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GOODWILL
 12 Months Ended
Dec. 31, 2025
Intangible Assets [Abstract]  
GOODWILL GOODWILL
The following table presents the carrying amount for our company’s goodwill:
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Balance at beginning of the year$1,609 $1,726 
Acquisitions through business combinations(1)
14 — 
Foreign currency translation and other57 (117)
Balance at end of the year$1,680 $1,609 
(1)See Note 5, Acquisition of Businesses, for additional information.
Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be impairment. Impairment is determined by assessing if the carrying value of cash generating units or a group of cash generating units, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. During 2025, the recoverable amount exceeded the carrying amount of each cash generating unit.
Goodwill is allocated to the following cash generating units or group of cash generating units:
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Global intermodal logistics operation$1,163 $1,163 
Brazilian regulated gas transmission operation
463 411 
U.K. regulated distribution operation(1)
54 35 
Total$1,680 $1,609 
(1)See Note 5, Acquisition of Businesses, for additional information.
The recoverable amount of the goodwill has been determined using a discounted cash flow model whereby the fair value measurement is classified under level 3 on the fair value hierarchy. The key inputs in determining the fair value of each cash generating unit under the discounted cash flow model are the utilization of discount rates ranging from 11% to 17%, terminal value multiples of 8x to 15x and discrete cash flow periods from 10 to 17 years (2024: 11% to 17%, 5x to 15x, and 10 to 18 years, respectively).