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v3.23.2

PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2023
Property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
US$ MILLIONS | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Balance at January 1, 2022 | $ | 7,565 |  |  | $ | 8,998 |  |  | $ | 14,862 |  |  | $ | 8,324 |  |  | $ | 39,749 |
Additions, net of disposals | 500 |  |  | 561 |  |  | 797 |  |  | 575 |  |  | 2,433 |
Acquisitions through business combinations(1) | 109 |  |  | — |  |  | — |  |  | 52 |  |  | 161 |
Non-cash (disposals) additions | (154) |  |  | 126 |  |  | (17) |  |  | (12) |  |  | (57) |
Assets reclassified as held for sale | — |  |  | (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 |
Additions, net of disposals | 292 |  |  | 237 |  |  | 187 |  |  | 110 |  |  | 826 |
Acquisitions through business combinations(1) | 118 |  |  | — |  |  | — |  |  | — |  |  | 118 |
Assets held by subsidiaries disposed during the period | — |  |  | (19) |  |  | — |  |  | — |  |  | (19) |
Non-cash additions (disposals) | 32 |  |  | (26) |  |  | (3) |  |  | (53) |  |  | (50) |
Net foreign currency exchange differences | 301 |  |  | 47 |  |  | 300 |  |  | 64 |  |  | 712 |
Balance at June 30, 2023 | $ | 8,020 |  |  | $ | 9,576 |  |  | $ | 15,163 |  |  | $ | 8,306 |  |  | $ | 41,065 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |
Balance at January 1, 2022 | $ | (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 | — |  |  | 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) |
Depreciation expense | (195) |  |  | (234) |  |  | (272) |  |  | (192) |  |  | (893) |
Disposals | 8 |  |  | 9 |  |  | — |  |  | — |  |  | 17 |
Assets held by subsidiaries disposed during the period | — |  |  | 12 |  |  | — |  |  | — |  |  | 12 |
Non-cash disposals | 2 |  |  | 14 |  |  | 11 |  |  | 45 |  |  | 72 |
Net foreign currency exchange differences | (56) |  |  | (6) |  |  | (16) |  |  | (11) |  |  | (89) |
Balance at June 30, 2023 | $ | (1,695) |  |  | $ | (2,245) |  |  | $ | (1,259) |  |  | $ | (1,078) |  |  | $ | (6,277) |
Accumulated fair value adjustments: |  |  |  |  |  |  |  |  |
Balance at January 1, 2022 | $ | 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 foreign currency exchange differences | 101 |  |  | (6) |  |  | (2) |  |  | — |  |  | 93 |
Balance at June 30, 2023 | $ | 1,740 |  |  | $ | 1,042 |  |  | $ | 520 |  |  | $ | — |  |  | $ | 3,302 |
Net book value: |  |  |  |  |  |  |  |  |
December 31, 2022 | $ | 7,462 |  |  | $ | 8,345 |  |  | $ | 14,219 |  |  | $ | 7,265 |  |  | $ | 37,291 |
June 30, 2023(2) | $ | 8,065 |  |  | $ | 8,373 |  |  | $ | 14,424 |  |  | $ | 7,228 |  |  | $ | 38,090 |
1.Refer to Note 5 , Acquisition of Businesses, for further details. 2.Includes right-of-use assets of $206 million in our utilities segment, $988 million in our transport segment, $341 million in our midstream segment and $1,889 million in our data segment. Current lease liabilities of $401 million have been included in accounts payable and other and non-current lease liabilities of $3,055 million have been included in other liabilities in the Consolidated Statements of Financial Position. 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, 2022. Brookfield Infrastructure determined fair value under the income method or on a depreciated replacement cost basis. The partnership’s right-of-use assets recorded as property, plant, and equipment are measured using the cost model. Assets under development are revalued where fair value could be reliably measured.

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