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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Measurement [Abstract] |
Disclosure of financial assets | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2019:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 715 |  |  | $ | 715 |
Accounts receivable and other | — |  |  | — |  |  | 1,357 |  |  | 1,357 |
Financial assets (current and non-current)(1) | 1,019 |  |  | 20 |  |  | 178 |  |  | 1,217 |
Marketable securities | 92 |  |  | 92 |  |  | — |  |  | 184 |
Total | $ | 1,111 |  |  | $ | 112 |  |  | $ | 2,250 |  |  | $ | 3,473 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings | $ | — |  |  | $ | — |  |  | $ | 1,546 |  |  | $ | 1,546 |
Non-recourse borrowings (current and non-current) | — |  |  | — |  |  | 14,200 |  |  | 14,200 |
Accounts payable and other | — |  |  | — |  |  | 2,775 |  |  | 2,775 |
Preferred shares(2) | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) | 350 |  |  | — |  |  | 995 |  |  | 1,345 |
Total | $ | 350 |  |  | $ | — |  |  | $ | 19,536 |  |  | $ | 19,886 |
1. | Derivative instruments which are elected for hedge accounting totaling $694 million are included in financial assets and $133 million of derivative instruments are included in financial liabilities.
2. | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2018:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 540 |  |  | $ | 540 |
Accounts receivable and other | — |  |  | — |  |  | 1,171 |  |  | 1,171 |
Financial assets (current and non-current)(1) | 989 |  |  | 17 |  |  | 166 |  |  | 1,172 |
Marketable securities | 126 |  |  | 47 |  |  | — |  |  | 173 |
Total | $ | 1,115 |  |  | $ | 64 |  |  | $ | 1,877 |  |  | $ | 3,056 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings | $ | — |  |  | $ | — |  |  | $ | 1,993 |  |  | $ | 1,993 |
Non-recourse borrowings (current and non-current) | — |  |  | — |  |  | 13,113 |  |  | 13,113 |
Accounts payable and other | — |  |  | — |  |  | 1,308 |  |  | 1,308 |
Preferred shares(2) | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) | 373 |  |  | — |  |  | 907 |  |  | 1,280 |
Total | $ | 373 |  |  | $ | — |  |  | $ | 17,341 |  |  | $ | 17,714 |
1. | Derivative instruments which are elected for hedge accounting totaling $718 million are included in financial assets and $109 million of derivative instruments are included in financial liabilities.
2. | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2019:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 715 |  |  | $ | 715 |
Accounts receivable and other | — |  |  | — |  |  | 1,357 |  |  | 1,357 |
Financial assets (current and non-current)(1) | 1,019 |  |  | 20 |  |  | 178 |  |  | 1,217 |
Marketable securities | 92 |  |  | 92 |  |  | — |  |  | 184 |
Total | $ | 1,111 |  |  | $ | 112 |  |  | $ | 2,250 |  |  | $ | 3,473 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings | $ | — |  |  | $ | — |  |  | $ | 1,546 |  |  | $ | 1,546 |
Non-recourse borrowings (current and non-current) | — |  |  | — |  |  | 14,200 |  |  | 14,200 |
Accounts payable and other | — |  |  | — |  |  | 2,775 |  |  | 2,775 |
Preferred shares(2) | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) | 350 |  |  | — |  |  | 995 |  |  | 1,345 |
Total | $ | 350 |  |  | $ | — |  |  | $ | 19,536 |  |  | $ | 19,886 |
1. | Derivative instruments which are elected for hedge accounting totaling $694 million are included in financial assets and $133 million of derivative instruments are included in financial liabilities.
2. | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2018:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 540 |  |  | $ | 540 |
Accounts receivable and other | — |  |  | — |  |  | 1,171 |  |  | 1,171 |
Financial assets (current and non-current)(1) | 989 |  |  | 17 |  |  | 166 |  |  | 1,172 |
Marketable securities | 126 |  |  | 47 |  |  | — |  |  | 173 |
Total | $ | 1,115 |  |  | $ | 64 |  |  | $ | 1,877 |  |  | $ | 3,056 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings | $ | — |  |  | $ | — |  |  | $ | 1,993 |  |  | $ | 1,993 |
Non-recourse borrowings (current and non-current) | — |  |  | — |  |  | 13,113 |  |  | 13,113 |
Accounts payable and other | — |  |  | — |  |  | 1,308 |  |  | 1,308 |
Preferred shares(2) | — |  |  | — |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current)(1) | 373 |  |  | — |  |  | 907 |  |  | 1,280 |
Total | $ | 373 |  |  | $ | — |  |  | $ | 17,341 |  |  | $ | 17,714 |
1. | Derivative instruments which are elected for hedge accounting totaling $718 million are included in financial assets and $109 million of derivative instruments are included in financial liabilities.
2. | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets | The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONS | Fair value hierarchy |  | June 30, 2019 |  | December 31, 2018
Marketable securities | Level 1(1) |  | $ | 184 |  |  | $ | 173 |
Foreign currency forward contracts | Level 2(2) |  |  |  |
Financial asset |  |  | $ | 158 |  |  | $ | 241 |
Financial liability |  |  | 80 |  |  | 23 |
Interest rate swaps & other | Level 2(2) |  |  |  |
Financial asset |  |  | $ | 774 |  |  | $ | 718 |
Financial liability |  |  | 190 |  |  | 257 |
Other contracts | Level 3(3) |  |  |  |
Financial asset |  |  | $ | 107 |  |  | $ | 47 |
Financial liability |  |  | 80 |  |  | 93 |
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 assumptions concerning the amount and timing of estimated future cash flows and discount rates.
The following table provides the carrying values and fair values of financial instruments as at June 30, 2019 and December 31, 2018:
| June 30, 2019 |  | December 31, 2018
US$ MILLIONS | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 715 |  |  | $ | 715 |  |  | $ | 540 |  |  | $ | 540 |
Accounts receivable and other | 1,357 |  |  | 1,357 |  |  | 1,171 |  |  | 1,171 |
Financial assets (current and non-current) | 1,217 |  |  | 1,217 |  |  | 1,172 |  |  | 1,172 |
Marketable securities | 184 |  |  | 184 |  |  | 173 |  |  | 173 |
Total | $ | 3,473 |  |  | $ | 3,473 |  |  | $ | 3,056 |  |  | $ | 3,056 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings(1) | $ | 1,546 |  |  | $ | 1,593 |  |  | $ | 1,993 |  |  | $ | 1,978 |
Non-recourse borrowings(2) | 14,200 |  |  | 14,615 |  |  | 13,113 |  |  | 13,372 |
Accounts payable and other (current and non-current) | 2,775 |  |  | 2,775 |  |  | 1,308 |  |  | 1,308 |
Preferred shares(3) | 20 |  |  | 20 |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current) | 1,345 |  |  | 1,345 |  |  | 1,280 |  |  | 1,280 |
Total | $ | 19,886 |  |  | $ | 20,348 |  |  | $ | 17,714 |  |  | $ | 17,958 |
1. | Corporate borrowings are 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 and at our North American residential energy infrastructure operation 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. | $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
During the three-month period ended June 30, 2019, no transfers were made between level 1 and 2 or level 2 and 3. The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input.
| June 30, 2019 |  | December 31, 2018
US$ MILLIONS | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities | $ | 184 |  |  | $ | — |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | — |
Financial assets (current and non-current) | — |  |  | 932 |  |  | 107 |  |  | — |  |  | 959 |  |  | 47 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Financial liabilities (current and non-current) | $ | — |  |  | $ | 270 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 280 |  |  | $ | 93 |
Carrying and fair values of financial liabilities | The following table provides the carrying values and fair values of financial instruments as at June 30, 2019 and December 31, 2018:
| June 30, 2019 |  | December 31, 2018
US$ MILLIONS | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 715 |  |  | $ | 715 |  |  | $ | 540 |  |  | $ | 540 |
Accounts receivable and other | 1,357 |  |  | 1,357 |  |  | 1,171 |  |  | 1,171 |
Financial assets (current and non-current) | 1,217 |  |  | 1,217 |  |  | 1,172 |  |  | 1,172 |
Marketable securities | 184 |  |  | 184 |  |  | 173 |  |  | 173 |
Total | $ | 3,473 |  |  | $ | 3,473 |  |  | $ | 3,056 |  |  | $ | 3,056 |
Financial liabilities |  |  |  |  |  |  |
Corporate borrowings(1) | $ | 1,546 |  |  | $ | 1,593 |  |  | $ | 1,993 |  |  | $ | 1,978 |
Non-recourse borrowings(2) | 14,200 |  |  | 14,615 |  |  | 13,113 |  |  | 13,372 |
Accounts payable and other (current and non-current) | 2,775 |  |  | 2,775 |  |  | 1,308 |  |  | 1,308 |
Preferred shares(3) | 20 |  |  | 20 |  |  | 20 |  |  | 20 |
Financial liabilities (current and non-current) | 1,345 |  |  | 1,345 |  |  | 1,280 |  |  | 1,280 |
Total | $ | 19,886 |  |  | $ | 20,348 |  |  | $ | 17,714 |  |  | $ | 17,958 |
1. | Corporate borrowings are 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 and at our North American residential energy infrastructure operation 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 |  | June 30, 2019 |  | December 31, 2018
Marketable securities | Level 1(1) |  | $ | 184 |  |  | $ | 173 |
Foreign currency forward contracts | Level 2(2) |  |  |  |
Financial asset |  |  | $ | 158 |  |  | $ | 241 |
Financial liability |  |  | 80 |  |  | 23 |
Interest rate swaps & other | Level 2(2) |  |  |  |
Financial asset |  |  | $ | 774 |  |  | $ | 718 |
Financial liability |  |  | 190 |  |  | 257 |
Other contracts | Level 3(3) |  |  |  |
Financial asset |  |  | $ | 107 |  |  | $ | 47 |
Financial liability |  |  | 80 |  |  | 93 |
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 assumptions concerning the amount and timing of estimated future cash flows and discount rates.
During the three-month period ended June 30, 2019, 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.
| June 30, 2019 |  | December 31, 2018
US$ MILLIONS | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Marketable securities | $ | 184 |  |  | $ | — |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | — |
Financial assets (current and non-current) | — |  |  | 932 |  |  | 107 |  |  | — |  |  | 959 |  |  | 47 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Financial liabilities (current and non-current) | $ | — |  |  | $ | 270 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 280 |  |  | $ | 93 |

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