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PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2024
Property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
US$ MILLIONS | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Balance at December 31, 2022 | $ | 7,277 |  |  | $ | 9,337 |  |  | $ | 14,679 |  |  | $ | 8,185 |  |  | $ | 39,478 |
Acquisitions through business combinations(1) | 118 |  |  | 8,811 |  |  | — |  |  | 35 |  |  | 8,964 |
Additions, net of disposals | 519 |  |  | 591 |  |  | 459 |  |  | 226 |  |  | 1,795 |
Assets held by subsidiaries disposed during the period | — |  |  | (59) |  |  | (45) |  |  | — |  |  | (104) |
Non-cash additions (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 |
Acquisitions through business combinations(1) | — |  |  | — |  |  | — |  |  | 2,444 |  |  | 2,444 |
Additions, net of disposals | 229 |  |  | 481 |  |  | 283 |  |  | 832 |  |  | 1,825 |
Assets held by subsidiaries disposed during the period | — |  |  | (141) |  |  | — |  |  | — |  |  | (141) |
Non-cash additions (disposals) | 31 |  |  | (182) |  |  | (21) |  |  | (292) |  |  | (464) |
Net foreign currency exchange differences | (93) |  |  | (94) |  |  | (452) |  |  | (2) |  |  | (641) |
Balance at June 30, 2024 | $ | 8,430 |  |  | $ | 18,944 |  |  | $ | 15,215 |  |  | $ | 12,068 |  |  | $ | 54,657 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |
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 additions | 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) |
Depreciation expense | (207) |  |  | (497) |  |  | (334) |  |  | (371) |  |  | (1,409) |
Disposals | 40 |  |  | 1 |  |  | — |  |  | — |  |  | 41 |
Assets held by subsidiaries disposed during the period | — |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Non-cash disposals | 11 |  |  | 20 |  |  | 2 |  |  | (13) |  |  | 20 |
Net foreign currency exchange differences | 25 |  |  | 36 |  |  | 44 |  |  | 2 |  |  | 107 |
Balance at June 30, 2024 | $ | (1,965) |  |  | $ | (3,006) |  |  | $ | (1,826) |  |  | $ | (1,629) |  |  | $ | (8,426) |
Accumulated fair value adjustments: |  |  |  |  |  |  |  |  |
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 foreign currency exchange differences | (26) |  |  | (23) |  |  | (1) |  |  | — |  |  | (50) |
Balance at June 30, 2024 | $ | 1,881 |  |  | $ | 1,372 |  |  | $ | 832 |  |  | $ | — |  |  | $ | 4,085 |
Net book value: |  |  |  |  |  |  |  |  |
December 31, 2023 | $ | 8,336 |  |  | $ | 17,671 |  |  | $ | 14,700 |  |  | $ | 7,839 |  |  | $ | 48,546 |
June 30, 2024(2) | $ | 8,346 |  |  | $ | 17,310 |  |  | $ | 14,221 |  |  | $ | 10,439 |  |  | $ | 50,316 |
1.Refer to Note 6, Acquisition of Businesses, for further details. 2.Includes right-of-use assets of $248 million in our utilities segment, $916 million in our transport segment, $322 million in our midstream segment and $3,027 million in our data segment. Current lease liabilities of $478 million have been included in accounts payable and other and non-current lease liabilities of $3,942 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, 2023. 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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