PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, plant and equipment [abstract]


US$ MILLIONS	Utilities		Transport		Midstream		Data		Total

Balance at December 31, 2023	$	8,263	$	18,880	$	15,405	$	9,086	$	51,634

Acquisitions through business combinations(1)	—		—		—		4,141		4,141
Additions, net of disposals	480		1,229		626		1,121		3,456
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

Acquisitions through business combinations(1)	5		—		—		119		124

Additions, net of disposals	254		260		383		265		1,162
Assets reclassified as held for sale	—		—		—		(4)		(4)
Non-cash (disposals) additions	(33)		101		(23)		(10)		35

Net foreign currency exchange differences	596		359		827		32		1,814
Balance at June 30, 2025	$	9,389	$	18,294	$	15,931	$	14,217	$	57,831

Accumulated depreciation:
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)
Depreciation expense	(212)		(467)		(318)		(479)		(1,476)
Disposals	23		6		—		1		30

Non-cash disposals	31		45		14		8		98
Assets reclassified as held for sale	—		—		—		1		1
Net foreign currency exchange differences	(132)		(155)		(114)		(12)		(413)
Balance at June 30, 2025	$	(2,358)	$	(3,855)	$	(2,364)	$	(2,443)	$	(11,020)

Accumulated fair value adjustments:
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 foreign currency exchange differences	188		86		5		—		279
Balance at June 30, 2025	$	2,157	$	1,479	$	2,038	$	12	$	5,686

Net book value:
December 31, 2024	$	8,468	$	15,683	$	14,831	$	11,865	$	50,847
June 30, 2025(2)	$	9,188	$	15,918	$	15,605	$	11,786	$	52,497

1.Refer to Note 6, Acquisition of Businesses, for further details.

2.Includes right-of-use assets of $286 million in our utilities segment, $957 million in our transport segment, $301 million in our midstream segment and $3,479 million in our data segment. Current lease liabilities of $630 million have been included in accounts payable and other and non-current lease liabilities of $4,453 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, 2024. 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.