EQUITY ACCOUNTED INVESTMENTS

The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2019 and 2018:



(US$ MILLIONS)	Economic interest		Voting interest		Carrying value
	2019	2018	2019	2018	2019		2018
Business services	14%-90%	13%-90%	14%-90%	13%-90%	$	53	$	130
Infrastructure services	25%-50%	25%-50%	25%-50%	25%-50%	366		338
Industrials	24%-54%	24%-50%	24%-50%	24%-50%	854		73
Total					$	1,273	$	541

The following table represents the change in the balance of equity accounted investments:



(US$ MILLIONS)	2019			2018
Balance at beginning of year	$	541		$	609
Adoption of new accounting standards	—			(7		)
Acquisitions through business combinations ⁽¹⁾	847			310
Additions ⁽²⁾	25			267
Dispositions ⁽²⁾	(162		)	(599		)
Share of net income	114			10
Share of other comprehensive income	—			(1		)
Distributions received	(62		)	(29		)
Foreign currency translation	(30		)	(19		)
Balance at end of period	$	1,273		$	541

____________________________________


⁽¹⁾	See Note 3 for additional information.


⁽²⁾	Includes non-cash additions/dispositions related to the consolidation of an investment within Greenergy in 2019 and our equity accounted investment in Teekay Offshore in 2018.

On January 23, 2018, together with institutional partners, we closed in partnership with our operating partner, our transaction to operate and manage three entertainment facilities in the Greater Toronto Area for a minimum period of 22 years.

Prior to July 3, 2018, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore and a 49% voting interest in Teekay Offshore’s General Partner. The 60% economic interest in Teekay Offshore was accounted for using the equity method. On July 3, 2018, the partnership, together with institutional investors, exercised its general partner option to acquire an additional 2% voting interest in Teekay Offshore GP, in exchange of one million of warrants and began consolidating the business. As a result, the partnership recorded a disposition of the equity accounted investment of Teekay Offshore and began consolidating the equity accounted investments held by Teekay Offshore.

For the year ended December 31, 2019, the partnership received total distributions from equity accounted investments of $62 million.

The following tables present the gross assets and liabilities of the partnership’s equity accounted investments:



	Year ended December 31, 2019
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services	$	586	$	1,057	$	1,643	$	515	$	943	$	1,458	$	185
Infrastructure services	187		1,287		1,474		128		617		745		729
Industrials	1,038		743		1,781		486		257		743		1,038
Total	$	1,811	$	3,087	$	4,898	$	1,129	$	1,817	$	2,946	$	1,952



	Year ended December 31, 2018
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services	$	575	$	478	$	1,053	$	451	$	229	$	680	$	373
Infrastructure services	205		1,359		1,564		179		747		926		638
Industrials	38		277		315		26		136		162		153
Total	$	818	$	2,114	$	2,932	$	656	$	1,112	$	1,768	$	1,164

____________________________________


⁽¹⁾	Attributable to limited partner and redemption-exchange unitholders.

Certain of the partnership’s equity accounted investments are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.

The following tables present the gross amounts of revenue, net income and other comprehensive income from the partnership's equity accounted investments for the year ended December 31, 2019, 2018 and 2017:



	Year ended December 31, 2019
	Total
(US$ MILLIONS)	Revenue		Net income		OCI		Total comprehensive income
Business services	$	537	$	117	$	9	$	126
Infrastructure services	388		119		—		119
Industrials	1,770		121		—		121
Total	$	2,695	$	357	$	9	$	366



	Year Ended December 31, 2018
	Total
(US$ MILLIONS)	Revenue		Net income			OCI			Total comprehensive income
Business services	$	605	$	102		$	(15	)	$	87
Infrastructure services	828		(31		)	2			(29		)
Industrials	445		62			(18		)	44
Total	$	1,878	$	133		$	(31	)	$	102



	Year Ended December 31, 2017
	Total
(US$ MILLIONS)	Revenue		Net income			OCI			Total comprehensive income
Business services	$	397	$	81		$	—		$	81
Infrastructure services	301		(25		)	2			(23		)
Industrials	$	811	$	327		$	(40	)	$	287
Total	$	1,509	$	383		$	(38	)	$	345

Certain of the partnership’s equity accounted investments are publicly listed entities with active pricing in a liquid market. The fair value based on the publicly listed price of these equity accounted investments in comparison to the partnership’s carrying value is as follows:



	December 31, 2019				December 31, 2018
(US$ MILLIONS)	Public price		Carrying value		Public price		Carrying value
Business services	$	38	$	—	$	36	$	—
Industrials	416		379		—		—
Total	$	454	$	379	$	36	$	—