
US$ MILLIONS	Gross carrying amount		Accumulated depreciation		Accumulated fair value adjustments		Total
Balance at January 1, 2025	$	12,297	$	(1,515)	$	1,790	$	12,572

Additions, net of disposals(1)	1,342		11		—		1,353
Acquisitions through business combinations(2)	90		—		—		90
Non-cash additions	47		21		—		68
Depreciation expense	—		(536)		—		(536)

Fair value adjustments	—		—		198		198
Net foreign currency exchange differences	390		(77)		140		453
Balance at December 31, 2025	$	14,166	$	(2,096)	$	2,128	$	14,198

Additions, net of disposals	384		5		—		389

Non-cash disposals, net of additions	(2)		(4)		—		(6)
Depreciation expense	—		(247)		—		(247)


Assets reclassified as held for sale(3)	(988)		283		—		(705)
Net foreign currency exchange differences	(97)		20		(34)		(111)
Balance at June 30, 2026	$	13,463	$	(2,039)	$	2,094	$	13,518

1.On July 1, 2025, our global intermodal logistics operation acquired the container portfolio of Global Container International LLC (“GCI”), a container fleet operator of approximately half a million twenty-foot equivalent units, for approximately $1.1 billion which was principally comprised of approximately $0.8 billion of property, plant and equipment. The transaction did not meet IFRS 3 Business Combination criteria and was treated as an asset purchase.