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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Measurement [Abstract]  
Disclosure of financial assets
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $867 $867 
Accounts receivable and other— — 2,031 2,031 
Financial assets (current and non-current)(1)
523 36 322 881 
Marketable securities323 203 — 526 
Total$846 $239 $3,220 $4,305 
Financial liabilities    
Corporate borrowings$— $— $3,158 $3,158 
Non-recourse borrowings (current and non-current)— — 20,020 20,020 
Accounts payable and other— — 6,548 6,548 
Financial liabilities (current and non-current)(1)
931 — 2,443 3,374 
Preferred shares(2)
— — 20 20 
Total$931 $— $32,189 $33,120 
(1)Derivative instruments which are elected for hedge accounting totaling $373 million are included in financial assets and $572 million of derivative instruments are included in financial liabilities.
(2)    $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2019:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value
through OCI		Amortized CostTotal
Financial assets    
Cash and cash equivalents$— $— $827 $827 
Accounts receivable and other— — 1,909 1,909 
Financial assets (current and non-current)(1)
893 16 144 1,053 
Marketable securities69 73 — 142 
Total$962 $89 $2,880 $3,931 
Financial liabilities    
Corporate borrowings$— $— $2,475 $2,475 
Non-recourse borrowings (current and non-current)— — 18,544 18,544 
Accounts payable and other— — 3,676 3,676 
Financial liabilities (current and non-current)(1)
490 — 1,683 2,173 
Preferred shares(2)
— — 20 20 
Total$490 $— $26,398 $26,888 
(1)Derivative instruments which are elected for hedge accounting totaling $694 million are included in financial assets and $285 million of derivative instruments are included in financial liabilities.
(2)$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $867 $867 
Accounts receivable and other— — 2,031 2,031 
Financial assets (current and non-current)(1)
523 36 322 881 
Marketable securities323 203 — 526 
Total$846 $239 $3,220 $4,305 
Financial liabilities    
Corporate borrowings$— $— $3,158 $3,158 
Non-recourse borrowings (current and non-current)— — 20,020 20,020 
Accounts payable and other— — 6,548 6,548 
Financial liabilities (current and non-current)(1)
931 — 2,443 3,374 
Preferred shares(2)
— — 20 20 
Total$931 $— $32,189 $33,120 
(1)Derivative instruments which are elected for hedge accounting totaling $373 million are included in financial assets and $572 million of derivative instruments are included in financial liabilities.
(2)    $20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2019:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value
through OCI		Amortized CostTotal
Financial assets    
Cash and cash equivalents$— $— $827 $827 
Accounts receivable and other— — 1,909 1,909 
Financial assets (current and non-current)(1)
893 16 144 1,053 
Marketable securities69 73 — 142 
Total$962 $89 $2,880 $3,931 
Financial liabilities    
Corporate borrowings$— $— $2,475 $2,475 
Non-recourse borrowings (current and non-current)— — 18,544 18,544 
Accounts payable and other— — 3,676 3,676 
Financial liabilities (current and non-current)(1)
490 — 1,683 2,173 
Preferred shares(2)
— — 20 20 
Total$490 $— $26,398 $26,888 
(1)Derivative instruments which are elected for hedge accounting totaling $694 million are included in financial assets and $285 million of derivative instruments are included in financial liabilities.
(2)$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2020 and December 31, 2019:
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$867 $867 $827 $827 
Accounts receivable and other2,031 2,031 1,909 1,909 
Financial assets (current and non-current)881 881 1,053 1,053 
Marketable securities526 526 142 142 
Total$4,305 $4,305 $3,931 $3,931 
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2020Dec. 31, 2019
Marketable securities
Level 1(1)
$526 $142 
Foreign currency forward contracts
Level 2(2)
Financial asset
$115 $140 
Financial liability
251 97 
Interest rate swaps & other
Level 2(2)
Financial asset
$438 $765 
Financial liability
561 311 
Other contracts
Level 3(3)
Financial asset
$6 $4 
Financial liability
119 82 
(1)Valuation technique: Quoted bid prices in an active market.
(2)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
(3)Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates.
Carrying and fair values of financial liabilities
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Corporate borrowings(1)
$3,158 $3,350 $2,475 $2,507 
Non-recourse borrowings(2)
20,020 20,328 18,544 18,891 
Accounts payable and other
6,548 6,548 3,676 3,676 
Preferred shares(3)
20 20 20 20 
Financial liabilities (current and non-current)3,374 3,374 2,173 2,173 
Total$33,120 $33,620 $26,888 $27,267 
(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 our U.K. port operation and margin loans associated with certain financial assets, 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)$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2020Dec. 31, 2019
Marketable securities
Level 1(1)
$526 $142 
Foreign currency forward contracts
Level 2(2)
Financial asset
$115 $140 
Financial liability
251 97 
Interest rate swaps & other
Level 2(2)
Financial asset
$438 $765 
Financial liability
561 311 
Other contracts
Level 3(3)
Financial asset
$6 $4 
Financial liability
119 82 
(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 and interest rates (from observable forward exchange and interest 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.