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BORROWINGS
 12 Months Ended
Dec. 31, 2024
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, 2024Dec. 31, 2023
Current$667 $1,021 
Non-current11,511 11,007 
Total$12,178 $12,028 
Non-recourse borrowings increased as compared to December 31, 2023 due to incremental net borrowings of $2.1 billion, partially offset by $1.2 billion of non-recourse borrowings reclassified to held for sale at our global intermodal logistics operation and the impact of foreign exchange of $0.8 billion primarily driven by the weakening of the Brazilian real relative to the U.S. dollar.
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSTotal
2025$781 
20261,321 
2027698 
2028846 
20293,175 
Thereafter5,814 
Total principal repayments12,635 
Deferred financing costs and other(457)
Total - Dec. 31, 2024$12,178 
Total - Dec. 31, 2023$12,028 

The weighted average interest rates of non-recourse borrowings are as follows:
As of December 31,
20242023
Weighted average interest rates6 %5 %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as notedDec. 31, 2024Local CurrencyDec. 31, 2023Local Currency
U.S. dollars$6,989 USD$6,989 $8,517 USD$8,517 
British pounds2,860 GBP2,285 2,744 GBP2,155 
Brazilian real2,786 BRL17,250 1,543 BRL7,467 
(b)Supplemental Information
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONSDec. 31, 2024Cash Flows
Held for sale(1)
Foreign Exchange Movement and OtherDec. 31, 2023
Non-recourse borrowings$12,178 $2,135 $(1,197)$(788)$12,028 
US$ MILLIONSDec. 31, 2023Cash FlowsAcquisitionsForeign Exchange Movement and OtherDec. 31, 2022
Non-recourse borrowings$12,028 $177 $7,041 $233 $4,577