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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
Property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Gross Carrying Amount: |  |  |  |  |  |  |  |  |  |
Balance as at December 31, 2021 |  | $ | 7,565 |  |  | $ | 8,998 |  |  | $ | 14,862 |  |  | $ | 8,324 |  |  | $ | 39,749 |
Additions, net of disposals |  | 500 |  |  | 561 |  |  | 797 |  |  | 575 |  |  | 2,433 |
Non-cash additions (disposals)(1) |  | (154) |  |  | 126 |  |  | (17) |  |  | (12) |  |  | (57) |
Acquisitions through business combinations(2) |  | 109 |  |  | — |  |  | — |  |  | 52 |  |  | 161 |
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 |  | 519 |  |  | 591 |  |  | 459 |  |  | 226 |  |  | 1,795 |
Acquisitions through business combinations(2) |  | 118 |  |  | 8,811 |  |  | — |  |  | 35 |  |  | 8,964 |
Assets held by subsidiaries disposed during the period |  | — |  |  | (59) |  |  | (45) |  |  | — |  |  | (104) |
Non-cash additions, net of disposals |  | 28 |  |  | 74 |  |  | (7) |  |  | 692 |  |  | 787 |
Net foreign currency exchange differences |  | 321 |  |  | 126 |  |  | 319 |  |  | (52) |  |  | 714 |
Balance at December 31, 2023 |  | $ | 8,263 |  |  | $ | 18,880 |  |  | $ | 15,405 |  |  | $ | 9,086 |  |  | $ | 51,634 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |  |
Balance as 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 |  | — |  |  | 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 |  | (392) |  |  | (601) |  |  | (557) |  |  | (419) |  |  | (1,969) |
Disposals |  | 53 |  |  | 20 |  |  | — |  |  | — |  |  | 73 |
Assets held by subsidiaries disposed during the period |  | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Non-cash disposals |  | 19 |  |  | 45 |  |  | 30 |  |  | 90 |  |  | 184 |
Net foreign currency exchange differences |  | (60) |  |  | (45) |  |  | (29) |  |  | 2 |  |  | (132) |
Balance at December 31, 2023 |  | $ | (1,834) |  |  | $ | (2,604) |  |  | $ | (1,538) |  |  | $ | (1,247) |  |  | $ | (7,223) |
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Accumulated fair value adjustments: |  |  |  |  |  |  |  |  |  |
Balance as 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 |
Fair value adjustments |  | 143 |  |  | 330 |  |  | 312 |  |  | — |  |  | 785 |
Net foreign currency exchange differences |  | 125 |  |  | 17 |  |  | (1) |  |  | — |  |  | 141 |
Balance at December 31, 2023 |  | $ | 1,907 |  |  | $ | 1,395 |  |  | $ | 833 |  |  | $ | — |  |  | $ | 4,135 |
Net book value: |  |  |  |  |  |  |  |  |  |
December 31, 2023(3) |  | $ | 8,336 |  |  | $ | 17,671 |  |  | $ | 14,700 |  |  | $ | 7,839 |  |  | $ | 48,546 |
December 31, 2022 |  | $ | 7,462 |  |  | $ | 8,345 |  |  | $ | 14,219 |  |  | $ | 7,265 |  |  | $ | 37,291 |
(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. (2)See Note 6, Acquisition of Businesses, for additional information. (3)Includes right-of-use assets of $237 million (2022: $126 million) in our utilities segment, $1,044 million (2022: $1,014 million) in our transport segment, $329 million (2022: $345 million) in our midstream segment and $1,938 million (2022: $1,973 million) in our data segment. 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, 2023 and 2022. Brookfield Infrastructure determined fair value under the income method or on a depreciated replacement cost basis. Assets under development were revalued where fair value could be reliably measured. 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, 2023 |  | Dec. 31, 2022
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 |  | 8% to 11% |  | 15x |  | 10 to 20 yrs |  | Discounted cash flow model |  | 7% to 11% |  | 18x |  | 10 to 20 yrs
Transport |  | Discounted cash flow model |  | 9% |  | 8x to 20x |  | 10 yrs |  | Discounted cash flow model |  | 8% to 14% |  | 9x to 15x |  | 10 yrs
Midstream |  | Discounted cash flow model |  | 15% |  | 10x |  | 6 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. An increase in the discount rate would lead to a decrease in the fair value of property, plant and equipment. Conversely, an increase to the terminal value multiple would increase the fair value of property, plant and equipment. Our partnership has classified all property, plant and equipment under level 3 of the fair value hierarchy. At December 31, 2023, Brookfield Infrastructure carried out an assessment of the fair value of its utilities property, plant and equipment, resulting in a gain from revaluation of $143 million (2022: $175 million) which was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. The key driver behind the revaluation gain recorded was growth in underlying cash flows at our U.K. regulated distribution business, as a result of additional connections and inflationary increases in rates. At December 31, 2023, Brookfield Infrastructure carried out an assessment of the fair value of its transport property, plant and equipment. A gain from revaluation of $330 million (2022: $75 million) was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. Stronger volumes and higher tariffs were the main contributors to the gain. At December 31, 2023, Brookfield Infrastructure carried out an assessment of the fair value of its midstream property, plant and equipment. A gain from revaluation of $312 million (2022: $118 million) was recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income. Underlying valuation assumptions in the midstream segment remain relatively consistent with the prior year with the current year’s gain attributable to favorable market conditions and organic growth. At December 31, 2023, Brookfield Infrastructure carried out an assessment of the fair value of its data property, plant and equipment, which are measured using replacement cost approach. No revaluation gains were recognized in revaluation surplus in the Consolidated Statements of Comprehensive Income (2022: $nil). The following table summarizes the carrying amount of property, plant and equipment that would have been recognized had assets been carried under the cost model, inclusive of purchase price allocations.
US$ MILLIONS |  | Dec. 31, 2023 |  | Dec. 31, 2022
Utilities |  | $ | 6,706 |  |  | $ | 6,048 |
Transport |  | 16,596 |  |  | 7,510 |
Midstream |  | 13,993 |  |  | 13,778 |
Data |  | 7,840 |  |  | 7,266 |

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