NON-WHOLLY OWNED SUBSIDIARIES

12 Months Ended

Dec. 31, 2024

Interests In Other Entities [Abstract]

The following tables present summarized accounts for significant or material non-wholly owned subsidiaries on the Consolidated Statement of Financial Position:


	As of December 31, 2024
US$ MILLIONS	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Non-Controlling Interest in Operating Subsidiaries		Partnership Capital(1)
Utilities
U.K. regulated distribution operation	$	265	$	5,882	$	561	$	3,725	$	365	$	1,496
Brazilian regulated gas transmission operation(4)	871		2,936		745		3,779		(402)		(315)
Colombian natural gas distribution operation	293		1,175		448		451		495		74
Brazilian electricity transmission operation(2)	49		1,045		31		708		246		109
North American residential decarbonization infrastructure business(2)	968		8,603		834		4,906		2,827		1,004
Indian gas transmission operation	423		1,415		285		1,039		516		(2)

European residential decarbonization infrastructure business(2)	610		3,585		491		1,454		1,705		545

Transport
North American rail operation	748		10,142		587		5,867		3,995		441

U.K. port operation	130		1,261		56		958		152		225
Australian port operation(3)	75		192		61		8		137		61


Global intermodal logistics operation(2)	2,346		10,005		1,565		6,213		3,512		1,061
Midstream
Canadian diversified midstream operation	751		12,976		1,455		6,933		2,327		3,012
North American gas storage operation	296		3,021		197		1,642		909		569
Canadian natural gas gathering and processing operation	128		3,486		169		2,033		1,009		403
Data
U.S. colocation data center operation(2)	281		4,463		363		3,411		691		279
Australian data center operation	10		626		12		148		340		136

Indian telecom towers operation(2),(5)	789		10,343		991		9,890		(75)		326

European hyperscale data center platform(2)	357		4,984		429		2,617		1,879		416
Corporate
Holding LP and other	615		450		2,044		5,795		(364)		(6,410)


	As of December 31, 2023
US$ MILLIONS	Current Assets		Non-Current Assets		Current Liabilities		Non-Current Liabilities		Non-Controlling Interest in Operating Subsidiaries		Partnership Capital(1)
Utilities
U.K. regulated distribution operation	$	312	$	5,579	$	387	$	3,744	$	344	$	1,416
Brazilian regulated gas transmission operation	747		3,576		549		3,099		526		149
Colombian natural gas distribution operation	257		1,288		187		709		559		90
Brazilian electricity transmission operation(2)	19		532		11		323		150		67
North American residential decarbonization infrastructure business(2)	926		8,730		797		5,021		2,832		1,006
Indian gas transmission operation	192		1,562		937		133		652		32

European residential decarbonization infrastructure business(2)	681		3,581		491		1,360		1,825		586
Transport
North American rail operation	686		10,054		791		4,866		4,583		500
U.K. port operation	121		1,239		70		928		147		215
Australian port operation	102		425		105		115		218		89


Global intermodal logistics operation(2)	435		11,950		984		6,639		3,597		1,165
Midstream
Canadian diversified midstream operation	672		14,346		1,763		7,463		2,528		3,264
North American gas storage operation	283		1,744		149		769		677		432
Canadian natural gas gathering and processing operation	108		3,750		121		1,890		1,320		527
Data
U.S. colocation data center operation	64		1,459		197		690		456		180
Australian data center operation	19		589		18		170		299		121

Indian telecom tower operation(5)	807		8,026		775		7,299		452		307

European hyperscale data center platform(2)	272		4,370		316		1,959		1,920		447
Corporate
Holding LP and other	939		66		2,661		4,680		(366)		(5,970)

(1)Attributable to all equity holders other than non-controlling interests in operating subsidiaries.

(2)Refer to Note 7, Acquisition of Businesses, for further details.

(3)Refer to Note 5 , Disposition of Businesses, for further details.

(4)In 2024 our Brazilian regulated gas transmission operation completed a dividend recapitalization of $1.7 billion.

(5)$1.7 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from non-controlling interest in operating subsidiaries, and classified as a liability

The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Operating Results:


	Year ended December 31, 2024
			Attributable to non-controlling interest				Attributable to unitholders
US$ MILLIONS	Revenue		Net Income (loss)		Other Comprehensive Income (loss)		Net Income (loss)		Other Comprehensive Income (loss)
Utilities
U.K. regulated distribution operation	$	741	$	20	$	11	$	78	$	45
Brazilian regulated gas transmission operation	1,357		318		102		135		59
Colombian natural gas distribution operation	1,153		63		(64)		13		(14)
Brazilian electricity transmission operation(1)	57		17		(34)		8		(15)


North American residential decarbonization infrastructure business(1)	2,834		74		(83)		27		(29)
Indian gas transmission operation	488		(35)		(18)		(9)		(5)

European residential decarbonization infrastructure business(1)	1,663		(64)		(37)		(18)		(10)

Transport
North American rail operation	2,360		161		(30)		19		(10)

U.K. port operation	307		5		12		7		18
Australian port operation(2)	335		(19)		(19)		(7)		(7)



Global intermodal logistics operation(1)	1,568		342		9		108		4
Midstream
Canadian diversified midstream operation	3,360		(9)		(171)		(12)		(214)
North American gas storage operation	427		110		704		69		445
Canadian natural gas gathering and processing operation	565		6		(109)		2		(50)
Data
U.S. colocation data center operation(1)	938		357		(5)		142		(2)
Australian data center operation	30		(4)		(33)		(2)		(13)

Indian telecom tower operation(1)	2,020		(73)		8		(13)		1


European hyperscale data center platform(1)	332		84		(144)		18		(32)
Corporate
Holding LP and other	—		(68)		—		(636)		170


	Year ended December 31, 2023
		Attributable to non-controlling interest		Attributable to unitholders
US$ MILLIONS	Revenue	Net Income (loss)	Other Comprehensive Income (loss)	Net Income (loss)	Other Comprehensive Income (loss)
Utilities
U.K. regulated distribution operation	635	19	38	78	154


Brazilian regulated gas transmission operation	1,483	455	44	202	19
Colombian natural gas distribution operation	997	53	104	10	24
Brazilian electricity transmission operation(1)	38	16	7	7	3


North American residential decarbonization infrastructure business(1)	2,759	57	(31)	20	(11)
Indian gas transmission operation	407	83	(4)	22	(1)

European residential decarbonization infrastructure business(1)	1,539	(2)	69	—	22
Transport
North American rail operation	2,257	166	190	20	14
U.K. port operation	272	9	12	14	12
Australian port operation	460	20	(2)	7	(1)



Global intermodal logistics operation(1)	385	56	(33)	22	(13)
Midstream
Canadian diversified midstream operation	3,338	15	56	19	72
North American gas storage operation	321	5	160	2	103
Canadian natural gas gathering and processing operation	547	14	(27)	5	(11)
Data
U.S. colocation data center operation	207	(87)	(6)	(35)	(2)
Australian data center operation	31	(3)	1	(1)	—

Indian telecom tower operation	1,471	19	(16)	6	(3)

European hyperscale data center platform(1)	170	56	(106)	13	(24)
Corporate
Holding LP and other	4	(171)	—	(583)	(85)


	Year ended December 31, 2022
		Attributable to non-controlling interest		Attributable to unitholders
US$ MILLIONS	Revenue	Net Income (loss)	Other Comprehensive Income (loss)	Net Income (loss)	Other Comprehensive Income (loss)
Utilities
U.K. regulated distribution operation	572	19	(20)	75	(78)

Brazilian regulated gas transmission operation	1,314	506	(2)	225	(1)
Colombian natural gas distribution operation	901	47	(23)	10	(4)
Brazilian electricity transmission operation	224	67	29	21	22


North American residential decarbonization infrastructure business	1,695	89	23	36	9
Indian gas transmission operation	337	51	(56)	14	(15)

European residential infrastructure operation	190	(19)	(18)	(3)	(3)
Transport

North American rail operation	2,253	196	202	23	21
U.K. port operation	272	6	(15)	8	(21)
Australian port operation	458	(27)	(21)	(10)	(8)



Indian toll roads(3)	143	1	(22)	4	(11)
Midstream
Canadian diversified midstream operation	3,150	115	(163)	160	(239)
North American gas storage operation	246	64	43	45	38
Canadian natural gas gathering and processing operation	561	32	(37)	13	(15)
Data
U.S. colocation data center operation	221	(75)	28	(30)	11
Australian data center operation	22	3	(9)	2	(4)

Indian telecom tower operation	1,398	(7)	(201)	2	(41)
Corporate
Holding LP and other	6	(106)	—	(244)	300

(1)Refer to Note 7, Acquisition of Businesses, for further details.

(2)Refer to Note 5, Disposition of Businesses, for further details.

(3)Indian toll roads include our investments in BIF India Holdings Pte Ltd, Simhapuri Expressway Limited and Rayalseema Expressway Private Limited.

The following tables present summarized accounts for non-wholly owned subsidiaries on the Consolidated Statement of Cash Flows:


	Cash Flow Activities
	Year ended December 31, 2024						Year ended December 31, 2023
US$ MILLIONS	Operating		Investing		Financing		Operating		Investing		Financing
Utilities
U.K. regulated distribution operation	$	282	$	(439)	$	113	$	226	$	(487)	$	309

Brazilian regulated gas transmission operation	585		(178)		(158)		739		(36)		(742)
Colombian natural gas distribution operation	93		(39)		(49)		89		(38)		(78)
Brazilian electricity transmission operation(1)	29		25		(23)		23		37		(51)



North American residential decarbonization infrastructure business(1),(4)	128		(160)		70		33		(2,647)		2,671
Indian gas transmission operation	196		(170)		28		134		86		(122)

European residential decarbonization infrastructure business(1)	140		(168)		30		(3)		(2,365)		2,489

Transport

North American rail operation	526		(422)		(95)		528		(296)		(259)

U.K. port operation	54		(42)		2		16		(51)		25
Australian port operation(2)	17		59		(72)		6		226		(229)



Global intermodal logistics operation(1)	1,133		(600)		(532)		327		(3,048)		2,828
Midstream
Canadian diversified midstream operation	504		(562)		(81)		542		(285)		(95)
North American gas storage operation	313		(60)		(191)		219		56		(228)
Canadian natural gas gathering and processing operation	211		(172)		(16)		170		(164)		(12)
Data
U.S. colocation data center operation(1)	256		(1,547)		1,451		(13)		(85)		93
Australian data center operation	(8)		(106)		110		5		(72)		69

Indian telecom tower operation(1)	465		(1,744)		1,261		608		(767)		255

European hyperscale data center platform(1)	(11)		(697)		794		54		(2,993)		2,993
Corporate
Holding LP and other	(380)		174		202		269		(629)		152


	Cash Flow Activities
	Year ended December 31, 2022
US$ MILLIONS	Operating		Investing		Financing
Utilities
U.K. regulated distribution operation	$	293	$	(432)	$	101

Brazilian regulated gas transmission operation	783		(80)		(824)
Colombian natural gas distribution operation	154		(32)		(99)
Brazilian electricity transmission operation	90		(58)		(120)


North American residential decarbonization infrastructure business(4)	(116)		(352)		480
Indian gas transmission operation	132		5		(123)

European residential decarbonization infrastructure business	(25)		(35)		71
Transport

North American rail operation	515		(250)		(210)
U.K. port operation	31		(61)		42
Australian port operation	26		(44)		(3)


Indian toll roads(3)	51		(15)		(26)
Midstream
Canadian diversified midstream operation	568		(713)		144
North American gas storage operation	61		(37)		(26)
Canadian natural gas gathering and processing operation	197		(68)		(153)
Data
U.S. colocation data center operation	(5)		(300)		318
Australian data center operation	5		(131)		114

Indian telecom tower operation	315		(243)		(28)
Corporate
Holding LP and other	(132)		(310)		362

(1)Refer to Note 7, Acquisition of Businesses, for further details.

(2)Refer to Note 5, Disposition of Businesses, for further details.

(3)Indian toll roads include our investments in BIF India Holdings Pte Ltd

(4)Our partnership’s cash from operating activities include reduction to cash related to the impact of our finance lease receivables signed at our North American residential decarbonization infrastructure business. The operation presents an outflow for the cost of inventory within the operating cash flows, and given the business has been securitized since 2019, the corresponding cash outflows are offset by increases in non-recourse borrowings under financing activities on the Consolidated Statements of Cash Flows.