PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2024

Property, plant and equipment [abstract]


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.