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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,275 $1,275 
Accounts receivable and other— — 2,275 2,275 
Financial assets (current and non-current)(1)
582 — 337 919 
Marketable securities392 295 — 687 
Total$974 $295 $3,887 $5,156 
Financial liabilities
Corporate borrowings$— $— $2,822 $2,822 
Non-recourse borrowings (current and non-current)— — 19,999 19,999 
Accounts payable and other— — 2,201 2,201 
Financial liabilities (current and non-current)(1)
641 — 2,253 2,894 
Lease liabilities— — 3,461 3,461 
Preferred shares(2)
— — 20 20 
Total$641 $— $30,756 $31,397 
1.Derivative instruments which are elected for hedge accounting totaling $419 million are included in financial assets and $475 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2020:
US$ 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— — 2,745 2,745 
Financial liabilities (current and non-current)(1)
931 — 2,443 3,374 
Lease liabilities— — 3,803 3,803 
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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,275 $1,275 
Accounts receivable and other— — 2,275 2,275 
Financial assets (current and non-current)(1)
582 — 337 919 
Marketable securities392 295 — 687 
Total$974 $295 $3,887 $5,156 
Financial liabilities
Corporate borrowings$— $— $2,822 $2,822 
Non-recourse borrowings (current and non-current)— — 19,999 19,999 
Accounts payable and other— — 2,201 2,201 
Financial liabilities (current and non-current)(1)
641 — 2,253 2,894 
Lease liabilities— — 3,461 3,461 
Preferred shares(2)
— — 20 20 
Total$641 $— $30,756 $31,397 
1.Derivative instruments which are elected for hedge accounting totaling $419 million are included in financial assets and $475 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2020:
US$ 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— — 2,745 2,745 
Financial liabilities (current and non-current)(1)
931 — 2,443 3,374 
Lease liabilities— — 3,803 3,803 
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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2021 and December 31, 2020:
June 30, 2021December 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,275 $1,275 $867 $867 
Accounts receivable and other2,275 2,275 2,031 2,031 
Financial assets (current and non-current)919 919 881 881 
Marketable securities687 687 526 526 
Total$5,156 $5,156 $4,305 $4,305 
Financial liabilities
Corporate borrowings(1)
$2,822 $2,939 $3,158 $3,350 
Non-recourse borrowings(2)
19,999 20,095 20,020 20,328 
Accounts payable and other (current and non-current)2,201 2,201 2,745 2,745 
Financial liabilities (current and non-current)2,894 2,894 3,374 3,374 
Preferred shares(3)
20 20 20 20 
Total$27,936 $28,149 $29,317 $29,817 
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, 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
hierarchy		June 30, 2021December 31, 2020
Marketable securities
Level 1(1)
$687 $526 
Foreign currency forward contracts
Level 2(2)
Financial asset$115 $115 
Financial liability185 251 
Interest rate swaps & other
Level 2(2)
Financial asset$461 $438 
Financial liability364 561 
Other contracts
Level 3(3)
Financial asset$6 $6 
Financial liability92 119 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2021 and December 31, 2020:
June 30, 2021December 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,275 $1,275 $867 $867 
Accounts receivable and other2,275 2,275 2,031 2,031 
Financial assets (current and non-current)919 919 881 881 
Marketable securities687 687 526 526 
Total$5,156 $5,156 $4,305 $4,305 
Financial liabilities
Corporate borrowings(1)
$2,822 $2,939 $3,158 $3,350 
Non-recourse borrowings(2)
19,999 20,095 20,020 20,328 
Accounts payable and other (current and non-current)2,201 2,201 2,745 2,745 
Financial liabilities (current and non-current)2,894 2,894 3,374 3,374 
Preferred shares(3)
20 20 20 20 
Total$27,936 $28,149 $29,317 $29,817 
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, 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
hierarchy		June 30, 2021December 31, 2020
Marketable securities
Level 1(1)
$687 $526 
Foreign currency forward contracts
Level 2(2)
Financial asset$115 $115 
Financial liability185 251 
Interest rate swaps & other
Level 2(2)
Financial asset$461 $438 
Financial liability364 561 
Other contracts
Level 3(3)
Financial asset$6 $6 
Financial liability92 119 
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.