v3.26.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Intangible Assets [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Cost$4,207 $3,762 
Accumulated amortization(1,105)(870)
Total$3,102 $2,892 
Intangible assets are allocated to the following cash generating units:
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Brazilian regulated gas transmission operation$2,509 $2,299 
Global intermodal logistics operation570 576 
U.K. regulated distribution operation(1)
23 17 
Total$3,102 $2,892 
(1)See Note 5, Acquisition of Businesses, for additional information.
The intangible assets at our Brazilian regulated gas transmission operation relate to concession arrangements with the local energy regulator, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (“ANP”). Total capacity is fully contracted under long-term “ship-or-pay” gas transportation agreements (“GTA”) with predefined tariffs annually adjusted for inflation. On April 8, 2021, new legislation was passed in Brazil which provides our Brazilian regulated gas transmission operation the right to operate the gas pipelines perpetually. The intangible assets are amortized on a straight-line basis over the estimated useful life of the underlying infrastructure.
The intangible asset at our global intermodal logistics operations primarily relate to customer relationships, which represent the future economic benefit from our leases and renewals with customers, in addition to brand, and developed technology. The intangibles are amortized on a straight-line basis over the estimated useful life.
The intangible assets at our U.K. regulated distribution operation relate to customer order backlogs, which represents the present value of future earnings derived from the build out of contracted connections at the acquisition date of the U.K. regulated distribution operation.
Our intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Despite recent volatility observed in commodity and foreign exchange markets and the interruption to global supply chains, our intangible assets remain largely unaffected, with no impairment required during the year ended December 31, 2025. Our intangible assets represent long-term critical infrastructure supported by regulated or highly contracted revenues which help protect value over the long term.
The following table presents the change in the cost balance of intangible assets:
For the year ended
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Cost at beginning of the year$3,762 $4,657 
Acquisitions through business combinations(1)
13 — 
Additions, net of disposals40 30 
Non cash additions— 35 
Assets reclassified as held for sale— (110)
Foreign currency translation392 (850)
Cost at end of year$4,207 $3,762 
(1)See Note 5, Acquisition of Businesses, for additional information.

The following table presents the accumulated amortization for our company’s intangible assets:
For the year ended
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Accumulated amortization at beginning of year$(870)$(958)
Amortization(132)(125)
Assets reclassified as held for sale— 5 
Foreign currency translation(103)208 
Accumulated amortization at end of year$(1,105)$(870)