v3.26.1
INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Intangible Assets [Abstract]  
Schedule of Reconciliation of Changes in Intangible Assets and Goodwill
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
Cost$4,207 $3,762 
Accumulated amortization(1,105)(870)
Total$3,102 $2,892 
The following table presents the change in the cost balance of intangible assets:
For the year ended
US$ 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)
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 $1,609 
(1)See Note 5, Acquisition of Businesses, for additional information.
Schedule of Detailed Information about Intangible Assets
Intangible assets are allocated to the following cash generating units:
As of
US$ 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 $2,892 
(1)See Note 5, Acquisition of Businesses, for additional information.
Goodwill is allocated to the following cash generating units or group of cash generating units:
As of
US$ 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.