PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

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, 2021	$	9,289	$	8,697	$	4,321	$	8,593	$	30,900

Additions, net of disposals	478		434		423		429		1,764
Assets held by subsidiaries disposed during the period	(2,300)		(15)		—		—		(2,315)
Non-cash additions (disposals)(1)	34		(107)		88		(532)		(517)
Acquisitions through business combinations(2)	180		134		9,865		—		10,179

Net foreign currency exchange differences	(116)		(145)		165		(166)		(262)
Balance at December 31, 2021	$	7,565	$	8,998	$	14,862	$	8,324	$	39,749
Additions, net of disposals	500		561		797		575		2,433
Acquisitions through business combinations(2)	109		—		—		52		161

Non-cash (disposals) additions	(154)		126		(17)		(12)		(57)
Assets reclassified as held for sale(3)	—		(8)		—		—		(8)
Net foreign currency exchange differences	(743)		(340)		(963)		(754)		(2,800)
Balance at December 31, 2022	$	7,277	$	9,337	$	14,679	$	8,185	$	39,478

Accumulated depreciation:
Balance at January 1, 2021	$	(1,613)	$	(1,404)	$	(356)	$	(263)	$	(3,636)
Depreciation expense	(352)		(481)		(270)		(419)		(1,522)
Disposals	19		9		17		—		45

Assets held by subsidiaries disposed during the period	663		12		—		—		675
Net foreign currency exchange differences	11		56		(16)		8		59
Non-cash disposals	—		140		3		45		188

Balance at December 31, 2021	$	(1,272)	$	(1,668)	$	(622)	$	(629)	$	(4,191)
Depreciation expense	(327)		(468)		(418)		(384)		(1,597)
Disposals	22		5		—		—		27
Assets reclassified as held for sale(3)	—		4		—		—		4

Non-cash disposals	—		—		11		41		52
Net foreign currency exchange differences	123		87		47		52		309
Balance at December 31, 2022	$	(1,454)	$	(2,040)	$	(982)	$	(920)	$	(5,396)


US$ MILLIONS	Utilities		Transport		Midstream		Data		Total
Accumulated fair value adjustments:
Balance at January 1, 2021	$	2,934	$	1,048	$	338	$	—	$	4,320

Fair value adjustments	134		48		70		—		252
Net foreign currency exchange differences	(26)		(50)		—		—		(76)
Assets held by subsidiaries disposed during the period	(1,399)		—		—		—		(1,399)
Balance at December 31, 2021	$	1,643	$	1,046	$	408	$	—	$	3,097

Fair value adjustments	175		75		118		—		368
Net foreign currency exchange differences	(179)		(73)		(4)		—		(256)

Balance at December 31, 2022	$	1,639	$	1,048	$	522	$	—	$	3,209

Net book value:
December 31, 2022(4)	$	7,462	$	8,345	$	14,219	$	7,265	$	37,291
December 31, 2021	$	7,936	$	8,376	$	14,648	$	7,695	$	38,655

(1)Non-cash additions (disposals) within the data segment primarily relates to revisions to the purchase price allocation at our telecom tower operation in India. Refer to Note 7, Acquisition of Businesses, for additional information.

(2)See Note 7, Acquisition of Businesses, for additional information.

(3)See Note 6, Assets and Liabilities Classified as Held for Sale, for additional information.

(4)Includes right-of-use assets of $126 million (2021: $118 million) in our utilities segment, $1,014 million (2021: $1,179 million) in our transport segment, $345 million (2021: $389 million) in our midstream segment and $1,973 million (2021: $2,287 million) in our data segment.

The following table summarizes the valuation techniques and significant inputs for the valuation of property, plant and equipment using the income method, categorized by segment.

Dec. 31, 2022

Dec. 31, 2021

Segment

Valuation Technique(1)

Discount Rate

Terminal Value Multiple

Investment Horizon

Valuation Technique(1)

Discount Rate

Terminal Value Multiple

Investment Horizon

Utilities

Discounted cash flow model

7% to 11%

18x

10 to 20 yrs

Discounted cash flow model

7% to 11%

20x

10 to 20 yrs

Transport

Discounted cash flow model

8% to 14%

9x to 15x

10 yrs

Discounted cash flow model

7% to 14%

9x to 15x

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, 2022		Dec. 31, 2021
Utilities	$	6,048	$	6,504
Transport	7,510		7,557
Midstream	13,778		14,300
Data	7,266		7,694