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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
Gross Carrying Amount:    
Balance as at December 31, 2021$7,565 $8,998 $14,862 $8,324 $39,749 
Additions, net of disposals500 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 disposals519 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 differences321 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)
Disposals22 5 — — 27 
Assets reclassified as held for sale— 4 — — 4 
Non-cash disposals— — 11 41 52 
Net foreign currency exchange differences123 87 47 52 309 
Balance at December 31, 2022$(1,454)$(2,040)$(982)$(920)$(5,396)
Depreciation expense(392)(601)(557)(419)(1,969)
Disposals53 20 — — 73 
Assets held by subsidiaries disposed during the period— 17 — — 17 
Non-cash disposals19 45 30 90 184 
Net foreign currency exchange differences(60)(45)(29)2 (132)
Balance at December 31, 2023$(1,834)$(2,604)$(1,538)$(1,247)$(7,223)
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
Accumulated fair value adjustments:    
Balance as at December 31, 2021$1,643 $1,046 $408 $— $3,097 
Fair value adjustments175 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 adjustments143 330 312 — 785 
Net foreign currency exchange differences125 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 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.
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$ MILLIONSDec. 31, 2023Dec. 31, 2022
Utilities$6,706 $6,048 
Transport16,596 7,510 
Midstream13,993 13,778 
Data7,840 7,266