PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2026

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 at December 31, 2024	$	8,567	$	17,574	$	14,744	$	13,815	$	54,700

Acquisitions through business combinations	104		—		8,898		2,852		11,854
Additions, net of disposals	583		1,365		804		2,343		5,095
Assets held by subsidiaries disposed during the period	(1)		(807)		(1)		(5)		(814)
Non-cash additions (disposals)	—		117		27		79		223

Assets reclassified as held for sale	—		(736)		—		—		(736)
Net foreign currency exchange differences	440		332		710		(463)		1,019
Balance at December 31, 2025	$	9,693	$	17,845	$	25,182	$	18,621	$	71,341



Additions, net of disposals (1)	310		1,384		356		605		2,655
Assets reclassified as held for sale (3)	—		(988)		(312)		—		(1,300)
Non-cash (disposals) additions	(24)		(15)		(81)		(87)		(207)
Assets held by subsidiaries disposed during the period	—		(24)		—		(2,300)		(2,324)
Net foreign currency exchange differences	(157)		58		(497)		(484)		(1,080)
Balance at June 30, 2026	$	9,822	$	18,260	$	24,648	$	16,355	$	69,085

Accumulated depreciation:
Balance at December 31, 2024	$	(2,068)	$	(3,284)	$	(1,946)	$	(1,962)	$	(9,260)
Depreciation expense	(429)		(897)		(781)		(1,007)		(3,114)
Disposals	48		24		1		3		76
Assets reclassified as held for sale	—		268		—		—		268
Assets held by subsidiaries disposed during the period	1		363		—		2		366
Non-cash disposals	43		34		29		57		163
Net foreign currency exchange differences	(87)		(145)		(106)		84		(254)
Balance at December 31, 2025	$	(2,492)	$	(3,637)	$	(2,803)	$	(2,823)	$	(11,755)
Depreciation expense	(224)		(401)		(498)		(550)		(1,673)
Disposals	22		15		1		66		104
Assets reclassified as held for sale (3)	—		282		58		—		340
Assets held by subsidiaries disposed during the period	—		18		—		42		60
Non-cash disposals	24		38		19		40		121

Net foreign currency exchange differences	48		(29)		79		102		200
Balance at June 30, 2026	$	(2,622)	$	(3,714)	$	(3,144)	$	(3,123)	$	(12,603)

Accumulated fair value adjustments:
Balance at December 31, 2024	$	1,969	$	1,393	$	2,033	$	12	$	5,407
Fair value adjustments	198		2		1,603		—		1,803
Net foreign currency exchange differences	171		90		16		—		277

Assets held by subsidiaries disposed during the period	$	—	$	(276)	$	—	$	—	$	(276)
Balance at December 31, 2025	$	2,338	$	1,209	$	3,652	$	12	$	7,211





Net foreign currency exchange differences	(12)		37		(24)		(2)		(1)
Balance at June 30, 2026	$	2,326	$	1,246	$	3,628	$	10	$	7,210

Net book value:
December 31, 2025	$	9,539	$	15,417	$	26,031	$	15,810	$	66,797
June 30, 2026(2)	$	9,526	$	15,792	$	25,132	$	13,242	$	63,692

1.On January 1, 2026, our partnership acquired a North American railcar leasing platform through a joint venture with GATX Corporation for approximately $1.1 billion, which was principally comprised of approximately $1.0 billion of property, plant and equipment. The transaction did not meet IFRS 3 Business Combination criteria and was treated as an asset purchase.

2.Includes right-of-use assets of $270 million in our utilities segment, $702 million in our transport segment, $297 million in our midstream segment and $2,817 million in our data segment. Current lease liabilities of $586 million have been included in accounts payable and other and non-current lease liabilities of $3,719 million have been included in other liabilities in the Consolidated Statements of Financial Position.

3.See Note 4, Assets and Liabilities Classified as Held for Sale, for additional information.