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PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
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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 |

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