnership’s accounting policies are as follows: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Disclosures |
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | Significant Accounting Judgments and Key Sources of Estimation Uncertainty The preparation of financial statements requires management to make significant judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Significant judgments and estimates made by management and utilized in the normal course of preparing Brookfield Infrastructure’s consolidated financial statements are outlined below. (i) Common control transactions IFRS 3 (2008) Business Combinations does not include specific measurement guidance for transfers of businesses or subsidiaries between entities under common control. Accordingly, Brookfield Infrastructure has developed a policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. Brookfield Infrastructure’s policy is to record assets and liabilities recognized as a result of transactions between entities under common control at the carrying value on the transferor’s financial statements, and to have the Consolidated Statements of Financial Position, Consolidated Statements of Operating Results, Consolidated Statements of Comprehensive Income and Statements of Cash Flows reflect the results of combining entities for all periods presented for which the entities were under the transferor’s common control, irrespective of when the combination takes place. (ii) Financial instruments Brookfield Infrastructure’s accounting policies relating to derivative financial instruments are described in Note 3(m), Financial Instruments and Hedge Accounting. The significant judgments inherent in these policies relate to applying the criteria to the assessment of the effectiveness of hedging relationships. Estimates and assumptions used in determining the fair value of financial instruments are equity and commodity prices; future interest rates; the credit worthiness of the company relative to its counterparties; the credit risk of our partnership and counterparty; estimated future cash flows; and discount rates. (iii) Revaluation of property, plant and equipment Property, plant and equipment is revalued on a regular basis. The significant estimates and assumptions underlying the valuation of property, plant and equipment are set out in Note 13, Property, Plant and Equipment. (iv) Fair values in business combinations Brookfield Infrastructure accounts for business combinations using the acquisition method of accounting. This method requires the application of fair values for both the consideration given and the assets and liabilities acquired. The calculation of fair values is often predicated on estimates and judgments including future cash flows discounted at an appropriate rate to reflect the risk inherent in the acquired assets and liabilities (refer to Note 6, Acquisition of Businesses for details of business combinations). The determination of the fair values may remain provisional for up to 12 months from the date of acquisition due to the time required to obtain independent valuations of individual assets and to complete assessments of provisions. When the accounting for a business combination has not been completed as at the reporting date, this is disclosed in the financial statements, including observations on the estimates and judgments made as of the reporting date. (v) Assets held for sale Brookfield Infrastructure applies judgment to determine whether an asset or disposal group is available for immediate sale in its present condition and that its sale is highly probable and therefore should be classified as held for sale at the balance sheet date. Conditions that support a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the asset or disposal group, an active program to locate a buyer is initiated, the asset is being actively marketed for sale at a price reasonable in relation to its fair value, the sale is highly probably within 12 months of classification as held for sale, and actions required to complete the plan indicate that it is unlikely that plan will be significantly changed or withdrawn. (vi) Impairment of goodwill, intangibles with indefinite lives and investment in associates and joint ventures The impairment assessment of goodwill and intangible assets with indefinite lives requires estimation of 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 the intangible asset has been allocated. Brookfield Infrastructure uses the following critical assumptions and estimates: the circumstances that gave rise to the goodwill, timing and amount of future cash flows expected from the cash-generating units; discount rates; terminal capitalization rates; terminal valuation dates and useful lives. The impairment assessment of investments in associates and joint ventures requires estimation of the recoverable amount of the asset. Other estimates utilized in the preparation of our partnership’s financial statements are: depreciation and amortization rates and useful lives; recoverable amount of goodwill and intangible assets; ability to utilize tax losses and other tax measurements. The rapid spread of the COVID-19 virus, including subsequent mutations, and actions taken globally in response to COVID-19, have generally disrupted business activities in the jurisdictions in which we operate and elsewhere. Governments around the world implemented stringent measures to control the spread of the virus, including quarantines, social distancing protocols, "shelter in place" and "stay at home" orders, travel restrictions, business curtailments, school closures and other measures, that restricted economic and social activity. Governments and central banks around the world have also enacted fiscal and monetary stimulus measures to mitigate the economically harmful impact of these COVID-19 response measures. Our group’s business relies, to a certain extent, on free movement of goods, services, and capital around the world, all of which were restricted as a result of COVID-19. At the outset of the pandemic, we implemented a response plan designed to maintain our operations despite the outbreak of the virus, including extra safety precautions with respect to our personnel and contingency plans with respect to our facilities. |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about our partnership’s wholly-owned subsidiaries as of December 31, 2021 and 2020: Ownership Country of Defined Name Name of entity 2021 2020 Transport Australian rail operation Arc Infrastructure Holdings No. 1 Pty Ltd Australia 100 100 The following table presents details of non-wholly owned subsidiaries of our partnership: Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Utilities U.K. regulated distribution operation BUUK Infrastructure No 1 Limited (3) U.K. 80 80 80 80 Canadian district energy operation Enwave Energy Corporation (1),(3) Canada — 25 — 100 U.S. district energy operation Enwave USA (1),(3) U.S. — 40 — 100 Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Brazilian regulated gas transmission operation Nova Transportadora do Sudeste S.A. (1),(2) Brazil 31 28 92 90 Colombian natural gas distribution operation Vanti S.A. ESP (1),(2) Colombia 21 21 75 75 Brazilian electricity transmission operation Odoya Transmissora de Energia S.A., Esperanza Transmissora de Energia S.A., Jose Maria de Macedo de Eletricidade S.A, Giovanni Sanguinetti Transmissora de Energia S.A. & Veredas Transmissora de Eletricidade S.A. (1),(2) Brazil 31 31 100 100 European residential infrastructure operation Thermondo GmbH (2) Germany 11 — 51 — North American residential energy infrastructure operation Enercare Inc. (1) Canada 30 30 100 100 Indian gas transmission operation Pipeline Infrastructure Ltd. (1) India 23 24 80 83 U.K. residential infrastructure business BOXT Limited (1),(2) U.K. 15 — 60 — Transport North American rail operation Genesee & Wyoming Inc. (1) U.S. 9 9 72 72 U.K. ports operation Brookfield Port Acquisitions (UK) Limited (1) U.K. 59 59 100 100 Australian port operation Linx Cargo Care Group Pty Ltd (1) Australia 27 27 67 67 Chilean toll roads Sociedad Concesionaria Vespucio Norte Express S.A. (1),(3) Chile — 17 — 60 Indian toll roads BIF India Holdings Pte Ltd (1) Singapore 40 40 93 93 Peruvian toll roads Rutas de Lima S.A.C (1) Peru 17 17 57 57 Indian toll roads Simhapuri Expressway Limited (1) India 29 29 93 93 Indian toll roads Rayalseema Expressway Private Limited (1) India 26 26 84 84 Country of Effective Ownership Voting Defined Name Name of entity 2021 2020 2021 2020 Midstream North American gas storage operation Warwick Gas Storage L.P. (1) Canada 25 25 100 100 North American gas storage operation Lodi Gas Storage LLC (1) U.S. 40 40 100 100 North American gas storage operation Rockpoint Gas Storage Partners L.P. (1) U.S. 40 40 100 100 Canadian diversified midstream operation Inter Pipeline Ltd. (1),(2) Canada 59 — 100 — Western Canadian natural gas gathering and processing operation NorthRiver Midstream Inc. (1) Canada 29 29 100 100 Data U.S. data center operation Dawn Acquisitions LLC (1) U.S. 29 29 100 100 Australian data center operation Ruby Pooling Hold Trust (1) Australia 29 29 100 100 Indian telecom towers operation Summit Digitel Infrastructure Private Limited (1),(2) India 17 17 62 62 U.K. telecom towers operation WIG Holdings I Limited (1) U.K. 24 25 98 100 Corporate Holding LP Brookfield Infrastructure L.P. Bermuda 70 70 100 100 (1) For the above noted subsidiaries, our partnership has entered into voting arrangements to provide our partnership with the ability to direct the relevant activities of the investee. Our partnership controls these investees given that our partnership is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Our partnership exercises judgment to determine the level of variability that will achieve control over an investee, particularly in circumstances where our partnership’s voting interest differs from its ownership interest in an investee. The following were considered to determine whether our partnership controls these investees: the degree of power (if any) held by other investors, the degree of exposure to variability of each investor, the determination of whether any general partner removal rights are substantive and the purpose and design of the investee. (2) See Note 6, Acquisition of Businesses, for further details. (3) See Note 5, Disposition of Businesses, for further details. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of estimated useful lives of property, plant and equipment | Property, plant and equipment are depreciated on a straight-line or declining-balance basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 75 years Transmission stations, towers and related fixtures Up to 40 years Leasehold improvements Up to 50 years Plant and equipment Up to 40 years Network systems Up to 65 years Track Up to 40 years District energy systems Up to 50 years Pipelines Up to 20 years Gas storage assets Up to 50 years |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Disclosure of Operating Segments | FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,623 $ 2,062 $ 1,101 $ 625 $ — $ 5,411 $ (1,976) $ 8,102 $ 11,537 Costs attributed to revenues (3) (681) (1,094) (489) (290) — (2,554) 964 (4,621) (6,211) General and administrative costs — — — — (406) (406) — — (406) Other (expense) income (64) (8) (4) 7 106 37 9 (256) (210) Interest expense (173) (259) (116) (104) (103) (755) 258 (971) (1,468) FFO 705 701 492 238 (403) 1,733 Depreciation and amortization (1,144) 480 (1,372) (2,036) Deferred taxes (168) (10) (62) (240) Mark-to-market on hedging items and other 672 187 806 1,665 Share of earnings from associates — 88 — 88 Net income attributable to non-controlling interest — — (1,626) (1,626) Net income attributable to partnership (4) $ 1,093 $ — $ — $ 1,093 FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,434 $ 1,573 $ 572 $ 519 $ — $ 4,098 $ (1,379) $ 6,166 $ 8,885 Costs attributed to revenues (3) (580) (767) (193) (253) — (1,793) 600 (3,650) (4,843) General and administrative costs — — — — (312) (312) — — (312) Other (expense) income (43) (2) 3 (1) 127 84 17 (188) (87) Interest expense (152) (214) (93) (69) (95) (623) 177 (733) (1,179) FFO 659 590 289 196 (280) 1,454 Depreciation and amortization (1,034) 471 (1,142) (1,705) Deferred taxes 3 (65) 8 (54) Mark-to-market on hedging items and other (29) 48 49 68 Share of earnings from associates — 131 — 131 Net income attributable to non-controlling interest — — (510) (510) Net income attributable to partnership (4) $ 394 $ — $ — $ 394 FOR THE YEAR ENDED Total attributable to Brookfield Infrastructure Contribution Attributable As per IFRS financials (1) Utilities Transport Midstream Data Corporate Total Revenues (2) $ 1,432 $ 1,614 $ 491 $ 336 $ — $ 3,873 $ (1,424) $ 4,148 $ 6,597 Costs attributed to revenues (3) (582) (781) (171) (161) — (1,695) 649 (2,349) (3,395) General and administrative costs — — — — (279) (279) — — (279) Other (expense) income (31) (3) 10 3 91 70 11 (109) (28) Interest expense (147) (227) (86) (42) (83) (585) 173 (492) (904) FFO 672 603 244 136 (271) 1,384 Depreciation and amortization (895) 399 (718) (1,214) Deferred taxes (77) 52 (3) (28) Mark-to-market on hedging items and other (179) (84) (60) (323) Share of losses from associates — 224 — 224 Net income attributable to non-controlling interest — — (417) (417) Net income attributable to partnership (4) $ 233 $ — $ — $ 233 (1) The above table reconciles Brookfield Infrastructure’s share of results to our partnership’s 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) Revenues on a consolidated basis were $4,622 million (2020: $4,083 million, 2019: $4,265 million) from our utilities segment, $3,497 million (2020: $3,449 million, 2019: $1,617 million) from our transport segment, $1,829 million (2020: $643 million, 2019: $399 million) from our midstream segment and $1,589 million (2020: $710 million, 2019: $316 million) from our data segment. (3) Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 23, Direct Operating Costs, for further details. (4) Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable 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 Contribution Attributable Working As per IFRS financials (1) AS AT Utilities Transport Midstream Data Corporate Brookfield Total assets $ 6,184 $ 8,601 $ 10,378 $ 3,405 $ (1,471) $ 27,097 $ (4,825) $ 42,415 $ 9,274 $ 73,961 Total Attributable to Brookfield Infrastructure Contribution Attributable Working As per IFRS financials (1) AS AT Utilities Transport Midstream Data Corporate Brookfield Total assets $ 6,814 $ 9,155 $ 3,829 $ 3,338 $ (2,062) $ 21,074 $ (4,895) $ 37,851 $ 7,301 $ 61,331 (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. |
Revenue and Assets by Geographical Region | Substantially all of our partnership’s revenues are recognized over time as services are rendered. The following table disaggregates revenues by geographical region. US$ MILLIONS 2021 2020 2019 United States $ 2,644 $ 2,279 $ 921 Canada 2,423 1,461 976 India 1,717 740 399 United Kingdom 1,511 1,305 688 Brazil 1,164 981 1,142 Colombia 862 799 1,054 Australia 617 916 1,031 Chile 138 117 163 Peru 96 81 107 Other 365 206 116 $ 11,537 $ 8,885 $ 6,597 US$ MILLIONS 2021 2020 Canada (1) $ 23,324 $ 10,057 United States 12,382 13,372 India 10,836 10,986 United Kingdom 8,831 8,940 Brazil 5,840 5,404 Australia 3,688 4,042 Europe 1,467 1,022 Peru 1,132 1,247 Colombia 1,061 1,256 Chile 8 841 Other 496 453 $ 69,065 $ 57,620 (1) Includes the impact from the acquisition of our Canadian diversified midstream operation. Refer to Note 6, Acquisition of Businesses, for details. |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | 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 (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. Consideration transferred US$ MILLIONS Cash $ 584 Total Consideration $ 584 Fair value of assets and liabilities acquired as of August 31, 2020: US$ MILLIONS Accounts receivable and other $ 367 Property, plant and equipment (1) 6,766 Intangible assets (1) 830 Goodwill (1) 153 Accounts payable and other liabilities (391) Non-recourse borrowings (2,341) Lease liabilities (1) (1,967) Deferred income tax liabilities (1) (12) Net assets acquired before non-controlling interest 3,405 Non-controlling interest (2) (2,821) Net assets acquired $ 584 (1) Revisions to the purchase price allocation resulted in adjustments to the preliminary fair values, including intangible assets, property, plant and equipment, lease liabilities, and deferred income tax liabilities. The revisions resulted in an adjustment to goodwill of approximately $125 million. (2) Non-controlling interest represents the consideration paid for the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date, and includes capital provided by non-controlling interest in the form of a shareholder loan to the operating business. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI 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) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 867 $ 867 Accounts receivable and other — — 2,031 2,031 Financial assets (current and non-current) (1) 846 239 322 1,407 Total $ 846 $ 239 $ 3,220 $ 4,305 Financial liabilities Corporate borrowings $ — $ — $ 3,158 $ 3,158 Non-recourse borrowings (current and non-current) — — 20,020 20,020 Accounts payable and other — — 2,745 2,745 Financial liabilities (current and non-current) (1) 931 — 2,443 3,374 Lease liabilities — — 3,803 3,803 Preferred shares (2) — — 20 20 Total $ 931 $ — $ 32,189 $ 33,120 (1) Derivative instruments which are elected for hedge accounting totaling $373 million are included in financial assets and $572 million of derivative instruments are included in financial liabilities. (2) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value through OCI 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) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020: US$ MILLIONS Financial Instrument Classification MEASUREMENT BASIS Fair value through profit or loss Fair value Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 867 $ 867 Accounts receivable and other — — 2,031 2,031 Financial assets (current and non-current) (1) 846 239 322 1,407 Total $ 846 $ 239 $ 3,220 $ 4,305 Financial liabilities Corporate borrowings $ — $ — $ 3,158 $ 3,158 Non-recourse borrowings (current and non-current) — — 20,020 20,020 Accounts payable and other — — 2,745 2,745 Financial liabilities (current and non-current) (1) 931 — 2,443 3,374 Lease liabilities — — 3,803 3,803 Preferred shares (2) — — 20 20 Total $ 931 $ — $ 32,189 $ 33,120 (1) Derivative instruments which are elected for hedge accounting totaling $373 million are included in financial assets and $572 million of derivative instruments are included in financial liabilities. (2) $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield. |
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at December 31, 2021 and December 31, 2020: Dec. 31, 2021 Dec. 31, 2020 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial assets Cash and cash equivalents $ 1,406 $ 1,406 $ 867 $ 867 Accounts receivable and other 2,718 2,718 2,031 2,031 Financial assets (current and non-current) 1,276 1,276 1,407 1,407 Total $ 5,400 $ 5,400 $ 4,305 $ 4,305 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 hierarchy Dec. 31, 2021 Dec. 31, 2020 Marketable securities Level 1 (1) $ 179 $ 526 Foreign currency forward contracts Level 2 (2) Financial asset $ 104 $ 115 Financial liability 98 251 Interest rate swaps & other Level 2 (2) Financial asset $ 882 $ 438 Financial liability 307 561 Other contracts Level 3 (3) Financial asset $ 6 $ 6 Financial liability 96 119 (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 flows and discount rates. |
Carrying and fair values of financial liabilities | Dec. 31, 2021 Dec. 31, 2020 US$ MILLIONS Carrying Value Fair Value Carrying Value Fair Value Financial liabilities Corporate borrowings (1) $ 2,719 $ 2,805 $ 3,158 $ 3,350 Non-recourse borrowings (current and non-current) (2) 26,534 26,769 20,020 20,328 Accounts payable and other 3,392 3,392 2,745 2,745 Financial liabilities (current and non-current) 3,240 3,240 3,374 3,374 Preferred shares (3) 20 20 20 20 Total $ 35,905 $ 36,226 $ 29,317 $ 29,817 (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 hierarchy Dec. 31, 2021 Dec. 31, 2020 Marketable securities Level 1 (1) $ 179 $ 526 Foreign currency forward contracts Level 2 (2) Financial asset $ 104 $ 115 Financial liability 98 251 Interest rate swaps & other Level 2 (2) Financial asset $ 882 $ 438 Financial liability 307 561 Other contracts Level 3 (3) Financial asset $ 6 $ 6 Financial liability 96 119 (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 flows and discount rates. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents | US$ MILLIONS 2021 2020 Cash $ 745 $ 520 Cash equivalents (1) 505 222 Restricted cash (2) 156 125 Total cash and cash equivalents $ 1,406 $ 867 (1) Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
FINANCIAL ASSETS (Tables)
FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | US$ MILLIONS 2021 2020 Current: Marketable securities $ 518 $ 563 Foreign currency forward contracts 79 34 Cross currency interest rate swaps 58 22 Loans and receivables 47 68 Other 38 11 Total current $ 740 $ 698 Non-current: Marketable securities $ 168 $ 97 Foreign currency forward contracts 24 81 Cross currency interest rate swaps 202 262 Loans and receivables 63 259 Other 79 10 Total non-current $ 536 $ 709 |
ACCOUNTS RECEIVABLE AND OTHER (
ACCOUNTS RECEIVABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts receivable and other | US$ MILLIONS 2021 2020 Current: Accounts receivable $ 1,847 $ 1,463 Finance lease receivables 29 12 Prepayments & other assets 328 450 Total current $ 2,204 $ 1,925 Non-current: Finance lease receivables $ 667 $ 343 Restricted cash (1) 127 81 Accounts receivable 35 123 Other assets 312 209 Total non-current $ 1,141 $ 756 (1) Restricted cash primarily relates to our partnership’s financing arrangements, including debt service accounts. Cash that becomes unrestricted within one year of the reporting date is classified as cash and cash equivalents. |
Disclosure of maturity analysis of finance lease payments receivable | The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2021: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 128 $ 127 $ 126 $ 124 $ 122 $ 1,040 $ 1,667 Operating lease receivables 361 350 308 284 260 1,289 2,852 Total lease receivables $ 489 $ 477 $ 434 $ 408 $ 382 $ 2,329 $ 4,519 The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2020: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 62 $ 61 $ 61 $ 60 $ 59 $ 555 $ 858 Operating lease receivables 396 384 318 295 271 1,474 3,138 Total lease receivables $ 458 $ 445 $ 379 $ 355 $ 330 $ 2,029 $ 3,996 |
Disclosure of maturity analysis of operating lease payments | The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2021: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 128 $ 127 $ 126 $ 124 $ 122 $ 1,040 $ 1,667 Operating lease receivables 361 350 308 284 260 1,289 2,852 Total lease receivables $ 489 $ 477 $ 434 $ 408 $ 382 $ 2,329 $ 4,519 The table below outlines Brookfield Infrastructure’s undiscounted lease payments to be received under operating and finance leases as at December 31, 2020: US$ MILLIONS Less than 1-2 years 2-3 years 3-4 years 4-5 years 5+ years Total lease payment receivable Finance lease receivables $ 62 $ 61 $ 61 $ 60 $ 59 $ 555 $ 858 Operating lease receivables 396 384 318 295 271 1,474 3,138 Total lease receivables $ 458 $ 445 $ 379 $ 355 $ 330 $ 2,029 $ 3,996 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Disclosure of inventories | US$ MILLIONS 2021 2020 Natural gas inventory $ 132 $ 71 Raw materials and other 268 150 Carrying amount of inventories $ 400 $ 221 |
INVESTMENT IN ASSOCIATES AND _2
INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of ownership interest, voting interest, and carrying value of joint ventures | The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS 2021 2020 Balance at beginning of year $ 5,528 $ 4,967 Share of earnings for the year 88 131 Foreign currency translation and other (323) (245) Share of other comprehensive income 163 7 Distributions (157) (167) Disposition of interest (1) (336) — Held for sale (2) (146) — Change in basis of accounting (3).(4),(5) (92) 466 Acquisitions (6) — 369 Balance at end of year (7),(8) $ 4,725 $ 5,528 (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 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 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 each operation to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated both operations effective December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. (5) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Our 49% retained interest was remeasured using the initial public offering price of $466 million. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (6) In September 2020, Brookfield Infrastructure, acquired an effective 6% interest in a U.S. LNG export terminal (“Sabine Pass”), Cheniere Energy Partners, L.P. for $369 million. Brookfield maintains a co-controlling interest in a joint venture with Blackstone Infrastructure Partners, which holds an approximate 41% interest in Sabine Pass. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (7) The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2020: $500 million). (8) Subsequent to December 31, 2021, Brookfield Infrastructure acquired an approximate 10% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. |
Disclosure of ownership interest, voting interest, and carrying value of associates | The following table represents the change in the balance of investments in associates and joint ventures: US$ MILLIONS 2021 2020 Balance at beginning of year $ 5,528 $ 4,967 Share of earnings for the year 88 131 Foreign currency translation and other (323) (245) Share of other comprehensive income 163 7 Distributions (157) (167) Disposition of interest (1) (336) — Held for sale (2) (146) — Change in basis of accounting (3).(4),(5) (92) 466 Acquisitions (6) — 369 Balance at end of year (7),(8) $ 4,725 $ 5,528 (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 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 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 each operation to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated both operations effective December 24, 2021. Refer to Note 6, Acquisition of Businesses, for further details. (5) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Our 49% retained interest was remeasured using the initial public offering price of $466 million. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (6) In September 2020, Brookfield Infrastructure, acquired an effective 6% interest in a U.S. LNG export terminal (“Sabine Pass”), Cheniere Energy Partners, L.P. for $369 million. Brookfield maintains a co-controlling interest in a joint venture with Blackstone Infrastructure Partners, which holds an approximate 41% interest in Sabine Pass. Based on our ownership interest and governance rights retained, our partnership equity accounts for the entity. (7) The closing balance includes a shareholder loan of $375 million from our U.S. gas pipeline (2020: $500 million). (8) Subsequent to December 31, 2021, Brookfield Infrastructure acquired an approximate 10% interest in AusNet Services Ltd., an Australian regulated utility, for total equity consideration of approximately $0.5 billion. |
Disclosure of interests in associates | The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures: As at December 31, 2021 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 359 $ 5,723 $ 6,082 $ 444 $ 3,738 $ 4,182 $ 1,900 $ 1,670 $ 230 Transport 6-49% 1,356 24,437 25,793 2,172 13,044 15,216 10,577 8,260 2,317 Midstream (1) 20-38% 223 6,275 6,498 234 4,087 4,321 2,177 1,125 1,052 Data 12-21% 1,055 13,393 14,448 1,727 6,284 8,011 6,437 5,350 1,087 Corporate 25-50% 4 144 148 1 — 1 147 108 39 Total $ 2,997 $ 49,972 $ 52,969 $ 4,578 $ 27,153 $ 31,731 $ 21,238 $ 16,513 $ 4,725 (1) The partnership’s share of total net assets include a shareholder loan of $375 million receivable from our U.S. gas pipeline. As at December 31, 2020 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 646 $ 6,142 $ 6,788 $ 487 $ 4,238 $ 4,725 $ 2,063 $ 1,810 $ 253 Transport 6-50% 1,266 25,762 27,028 1,959 9,836 11,795 15,233 12,474 2,759 Midstream (1) 20-50% 173 6,392 6,565 249 4,033 4,282 2,283 911 1,372 Data 12-21% 841 13,308 14,149 1,263 6,081 7,344 6,805 5,672 1,133 Corporate 25-50% 22 121 143 14 56 70 73 62 11 Total $ 2,948 $ 51,725 $ 54,673 $ 3,972 $ 24,244 $ 28,216 $ 26,457 $ 20,929 $ 5,528 (1) The partnership’s share of total net assets include a shareholder loan of $500 million receivable from our U.S. gas pipeline. The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,336 $ 521 $ 28 $ 549 $ 84 Transport 11,808 1,574 (435) 1,139 15 Midstream 833 146 (46) 100 74 Data 2,460 70 73 143 14 Corporate — (76) 102 26 (99) Total $ 16,437 $ 2,235 $ (278) $ 1,957 $ 88 Year ended December 31, 2020 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,715 $ 364 $ (205) $ 159 $ 50 Transport 4,161 171 (1,419) (1,248) (101) Midstream 767 236 — 236 136 Data 2,245 293 374 667 45 Corporate 9 (15) (245) (260) 1 Total $ 8,897 $ 1,049 $ (1,495) $ (446) $ 131 Year ended December 31, 2019 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,046 $ 354 $ 26 $ 380 $ 57 Transport 3,351 22 364 386 2 Midstream 734 351 (54) 297 184 Data 1,447 (38) 57 19 (9) Corporate 17 (38) (156) (194) (10) Total $ 6,595 $ 651 $ 237 $ 888 $ 224 The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Partnership’s Utilities $ 202 $ (611) $ 176 $ (233) $ (199) $ (34) Transport 3,192 (372) (1,627) 1,193 1,091 102 Midstream 342 (33) (314) (5) (2) (3) Data 718 (996) 489 211 171 40 Corporate (79) (293) 372 — — — Total $ 4,375 $ (2,305) $ (904) $ 1,166 $ 1,061 $ 105 Year ended December 31, 2020 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Partnership’s Utilities $ 184 $ (697) $ 285 $ (228) $ (199) $ (29) Transport 1,189 (1,039) 826 976 843 133 Midstream 378 (314) (56) 8 3 5 Data 852 (735) (77) 40 34 6 Corporate — — — — — — Total $ 2,603 $ (2,785) $ 978 $ 796 $ 681 $ 115 Year ended December 31, 2019 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Interests Partnership’s Utilities $ 108 $ (1,109) $ 1,548 $ 547 $ 471 $ 76 Transport 692 (852) 11 (149) (76) (73) Midstream 357 (267) (95) (5) (3) (2) Data 531 (2,707) 2,201 25 30 (5) Corporate — — — — — — Total $ 1,688 $ (4,935) $ 3,665 $ 418 $ 422 $ (4) |
Disclosure of interests in joint ventures | The following tables present the gross assets and liabilities of Brookfield Infrastructure’s investments in associates and joint ventures: As at December 31, 2021 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 359 $ 5,723 $ 6,082 $ 444 $ 3,738 $ 4,182 $ 1,900 $ 1,670 $ 230 Transport 6-49% 1,356 24,437 25,793 2,172 13,044 15,216 10,577 8,260 2,317 Midstream (1) 20-38% 223 6,275 6,498 234 4,087 4,321 2,177 1,125 1,052 Data 12-21% 1,055 13,393 14,448 1,727 6,284 8,011 6,437 5,350 1,087 Corporate 25-50% 4 144 148 1 — 1 147 108 39 Total $ 2,997 $ 49,972 $ 52,969 $ 4,578 $ 27,153 $ 31,731 $ 21,238 $ 16,513 $ 4,725 (1) The partnership’s share of total net assets include a shareholder loan of $375 million receivable from our U.S. gas pipeline. As at December 31, 2020 Total Attributable to US$ MILLIONS Ownership and Voting Interest Current Non- Total Current Non- Total Total Other Partnership’s Utilities 11-20% $ 646 $ 6,142 $ 6,788 $ 487 $ 4,238 $ 4,725 $ 2,063 $ 1,810 $ 253 Transport 6-50% 1,266 25,762 27,028 1,959 9,836 11,795 15,233 12,474 2,759 Midstream (1) 20-50% 173 6,392 6,565 249 4,033 4,282 2,283 911 1,372 Data 12-21% 841 13,308 14,149 1,263 6,081 7,344 6,805 5,672 1,133 Corporate 25-50% 22 121 143 14 56 70 73 62 11 Total $ 2,948 $ 51,725 $ 54,673 $ 3,972 $ 24,244 $ 28,216 $ 26,457 $ 20,929 $ 5,528 (1) The partnership’s share of total net assets include a shareholder loan of $500 million receivable from our U.S. gas pipeline. The following tables present the gross amounts of revenue, net income, other comprehensive income from Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,336 $ 521 $ 28 $ 549 $ 84 Transport 11,808 1,574 (435) 1,139 15 Midstream 833 146 (46) 100 74 Data 2,460 70 73 143 14 Corporate — (76) 102 26 (99) Total $ 16,437 $ 2,235 $ (278) $ 1,957 $ 88 Year ended December 31, 2020 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,715 $ 364 $ (205) $ 159 $ 50 Transport 4,161 171 (1,419) (1,248) (101) Midstream 767 236 — 236 136 Data 2,245 293 374 667 45 Corporate 9 (15) (245) (260) 1 Total $ 8,897 $ 1,049 $ (1,495) $ (446) $ 131 Year ended December 31, 2019 Total Net income (loss) attributable to the Partnership US$ MILLIONS Revenue Net OCI Total Comprehensive Income Utilities $ 1,046 $ 354 $ 26 $ 380 $ 57 Transport 3,351 22 364 386 2 Midstream 734 351 (54) 297 184 Data 1,447 (38) 57 19 (9) Corporate 17 (38) (156) (194) (10) Total $ 6,595 $ 651 $ 237 $ 888 $ 224 The following tables present the cash flow activities of Brookfield Infrastructure’s investments in associates and joint ventures for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, 2021 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Partnership’s Utilities $ 202 $ (611) $ 176 $ (233) $ (199) $ (34) Transport 3,192 (372) (1,627) 1,193 1,091 102 Midstream 342 (33) (314) (5) (2) (3) Data 718 (996) 489 211 171 40 Corporate (79) (293) 372 — — — Total $ 4,375 $ (2,305) $ (904) $ 1,166 $ 1,061 $ 105 Year ended December 31, 2020 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Partnership’s Utilities $ 184 $ (697) $ 285 $ (228) $ (199) $ (29) Transport 1,189 (1,039) 826 976 843 133 Midstream 378 (314) (56) 8 3 5 Data 852 (735) (77) 40 34 6 Corporate — — — — — — Total $ 2,603 $ (2,785) $ 978 $ 796 $ 681 $ 115 Year ended December 31, 2019 Total Attributable to US$ MILLIONS Operating Investing Financing Total Cash Flows Other Ownership Interests Partnership’s Utilities $ 108 $ (1,109) $ 1,548 $ 547 $ 471 $ 76 Transport 692 (852) 11 (149) (76) (73) Midstream 357 (267) (95) (5) (3) (2) Data 531 (2,707) 2,201 25 30 (5) Corporate — — — — — — Total $ 1,688 $ (4,935) $ 3,665 $ 418 $ 422 $ (4) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | US$ MILLIONS Utilities Transport Midstream Data Total Gross Carrying Amount: Balance at January 1, 2020 $ 8,633 $ 8,309 $ 3,971 $ 1,131 $ 22,044 Additions, net of disposals 535 387 306 77 1,305 Non-cash additions (disposals) 15 (241) (29) (26) (281) Acquisitions through business combinations (1) — — — 7,334 7,334 Net foreign currency exchange differences 106 242 73 77 498 Balance at December 31, 2020 $ 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 Accumulated depreciation: Balance at January 1, 2020 $ (1,171) $ (950) $ (208) $ (88) $ (2,417) Depreciation expense (419) (498) (141) (189) (1,247) Disposals 12 4 — — 16 Non-cash disposals — 130 — 17 147 Net foreign currency exchange differences (35) (90) (7) (3) (135) Balance at December 31, 2020 $ (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) US$ MILLIONS Utilities Transport Midstream Data Total Accumulated fair value adjustments: Balance at January 1, 2020 $ 2,212 $ 857 $ 317 $ — $ 3,386 Fair value adjustments 652 113 21 — 786 Net foreign currency exchange differences 70 78 — — 148 Balance at December 31, 2020 $ 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 (1,399) — — — (1,399) Balance at December 31, 2021 $ 1,643 $ 1,046 $ 408 $ — $ 3,097 Net book value: December 31, 2021 (4) $ 7,936 $ 8,376 $ 14,648 $ 7,695 $ 38,655 December 31, 2020 $ 10,610 $ 8,341 $ 4,303 $ 8,330 $ 31,584 1. See Note 6, Acquisition of Businesses, for additional information. 2. See Note 5, Disposition of Businesses, for additional information. 3. Non-cash disposals within the data segment primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. Refer to Note 6, Acquisition of Businesses, for additional information. 4. Includes right-of-use assets of $118 million (2020: $159 million) in our utilities segment, $1,179 million (2020: $1,187 million) in our transport segment, $389 million (2020: $113 million) in our midstream segment and $2,287 million (2020: $2,643 million) in our data segment. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s property, plant and equipment assets valued using the income method, categorized by segment. Dec. 31, 2021 Dec. 31, 2020 Segment Valuation Technique (1) Discount Rate Terminal Value Multiple Investment Horizon Primary Valuation Technique (1) Discount Rate Terminal Value Multiple Investment Horizon Utilities Discounted cash flow model 7% to 11% 20x 10 to 20 yrs Discounted cash flow model 7% to 14% 7x to 23x 10 yrs Transport Discounted cash flow model 7% to 14% 9x to 15x 10 yrs Discounted cash flow model 7% to 13% 9x to 14x 10 yrs Midstream Discounted cash flow model 15% 10x 5 to 10 yrs Discounted cash flow model 15% 10x 5 to 10 yrs (1) Certain businesses are valued using the replacement cost method as a result of their underlying operations. Replacement costs are determined with guidance from independent studies and third party evaluators. The following table summarizes the carrying amount of property, plant and equipment that would have been recognized had assets been carried under the cost model, inclusive of purchase price allocations. US$ MILLIONS Dec. 31, 2021 Dec. 31, 2020 Utilities $ 6,504 $ 8,114 Transport 7,557 7,548 Midstream 14,300 4,007 Data 7,694 8,330 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | US$ MILLIONS 2021 2020 Cost $ 15,785 $ 13,233 Accumulated amortization (1,571) (1,466) Net intangible assets $ 14,214 $ 11,767 The following table presents the change in the cost balance of intangible assets: US$ MILLIONS 2021 2020 Cost at beginning of the year $ 13,233 $ 15,695 Acquisitions through business combinations (1) 3,734 532 Additions, net of disposals 67 102 Assets held by subsidiaries disposed during the period (2) (957) — Non-cash additions (disposals) (3),(4) 271 (2,118) Foreign currency translation (563) (978) Cost at end of year $ 15,785 $ 13,233 (1) See Note 6, Acquisition of Businesses, for additional information. (2) Refer to Note 5, Disposition of Businesses, for further details. (3) Non-cash additions during the year ended December 31, 2021 primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. Refer to Note 6, Acquisition of Businesses, for additional information. (4) Non-cash disposals during the year ended December 31, 2020, primarily relates to the partial disposition of our Australian export terminal. See Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. The following table presents the accumulated amortization for Brookfield Infrastructure’s intangible assets: US$ MILLIONS 2021 2020 Accumulated amortization at beginning of year $ (1,466) $ (1,309) Assets held by subsidiaries disposed during the period (2) 281 — Non-cash disposals (1) 26 216 Amortization (514) (458) Foreign currency translation 102 85 Accumulated amortization at end of year $ (1,571) $ (1,466) (1) Non-cash disposals during the year ended December 31, 2020, primarily relates to the partial disposition of our Australian export terminal. See Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. (2) See Note 5, Disposition of Businesses, for further details |
Disclosure of detailed information about intangible assets | Intangible assets are allocated to the following cash generating units: US$ MILLIONS 2021 2020 Brazilian regulated transmission operation $ 2,645 $ 2,903 Canadian diversified midstream operation (2) 2,536 — North American rail operations 1,867 1,929 North American residential energy infrastructure operation 1,720 1,748 Brazilian electricity transmission operation (2) 1,366 270 Peruvian toll roads 976 1,073 Indian telecom tower operation (2) 782 537 Indian toll roads (1) 658 714 U.K. telecom towers operation 480 491 U.K. port operation 289 292 Other (3) 895 985 Chilean toll roads (4) — 825 Total $ 14,214 $ 11,767 (1) Indian toll roads include $604 million of intangible assets at our investments in Simhapuri Expressway Limited and Rayalseema Expressway Limited and $54 million at BIF India Holdings Pte Ltd. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Other intangibles are primarily comprised of customer contracts at our Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation and our natural gas operation in India. (4) Refer to Note 5, Disposition of Businesses, for further details. Goodwill is allocated to the following cash generating units or group of cash generating units: US$ MILLIONS 2021 2020 Canadian diversified midstream operation (1) $ 2,125 $ — North American rail operations 2,105 2,126 North American residential energy infrastructure operation 1,356 1,296 Western Canadian natural gas gathering and processing operation 762 756 U.S. data center operation 503 487 Brazilian regulated transmission operation 456 490 Colombian natural gas distribution operation 433 520 U.K. telecom tower operation 341 345 Other 898 614 Total $ 8,979 $ 6,634 (1) See Note 6, Acquisition of Businesses, for additional information. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | The following table presents the carrying amount for Brookfield Infrastructure’s goodwill: US$ MILLIONS 2021 2020 Balance at beginning of the year $ 6,634 $ 6,553 Acquisitions through business combinations (1) 2,400 27 Assets held by subsidiaries disposed during the period (2) (56) — Foreign currency translation and other 1 54 Balance at end of the year $ 8,979 $ 6,634 (1) See Note 6, Acquisition of Businesses, for additional information. (2) See Note 5, Disposition of Businesses, for additional information. |
Disclosure of detailed information about intangible assets | Intangible assets are allocated to the following cash generating units: US$ MILLIONS 2021 2020 Brazilian regulated transmission operation $ 2,645 $ 2,903 Canadian diversified midstream operation (2) 2,536 — North American rail operations 1,867 1,929 North American residential energy infrastructure operation 1,720 1,748 Brazilian electricity transmission operation (2) 1,366 270 Peruvian toll roads 976 1,073 Indian telecom tower operation (2) 782 537 Indian toll roads (1) 658 714 U.K. telecom towers operation 480 491 U.K. port operation 289 292 Other (3) 895 985 Chilean toll roads (4) — 825 Total $ 14,214 $ 11,767 (1) Indian toll roads include $604 million of intangible assets at our investments in Simhapuri Expressway Limited and Rayalseema Expressway Limited and $54 million at BIF India Holdings Pte Ltd. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Other intangibles are primarily comprised of customer contracts at our Western Canadian natural gas gathering and processing operation, U.S. data center operation, Colombian natural gas transmission operation and our natural gas operation in India. (4) Refer to Note 5, Disposition of Businesses, for further details. Goodwill is allocated to the following cash generating units or group of cash generating units: US$ MILLIONS 2021 2020 Canadian diversified midstream operation (1) $ 2,125 $ — North American rail operations 2,105 2,126 North American residential energy infrastructure operation 1,356 1,296 Western Canadian natural gas gathering and processing operation 762 756 U.S. data center operation 503 487 Brazilian regulated transmission operation 456 490 Colombian natural gas distribution operation 433 520 U.K. telecom tower operation 341 345 Other 898 614 Total $ 8,979 $ 6,634 (1) See Note 6, Acquisition of Businesses, for additional information. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment property [abstract] | |
Disclosure of detailed information about investment property | The following table presents the carrying amount for Brookfield Infrastructure’s investment properties: US$ MILLIONS 2021 2020 Balance at beginning of the year $ 518 $ 416 Additions, net of disposals 106 3 Fair value adjustments 42 68 Foreign currency translation (11) 31 Balance at end of the year $ 655 $ 518 Segment Valuation technique Significant unobservable inputs Range of inputs Transport Direct Income Capitalization Capitalization Rate 6% to 14% Data Direct Income Capitalization Capitalization Rate 6% to 8% |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payable and other | US$ MILLIONS Note 2021 2020 Current: Accounts payable $ 1,877 $ 1,461 Accrued liabilities 1,103 751 Deferred revenue (i) 338 256 Lease liabilities 416 206 Provisions (1) 161 176 Loans and notes payable — 134 Other liabilities 124 293 Total current $ 4,019 $ 3,277 Non-current: Lease liabilities $ 3,423 $ 3,597 Deferred revenue (i) 366 467 Accrued liabilities 200 — Provisions (1) 492 423 Pension liabilities (2) 172 315 Loans and notes payable 28 84 Other liabilities 346 311 Total non-current $ 5,027 $ 5,197 (1) Provisions primarily relate to decommissioning and site restoration liabilities at our Western Canadian natural gas gathering and processing operation and our Indian telecom tower operation. (2) See Note 32, Retirement Benefit Plans, for further details. |
FINANCIAL LIABILITIES (Tables)
FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of financial liabilities | US$ MILLIONS 2021 2020 Current: Deferred consideration (1) $ 1,148 $ 136 Interest rate swaps 54 116 Foreign currency forward contracts 76 107 Other financial liabilities 232 337 Total current financial liabilities $ 1,510 $ 696 Non-current: Deferred consideration (1) $ 6 $ 1,022 Interest rate swaps 160 341 Foreign currency forward contracts 22 138 Inflation swaps — 46 Other financial liabilities (2) 1,542 1,131 Total non-current financial liabilities $ 1,730 $ 2,678 (1) Deferred consideration primarily relates to the April 4, 2017 acquisition our Brazilian regulated gas transmission operation. The deferred consideration is denominated in U.S. dollars and accrues interest at 3.35% compounded annually. The financial liability is measured at amortized cost and is payable on the fifth anniversary of the date of acquisition. (2) Other financial liabilities primarily includes capital provided by non-controlling interest in the form of a shareholder loan. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | Maturity (2) Annual Rate (2) Currency 2021 2020 Corporate revolving credit facility June 29, 2026 LIBOR plus 1.2% US$ $ — $ 1,131 Corporate revolving credit facility April 14, 2022 LIBOR plus 1.2% US$ — — Commercial Paper January 25, 2022 0.37% US$ 431 — Non-Current: Medium Term Notes (1) : Public - Canadian February 22, 2024 3.3% C$ 237 236 Public - Canadian February 22, 2024 3.3% C$ 317 314 Public - Canadian September 11, 2028 4.2% C$ 554 550 Public - Canadian October 9, 2029 3.4% C$ 554 550 Public - Canadian September 1, 2032 2.9% C$ 396 392 Subordinated notes (1) Public - United States May 24, 2081 5.0% US$ 250 — 2,739 3,173 Deferred financing costs and other (20) (15) Total $ 2,719 $ 3,158 (1) See Note 20, 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 December 31, 2021. The current and non-current balances of non-recourse borrowings are as follows: US$ MILLIONS 2021 2020 Current $ 2,701 $ 1,551 Non-current 23,833 18,469 Total $ 26,534 $ 20,020 Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows: US$ MILLIONS Utilities Transport Midstream Data Total 2022 (1) $ 341 $ 386 $ 1,819 $ 53 $ 2,599 2023 1,619 247 715 216 2,797 2024 1,191 296 1,536 195 3,218 2025 440 258 1,264 707 2,669 2026 694 3,217 1,028 509 5,448 Thereafter 3,697 944 2,972 2,165 9,778 Total principal repayments (2) 7,982 5,348 9,334 3,845 26,509 Deferred financing costs and other (31) (39) 156 (61) 25 Total - Dec. 31, 2021 $ 7,951 $ 5,309 $ 9,490 $ 3,784 $ 26,534 Total - Dec. 31, 2020 $ 8,067 $ 6,635 $ 2,111 $ 3,207 $ 20,020 (1) Includes commercial paper obligations at our Canadian diversified midstream operation. (2) As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity. The weighted average interest rates of non-recourse borrowings are as follows: US$ MILLIONS Utilities Transport Midstream Data Total Dec. 31, 2021 4 % 5 % 6 % 7 % 6 % Dec. 31, 2020 4 % 5 % 6 % 6 % 5 % Principal repayments on non-recourse borrowings in their local currency are as follows: US$ MILLIONS, except as noted Dec. 31, 2021 Local Currency Dec. 31, 2020 Local Currency Canadian dollars $ 9,257 CAD 11,698 $ 2,400 CAD $ 3,056 U.S. dollars 7,376 USD 7,376 7,457 USD 7,457 Indian rupees 3,650 INR 272,388 3,760 INR 274,457 British pounds 3,067 GBP 2,266 2,941 GBP 2,151 Brazilian real 1,840 BRL 10,268 1,161 BRL 6,035 Australian dollars 468 AUD 644 320 AUD 416 Colombian pesos 394 COP 1,621,399 418 COP 1,430,115 Peruvian soles 380 PEN 1,521 417 PEN 1,511 New Zealand dollars 41 NZD 60 43 NZD 60 Euro 36 EUR 32 59 EUR 48 Chilean Unidad de Fomento (1),(2) — UF — 1,201 UF 29 (1) Chilean Unidad de Fomento is an inflation adjusted unit of account indexed to the Chilean Peso. (2) See Note 5, Disposition of Businesses, for additional information. |
Disclosure of reconciliation of liabilities arising from financing activities | Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows: US$ MILLIONS 2020 Cash Flows (1) Acquisitions/ Dispositions (1) Foreign Exchange Movement and Other 2021 Corporate borrowings $ 3,158 $ (456) $ — $ 17 $ 2,719 Non-recourse borrowings 20,020 851 5,819 (156) 26,534 (1) Cash flows related to asset level debt raised on the closing of our Canadian diversified midstream operation and the acquisition of an additional interest in our Brazilian regulated gas transmission operation have been presented within Acquisitions/Dispositions. Refer to Note 6, Acquisition of Businesses, and Note 5, Disposition of Businesses, for further details. |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 year ended December 31, 2021 Our partnership (2) The Fincos BIPIC BIPC Holdings Subsidiaries of our partnership other than the Fincos, BIPIC, and BIPC Holdings (3) Consolidating adjustments (4) Our partnership Revenues $ — $ — $ — $ — $ — $ 11,537 $ 11,537 Net income (loss) attributable to partnership (1) 556 — — 208 885 (556) 1,093 For the year ended December 31, 2020 Revenues $ — $ — $ — $ — $ — $ 8,885 $ 8,885 Net income (loss) attributable to partnership (1) 141 — — 5 389 (141) 394 For the year ended December 31, 2019 Revenues $ — $ — $ — $ — $ — $ 6,597 $ 6,597 Net income (loss) attributable to partnership (1) 52 — — — 233 (52) 233 As at 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 As at December 31, 2020 Current assets $ — $ — $ — $ — $ — $ 3,711 $ 3,711 Non-current assets 5,363 — 944 2,238 7,232 41,843 57,620 Current liabilities — — 77 — — 5,447 5,524 Non-current liabilities — 2,027 — 591 — 31,516 34,134 Non-controlling interests Redeemable Partnership Units held by Brookfield — — — — — 1,687 1,687 BIPC exchangeable shares — — — — — 638 638 Exchangeable units (5) — — — — — 12 12 In operating subsidiaries — — — — — 13,954 13,954 Preferred unitholders — — — — — 1,130 1,130 (1) Includes net income (loss) 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. (5) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of interest expense | US$ MILLIONS 2021 2020 2019 Interest on corporate facility $ 16 $ 19 $ 20 Interest on corporate debt 87 76 63 Interest on non-recourse borrowings 1,134 944 738 Other financing fees (1) 231 140 83 $ 1,468 $ 1,179 $ 904 |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Direct Operating Costs [Abstract] | |
Direct Operating Costs | Comparative figures have been reclassified to conform to the current period’s presentation: US$ MILLIONS 2021 2020 2019 Depreciation and amortization $ 2,036 $ 1,705 $ 1,214 Compensation 1,517 1,284 674 Fuel, transportation and distribution costs 1,514 1,291 929 Cost of inventory 1,308 706 463 Utilities 409 171 72 Other direct operating costs 1,463 1,391 1,257 Total $ 8,247 $ 6,548 $ 4,609 |
NON-WHOLLY OWNED SUBSIDIARIES (
NON-WHOLLY OWNED SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Summarized accounts for non-wholly owned subsidiaries | The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Financial Position: As of December 31, 2021 US$ MILLIONS Current Non-Current Current Non-Current Non-Controlling Interest in Operating Subsidiaries Partnership Capital (1) Utilities U.K. regulated distribution operation $ 249 $ 4,961 $ 316 $ 3,285 $ 314 $ 1,295 Brazilian regulated gas transmission operation 668 3,115 1,278 2,028 389 88 Colombian natural gas distribution operation 219 1,061 162 522 512 84 Brazilian electricity transmission operation (2) 104 1,457 30 902 436 193 North American residential energy infrastructure operation 269 4,583 466 2,660 1,215 511 Indian gas transmission operation 154 2,015 287 1,191 644 47 U.K. residential infrastructure business (2) 5 151 34 5 99 18 European residential infrastructure operation (2) 24 213 10 78 132 17 Transport North American rail operation 564 9,561 564 4,930 4,173 458 U.K. port operation 55 1,154 40 779 159 231 Australian port operation 262 581 223 180 316 124 Peruvian toll roads 98 1,132 17 561 541 111 Indian toll roads (3) 70 732 166 364 189 83 Midstream Canadian diversified midstream operation (2) 441 15,034 2,875 7,283 2,413 2,904 North American gas storage operation 258 1,479 227 662 525 323 Western Canadian natural gas gathering and processing operation 130 3,932 96 1,974 1,422 570 Data U.S. data center operation 51 1,401 86 929 312 125 Australian data center operation 28 402 23 119 206 82 U.K. telecom towers operation 40 880 190 495 177 58 Indian telecom towers operation (2) 306 8,081 407 6,034 1,443 503 Corporate Holding LP and other 746 101 889 2,470 41 (2,553) Total $ 4,741 $ 62,026 $ 8,386 $ 37,451 $ 15,658 $ 5,272 As of December 31, 2020 US$ MILLIONS Current Non-Current Current Non-Current Non-Controlling Partnership Capital (1) Utilities U.K. regulated distribution operation $ 181 $ 5,264 $ 333 $ 3,241 $ 367 $ 1,504 Brazilian regulated transmission operation 405 3,494 203 2,772 783 141 Colombian natural gas distribution operation 220 1,256 248 478 636 114 Brazilian electricity transmission operation (2) 15 320 11 196 89 39 Canadian district energy operation (4) 28 1,260 147 567 429 145 U.S. district energy operation (4) 38 1,097 78 768 163 126 North American residential energy infrastructure operation 210 4,215 436 2,321 1,174 494 Indian gas transmission operation 94 2,172 131 1,308 781 46 Transport North American rail operation 504 9,569 699 4,898 4,032 444 U.K. port operation 62 1,105 45 735 157 230 Australian port operation 151 863 131 393 352 138 Chilean toll roads (4) 126 835 125 1,148 (335) 23 Peruvian toll roads 105 1,247 438 212 591 111 Indian toll roads (3) 87 808 177 426 203 89 Midstream North American gas storage 170 1,433 67 658 544 334 Western Canadian natural gas gathering and processing operation 125 3,964 131 2,072 1,348 538 Data U.S. data center operation 67 1,634 95 1,138 334 134 Australian data center operation 12 311 127 7 135 54 U.K. telecom towers operation 32 896 332 327 203 66 Indian telecom towers operation (2) 392 7,998 493 5,392 1,917 588 Corporate Holding LP and other 589 172 870 3,423 52 (3,584) Total $ 3,613 $ 49,913 $ 5,317 $ 32,480 $ 13,955 $ 1,774 (1) Attributable to all equity holders other than non-controlling interests in operating subsidiaries. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) Refer to Note 5 , Disposition of Businesses, for further details. The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Operating Results: Year ended December 31, 2021 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation $ 569 $ 34 $ 6 $ 138 $ 26 Brazilian regulated transmission operation 1,074 361 (87) 150 (31) Colombian natural gas distribution operation 862 34 (101) 8 (24) Brazilian electricity transmission operation (1) 90 22 (6) 10 (2) Canadian district energy operation (2) 72 9 35 3 8 U.S. district energy operation (2) 74 2 — — — North American residential energy infrastructure operation 1,444 75 43 32 18 Indian gas transmission operation 342 35 (17) 13 (5) U.K. residential infrastructure business (1) 2 — — — — European residential infrastructure operation (1) 89 (6) (8) (1) (1) Transport North American rail operation 2,157 208 131 24 13 U.K. port operation 274 17 6 24 9 Australian port operation 412 (16) (18) (6) (6) Chilean toll roads (2) 138 (40) 53 (8) 13 Peruvian toll roads 96 6 (57) 1 (11) Indian toll roads (3) 117 (25) (6) (9) (3) Midstream North American gas storage operation 371 95 36 65 22 Canadian diversified midstream operation (1) 906 59 38 65 30 Western Canadian natural gas gathering and processing operation 551 62 52 25 21 Data U.S. data center operation 249 (33) 13 (13) 5 Australian data center operation 23 3 (8) 1 (3) U.K. telecom towers operation 59 (19) (1) (6) — Indian telecom towers operation (1) 1,257 1 (80) — (16) Corporate Holding LP and other 5 742 — 450 194 Total $ 11,233 $ 1,626 $ 24 $ 966 $ 257 Year ended December 31, 2020 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation $ 488 $ 11 $ 42 $ 46 $ 167 Colombian regulated distribution operation (2) 6 2 156 — (6) Brazilian regulated transmission operation 942 309 (399) 116 (152) Colombian natural gas distribution operation 793 39 34 7 13 Brazilian electricity transmission operation (1) 40 9 (25) 4 (11) Canadian district energy operation (2) 127 5 115 2 39 U.S. district energy operation (2) 137 (14) 58 (9) 38 North American residential energy infrastructure operation 1,274 70 (32) 29 (14) Indian gas transmission operation 268 (61) (23) (19) (7) Transport Australian export terminal (4) 297 163 35 54 16 North American Rail Operation 1,974 86 (153) 11 (16) U.K. port operation 235 22 16 31 22 Australian port operation 381 (29) 40 (10) 14 Chilean toll roads (2) 116 (21) (21) (6) 2 Peruvian toll roads 81 7 (54) 1 (11) Indian toll roads (3) 111 (24) (4) (8) (2) Midstream North American gas storage operation 143 (10) 10 (7) 6 Western Canadian natural gas gathering and processing operation 501 29 (1) 12 (1) Data U.S. data center operation 273 (32) (10) (13) (4) Australian data center operation 24 4 12 1 5 U.K. telecom towers operation 51 (3) 5 (1) 2 Indian telecom towers operation (1) 360 5 69 3 14 Corporate Holding LP and other 9 (56) — (7) 250 Total $ 8,631 $ 511 $ (130) $ 237 $ 364 Year ended December 31, 2019 Attributable to non-controlling interest Attributable to US$ MILLIONS Revenue Net Other Net Other Utilities U.K. regulated distribution operation 478 24 71 103 278 Colombian regulated distribution operation (2) 179 10 (9) 2 (2) Brazilian regulated transmission operation 1,141 349 (83) 132 (33) Colombian natural gas distribution operation 874 51 (4) 7 — Brazilian transmission operation 2 15 (2) 7 (1) Canadian district energy operation 121 6 85 2 29 U.S. district energy operation 158 (14) 49 (9) 32 North American residential energy infrastructure operation 956 3 63 2 26 Indian gas transmission operation 266 (39) (33) (12) (10) Transport Australian export terminal (4) 308 15 (3) 43 (8) North American Rail Operation — — (10) — (1) U.K. port operation 197 4 19 7 27 Australian port operation 462 (24) (1) (7) — Chilean toll roads 162 — 27 2 16 Peruvian toll roads 107 5 10 1 2 Indian toll roads (3) 130 (19) (6) (9) (3) Midstream North American gas storage operation 143 12 52 9 32 Western Canadian natural gas gathering and processing operation 256 35 31 14 12 Data U.S. data center operation 294 (22) (10) (7) (4) Australian data center operation 20 6 (3) 2 (1) U.K. telecom towers operation — — (2) — (1) Corporate Holding LP and other 25 (5) — (295) (26) Total $ 6,279 $ 412 $ 241 $ (6) $ 364 (1) Refer to Note 6, Acquisition of Businesses, for further details. (2) Refer to Note 5 , Disposition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Upon partial disposition, the operation ceased to meet the definition of a non-wholly owned subsidiary. The balance in the tables above reflect the period up until the date of partial disposition. Refer to Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Cash Flows: Cash Flow Activities Year ended December 31, 2021 Year ended December 31, 2020 US$ MILLIONS Operating Investing Financing Operating Investing Financing Utilities U.K. regulated distribution operation $ 273 $ 344 $ (582) $ 241 $ (372) $ 133 Colombian regulated distribution operation (1) — — — 2 — (2) Brazilian regulated transmission operation 768 (32) (473) 634 (34) (588) Colombian natural gas distribution operation 91 (38) (41) 89 (35) (55) Brazilian electricity transmission operation (2) 29 70 (24) 13 — (14) Canadian district energy operation (1) 30 (38) 7 42 (97) 55 U.S. district energy operation (1) 13 (34) 25 51 (50) — North American residential energy infrastructure operation (79) (107) 189 (42) (5) 45 Indian gas transmission operation 187 (51) (120) 136 (14) (117) U.K. residential infrastructure business (2) — 1 — — — — European residential infrastructure operation (2) (6) 15 — — — — Transport Australian export terminal (4) — — — 68 (27) (57) North American rail operation 511 (98) (424) 616 (24) (606) U.K. port operation 66 (53) (24) 42 (25) (11) Australian port operation 11 (21) (18) 28 (32) 26 Chilean toll roads (1) 46 (172) 85 49 (1) (34) Peruvian toll roads 30 (27) — 18 (22) — Indian toll roads (3) (2) 3 5 11 (18) 19 Midstream North American gas storage operation 196 (35) (179) 68 12 (53) Canadian diversified midstream operation (2) 198 (246) 108 — — — Western Canadian natural gas gathering and processing operation 235 (91) (135) 156 (299) 114 Data U.S. data center operation 38 (25) (15) 77 (16) (63) Australian data center operation 16 (105) 104 7 (3) (3) U.K. telecom towers operation 16 (15) 2 27 (20) (9) Indian telecom towers operation (2) 189 (416) 261 245 (3,451) 3,331 Corporate Holding LP and other (171) 22 322 (182) (4) 89 Total $ 2,685 $ (1,149) $ (927) $ 2,396 $ (4,537) $ 2,200 Cash Flow Activities Year ended December 31, 2019 US$ MILLIONS Operating Investing Financing Utilities U.K. regulated distribution operation $ 271 $ (416) $ 147 Colombian regulated distribution operation (1) 26 (24) (4) Brazilian regulated transmission operation 839 (21) (702) Colombian natural gas distribution operation 72 (38) (73) Brazilian electricity transmission operation 22 (4) (6) Canadian district energy operation (1) 53 (68) 14 U.S. district energy operation (1) 22 (29) 2 North American residential energy infrastructure business 128 (228) 87 Indian gas transmission operation 208 (1,950) 1,746 Transport Australian export terminal (4) 91 (23) (55) North American rail operation — (6,460) 6,578 U.K. port operation 27 (43) 9 Australian port operation 52 (45) (10) Chilean toll roads (1) 62 (2) (55) Peruvian toll roads 47 (39) — Indian toll roads (3) 7 (9) (29) Midstream North American gas storage operation 83 (10) (63) Western Canadian natural gas gathering and processing business 92 (1,396) 1,339 Data U.S. data center operation 51 (6) (35) Australian data center operation — (277) 286 U.K. telecom towers operation 3 (280) 289 Corporate Holding LP and other (46) 243 (128) Total $ 2,110 $ (11,125) $ 9,337 (1) Refer to Note 5, Disposition of Businesses, for further details. (2) Refer to Note 6, Acquisition of Businesses, for further details. (3) Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited. (4) On December 7, 2020, our partnership completed the partial sale of an effective 22% interest in our Australian export terminal. Upon partial disposition, the operation ceased to meet the definition of a non-wholly owned subsidiary. The balance in the tables above reflect the period up until the date of partial disposition. Refer to Note 5, Disposition of Businesses, and Note 12, Investment in Associates and Joint Ventures, for further details. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Deferred income tax balances | The sources of deferred income tax balances are as follows: As of December 31, US$ MILLIONS 2021 2020 Deferred income tax assets Tax losses carried forward $ 1,731 $ 1,002 Financial instruments and other 284 408 $ 2,015 $ 1,410 Deferred income tax liabilities Property, plant and equipment $ (5,472) $ (3,367) Intangible assets (2,316) (2,458) Investment in associates and investment properties (78) (73) $ (7,866) $ (5,898) Net deferred income tax liabilities $ (5,851) $ (4,488) Reflected in the Consolidated Statements of Financial Position as follows: Deferred income tax assets $ 160 $ 124 Deferred income tax liabilities (6,011) (4,612) Net deferred income tax liabilities $ (5,851) $ (4,488) The sources of deferred income tax balances and movements are as follows: Recognized in US$ MILLIONS Jan. 1, 2021 Net Income Other Comprehensive Income Other (1) Acquisitions/ Dispositions Dec. 31, 2021 Deferred income tax assets related to non-capital losses and capital losses $ 999 $ 377 $ — $ (16) $ 371 $ 1,731 Deferred income tax liabilities related to differences in tax and book basis, net (5,487) (617) (260) 100 (1,318) (7,582) Net deferred income tax liabilities $ (4,488) $ (240) $ (260) $ 84 $ (947) $ (5,851) Recognized in US$ MILLIONS Jan. 1, 2020 Net Income Other Comprehensive Income Other (1) Acquisitions/ Dispositions Dec. 31, 2020 Deferred income tax assets related to non-capital losses and capital losses $ 397 $ 506 $ — $ 146 $ (50) $ 999 Deferred income tax liabilities related to differences in tax and book basis, net (4,905) (560) (125) (126) 229 (5,487) Net deferred income tax liabilities $ (4,508) $ (54) $ (125) $ 20 $ 179 $ (4,488) (1) Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity. The following table details the expiry date, if applicable, of the non-capital losses: Year of Expiration US$ MILLIONS 2022 2023 2024 2025 2026 Beyond Do not expire Total As of December 31, 2021 $ 35 $ 35 $ 18 $ 4 $ 5 $ 269 $ 996 $ 1,362 As of December 31, 2020 36 37 18 7 5 287 573 963 US$ MILLIONS 2021 2020 2019 Deferred income tax arising on income and expenses recognized in other comprehensive income: Revaluation of property, plant and equipment $ (164) $ (219) $ (148) Cash flow hedges (63) 63 3 Pension plan actuarial changes (33) 31 3 Total income tax expense recognized directly in other comprehensive income $ (260) $ (125) $ (142) |
Components of income tax expense (recovery) | The major components of income tax expense include the following: For the year ended December 31, US$ MILLIONS 2021 2020 2019 Tax expense comprises: Current income tax expense $ 374 $ 237 $ 250 Deferred income tax expense (recovery) Origination and reversal of temporary differences 13 (37) 29 Changes in tax rates or the imposition of new taxes 188 41 (20) Previously unrecognized deferred taxes 39 50 19 Total income tax expense $ 614 $ 291 $ 278 Net income before income tax expense reconciles to income tax expense as follows: Net income before income tax $ 3,333 $ 1,195 $ 928 Income tax expense calculated at the domestic rates applicable to profits in the country concerned 829 431 304 Change in substantively enacted tax rates 188 41 (20) International operations subject to different tax rates (9) (21) (6) Taxable income attributable to non-controlling interests (325) (91) (62) Portion of gains subject to different tax rates (115) (117) 34 Deferred tax assets not recognized 39 50 19 Permanent differences and other 7 (2) 9 Income tax expense recognized in profit or loss $ 614 $ 291 $ 278 |
PARTNERSHIP CAPITAL (Tables)
PARTNERSHIP CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Disclosure of classes of share capital | Special and Limited Partnership Capital Special General Limited Total UNITS MILLIONS 2021 2020 2019 2021 2020 2019 2021 2020 2019 Opening balance 1.6 1.6 1.6 295.4 293.5 277.3 297.0 295.1 278.9 Issued for cash — — — 9.7 0.2 13.8 9.7 0.2 13.8 Conversion from Exchange LP Units — — — 0.1 0.3 3.2 0.1 0.3 3.2 Conversion from BIPC exchangeable shares — — — 0.1 1.4 — 0.1 1.4 — Repurchased and cancelled — — — — — (0.8) — — (0.8) Ending balance 1.6 1.6 1.6 305.3 295.4 293.5 306.9 297.0 295.1 Special General Partner Limited Partners Total US$ MILLIONS 2021 2020 2019 2021 2020 2019 2021 2020 2019 Opening balance $ 19 $ 19 $ 19 $ 5,526 $ 5,495 $ 4,911 $ 5,545 $ 5,514 $ 4,930 Unit issuance — — — 545 9 559 545 9 559 Conversion from Exchange LP Units — — — 2 3 53 2 3 53 Conversion from BIPC exchangeable shares — — — 1 19 — 1 19 — Repurchased and cancelled — — — — — (28) — — (28) Ending balance $ 19 $ 19 $ 19 $ 6,074 $ 5,526 $ 5,495 $ 6,093 $ 5,545 $ 5,514 Non-controlling interest—Redeemable Partnership Units held by Brookfield UNITS MILLIONS 2021 2020 2019 Opening balance 121.9 121.9 115.8 Issued for cash 7.1 — 6.1 Ending balance 129.0 121.9 121.9 Non-controlling interest—Redeemable Partnership Units held by Brookfield US$ MILLIONS 2021 2020 2019 Opening balance $ 2,328 $ 2,328 $ 2,078 Unit issuance 400 — 250 Ending balance $ 2,728 $ 2,328 $ 2,328 Non-controlling interest— BIPC exchangeable shares UNITS MILLIONS 2021 2020 2019 Opening balance 44.9 — — Unit issuance 2.1 — — Issued in conjunction with the acquisition of Inter Pipeline 26.0 — — Non-cash issuance — 46.3 — Conversion to units (0.1) (1.4) — Conversion from BIPC Exchangeable LP Units 0.4 — — Ending balance 73.3 44.9 — Non-controlling interest— BIPC exchangeable shares US$ MILLIONS 2021 2020 2019 Opening balance $ (19) $ — $ — Unit issuance 1,770 — — Conversion to units (1) (19) — Conversion from BIPC Exchangeable LP Units 5 — — Ending balance $ 1,755 $ (19) $ — Non-controlling interest—Exchangeable units UNITS MILLIONS 2021 2020 2019 Opening balance 1.0 1.2 4.4 Special distribution — 0.1 — Issuance of BIPC Exchangeable LP Units 4.1 — — BIPC Exchangeable LP Units converted to BIPC exchangeable shares (0.4) — — Exchange LP Units converted to units (0.1) (0.3) (3.2) Ending balance 4.6 1.0 1.2 Non-controlling interest—Exchangeable units US$ MILLIONS 2021 2020 2019 Opening balance $ 156 $ 159 $ 212 Issuance of BIPC Exchangeable LP Units 259 — — BIPC Exchangeable LP Units converted to BIPC exchangeable shares (5) — — Exchange LP Units converted to units (2) (3) (53) Ending balance $ 408 $ 156 $ 159 Preferred Units UNITS MILLIONS 2021 2020 2019 Opening balance 57.9 49.9 49.9 Issued for cash 8.0 8.0 — Repurchased and cancelled (10.0) — — Ending balance 55.9 57.9 49.9 Preferred Units US$ MILLIONS 2021 2020 2019 Opening balance $ 1,130 $ 935 $ 936 Unit issuance 194 195 — Repurchased and cancelled (186) — (1) Ending balance $ 1,138 $ 1,130 $ 935 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Schedule of accumulated other comprehensive income (loss) | Attributable to Limited Partners US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 899 $ (1,324) $ 30 $ (82) $ — $ (18) $ 968 $ 473 Other comprehensive income (loss) 175 (287) 7 68 39 (18) 5 (11) Issuance of BIPC exchangeable shares (1) — 18 — — — — — 18 Other items (2),(3),(4) (59) 31 — — — — — (28) Balance at December 31, 2020 $ 1,015 $ (1,562) $ 37 $ (14) $ 39 $ (36) $ 973 $ 452 Other comprehensive income (loss) (5) 31 (168) (2) 59 98 21 99 138 Equity issuance (6) (108) 267 (8) 11 (12) 5 (157) (2) Other items (7) (265) — — — — — — (265) Balance at December 31, 2021 $ 673 $ (1,463) $ 27 $ 56 $ 125 $ (10) $ 915 $ 323 (b) Attributable to General Partner US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Securities Unrealized Equity Accumulated Balance at December 31, 2019 $ 6 $ (9) $ 2 $ — $ — $ — $ 5 $ 4 Other comprehensive income (loss) 1 (3) — 1 — — — (1) Balance at December 31, 2020 $ 7 $ (12) $ 2 $ 1 $ — $ — $ 5 $ 3 Other comprehensive (loss) income (5) — (1) — — — — 1 — Equity issuance (6) (3) 5 (2) (1) 1 (1) (1) Balance at December 31, 2021 $ 4 $ (8) $ — $ — $ 1 $ — $ 5 $ 2 (c) Attributable to Non-controlling interest—Redeemable Partnership Units held by Brookfield US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 391 $ (546) $ 14 $ (37) $ (2) $ (4) $ 407 $ 223 Other comprehensive income (loss) 72 (119) 3 28 15 (8) 2 (7) Issuance of BIPC exchangeable shares ,(1) — 5 — — — — — 5 Other items (2),(3),(4) (25) 13 — — — — — (12) Balance at December 31, 2020 $ 438 $ (647) $ 17 $ (9) $ 13 $ (12) $ 409 $ 209 Other comprehensive income (loss) (5) 13 (68) (1) 25 40 8 41 58 Equity issuance (6) (59) 99 (4) 8 — (2) (63) (21) Other items (7) (109) — — — — — — (109) Balance at December 31, 2021 $ 283 $ (616) $ 12 $ 24 $ 53 $ (6) $ 387 $ 137 (d) Attributable to Non-controlling interest—BIPC exchangeable shares US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ — $ — $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) 29 51 (6) 22 5 (3) (11) 87 Issuance of BIPC exchangeable shares ,(1) — (23) — — — — — (23) Other items (4) (2) — — — — — — (2) Balance at December 31, 2020 $ 27 $ 28 $ (6) $ 22 $ 5 $ (3) $ (11) $ 62 Other comprehensive (loss) income (5) 11 (31) — 10 15 4 21 30 Equity issuance (6) 165 (348) 13 (19) 10 (3) 209 27 Other items (7) (42) — — — — — — (42) Balance at December 31, 2021 $ 161 $ (351) $ 7 $ 13 $ 30 $ (2) $ 219 $ 77 (e) Attributable to Non-controlling interest—Exchangeable units (8) US$ MILLIONS Revaluation Foreign Net Cash Flow Marketable Unrealized Equity Accumulated Balance at December 31, 2019 $ 3 $ 1 $ — $ (1) $ — $ — $ 2 $ 5 Other comprehensive income (loss) 1 (2) — 1 — — — — Balance at December 31, 2020 $ 4 $ (1) $ — $ — $ — $ — $ 2 $ 5 Other comprehensive (loss) income (5) 1 (1) — — — — 1 1 Equity issuance (6) 5 (22) 1 1 1 — 12 (2) Other items — — — — — — — — Balance at December 31, 2021 $ 10 $ (24) $ 1 $ 1 $ 1 $ — $ 15 $ 4 (1) In relation to the special distribution of BIPC, $23 million of accumulated other comprehensive income was reallocated to BIPC exchangeable shares. Refer to Note 1, Organization and Description of the Business, for further details. (2) In relation to the partial disposition of a further 33% interest in our Chilean toll road business, $44 million of accumulated other comprehensive loss was reclassified directly to retained earnings in the Consolidated Statements of Partnership Capital. Refer to Note 5, Disposition of Businesses, for further details. (3) In relation to the disposition of a 17% interest in our Colombian regulated distribution operation, $61 million (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 a 11% interest in our Texas electricity transmission operation, $25 million (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 12, Investments in Associates and Joint Ventures, for further details. (5) 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 year ended December 31, 2021, net income and accumulated other comprehensive income included $178 million and $90 million of deferred tax expenses, respectively, related to the rate change. (6) In relation to the issuance of BIPC exchangeable shares and BIPC Exchangeable LP Units in connection with the acquisition of IPL, as well as the issuance of BIPC exchangeable shares, units and Redeemable Partnership Units in November 2021, accumulated other comprehensive income was reallocated between all components of equity. Refer to Note 6, Acquisition of Businesses and Note 27, Partnership Capital, for further details. (7) In relation to the disposition of our smart meters business in the U.K., a 25% interest in our Canadian district energy operation and a 40% interest in our U.S. district energy operation, $416 million of accumulated other comprehensive (net of tax) of revaluation surplus gains were reclassified directly into retained earnings. (8) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
DISTRIBUTIONS (Tables)
DISTRIBUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Distributions [Abstract] | |
Disclosure of Dividends | The following table outlines distributions made to each class of partnership units, including BIPC exchangeable shares that are exchangeable into units, as well as BIPC exchangeable LP units that are exchangeable into BIPC exchangeable shares. For the year ended US$ MILLIONS 2021 2020 2019 Limited Partners $ (608) $ (588) $ (575) General Partner (1) (209) (185) (158) Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield (251) (240) (241) BIPC exchangeable shares (115) (66) — Exchangeable units (3) (7) (4) (4) Preferred unitholders (67) (51) (49) Total Distributions $ (1,257) $ (1,134) $ (1,027) For the year ended PER UNIT/SHARE (2) 2021 2020 2019 Limited Partners $ 2.04 $ 1.94 $ 1.81 General Partner (1) 2.04 1.94 1.81 Non-controlling interest attributable to: Redeemable Partnership Units held by Brookfield 2.04 1.94 1.81 BIPC exchangeable shares 2.04 1.94 1.81 Exchangeable units (3) 2.04 1.94 1.81 Preferred unitholders 1.05 0.97 0.98 (1) Distributions to the General Partner include $206 million of incentive distributions for the year ended December 31, 2021 (2020: $183 million, 2019: $158 million). (2) Our partnership paid a distribution of $0.5375 per unit in March 2020. On March 31, 2020, our partnership completed the previously announced creation of BIPC with a special distribution of BIPC exchangeable shares. The special distribution resulted in the issuance of approximately 46.3 million BIPC exchangeable shares. Historical per unit disclosures have been retroactively adjusted for the impact of the special distribution. Refer to Note 1, Organization and Description of the Business, for further details. (3) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
RETIREMENT BENEFIT PLANS (Table
RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Disclosure of defined benefit plans | US$ MILLIONS 2021 2020 Plan assets $ 934 $ 833 Less accrued benefit obligation (1,126) (1,164) Accrued benefit liability (1) $ (192) $ (331) |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Notional amount of derivative positions | The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2021 and 2020 were as follows: US$ MILLIONS Note 2021 2020 Foreign exchange contracts (a) $ 4,383 $ 3,274 Interest rates swaps and other (b) 10,095 11,437 Commodity contracts 424 32 $ 14,902 $ 14,743 Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2021 and 2020. Notional Amount Average US$ MILLIONS 2021 2020 2021 2020 Foreign exchange contracts British pounds $ 1,871 $ 1,404 $ 1.35 $ 1.31 Canadian dollars 679 612 0.75 0.75 Australian dollars 642 609 0.73 0.69 European Union euros 367 239 1.21 1.21 Indian rupees 216 308 0.013 0.013 Colombian pesos 27 28 0.0002 0.0003 Peruvian soles 9 12 0.26 0.28 Chilean pesos — 34 — 0.0013 Other (1) 572 28 — — $ 4,383 $ 3,274 (1) Includes foreign exchange contracts at our operating subsidiaries intended to offset the risk associated with non-recourse borrowings in currencies other than the functional currency of the underlying operation. |
Disclosure of change in fair values of derivative positions | The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2021 and 2020: US$ MILLIONS Unrealized Gains Unrealized Losses Net Change During 2021 Net Change During 2020 Foreign exchange derivatives $ 145 $ (45) $ 100 $ (213) Interest rate derivatives 454 (156) 298 (173) Commodity derivatives — (43) (43) (17) $ 599 $ (244) $ 355 $ (403) |
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2021 and the comparative notional amounts at December 31, 2020, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting: 2021 2020 US$ MILLIONS < 1 year 1 to 5 years > 5 years Total Notional Total Notional Fair value through profit or loss Foreign exchange derivatives $ 1,021 $ 1,082 $ — $ 2,103 $ 1,723 Interest rate derivatives Interest rate swaps, cross currency interest rate swaps and other 579 107 — 686 779 Inflation linked swaps — — — — 172 Commodity contracts 424 — — 424 32 $ 2,024 $ 1,189 $ — $ 3,213 $ 2,706 Elected for hedge accounting Foreign exchange derivatives $ 1,211 $ 497 $ 572 $ 2,280 $ 1,551 Interest rate derivatives Interest rate and cross currency interest rate swaps 324 8,246 839 9,409 10,486 $ 1,535 $ 8,743 $ 1,411 $ 11,689 $ 12,037 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2021 and 2020 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income: 2021 2020 AS AT AND FOR THE YEARS ENDED (MILLIONS) Notional Effective Ineffective Notional Effective Ineffective Cash flow hedges $ 9,981 $ 288 $ 28 $ 11,089 $ (160) $ 9 Net investment hedges 1,708 62 (14) 948 32 2 $ 11,689 $ 350 $ 14 $ 12,037 $ (128) $ 11 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of capital structure | The capital structure of Brookfield Infrastructure consists of debt, offset by cash and cash equivalents, and partnership capital comprised of issued capital and accumulated gains. US$ MILLIONS 2021 2020 Corporate borrowings $ 2,719 $ 3,158 Non-recourse borrowings 26,534 20,020 Subsidiary and corporate borrowings 29,253 23,178 Preferred shares 20 20 Cash and cash equivalents (1) (1,924) (1,393) Consolidated net debt 27,349 21,805 Total partnership capital 26,391 21,673 Total capital and consolidated net debt $ 53,740 $ 43,478 Consolidated net debt to capitalization ratio 51 % 50 % (1) Includes current marketable securities. |
Disclosure of liquidity management | Brookfield Infrastructure’s corporate liquidity as at December 31 was as follows: US$ MILLIONS (1) 2021 2020 Corporate cash and financial assets $ 683 $ 464 Availability under committed credit facilities (2) 3,475 3,475 Commercial paper (431) — Draws on credit facility — (1,131) Deposit from parent — (545) Commitments under credit facility (12) (63) Corporate liquidity $ 3,715 $ 2,200 (1) Liquidity managed by Brookfield Infrastructure L.P. and affiliated corporate entities. (2) Includes a $1.975 billion committed corporate credit facility, a $500 million credit facility with Brookfield and an incremental $1.0 billion syndicated revolving credit facility. Refer to Note 19, Borrowings, for further details. |
Disclosure of maturity analysis for financial liabilities | The following tables detail the contractual maturities for Brookfield Infrastructure’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which Brookfield Infrastructure can be required to pay. The tables include both interest and principal cash flows: Less than 1-2 years 2-5 years 5+ years Total December 31, 2021 US$ MILLIONS Accounts payable and other liabilities $ 2,980 $ 46 $ 47 $ 319 $ 3,392 Corporate borrowings 431 — 554 1,754 2,739 Non-recourse borrowings (1) 2,599 2,797 11,335 9,778 26,509 Financial liabilities 1,510 101 122 1,507 3,240 Lease liabilities 459 437 1,169 2,859 4,924 Interest Expense: Corporate borrowings (2) 96 96 229 837 1,258 Non-recourse borrowings 1,046 968 2,199 2,951 7,164 (1) As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity. (2) Interest expense on Corporate borrowings include undiscounted interest obligations on $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0% Less than 1-2 years 2-5 years 5+ years Total December 31, 2020 US$ MILLIONS Accounts payable and other liabilities $ 2,346 $ 27 $ 71 $ 301 $ 2,745 Corporate borrowings — — 1,681 1,492 3,173 Non-recourse borrowings 1,052 881 8,336 9,908 20,177 Financial liabilities 696 1,138 350 1,190 3,374 Lease liabilities 279 247 647 3,685 4,858 Interest Expense: Corporate borrowings 72 72 163 170 477 Non-recourse borrowings 853 811 1,970 2,592 6,226 |
Disclosure of sensitivity analysis for interest rate and foreign exchange risk | The sensitivity analyses below reflect Brookfield Infrastructure’s exposure to interest rates for both derivative and non-derivative instruments at the reporting date, assuming that a 10 basis point increase or decrease in rates takes place at the beginning of the financial year and is held constant throughout the reporting period. The sensitivity analyses assume a 10 basis point change to reflect the current methodology employed by Brookfield Infrastructure in assessing interest rate risk. Such parallel shift in the yield curve by 10 basis points would have had the following impact, assuming all other variables were held constant: 2021 2020 2019 US$ MILLIONS 10 bp 10 bp 10 bp 10 bp 10 bp 10 bp Net income $ 1 $ (1) $ 1 $ (1) $ 1 $ (1) Other comprehensive income (loss) (1) 1 (1) 1 (2) 2 The following tables detail Brookfield Infrastructure’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: • Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; • Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and • The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts). Impact on Net Income to the Partnership (1) 2021 2020 2019 US$ MILLIONS -10% 10% -10% 10% -10% 10% USD/AUD $ 9 $ (9) $ 4 $ (4) $ 4 $ (4) USD/EUR 1 (1) 2 (2) — — USD/GBP 11 (11) 5 (5) 7 (7) USD/CLP (1) 1 (1) 1 — — USD/COP 1 (1) 1 (1) 1 (1) USD/BRL 18 (18) 15 (15) 18 (18) USD/CAD 13 (13) 4 (4) 1 (1) USD/INR — — (3) 3 (2) 2 USD/NZD — — (1) 1 — — (1) Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares. Impact on Partnership Capital 2021 2020 US$ MILLIONS -10% 10% -10% 10% USD/AUD $ 32 $ (32) $ 70 $ (70) USD/EUR — — 14 (14) USD/GBP 27 (27) 105 (105) USD/CLP — — (5) 5 USD/COP 6 (6) 8 (8) USD/BRL 154 (154) 158 (158) USD/CAD 69 (69) 1 (1) USD/PEN 10 (10) 10 (10) USD/INR 49 (49) 58 (58) |
Disclosure of foreign currency exposure | The tables below set out Brookfield Infrastructure’s currency exposure at December 31, 2021 and 2020: 2021 US$ MILLIONS USD AUD GBP BRL CAD EUR COP PEN INR NZD & Other Total Assets: Current assets $ 1,446 $ 394 $ 582 $ 772 $ 775 $ 67 $ 216 $ 98 $ 463 $ 83 $ 4,896 Non-current assets 13,142 3,688 8,831 5,848 22,576 1,272 1,061 1,132 10,836 679 69,065 $ 14,588 $ 4,082 $ 9,413 $ 6,620 $ 23,351 $ 1,339 $ 1,277 $ 1,230 $ 11,299 $ 762 $ 73,961 Liabilities: Current liabilities $ 2,247 $ 462 $ 792 $ 1,307 $ 2,670 $ 40 $ 161 $ 17 $ 857 $ 108 $ 8,661 Non-current liabilities 9,292 1,656 5,228 2,931 11,531 154 522 561 6,876 158 38,909 11,539 2,118 6,020 4,238 14,201 194 683 578 7,733 266 47,570 Non-controlling interest—in operating subsidiaries and preferred unitholders 4,894 518 749 825 6,348 132 512 541 2,277 — 16,796 Non-controlling interest—Redeemable Partnership Units held by Brookfield (463) 363 664 391 703 254 21 28 323 124 2,408 Non-controlling interest—BIPC exchangeable shares (264) 206 377 222 400 145 12 16 184 71 1,369 Non-controlling interest—Exchangeable units (1) (16) 13 23 14 25 9 1 1 11 4 85 Net investment attributable to limited partners and general partner $ (1,102) $ 864 $ 1,580 $ 930 $ 1,674 $ 605 $ 48 $ 66 $ 771 $ 297 $ 5,733 2020 US$ MILLIONS USD AUD GBP BRL CLP CAD EUR COP PEN INR NZD & Other Total Assets: Current assets $ 805 $ 314 $ 471 $ 420 $ 126 $ 492 $ 145 $ 216 $ 105 $ 573 $ 44 $ 3,711 Non-current assets 14,313 4,042 8,939 5,210 834 9,334 903 1,256 1,247 10,979 563 57,620 $ 15,118 $ 4,356 $ 9,410 $ 5,630 $ 960 $ 9,826 $ 1,048 $ 1,472 $ 1,352 $ 11,552 $ 607 $ 61,331 Liabilities: Current liabilities $ 1,875 $ 446 $ 877 $ 214 $ 125 $ 602 $ 24 $ 246 $ 438 $ 620 $ 57 $ 5,524 Non-current liabilities 10,887 1,842 4,939 2,970 1,148 4,994 118 478 212 6,389 157 34,134 12,762 2,288 5,816 3,184 1,273 5,596 142 724 650 7,009 214 39,658 Non-controlling interest—in operating subsidiaries and preferred unitholders 5,186 488 726 871 (335) 4,020 — 636 591 2,901 — 15,084 Non-controlling interest—Redeemable Partnership Units held by Brookfield (725) 405 734 403 6 54 232 29 28 420 101 1,687 Non-controlling interest—BIPC exchangeable shares (275) 153 278 153 2 20 88 11 11 159 38 638 Non-controlling interest—Exchange LP (5) 3 5 3 — — 2 — — 3 1 12 Net investment attributable to limited partners and general partner $ (1,825) $ 1,019 $ 1,851 $ 1,016 $ 14 $ 136 $ 584 $ 72 $ 72 $ 1,060 $ 253 $ 4,252 (1) Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. The following tables detail Brookfield Infrastructure’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows: • Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated; • Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and • The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts). Impact on Net Income to the Partnership (1) 2021 2020 2019 US$ MILLIONS -10% 10% -10% 10% -10% 10% USD/AUD $ 9 $ (9) $ 4 $ (4) $ 4 $ (4) USD/EUR 1 (1) 2 (2) — — USD/GBP 11 (11) 5 (5) 7 (7) USD/CLP (1) 1 (1) 1 — — USD/COP 1 (1) 1 (1) 1 (1) USD/BRL 18 (18) 15 (15) 18 (18) USD/CAD 13 (13) 4 (4) 1 (1) USD/INR — — (3) 3 (2) 2 USD/NZD — — (1) 1 — — (1) Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchangeable units and non-controlling interests - BIPC exchangeable shares. Impact on Partnership Capital 2021 2020 US$ MILLIONS -10% 10% -10% 10% USD/AUD $ 32 $ (32) $ 70 $ (70) USD/EUR — — 14 (14) USD/GBP 27 (27) 105 (105) USD/CLP — — (5) 5 USD/COP 6 (6) 8 (8) USD/BRL 154 (154) 158 (158) USD/CAD 69 (69) 1 (1) USD/PEN 10 (10) 10 (10) USD/INR 49 (49) 58 (58) |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. US$ MILLIONS 2021 2020 Partnership Capital $ 26,391 $ 21,673 Remove impact of the following items since inception: Non-controlling interest - in operating subsidiaries (15,658) (13,954) Deficit 2,520 2,752 Accumulated other comprehensive income (543) (731) Ownership changes (515) (527) Invested Capital $ 12,195 $ 9,213 The following table presents the change in Invested Capital during year ended December 31, 2021: For the year ended December 31, US$ MILLIONS 2021 2020 Opening balance $ 9,213 $ 9,009 Net issuance of preferred units 8 195 Issuance of limited partnership and redeemable partnership units 945 9 Issuance of BIPC exchangeable shares 1,770 — Issuance of BIPC exchange LP Units 259 — Ending balance $ 12,195 $ 9,213 Weighted Average Invested Capital $ 10,076 $ 9,067 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash Flow Statement [Abstract] | |
Disclosure of interest and income taxes paid | For the year ended US$ MILLIONS 2021 2020 2019 Interest paid $ 1,074 $ 985 $ 829 Income taxes paid $ 262 $ 172 $ 179 |
Disclosure of changes in non-cash working capital | Details of “Changes in non-cash working capital, net” on the Consolidated Statements of Cash Flows are as follows: For the year ended US$ MILLIONS 2021 2020 2019 Accounts receivable $ (190) $ 284 $ 42 Prepayments (11) (415) (120) Accounts payable and other (323) (89) 146 Changes in non-cash working capital, net (1) $ (524) $ (220) $ 68 (1) During the year ended December 31, 2021, changes in non-cash working capital include a $0.3 billion, (2020: $0.3 billion, 2019: $nil) reduction to cash related to the impact of finance lease receivables signed at our North American residential energy infrastructure operation. The operation presents an outflow for the cost of inventory within the operating cash flows, and given the business has been securitized since 2019, the corresponding cash outflows are more than offset by increases in non-recourse borrowings under financing activities on the Consolidated Statements of Cash Flows. |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details) $ in Millions | Dec. 31, 2021USD ($) | Nov. 01, 2021shares | Oct. 01, 2021shares | Aug. 01, 2021shares | Apr. 21, 2021 | Dec. 31, 2020USD ($) | Mar. 31, 2020shares | Dec. 31, 2019USD ($) |
Organization And Description Of The Business [Line Items] | ||||||||
Class A shares received by Brookfield and its subsidiaries | 13,700,000 | |||||||
Class A shares received by the partnership | 32,600,000 | |||||||
Percentage of issued and outstanding exchangeable shares held by holders of units | 70.40% | |||||||
Percentage of issued and outstanding exchangeable shares held by Brookfield | 29.60% | |||||||
Percentage of voting interest in company | 75.00% | |||||||
Exchangeable shares issued as a result of special distribution | 2,100,000 | 8,100,000 | 17,900,000 | 46,300,000 | ||||
Conversion ratio | 0.25 | |||||||
Financial liabilities | $ | $ 1,510 | $ 696 | ||||||
Exchange ratio | 1 | 1 | ||||||
Reclassification, Adjustment | ||||||||
Organization And Description Of The Business [Line Items] | ||||||||
Financial liabilities | $ | $ 400 | $ 100 | ||||||
Limited Partners | ||||||||
Organization And Description Of The Business [Line Items] | ||||||||
Special distribution, limited partner units, share conversion | 0.11111 |
SUBSIDIARIES (Details)
SUBSIDIARIES (Details) | Dec. 07, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 16, 2021 | Jul. 06, 2021 | Jun. 07, 2021 |
Australian rail operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||||
U.K. regulated distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | ||||
Voting interest (%) | 80.00% | 80.00% | ||||
Canadian District Energy Operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 0.00% | 25.00% | ||||
Voting interest (%) | 0.00% | 100.00% | ||||
Disposal of ownership interest, percentage | 25.00% | |||||
U.S. district energy operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 0.00% | 40.00% | ||||
Voting interest (%) | 0.00% | 100.00% | ||||
Disposal of ownership interest, percentage | 40.00% | |||||
Brazilian regulated gas transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 31.00% | 28.00% | ||||
Voting interest (%) | 92.00% | 90.00% | ||||
Colombian natural gas distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 21.00% | 21.00% | ||||
Voting interest (%) | 75.00% | 75.00% | ||||
Brazilian electricity transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 31.00% | 31.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
European residential infrastructure operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 11.00% | 0.00% | ||||
Voting interest (%) | 51.00% | 0.00% | ||||
North American residential energy infrastructure operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 30.00% | 30.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
Disposal of ownership interest, percentage | 40.00% | |||||
Indian gas transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 23.00% | 24.00% | ||||
Voting interest (%) | 80.00% | 83.00% | ||||
UK Residential Infrastructure Business | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 15.00% | 0.00% | ||||
Voting interest (%) | 60.00% | 0.00% | ||||
Australian Export Terminal | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 49.00% | |||||
Disposal of ownership interest, percentage | 22.00% | |||||
North American rail operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 9.00% | 9.00% | ||||
Voting interest (%) | 72.00% | 72.00% | ||||
U.K. ports operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 59.00% | 59.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
Australian port operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 27.00% | 27.00% | ||||
Voting interest (%) | 67.00% | 67.00% | ||||
Chilean toll roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 0.00% | 17.00% | ||||
Voting interest (%) | 0.00% | 60.00% | ||||
Disposal of ownership interest, percentage | 17.00% | |||||
Indian toll roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 40.00% | 40.00% | ||||
Voting interest (%) | 93.00% | 93.00% | ||||
Peruvian toll roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 17.00% | 17.00% | ||||
Voting interest (%) | 57.00% | 57.00% | ||||
Indian toll roads - Simhapuri Expressway Limited | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 29.00% | 29.00% | ||||
Voting interest (%) | 93.00% | 93.00% | ||||
Indian roll roads - Rayalseema Expressway Limited | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 26.00% | 26.00% | ||||
Voting interest (%) | 84.00% | 84.00% | ||||
North American gas storage - Warwick Gas Storage L.P. | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 25.00% | 25.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
North American gas storage operation - Lodi Gas Storage | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 40.00% | 40.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
North American gas storage operation - Rockpoint Gas Storage Partners L.P. | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 40.00% | 40.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
Canadian diversified midstream operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 59.00% | 0.00% | ||||
Voting interest (%) | 100.00% | 0.00% | ||||
Western Canadian natural gas gathering and processing operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 29.00% | 29.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
U.S. data center operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 29.00% | 29.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
Australian data center operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 29.00% | 29.00% | ||||
Voting interest (%) | 100.00% | 100.00% | ||||
Indian Telecom Towers Operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 17.00% | 17.00% | ||||
Voting interest (%) | 62.00% | 62.00% | ||||
U.K. telecom towers operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 24.00% | 25.00% | ||||
Voting interest (%) | 98.00% | 100.00% | ||||
Holding LP | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 70.00% | 70.00% | ||||
Voting interest (%) | 100.00% | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Indian Toll Roads | |
Disclosure of detailed information about intangible assets [line items] | |
Remaining amortisation period of intangible asset | 15 years |
Peruvian toll roads | |
Disclosure of detailed information about intangible assets [line items] | |
Remaining amortisation period of intangible asset | 21 years |
Buildings | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 75 years |
Transmission stations, towers and related fixtures | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
Leasehold improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 50 years |
Plant and equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
Network systems | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 65 years |
Track | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
District energy systems | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 50 years |
Pipelines | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 20 years |
Gas storage assets | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 50 years |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Segments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of operating segments [line items] | ||||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 | |
Direct operating costs | [1] | (8,247) | (6,548) | (4,609) |
Cost of sales, less depreciation and amortization | (6,211) | (4,843) | (3,395) | |
General and administrative costs | (406) | (312) | (279) | |
Other (expense) income | (210) | (87) | (28) | |
Interest expense | (1,468) | (1,179) | (904) | |
Depreciation and amortization | (2,036) | (1,705) | (1,214) | |
Deferred taxes | (240) | (54) | (28) | |
Mark-to-market on hedging items and other | 1,665 | 68 | (323) | |
Share of earnings from associates | 88 | 131 | 224 | |
Net income attributable to non-controlling interest | (1,626) | (510) | (417) | |
Net income (loss) attributable to partnership | 1,093 | 394 | 233 | |
Utilities | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 4,622 | 4,083 | 4,265 | |
Transport | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 3,497 | 3,449 | 1,617 | |
Midstream | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 1,829 | 643 | 399 | |
Data | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 1,589 | 710 | 316 | |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 5,411 | 4,098 | 3,873 | |
Direct operating costs | (2,554) | (1,793) | (1,695) | |
General and administrative costs | (406) | (312) | (279) | |
Other (expense) income | 37 | 84 | 70 | |
Interest expense | (755) | (623) | (585) | |
FFO | 1,733 | 1,454 | 1,384 | |
Depreciation and amortization | (1,144) | (1,034) | (895) | |
Deferred taxes | (168) | 3 | (77) | |
Mark-to-market on hedging items and other | 672 | (29) | (179) | |
Share of earnings from associates | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 1,093 | 394 | 233 | |
Operating segments | Utilities | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 1,623 | 1,434 | 1,432 | |
Direct operating costs | (681) | (580) | (582) | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | (64) | (43) | (31) | |
Interest expense | (173) | (152) | (147) | |
FFO | 705 | 659 | 672 | |
Operating segments | Transport | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 2,062 | 1,573 | 1,614 | |
Direct operating costs | (1,094) | (767) | (781) | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | (8) | (2) | (3) | |
Interest expense | (259) | (214) | (227) | |
FFO | 701 | 590 | 603 | |
Operating segments | Midstream | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 1,101 | 572 | 491 | |
Direct operating costs | (489) | (193) | (171) | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | (4) | 3 | 10 | |
Interest expense | (116) | (93) | (86) | |
FFO | 492 | 289 | 244 | |
Operating segments | Data | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 625 | 519 | 336 | |
Direct operating costs | (290) | (253) | (161) | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | 7 | (1) | 3 | |
Interest expense | (104) | (69) | (42) | |
FFO | 238 | 196 | 136 | |
Operating segments | Corporate | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 0 | 0 | 0 | |
Direct operating costs | 0 | 0 | 0 | |
General and administrative costs | (406) | (312) | (279) | |
Other (expense) income | 106 | 127 | 91 | |
Interest expense | (103) | (95) | (83) | |
FFO | (403) | (280) | (271) | |
Contribution from investments in associates | ||||
Disclosure of operating segments [line items] | ||||
Revenues | (1,976) | (1,379) | (1,424) | |
Direct operating costs | 964 | 600 | 649 | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | 9 | 17 | 11 | |
Interest expense | 258 | 177 | 173 | |
Depreciation and amortization | 480 | 471 | 399 | |
Deferred taxes | (10) | (65) | 52 | |
Mark-to-market on hedging items and other | 187 | 48 | (84) | |
Share of earnings from associates | 88 | 131 | 224 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | |
Net income (loss) attributable to partnership | 0 | 0 | 0 | |
Attributable to non- controlling interest | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 8,102 | 6,166 | 4,148 | |
Direct operating costs | (4,621) | (3,650) | (2,349) | |
General and administrative costs | 0 | 0 | 0 | |
Other (expense) income | (256) | (188) | (109) | |
Interest expense | (971) | (733) | (492) | |
Depreciation and amortization | (1,372) | (1,142) | (718) | |
Deferred taxes | (62) | 8 | (3) | |
Mark-to-market on hedging items and other | 806 | 49 | (60) | |
Share of earnings from associates | 0 | 0 | 0 | |
Net income attributable to non-controlling interest | (1,626) | (510) | (417) | |
Net income (loss) attributable to partnership | $ 0 | $ 0 | $ 0 | |
[1] | During the fourth quarter of 2021, the partnership reclassified $2,036 million of depreciation and amortization expenses, which were previously presented as a separate line item, to direct operating costs. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs by $1,705 million and $1,214 million for years ended December 31, 2020 and 2019, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues, net income, or basic and diluted earnings per limited partner unit. |
SEGMENT INFORMATION - Assets (D
SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||
Assets | $ 73,961 | $ 61,331 |
Operating segments | ||
Disclosure of operating segments [line items] | ||
Assets | 27,097 | 21,074 |
Operating segments | Utilities | ||
Disclosure of operating segments [line items] | ||
Assets | 6,184 | 6,814 |
Operating segments | Transport | ||
Disclosure of operating segments [line items] | ||
Assets | 8,601 | 9,155 |
Operating segments | Midstream | ||
Disclosure of operating segments [line items] | ||
Assets | 10,378 | 3,829 |
Operating segments | Data | ||
Disclosure of operating segments [line items] | ||
Assets | 3,405 | 3,338 |
Operating segments | Corporate | ||
Disclosure of operating segments [line items] | ||
Assets | (1,471) | (2,062) |
Contribution from investments in associates | ||
Disclosure of operating segments [line items] | ||
Assets | (4,825) | (4,895) |
Attributable to non- controlling interest | ||
Disclosure of operating segments [line items] | ||
Assets | 42,415 | 37,851 |
Working capital adjustment and other | ||
Disclosure of operating segments [line items] | ||
Assets | $ 9,274 | $ 7,301 |
SEGMENT INFORMATION - Geographi
SEGMENT INFORMATION - Geographic Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of geographical areas [line items] | |||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 |
Partnership's Revenue | Customer Concentration Risk | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 1,405 | 477 | 82 |
Number of customers | customer | 1 | ||
United States | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 2,644 | 2,279 | 921 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,423 | 1,461 | 976 |
India | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,717 | 740 | 399 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,511 | 1,305 | 688 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,164 | 981 | 1,142 |
Colombia | |||
Disclosure of geographical areas [line items] | |||
Revenues | 862 | 799 | 1,054 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Revenues | 617 | 916 | 1,031 |
Chile | |||
Disclosure of geographical areas [line items] | |||
Revenues | 138 | 117 | 163 |
Peru | |||
Disclosure of geographical areas [line items] | |||
Revenues | 96 | 81 | 107 |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 365 | $ 206 | $ 116 |
Bottom of range | Partnership's Revenue | Customer Concentration Risk | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 10.00% |
SEGMENT INFORMATION - Geograp_2
SEGMENT INFORMATION - Geographic Information - Non-current assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 69,065 | $ 57,620 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 23,324 | 10,057 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 12,382 | 13,372 |
India | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 10,836 | 10,986 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 8,831 | 8,940 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 5,840 | 5,404 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,688 | 4,042 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,467 | 1,022 |
Peru | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,132 | 1,247 |
Colombia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,061 | 1,256 |
Chile | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 8 | 841 |
Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 496 | $ 453 |
DISPOSITION OF BUSINESSES (Deta
DISPOSITION OF BUSINESSES (Details) - USD ($) $ in Millions | Nov. 16, 2021 | Jul. 06, 2021 | Jun. 07, 2021 | May 12, 2021 | Dec. 07, 2020 | Feb. 15, 2020 | Feb. 06, 2020 | Jan. 14, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of partial interest to non-controlling interest, net of taxes. | $ 0 | $ 168 | $ 165 | ||||||||
Australian Export Terminal | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 22.00% | ||||||||||
Proceeds from disposition of subsidiary | $ 55 | ||||||||||
Gain on sale of associate | 400 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | $ 35 | ||||||||||
Proportion of ownership interest in subsidiary | 49.00% | ||||||||||
Australian Export Terminal | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Proceeds from disposition of subsidiary | $ 265 | ||||||||||
Gain on sale of associate | 575 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | $ 70 | ||||||||||
Chilean toll roads | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 17.00% | ||||||||||
Gain on sale of associate | $ 140 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | (8) | ||||||||||
Consideration transferred | $ 165 | ||||||||||
Proportion of ownership interest in subsidiary | 0.00% | 17.00% | |||||||||
Chilean toll roads | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 34.00% | ||||||||||
Gain on sale of associate | $ 270 | ||||||||||
Consideration transferred | $ 315 | ||||||||||
North American Rail Operation, Australian Operations | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 51.00% | ||||||||||
Proceeds from disposition of subsidiary | $ 40 | ||||||||||
Deferred consideration, acquisition-date fair value | 195 | ||||||||||
North American Rail Operation, Australian Operations | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Proceeds from disposition of subsidiary | $ 420 | ||||||||||
Chinese Toll Roads | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 33.00% | ||||||||||
Gain on sale of associate | $ 140 | ||||||||||
Disposal of partial interest to non-controlling interest, net of taxes. | 170 | ||||||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 44 | ||||||||||
Columbian Regulated Distribution Operation | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 17.00% | ||||||||||
Proceeds from disposition of subsidiary | $ 88 | ||||||||||
Gain on sale of associate | 36 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | 44 | ||||||||||
Partnership's share of accumulated revaluation surplus | 61 | ||||||||||
Columbian Regulated Distribution Operation | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Proceeds from disposition of subsidiary | 495 | ||||||||||
Gain on sale of associate | $ 197 | ||||||||||
North American residential energy infrastructure operation | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 40.00% | ||||||||||
Proceeds from disposition of subsidiary | $ 555 | ||||||||||
Gain on sale of associate | 425 | ||||||||||
Partnership's share of accumulated revaluation surplus | $ 150 | ||||||||||
Proportion of ownership interest in subsidiary | 30.00% | 30.00% | |||||||||
Canadian District Energy Operation | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Disposal of ownership interest, percentage | 25.00% | ||||||||||
Proceeds from disposition of subsidiary | $ 450 | ||||||||||
Gain on sale of associate | 295 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | (9) | ||||||||||
Partnership's share of accumulated revaluation surplus | 124 | ||||||||||
Proportion of ownership interest in subsidiary | 0.00% | 25.00% | |||||||||
Canadian District Energy Operation | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Gain on sale of associate | 1,200 | ||||||||||
Consideration transferred | $ 1,800 | ||||||||||
U.K. regulated distribution operation | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Proceeds from disposition of subsidiary | $ 195 | ||||||||||
Gain on sale of associate | 155 | ||||||||||
Net losses relating to foreign currency translation and net investment hedges reclassified | (12) | ||||||||||
Partnership's share of accumulated revaluation surplus | 142 | ||||||||||
Consideration transferred | 820 | ||||||||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | |||||||||
U.K. regulated distribution operation | Consortium | |||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||||||||
Proceeds from disposition of subsidiary | $ 340 |
ACQUISITION OF BUSINESSES - Add
ACQUISITION OF BUSINESSES - Additional Information (Details) - USD ($) $ in Millions | Dec. 24, 2021 | Oct. 28, 2021 | Sep. 03, 2021 | Aug. 20, 2021 | Aug. 19, 2021 | Apr. 30, 2021 | Feb. 26, 2021 | Aug. 31, 2020 | Jul. 15, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 25, 2021 | Mar. 31, 2020 | Dec. 30, 2019 |
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 | ||||||||||||
Net income (loss) | 2,719 | $ 904 | $ 650 | ||||||||||||
Percentage of voting interest in company | 75.00% | ||||||||||||||
Brazilian electricity transmission operation | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary, additional | 15.00% | 15.00% | |||||||||||||
Proportion of ownership interest in subsidiary | 31.00% | 31.00% | |||||||||||||
Consideration transferred | $ 148 | ||||||||||||||
Cash | 56 | ||||||||||||||
Pre-existing interest in business | $ 92 | ||||||||||||||
Canadian diversified midstream operation | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary, additional | 14.00% | 4.00% | |||||||||||||
Proportion of ownership interest in subsidiary | 59.00% | 45.00% | 41.00% | 3.00% | |||||||||||
Consideration transferred | $ 900 | $ 2,766 | 315 | ||||||||||||
Cash funded consideration | 800 | ||||||||||||||
Cash | 400 | 1,268 | |||||||||||||
BIPC exchangeable LP units | 500 | $ 11 | 245 | ||||||||||||
BIPC exchangeable shares | 500 | 1,061 | $ 79 | ||||||||||||
Asset level debt raised | 500 | ||||||||||||||
Pre-existing interest in business | 192 | ||||||||||||||
Acquisition costs recorded | $ 65 | ||||||||||||||
Gain (Loss) on acquisition of business | $ 30 | ||||||||||||||
Revenues | 906 | ||||||||||||||
Net income (loss) | 59 | ||||||||||||||
Canadian diversified midstream operation | Consortium | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary | 24.00% | 7.00% | 69.00% | 10.00% | |||||||||||
Consideration transferred | $ 1,600 | $ 4,700 | 530 | ||||||||||||
Cash funded consideration | 1,900 | ||||||||||||||
Cash | $ 1,100 | $ 440 | |||||||||||||
Asset level debt raised | 900 | ||||||||||||||
Pre-existing interest in business | $ 600 | ||||||||||||||
Percentage of voting interest in company | 100.00% | 76.00% | |||||||||||||
Indian Telecom Towers Operation | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary | 17.00% | ||||||||||||||
Consideration transferred | $ 584 | ||||||||||||||
Acquisition costs recorded | 15 | ||||||||||||||
Indian Telecom Towers Operation | Consortium | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred | $ 3,400 | ||||||||||||||
Columbian Regulated Distribution Operation | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary | 6.00% | ||||||||||||||
Consideration transferred | $ 45 | ||||||||||||||
Percentage of voting interest in company | 21.00% | ||||||||||||||
Equity funded consideration | $ 25 | ||||||||||||||
Loss recognized as a result of partial acquisition | $ 10 | ||||||||||||||
Columbian Regulated Distribution Operation | Consortium | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary | 20.00% | ||||||||||||||
Consideration transferred | $ 150 | ||||||||||||||
Equity funded consideration | $ 90 | ||||||||||||||
North American Rail Business | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred | $ 584 | ||||||||||||||
Cash | $ 584 | ||||||||||||||
Brazilian regulated gas transmission operation | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary, additional | 3.00% | ||||||||||||||
Consideration transferred | $ 87 | ||||||||||||||
Percentage of voting interest in company | 31.00% | ||||||||||||||
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 | 10.00% | ||||||||||||||
Consideration transferred | $ 283 | ||||||||||||||
Individually Insignificant Business Combinations | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred | 84 | ||||||||||||||
Cash | 79 | ||||||||||||||
Brazil Electricity Transmission And Individually Insignificant Acquisitions | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Pro forma revenue | 13,100 | ||||||||||||||
Pro forma net income | $ 2,900 |
ACQUISITION OF BUSINESSES - Pur
ACQUISITION OF BUSINESSES - Purchase Price Allocation (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2021USD ($) | Dec. 24, 2021USD ($) | Oct. 28, 2021USD ($) | Sep. 03, 2021USD ($) | Aug. 20, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020USD ($) | Dec. 30, 2019USD ($) | |
Consideration transferred | ||||||||
Deferred consideration | $ 3 | |||||||
Fair value of assets and liabilities acquired | ||||||||
Goodwill | 8,979 | $ 6,634 | ||||||
Indian Telecom Towers Operation | ||||||||
Consideration transferred | ||||||||
Total consideration | $ 584 | |||||||
North American Rail Business | ||||||||
Consideration transferred | ||||||||
Cash | $ 584 | |||||||
Total consideration | 584 | |||||||
Fair value of assets and liabilities acquired | ||||||||
Accounts receivable and other | 367 | |||||||
Property, plant and equipment | 6,766 | |||||||
Intangible assets | 830 | |||||||
Goodwill | 153 | |||||||
Accounts payable and other liabilities | (391) | |||||||
Lease liabilities | (1,967) | |||||||
Non-recourse borrowings | (2,341) | |||||||
Deferred income tax liabilities | (12) | |||||||
Net assets acquired before non-controlling interest | 3,405 | |||||||
Non-controlling interest | (2,821) | |||||||
Net assets acquired | $ 584 | |||||||
Increase (decrease) in goodwill | 125 | |||||||
Individually Insignificant Business Combinations | ||||||||
Consideration transferred | ||||||||
Cash | 79 | |||||||
Contingent consideration | 2 | |||||||
Total consideration | 84 | |||||||
Fair value of assets and liabilities acquired | ||||||||
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 | (380) | |||||||
Net assets acquired | 84 | |||||||
Canadian diversified midstream operation | ||||||||
Consideration transferred | ||||||||
Cash | $ 400 | $ 1,268 | ||||||
BIPC exchangeable LP units | 500 | $ 11 | 245 | |||||
Pre-existing interest in business | 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 | |||||||
Pre-existing interest in business | 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 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 5,400 | $ 4,305 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 35,905 | 29,317 |
Financial liabilities and other liabilities, excluding lease liabilities | 39,745 | 33,120 |
Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 501 | 931 |
Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 39,244 | 32,189 |
Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,171 | 846 |
Fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 239 |
Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,229 | 3,220 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,719 | 3,158 |
Corporate borrowings | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Corporate borrowings | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,719 | 3,158 |
Non-recourse borrowings (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 26,534 | 20,020 |
Non-recourse borrowings (current and non-current) | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-recourse borrowings (current and non-current) | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-recourse borrowings (current and non-current) | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 26,534 | 20,020 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,392 | 2,745 |
Accounts payable and other | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and other | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and other | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,392 | 2,745 |
Financial Liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,240 | 3,374 |
Financial Liabilities | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 501 | 931 |
Financial Liabilities | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Financial Liabilities | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,739 | 2,443 |
Lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,840 | 3,803 |
Lease liabilities | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,840 | 3,803 |
Preferred shares | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 20 | 20 |
Preferred shares | Fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Preferred shares | Fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Preferred shares | Amortized Cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 20 | 20 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,406 | 867 |
Cash and cash equivalents | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,406 | 867 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,718 | 2,031 |
Accounts receivable and other | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable and other | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,718 | 2,031 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,276 | 1,407 |
Financial assets (current and non-current) | Fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,171 | 846 |
Financial assets (current and non-current) | Fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 239 |
Financial assets (current and non-current) | Amortized Cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 105 | $ 322 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Allocation of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 384 | 373 |
Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | $ 314 | $ 572 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | $ 5,400 | $ 4,305 |
Financial assets, fair value | 5,400 | 4,305 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 35,905 | 29,317 |
Financial liabilities, fair value | 36,226 | 29,817 |
Preferred shares | 20 | 20 |
Corporate borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 2,719 | 3,158 |
Financial liabilities, fair value | 2,805 | 3,350 |
Non-recourse borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 26,534 | 20,020 |
Financial liabilities, fair value | 26,769 | 20,328 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 3,392 | 2,745 |
Financial liabilities, fair value | 3,392 | 2,745 |
Preferred shares | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 20 | 20 |
Financial liabilities, fair value | 20 | 20 |
Financial Liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities, carrying value | 3,240 | 3,374 |
Financial liabilities, fair value | 3,240 | 3,374 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,406 | 867 |
Financial assets, fair value | 1,406 | 867 |
Accounts receivable and other | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 2,718 | 2,031 |
Financial assets, fair value | 2,718 | 2,031 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets, carrying value | 1,276 | 1,407 |
Financial assets, fair value | $ 1,276 | $ 1,407 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 3,240 | $ 3,374 | |
Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 1,171 | 1,085 | |
Financial liabilities | 501 | 931 | |
Cash flow hedges | Financial assets at fair value through other comprehensive income, category | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | 293 | (104) | $ (33) |
Derivative financial liabilities | 101 | ||
Derivative financial assets | 150 | ||
Net investment hedges | Financial assets at fair value through other comprehensive income, category | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | 2 | (12) | (113) |
Derivative financial liabilities | 31 | ||
Derivative financial assets | 49 | ||
Settlements, fair value measurement, assets | $ 11 | ||
Settlements, fair value measurement, liabilities | $ 83 | $ 62 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques and Significant Inputs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | $ 3,240 | $ 3,374 |
Recurring fair value measurement | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 1,171 | 1,085 |
Financial liabilities | 501 | 931 |
Recurring fair value measurement | Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 98 | 251 |
Recurring fair value measurement | Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 307 | 561 |
Recurring fair value measurement | Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 96 | 119 |
Recurring fair value measurement | Marketable securities | Level 1 | Quoted bid prices | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 179 | 526 |
Recurring fair value measurement | Foreign currency forward contracts | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 104 | 115 |
Recurring fair value measurement | Interest rate swaps & other | Level 2 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 882 | 438 |
Recurring fair value measurement | Other contracts | Level 3 | Discounted cash flow | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 6 | $ 6 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash | $ 745 | $ 520 | ||
Cash equivalents | 505 | 222 | ||
Restricted cash | 156 | 125 | ||
Total cash and cash equivalents | $ 1,406 | $ 867 | $ 827 | $ 540 |
FINANCIAL ASSETS (Details)
FINANCIAL ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current: | ||
Marketable securities | $ 518 | $ 563 |
Foreign currency forward contracts | 79 | 34 |
Cross currency interest rate swaps | 58 | 22 |
Loans and receivables | 47 | 68 |
Other | 38 | 11 |
Total current | 740 | 698 |
Non-current: | ||
Marketable securities | 168 | 97 |
Foreign currency forward contracts | 24 | 81 |
Cross currency interest rate swaps | 202 | 262 |
Loans and receivables | 63 | 259 |
Other | 79 | 10 |
Total non-current | $ 536 | $ 709 |
ACCOUNTS RECEIVABLE AND OTHER_2
ACCOUNTS RECEIVABLE AND OTHER (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current: | ||
Accounts receivable | $ 1,847 | $ 1,463 |
Finance lease receivables | 29 | 12 |
Prepayments & other assets | 328 | 450 |
Total current | 2,204 | 1,925 |
Non-current: | ||
Finance lease receivables | 667 | 343 |
Restricted cash | 127 | 81 |
Accounts receivable | 35 | 123 |
Other assets | 312 | 209 |
Total non-current | $ 1,141 | $ 756 |
ACCOUNTS RECEIVABLE AND OTHER -
ACCOUNTS RECEIVABLE AND OTHER - Undiscounted Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | $ 1,667 | $ 858 |
Operating lease receivables | 2,852 | 3,138 |
Total lease receivables | 4,519 | 3,996 |
Less than 1 year | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 128 | 62 |
Operating lease receivables | 361 | 396 |
Total lease receivables | 489 | 458 |
1-2 years | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 127 | 61 |
Operating lease receivables | 350 | 384 |
Total lease receivables | 477 | 445 |
2-3 years | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 126 | 61 |
Operating lease receivables | 308 | 318 |
Total lease receivables | 434 | 379 |
3-4 years | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 124 | 60 |
Operating lease receivables | 284 | 295 |
Total lease receivables | 408 | 355 |
4-5 years | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 122 | 59 |
Operating lease receivables | 260 | 271 |
Total lease receivables | 382 | 330 |
5 plus years | ||
Disclosure Of Maturity Analysis Of Operating And Finance Lease Payments [Line Items] | ||
Finance lease receivables | 1,040 | 555 |
Operating lease receivables | 1,289 | 1,474 |
Total lease receivables | $ 2,329 | $ 2,029 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Natural gas inventory | $ 132 | $ 71 |
Raw materials and other | 268 | 150 |
Carrying amount of inventories | $ 400 | $ 221 |
INVESTMENT IN ASSOCIATES AND _3
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Additional Information (Details) site in Thousands | Dec. 31, 2021businesssiteinvestmentkm | Dec. 31, 2020investment |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Associates and joint ventures with quoted prices in an active market | investment | 2 | 2 |
Brazil electricity transmission operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 15.00% | |
Mexico regulated gas transmission operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 13.00% | |
Mexico Regulated Gas Transmission Operation Two | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 11.00% | |
Regulated Natural Gas Transmission Business In Mexico | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Number of businesses | business | 2 | |
Colombian natural gas distribution operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Number of associates and joint ventures | 4 | |
Brazilian toll roads | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 45.00% | |
Brazilian Rail Business | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 11.00% | |
North American west coast container terminal | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 19.00% | |
Australian port operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 13.00% | |
Australian Ports Operation 3 | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 49.00% | |
U.S. LNG export terminal | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 6.00% | |
North American natural gas transmission operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 38.00% | |
North American gas storage operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 20.00% | |
European telecommunications infrastructure operations | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 21.00% | |
Number of towers and rooftop sites | site | 8 | |
Kilometers of fiber backbone | km | 50,000 | |
Australian data center operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 12.00% | |
New Zealand Data Center Operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 13.00% | |
India Data Center Operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 13.00% |
INVESTMENT IN ASSOCIATES AND _4
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Change in Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Feb. 26, 2021 | Dec. 07, 2020 | Feb. 11, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reconciliation of changes in associates and joint ventures | ||||||||||
Balance at beginning of year | $ 4,725 | $ 5,528 | $ 4,967 | |||||||
Share of earnings for the year | 88 | 131 | $ 224 | |||||||
Foreign currency translation and other | (323) | (245) | ||||||||
Share of other comprehensive income | 163 | 7 | ||||||||
Distributions | (157) | (167) | ||||||||
Disposition of interest | (336) | 0 | ||||||||
Held for sale | (146) | 0 | ||||||||
Change in basis of accounting | (92) | 466 | ||||||||
Acquisitions | 0 | 369 | ||||||||
Balance at end of year | $ 4,725 | $ 4,725 | 4,725 | 5,528 | 4,967 | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Disposal of investments in associates and joint ventures | 412 | 0 | 135 | |||||||
Repayments of borrowings, classified as financing activities | 0 | 339 | $ 288 | |||||||
Change in basis of accounting | (92) | 466 | ||||||||
Acquisitions | 0 | 369 | ||||||||
Australian Export Terminal | ||||||||||
Reconciliation of changes in associates and joint ventures | ||||||||||
Change in basis of accounting | $ 466 | |||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Disposal of ownership interest, percentage | 22.00% | |||||||||
Proportion of ownership interest in subsidiary | 49.00% | |||||||||
Change in basis of accounting | $ 466 | |||||||||
North American gas storage operation | ||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Ownership interest | 13.00% | |||||||||
Disposal of investments in associates and joint ventures | $ 412 | |||||||||
Gain on sale of investment | 75 | |||||||||
North American gas storage operation | Shareholder Loan | ||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Repayments of borrowings, classified as financing activities | $ 125 | |||||||||
Australian port operation | ||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Ownership interest | 50.00% | |||||||||
Disposal of investments in associates and joint ventures | $ 300 | |||||||||
Brazil electricity transmission operation | ||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Ownership interest | 31.00% | 15.00% | ||||||||
U.S. LNG export terminal | ||||||||||
Reconciliation of changes in associates and joint ventures | ||||||||||
Acquisitions | $ 369 | |||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Ownership interest | 6.00% | |||||||||
Acquisitions | $ 369 | |||||||||
Proportion of voting rights held in associate | 41.00% | |||||||||
North American natural gas transmission operation | ||||||||||
Disclosure Of Associates And Joint Ventures [Line Items] | ||||||||||
Loans and receivables | $ 375 | $ 375 | $ 375 | $ 500 | ||||||
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 | 10.00% |
INVESTMENT IN ASSOCIATES AND _5
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Balance Sheet Impact of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | $ 4,896 | $ 3,711 |
Non-Current Assets | 69,065 | 57,620 |
Total assets | 73,961 | 61,331 |
Current Liabilities | 8,661 | 5,524 |
Non-Current Liabilities | 38,909 | 34,134 |
Total liabilities | 47,570 | 39,658 |
Total | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 2,997 | 2,948 |
Non-Current Assets | 49,972 | 51,725 |
Total assets | 52,969 | 54,673 |
Current Liabilities | 4,578 | 3,972 |
Non-Current Liabilities | 27,153 | 24,244 |
Total liabilities | 31,731 | 28,216 |
Total Net Assets | 21,238 | 26,457 |
Other Ownership Interests | 16,513 | 20,929 |
Partnership’s Share | 4,725 | 5,528 |
Utilities | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 359 | 646 |
Non-Current Assets | 5,723 | 6,142 |
Total assets | 6,082 | 6,788 |
Current Liabilities | 444 | 487 |
Non-Current Liabilities | 3,738 | 4,238 |
Total liabilities | 4,182 | 4,725 |
Total Net Assets | 1,900 | 2,063 |
Other Ownership Interests | 1,670 | 1,810 |
Partnership’s Share | 230 | 253 |
Transport | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 1,356 | 1,266 |
Non-Current Assets | 24,437 | 25,762 |
Total assets | 25,793 | 27,028 |
Current Liabilities | 2,172 | 1,959 |
Non-Current Liabilities | 13,044 | 9,836 |
Total liabilities | 15,216 | 11,795 |
Total Net Assets | 10,577 | 15,233 |
Other Ownership Interests | 8,260 | 12,474 |
Partnership’s Share | 2,317 | 2,759 |
Midstream | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 223 | 173 |
Non-Current Assets | 6,275 | 6,392 |
Total assets | 6,498 | 6,565 |
Current Liabilities | 234 | 249 |
Non-Current Liabilities | 4,087 | 4,033 |
Total liabilities | 4,321 | 4,282 |
Total Net Assets | 2,177 | 2,283 |
Other Ownership Interests | 1,125 | 911 |
Partnership’s Share | 1,052 | 1,372 |
Data | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 1,055 | 841 |
Non-Current Assets | 13,393 | 13,308 |
Total assets | 14,448 | 14,149 |
Current Liabilities | 1,727 | 1,263 |
Non-Current Liabilities | 6,284 | 6,081 |
Total liabilities | 8,011 | 7,344 |
Total Net Assets | 6,437 | 6,805 |
Other Ownership Interests | 5,350 | 5,672 |
Partnership’s Share | 1,087 | 1,133 |
Corporate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current Assets | 4 | 22 |
Non-Current Assets | 144 | 121 |
Total assets | 148 | 143 |
Current Liabilities | 1 | 14 |
Non-Current Liabilities | 0 | 56 |
Total liabilities | 1 | 70 |
Total Net Assets | 147 | 73 |
Other Ownership Interests | 108 | 62 |
Partnership’s Share | $ 39 | 11 |
Australian port operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 13.00% | |
North American natural gas transmission operation | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 38.00% | |
Loans and receivables | $ 375 | $ 500 |
Bottom of range | Utilities | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 11.00% | 11.00% |
Bottom of range | Transport | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 6.00% | 6.00% |
Bottom of range | Midstream | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 20.00% | 20.00% |
Bottom of range | Data | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 12.00% | 12.00% |
Bottom of range | Corporate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 25.00% | 25.00% |
Top of range | Utilities | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 20.00% | 20.00% |
Top of range | Transport | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 49.00% | 50.00% |
Top of range | Midstream | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 38.00% | 50.00% |
Top of range | Data | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 21.00% | 21.00% |
Top of range | Corporate | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Ownership and voting Interest | 50.00% | 50.00% |
INVESTMENT IN ASSOCIATES AND _6
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Income Statement Impact of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 |
Net income | 2,719 | 904 | 650 |
OCI | 260 | (62) | 590 |
Comprehensive income | 2,979 | 842 | 1,240 |
Total | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 16,437 | 8,897 | 6,595 |
Net income | 2,235 | 1,049 | 651 |
OCI | (278) | (1,495) | 237 |
Comprehensive income | 1,957 | (446) | 888 |
Net income (loss) attributable to the Partnership | 88 | 131 | 224 |
Utilities | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 1,336 | 1,715 | 1,046 |
Net income | 521 | 364 | 354 |
OCI | 28 | (205) | 26 |
Comprehensive income | 549 | 159 | 380 |
Net income (loss) attributable to the Partnership | 84 | 50 | 57 |
Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 11,808 | 4,161 | 3,351 |
Net income | 1,574 | 171 | 22 |
OCI | (435) | (1,419) | 364 |
Comprehensive income | 1,139 | (1,248) | 386 |
Net income (loss) attributable to the Partnership | 15 | (101) | 2 |
Midstream | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 833 | 767 | 734 |
Net income | 146 | 236 | 351 |
OCI | (46) | 0 | (54) |
Comprehensive income | 100 | 236 | 297 |
Net income (loss) attributable to the Partnership | 74 | 136 | 184 |
Data | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 2,460 | 2,245 | 1,447 |
Net income | 70 | 293 | (38) |
OCI | 73 | 374 | 57 |
Comprehensive income | 143 | 667 | 19 |
Net income (loss) attributable to the Partnership | 14 | 45 | (9) |
Corporate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 0 | 9 | 17 |
Net income | (76) | (15) | (38) |
OCI | 102 | (245) | (156) |
Comprehensive income | 26 | (260) | (194) |
Net income (loss) attributable to the Partnership | $ (99) | $ 1 | $ (10) |
INVESTMENT IN ASSOCIATES AND _7
INVESTMENT IN ASSOCIATES AND JOINT VENTURES - Cash Flows Impact of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | $ 2,772 | $ 2,530 | $ 2,143 |
Cash used by investing activities | (1,173) | (4,609) | (11,372) |
Cash from financing activities | (995) | 2,126 | 9,542 |
Change during the year | 604 | 47 | 313 |
Total | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | 4,375 | 2,603 | 1,688 |
Cash used by investing activities | (2,305) | (2,785) | (4,935) |
Cash from financing activities | (904) | 978 | 3,665 |
Change during the year | 1,166 | 796 | 418 |
Other ownership interests | 1,061 | 681 | 422 |
Partnership's share | 105 | 115 | (4) |
Utilities | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | 202 | 184 | 108 |
Cash used by investing activities | (611) | (697) | (1,109) |
Cash from financing activities | 176 | 285 | 1,548 |
Change during the year | (233) | (228) | 547 |
Other ownership interests | (199) | (199) | 471 |
Partnership's share | (34) | (29) | 76 |
Transport | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | 3,192 | 1,189 | 692 |
Cash used by investing activities | (372) | (1,039) | (852) |
Cash from financing activities | (1,627) | 826 | 11 |
Change during the year | 1,193 | 976 | (149) |
Other ownership interests | 1,091 | 843 | (76) |
Partnership's share | 102 | 133 | (73) |
Midstream | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | 342 | 378 | 357 |
Cash used by investing activities | (33) | (314) | (267) |
Cash from financing activities | (314) | (56) | (95) |
Change during the year | (5) | 8 | (5) |
Other ownership interests | (2) | 3 | (3) |
Partnership's share | (3) | 5 | (2) |
Data | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | 718 | 852 | 531 |
Cash used by investing activities | (996) | (735) | (2,707) |
Cash from financing activities | 489 | (77) | 2,201 |
Change during the year | 211 | 40 | 25 |
Other ownership interests | 171 | 34 | 30 |
Partnership's share | 40 | 6 | (5) |
Corporate | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Cash from operating activities | (79) | 0 | 0 |
Cash used by investing activities | (293) | 0 | 0 |
Cash from financing activities | 372 | 0 | 0 |
Change during the year | 0 | 0 | 0 |
Other ownership interests | 0 | 0 | 0 |
Partnership's share | $ 0 | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Net Book Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 31,584 | |
Ending balance | 38,655 | $ 31,584 |
Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 10,610 | |
Ending balance | 7,936 | 10,610 |
Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,341 | |
Ending balance | 8,376 | 8,341 |
Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 4,303 | |
Ending balance | 14,648 | 4,303 |
Data | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,330 | |
Ending balance | 7,695 | 8,330 |
Gross Carrying Amount: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 30,900 | 22,044 |
Additions, net of disposals | 1,764 | 1,305 |
Assets held by subsidiaries disposed during the period | (2,315) | |
Non-cash additions (disposals) | (517) | (281) |
Acquisitions through business combinations | 10,179 | 7,334 |
Net foreign currency exchange differences | (262) | 498 |
Ending balance | 39,749 | 30,900 |
Gross Carrying Amount: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 9,289 | 8,633 |
Additions, net of disposals | 478 | 535 |
Assets held by subsidiaries disposed during the period | (2,300) | |
Non-cash additions (disposals) | 34 | 15 |
Acquisitions through business combinations | 180 | 0 |
Net foreign currency exchange differences | (116) | 106 |
Ending balance | 7,565 | 9,289 |
Gross Carrying Amount: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,697 | 8,309 |
Additions, net of disposals | 434 | 387 |
Assets held by subsidiaries disposed during the period | (15) | |
Non-cash additions (disposals) | (107) | (241) |
Acquisitions through business combinations | 134 | 0 |
Net foreign currency exchange differences | (145) | 242 |
Ending balance | 8,998 | 8,697 |
Gross Carrying Amount: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 4,321 | 3,971 |
Additions, net of disposals | 423 | 306 |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash additions (disposals) | 88 | (29) |
Acquisitions through business combinations | 9,865 | 0 |
Net foreign currency exchange differences | 165 | 73 |
Ending balance | 14,862 | 4,321 |
Gross Carrying Amount: | Data | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 8,593 | 1,131 |
Additions, net of disposals | 429 | 77 |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash additions (disposals) | (532) | (26) |
Acquisitions through business combinations | 0 | 7,334 |
Net foreign currency exchange differences | (166) | 77 |
Ending balance | 8,324 | 8,593 |
Accumulated depreciation: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (3,636) | (2,417) |
Assets held by subsidiaries disposed during the period | 675 | |
Non-cash additions (disposals) | 188 | 147 |
Net foreign currency exchange differences | 59 | (135) |
Depreciation expense | (1,522) | (1,247) |
Disposals | 45 | 16 |
Ending balance | (4,191) | (3,636) |
Accumulated depreciation: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (1,613) | (1,171) |
Assets held by subsidiaries disposed during the period | 663 | |
Non-cash additions (disposals) | 0 | 0 |
Net foreign currency exchange differences | 11 | (35) |
Depreciation expense | (352) | (419) |
Disposals | 19 | 12 |
Ending balance | (1,272) | (1,613) |
Accumulated depreciation: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (1,404) | (950) |
Assets held by subsidiaries disposed during the period | 12 | |
Non-cash additions (disposals) | 140 | 130 |
Net foreign currency exchange differences | 56 | (90) |
Depreciation expense | (481) | (498) |
Disposals | 9 | 4 |
Ending balance | (1,668) | (1,404) |
Accumulated depreciation: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (356) | (208) |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash additions (disposals) | 3 | 0 |
Net foreign currency exchange differences | (16) | (7) |
Depreciation expense | (270) | (141) |
Disposals | 17 | 0 |
Ending balance | (622) | (356) |
Accumulated depreciation: | Data | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (263) | (88) |
Assets held by subsidiaries disposed during the period | 0 | |
Non-cash additions (disposals) | 45 | 17 |
Net foreign currency exchange differences | 8 | (3) |
Depreciation expense | (419) | (189) |
Disposals | 0 | 0 |
Ending balance | (629) | (263) |
Accumulated fair value adjustments: | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 4,320 | 3,386 |
Assets held by subsidiaries disposed during the period | (1,399) | |
Net foreign currency exchange differences | (76) | 148 |
Fair value adjustments | 252 | 786 |
Ending balance | 3,097 | 4,320 |
Accumulated fair value adjustments: | Utilities | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 2,934 | 2,212 |
Assets held by subsidiaries disposed during the period | (1,399) | |
Net foreign currency exchange differences | (26) | 70 |
Fair value adjustments | 134 | 652 |
Ending balance | 1,643 | 2,934 |
Accumulated fair value adjustments: | Transport | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,048 | 857 |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | (50) | 78 |
Fair value adjustments | 48 | 113 |
Ending balance | 1,046 | 1,048 |
Accumulated fair value adjustments: | Midstream | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 338 | 317 |
Assets held by subsidiaries disposed during the period | 0 | |
Net foreign currency exchange differences | 0 | 0 |
Fair value adjustments | 70 | 21 |
Ending balance | 408 | 338 |
Accumulated fair value adjustments: | Data | ||
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 | 0 |
Ending balance | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Valuation Technique (Details) - Property, plant and equipment - Recurring fair value measurement - Discounted cash flow model | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Utilities | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 20 | |
Investment Horizon | 10 years | |
Utilities | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 7 | |
Investment Horizon | 10 years | |
Utilities | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 23 | |
Investment Horizon | 20 years | |
Transport | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Investment Horizon | 10 years | 10 years |
Transport | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 9 | 9 |
Transport | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 15 | 14 |
Midstream | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Terminal Value Multiple | 10 | 10 |
Midstream | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Investment Horizon | 5 years | 5 years |
Midstream | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Investment Horizon | 10 years | 10 years |
Interest rate, measurement input | Utilities | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, assets | 0.07 | 0.07 |
Interest rate, measurement input | Utilities | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, assets | 0.11 | 0.14 |
Interest rate, measurement input | Transport | Bottom of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, assets | 0.07 | 0.07 |
Interest rate, measurement input | Transport | Top of range | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, assets | 0.14 | 0.13 |
Interest rate, measurement input | Midstream | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, assets | 0.15 | 0.15 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Utilities | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 118 | $ 159 |
Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 1,179 | 1,187 |
Midstream | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 389 | 113 |
Data | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 2,287 | 2,643 |
Accumulated fair value adjustments: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gain from revaluation | 252 | 786 |
Accumulated fair value adjustments: | Utilities | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gain from revaluation | 134 | 652 |
Accumulated fair value adjustments: | Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gain from revaluation | 48 | 113 |
Accumulated fair value adjustments: | Midstream | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gain from revaluation | 70 | 21 |
Accumulated fair value adjustments: | Data | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gain from revaluation | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Cost Model (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Utilities | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, revalued assets, at cost | $ 6,504 | $ 8,114 |
Transport | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, revalued assets, at cost | 7,557 | 7,548 |
Midstream | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, revalued assets, at cost | 14,300 | 4,007 |
Data | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, revalued assets, at cost | $ 7,694 | $ 8,330 |
INTANGIBLE ASSETS - Net Amounts
INTANGIBLE ASSETS - Net Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ 14,214 | $ 11,767 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | 15,785 | 13,233 | $ 15,695 |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Net intangible assets | $ (1,571) | $ (1,466) | $ (1,309) |
INTANGIBLE ASSETS - Cash Genera
INTANGIBLE ASSETS - Cash Generating Units (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 14,214 | $ 11,767 |
Brazilian regulated gas transmission operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,645 | 2,903 |
Canadian diversified midstream operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 2,536 | 0 |
North American rail operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,867 | 1,929 |
North American residential energy infrastructure operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,720 | 1,748 |
Brazil electricity transmission operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 1,366 | 270 |
Peruvian toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 976 | 1,073 |
Indian Telecom Towers Operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 782 | 537 |
Indian Toll Roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 658 | 714 |
U.K. telecom towers operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 480 | 491 |
U.K. ports operation | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 289 | 292 |
Other | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 895 | 985 |
Chilean toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 0 | $ 825 |
Simhapuri Expressway Ltd and Rayalseema Expressway Ltd | ||
Disclosure of information for cash-generating units [line items] | ||
Total | 604 | |
Indian toll roads | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 54 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 14,214 | $ 11,767 |
Intangible assets with indefinite useful life | 899 | 876 |
Simhapuri Expressway Ltd and Rayalseema Expressway Ltd | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 604 | |
BIF India Holdings Pte Ltd | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 54 | |
North American residential energy infrastructure operation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,720 | 1,748 |
Peruvian toll roads | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 976 | $ 1,073 |
INTANGIBLE ASSETS - Reconciliat
INTANGIBLE ASSETS - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | $ 11,767 | |
Cost at end of year | 14,214 | $ 11,767 |
Cost | ||
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | 13,233 | 15,695 |
Acquisitions through business combinations | 3,734 | 532 |
Additions, net of disposals | 67 | 102 |
Assets held by subsidiaries disposed during the period | (957) | 0 |
Non-cash additions, intangible assets other than goodwill | 271 | (2,118) |
Foreign currency translation | (563) | (978) |
Cost at end of year | 15,785 | 13,233 |
Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill | ||
Cost at beginning of the year | (1,466) | (1,309) |
Assets held by subsidiaries disposed during the period | 281 | 0 |
Non-cash disposals | 26 | 216 |
Amortization | (514) | (458) |
Foreign currency translation | 102 | 85 |
Cost at end of year | $ (1,571) | $ (1,466) |
GOODWILL - Rollfoward (Details)
GOODWILL - Rollfoward (Details) - Goodwill - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of the year | $ 6,634 | $ 6,553 |
Acquisitions through business combinations | 2,400 | 27 |
Assets held by subsidiaries disposed during the period | (56) | 0 |
Foreign currency translation and other | 1 | 54 |
Balance at end of the year | $ 8,979 | $ 6,634 |
GOODWILL - Cash Generating Unit
GOODWILL - Cash Generating Units (Details) - Goodwill - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 8,979 | $ 6,634 | $ 6,553 |
Canadian diversified midstream operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 2,125 | 0 | |
North American rail operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 2,105 | 2,126 | |
North American residential energy infrastructure operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 1,356 | 1,296 | |
Western Canadian natural gas gathering and processing operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 762 | 756 | |
Colombian natural gas distribution operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 433 | 520 | |
Brazilian regulated gas transmission operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 456 | 490 | |
U.S. data center operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 503 | 487 | |
U.K. telecom towers operation | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 341 | 345 | |
Other | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 898 | $ 614 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range | |
Disclosure of information for cash-generating units [line items] | |
Discount rate applied to cash flow projections | 11.00% |
Terminal rate applied to cash flow projections | 600.00% |
Period over which management has projected cash flows | 6 years |
Top of range | |
Disclosure of information for cash-generating units [line items] | |
Discount rate applied to cash flow projections | 14.00% |
Terminal rate applied to cash flow projections | 2000.00% |
Period over which management has projected cash flows | 20 years |
INVESTMENT PROPERTIES (Details)
INVESTMENT PROPERTIES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in investment property [abstract] | ||
Balance at beginning of the year | $ 518 | $ 416 |
Additions, net of disposals | 106 | 3 |
Fair value adjustments | 42 | 68 |
Foreign currency translation | (11) | 31 |
Balance at end of the year | $ 655 | $ 518 |
Investment property completed | Transport | Bottom of range | Direct Income Capitalization | ||
Reconciliation of changes in investment property [abstract] | ||
Capitalization rate, inputs | 6.00% | |
Investment property completed | Transport | Top of range | Direct Income Capitalization | ||
Reconciliation of changes in investment property [abstract] | ||
Capitalization rate, inputs | 14.00% | |
Investment property completed | Data | Bottom of range | Direct Income Capitalization | ||
Reconciliation of changes in investment property [abstract] | ||
Capitalization rate, inputs | 6.00% | |
Investment property completed | Data | Top of range | Direct Income Capitalization | ||
Reconciliation of changes in investment property [abstract] | ||
Capitalization rate, inputs | 8.00% |
ACCOUNTS PAYABLE AND OTHER (Det
ACCOUNTS PAYABLE AND OTHER (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current: | ||
Accounts payable | $ 1,877 | $ 1,461 |
Accrued liabilities | 1,103 | 751 |
Deferred revenue | 338 | 256 |
Lease liabilities | 416 | 206 |
Provisions | 161 | 176 |
Loans and notes payable | 0 | 134 |
Other liabilities | 124 | 293 |
Total current | 4,019 | 3,277 |
Non-current: | ||
Lease liabilities | 3,423 | 3,597 |
Deferred revenue | 366 | 467 |
Accrued liabilities | 200 | 0 |
Provisions | 492 | 423 |
Pension liabilities | 172 | 315 |
Loans and notes payable | 28 | 84 |
Other liabilities | 346 | 311 |
Total non-current | $ 5,027 | $ 5,197 |
FINANCIAL LIABILITIES (Details)
FINANCIAL LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current: | ||
Current deferred consideration | $ 1,148 | $ 136 |
Interest rate swaps | 54 | 116 |
Foreign currency forward contracts | 76 | 107 |
Other financial liabilities | 232 | 337 |
Total current financial liabilities | 1,510 | 696 |
Non-current: | ||
Deferred consideration | 6 | 1,022 |
Interest rate swaps | 160 | 341 |
Foreign currency forward contracts | 22 | 138 |
Inflation swaps | 0 | 46 |
Other financial liabilities | 1,542 | 1,131 |
Total non-current financial liabilities | $ 1,730 | $ 2,678 |
Deferred consideration, annual interest accrual | 3.35% |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Details) $ in Millions | May 24, 2021USD ($) | Sep. 01, 2020CAD ($) | Nov. 06, 2019CAD ($) | Dec. 31, 2021USD ($)extension | Feb. 24, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 14, 2020USD ($) | Apr. 07, 2020CAD ($) | Oct. 07, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,131,000,000 | ||||||||
Commercial papers issued | 431,000,000 | $ 0 | |||||||
Notional Amount (U.S. Dollars) | 14,902,000,000 | 14,743,000,000 | |||||||
Debt in breach of asset-level financial covenants | 145,000,000 | ||||||||
Corporate revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,975,000,000 | ||||||||
Basis points | 0.0013 | ||||||||
Non-recourse borrowings | $ 0 | 1,131,000,000 | |||||||
Letter of credit outstanding amount | $ 12,000,000 | 63,000,000 | |||||||
Borrowings renewal period | 1 year | ||||||||
Borrowings renewal period, number of extensions available | extension | 4 | ||||||||
Corporate revolving credit facility | Floating interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.20% | ||||||||
Commercial Paper Program | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 431,000,000 | 0 | |||||||
Commercial Paper Program | Establishment of Commercial Paper Program | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Commercial papers issued | $ 500,000,000 | ||||||||
Commercial Paper Program | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 0.37% | ||||||||
Syndicated Revolving Credit Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | |||||||
Line of credit, amount drawn | 0 | ||||||||
Syndicated Revolving Credit Facility | Bottom of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Basis points | 0.0042 | ||||||||
Syndicated Revolving Credit Facility | Top of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Basis points | 0.0044 | ||||||||
Syndicated Revolving Credit Facility | Floating interest rate | Bottom of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2.10% | ||||||||
Syndicated Revolving Credit Facility | Floating interest rate | Top of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2.20% | ||||||||
Medium-term Notes, Maturing October 9, 2029 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 554,000,000 | 550,000,000 | |||||||
Notional Amount (U.S. Dollars) | $ 200 | $ 500 | |||||||
Annual rate | 3.40% | 3.50% | |||||||
Borrowings, effective interest rate | 4.10% | ||||||||
Medium-term Notes, Maturing October 9, 2029 | Debt Issuers | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Amount repaid | $ 375 | ||||||||
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 October 9, 2029 | Fixed interest rate | Debt Issuers | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 3.40% | 3.40% | |||||||
Medium Term Notes | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional Amount (U.S. Dollars) | $ 400 | ||||||||
Medium-term Notes, Maturing September 11, 2028 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 554,000,000 | 550,000,000 | |||||||
Notional Amount (U.S. Dollars) | $ 200 | ||||||||
Borrowings, effective interest rate | 4.10% | ||||||||
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 September 11, 2028 | Fixed interest rate | Debt Issuers | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 4.20% | ||||||||
Corporate borrowings | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 2,739,000,000 | 3,173,000,000 | |||||||
Increase (decrease) in corporate borrowings | (434,000,000) | ||||||||
Revolving credit facility with Brookfield | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility, maximum borrowing capacity | 500,000,000 | ||||||||
Non-recourse borrowings | $ 0 | 0 | |||||||
Revolving credit facility with Brookfield | Floating interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.80% | ||||||||
Commitment fees | $ 0 | ||||||||
Non-recourse borrowings | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | 26,534,000,000 | 20,020,000,000 | |||||||
Increase in borrowings | 6,500,000,000 | ||||||||
Non-recourse borrowings | Disposal Group Disposed of By Sale Not Discontinued Operations | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Increase in borrowings | 8,700,000,000 | ||||||||
Non-recourse borrowings | Canadian diversified midstream operation | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Increase in borrowings | 6,700,000,000 | ||||||||
Non-recourse borrowings | CAD | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | 9,257,000,000 | 2,400,000,000 | |||||||
Non-recourse borrowings | USD | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | 7,376,000,000 | 7,457,000,000 | |||||||
Medium-term Notes, Maturing September 1, 2032 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 396,000,000 | 392,000,000 | |||||||
Notional Amount (U.S. Dollars) | $ 500 | ||||||||
Amount repaid | $ 450 | ||||||||
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 September 1, 2032 | Fixed interest rate | Debt Issuers | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 2.90% | ||||||||
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | Debt Issuers | CAD | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 2.90% | ||||||||
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | Debt Issuers | USD | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 3.90% | ||||||||
Subordinated Notes | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 250,000,000 | ||||||||
Subordinated notes, Maturing 2081 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-recourse borrowings | $ 250,000,000 | $ 250,000,000 | $ 0 | ||||||
Annual rate | 5.00% | ||||||||
Debt issuance costs | $ 6,000,000 | ||||||||
Subordinated notes, Maturing 2081 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual rate | 5.00% |
BORROWINGS - Corporate Borrowin
BORROWINGS - Corporate Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | May 24, 2021 | Dec. 31, 2020 | Apr. 07, 2020 | Oct. 07, 2019 |
Disclosure of detailed information about borrowings [line items] | |||||
Deferred financing costs and other | $ (20) | $ (15) | |||
Current and non-current portion of corporate borrowings | 2,719 | 3,158 | |||
Senior Unsecured Revolving Credit Facility - Maturing June 28, 2024 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total | $ 0 | 1,131 | |||
Senior Unsecured Revolving Credit Facility - Maturing June 28, 2024 | Floating interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 1.20% | ||||
Borrowings, adjustment to interest rate basis | 1.20% | ||||
Senior Unsecured Revolving Credit Facility - Maturing April 14, 2022 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total | $ 0 | 0 | |||
Medium Term Notes, Public - Canadian - Maturing February 22, 2024 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total | $ 237 | 236 | |||
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] | |||||
Total | $ 317 | 314 | |||
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] | |||||
Total | $ 554 | 550 | |||
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] | |||||
Annual rate | 3.40% | 3.50% | |||
Total | $ 554 | 550 | |||
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] | |||||
Total | $ 396 | 392 | |||
Medium-term Notes, Maturing September 1, 2032 | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Annual rate | 2.90% | ||||
Subordinated notes, Maturing 2081 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Annual rate | 5.00% | ||||
Total | $ 250 | $ 250 | 0 | ||
Subordinated notes, Maturing 2081 | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Annual rate | 5.00% | ||||
Corporate borrowings | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total | $ 2,739 | 3,173 | |||
Commercial Paper Program | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total | $ 431 | $ 0 | |||
Commercial Paper Program | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Annual rate | 0.37% |
BORROWINGS - Non-Recourse Borro
BORROWINGS - Non-Recourse Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Current | $ 2,701 | $ 1,551 |
Non-current | 23,833 | 18,469 |
Non-recourse borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | $ 26,534 | $ 20,020 |
BORROWINGS - Repayments on Non-
BORROWINGS - Repayments on Non-Recourse Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Debt in breach of asset-level financial covenants | $ 145 | |
Non-recourse borrowings | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 26,534 | $ 20,020 |
Non-recourse borrowings | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 26,509 | |
Non-recourse borrowings | Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 25 | |
Non-recourse borrowings | 2022 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 2,599 | |
Non-recourse borrowings | 2023 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 2,797 | |
Non-recourse borrowings | 2024 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 3,218 | |
Non-recourse borrowings | 2025 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 2,669 | |
Non-recourse borrowings | 2026 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 5,448 | |
Non-recourse borrowings | Thereafter | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 9,778 | |
Non-recourse borrowings | Utilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 7,951 | 8,067 |
Non-recourse borrowings | Utilities | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 7,982 | |
Non-recourse borrowings | Utilities | Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | (31) | |
Non-recourse borrowings | Utilities | 2022 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 341 | |
Non-recourse borrowings | Utilities | 2023 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,619 | |
Non-recourse borrowings | Utilities | 2024 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,191 | |
Non-recourse borrowings | Utilities | 2025 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 440 | |
Non-recourse borrowings | Utilities | 2026 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 694 | |
Non-recourse borrowings | Utilities | Thereafter | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 3,697 | |
Non-recourse borrowings | Transport | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 5,309 | 6,635 |
Non-recourse borrowings | Transport | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 5,348 | |
Non-recourse borrowings | Transport | Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | (39) | |
Non-recourse borrowings | Transport | 2022 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 386 | |
Non-recourse borrowings | Transport | 2023 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 247 | |
Non-recourse borrowings | Transport | 2024 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 296 | |
Non-recourse borrowings | Transport | 2025 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 258 | |
Non-recourse borrowings | Transport | 2026 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 3,217 | |
Non-recourse borrowings | Transport | Thereafter | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 944 | |
Non-recourse borrowings | Midstream | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 9,490 | 2,111 |
Non-recourse borrowings | Midstream | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 9,334 | |
Non-recourse borrowings | Midstream | Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 156 | |
Non-recourse borrowings | Midstream | 2022 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,819 | |
Non-recourse borrowings | Midstream | 2023 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 715 | |
Non-recourse borrowings | Midstream | 2024 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,536 | |
Non-recourse borrowings | Midstream | 2025 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,264 | |
Non-recourse borrowings | Midstream | 2026 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 1,028 | |
Non-recourse borrowings | Midstream | Thereafter | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 2,972 | |
Non-recourse borrowings | Data | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 3,784 | $ 3,207 |
Non-recourse borrowings | Data | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 3,845 | |
Non-recourse borrowings | Data | Deferred financing costs and other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | (61) | |
Non-recourse borrowings | Data | 2022 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 53 | |
Non-recourse borrowings | Data | 2023 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 216 | |
Non-recourse borrowings | Data | 2024 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 195 | |
Non-recourse borrowings | Data | 2025 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 707 | |
Non-recourse borrowings | Data | 2026 | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | 509 | |
Non-recourse borrowings | Data | Thereafter | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 2,165 |
BORROWINGS - Weighted Average I
BORROWINGS - Weighted Average Interest Rate (Details) - Interest on non-recourse borrowings - Weighted average | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 6.00% | 5.00% |
Utilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 4.00% | 4.00% |
Transport | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 5.00% | 5.00% |
Midstream | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 6.00% | 6.00% |
Data | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual rate | 7.00% | 6.00% |
BORROWINGS - Borrowings by Curr
BORROWINGS - Borrowings by Currency (Details) - Interest on non-recourse borrowings € in Millions, ₨ in Millions, £ in Millions, S/ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021INR (₨) | Dec. 31, 2021GBP (£) | Dec. 31, 2021BRL (R$) | Dec. 31, 2021AUD ($) | Dec. 31, 2021COP ($) | Dec. 31, 2021PEN (S/) | Dec. 31, 2021NZD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2021CLF ( ) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020INR (₨) | Dec. 31, 2020GBP (£) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020AUD ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020PEN (S/) | Dec. 31, 2020NZD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020CLF ( ) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | $ 26,534 | $ 20,020 | ||||||||||||||||||||
USD | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 7,376 | 7,457 | ||||||||||||||||||||
Borrowings, local currency | 7,376 | 7,457 | ||||||||||||||||||||
CAD | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 9,257 | 2,400 | ||||||||||||||||||||
Borrowings, local currency | $ 11,698 | $ 3,056 | ||||||||||||||||||||
GBP | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 3,067 | 2,941 | ||||||||||||||||||||
Borrowings, local currency | £ | £ 2,266 | £ 2,151 | ||||||||||||||||||||
BRL | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 1,840 | 1,161 | ||||||||||||||||||||
Borrowings, local currency | R$ | R$ 10268 | R$ 6035 | ||||||||||||||||||||
INR | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 3,650 | 3,760 | ||||||||||||||||||||
Borrowings, local currency | ₨ | ₨ 272,388 | ₨ 274,457 | ||||||||||||||||||||
UF | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 0 | 1,201 | ||||||||||||||||||||
Borrowings, local currency | | 0 | 29 | ||||||||||||||||||||
AUD | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 468 | 320 | ||||||||||||||||||||
Borrowings, local currency | $ 644 | $ 416 | ||||||||||||||||||||
PEN | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 380 | 417 | ||||||||||||||||||||
Borrowings, local currency | S/ | S/ 1,521 | S/ 1,511 | ||||||||||||||||||||
COP | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 394 | 418 | ||||||||||||||||||||
Borrowings, local currency | $ 1,621,399 | $ 1,430,115 | ||||||||||||||||||||
European Union euros | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | 36 | 59 | ||||||||||||||||||||
Borrowings, local currency | € | € 32 | € 48 | ||||||||||||||||||||
NZD | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Non-recourse borrowings | $ 41 | $ 43 | ||||||||||||||||||||
Borrowings, local currency | $ 60 | $ 60 |
BORROWINGS - Supplemental Cash
BORROWINGS - Supplemental Cash Flows (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Corporate borrowings | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Beginning balance | $ 3,158 |
Cash flows | (456) |
Acquisitions/Dispositions | 0 |
Foreign Exchange Movement and Other | 17 |
Ending balance | 2,719 |
Non-recourse borrowings | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Beginning balance | 20,020 |
Cash flows | 851 |
Acquisitions/Dispositions | 5,819 |
Foreign Exchange Movement and Other | (156) |
Ending balance | $ 26,534 |
SUBSIDIARY PUBLIC ISSUERS - Add
SUBSIDIARY PUBLIC ISSUERS - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | Sep. 01, 2020CAD ($) | Nov. 06, 2019CAD ($) | Feb. 05, 2019USD ($)shares | Feb. 05, 2019CAD ($)$ / sharesshares | Nov. 30, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Nov. 01, 2021$ / shares | May 24, 2021 | Apr. 07, 2020CAD ($) | Oct. 07, 2019CAD ($) |
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Notional Amount (U.S. Dollars) | $ 14,902 | $ 14,743 | ||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 62.70 | |||||||||||
Partnership units issued, net of costs and repurchases | $ 1,073 | $ 9 | $ 781 | |||||||||
Share issue related cost | $ 6 | |||||||||||
Medium-term Notes, Maturing September 1, 2032 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Notional Amount (U.S. Dollars) | $ 500 | |||||||||||
Amount repaid | $ 450 | |||||||||||
Medium-term Notes, Maturing September 11, 2028 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Notional Amount (U.S. Dollars) | $ 200 | |||||||||||
Medium-term Notes, Maturing October 9, 2029 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Notional Amount (U.S. Dollars) | $ 200 | $ 500 | ||||||||||
Annual rate | 3.40% | 3.50% | ||||||||||
Notional amount swapped | $ 92 | |||||||||||
Subordinated notes, Maturing 2081 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 5.00% | |||||||||||
Preferred Unitholders Capital | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Issued for cash (in shares) | shares | 8,000,000 | 8,000,000 | 0 | |||||||||
Preferred Unitholders Capital | BIPIC Series 1 Senior Preferred Shares | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Issued for cash (in shares) | shares | 4,000,000 | 4,000,000 | ||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 25 | |||||||||||
Quarterly fixed distribution rate | 5.85% | 5.85% | ||||||||||
Partnership units issued, net of costs and repurchases | $ 75 | $ 100 | ||||||||||
Underwriting related cost | 2 | |||||||||||
Share issue related cost | $ 1 | |||||||||||
Fixed interest rate | Medium-term Notes, Maturing September 1, 2032 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 2.90% | |||||||||||
Fixed interest rate | Medium-term Notes, Maturing September 11, 2028 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 4.20% | |||||||||||
Fixed interest rate | Medium-term Notes, Maturing October 9, 2029 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 3.40% | |||||||||||
Fixed interest rate | Subordinated notes, Maturing 2081 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 5.00% | |||||||||||
Debt Issuers | Medium-term Notes, Maturing October 9, 2029 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Amount repaid | $ 375 | |||||||||||
Debt Issuers | Fixed interest rate | Medium-term Notes, Maturing September 1, 2032 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 2.90% | |||||||||||
Debt Issuers | Fixed interest rate | Medium-term Notes, Maturing September 1, 2032 | CAD | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 2.90% | |||||||||||
Debt Issuers | Fixed interest rate | Medium-term Notes, Maturing September 1, 2032 | USD | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 3.90% | |||||||||||
Debt Issuers | Fixed interest rate | Medium-term Notes, Maturing September 11, 2028 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 4.20% | |||||||||||
Debt Issuers | Fixed interest rate | Medium-term Notes, Maturing October 9, 2029 | ||||||||||||
Disclosure of information about consolidated structured entities [line items] | ||||||||||||
Annual rate | 3.40% | 3.40% |
SUBSIDIARY PUBLIC ISSUERS - Fin
SUBSIDIARY PUBLIC ISSUERS - Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of comprehensive income [abstract] | ||||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 | |
Net income attributable to partnership | 1,093 | 394 | 233 | |
Statement of financial position [abstract] | ||||
Current assets | 4,896 | 3,711 | ||
Non-current assets | 69,065 | 57,620 | ||
Current liabilities | 8,661 | 5,524 | ||
Non-current liabilities | 38,909 | 34,134 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 2,408 | 1,687 | ||
Non-controlling interest, BIPC exchange units, equity | 1,369 | 638 | ||
BIPC exchangeable shares | 1,369 | 638 | ||
Non-controlling interest, exchange LP units | [1] | 85 | 12 | |
In operating subsidiaries | 15,658 | 13,954 | ||
Preferred unitholders | 1,138 | 1,130 | ||
Our partnership | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 0 | 0 | 0 | |
Net income attributable to partnership | 556 | 141 | 52 | |
Statement of financial position [abstract] | ||||
Current assets | 0 | 0 | ||
Non-current assets | 6,840 | 5,363 | ||
Current liabilities | 0 | 0 | ||
Non-current liabilities | 0 | 0 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 0 | 0 | ||
Non-controlling interest, BIPC exchange units, equity | 0 | |||
BIPC exchangeable shares | 0 | |||
Non-controlling interest, exchange LP units | 0 | 0 | ||
In operating subsidiaries | 0 | 0 | ||
Preferred unitholders | 0 | 0 | ||
The Fincos | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 0 | 0 | 0 | |
Net income attributable to partnership | 0 | 0 | 0 | |
Statement of financial position [abstract] | ||||
Current assets | 0 | 0 | ||
Non-current assets | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Non-current liabilities | 2,288 | 2,027 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 0 | 0 | ||
Non-controlling interest, BIPC exchange units, equity | 0 | |||
BIPC exchangeable shares | 0 | |||
Non-controlling interest, exchange LP units | 0 | 0 | ||
In operating subsidiaries | 0 | 0 | ||
Preferred unitholders | 0 | 0 | ||
BIPIC | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 0 | 0 | 0 | |
Net income attributable to partnership | 0 | 0 | 0 | |
Statement of financial position [abstract] | ||||
Current assets | 0 | 0 | ||
Non-current assets | 1,045 | 944 | ||
Current liabilities | 232 | 77 | ||
Non-current liabilities | 0 | 0 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 0 | 0 | ||
Non-controlling interest, BIPC exchange units, equity | 0 | |||
BIPC exchangeable shares | 0 | |||
Non-controlling interest, exchange LP units | 0 | 0 | ||
In operating subsidiaries | 0 | 0 | ||
Preferred unitholders | 0 | 0 | ||
BIPC Holdings | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 0 | 0 | 0 | |
Net income attributable to partnership | 208 | 5 | 0 | |
Statement of financial position [abstract] | ||||
Current assets | 0 | 0 | ||
Non-current assets | 2,373 | 2,238 | ||
Current liabilities | 0 | 0 | ||
Non-current liabilities | 0 | 591 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 0 | 0 | ||
Non-controlling interest, BIPC exchange units, equity | 0 | |||
BIPC exchangeable shares | 0 | |||
Non-controlling interest, exchange LP units | 0 | 0 | ||
In operating subsidiaries | 0 | 0 | ||
Preferred unitholders | 0 | 0 | ||
Subsidiaries of our partnership other than the Issuers | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 0 | 0 | 0 | |
Net income attributable to partnership | 885 | 389 | 233 | |
Statement of financial position [abstract] | ||||
Current assets | 0 | 0 | ||
Non-current assets | 9,835 | 7,232 | ||
Current liabilities | 0 | 0 | ||
Non-current liabilities | 0 | 0 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 0 | 0 | ||
Non-controlling interest, BIPC exchange units, equity | 0 | |||
BIPC exchangeable shares | 0 | |||
Non-controlling interest, exchange LP units | 0 | 0 | ||
In operating subsidiaries | 0 | 0 | ||
Preferred unitholders | 0 | 0 | ||
Consolidating adjustments | ||||
Statement of comprehensive income [abstract] | ||||
Revenues | 11,537 | 8,885 | 6,597 | |
Net income attributable to partnership | (556) | (141) | $ (52) | |
Statement of financial position [abstract] | ||||
Current assets | 4,896 | 3,711 | ||
Non-current assets | 48,972 | 41,843 | ||
Current liabilities | 8,429 | 5,447 | ||
Non-current liabilities | 36,621 | 31,516 | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 2,408 | 1,687 | ||
Non-controlling interest, BIPC exchange units, equity | 638 | |||
BIPC exchangeable shares | 1,369 | |||
Non-controlling interest, exchange LP units | 85 | 12 | ||
In operating subsidiaries | 15,658 | 13,954 | ||
Preferred unitholders | $ 1,138 | $ 1,130 | ||
[1] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details . |
PREFERRED SHARES (Details)
PREFERRED SHARES (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of classes of share capital [line items] | |||||
Preferred shares | $ 20,000,000 | $ 20,000,000 | |||
Dividends, preferred stock | $ 67,000,000 | [1] | 51,000,000 | [1] | $ 49,000,000 |
Preference shares | |||||
Disclosure of classes of share capital [line items] | |||||
Expected dividend payable as percentage | 6.00% | ||||
Dividend payables | $ 0 | $ 0 | |||
Brookfield Infrastructure Holdings (Canada) Inc. | Preference shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares issued (in shares) | 196,000 | ||||
Preferred shares | $ 5,000,000 | ||||
Brookfield Infrastructure US Holdings I Corporation | Preference shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares issued (in shares) | 1 | ||||
Preferred shares | $ 5,000,000 | ||||
Dividends, preferred stock | $ 5,000,000 | ||||
BIP Bermuda Holdings I Limited | Preference shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares issued (in shares) | 400,000 | ||||
Preferred shares | $ 10,000,000 | ||||
Brookfield Infrastructure Holdings (Canada) Inc. and BIP Bermuda Holdings I Limited | Preference shares | |||||
Disclosure of classes of share capital [line items] | |||||
Redemption price per share (in usd per share) | $ 25 | ||||
[1] | Refer to Note 29, Distributions. |
INTEREST EXPENSE (Details)
INTEREST EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
Other financing fees | $ 231 | $ 140 | $ 83 |
Interest expense | 1,468 | 1,179 | 904 |
Interest on corporate facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 16 | 19 | 20 |
Interest on corporate debt | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 87 | 76 | 63 |
Interest on non-recourse borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | $ 1,134 | $ 944 | $ 738 |
DIRECT OPERATING COSTS (Details
DIRECT OPERATING COSTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Direct Operating Costs [Abstract] | ||||
Depreciation and amortization expense | $ 2,036 | $ 1,705 | $ 1,214 | |
Compensation | 1,517 | 1,284 | 674 | |
Fuel, transportation and distribution costs | 1,514 | 1,291 | 929 | |
Cost of inventory | 1,308 | 706 | 463 | |
Utilities | 409 | 171 | 72 | |
Other direct operating costs | 1,463 | 1,391 | 1,257 | |
Total | [1] | $ 8,247 | $ 6,548 | $ 4,609 |
[1] | During the fourth quarter of 2021, the partnership reclassified $2,036 million of depreciation and amortization expenses, which were previously presented as a separate line item, to direct operating costs. Prior period amounts were also adjusted to reflect this change, which resulted in an increase to direct operating costs by $1,705 million and $1,214 million for years ended December 31, 2020 and 2019, respectively, with equal and offsetting decreases to depreciation and amortization expense. This reclassification had no impact on revenues, net income, or basic and diluted earnings per limited partner unit. |
PAYROLL EXPENSE (Details)
PAYROLL EXPENSE (Details) | Dec. 31, 2021employee |
Analysis of income and expense [abstract] | |
Partnership, number of key employees or directors | 0 |
NON-WHOLLY OWNED SUBSIDIARIES -
NON-WHOLLY OWNED SUBSIDIARIES - Summarized Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of subsidiaries [line items] | ||
Current Assets | $ 4,896 | $ 3,711 |
Non-Current Assets | 69,065 | 57,620 |
Current Liabilities | 8,661 | 5,524 |
Non-Current Liabilities | 38,909 | 34,134 |
Non-Wholly Owned Subsidiaries | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 4,741 | 3,613 |
Non-Current Assets | 62,026 | 49,913 |
Current Liabilities | 8,386 | 5,317 |
Non-Current Liabilities | 37,451 | 32,480 |
Non-Controlling Interest in Operating Subsidiaries | 15,658 | 13,955 |
Partnership capital | 5,272 | 1,774 |
U.K. regulated distribution operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 249 | 181 |
Non-Current Assets | 4,961 | 5,264 |
Current Liabilities | 316 | 333 |
Non-Current Liabilities | 3,285 | 3,241 |
Non-Controlling Interest in Operating Subsidiaries | 314 | 367 |
Partnership capital | 1,295 | 1,504 |
Brazilian regulated gas transmission operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 668 | 405 |
Non-Current Assets | 3,115 | 3,494 |
Current Liabilities | 1,278 | 203 |
Non-Current Liabilities | 2,028 | 2,772 |
Non-Controlling Interest in Operating Subsidiaries | 389 | 783 |
Partnership capital | 88 | 141 |
Colombian natural gas distribution operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 219 | 220 |
Non-Current Assets | 1,061 | 1,256 |
Current Liabilities | 162 | 248 |
Non-Current Liabilities | 522 | 478 |
Non-Controlling Interest in Operating Subsidiaries | 512 | 636 |
Partnership capital | 84 | 114 |
Brazil electricity transmission operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 104 | 15 |
Non-Current Assets | 1,457 | 320 |
Current Liabilities | 30 | 11 |
Non-Current Liabilities | 902 | 196 |
Non-Controlling Interest in Operating Subsidiaries | 436 | 89 |
Partnership capital | 193 | 39 |
Canadian District Energy Operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 28 | |
Non-Current Assets | 1,260 | |
Current Liabilities | 147 | |
Non-Current Liabilities | 567 | |
Non-Controlling Interest in Operating Subsidiaries | 429 | |
Partnership capital | 145 | |
U.S. district energy operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 38 | |
Non-Current Assets | 1,097 | |
Current Liabilities | 78 | |
Non-Current Liabilities | 768 | |
Non-Controlling Interest in Operating Subsidiaries | 163 | |
Partnership capital | 126 | |
North American residential energy infrastructure operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 269 | 210 |
Non-Current Assets | 4,583 | 4,215 |
Current Liabilities | 466 | 436 |
Non-Current Liabilities | 2,660 | 2,321 |
Non-Controlling Interest in Operating Subsidiaries | 1,215 | 1,174 |
Partnership capital | 511 | 494 |
Indian gas transmission operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 154 | 94 |
Non-Current Assets | 2,015 | 2,172 |
Current Liabilities | 287 | 131 |
Non-Current Liabilities | 1,191 | 1,308 |
Non-Controlling Interest in Operating Subsidiaries | 644 | 781 |
Partnership capital | 47 | 46 |
UK Residential Infrastructure Business | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 5 | |
Non-Current Assets | 151 | |
Current Liabilities | 34 | |
Non-Current Liabilities | 5 | |
Non-Controlling Interest in Operating Subsidiaries | 99 | |
Partnership capital | 18 | |
European Residential Infrastructure Operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 24 | |
Non-Current Assets | 213 | |
Current Liabilities | 10 | |
Non-Current Liabilities | 78 | |
Non-Controlling Interest in Operating Subsidiaries | 132 | |
Partnership capital | 17 | |
North American rail operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 564 | 504 |
Non-Current Assets | 9,561 | 9,569 |
Current Liabilities | 564 | 699 |
Non-Current Liabilities | 4,930 | 4,898 |
Non-Controlling Interest in Operating Subsidiaries | 4,173 | 4,032 |
Partnership capital | 458 | 444 |
U.K. ports operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 55 | 62 |
Non-Current Assets | 1,154 | 1,105 |
Current Liabilities | 40 | 45 |
Non-Current Liabilities | 779 | 735 |
Non-Controlling Interest in Operating Subsidiaries | 159 | 157 |
Partnership capital | 231 | 230 |
Australian port operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 262 | 151 |
Non-Current Assets | 581 | 863 |
Current Liabilities | 223 | 131 |
Non-Current Liabilities | 180 | 393 |
Non-Controlling Interest in Operating Subsidiaries | 316 | 352 |
Partnership capital | 124 | 138 |
Chilean toll roads | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 126 | |
Non-Current Assets | 835 | |
Current Liabilities | 125 | |
Non-Current Liabilities | 1,148 | |
Non-Controlling Interest in Operating Subsidiaries | (335) | |
Partnership capital | 23 | |
Peruvian toll roads | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 98 | 105 |
Non-Current Assets | 1,132 | 1,247 |
Current Liabilities | 17 | 438 |
Non-Current Liabilities | 561 | 212 |
Non-Controlling Interest in Operating Subsidiaries | 541 | 591 |
Partnership capital | 111 | 111 |
Indian Toll Roads | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 70 | 87 |
Non-Current Assets | 732 | 808 |
Current Liabilities | 166 | 177 |
Non-Current Liabilities | 364 | 426 |
Non-Controlling Interest in Operating Subsidiaries | 189 | 203 |
Partnership capital | 83 | 89 |
North American gas storage operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 258 | 170 |
Non-Current Assets | 1,479 | 1,433 |
Current Liabilities | 227 | 67 |
Non-Current Liabilities | 662 | 658 |
Non-Controlling Interest in Operating Subsidiaries | 525 | 544 |
Partnership capital | 323 | 334 |
Canadian diversified midstream operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 441 | |
Non-Current Assets | 15,034 | |
Current Liabilities | 2,875 | |
Non-Current Liabilities | 7,283 | |
Non-Controlling Interest in Operating Subsidiaries | 2,413 | |
Partnership capital | 2,904 | |
Western Canadian natural gas gathering and processing operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 130 | 125 |
Non-Current Assets | 3,932 | 3,964 |
Current Liabilities | 96 | 131 |
Non-Current Liabilities | 1,974 | 2,072 |
Non-Controlling Interest in Operating Subsidiaries | 1,422 | 1,348 |
Partnership capital | 570 | 538 |
U.S. data center operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 51 | 67 |
Non-Current Assets | 1,401 | 1,634 |
Current Liabilities | 86 | 95 |
Non-Current Liabilities | 929 | 1,138 |
Non-Controlling Interest in Operating Subsidiaries | 312 | 334 |
Partnership capital | 125 | 134 |
Australian data center operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 28 | 12 |
Non-Current Assets | 402 | 311 |
Current Liabilities | 23 | 127 |
Non-Current Liabilities | 119 | 7 |
Non-Controlling Interest in Operating Subsidiaries | 206 | 135 |
Partnership capital | 82 | 54 |
U.K. telecom towers operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 40 | 32 |
Non-Current Assets | 880 | 896 |
Current Liabilities | 190 | 332 |
Non-Current Liabilities | 495 | 327 |
Non-Controlling Interest in Operating Subsidiaries | 177 | 203 |
Partnership capital | 58 | 66 |
Indian Telecom Towers Operation | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 306 | 392 |
Non-Current Assets | 8,081 | 7,998 |
Current Liabilities | 407 | 493 |
Non-Current Liabilities | 6,034 | 5,392 |
Non-Controlling Interest in Operating Subsidiaries | 1,443 | 1,917 |
Partnership capital | 503 | 588 |
Holding LP and other | ||
Disclosure of subsidiaries [line items] | ||
Current Assets | 746 | 589 |
Non-Current Assets | 101 | 172 |
Current Liabilities | 889 | 870 |
Non-Current Liabilities | 2,470 | 3,423 |
Non-Controlling Interest in Operating Subsidiaries | 41 | 52 |
Partnership capital | $ (2,553) | $ (3,584) |
NON-WHOLLY OWNED SUBSIDIARIES_2
NON-WHOLLY OWNED SUBSIDIARIES - Summarized Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 16, 2021 | Jun. 07, 2021 | Dec. 07, 2020 | |
Disclosure of subsidiaries [line items] | ||||||
Revenues | $ 11,537 | $ 8,885 | $ 6,597 | |||
Net income (loss) attributable to partnership | 1,093 | 394 | 233 | |||
Non-Wholly Owned Subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 11,233 | 8,631 | 6,279 | |||
Attributable to non-controlling interest, net income (loss) | 1,626 | 511 | 412 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 24 | (130) | 241 | |||
Net income (loss) attributable to partnership | 966 | 237 | (6) | |||
Attributable to unitholders, other comprehensive income (loss) | 257 | 364 | 364 | |||
U.K. regulated distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 569 | 488 | 478 | |||
Attributable to non-controlling interest, net income (loss) | 34 | 11 | 24 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 6 | 42 | 71 | |||
Net income (loss) attributable to partnership | 138 | 46 | 103 | |||
Attributable to unitholders, other comprehensive income (loss) | 26 | 167 | 278 | |||
Colombian regulated distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 6 | 179 | ||||
Attributable to non-controlling interest, net income (loss) | 2 | 10 | ||||
Attributable to non-controlling interest, other comprehensive income (loss) | 156 | (9) | ||||
Net income (loss) attributable to partnership | 0 | 2 | ||||
Attributable to unitholders, other comprehensive income (loss) | (6) | (2) | ||||
Brazilian regulated gas transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 1,074 | 942 | 1,141 | |||
Attributable to non-controlling interest, net income (loss) | 361 | 309 | 349 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (87) | (399) | (83) | |||
Net income (loss) attributable to partnership | 150 | 116 | 132 | |||
Attributable to unitholders, other comprehensive income (loss) | (31) | (152) | (33) | |||
Colombian natural gas distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 862 | 793 | 874 | |||
Attributable to non-controlling interest, net income (loss) | 34 | 39 | 51 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (101) | 34 | (4) | |||
Net income (loss) attributable to partnership | 8 | 7 | 7 | |||
Attributable to unitholders, other comprehensive income (loss) | (24) | 13 | 0 | |||
Brazil electricity transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 90 | 40 | 2 | |||
Attributable to non-controlling interest, net income (loss) | 22 | 9 | 15 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (6) | (25) | (2) | |||
Net income (loss) attributable to partnership | 10 | 4 | 7 | |||
Attributable to unitholders, other comprehensive income (loss) | (2) | (11) | (1) | |||
Canadian District Energy Operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 72 | 127 | 121 | |||
Attributable to non-controlling interest, net income (loss) | 9 | 5 | 6 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 35 | 115 | 85 | |||
Net income (loss) attributable to partnership | 3 | 2 | 2 | |||
Attributable to unitholders, other comprehensive income (loss) | 8 | 39 | 29 | |||
Disposal of ownership interest, percentage | 25.00% | |||||
U.S. district energy operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 74 | 137 | 158 | |||
Attributable to non-controlling interest, net income (loss) | 2 | (14) | (14) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 0 | 58 | 49 | |||
Net income (loss) attributable to partnership | 0 | (9) | (9) | |||
Attributable to unitholders, other comprehensive income (loss) | 0 | 38 | 32 | |||
Disposal of ownership interest, percentage | 40.00% | |||||
Australian Export Terminal | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 297 | 308 | ||||
Attributable to non-controlling interest, net income (loss) | 163 | 15 | ||||
Attributable to non-controlling interest, other comprehensive income (loss) | 35 | (3) | ||||
Net income (loss) attributable to partnership | 54 | 43 | ||||
Attributable to unitholders, other comprehensive income (loss) | 16 | (8) | ||||
Disposal of ownership interest, percentage | 22.00% | |||||
North American residential energy infrastructure operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 1,444 | 1,274 | 956 | |||
Attributable to non-controlling interest, net income (loss) | 75 | 70 | 3 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 43 | (32) | 63 | |||
Net income (loss) attributable to partnership | 32 | 29 | 2 | |||
Attributable to unitholders, other comprehensive income (loss) | 18 | (14) | 26 | |||
Indian gas transmission operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 342 | 268 | 266 | |||
Attributable to non-controlling interest, net income (loss) | 35 | (61) | (39) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (17) | (23) | (33) | |||
Net income (loss) attributable to partnership | 13 | (19) | (12) | |||
Attributable to unitholders, other comprehensive income (loss) | (5) | (7) | (10) | |||
UK Residential Infrastructure Business | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 2 | |||||
Attributable to non-controlling interest, net income (loss) | 0 | |||||
Attributable to non-controlling interest, other comprehensive income (loss) | 0 | |||||
Net income (loss) attributable to partnership | 0 | |||||
Attributable to unitholders, other comprehensive income (loss) | 0 | |||||
European Residential Infrastructure Operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 89 | |||||
Attributable to non-controlling interest, net income (loss) | (6) | |||||
Attributable to non-controlling interest, other comprehensive income (loss) | (8) | |||||
Net income (loss) attributable to partnership | (1) | |||||
Attributable to unitholders, other comprehensive income (loss) | (1) | |||||
North American rail operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 2,157 | 1,974 | 0 | |||
Attributable to non-controlling interest, net income (loss) | 208 | 86 | 0 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 131 | (153) | (10) | |||
Net income (loss) attributable to partnership | 24 | 11 | 0 | |||
Attributable to unitholders, other comprehensive income (loss) | 13 | (16) | (1) | |||
U.K. ports operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 274 | 235 | 197 | |||
Attributable to non-controlling interest, net income (loss) | 17 | 22 | 4 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 6 | 16 | 19 | |||
Net income (loss) attributable to partnership | 24 | 31 | 7 | |||
Attributable to unitholders, other comprehensive income (loss) | 9 | 22 | 27 | |||
Australian port operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 412 | 381 | 462 | |||
Attributable to non-controlling interest, net income (loss) | (16) | (29) | (24) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (18) | 40 | (1) | |||
Net income (loss) attributable to partnership | (6) | (10) | (7) | |||
Attributable to unitholders, other comprehensive income (loss) | (6) | 14 | 0 | |||
Chilean toll roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 138 | 116 | 162 | |||
Attributable to non-controlling interest, net income (loss) | (40) | (21) | 0 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 53 | (21) | 27 | |||
Net income (loss) attributable to partnership | (8) | (6) | 2 | |||
Attributable to unitholders, other comprehensive income (loss) | 13 | 2 | 16 | |||
Disposal of ownership interest, percentage | 17.00% | |||||
Peruvian toll roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 96 | 81 | 107 | |||
Attributable to non-controlling interest, net income (loss) | 6 | 7 | 5 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (57) | (54) | 10 | |||
Net income (loss) attributable to partnership | 1 | 1 | 1 | |||
Attributable to unitholders, other comprehensive income (loss) | (11) | (11) | 2 | |||
Indian Toll Roads | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 117 | 111 | 130 | |||
Attributable to non-controlling interest, net income (loss) | (25) | (24) | (19) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (6) | (4) | (6) | |||
Net income (loss) attributable to partnership | (9) | (8) | (9) | |||
Attributable to unitholders, other comprehensive income (loss) | (3) | (2) | (3) | |||
North American gas storage operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 371 | 143 | 143 | |||
Attributable to non-controlling interest, net income (loss) | 95 | (10) | 12 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 36 | 10 | 52 | |||
Net income (loss) attributable to partnership | 65 | (7) | 9 | |||
Attributable to unitholders, other comprehensive income (loss) | 22 | 6 | 32 | |||
Canadian diversified midstream operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 906 | |||||
Attributable to non-controlling interest, net income (loss) | 59 | |||||
Attributable to non-controlling interest, other comprehensive income (loss) | 38 | |||||
Net income (loss) attributable to partnership | 65 | |||||
Attributable to unitholders, other comprehensive income (loss) | 30 | |||||
Western Canadian natural gas gathering and processing operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 551 | 501 | 256 | |||
Attributable to non-controlling interest, net income (loss) | 62 | 29 | 35 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 52 | (1) | 31 | |||
Net income (loss) attributable to partnership | 25 | 12 | 14 | |||
Attributable to unitholders, other comprehensive income (loss) | 21 | (1) | 12 | |||
U.S. data center operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 249 | 273 | 294 | |||
Attributable to non-controlling interest, net income (loss) | (33) | (32) | (22) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 13 | (10) | (10) | |||
Net income (loss) attributable to partnership | (13) | (13) | (7) | |||
Attributable to unitholders, other comprehensive income (loss) | 5 | (4) | (4) | |||
Australian data center operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 23 | 24 | 20 | |||
Attributable to non-controlling interest, net income (loss) | 3 | 4 | 6 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (8) | 12 | (3) | |||
Net income (loss) attributable to partnership | 1 | 1 | 2 | |||
Attributable to unitholders, other comprehensive income (loss) | (3) | 5 | (1) | |||
U.K. telecom towers operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 59 | 51 | 0 | |||
Attributable to non-controlling interest, net income (loss) | (19) | (3) | 0 | |||
Attributable to non-controlling interest, other comprehensive income (loss) | (1) | 5 | (2) | |||
Net income (loss) attributable to partnership | (6) | (1) | 0 | |||
Attributable to unitholders, other comprehensive income (loss) | 0 | 2 | (1) | |||
Indian Telecom Towers Operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 1,257 | 360 | ||||
Attributable to non-controlling interest, net income (loss) | 1 | 5 | ||||
Attributable to non-controlling interest, other comprehensive income (loss) | (80) | 69 | ||||
Net income (loss) attributable to partnership | 0 | 3 | ||||
Attributable to unitholders, other comprehensive income (loss) | (16) | 14 | ||||
Holding LP and other | ||||||
Disclosure of subsidiaries [line items] | ||||||
Revenues | 5 | 9 | 25 | |||
Attributable to non-controlling interest, net income (loss) | 742 | (56) | (5) | |||
Attributable to non-controlling interest, other comprehensive income (loss) | 0 | 0 | 0 | |||
Net income (loss) attributable to partnership | 450 | (7) | (295) | |||
Attributable to unitholders, other comprehensive income (loss) | $ 194 | $ 250 | $ (26) | |||
Colombian regulated distribution operation | ||||||
Disclosure of subsidiaries [line items] | ||||||
Disposal of ownership interest, percentage | 17.00% |
NON-WHOLLY OWNED SUBSIDIARIES_3
NON-WHOLLY OWNED SUBSIDIARIES - Summarized Cash Flow Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | $ 2,772 | $ 2,530 | $ 2,143 |
Cash flow activities, investing | (1,173) | (4,609) | (11,372) |
Cash from financing activities | (995) | 2,126 | 9,542 |
Non-Wholly Owned Subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 2,685 | 2,396 | 2,110 |
Cash flow activities, investing | (1,149) | (4,537) | (11,125) |
Cash from financing activities | (927) | 2,200 | 9,337 |
U.K. regulated distribution operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 273 | 241 | 271 |
Cash flow activities, investing | 344 | (372) | (416) |
Cash from financing activities | (582) | 133 | 147 |
Colombian regulated distribution operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 0 | 2 | 26 |
Cash flow activities, investing | 0 | 0 | (24) |
Cash from financing activities | 0 | (2) | (4) |
Brazilian regulated gas transmission operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 768 | 634 | 839 |
Cash flow activities, investing | (32) | (34) | (21) |
Cash from financing activities | (473) | (588) | (702) |
Colombian natural gas distribution operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 91 | 89 | 72 |
Cash flow activities, investing | (38) | (35) | (38) |
Cash from financing activities | (41) | (55) | (73) |
Brazil electricity transmission operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 29 | 13 | 22 |
Cash flow activities, investing | 70 | 0 | (4) |
Cash from financing activities | (24) | (14) | (6) |
Canadian District Energy Operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 30 | 42 | 53 |
Cash flow activities, investing | (38) | (97) | (68) |
Cash from financing activities | 7 | 55 | 14 |
U.S. district energy operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 13 | 51 | 22 |
Cash flow activities, investing | (34) | (50) | (29) |
Cash from financing activities | 25 | 0 | 2 |
North American residential energy infrastructure operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | (79) | (42) | 128 |
Cash flow activities, investing | (107) | (5) | (228) |
Cash from financing activities | 189 | 45 | 87 |
Indian gas transmission operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 187 | 136 | 208 |
Cash flow activities, investing | (51) | (14) | (1,950) |
Cash from financing activities | (120) | (117) | 1,746 |
UK Residential Infrastructure Business | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 0 | 0 | |
Cash flow activities, investing | 1 | 0 | |
Cash from financing activities | 0 | 0 | |
European Residential Infrastructure Operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | (6) | 0 | |
Cash flow activities, investing | 15 | 0 | |
Cash from financing activities | 0 | 0 | |
Australian Export Terminal | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 0 | 68 | 91 |
Cash flow activities, investing | 0 | (27) | (23) |
Cash from financing activities | 0 | (57) | (55) |
North American rail operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 511 | 616 | 0 |
Cash flow activities, investing | (98) | (24) | (6,460) |
Cash from financing activities | (424) | (606) | 6,578 |
U.K. ports operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 66 | 42 | 27 |
Cash flow activities, investing | (53) | (25) | (43) |
Cash from financing activities | (24) | (11) | 9 |
Australian port operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 11 | 28 | 52 |
Cash flow activities, investing | (21) | (32) | (45) |
Cash from financing activities | (18) | 26 | (10) |
Chilean toll roads | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 46 | 49 | 62 |
Cash flow activities, investing | (172) | (1) | (2) |
Cash from financing activities | 85 | (34) | (55) |
Peruvian toll roads | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 30 | 18 | 47 |
Cash flow activities, investing | (27) | (22) | (39) |
Cash from financing activities | 0 | 0 | 0 |
Indian Toll Roads | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | (2) | 11 | 7 |
Cash flow activities, investing | 3 | (18) | (9) |
Cash from financing activities | 5 | 19 | (29) |
North American gas storage operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 196 | 68 | 83 |
Cash flow activities, investing | (35) | 12 | (10) |
Cash from financing activities | (179) | (53) | (63) |
Canadian diversified midstream operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 198 | 0 | |
Cash flow activities, investing | (246) | 0 | |
Cash from financing activities | 108 | 0 | |
Western Canadian natural gas gathering and processing operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 235 | 156 | 92 |
Cash flow activities, investing | (91) | (299) | (1,396) |
Cash from financing activities | (135) | 114 | 1,339 |
U.S. data center operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 38 | 77 | 51 |
Cash flow activities, investing | (25) | (16) | (6) |
Cash from financing activities | (15) | (63) | (35) |
Australian data center operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 16 | 7 | 0 |
Cash flow activities, investing | (105) | (3) | (277) |
Cash from financing activities | 104 | (3) | 286 |
U.K. telecom towers operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 16 | 27 | 3 |
Cash flow activities, investing | (15) | (20) | (280) |
Cash from financing activities | 2 | (9) | 289 |
Indian Telecom Towers Operation | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | 189 | 245 | |
Cash flow activities, investing | (416) | (3,451) | |
Cash from financing activities | 261 | 3,331 | |
Holding LP and other | |||
Disclosure of subsidiaries [line items] | |||
Cash flow activities, operating | (171) | (182) | (46) |
Cash flow activities, investing | 22 | (4) | 243 |
Cash from financing activities | $ 322 | $ 89 | $ (128) |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets, gross | $ 2,015 | $ 1,410 | |
Deferred income tax liabilities, gross | (7,866) | (5,898) | |
Deferred income tax assets | 160 | 124 | |
Deferred income tax liabilities | (6,011) | (4,612) | |
Net deferred income tax liabilities | (5,851) | (4,488) | $ (4,508) |
Tax losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets, gross | 1,731 | 1,002 | |
Net deferred income tax liabilities | 1,731 | 999 | $ 397 |
Deferred tax assets recognized based on future projected profits | 150 | 80 | |
Financial instruments and other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets, gross | 284 | 408 | |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities, gross | (5,472) | (3,367) | |
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities, gross | (2,316) | (2,458) | |
Investment in associates and investment properties | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities, gross | $ (78) | $ (73) |
INCOME TAXES - Deferred Tax Bal
INCOME TAXES - Deferred Tax Balances and Movement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Net deferred income tax liabilities | $ (4,488) | $ (4,508) | |
Net Income | (240) | (54) | |
Other Comprehensive Income | (260) | (125) | $ (142) |
Other | 84 | 20 | |
Acquisitions/ Dispositions | (947) | 179 | |
Net deferred income tax liabilities | (5,851) | (4,488) | (4,508) |
Deferred income tax assets related to non-capital losses and capital losses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Net deferred income tax liabilities | 999 | 397 | |
Net Income | 377 | 506 | |
Other Comprehensive Income | 0 | 0 | |
Other | (16) | 146 | |
Acquisitions/ Dispositions | 371 | (50) | |
Net deferred income tax liabilities | 1,731 | 999 | 397 |
Deferred income tax liabilities related to differences in tax and book basis, net | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Net deferred income tax liabilities | (5,487) | (4,905) | |
Net Income | (617) | (560) | |
Other Comprehensive Income | (260) | (125) | |
Other | 100 | (126) | |
Acquisitions/ Dispositions | (1,318) | 229 | |
Net deferred income tax liabilities | $ (7,582) | $ (5,487) | $ (4,905) |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary differences associated with investments in subsidiaries, associates and joint ventures for which deferred tax liabilities have not been recognised | $ 40,000 | $ 15,000 |
Deductible Temporary Diferences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 134,000 | 143,000 |
Deductible Temporary Diferences | Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 110,000 | |
Deductible Temporary Diferences | Expire after 5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 24,000 | |
Capital Losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 1,799,000 | 143,000 |
Capital Losses | Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 96,000 | |
Capital Losses | Expire after 5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 1,703,000 | |
Non-Capital Losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 1,362,000 | 963,000 |
Non-Capital Losses | Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 996,000 | $ 573,000 |
INCOME TAXES - Expiry Date of N
INCOME TAXES - Expiry Date of Non-Capital Losses (Details) - Non-Capital Losses - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 1,362,000 | $ 963,000 |
2022 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 35,000 | 36,000 |
2023 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 35,000 | 37,000 |
2024 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 18,000 | 18,000 |
2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 4,000 | 7,000 |
2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 5,000 | 5,000 |
Beyond | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 269,000 | 287,000 |
Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 996,000 | $ 573,000 |
INCOME TAXES - Income Tax Recog
INCOME TAXES - Income Tax Recognized in Profit or Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current income tax expense | $ 374 | $ 237 | $ 250 |
Origination and reversal of temporary differences | 13 | (37) | 29 |
Changes in tax rates or the imposition of new taxes | 188 | 41 | (20) |
Previously unrecognized deferred taxes | 39 | 50 | 19 |
Net income before income tax | 3,333 | 1,195 | 928 |
Income tax expense calculated at the domestic rates applicable to profits in the country concerned | 829 | 431 | 304 |
Change in substantively enacted tax rates | 188 | 41 | (20) |
International operations subject to different tax rates | (9) | (21) | (6) |
Taxable income attributable to non-controlling interests | (325) | (91) | (62) |
Portion of gains subject to different tax rates | (115) | (117) | 34 |
Deferred tax assets not recognized | 39 | 50 | 19 |
Permanent differences and other | 7 | (2) | 9 |
Total income tax expense | $ 614 | $ 291 | $ 278 |
INCOME TAXES - Income Tax Rec_2
INCOME TAXES - Income Tax Recognized Directly in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total income tax expense recognized directly in other comprehensive income | $ (260) | $ (125) | $ (142) |
Revaluation of property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total income tax expense recognized directly in other comprehensive income | (164) | (219) | (148) |
Cash flow hedges | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total income tax expense recognized directly in other comprehensive income | (63) | 63 | 3 |
Pension plan actuarial changes | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total income tax expense recognized directly in other comprehensive income | $ (33) | $ 31 | $ 3 |
PARTNERSHIP CAPITAL - Additiona
PARTNERSHIP CAPITAL - Additional Information (Details) | Feb. 25, 2022shares | Jan. 21, 2022USD ($) | Jan. 21, 2021USD ($)$ / sharesshares | Sep. 21, 2020USD ($)$ / sharesshares | Nov. 30, 2021USD ($)shares | Oct. 31, 2021USD ($) | Jul. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)day$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2022$ / shares | Nov. 01, 2021$ / sharesshares | Oct. 01, 2021shares | Aug. 01, 2021shares | Apr. 21, 2021 | Mar. 31, 2020shares | |||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 62.70 | |||||||||||||||||||
Partnership units issued, net of costs and repurchases | $ 1,073,000,000 | $ 9,000,000 | $ 781,000,000 | |||||||||||||||||
Share issue related cost | $ 6,000,000 | |||||||||||||||||||
Repurchased and cancelled | $ 29,000,000 | |||||||||||||||||||
Volume weighted average of trading price, number of trading days | day | 5 | |||||||||||||||||||
Basic earnings (loss) per share (in dollars per unit) | $ / shares | [1] | $ 1.74 | $ 0.35 | $ 0.06 | ||||||||||||||||
Diluted earnings (loss) per share (in dollars per unit) | $ / shares | [1] | $ 1.74 | $ 0.35 | $ 0.06 | ||||||||||||||||
Exchangeable shares issued as a result of special distribution | shares | 2,100,000 | 8,100,000 | 17,900,000 | 46,300,000 | ||||||||||||||||
Exchange ratio | 1 | 1 | ||||||||||||||||||
Issuance of BIPC exchangeable shares | $ 134,000,000 | $ 502,000,000 | $ 1,140,000,000 | $ 0 | [2],[3] | |||||||||||||||
Unit issuance | $ 2,974,000,000 | [4] | $ 9,000,000 | [3] | $ 809,000,000 | |||||||||||||||
BIP Bermuda Holdings I Limited | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Proceeds from issue of subordinated liabilities | $ 300,000,000 | |||||||||||||||||||
Annual rate | 5.125% | |||||||||||||||||||
Preferred Unitholders Capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 8,000,000 | 8,000,000 | 0 | |||||||||||||||||
Repurchased and cancelled | $ 1,000,000 | |||||||||||||||||||
Unit issuance | $ 194,000,000 | $ 195,000,000 | $ 0 | |||||||||||||||||
Repurchased and cancelled (in shares) | shares | 10,000,000 | 0 | 0 | |||||||||||||||||
Repurchased and cancelled | $ (186,000,000) | $ 0 | $ (1,000,000) | |||||||||||||||||
Preferred Unitholders Capital | Series 7 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 12,000,000 | |||||||||||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 25 | |||||||||||||||||||
Preferred Unitholders Capital | Series 5 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Losses on redemption | 20,000,000 | |||||||||||||||||||
Repurchased and cancelled (in shares) | shares | 0 | 100,000 | ||||||||||||||||||
Repurchased and cancelled | (206,000,000) | $ (1,000,000) | ||||||||||||||||||
Preferred Unitholders Capital | Series 14 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 8,000,000 | |||||||||||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 25 | |||||||||||||||||||
Partnership units issued, net of costs and repurchases | $ 200,000,000 | |||||||||||||||||||
Quarterly fixed distribution rate | 5.00% | |||||||||||||||||||
Underwriting related cost | $ 6,000,000 | |||||||||||||||||||
Preferred Unitholders Capital | Series 13 Preferred Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 8,000,000 | |||||||||||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 25 | |||||||||||||||||||
Partnership units issued, net of costs and repurchases | $ 200,000,000 | |||||||||||||||||||
Quarterly fixed distribution rate | 5.125% | |||||||||||||||||||
Underwriting related cost | $ 5,000,000 | |||||||||||||||||||
Special General Partner | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Partnership distributions | $ 206,000,000 | $ 183,000,000 | $ 158,000,000 | |||||||||||||||||
Special General Partner | Partners' capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 0 | 0 | 0 | |||||||||||||||||
Repurchased and cancelled (in shares) | shares | 0 | 0 | 0 | |||||||||||||||||
Repurchased and cancelled | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Weighted average number of shares outstanding | shares | 1,600,000 | 1,600,000 | 1,600,000 | |||||||||||||||||
Unit issuance | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Non-controlling Interest - Redeemable Partnership Units | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Increase in equity | $ 8,000,000 | |||||||||||||||||||
Issuance of BIPC exchangeable shares | [2],[3] | $ (183,000,000) | ||||||||||||||||||
Unit issuance | $ 400,000,000 | [4] | $ 250,000,000 | |||||||||||||||||
Non-controlling Interest - Redeemable Partnership Units | Partners' capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 7,100,000 | 6,100,000 | 0 | 6,100,000 | ||||||||||||||||
Partnership units issued, net of costs and repurchases | $ 250,000,000 | |||||||||||||||||||
Weighted average number of shares outstanding | shares | 122,800,000 | 121,900,000 | 118,600,000 | |||||||||||||||||
Unit issuance | $ 400,000,000 | $ 400,000,000 | [4] | $ 0 | $ 250,000,000 | |||||||||||||||
Non-controlling Interest - Redeemable Partnership Units | Partners' capital | Holding LP | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Number of shares issued (in shares) | shares | 129,000,000 | |||||||||||||||||||
Limited Partners | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Repurchased and cancelled | 28,000,000 | |||||||||||||||||||
Issuance of BIPC exchangeable shares | [2],[3] | (441,000,000) | ||||||||||||||||||
Unit issuance | $ 545,000,000 | [4] | $ 9,000,000 | [3] | $ 559,000,000 | |||||||||||||||
Limited Partners | Partners' capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 9,500,000 | 13,500,000 | 9,700,000 | 200,000 | 13,800,000 | |||||||||||||||
Shares issued, price per share (usd per share) | $ / shares | $ 42.50 | $ 58.65 | ||||||||||||||||||
Partnership units issued, net of costs and repurchases | $ 556,000,000 | $ 575,000,000 | ||||||||||||||||||
Share issue related cost | $ 23,000,000 | $ 24,000,000 | ||||||||||||||||||
Repurchased and cancelled (in shares) | shares | 0 | 100,000 | 800,000 | |||||||||||||||||
Repurchased and cancelled | $ 0 | $ 100,000 | $ 28,000,000 | |||||||||||||||||
Share repurchase related cost | $ 0 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||
Dividend reinvestment plan, unit issued (in shares) | shares | 200,000 | 1,000,000 | 1,000,000 | |||||||||||||||||
Dividend reinvestment plan, proceeds | $ 12,000,000 | $ 9,000,000 | $ 8,000,000 | |||||||||||||||||
Weighted average number of shares outstanding | shares | 296,700,000 | 294,700,000 | 285,600,000 | |||||||||||||||||
Unit issuance | $ 545,000,000 | [4] | $ 9,000,000 | [3] | $ 559,000,000 | |||||||||||||||
Non-controlling Interest - Exchange LP Units, equity | Partners' capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
BIPC exchangeable LP converted to BIPC exchangeable (in shares) | $ / shares | $ 400,000 | $ 0 | $ 0 | |||||||||||||||||
Issued for cash (in shares) | shares | 0 | 100,000 | 0 | |||||||||||||||||
Unit issuance | $ 259,000,000 | $ 0 | $ 0 | |||||||||||||||||
Exchange LP conversion (in shares) | shares | 100,000 | 300,000 | 3,200,000 | |||||||||||||||||
Exchange LP unit conversion, value | $ 2,000,000 | $ 3,000,000 | $ 53,000,000 | |||||||||||||||||
Non-controlling interest— BIPC exchangeable shares | Partners' capital | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Issued for cash (in shares) | shares | 2,100,000 | 0 | 0 | |||||||||||||||||
Units converted to Class A shares of BIPC (in shares) | shares | 100,000 | 1,400,000 | 0 | |||||||||||||||||
Units converted to exchangeable shares, value | $ (1,000,000) | $ (19,000,000) | $ 0 | |||||||||||||||||
Unit issuance | $ 1,770,000,000 | $ 0 | $ 0 | |||||||||||||||||
Incentive Distribution, $0.1827 Threshold | Special General Partner | Holding LP | Holding LP’s units (other than Holding LP Class A Preferred Units) | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Distributions threshold, per quarter, per share | $ / shares | $ 0.1827 | |||||||||||||||||||
Distribution rights entitle as percent, threshold | 15.00% | |||||||||||||||||||
Incentive Distribution, $0.198 Threshold | Special General Partner | Holding LP | Holding LP’s units (other than Holding LP Class A Preferred Units) | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Distributions threshold, per quarter, per share | $ / shares | $ 0.198 | |||||||||||||||||||
Distribution rights entitle as percent, threshold | 25.00% | |||||||||||||||||||
Incentive Distribution, $0.203 Threshold | Special General Partner | Holding LP | Holding LP’s units (other than Holding LP Class A Preferred Units) | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Distributions threshold, per quarter, per share | $ / shares | $ 0.203 | |||||||||||||||||||
Incentive Distribution, $0.22 Threshold | Special General Partner | Holding LP | Holding LP’s units (other than Holding LP Class A Preferred Units) | ||||||||||||||||||||
Schedule of Partnership Units [Line Items] | ||||||||||||||||||||
Distributions threshold, per quarter, per share | $ / shares | $ 0.22 | |||||||||||||||||||
[1] | Basic and diluted income per limited partner unit for the years ended December 31, 2020, and 2019 have been restated to reflect the impact of the special distribution on March 31, 2020. Refer to Note 1, Organization and Description of the Business, for further details. | |||||||||||||||||||
[2] | Refer to Note 1, Organization and Description of the Business. | |||||||||||||||||||
[3] | Refer to Note 27, Partnership Capital. | |||||||||||||||||||
[4] | Refer to Note 27, Partnership Capital. |
PARTNERSHIP CAPITAL - Capital C
PARTNERSHIP CAPITAL - Capital Categories (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 | Jul. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Changes in equity [abstract] | |||||||
Balance as | $ 21,673 | $ 22,177 | $ 14,668 | ||||
Unit issuance | 2,974 | [1] | 9 | [2] | 809 | ||
Repurchased and cancelled | (29) | ||||||
Balance as | 26,391 | 21,673 | 22,177 | ||||
Limited Partners | |||||||
Changes in equity [abstract] | |||||||
Balance as | 4,233 | 5,048 | 4,513 | ||||
Unit issuance | 545 | [1] | 9 | [2] | 559 | ||
Repurchased and cancelled | (28) | ||||||
Balance as | 5,702 | 4,233 | 5,048 | ||||
Non-controlling Interest - Redeemable Partnership Units | |||||||
Changes in equity [abstract] | |||||||
Balance as | 1,687 | 2,039 | 1,823 | ||||
Unit issuance | 400 | [1] | 250 | ||||
Balance as | 2,408 | 1,687 | 2,039 | ||||
Partners' capital | Inter Pipeline | |||||||
Changes in equity [abstract] | |||||||
Unit issuance | $ 26 | $ 0 | $ 0 | ||||
Partners' capital | Special General Partner and Limited Partner | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 297,000,000 | 295,100,000 | 278,900,000 | ||||
Issued for cash (in shares) | 9,700,000 | 200,000 | 13,800,000 | ||||
Conversion from exchange LP units (in shares) | 100,000 | 300,000 | 3,200,000 | ||||
Conversion from BIPC exchangeable shares (in shares) | 100,000 | 1,400,000 | 0 | ||||
Repurchased and cancelled (in shares) | 0 | 0 | (800,000) | ||||
Ending balance (in shares) | 306,900,000 | 297,000,000 | 295,100,000 | ||||
Balance as | $ 5,545 | $ 5,514 | $ 4,930 | ||||
Unit issuance | 545 | 9 | 559 | ||||
Conversion from Exchange LP Units | 2 | 3 | 53 | ||||
Conversion from BIPC exchangeable shares | 1 | 19 | 0 | ||||
Repurchased and cancelled | 0 | 0 | (28) | ||||
Balance as | $ 6,093 | $ 5,545 | $ 5,514 | ||||
Partners' capital | Special General Partner | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Issued for cash (in shares) | 0 | 0 | 0 | ||||
Conversion from exchange LP units (in shares) | 0 | 0 | 0 | ||||
Conversion from BIPC exchangeable shares (in shares) | 0 | 0 | 0 | ||||
Repurchased and cancelled (in shares) | 0 | 0 | 0 | ||||
Ending balance (in shares) | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Balance as | $ 19 | $ 19 | $ 19 | ||||
Unit issuance | 0 | 0 | 0 | ||||
Conversion from Exchange LP Units | 0 | 0 | 0 | ||||
Conversion from BIPC exchangeable shares | 0 | 0 | 0 | ||||
Repurchased and cancelled | 0 | 0 | 0 | ||||
Balance as | $ 19 | $ 19 | $ 19 | ||||
Partners' capital | Limited Partners | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 295,400,000 | 293,500,000 | 277,300,000 | ||||
Issued for cash (in shares) | 9,500,000 | 13,500,000 | 9,700,000 | 200,000 | 13,800,000 | ||
Conversion from exchange LP units (in shares) | 100,000 | 300,000 | 3,200,000 | ||||
Conversion from BIPC exchangeable shares (in shares) | 100,000 | 1,400,000 | 0 | ||||
Repurchased and cancelled (in shares) | 0 | (100,000) | (800,000) | ||||
Ending balance (in shares) | 305,300,000 | 295,400,000 | 293,500,000 | ||||
Balance as | $ 5,526 | $ 5,495 | $ 4,911 | ||||
Unit issuance | 545 | [1] | 9 | [2] | 559 | ||
Conversion from Exchange LP Units | 2 | 3 | 53 | ||||
Conversion from BIPC exchangeable shares | 1 | 19 | 0 | ||||
Repurchased and cancelled | 0 | (0.1) | (28) | ||||
Balance as | $ 6,074 | $ 5,526 | $ 5,495 | ||||
Partners' capital | Non-controlling Interest - Redeemable Partnership Units | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 121,900,000 | 121,900,000 | 115,800,000 | ||||
Issued for cash (in shares) | 7,100,000 | 6,100,000 | 0 | 6,100,000 | |||
Ending balance (in shares) | 129,000,000 | 121,900,000 | 121,900,000 | ||||
Balance as | $ 2,328 | $ 2,328 | $ 2,078 | ||||
Unit issuance | $ 400 | 400 | [1] | 0 | 250 | ||
Balance as | $ 2,728 | $ 2,328 | $ 2,328 | ||||
Partners' capital | Non-controlling interest— BIPC exchangeable shares | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 44,900,000 | 0 | 0 | ||||
Issued for cash (in shares) | 2,100,000 | 0 | 0 | ||||
Non-cash issuance (in shares) | 0 | 46,300,000 | 0 | ||||
Class A shares of Brookfield infrastructure corporation conversion (in shares) | (100,000) | (1,400,000) | 0 | ||||
Units converted From BIPC exchangeable, shares | 400,000 | 0 | 0 | ||||
Ending balance (in shares) | 73,300,000 | 44,900,000 | 0 | ||||
Balance as | $ (19) | $ 0 | $ 0 | ||||
Unit issuance | 1,770 | 0 | 0 | ||||
Conversion to units | (1) | (19) | 0 | ||||
Units converted from BIPC exchangeable shares, value | 5 | 0 | 0 | ||||
Balance as | $ 1,755 | $ (19) | $ 0 | ||||
Partners' capital | Non-controlling Interest - Exchange LP Units, equity | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 1,000,000 | 1,200,000 | 4,400,000 | ||||
Issued for cash (in shares) | 0 | 100,000 | 0 | ||||
Issuance of BIPC exchangeable LP units (in shares) | $ 4,100,000 | $ 0 | $ 0 | ||||
BIPC exchangeable LP converted to BIPC exchangeable (in shares) | $ (400,000) | $ 0 | $ 0 | ||||
Exchange LP conversion (in shares) | (100,000) | (300,000) | (3,200,000) | ||||
Ending balance (in shares) | 4,600,000 | 1,000,000 | 1,200,000 | ||||
Balance as | $ 156 | $ 159 | $ 212 | ||||
Unit issuance | 259 | 0 | 0 | ||||
BIPC exchangeable shares | (5) | 0 | 0 | ||||
Exchange LP Units converted to units | (2) | (3) | (53) | ||||
Balance as | $ 408 | $ 156 | $ 159 | ||||
Preferred Unitholders Capital | |||||||
Changes in equity [abstract] | |||||||
Opening balance (in shares) | 57,900,000 | 49,900,000 | 49,900,000 | ||||
Issued for cash (in shares) | 8,000,000 | 8,000,000 | 0 | ||||
Repurchased and cancelled (in shares) | (10,000,000) | 0 | 0 | ||||
Ending balance (in shares) | 55,900,000 | 57,900,000 | 49,900,000 | ||||
Balance as | $ 1,130 | $ 935 | $ 936 | ||||
Unit issuance | 194 | 195 | 0 | ||||
Repurchased and cancelled | (1) | ||||||
Repurchased and cancelled | (186) | 0 | (1) | ||||
Balance as | $ 1,138 | $ 1,130 | $ 935 | ||||
[1] | Refer to Note 27, Partnership Capital. | ||||||
[2] | Refer to Note 27, Partnership Capital. |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | Jun. 07, 2021 | May 24, 2021 | May 12, 2021 | Apr. 30, 2023 | Nov. 30, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | $ 21,673 | $ 22,177 | $ 14,668 | |||||||||||
Other comprehensive income (loss) | 260 | (62) | 590 | |||||||||||
Issuance of class A shares of BIPC | $ 134 | $ 502 | $ 1,140 | 0 | [1],[2] | |||||||||
Balance as | 26,391 | 21,673 | 22,177 | |||||||||||
Tax rate effect from change in tax rate | 19.00% | 25.00% | ||||||||||||
Changes in tax rates or the imposition of new taxes | 188 | 41 | (20) | |||||||||||
Canadian District Energy Operation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 9 | |||||||||||||
Disposal of ownership interest, percentage | 25.00% | |||||||||||||
U.S. district energy operation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Disposal of ownership interest, percentage | 40.00% | |||||||||||||
U.K. regulated distribution operation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 12 | |||||||||||||
UK, Canada and US Operations | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 416 | |||||||||||||
Chilean toll roads | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 44 | |||||||||||||
Disposal of ownership interest, percentage | 33.00% | |||||||||||||
Colombian regulated distribution operation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 61 | |||||||||||||
Disposal of ownership interest, percentage | 17.00% | |||||||||||||
Texas electricity transmission project | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | $ 25 | |||||||||||||
Disposal of ownership interest, percentage | 11.00% | |||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Changes in tax rates or the imposition of new taxes | $ 178 | |||||||||||||
Increase (decrease) in accumulated deferred tax recognised in other comprehensive income due to change in tax rate | 90 | |||||||||||||
Limited Partners | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 4,233 | 5,048 | 4,513 | |||||||||||
Other comprehensive income (loss) | 138 | (11) | 246 | |||||||||||
Issuance of class A shares of BIPC | [1],[2] | (441) | ||||||||||||
Balance as | 5,702 | 4,233 | 5,048 | |||||||||||
Limited Partners | Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 452 | [3] | 473 | [4] | 209 | |||||||||
Other comprehensive income (loss) | 138 | [3] | (11) | [4] | 246 | |||||||||
Issuance of BIPC exchangeable LP units, value | 18 | |||||||||||||
Other items | (265) | (28) | ||||||||||||
Issuance of class A shares of BIPC | (2) | 18 | [1],[2],[4] | |||||||||||
Balance as | 323 | [3] | 452 | [3] | 473 | [4] | ||||||||
Limited Partners | Revaluation Surplus | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 1,015 | 899 | ||||||||||||
Other comprehensive income (loss) | 31 | 175 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | (265) | (59) | ||||||||||||
Issuance of class A shares of BIPC | (108) | |||||||||||||
Balance as | 673 | 1,015 | 899 | |||||||||||
Limited Partners | Foreign Currency Translation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (1,562) | (1,324) | ||||||||||||
Other comprehensive income (loss) | (168) | (287) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 18 | |||||||||||||
Other items | 0 | 31 | ||||||||||||
Issuance of class A shares of BIPC | 267 | |||||||||||||
Balance as | (1,463) | (1,562) | (1,324) | |||||||||||
Limited Partners | Net Investment Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 37 | 30 | ||||||||||||
Other comprehensive income (loss) | (2) | 7 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (8) | |||||||||||||
Balance as | 27 | 37 | 30 | |||||||||||
Limited Partners | Cash Flow Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (14) | (82) | ||||||||||||
Other comprehensive income (loss) | 59 | 68 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 11 | |||||||||||||
Balance as | 56 | (14) | (82) | |||||||||||
Limited Partners | Marketable Securities | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 39 | 0 | ||||||||||||
Other comprehensive income (loss) | 98 | 39 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (12) | |||||||||||||
Balance as | 125 | 39 | 0 | |||||||||||
Limited Partners | Unrealized Actuarial (Losses) Gains | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (36) | (18) | ||||||||||||
Other comprehensive income (loss) | 21 | (18) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 5 | |||||||||||||
Balance as | (10) | (36) | (18) | |||||||||||
Limited Partners | Equity accounted investments | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 973 | 968 | ||||||||||||
Other comprehensive income (loss) | 99 | 5 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (157) | |||||||||||||
Balance as | 915 | 973 | 968 | |||||||||||
General Partner | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 19 | 24 | 22 | |||||||||||
Other comprehensive income (loss) | (1) | 1 | ||||||||||||
Issuance of class A shares of BIPC | [1],[2] | (2) | ||||||||||||
Balance as | 31 | 19 | 24 | |||||||||||
General Partner | Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 3 | 4 | ||||||||||||
Other comprehensive income (loss) | 0 | (1) | ||||||||||||
Issuance of class A shares of BIPC | (1) | |||||||||||||
Balance as | 2 | 3 | 4 | |||||||||||
General Partner | Revaluation Surplus | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 7 | 6 | ||||||||||||
Other comprehensive income (loss) | 0 | 1 | ||||||||||||
Issuance of class A shares of BIPC | (3) | |||||||||||||
Balance as | 4 | 7 | 6 | |||||||||||
General Partner | Foreign Currency Translation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (12) | (9) | ||||||||||||
Other comprehensive income (loss) | (1) | (3) | ||||||||||||
Issuance of class A shares of BIPC | 5 | |||||||||||||
Balance as | (8) | (12) | (9) | |||||||||||
General Partner | Net Investment Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 2 | 2 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (2) | |||||||||||||
Balance as | 0 | 2 | 2 | |||||||||||
General Partner | Cash Flow Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 1 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 1 | ||||||||||||
Issuance of class A shares of BIPC | (1) | |||||||||||||
Balance as | 0 | 1 | 0 | |||||||||||
General Partner | Marketable Securities | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 1 | |||||||||||||
Balance as | 1 | 0 | 0 | |||||||||||
General Partner | Unrealized Actuarial (Losses) Gains | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | ||||||||||||||
Balance as | 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 | ||||||||||||
Issuance of class A shares of BIPC | (1) | |||||||||||||
Balance as | 5 | 5 | 5 | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 1,687 | 2,039 | 1,823 | |||||||||||
Other comprehensive income (loss) | 58 | (7) | 103 | |||||||||||
Issuance of class A shares of BIPC | [1],[2] | (183) | ||||||||||||
Balance as | 2,408 | 1,687 | 2,039 | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 209 | [3] | 223 | [4] | 112 | |||||||||
Other comprehensive income (loss) | 58 | [3] | (7) | [4] | 103 | |||||||||
Issuance of BIPC exchangeable LP units, value | 5 | |||||||||||||
Other items | (109) | (12) | ||||||||||||
Issuance of class A shares of BIPC | (21) | 5 | [1],[2],[4] | |||||||||||
Balance as | 137 | [3] | 209 | [3] | 223 | [4] | ||||||||
Non-controlling Interest - Redeemable Partnership Units | Revaluation Surplus | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 438 | 391 | ||||||||||||
Other comprehensive income (loss) | 13 | 72 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | (109) | (25) | ||||||||||||
Issuance of class A shares of BIPC | (59) | |||||||||||||
Balance as | 283 | 438 | 391 | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Foreign Currency Translation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (647) | (546) | ||||||||||||
Other comprehensive income (loss) | (68) | (119) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 5 | |||||||||||||
Other items | 0 | 13 | ||||||||||||
Issuance of class A shares of BIPC | 99 | |||||||||||||
Balance as | (616) | (647) | (546) | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Net Investment Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 17 | 14 | ||||||||||||
Other comprehensive income (loss) | (1) | 3 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (4) | |||||||||||||
Balance as | 12 | 17 | 14 | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Cash Flow Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (9) | (37) | ||||||||||||
Other comprehensive income (loss) | 25 | 28 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 8 | |||||||||||||
Balance as | 24 | (9) | (37) | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Marketable Securities | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 13 | (2) | ||||||||||||
Other comprehensive income (loss) | 40 | 15 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 0 | |||||||||||||
Balance as | 53 | 13 | (2) | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Unrealized Actuarial (Losses) Gains | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (12) | (4) | ||||||||||||
Other comprehensive income (loss) | 8 | (8) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (2) | |||||||||||||
Balance as | (6) | (12) | (4) | |||||||||||
Non-controlling Interest - Redeemable Partnership Units | Equity accounted investments | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 409 | 407 | ||||||||||||
Other comprehensive income (loss) | 41 | 2 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (63) | |||||||||||||
Balance as | 387 | 409 | 407 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Reclassification adjustments on exchange differences on translation, net of tax | 23 | |||||||||||||
Non-controlling interest— BIPC exchangeable shares | Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 62 | 0 | ||||||||||||
Other comprehensive income (loss) | 30 | 87 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | (23) | |||||||||||||
Other items | (42) | (2) | ||||||||||||
Issuance of class A shares of BIPC | 27 | |||||||||||||
Balance as | 77 | 62 | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Revaluation Surplus | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 27 | 0 | ||||||||||||
Other comprehensive income (loss) | 11 | 29 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | (42) | (2) | ||||||||||||
Issuance of class A shares of BIPC | 165 | |||||||||||||
Balance as | 161 | 27 | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Foreign Currency Translation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 28 | 0 | ||||||||||||
Other comprehensive income (loss) | (31) | 51 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | (23) | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (348) | |||||||||||||
Balance as | (351) | 28 | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Net Investment Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (6) | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | (6) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 13 | |||||||||||||
Balance as | 7 | (6) | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Cash Flow Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 22 | 0 | ||||||||||||
Other comprehensive income (loss) | 10 | 22 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (19) | |||||||||||||
Balance as | 13 | 22 | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Marketable Securities | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 5 | 0 | ||||||||||||
Other comprehensive income (loss) | 15 | 5 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 10 | |||||||||||||
Balance as | 30 | 5 | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Unrealized Actuarial (Losses) Gains | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (3) | 0 | ||||||||||||
Other comprehensive income (loss) | 4 | (3) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | (3) | |||||||||||||
Balance as | (2) | (3) | 0 | |||||||||||
Non-controlling interest— BIPC exchangeable shares | Equity accounted investments | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (11) | 0 | ||||||||||||
Other comprehensive income (loss) | 21 | (11) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | 0 | ||||||||||||
Issuance of class A shares of BIPC | 209 | |||||||||||||
Balance as | 219 | (11) | 0 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Accumulated Other Comprehensive Income | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 5 | 5 | ||||||||||||
Other comprehensive income (loss) | 1 | 0 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | (2) | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 4 | 5 | 5 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Revaluation Surplus | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 4 | 3 | ||||||||||||
Other comprehensive income (loss) | 1 | 1 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 5 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 10 | 4 | 3 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Foreign Currency Translation | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | (1) | 1 | ||||||||||||
Other comprehensive income (loss) | (1) | (2) | ||||||||||||
Issuance of BIPC exchangeable LP units, value | (22) | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | (24) | (1) | 1 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Net Investment Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 1 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 1 | 0 | 0 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Cash Flow Hedges | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | (1) | ||||||||||||
Other comprehensive income (loss) | 0 | 1 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 1 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 1 | 0 | (1) | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Marketable Securities | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 1 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 1 | 0 | 0 | |||||||||||
Non-controlling Interest - Exchange LP Units, equity | Unrealized Actuarial (Losses) Gains | ||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||||||
Balance as | 0 | 0 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 0 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | 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 | 2 | 2 | ||||||||||||
Other comprehensive income (loss) | 1 | 0 | ||||||||||||
Issuance of BIPC exchangeable LP units, value | 12 | |||||||||||||
Other items | 0 | |||||||||||||
Balance as | $ 15 | $ 2 | $ 2 | |||||||||||
[1] | Refer to Note 1, Organization and Description of the Business. | |||||||||||||
[2] | Refer to Note 27, Partnership Capital. | |||||||||||||
[3] | Refer to Note 28, Accumulated Other Comprehensive Income (Loss). | |||||||||||||
[4] | Refer to Note 28, Accumulated Other Comprehensive Income (Loss). |
DISTRIBUTIONS - Disclosure of D
DISTRIBUTIONS - Disclosure of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (1,190) | [1] | $ (1,083) | [2] | $ (978) | ||
Partnership preferred distributions | (67) | [2] | (51) | [2] | (49) | ||
Distributions | $ (1,257) | $ (1,134) | $ (1,027) | ||||
Partnership distributions (usd per share) | $ 0.5375 | ||||||
Preferred unitholders (usd per share) | $ 1.05 | $ 0.97 | $ 0.98 | ||||
Non-controlling interest— BIPC exchangeable shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (115) | [1] | $ (66) | [2] | $ 0 | ||
Partnership preferred distributions | [2] | $ (8) | $ (3) | ||||
Partnership distributions (usd per share) | $ 2.04 | $ 1.94 | $ 1.81 | ||||
Non-controlling Interest - Exchange LP Units, equity | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (7) | [1],[3] | $ (4) | [2] | $ (4) | ||
Partnership distributions (usd per share) | $ 2.04 | $ 1.94 | $ 1.81 | ||||
Limited Partners | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (608) | [1] | $ (588) | [2] | $ (575) | ||
Partnership preferred distributions | $ (41) | [2] | $ (35) | [2] | $ (33) | ||
Partnership distributions (usd per share) | $ 2.04 | $ 1.94 | $ 1.81 | ||||
Limited Partners | (Deficit) | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (608) | [1] | $ (588) | [2] | $ (575) | ||
Partnership preferred distributions | (41) | [2] | (35) | [2] | (33) | ||
General Partner | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (209) | [1] | $ (185) | [2] | $ (158) | ||
Partnership distributions (usd per share) | $ 2.04 | $ 1.94 | $ 1.81 | ||||
Non-controlling Interest - Redeemable Partnership Units | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (251) | [1] | $ (240) | [2] | $ (241) | ||
Partnership preferred distributions | $ (18) | [2] | $ (13) | [2] | $ (16) | ||
Partnership distributions (usd per share) | $ 2.04 | $ 1.94 | $ 1.81 | ||||
Non-controlling Interest - Redeemable Partnership Units | (Deficit) | |||||||
Disclosure of classes of share capital [line items] | |||||||
Partnership distributions | $ (251) | [1] | $ (240) | [2] | $ (241) | ||
Partnership preferred distributions | $ (18) | [2] | $ (13) | [2] | $ (16) | ||
[1] | Refer to Note 29, Distributions. | ||||||
[2] | Refer to Note 29, Distributions. | ||||||
[3] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details. |
DISTRIBUTIONS - Narrative (Deta
DISTRIBUTIONS - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020$ / sharesshares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 01, 2021shares | Oct. 01, 2021shares | Aug. 01, 2021shares | Jun. 30, 2021$ / shares | Jul. 01, 2020$ / shares | |
Disclosure of classes of share capital [line items] | |||||||||
Partnership distributions (usd per share) | $ 0.5375 | ||||||||
Exchangeable shares issued as a result of special distribution | shares | 46.3 | 2.1 | 8.1 | 17.9 | |||||
Preference Limited Partnership Units, Series 1 | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Quarterly distribution rate (as a percent) | 4.50% | 3.974% | |||||||
Quarterly distribution (usd per share) | $ 0.2813 | $ 0.2484 | |||||||
Special General Partner | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Dividends recognised as incentive distributions to owners | $ | $ 206 | $ 183 | $ 158 |
CONTINGENT ASSETS_& LIABILITI_2
CONTINGENT ASSETS & LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities related to third parties | $ 474 | $ 249 |
CONTRACTUAL COMMITMENTS (Detail
CONTRACTUAL COMMITMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of contingent liabilities [line items] | ||
Contractual commitments | $ 8,376 | $ 5,750 |
Asset management fee as percent per quarter | 0.3125% | |
Asset management fee, percent | 1.25% | |
Less than 1 year | ||
Disclosure of contingent liabilities [line items] | ||
Contractual capital commitments, maturity, percent | 11.00% | |
1 to 5 years | ||
Disclosure of contingent liabilities [line items] | ||
Contractual capital commitments, maturity, percent | 28.00% | |
Thereafter | ||
Disclosure of contingent liabilities [line items] | ||
Contractual capital commitments, maturity, percent | 61.00% |
RETIREMENT BENEFIT PLANS - Addi
RETIREMENT BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefits [Abstract] | |||
Benefit plans' expense | $ 37 | $ 38 | $ 9 |
Discount rates | 2.30% | 1.72% | 2.50% |
Rates of compensation | 2.60% | 2.30% | 2.80% |
RETIREMENT BENEFIT PLANS (Detai
RETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Employee Benefits [Abstract] | ||
Plan assets | $ 934 | $ 833 |
Less accrued benefit obligation | (1,126) | (1,164) |
Accrued benefit liability | $ (192) | $ (331) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jul. 01, 2021 | Apr. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | |||||
Director fees | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||
Asset management fee as percent per quarter | 0.3125% | ||||
Asset management fee, percent | 1.25% | ||||
Credit facility, maximum borrowing capacity | $ 1,131,000,000 | ||||
Assets transferred to Parent | $ 50,000,000 | ||||
Corporate borrowings | 2,288,000,000 | 3,158,000,000 | |||
Non-recourse borrowings | 26,534,000,000 | 20,020,000,000 | |||
Revolving credit facility with Brookfield | |||||
Disclosure of transactions between related parties [line items] | |||||
Credit facility, maximum borrowing capacity | 500,000,000 | ||||
Non-recourse borrowings | $ 0 | 0 | |||
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% | ||||
Services received, related party transactions | $ 394,000,000 | 302,000,000 | 270,000,000 | ||
Amounts payable, related party transactions | 108,000,000 | 89,000,000 | |||
Subsidiary of Common Parent (Brookfield) | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | 26,000,000 | 82,000,000 | |||
Subsidiary of Common Parent (Brookfield) | Brookfield Office Properties Inc. | |||||
Disclosure of transactions between related parties [line items] | |||||
Services received, related party transactions | 37,000,000 | 2,000,000 | 67,000,000 | ||
Revenue from rendering of services, related party transactions | 10,000,000 | 12,000,000 | 40,000,000 | ||
Right-of-use assets | $ 12,000,000 | 12,000,000 | |||
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% | ||||
Brookfield | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | $ 600,000,000 | ||||
Deposit balance | 0 | 545,000,000 | |||
Earned interest on deposits | 3,000,000 | $ 1,000,000 | $ 4,000,000 | ||
Assets transferred from Parent, at time of transfer | $ 25,000,000 | ||||
Corporate borrowings | 45,000,000 | ||||
Non-recourse borrowings | 6,000,000 | ||||
Brookfield | Brookfield Office Properties Inc. | |||||
Disclosure of transactions between related parties [line items] | |||||
Non-recourse borrowings | $ 111,000,000 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 14,902 | $ 14,743 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 4,383 | 3,274 |
Interest rates swaps and other | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 10,095 | 11,437 |
Commodity contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 424 | $ 32 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Change in Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains on Derivative Financial Assets | $ 599 | |
Unrealized Losses on Derivative Financial Liabilities | (244) | |
Net change | 355 | $ (403) |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains on Derivative Financial Assets | 145 | |
Unrealized Losses on Derivative Financial Liabilities | (45) | |
Net change | 100 | (213) |
Interest rates swaps and other | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains on Derivative Financial Assets | 454 | |
Unrealized Losses on Derivative Financial Liabilities | (156) | |
Net change | 298 | (173) |
Commodity contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Unrealized Gains on Derivative Financial Assets | 0 | |
Unrealized Losses on Derivative Financial Liabilities | (43) | |
Net change | $ (43) | $ (17) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 14,902 | $ 14,743 |
Financial assets at fair value through profit or loss, category | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 3,213 | 2,706 |
Interest rate swaps, cross currency interest rate swaps and other | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 10,095 | 11,265 |
Interest rate swaps, cross currency interest rate swaps and other | Financial assets at fair value through profit or loss, category | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 686 | 779 |
Inflation linked swap contract | Financial assets at fair value through profit or loss, category | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 0 | $ 172 |
Floating Interest Rate Derivatives | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 4,698 | |
Bank bill swap rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 440 | |
Floating Interest Rate Benchmarked Against CDOR | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | $ 1,741 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Foreign Exchange Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 14,902 | $ 14,743 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | 4,383 | 3,274 |
Foreign exchange contracts | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 1,871 | $ 1,404 |
Average Exchange Rate | 135.00% | 131.00% |
Foreign exchange contracts | Canadian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 679 | $ 612 |
Average Exchange Rate | 75.00% | 75.00% |
Foreign exchange contracts | Australian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 642 | $ 609 |
Average Exchange Rate | 73.00% | 69.00% |
Foreign exchange contracts | European Union euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 367 | $ 239 |
Average Exchange Rate | 121.00% | 121.00% |
Foreign exchange contracts | Indian rupees | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 216 | $ 308 |
Average Exchange Rate | 1.30% | 1.30% |
Foreign exchange contracts | COP | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 27 | $ 28 |
Average Exchange Rate | 0.02% | 0.03% |
Foreign exchange contracts | Peruvian soles | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 9 | $ 12 |
Average Exchange Rate | 26.00% | 28.00% |
Foreign exchange contracts | Chilean pesos | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 0 | $ 34 |
Average Exchange Rate | 0.00% | 0.13% |
Foreign exchange contracts | Other | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional Amount (U.S. Dollars) | $ 572 | $ 28 |
Average Exchange Rate | 0.00% | 0.00% |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Instruments Fair Value Through Profit or Loss (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | $ 14,902 | $ 14,743 |
Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 3,213 | 2,706 |
Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 11,689 | 12,037 |
Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 2,024 | |
Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,535 | |
1 to 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,189 | |
1 to 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 8,743 | |
Thereafter | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Thereafter | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,411 | |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 4,383 | 3,274 |
Foreign exchange contracts | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 2,103 | 1,723 |
Foreign exchange contracts | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 2,280 | 1,551 |
Foreign exchange contracts | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,021 | |
Foreign exchange contracts | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,211 | |
Foreign exchange contracts | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,082 | |
Foreign exchange contracts | 1 to 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 497 | |
Foreign exchange contracts | Thereafter | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Foreign exchange contracts | Thereafter | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 572 | |
Interest rate swaps, cross currency interest rate swaps and other | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 10,095 | 11,265 |
Interest rate swaps, cross currency interest rate swaps and other | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 686 | 779 |
Interest rate swaps, cross currency interest rate swaps and other | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 9,409 | 10,486 |
Interest rate swaps, cross currency interest rate swaps and other | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 579 | |
Interest rate swaps, cross currency interest rate swaps and other | Less than 1 year | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 324 | |
Interest rate swaps, cross currency interest rate swaps and other | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 107 | |
Interest rate swaps, cross currency interest rate swaps and other | 1 to 5 years | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 8,246 | |
Interest rate swaps, cross currency interest rate swaps and other | Thereafter | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Interest rate swaps, cross currency interest rate swaps and other | Thereafter | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 839 | |
Inflation linked swaps | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | 172 |
Inflation linked swaps | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Inflation linked swaps | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Inflation linked swaps | Thereafter | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Commodity contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 424 | 32 |
Commodity contracts | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 424 | $ 32 |
Commodity contracts | Less than 1 year | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 424 | |
Commodity contracts | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 0 | |
Commodity contracts | Thereafter | Fair value through profit or loss | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Hedge Classification (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | $ 14,902 | $ 14,743 |
Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 11,689 | 12,037 |
Effective Portion | 350 | (128) |
Ineffective Portion | 14 | 11 |
Cash flow hedges | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 9,981 | 11,089 |
Effective Portion | 288 | (160) |
Ineffective Portion | 28 | 9 |
Net investment hedges | Elected for hedge accounting | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount (U.S. Dollars) | 1,708 | 948 |
Effective Portion | 62 | 32 |
Ineffective Portion | $ (14) | $ 2 |
FINANCIAL RISK MANAGEMENT - Add
FINANCIAL RISK MANAGEMENT - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Apr. 14, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||
Debt in breach of asset-level financial covenants | $ 145,000,000 | ||
Credit facility, maximum borrowing capacity | 1,131,000,000 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | 5,400,000,000 | $ 4,305,000,000 | |
Market risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% change in value of investments on equity | 58,000,000 | ||
Impact of 10 percent change in value of investments on profit loss | 58,000,000 | ||
Marketable securities | Market risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | 588,000,000 | 526,000,000 | |
Corporate revolving credit facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | 1,975,000,000 | ||
Non-recourse borrowings | 0 | 1,131,000,000 | |
Letter of credit outstanding amount | 12,000,000 | 63,000,000 | |
Credit facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | 500,000,000 | ||
Non-recourse borrowings | 0 | $ 0 | |
Syndicated Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 |
FINANCIAL RISK MANAGEMENT - Cap
FINANCIAL RISK MANAGEMENT - Capital Structure (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments [Abstract] | ||||
Corporate borrowings | $ 2,719 | $ 3,158 | ||
Non-recourse borrowings | 26,534 | 20,020 | ||
Subsidiary and corporate borrowings | 29,253 | 23,178 | ||
Preferred shares | 20 | 20 | ||
Cash and cash equivalents | (1,924) | (1,393) | ||
Consolidated net debt | 27,349 | 21,805 | ||
Total partnership capital | 26,391 | 21,673 | $ 22,177 | $ 14,668 |
Total capital and consolidated net debt | $ 53,740 | $ 43,478 | ||
Consolidated net debt to capitalization ratio | 51.00% | 50.00% |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments [Abstract] | ||
Corporate cash and financial assets | $ 683 | $ 464 |
Availability under committed credit facilities | 3,475 | 3,475 |
Commercial paper | (431) | 0 |
Draws on credit facility | 0 | (1,131) |
Deposit from parent | 0 | (545) |
Commitments under credit facility | (12) | (63) |
Corporate liquidity | $ 3,715 | $ 2,200 |
FINANCIAL RISK MANAGEMENT - Mat
FINANCIAL RISK MANAGEMENT - Maturity Analysis of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | May 24, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | $ 3,392 | $ 2,745 | |
Corporate borrowings | 2,739 | 3,173 | |
Non-recourse borrowings | 26,509 | 20,177 | |
Financial liabilities | 3,240 | 3,374 | |
Lease liabilities | 4,924 | 4,858 | |
Interest Expense: | |||
Corporate borrowings | 1,258 | 477 | |
Non-recourse borrowings | 7,164 | 6,226 | |
Debt in breach of asset-level financial covenants | 145 | ||
Subordinated notes, Maturing 2081 | |||
Interest Expense: | |||
Non-recourse borrowings | 250 | $ 250 | 0 |
Annual rate | 5.00% | ||
Less than 1 year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 2,980 | 2,346 | |
Corporate borrowings | 431 | 0 | |
Non-recourse borrowings | 2,599 | 1,052 | |
Financial liabilities | 1,510 | 696 | |
Lease liabilities | 459 | 279 | |
Interest Expense: | |||
Corporate borrowings | 96 | 72 | |
Non-recourse borrowings | 1,046 | 853 | |
1-2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 46 | 27 | |
Corporate borrowings | 0 | 0 | |
Non-recourse borrowings | 2,797 | 881 | |
Financial liabilities | 101 | 1,138 | |
Lease liabilities | 437 | 247 | |
Interest Expense: | |||
Corporate borrowings | 96 | 72 | |
Non-recourse borrowings | 968 | 811 | |
Later than two years and not later than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 47 | 71 | |
Corporate borrowings | 554 | 1,681 | |
Non-recourse borrowings | 11,335 | 8,336 | |
Financial liabilities | 122 | 350 | |
Lease liabilities | 1,169 | 647 | |
Interest Expense: | |||
Corporate borrowings | 229 | 163 | |
Non-recourse borrowings | 2,199 | 1,970 | |
5 plus years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and other liabilities | 319 | 301 | |
Corporate borrowings | 1,754 | 1,492 | |
Non-recourse borrowings | 9,778 | 9,908 | |
Financial liabilities | 1,507 | 1,190 | |
Lease liabilities | 2,859 | 3,685 | |
Interest Expense: | |||
Corporate borrowings | 837 | 170 | |
Non-recourse borrowings | $ 2,951 | $ 2,592 |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis for Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10 bp decrease on net income (loss) | $ 1 | $ 1 | $ 1 |
Impact of 10 bp increase on net income (loss) | (1) | (1) | (1) |
Impact of 10 bp decrease on other comprehensive (loss) income | (1) | (1) | (2) |
Impact of 10 bp increase on other comprehensive (loss) income | $ 1 | $ 1 | $ 2 |
FINANCIAL RISK MANAGEMENT - Cur
FINANCIAL RISK MANAGEMENT - Currency Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Current Assets | $ 4,896 | $ 3,711 | |
Non-current assets | 69,065 | 57,620 | |
Total assets | 73,961 | 61,331 | |
Liabilities: | |||
Current Liabilities | 8,661 | 5,524 | |
Non-current liabilities | 38,909 | 34,134 | |
Total liabilities | 47,570 | 39,658 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 16,796 | 15,084 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 2,408 | 1,687 | |
Non-controlling interest, BIPC exchange units, equity | 1,369 | 638 | |
Non-controlling interest, exchange LP units | [1] | 85 | 12 |
Net investment attributable to limited partners and general partner | 5,733 | 4,252 | |
USD | |||
Assets: | |||
Current Assets | 1,446 | 805 | |
Non-current assets | 13,142 | 14,313 | |
Total assets | 14,588 | 15,118 | |
Liabilities: | |||
Current Liabilities | 2,247 | 1,875 | |
Non-current liabilities | 9,292 | 10,887 | |
Total liabilities | 11,539 | 12,762 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 4,894 | 5,186 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | (463) | (725) | |
Non-controlling interest, BIPC exchange units, equity | (264) | (275) | |
Non-controlling interest, exchange LP units | (16) | (5) | |
Net investment attributable to limited partners and general partner | (1,102) | (1,825) | |
AUD | |||
Assets: | |||
Current Assets | 394 | 314 | |
Non-current assets | 3,688 | 4,042 | |
Total assets | 4,082 | 4,356 | |
Liabilities: | |||
Current Liabilities | 462 | 446 | |
Non-current liabilities | 1,656 | 1,842 | |
Total liabilities | 2,118 | 2,288 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 518 | 488 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 363 | 405 | |
Non-controlling interest, BIPC exchange units, equity | 206 | 153 | |
Non-controlling interest, exchange LP units | 13 | 3 | |
Net investment attributable to limited partners and general partner | 864 | 1,019 | |
GBP | |||
Assets: | |||
Current Assets | 582 | 471 | |
Non-current assets | 8,831 | 8,939 | |
Total assets | 9,413 | 9,410 | |
Liabilities: | |||
Current Liabilities | 792 | 877 | |
Non-current liabilities | 5,228 | 4,939 | |
Total liabilities | 6,020 | 5,816 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 749 | 726 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 664 | 734 | |
Non-controlling interest, BIPC exchange units, equity | 377 | 278 | |
Non-controlling interest, exchange LP units | 23 | 5 | |
Net investment attributable to limited partners and general partner | 1,580 | 1,851 | |
BRL | |||
Assets: | |||
Current Assets | 772 | 420 | |
Non-current assets | 5,848 | 5,210 | |
Total assets | 6,620 | 5,630 | |
Liabilities: | |||
Current Liabilities | 1,307 | 214 | |
Non-current liabilities | 2,931 | 2,970 | |
Total liabilities | 4,238 | 3,184 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 825 | 871 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 391 | 403 | |
Non-controlling interest, BIPC exchange units, equity | 222 | 153 | |
Non-controlling interest, exchange LP units | 14 | 3 | |
Net investment attributable to limited partners and general partner | 930 | 1,016 | |
CLP | |||
Assets: | |||
Current Assets | 126 | ||
Non-current assets | 834 | ||
Total assets | 960 | ||
Liabilities: | |||
Current Liabilities | 125 | ||
Non-current liabilities | 1,148 | ||
Total liabilities | 1,273 | ||
Non-controlling interest—in operating subsidiaries and preferred unitholders | (335) | ||
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 6 | ||
Non-controlling interest, BIPC exchange units, equity | 2 | ||
Non-controlling interest, exchange LP units | 0 | ||
Net investment attributable to limited partners and general partner | 14 | ||
CAD | |||
Assets: | |||
Current Assets | 775 | 492 | |
Non-current assets | 22,576 | 9,334 | |
Total assets | 23,351 | 9,826 | |
Liabilities: | |||
Current Liabilities | 2,670 | 602 | |
Non-current liabilities | 11,531 | 4,994 | |
Total liabilities | 14,201 | 5,596 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 6,348 | 4,020 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 703 | 54 | |
Non-controlling interest, BIPC exchange units, equity | 400 | 20 | |
Non-controlling interest, exchange LP units | 25 | 0 | |
Net investment attributable to limited partners and general partner | 1,674 | 136 | |
EUR | |||
Assets: | |||
Current Assets | 67 | 145 | |
Non-current assets | 1,272 | 903 | |
Total assets | 1,339 | 1,048 | |
Liabilities: | |||
Current Liabilities | 40 | 24 | |
Non-current liabilities | 154 | 118 | |
Total liabilities | 194 | 142 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 132 | 0 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 254 | 232 | |
Non-controlling interest, BIPC exchange units, equity | 145 | 88 | |
Non-controlling interest, exchange LP units | 9 | 2 | |
Net investment attributable to limited partners and general partner | 605 | 584 | |
COP | |||
Assets: | |||
Current Assets | 216 | 216 | |
Non-current assets | 1,061 | 1,256 | |
Total assets | 1,277 | 1,472 | |
Liabilities: | |||
Current Liabilities | 161 | 246 | |
Non-current liabilities | 522 | 478 | |
Total liabilities | 683 | 724 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 512 | 636 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 21 | 29 | |
Non-controlling interest, BIPC exchange units, equity | 12 | 11 | |
Non-controlling interest, exchange LP units | 1 | 0 | |
Net investment attributable to limited partners and general partner | 48 | 72 | |
PEN | |||
Assets: | |||
Current Assets | 98 | 105 | |
Non-current assets | 1,132 | 1,247 | |
Total assets | 1,230 | 1,352 | |
Liabilities: | |||
Current Liabilities | 17 | 438 | |
Non-current liabilities | 561 | 212 | |
Total liabilities | 578 | 650 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 541 | 591 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 28 | 28 | |
Non-controlling interest, BIPC exchange units, equity | 16 | 11 | |
Non-controlling interest, exchange LP units | 1 | 0 | |
Net investment attributable to limited partners and general partner | 66 | 72 | |
INR | |||
Assets: | |||
Current Assets | 463 | 573 | |
Non-current assets | 10,836 | 10,979 | |
Total assets | 11,299 | 11,552 | |
Liabilities: | |||
Current Liabilities | 857 | 620 | |
Non-current liabilities | 6,876 | 6,389 | |
Total liabilities | 7,733 | 7,009 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 2,277 | 2,901 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 323 | 420 | |
Non-controlling interest, BIPC exchange units, equity | 184 | 159 | |
Non-controlling interest, exchange LP units | 11 | 3 | |
Net investment attributable to limited partners and general partner | 771 | 1,060 | |
NZD & Other | |||
Assets: | |||
Current Assets | 83 | 44 | |
Non-current assets | 679 | 563 | |
Total assets | 762 | 607 | |
Liabilities: | |||
Current Liabilities | 108 | 57 | |
Non-current liabilities | 158 | 157 | |
Total liabilities | 266 | 214 | |
Non-controlling interest—in operating subsidiaries and preferred unitholders | 0 | 0 | |
Non-controlling interest—Redeemable Partnership Units held by Brookfield | 124 | 101 | |
Non-controlling interest, BIPC exchange units, equity | 71 | 38 | |
Non-controlling interest, exchange LP units | 4 | 1 | |
Net investment attributable to limited partners and general partner | $ 297 | $ 253 | |
[1] | Includes non-controlling interest attributable to Exchange LP Units and BIPC Exchangeable LP Units. Refer to Note 1, Organization and Description of the Business, for further details . |
FINANCIAL RISK MANAGEMENT - S_2
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis For Foreign Currency Risk (Details) - Foreign currency risk - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | $ 9 | $ 4 | $ 4 |
Impact of 10% increase on net income (loss) | (9) | (4) | (4) |
Impact of 10% decrease on partnership capital | 32 | 70 | |
Impact of 10% increase on partnership capital | (32) | (70) | |
EUR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 1 | 2 | 0 |
Impact of 10% increase on net income (loss) | (1) | (2) | 0 |
Impact of 10% decrease on partnership capital | 0 | 14 | |
Impact of 10% increase on partnership capital | 0 | (14) | |
GBP | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 11 | 5 | 7 |
Impact of 10% increase on net income (loss) | (11) | (5) | (7) |
Impact of 10% decrease on partnership capital | 27 | 105 | |
Impact of 10% increase on partnership capital | (27) | (105) | |
CLP | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | (1) | (1) | 0 |
Impact of 10% increase on net income (loss) | 1 | 1 | 0 |
Impact of 10% decrease on partnership capital | 0 | (5) | |
Impact of 10% increase on partnership capital | 0 | 5 | |
COP | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 1 | 1 | 1 |
Impact of 10% increase on net income (loss) | (1) | (1) | (1) |
Impact of 10% decrease on partnership capital | 6 | 8 | |
Impact of 10% increase on partnership capital | (6) | (8) | |
BRL | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 18 | 15 | 18 |
Impact of 10% increase on net income (loss) | (18) | (15) | (18) |
Impact of 10% decrease on partnership capital | 154 | 158 | |
Impact of 10% increase on partnership capital | (154) | (158) | |
CAD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 13 | 4 | 1 |
Impact of 10% increase on net income (loss) | (13) | (4) | (1) |
Impact of 10% decrease on partnership capital | 69 | 1 | |
Impact of 10% increase on partnership capital | (69) | (1) | |
PEN | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on partnership capital | 10 | 10 | |
Impact of 10% increase on partnership capital | (10) | (10) | |
INR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 0 | (3) | (2) |
Impact of 10% increase on net income (loss) | 0 | 3 | 2 |
Impact of 10% decrease on partnership capital | 49 | 58 | |
Impact of 10% increase on partnership capital | (49) | (58) | |
NZD & Other | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of 10% decrease on net income (loss) | 0 | (1) | 0 |
Impact of 10% increase on net income (loss) | $ 0 | $ 1 | $ 0 |
CAPITAL MANAGEMENT - Invested C
CAPITAL MANAGEMENT - Invested Capital (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of objectives, policies and processes for managing capital [line items] | ||||
Total partnership capital | $ 26,391 | $ 21,673 | $ 22,177 | $ 14,668 |
Non-controlling interest - in operating subsidiaries | (15,658) | (13,954) | ||
Deficit | 2,520 | 2,752 | ||
Accumulated other comprehensive income | (543) | (731) | ||
Ownership changes | (515) | (527) | ||
Invested Capital | $ 12,195 | $ 9,213 | $ 9,009 | |
Bottom of range | ||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||
Targeted returns on invested capital | 12.00% | |||
Top of range | ||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||
Targeted returns on invested capital | 15.00% |
CAPITAL MANAGEMENT - Changes in
CAPITAL MANAGEMENT - Changes in Invested Capital (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in Invested capital [Roll Forward] | ||
Opening balance | $ 9,213 | $ 9,009 |
Net issuance of preferred units | 8 | 195 |
Issuance of limited partnership and redeemable partnership units | 945 | 9 |
Issuance of BIPC exchangeable shares | 1,770 | 0 |
Issuance of BIPC exchange LP Units | 259 | 0 |
Ending balance | 12,195 | 9,213 |
Weighted Average Invested Capital | $ 10,076 | $ 9,067 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |||
Interest paid | $ 1,074 | $ 985 | $ 829 |
Income taxes paid | 262 | 172 | 179 |
Changes in non-cash working capital | |||
Accounts receivable | (190) | 284 | 42 |
Prepayments | (11) | (415) | (120) |
Accounts payable and other | (323) | (89) | 146 |
Changes in non-cash working capital, net | (524) | (220) | 68 |
Changes in working capital related to the impact of investments in finance leases | $ 300 | $ 300 | $ 0 |