v3.26.1
BORROWINGS
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
BORROWINGS BORROWINGS
(a)Non-Recourse Borrowings
The current and non-current balances of non-recourse borrowings are as follows:
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Current$1,214 $667 
Non-current11,955 11,511 
Total$13,169 $12,178 
Non-recourse borrowings increased as compared to December 31, 2024 due to incremental net borrowings of $0.4 billion and the impact of foreign exchange of $0.6 billion driven by the appreciation of the British pound and Brazilian real relative to the U.S. dollar.
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSTotal
2026$1,303 
2027674 
20281,344 
20291,230 
20303,343 
Thereafter5,633 
Total principal repayments13,527 
Deferred financing costs and other(358)
Total - Dec. 31, 2025$13,169 
Total - Dec. 31, 2024$12,178 
The weighted average interest rates of non-recourse borrowings are as follows:
As of December 31,
20252024
Weighted average interest rates6 %6 %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as notedDec. 31, 2025Local CurrencyDec. 31, 2024Local Currency
U.S. dollars$7,168 USD$7,168 $6,989 USD$6,989 
British pounds3,424 GBP2,541 2,860 GBP2,285 
Brazilian real2,935 BRL16,150 2,786 BRL17,250 
(b)Supplemental Information
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONSDec. 31, 2024Cash FlowsHeld for sale
Foreign Exchange Movement and Other(1)
Dec. 31, 2025
Non-recourse borrowings$12,178 $18 $— $973 $13,169 
US$ MILLIONSDec. 31, 2023Cash FlowsHeld for saleForeign Exchange Movement and OtherDec. 31, 2024
Non-recourse borrowings$12,028 $2,135 $(1,197)$(788)$12,178 
(1)During the year ended December 31, 2025, approximately $0.3 billion of non-recourse borrowings were assumed by our global intermodal logistics subsidiary in connection with a tuck-in acquisition which was treated as an asset purchase. See Note 9, Property, Plant and Equipment for further details.