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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Fair Value Measurement [Abstract] |
Disclosure of financial assets | The following table provides the break down of financial instruments and their associated financial instrument classifications as at December 31, 2017:
US$ MILLIONS |  | FVTPL |  | Available for sale securities |  | Loans and Receivables/ Other Liabilities |  |
Financial Instrument Classification |  | (Fair Value) |  | (Fair Value through OCI) |  | (Amortized Cost) |  | Total
MEASUREMENT BASIS |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 374 |  |  | $ | 374 |
Accounts receivable and other |  | — |  |  | — |  |  | 838 |  |  | 838 |
Financial assets (current and non-current)(1) |  | 608 |  |  | 57 |  |  | 172 |  |  | 837 |
Marketable securities |  | — |  |  | 85 |  |  | — |  |  | 85 |
Total |  | $ | 608 |  |  | $ | 142 |  |  | $ | 1,384 |  |  | $ | 2,134 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 2,101 |  |  | $ | 2,101 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 8,063 |  |  | 8,063 |
Accounts payable and other |  | — |  |  | — |  |  | 864 |  |  | 864 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) |  | 440 |  |  | — |  |  | 873 |  |  | 1,313 |
Total |  | $ | 440 |  |  | $ | — |  |  | $ | 11,921 |  |  | $ | 12,361 |
(1) | Derivative instruments which are elected for hedge accounting totaling $464 million are included in Financial assets and $146 million of derivative instruments are included in Financial liabilities.
(2) | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the break down of financial instruments and their associated financial instrument classifications as at December 31, 2016:
US$ MILLIONS |  | FVTPL |  | Available for sale securities |  | Loans and Receivables/ Other Liabilities |  |
Financial Instrument Classification |  | (Fair Value) |  | (Fair Value through OCI) |  | (Amortized Cost) |  | Total
MEASUREMENT BASIS |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 786 |  |  | $ | 786 |
Accounts receivable and other |  | — |  |  | — |  |  | 485 |  |  | 485 |
Financial assets (current and non-current)(1) |  | 893 |  |  | 12 |  |  | 233 |  |  | 1,138 |
Marketable securities |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total |  | $ | 893 |  |  | $ | 15 |  |  | $ | 1,504 |  |  | $ | 2,412 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 1,002 |  |  | $ | 1,002 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 7,324 |  |  | 7,324 |
Accounts payable and other |  | — |  |  | — |  |  | 712 |  |  | 712 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) |  | 381 |  |  | — |  |  | — |  |  | 381 |
Total |  | $ | 381 |  |  | $ | — |  |  | $ | 9,058 |  |  | $ | 9,439 |
(1) | Derivative instruments which are elected for hedge accounting totaling $722 million are included in Financial assets and $185 million of derivative instruments are included in Financial liabilities.
(2) | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
US$ MILLIONS |  | 2017 |  | 2016
Current: |  |  |  |
Foreign currency forward contracts |  | $ | 10 |  |  | $ | 132 |
Loans and receivables |  | 43 |  |  | 73 |
Marketable securities |  | 85 |  |  | 3 |
Other |  | 54 |  |  | 33 |
Total current |  | $ | 192 |  |  | $ | 241 |
Non-current: |  |  |  |
Cross currency interest rate swaps |  | $ | 243 |  |  | $ | 589 |
Loans and receivables |  | 210 |  |  | 172 |
Foreign currency forward contracts |  | 226 |  |  | 78 |
Other |  | 51 |  |  | 61 |
Total non-current |  | $ | 730 |  |  | $ | 900 |
Disclosure of financial liabilities | The following table provides the break down of financial instruments and their associated financial instrument classifications as at December 31, 2017:
US$ MILLIONS |  | FVTPL |  | Available for sale securities |  | Loans and Receivables/ Other Liabilities |  |
Financial Instrument Classification |  | (Fair Value) |  | (Fair Value through OCI) |  | (Amortized Cost) |  | Total
MEASUREMENT BASIS |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 374 |  |  | $ | 374 |
Accounts receivable and other |  | — |  |  | — |  |  | 838 |  |  | 838 |
Financial assets (current and non-current)(1) |  | 608 |  |  | 57 |  |  | 172 |  |  | 837 |
Marketable securities |  | — |  |  | 85 |  |  | — |  |  | 85 |
Total |  | $ | 608 |  |  | $ | 142 |  |  | $ | 1,384 |  |  | $ | 2,134 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 2,101 |  |  | $ | 2,101 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 8,063 |  |  | 8,063 |
Accounts payable and other |  | — |  |  | — |  |  | 864 |  |  | 864 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) |  | 440 |  |  | — |  |  | 873 |  |  | 1,313 |
Total |  | $ | 440 |  |  | $ | — |  |  | $ | 11,921 |  |  | $ | 12,361 |
(1) | Derivative instruments which are elected for hedge accounting totaling $464 million are included in Financial assets and $146 million of derivative instruments are included in Financial liabilities.
(2) | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the break down of financial instruments and their associated financial instrument classifications as at December 31, 2016:
US$ MILLIONS |  | FVTPL |  | Available for sale securities |  | Loans and Receivables/ Other Liabilities |  |
Financial Instrument Classification |  | (Fair Value) |  | (Fair Value through OCI) |  | (Amortized Cost) |  | Total
MEASUREMENT BASIS |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 786 |  |  | $ | 786 |
Accounts receivable and other |  | — |  |  | — |  |  | 485 |  |  | 485 |
Financial assets (current and non-current)(1) |  | 893 |  |  | 12 |  |  | 233 |  |  | 1,138 |
Marketable securities |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total |  | $ | 893 |  |  | $ | 15 |  |  | $ | 1,504 |  |  | $ | 2,412 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 1,002 |  |  | $ | 1,002 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 7,324 |  |  | 7,324 |
Accounts payable and other |  | — |  |  | — |  |  | 712 |  |  | 712 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) |  | 381 |  |  | — |  |  | — |  |  | 381 |
Total |  | $ | 381 |  |  | $ | — |  |  | $ | 9,058 |  |  | $ | 9,439 |
(1) | Derivative instruments which are elected for hedge accounting totaling $722 million are included in Financial assets and $185 million of derivative instruments are included in Financial liabilities.
(2) | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
US$ MILLIONS |  | 2017 |  | 2016
Current: |  |  |  |
Foreign currency forward contracts |  | $ | 150 |  |  | $ | 47 |
Other financial liabilities |  | 87 |  |  | 182 |
Total current financial liabilities |  | $ | 237 |  |  | $ | 229 |
Non-current: |  |  |  |
Interest rate swaps |  | $ | 9 |  |  | $ | 34 |
Inflation swaps |  | 84 |  |  | 97 |
Deferred consideration(1) |  | 916 |  |  | — |
Other financial liabilities |  | 67 |  |  | 21 |
Total non-current financial liabilities |  | $ | 1,076 |  |  | $ | 152 |
(1) | The deferred consideration is related to the acquisitions completed during 2017. See Note 5, Acquisition of Businesses for further details.
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at December 31, 2017 and December 31, 2016:
|  | Dec. 31, 2017 |  | Dec. 31, 2016
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 374 |  |  | $ | 374 |  |  | $ | 786 |  |  | $ | 786 |
Accounts receivable and other |  | 838 |  |  | 838 |  |  | 485 |  |  | 485 |
Financial assets (current and non-current) |  | 837 |  |  | 837 |  |  | 1,138 |  |  | 1,138 |
Marketable securities |  | 85 |  |  | 85 |  |  | 3 |  |  | 3 |
Total |  | $ | 2,134 |  |  | $ | 2,134 |  |  | $ | 2,412 |  |  | $ | 2,412 |
During the year, no transfers were made between level 1 and 2 or level 2 and 3. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input.
|  | Dec. 31, 2017 |  | Dec. 31, 2016
US$ MILLIONS |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 85 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Financial assets (current and non-current) |  | — |  |  | 617 |  |  | 48 |  |  | — |  |  | 863 |  |  | 42 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities (current and non-current) |  | $ | — |  |  | $ | 351 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 335 |  |  | $ | 46 |
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2017 |  | Dec. 31, 2016
Marketable securities |  | Level 1(1) |  | $ | 85 |  |  | $ | 3 |
Foreign currency forward contracts |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 236 |  |  | $ | 210 |
Financial liability |  |  |  | 196 |  |  | 48 |
Interest rate swaps & other |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 381 |  |  | $ | 653 |
Financial liability |  |  |  | 155 |  |  | 287 |
Other contracts |  |  |  |  |  |
Financial asset |  | Level 3(3) |  | $ | 48 |  |  | $ | 42 |
Financial liability |  | Level 3(3) |  | 89 |  |  | 46 |
(1) | Valuation technique: Quoted bid prices in an active market.
(2) | Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
(3) | Valuation technique: Discounted cash flow. Future cash flows primarily driven by freight volumes and the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates.
Carrying and fair values of financial liabilities | During the year, no transfers were made between level 1 and 2 or level 2 and 3. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input.
|  | Dec. 31, 2017 |  | Dec. 31, 2016
US$ MILLIONS |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 85 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Financial assets (current and non-current) |  | — |  |  | 617 |  |  | 48 |  |  | — |  |  | 863 |  |  | 42 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities (current and non-current) |  | $ | — |  |  | $ | 351 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 335 |  |  | $ | 46 |
|  | Dec. 31, 2017 |  | Dec. 31, 2016
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings(1) |  | $ | 2,101 |  |  | $ | 2,113 |  |  | $ | 1,002 |  |  | $ | 1,023 |
Non-recourse borrowings(2) |  | 8,063 |  |  | 8,392 |  |  | 7,324 |  |  | 7,478 |
Accounts payable and other (current and non-current) |  | 864 |  |  | 864 |  |  | 712 |  |  | 712 |
Preferred shares(3) |  | 20 |  |  | 20 |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current) |  | 1,313 |  |  | 1,313 |  |  | 381 |  |  | 381 |
|  | $ | 12,361 |  |  | $ | 12,702 |  |  | $ | 9,439 |  |  | $ | 9,614 |
(1) | Corporate borrowings is classified under level 1 of the fair value hierarchy; quoted prices in an active market are available.
(2) | Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at the U.K. port operation, Chilean toll road and Peruvian toll road which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(3) | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2017 |  | Dec. 31, 2016
Marketable securities |  | Level 1(1) |  | $ | 85 |  |  | $ | 3 |
Foreign currency forward contracts |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 236 |  |  | $ | 210 |
Financial liability |  |  |  | 196 |  |  | 48 |
Interest rate swaps & other |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 381 |  |  | $ | 653 |
Financial liability |  |  |  | 155 |  |  | 287 |
Other contracts |  |  |  |  |  |
Financial asset |  | Level 3(3) |  | $ | 48 |  |  | $ | 42 |
Financial liability |  | Level 3(3) |  | 89 |  |  | 46 |
(1) | Valuation technique: Quoted bid prices in an active market.
(2) | Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
(3) | Valuation technique: Discounted cash flow. Future cash flows primarily driven by freight volumes and the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates.

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