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PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2024
Property, plant and equipment [abstract] |
Disclosure of detailed information about property, plant and equipment |
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Gross Carrying Amount: |  |  |  |  |  |  |  |  |  |
Balance as at December 31, 2022 |  | $ | 7,277 |  |  | $ | 9,337 |  |  | $ | 14,679 |  |  | $ | 8,185 |  |  | $ | 39,478 |
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 |
Acquisitions through business combinations(1) |  | 118 |  |  | 8,811 |  |  | — |  |  | 35 |  |  | 8,964 |
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 |
Additions, net of disposals |  | 480 |  |  | 1,229 |  |  | 626 |  |  | 1,121 |  |  | 3,456 |
Acquisitions through business combinations(1) |  | — |  |  | — |  |  | — |  |  | 4,141 |  |  | 4,141 |
Assets held by subsidiaries disposed during the period |  | — |  |  | (141) |  |  | — |  |  |  |  | (141) |
Non-cash additions (disposals) |  | 92 |  |  | (221) |  |  | (146) |  |  | (303) |  |  | (578) |
Assets reclassified as held for sale |  | — |  |  | (1,867) |  |  | — |  |  | — |  |  | (1,867) |
Net foreign currency exchange differences |  | (268) |  |  | (306) |  |  | (1,141) |  |  | (230) |  |  | (1,945) |
Balance at December 31, 2024 |  | $ | 8,567 |  |  | $ | 17,574 |  |  | $ | 14,744 |  |  | $ | 13,815 |  |  | $ | 54,700 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |  |
Balance as 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) |
Depreciation expense |  | (413) |  |  | (1,003) |  |  | (629) |  |  | (775) |  |  | (2,820) |
Disposals |  | 74 |  |  | 26 |  |  | — |  |  | 15 |  |  | 115 |
Assets reclassified as held for sale |  | — |  |  | 92 |  |  | — |  |  | — |  |  | 92 |
Assets held by subsidiaries disposed during the period |  | — |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Non-cash disposals |  | 35 |  |  | 39 |  |  | 101 |  |  | 12 |  |  | 187 |
Net foreign currency exchange differences |  | 70 |  |  | 128 |  |  | 120 |  |  | 33 |  |  | 351 |
Balance at December 31, 2024 |  | $ | (2,068) |  |  | $ | (3,284) |  |  | $ | (1,946) |  |  | $ | (1,962) |  |  | $ | (9,260) |
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Accumulated fair value adjustments: |  |  |  |  |  |  |  |  |  |
Balance as 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 |
Fair value adjustments |  | 119 |  |  | 92 |  |  | 1,204 |  |  | 12 |  |  | 1,427 |
Net foreign currency exchange differences |  | (57) |  |  | (93) |  |  | (4) |  |  | — |  |  | (154) |
Assets held by subsidiaries disposed during the period |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance at December 31, 2024 |  | $ | 1,969 |  |  | $ | 1,393 |  |  | $ | 2,033 |  |  | $ | 12 |  |  | $ | 5,407 |
Net book value: |  |  |  |  |  |  |  |  |  |
December 31, 2024(2) |  | $ | 8,468 |  |  | $ | 15,683 |  |  | $ | 14,831 |  |  | $ | 11,865 |  |  | $ | 50,847 |
December 31, 2023 |  | $ | 8,336 |  |  | $ | 17,671 |  |  | $ | 14,700 |  |  | $ | 7,839 |  |  | $ | 48,546 |
(1)See Note 7, Acquisition of Businesses, for additional information. (2)Includes right-of-use assets of $288 million (2023: $237 million) in our utilities segment, $933 million (2023: $1,044 million) in our transport segment, $303 million (2023: $329 million) in our midstream segment and $3,658 million (2023: $1,938 million) in our data segment. The following table summarizes the valuation techniques and significant inputs for the valuation of property, plant and equipment using the income method, categorized by segment.
|  | Dec. 31, 2024 |  | Dec. 31, 2023
Segment |  | Valuation Technique(1) |  | Discount Rate |  | Terminal Value Multiple |  | Investment Horizon |  | Valuation Technique(1) |  | Discount Rate |  | Terminal Value Multiple |  | Investment Horizon
Utilities |  | Discounted cash flow model |  | 8% to 15% |  | 16x |  | 10 to 20 yrs |  | Discounted cash flow model |  | 8% to 11% |  | 15x |  | 10 to 20 yrs
Transport |  | Discounted cash flow model |  | 10% |  | 9x to 20x |  | 10 yrs |  | Discounted cash flow model |  | 9% |  | 8x to 20x |  | 10 yrs
Midstream |  | Discounted cash flow model |  | 15% |  | 8x to 10x |  | 1 to 2 yrs |  | Discounted cash flow model |  | 15% |  | 10x |  | 6 yrs
(1)Certain businesses are valued using the replacement cost method as a result of their underlying operations. Replacement costs are determined with guidance from independent studies and third party evaluators. The following table summarizes the carrying amount of property, plant and equipment that would have been recognized had assets been carried under the cost model, inclusive of purchase price allocations.
US$ MILLIONS |  | Dec. 31, 2024 |  | Dec. 31, 2023
Utilities |  | $ | 6,803 |  |  | $ | 6,706 |
Transport |  | 14,633 |  |  | 16,596 |
Midstream |  | 13,013 |  |  | 13,993 |
Data |  | 11,856 |  |  | 7,840 |

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