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CAPITAL MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of Capital Management [Abstract]

We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes.


	As of
US$ MILLIONS	June 30, 2025		December 31, 2024
Partnership Capital	$	29,649	$	29,853
Remove impact of the following items since inception:
Non-controlling interest - in operating subsidiaries	(20,909)		(20,568)
Deficit	6,284		5,674
Accumulated other comprehensive income	(1,505)		(1,335)
Ownership changes and other	(653)		(653)
Invested Capital	$	12,866	$	12,971

The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2025 and 2024:


	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2025		2024		2025		2024
Opening balance	$	12,973	$	13,035	$	12,971	$	13,032
Net redemption of preferred units	(96)		—		(96)		—



Repurchase of limited partnership units	(14)		—		(14)		—
Issuance of limited partnership units	3		3		5		6
Ending balance	$	12,866	$	13,038	$	12,866	$	13,038
Weighted Average Invested Capital	$	12,961	$	13,035	$	12,966	$	13,034