Brookfield Infrastructure Partners L.P(NYSE:BIP) 
Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, midstream, and data businesses in North and South America, Europe, and the Asia Pacific. The Utilities segment operates approximately 4,200 kilometers (km) of natural gas pipelines; 2,000 km of electricity transmission l...
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2023-07-28 | 2023-06-30 | 2022-12-31 | 2022-06-30 | 2022-01-11 | 2021-09-30 | 2021-08-10 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2015-11-12 | 2015-11-04 | 2015-08-05 | 2015-05-05 | 2013-08-06 | 2012-05-08 | 2012-02-09 | 2011-09-30 | 2011-02-04 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
leasing revenues: | |||||||||||||||||||||
operating leases | 1,564,486,000 | ||||||||||||||||||||
finance leases | 115,200,000 | ||||||||||||||||||||
total leasing revenues | 1,679,686,000 | ||||||||||||||||||||
equipment trading revenues | 147,874,000 | ||||||||||||||||||||
equipment trading expenses | -131,870,000 | ||||||||||||||||||||
trading margin | 16,004,000 | ||||||||||||||||||||
net gain on sale of leasing equipment | 115,665,000 | ||||||||||||||||||||
operating expenses: | |||||||||||||||||||||
depreciation and amortization | 634,837,000 | 77,100,000 | -42,000,000 | ||||||||||||||||||
direct operating expenses | 42,381,000 | -199,000,000 | |||||||||||||||||||
administrative expenses | 93,011,000 | ||||||||||||||||||||
provision (reversal) for doubtful accounts | -3,102,000 | ||||||||||||||||||||
total operating expenses | 767,127,000 | ||||||||||||||||||||
operating income | 1,044,228,000 | ||||||||||||||||||||
yoy | |||||||||||||||||||||
qoq | |||||||||||||||||||||
operating margin % | Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | 0% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
other incomes: | |||||||||||||||||||||
interest and debt expense | 226,091,000 | ||||||||||||||||||||
unrealized (gain) loss on derivative instruments | -343,000 | ||||||||||||||||||||
debt termination expense | 1,933,000 | ||||||||||||||||||||
other income | -1,182,000 | 27,000,000 | -10,000,000 | 73,000,000 | 73,000,000 | 1,000,000 | 8,000,000 | 5,000,000 | |||||||||||||
total other incomes | 226,499,000 | ||||||||||||||||||||
income before income taxes | 817,729,000 | 166,700,000 | |||||||||||||||||||
income tax benefit | 70,807,000 | ||||||||||||||||||||
net income | 746,922,000 | 145,500,000 | 413,000,000 | 183,000,000 | 23,000,000 | 155,000,000 | 156,000,000 | 416,000,000 | |||||||||||||
yoy | 125.68% | ||||||||||||||||||||
qoq | -85.16% | -0.64% | -62.50% | ||||||||||||||||||
net income margin % | Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | 20.70% | NaN% | Infinity% | NaN% | NaN% | NaN% | Infinity% | NaN% | NaN% | NaN% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% |
less: dividend on preferred shares | 52,112,000 | ||||||||||||||||||||
net income attributable to common shareholders | 694,810,000 | ||||||||||||||||||||
net income per common share—basic | 11,250 | ||||||||||||||||||||
net income per common share—diluted | 11,190 | ||||||||||||||||||||
cash dividends paid per common share | 2,650 | ||||||||||||||||||||
weighted-average number of common shares outstanding—basic | 61,778,000 | ||||||||||||||||||||
dilutive restricted shares | 322,000 | ||||||||||||||||||||
weighted-average number of common shares outstanding—diluted | 62,100,000 | ||||||||||||||||||||
partnership capital | 25,361,000,000 | 21,451,000,000 | |||||||||||||||||||
remove impact of the following items since inception: | |||||||||||||||||||||
non-controlling interest - in operating subsidiaries | -16,285,000,000 | -13,475,000,000 | |||||||||||||||||||
deficit | 2,327,000,000 | 2,552,000,000 | |||||||||||||||||||
accumulated other comprehensive income | -292,000,000 | -620,000,000 | |||||||||||||||||||
ownership changes and other | -485,000,000 | -495,000,000 | |||||||||||||||||||
invested capital | 10,626,000,000 | 9,413,000,000 | |||||||||||||||||||
us millions | 2,021,000,000 | 2,021,000,000 | |||||||||||||||||||
opening balance | 9,413,000,000 | 9,410,000,000 | 9,014,000,000 | 9,011,000,000 | |||||||||||||||||
net (redemptions) issuance of preferred units | -186,000,000 | ||||||||||||||||||||
issuance of bipc exchangeable shares | 1,140,000,000 | ||||||||||||||||||||
issuance of bipc exchangeable lp units | 256,000,000 | ||||||||||||||||||||
issuance of limited partnership units | 3,000,000 | 3,000,000 | |||||||||||||||||||
ending balance | 10,626,000,000 | 9,413,000,000 | 9,211,000,000 | 9,014,000,000 | |||||||||||||||||
weighted-average invested capital | 10,025,000,000 | 9,410,000,000 | 9,034,000,000 | 9,011,000,000 | |||||||||||||||||
for the three-month period ended september 30, 2021 us millions | |||||||||||||||||||||
revenues | 2,683,000,000 | 248,000,000 | 468,000,000 | 468,000,000 | 466,000,000 | 466,000,000 | 462,000,000 | 451,000,000 | 404,000,000 | 414,000,000 | 201,000,000 | ||||||||||
costs attributed to revenues | -74,000,000 | ||||||||||||||||||||
general and administrative expenses | -95,000,000 | -30,000,000 | -30,000,000 | -35,000,000 | -34,000,000 | -26,000,000 | -20,000,000 | -18,000,000 | -12,000,000 | ||||||||||||
adjusted ebitda | 174,000,000 | ||||||||||||||||||||
interest expense | -355,000,000 | -34,000,000 | -90,000,000 | -90,000,000 | -93,000,000 | -90,000,000 | -90,000,000 | -95,000,000 | -85,000,000 | -47,000,000 | |||||||||||
ffo | 130,000,000 | ||||||||||||||||||||
depreciation and amortization expense | -469,000,000 | -97,000,000 | -97,000,000 | -101,000,000 | -95,000,000 | -83,000,000 | -49,000,000 | -37,000,000 | -14,000,000 | ||||||||||||
deferred taxes | -15,000,000 | ||||||||||||||||||||
mark-to-market on hedging items and other | -13,000,000 | ||||||||||||||||||||
share of earnings from associates | 18,000,000 | 20,000,000 | 17,000,000 | ||||||||||||||||||
net income attributable to non-controlling interest | -101,000,000 | ||||||||||||||||||||
net income attributable to partnership | 60,000,000 | 123,000,000 | 18,000,000 | 132,000,000 | 132,000,000 | 14,000,000 | 54,000,000 | 62,000,000 | |||||||||||||
revenue | 702,900,000 | ||||||||||||||||||||
yoy | |||||||||||||||||||||
qoq | |||||||||||||||||||||
cost of sales | 388,600,000 | ||||||||||||||||||||
loss on derivatives | 34,100,000 | ||||||||||||||||||||
gross profit | 280,200,000 | ||||||||||||||||||||
yoy | |||||||||||||||||||||
qoq | |||||||||||||||||||||
gross margin % | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | 39.86% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
financing charges | 35,600,000 | ||||||||||||||||||||
general and administrative | 70,800,000 | ||||||||||||||||||||
gain on sale of the empress divestiture group | -70,000,000 | ||||||||||||||||||||
income tax expense | 21,200,000 | -134,000,000 | |||||||||||||||||||
net income per share | |||||||||||||||||||||
basic and diluted | 0.34 | ||||||||||||||||||||
issuance of preferred units | |||||||||||||||||||||
for the three-month period ended june 30, 2021 us millions | |||||||||||||||||||||
summary statements of operating results | |||||||||||||||||||||
direct operating costs | -1,346,000,000 | -199,000,000 | -197,000,000 | -203,000,000 | -202,000,000 | -240,000,000 | -230,000,000 | ||||||||||||||
share of earnings from investments in associates and joint ventures | 67,000,000 | ||||||||||||||||||||
mark-to-market on hedging items | 35,000,000 | 51,000,000 | 51,000,000 | -32,000,000 | 90,000,000 | 93,000,000 | |||||||||||||||
net income attributable to our partnership | 190,000,000 | ||||||||||||||||||||
net income per limited partnership unit | 270,000 | 460,000 | |||||||||||||||||||
issuance of preferred units and preferred shares, net of repurchases | 195,000,000 | ||||||||||||||||||||
issuances of limited partnership units and redeemable partnership units, net of repurchases | 2,000,000 | 3,000,000 | |||||||||||||||||||
for the three-month period ended september 30, 2020 us millions | |||||||||||||||||||||
general and administrative costs | |||||||||||||||||||||
for the three-month period ended june 30, 2020 us millions | |||||||||||||||||||||
earnings from investments in associates | 18,000,000 | 14,000,000 | -3,000,000 | ||||||||||||||||||
income from continuing operations | 183,000,000 | ||||||||||||||||||||
income from discontinued operations, net of income tax | |||||||||||||||||||||
net income attributable to the partnership | 123,000,000 | ||||||||||||||||||||
income before income tax | 194,000,000 | 29,000,000 | 159,000,000 | 186,000,000 | 20,000,000 | 221,000,000 | 223,000,000 | ||||||||||||||
income tax expenses | |||||||||||||||||||||
current | -8,000,000 | -5,000,000 | -8,000,000 | -5,000,000 | |||||||||||||||||
deferred | -3,000,000 | 2,000,000 | -3,000,000 | -31,000,000 | |||||||||||||||||
net income from continuing operations | 183,000,000 | 26,000,000 | 148,000,000 | 150,000,000 | |||||||||||||||||
non-controlling interest of others in operating subsidiaries | -60,000,000 | -8,000,000 | -16,000,000 | ||||||||||||||||||
aattributable to: | |||||||||||||||||||||
limited partners | 75,000,000 | 1,000,000 | 84,000,000 | 88,000,000 | 60,000,000 | ||||||||||||||||
general partner | 17,000,000 | 17,000,000 | 15,000,000 | 9,000,000 | 2,000,000 | ||||||||||||||||
non-controlling interest – redeemable partnership units held by brookfield | 31,000,000 | 33,000,000 | 35,000,000 | ||||||||||||||||||
basic and diluted earnings per unit attributable to: | |||||||||||||||||||||
limited partners1 | 460,000 | 10,000 | 560,000 | 600,000 | |||||||||||||||||
income tax (expense) recovery | -66,000,000 | ||||||||||||||||||||
attributable to: | |||||||||||||||||||||
share of earnings (losses) from investments in associates | 18,000,000 | ||||||||||||||||||||
gain on sale of associate | 18,000,000 | ||||||||||||||||||||
other incomes | -4,000,000 | -22,000,000 | -66,000,000 | ||||||||||||||||||
income from discontinued operations, net of tax | 35,000,000 | ||||||||||||||||||||
non-controlling interest – in operating subsidiaries | -53,000,000 | ||||||||||||||||||||
share of earnings from investments in associates | 1,000,000 | ||||||||||||||||||||
fair value adjustments | -6,000,000 | 210,000,000 | 165,000,000 | 5,000,000 | |||||||||||||||||
income tax recovery | 3,000,000 | 24,000,000 | |||||||||||||||||||
net (income) attributable to non-controlling interest | -9,000,000 | ||||||||||||||||||||
investment income | 5,000,000 | ||||||||||||||||||||
earnings (losses) from investments in associates | 38,000,000 | ||||||||||||||||||||
fair value gains and other items | 433,000,000 | ||||||||||||||||||||
cost of revenues | -130,000,000 | ||||||||||||||||||||
gross margin | 167,000,000 | 59,000,000 | |||||||||||||||||||
income before under noted | 82,000,000 | ||||||||||||||||||||
less: net income attributable to non-controlling interests | |||||||||||||||||||||
net income per partnership unit | 390,000 | ||||||||||||||||||||
net income attributable to: | |||||||||||||||||||||
earnings per unit: | |||||||||||||||||||||
net income before under noted | 17,000,000 | ||||||||||||||||||||
gain on sale of investment | |||||||||||||||||||||
net income before income tax | 414,000,000 | ||||||||||||||||||||
net income before non-controlling interest | 438,000,000 | ||||||||||||||||||||
net income attributable to non- controlling interests | 22,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2022-12-31 | 2021-11-03 | 2021-08-10 | 2021-08-05 | 2021-05-06 | 2009-12-22 |
|---|---|---|---|---|---|---|
assets: | ||||||
leasing equipment, net of accumulated depreciation of 4,289,259 and 3,919,181 | 9,530,396,000 | |||||
net investment in finance leases | 1,639,831,000 | |||||
equipment held for sale | 138,506,000 | |||||
revenue earning assets | 11,308,733,000 | |||||
cash and cash equivalents | 83,227,000 | 406,000,000 | 28,700,000 | 370,000,000 | 124,000,000 | 257,873 |
restricted cash | 103,082,000 | |||||
accounts receivable | 226,554,000 | 337,000,000 | ||||
goodwill | 236,665,000 | 500,000,000 | 542,000,000 | 485,000,000 | 378,563 | |
lease intangibles, net of accumulated amortization of 291,837 and 281,340 | 6,620,000 | |||||
other assets | 28,383,000 | |||||
fair value of derivative instruments | 115,994,000 | |||||
total assets | 12,109,258,000 | 9,437,000,000 | 13,476,500,000 | 9,176,000,000 | 9,062,000,000 | 12,512,662 |
liabilities and shareholders' equity: | ||||||
equipment purchases payable | 11,817,000 | |||||
deferred revenue | 333,260,000 | |||||
accounts payable and other accrued expenses | 71,253,000 | |||||
net deferred income tax liability | 411,628,000 | |||||
debt, net of unamortized costs of 55,863 and 63,794 | 8,074,820,000 | |||||
total liabilities | 8,904,895,000 | 9,126,100,000 | 10,792,289 | |||
shareholders' equity: | ||||||
preferred shares, 0.01 par value... | 730,000,000 | |||||
common shares, 0.01 par value... | 814,000 | |||||
undesignated shares, 0.01 par value... | ||||||
treasury shares, at cost, 24,494,785 and 15,429,499 shares, respectively | -1,077,559,000 | |||||
additional paid-in capital | 909,911,000 | |||||
accumulated earnings | 2,531,928,000 | |||||
accumulated other comprehensive income | 109,269,000 | |||||
total shareholders' equity | 3,204,363,000 | |||||
total liabilities and shareholders' equity | 12,109,258,000 | |||||
assets | ||||||
accounts receivable and other | 522,000,000 | 531,000,000 | 415,000,000 | |||
due from brookfield infrastructure | 585,000,000 | |||||
property, plant and equipment | 4,581,000,000 | 12,380,700,000 | 4,634,000,000 | 5,208,000,000 | 3,876,533 | |
intangible assets | 2,733,000,000 | 2,997,000,000 | 2,661,000,000 | |||
deferred tax asset and other | 110,000,000 | 102,000,000 | 169,000,000 | |||
liabilities and equity | ||||||
accounts payable and other | 550,000,000 | 501,000,000 | 433,000,000 | |||
loans payable to brookfield infrastructure | 260,000,000 | 825,000,000 | 1,153,000,000 | |||
exchangeable and class b shares | 3,539,000,000 | 2,497,000,000 | 2,394,000,000 | |||
non-recourse borrowings | 3,577,000,000 | 3,740,000,000 | 3,435,000,000 | |||
financial liabilities | 987,000,000 | 978,000,000 | 1,041,000,000 | |||
deferred tax liabilities and other | 1,714,000,000 | 1,783,000,000 | 1,518,000,000 | |||
equity | ||||||
equity in net assets attributable to the partnership | -1,983,000,000 | |||||
non-controlling interest | 742,000,000 | 835,000,000 | 1,020,000,000 | |||
total equity | 4,350,400,000 | -1,148,000,000 | 1,720,373 | |||
total liabilities and equity | 9,437,000,000 | 13,476,500,000 | 9,176,000,000 | 9,062,000,000 | ||
current assets | ||||||
derivatives | 2,800,000 | |||||
prepaid expenses and other assets | 78,600,000 | |||||
inventory | 26,700,000 | |||||
assets of the empress divestiture group held for sale | ||||||
total current assets | 473,800,000 | 2,767,804 | ||||
non-current assets | ||||||
right-of-use assets | 122,200,000 | |||||
goodwill and intangible assets | 499,800,000 | |||||
current liabilities | ||||||
dividends payable | 17,200,000 | |||||
accounts payable and other liabilities | 612,300,000 | |||||
lease liabilities | 15,600,000 | |||||
current income taxes payable | 5,600,000 | |||||
short-term debt and current portion of long-term debt | 1,688,900,000 | |||||
liabilities of the empress divestiture group held for sale | ||||||
total current liabilities | 2,372,800,000 | 2,877,711 | ||||
non-current liabilities | ||||||
long-term debt | 5,251,100,000 | |||||
long-term lease liabilities | 136,500,000 | |||||
provisions | 300,200,000 | 16,249 | ||||
long-term deferred revenue and other liabilities | 40,200,000 | |||||
deferred income taxes | 1,025,300,000 | |||||
commitments | ||||||
shareholders’ equity | 4,383,300,000 | |||||
total reserves | -32,900,000 | |||||
revenue | 1,371,464 | |||||
other income | 36,162 | |||||
total income | 1,407,626 | |||||
share of profits from associates and jointly controlled entities accounted for using the equity method | 9,005 | |||||
employee benefits expense | ||||||
transmission and direct costs | ||||||
depreciation, amortisation and impairment expense | ||||||
finance costs | ||||||
net hedge (expense)/gain | ||||||
operating and management charges | ||||||
other (expenses)/income | ||||||
total expense | ||||||
income before income tax benefit | ||||||
income tax benefit | 157,165 | |||||
income from continuing operations | ||||||
(loss)/profit from discontinued operations | ||||||
(loss)/profit for the year | ||||||
attributable to: | ||||||
equity holders of the parent entity | ||||||
minority interest | 102,841 | |||||
(loss)/earnings per security: | ||||||
basic and diluted | ||||||
loss per security from continuing operations: | ||||||
trade and other receivables | 172,991 | |||||
other financial assets | 67,573 | |||||
inventories | 18,687 | |||||
current tax receivables | 10,356 | |||||
other | 16,590 | |||||
non-current assets classified as held for sale | 2,223,734 | |||||
cash held on restricted deposit | 104,316 | |||||
investments accounted for using the equity method | 650,509 | |||||
investment property | 174,672 | |||||
other intangible assets | 3,045,531 | |||||
deferred tax assets | 735,598 | |||||
total non-current assets | 9,744,858 | |||||
trade and other payables | 332,189 | |||||
borrowings | 493,760 | |||||
other financial liabilities | 117,116 | |||||
current tax payables | 1,377 | |||||
liabilities directly associated with non-current assets classified as held for sale | 1,907,155 | |||||
deferred tax liabilities | 945,399 | |||||
total non-current liabilities | 7,914,578 | |||||
net assets | 1,720,373 | |||||
issued capital | 2,811,318 | |||||
reserves | ||||||
retained earnings | ||||||
amounts recognised directly in equity relating to non-current assets classified as held for sale | ||||||
parent entity interest | 1,617,532 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2021-12-31 | 2021-09-30 | 2021-08-05 | 2021-06-30 | 2021-05-06 | 2020-09-30 | 2020-06-30 | 2020-02-10 | 2017-09-30 | 2013-05-15 | 2013-05-02 | 2012-02-09 | 2011-06-30 | 2010-09-30 | 2010-06-30 | 2010-02-11 | 2009-08-19 | 2008-12-11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||
net income | 2,183,000,000 | 536,000,000 | 0 | 1,306,000,000 | 413,000,000 | 148,000,000 | 34,000,000 | 26,000,000 | 151,000,000 | -1,000,000 | -1,000,000 | 155,000,000 | 58,000,000 | -177,000,000 | 73,500,000 | -4,500,000 | 69,000,000 | 5,600,000 |
adjusted for the following items: | ||||||||||||||||||
earnings from investments in associates and joint ventures, net of distributions received | 66,000,000 | 3,000,000 | 0 | -10,000,000 | -8,000,000 | 3,000,000 | 27,000,000 | |||||||||||
depreciation and amortization expense | 1,511,000,000 | 525,000,000 | 0 | 492,000,000 | 469,000,000 | 411,000,000 | 375,000,000 | 282,000,000 | 215,000,000 | 86,000,000 | -86,000,000 | 37,000,000 | 31,000,000 | |||||
mark-to-market, provisions and other | ||||||||||||||||||
deferred income tax expense | 216,000,000 | 24,000,000 | 0 | 212,000,000 | 40,000,000 | 8,000,000 | ||||||||||||
changes in non-cash working capital | 81,000,000 | -182,000,000 | 86,000,000 | 87,000,000 | ||||||||||||||
cash from operating activities | 1,855,000,000 | 917,000,000 | 0 | 564,000,000 | 726,000,000 | 776,000,000 | 615,000,000 | 413,000,000 | 375,000,000 | 147,000,000 | 147,000,000 | 38,000,000 | 138,000,000 | 8,000,000 | 5,500,000 | -2,700,000 | ||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2,100,000 | -2,100,000 | 0 | ||
free cash flows | 1,855,000,000 | 917,000,000 | 0 | 564,000,000 | 726,000,000 | 776,000,000 | 615,000,000 | 413,000,000 | 375,000,000 | 147,000,000 | 147,000,000 | 38,000,000 | 138,000,000 | 5,900,000 | 3,400,000 | -2,700,000 | ||
investing activities | ||||||||||||||||||
acquisition of subsidiaries, net of cash acquired | -2,583,000,000 | -49,000,000 | -3,405,000,000 | -13,000,000 | ||||||||||||||
disposal of subsidiaries, net of cash disposed | 554,000,000 | 2,588,000,000 | ||||||||||||||||
investments in associates and joint ventures | -369,000,000 | |||||||||||||||||
disposal of investments in associates and joint ventures | ||||||||||||||||||
purchase of long-lived assets | -588,000,000 | -414,000,000 | -338,000,000 | |||||||||||||||
disposal of long-lived assets | 9,000,000 | 12,000,000 | 10,000,000 | 9,000,000 | ||||||||||||||
purchase of financial assets | -639,000,000 | -331,000,000 | -296,000,000 | |||||||||||||||
sale of financial assets | 403,000,000 | 230,000,000 | 244,000,000 | 168,000,000 | 35,000,000 | |||||||||||||
net settlement of foreign exchange hedging items | 8,000,000 | -18,000,000 | 1,000,000 | |||||||||||||||
other investing activities | ||||||||||||||||||
cash used by investing activities | 1,663,000,000 | -2,836,000,000 | -4,094,000,000 | -113,000,000 | -113,000,000 | |||||||||||||
financing activities | ||||||||||||||||||
distributions to general partner | -53,000,000 | -50,000,000 | -46,000,000 | |||||||||||||||
distributions to other unitholders | -265,000,000 | -255,000,000 | -237,000,000 | |||||||||||||||
subsidiary distributions to non-controlling interest | -220,000,000 | -306,000,000 | -131,000,000 | -21,000,000 | -21,000,000 | -12,000,000 | ||||||||||||
capital provided by non-controlling interest | 2,106,000,000 | 2,868,000,000 | 45,000,000 | |||||||||||||||
proceeds from corporate borrowings | 244,000,000 | 382,000,000 | 275,000,000 | |||||||||||||||
repayment of corporate borrowings | ||||||||||||||||||
net (repayment) proceeds from commercial paper program | ||||||||||||||||||
proceeds from corporate credit facility | 3,147,000,000 | 1,539,000,000 | 990,000,000 | 512,000,000 | 272,000,000 | |||||||||||||
repayment of corporate credit facility | -2,501,000,000 | -1,816,000,000 | -1,593,000,000 | |||||||||||||||
proceeds from non-recourse borrowings | 2,979,000,000 | 1,005,000,000 | 474,000,000 | 570,000,000 | ||||||||||||||
repayment of non-recourse borrowings | -1,527,000,000 | -555,000,000 | -322,000,000 | |||||||||||||||
preferred units redeemed | ||||||||||||||||||
partnership units repurchased, net of costs and issuances | ||||||||||||||||||
lease liability repaid | -42,000,000 | |||||||||||||||||
other financing activities | ||||||||||||||||||
cash from financing activities | 2,935,000,000 | 7,703,000,000 | 16,000,000 | 154,600,000 | -171,600,000 | 39,900,000 | -3,400,000 | |||||||||||
cash and cash equivalents | ||||||||||||||||||
change during the period | 785,000,000 | 0 | 106,000,000 | 305,000,000 | -383,000,000 | 145,000,000 | 130,000,000 | 11,000,000 | 22,000,000 | 22,000,000 | 35,000,000 | 126,700,000 | -165,700,000 | 232,100,000 | -99,700,000 | |||
cash reclassified as assets held for sale | -161,000,000 | |||||||||||||||||
impact of foreign exchange on cash and other | ||||||||||||||||||
balance, beginning of period | 1,275,000,000 | 0 | 1,140,000,000 | 867,000,000 | 1,380,000,000 | 1,226,000,000 | 677,000,000 | 468,000,000 | 263,000,000 | 263,000,000 | 157,000,000 | 259,000,000 | -39,000,000 | -188,800,000 | 237,800,000 | 5,700,000 | 221,300,000 | |
balance, end of period | 1,840,000,000 | 0 | 1,275,000,000 | 1,140,000,000 | 1,012,000,000 | 1,380,000,000 | 827,000,000 | 492,000,000 | 286,000,000 | 286,000,000 | 153,000,000 | 234,000,000 | -4,000,000 | -62,100,000 | 72,100,000 | 237,800,000 | 121,600,000 | |
deferred income tax recovery | ||||||||||||||||||
capital provided to non-controlling interest | -1,408,000,000 | |||||||||||||||||
cash from (used by) financing activities | 2,704,000,000 | 293,000,000 | 20,000,000 | |||||||||||||||
net proceeds (repayment) from commercial paper program | ||||||||||||||||||
partnership units issued | 3,000,000 | 0 | 3,000,000 | 3,000,000 | 2,000,000 | |||||||||||||
cash (used by) from financing activities | -12,000,000 | -12,000,000 | ||||||||||||||||
disposal of subsidiaries and assets held for sale, net of cash disposed | ||||||||||||||||||
purchase of long lived assets | ||||||||||||||||||
disposal of long lived assets | ||||||||||||||||||
capital provided (to) by non-controlling interest | ||||||||||||||||||
disposal of partial interest to non-controlling interest, net of taxes. | ||||||||||||||||||
settlement of deferred consideration | ||||||||||||||||||
net preferred units (redeemed) issued | -206,000,000 | |||||||||||||||||
other financing activity | ||||||||||||||||||
change during the year | -4,000,000 | |||||||||||||||||
impact of foreign exchange on cash | -6,000,000 | -59,000,000 | 0 | 29,000,000 | -26,000,000 | 15,000,000 | 9,000,000 | 17,000,000 | 13,000,000 | 1,000,000 | 1,000,000 | 7,000,000 | 9,000,000 | |||||
cash reclassified as held for sale | -6,000,000 | 3,000,000 | ||||||||||||||||
balance, beginning of year | ||||||||||||||||||
balance, end of year | ||||||||||||||||||
capital provided by (to) non-controlling interest | ||||||||||||||||||
disposal of partial interest to non-controlling interest, net of taxes | ||||||||||||||||||
acquisition of partial interest from non-controlling interest | -437,000,000 | -283,000,000 | ||||||||||||||||
net proceeds from commercial paper program | 2,000,000 | 406,000,000 | ||||||||||||||||
deposit (repaid to) received from parent | -344,000,000 | -201,000,000 | ||||||||||||||||
deferred income tax (recovery) expense | ||||||||||||||||||
net proceeds from (repayment of) commercial paper program | ||||||||||||||||||
net preferred units redeemed | ||||||||||||||||||
cash from (used by) investing activities | 0 | 2,018,000,000 | ||||||||||||||||
deposit repaid to parent | 0 | -744,000,000 | ||||||||||||||||
deposit received from parent | 400,000,000 | |||||||||||||||||
mark-to-market on hedging items, provisions and other | -1,516,000,000 | -252,000,000 | 0 | -1,254,000,000 | -94,000,000 | 130,000,000 | 84,000,000 | 147,000,000 | 27,000,000 | |||||||||
partnership units issued, net of costs and repurchases | ||||||||||||||||||
cash (used by) from investing activities | -335,000,000 | |||||||||||||||||
(repayment of) net proceeds from commercial paper program | ||||||||||||||||||
lease liability repaid and other | -123,000,000 | -256,000,000 | ||||||||||||||||
change in non-cash working capital | -94,000,000 | -25,000,000 | 8,000,000 | -40,000,000 | 14,000,000 | -50,000,000 | 5,500,000 | 8,500,000 | 2,800,000 | -10,200,000 | ||||||||
net (investments in) proceeds from: | ||||||||||||||||||
operating assets | -96,000,000 | |||||||||||||||||
associates | ||||||||||||||||||
long-lived assets | -321,000,000 | |||||||||||||||||
financial assets | 125,000,000 | 231,000,000 | ||||||||||||||||
net settlements of foreign exchange contracts | 1,000,000 | 14,000,000 | ||||||||||||||||
distributions to limited and general partners | -303,000,000 | |||||||||||||||||
net borrowings | ||||||||||||||||||
corporate | -764,000,000 | 330,000,000 | ||||||||||||||||
subsidiary | 173,000,000 | 2,615,000,000 | ||||||||||||||||
net preferred shares issued | ||||||||||||||||||
net capital provided by (to) non-controlling interest and other | ||||||||||||||||||
disposal of assets classified as held for sale | 60,000,000 | |||||||||||||||||
items not involving cash: | ||||||||||||||||||
depreciation and amortization | ||||||||||||||||||
gain on sale of the empress divestiture group | ||||||||||||||||||
non-cash expense | ||||||||||||||||||
unrealized loss on derivatives | ||||||||||||||||||
funds from operations | ||||||||||||||||||
net change in non-cash operating working capital | ||||||||||||||||||
expenditures on property, plant and equipment | ||||||||||||||||||
receipt of government grants | ||||||||||||||||||
proceeds from sale of the empress divestiture group | ||||||||||||||||||
net change in non-cash investing working capital | ||||||||||||||||||
cash from investing activities | 121,000,000 | -14,900,000 | -2,100,000 | 186,700,000 | -93,600,000 | |||||||||||||
cash dividends paid on common shares | ||||||||||||||||||
principal payments on lease liabilities | ||||||||||||||||||
increase in debt including transaction costs | ||||||||||||||||||
net change in non-cash financing working capital | ||||||||||||||||||
effect of foreign currency translation on cash | ||||||||||||||||||
increase in cash and cash equivalents | ||||||||||||||||||
cash and cash equivalents, beginning of period | ||||||||||||||||||
cash and cash equivalents, end of period | ||||||||||||||||||
cash taxes (recovered) paid | ||||||||||||||||||
cash interest paid | 300,000 | 1,700,000 | 3,400,000 | 1,800,000 | ||||||||||||||
net proceeds from | ||||||||||||||||||
sale of associates | 412,000,000 | |||||||||||||||||
preferred units issued | 194,000,000 | |||||||||||||||||
net capital provided to non-controlling interest and other | -245,000,000 | |||||||||||||||||
cash used by financing activities | 0 | -2,476,000,000 | -542,000,000 | |||||||||||||||
net (repayments) borrowings: | ||||||||||||||||||
gain on sale of associate | ||||||||||||||||||
sale of financial assets and other | ||||||||||||||||||
preferred units and preferred shares issued, net of repurchases | 195,000,000 | |||||||||||||||||
(acquisition) disposal of partial interest (from) to non-controlling interest, net of taxes | -150,000,000 | |||||||||||||||||
deposit received from (repaid to) parent | 545,000,000 | |||||||||||||||||
partnership units repurchased | ||||||||||||||||||
partnership units issued, net of issuance costs | 2,000,000 | 3,000,000 | 977,000,000 | |||||||||||||||
acquisition funded on behalf of parent | ||||||||||||||||||
proceeds from partial disposition of subsidiaries to non-controlling interest, net of taxes | ||||||||||||||||||
share of (earnings) losses from associates, net of distributions | ||||||||||||||||||
deferred tax expense | 14,000,000 | 13,000,000 | ||||||||||||||||
investments, net of disposals: | ||||||||||||||||||
net borrowings: | ||||||||||||||||||
preferred unit and preferred shares issued, net of repurchases | ||||||||||||||||||
repurchases of partnership units, net of issuances | 2,000,000 | |||||||||||||||||
cash from non-controlling interest, net of distributions, and other | 5,019,000,000 | |||||||||||||||||
settlement of foreign exchange hedging items | ||||||||||||||||||
proceeds from subsidiary borrowings | 138,000,000 | |||||||||||||||||
repayment of subsidiary borrowings | ||||||||||||||||||
revaluation (gains) losses on hedging items, provisions and other | ||||||||||||||||||
disposal of investment held on behalf of parent | ||||||||||||||||||
net preferred units and preferred shares issued | ||||||||||||||||||
deposits received from parent | ||||||||||||||||||
issuance of partnership units, net of repurchases | ||||||||||||||||||
capital provided by non-controlling interest, net of distributions, and other | ||||||||||||||||||
disposal of subsidiaries, net of cash disposed of | ||||||||||||||||||
repayment of other financing activities | ||||||||||||||||||
mark-to-market on hedging items | ||||||||||||||||||
provisions and other items | 7,000,000 | |||||||||||||||||
deferred tax (recovery) expense | ||||||||||||||||||
acquisition of investments in associates | ||||||||||||||||||
sale of long lived assets | ||||||||||||||||||
net income from continuing operations | ||||||||||||||||||
income from discontinued operations, net of income tax | ||||||||||||||||||
share of earnings from associates, net of distributions | ||||||||||||||||||
net investments in: | ||||||||||||||||||
net settlement of foreign exchange contracts | 7,000,000 | 7,000,000 | 5,000,000 | |||||||||||||||
distribution to limited and general partners | ||||||||||||||||||
other | ||||||||||||||||||
issuance of preferred units | ||||||||||||||||||
issuance of partnership units | ||||||||||||||||||
capital provided by non-controlling interest, net of distributions | ||||||||||||||||||
earnings from investments in associates, net of distributions received | ||||||||||||||||||
disposition of subsidiaries, net of cash disposed | ||||||||||||||||||
investments in associates | ||||||||||||||||||
disposition of associates | ||||||||||||||||||
repayments of other financing activities | ||||||||||||||||||
valuation losses (gains) and other | ||||||||||||||||||
valuation losses and other | ||||||||||||||||||
deferred tax recovery | -24,000,000 | 26,000,000 | -4,400,000 | |||||||||||||||
gain on sale of associate. | ||||||||||||||||||
gains on hedging items and other | ||||||||||||||||||
net proceeds from (investments in): operating assets | ||||||||||||||||||
net investment in: operating assets | ||||||||||||||||||
earnings from investments in associates, net of distributions | -11,000,000 | -30,000,000 | 4,000,000 | |||||||||||||||
fair value adjustments | 16,000,000 | -16,000,000 | -210,000,000 | 18,000,000 | ||||||||||||||
mark-to-market on hedging items . | ||||||||||||||||||
gain on sale of associate . | ||||||||||||||||||
deferred tax expense (recovery) and other | 119,000,000 | |||||||||||||||||
dispositions (investments) in operating assets | ||||||||||||||||||
investments in long-lived assets | -103,000,000 | -164,000,000 | ||||||||||||||||
investments in financial assets | ||||||||||||||||||
distribution to unitholders | -94,000,000 | -67,000,000 | ||||||||||||||||
corporate (repayments) borrowings | -222,000,000 | -222,000,000 | ||||||||||||||||
subsidiary borrowings | 323,000,000 | 323,000,000 | 27,000,000 | 12,000,000 | ||||||||||||||
losses from investments in associates, net of distributions | -11,000,000 | |||||||||||||||||
mark-to-market on hedge contracts | 99,000,000 | -99,000,000 | ||||||||||||||||
additions to investment in associates | -4,000,000 | |||||||||||||||||
long-lived assets, net of disposals | -103,000,000 | |||||||||||||||||
distribution to general partner | -8,000,000 | |||||||||||||||||
distribution to other unitholders | -86,000,000 | |||||||||||||||||
revenues | 612,000,000 | |||||||||||||||||
direct operating costs | -308,000,000 | |||||||||||||||||
general and administrative expenses | -28,000,000 | |||||||||||||||||
interest expense | -108,000,000 | |||||||||||||||||
share of earnings from investments in associates | 17,000,000 | |||||||||||||||||
other incomes | -3,000,000 | |||||||||||||||||
income before income tax | -19,000,000 | |||||||||||||||||
income tax (expense) recovery | ||||||||||||||||||
current | -6,000,000 | |||||||||||||||||
deferred | 24,000,000 | |||||||||||||||||
net income attributable to non-controlling interest – in operating subsidiaries | -27,000,000 | |||||||||||||||||
net income attributable to partnership | -28,000,000 | |||||||||||||||||
attributable to: | ||||||||||||||||||
non-controlling interest – redeemable partnership units held by brookfield | -10,000,000 | |||||||||||||||||
general partner | 7,000,000 | |||||||||||||||||
limited partners | -25,000,000 | |||||||||||||||||
basic and diluted earnings per unit attributable to: | ||||||||||||||||||
limited partners1 | -170,000 | |||||||||||||||||
mark-to-market on hedge contracts. | 99,000,000 | |||||||||||||||||
deferred tax (recovery) expense and other | -50,000,000 | |||||||||||||||||
investments in operating assets | -17,000,000 | |||||||||||||||||
issuance of units | 2,000,000 | 657,000,000 | ||||||||||||||||
change in restricted cash | ||||||||||||||||||
acquisition of subsidiary, net of cash acquired | ||||||||||||||||||
investment in associates | ||||||||||||||||||
additions to long lived assets, net of disposals | ||||||||||||||||||
investment in financial assets | ||||||||||||||||||
corporate borrowings | -312,000,000 | 114,000,000 | ||||||||||||||||
fair value gains and other items | ||||||||||||||||||
investments in or partial sale of operating assets | -176,000,000 | |||||||||||||||||
gain on sale of investment, net of tax | -68,200,000 | |||||||||||||||||
cash from (used by) operating activities | ||||||||||||||||||
acquisition in or sale of operating assets, net of disposals | ||||||||||||||||||
long lived assets, net of disposals | ||||||||||||||||||
partnership units issued, net of repurchases | ||||||||||||||||||
provision and other items | ||||||||||||||||||
additions to long lived assets | ||||||||||||||||||
settlement of foreign exchange contracts | ||||||||||||||||||
additional investments in associates, net of disposals | ||||||||||||||||||
partial sale of operating assets | ||||||||||||||||||
long lived asset | ||||||||||||||||||
cash (used by) investing activities | ||||||||||||||||||
distributions to non-controlling interest | ||||||||||||||||||
adjustments for non-cash items: | ||||||||||||||||||
earnings from investments in associates net of distributions received | ||||||||||||||||||
depreciation expense | 0 | -100,000 | 2,100,000 | |||||||||||||||
mark to market loss adjustment on redeemable partnership units | 191,000,000 | |||||||||||||||||
gain on sale of investment | ||||||||||||||||||
distributions to unitholders | -1,000,000 | -6,900,000 | -10,100,000 | -10,100,000 | -3,400,000 | |||||||||||||
draw (repayments) on credit facilities | ||||||||||||||||||
repurchase of units | ||||||||||||||||||
investment activities | ||||||||||||||||||
proceeds on sale of partial interest in brookfield sponsored infrastructure fund | ||||||||||||||||||
proceeds on sale of partial interest in direct investment in dbct | ||||||||||||||||||
acquisition of additional interest in brookfield sponsored infrastructure fund | 0 | |||||||||||||||||
acquisition of additional interest in pd ports | ||||||||||||||||||
additions to property, plant and equipment | -1,000,000 | 1,100,000 | -2,100,000 | -2,100,000 | ||||||||||||||
proceeds on sale of tbe | ||||||||||||||||||
net proceeds from hedge settlement | ||||||||||||||||||
additional investment in ppp assets | ||||||||||||||||||
cash provided (used in ) by investing activities | ||||||||||||||||||
earnings from investments in associates | ||||||||||||||||||
cash (used by) provided by operating activities | ||||||||||||||||||
repayments on credit facilities | -161,500,000 | |||||||||||||||||
additional investment in peterborough project | ||||||||||||||||||
sale of tbe | ||||||||||||||||||
acquisition of ppp assets | ||||||||||||||||||
losses from equity accounted investments | 1,900,000 | 4,600,000 | 1,400,000 | |||||||||||||||
sale of cost accounted investment | 231,700,000 | |||||||||||||||||
net payments on hedge settlements | -42,900,000 | |||||||||||||||||
acquisition of ontario transmission | -93,600,000 | |||||||||||||||||
additional investment in transelec | ||||||||||||||||||
depreciation | 1,700,000 | 400,000 | ||||||||||||||||
drawdowns on credit facilities | 50,000,000 | |||||||||||||||||
losses on disposal of property, plant and equipment | 100,000 |