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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
Gross Carrying Amount:    
Balance as at December 31, 2022$7,277 $9,337 $14,679 $8,185 $39,478 
Additions, net of disposals519 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 differences321 126 319 (52)714 
Balance at December 31, 2023$8,263 $18,880 $15,405 $9,086 $51,634 
Additions, net of disposals480 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)
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)$(7,223)
Depreciation expense(413)(1,003)(629)(775)(2,820)
Disposals74 26 — 15 115 
Assets reclassified as held for sale— 92 — — 92 
Assets held by subsidiaries disposed during the period— 38 — — 38 
Non-cash disposals35 39 101 12 187 
Net foreign currency exchange differences70 128 120 33 351 
Balance at December 31, 2024$(2,068)$(3,284)$(1,946)$(1,962)$(9,260)
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
Accumulated fair value adjustments:    
Balance as 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 
Fair value adjustments119 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$ MILLIONSDec. 31, 2024Dec. 31, 2023
Utilities$6,803 $6,706 
Transport14,633 16,596 
Midstream13,013 13,993 
Data11,856 7,840