REVENUES

12 Months Ended

Dec. 31, 2024

Revenue [abstract]

REVENUES

REVENUES

a)Revenues by service line

Substantially all of these revenues are recognized over time as services are rendered. The following table disaggregates revenues by service line:

	For the year ended December 31,
US$ MILLIONS	2024		2023		2022
Gas Transmission	$	1,357	$	1,483	$	1,314
Distribution	512		397		372
Leasing	1,568		385		—
Connections	192		200		171
Other	37		38		29
Total	$	3,666	$	2,503	$	1,886

During the year ended December 31, 2024, revenues benefited from the acquisition of our global intermodal logistics operation, along with inflationary tariff increases and capital commissioned into rate base.

b)Revenues from external customers

The following table disaggregates revenues by geographical region:

	For the year ended December 31,
US$ MILLIONS	2024		2023		2022
Brazil	$	1,359	$	1,483	$	1,314
United Kingdom	746		635		572
United States	41		12		—
France	307		70		—
Switzerland	311		71		—
Singapore	318		54		—
China	124		51		—
Denmark	179		40		—
Hong Kong	88		17		—
Germany	46		12		—
Other	147		58		—
	$	3,666	$	2,503	$	1,886

Our company’s customer base is comprised predominantly of investment grade companies, with only one customer that makes up greater than 10% of our company’s consolidated revenues. For the year ended December 31, 2024, revenue generated from this customer was $1,287 million (2023: $1,449 million, 2022: $1,314 million). Our company has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time.

c)Non-Current Assets

	As of
US$ MILLIONS	Dec. 31, 2024		Dec. 31, 2023
United Kingdom	$	5,916	$	5,624
Brazil	2,950		3,596
Switzerland	1,897		2,197
France	1,881		2,170
Singapore	2,092		1,800
China	1,041		1,573
Denmark	1,097		1,232
United States	295		375
Australia	4		5
Other Asia	814		1,270
Other Europe	17		632
Other	819		631
	$	18,823	$	21,105