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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 lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $192 $192 
Accounts receivable and other— 394 394 
Financial assets (current and non-current)(1)
27 — 27 
Total$27 $586 $613 
Financial liabilities
Accounts payable and other$— $505 $505 
Non-recourse borrowings (current and non-current)— 3,477 3,477 
Exchangeable and class B shares(2)
— 2,221 2,221 
Financial liabilities (current and non-current)(1)
69 962 1,031 
Total$69 $7,165 $7,234 
(1)Derivative instruments which are elected for hedge accounting totaling $27 million are included in financial assets and $nil of derivative instruments are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.

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 lossAmortized CostTotal
Financial assets   
Cash and cash equivalents$— $204 $204 
Accounts receivable and other— 390 390 
Financial assets (current and non-current)(1)
29 — 29 
Total$29 $594 $623 
Financial liabilities
Accounts payable and other$— $487 $487 
Non-recourse borrowings (current and non-current)— 3,526 3,526 
Financial liabilities (current and non-current)(1)
77 931 1,008 
Total$77 $4,944 $5,021 
(1)Derivative instruments which are elected for hedge accounting totaling $29 million are included in financial assets and $nil of derivative instruments are included in financial liabilities.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $192 $192 
Accounts receivable and other— 394 394 
Financial assets (current and non-current)(1)
27 — 27 
Total$27 $586 $613 
Financial liabilities
Accounts payable and other$— $505 $505 
Non-recourse borrowings (current and non-current)— 3,477 3,477 
Exchangeable and class B shares(2)
— 2,221 2,221 
Financial liabilities (current and non-current)(1)
69 962 1,031 
Total$69 $7,165 $7,234 
(1)Derivative instruments which are elected for hedge accounting totaling $27 million are included in financial assets and $nil of derivative instruments are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.

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 lossAmortized CostTotal
Financial assets   
Cash and cash equivalents$— $204 $204 
Accounts receivable and other— 390 390 
Financial assets (current and non-current)(1)
29 — 29 
Total$29 $594 $623 
Financial liabilities
Accounts payable and other$— $487 $487 
Non-recourse borrowings (current and non-current)— 3,526 3,526 
Financial liabilities (current and non-current)(1)
77 931 1,008 
Total$77 $4,944 $5,021 
(1)Derivative instruments which are elected for hedge accounting totaling $29 million are included in financial assets and $nil of derivative instruments are included in financial liabilities.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2020 and December 31, 2019:
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$192 $192 $204 $204 
Accounts receivable and other394 394 390 390 
Financial assets (current and non-current)27 27 29 29 
Total$613 $613 $623 $623 
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$505 $505 $487 $487 
Non-recourse borrowings (current and non-current)(1)
3,477 3,723 3,526 3,677 
Exchangeable and class B shares(2)
2,221 2,221 — — 
Financial liabilities (current and non-current)1,031 1,031 1,008 1,008 
Total$7,234 $7,480 $5,021 $5,172 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $69 million as at December 31, 2020.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2020Dec. 31, 2019
Interest rate swaps & other
Level 2(1)
Financial assets$27 $29 
Financial liabilities69 77 
(1)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at December 31, 2020 and December 31, 2019:
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$192 $192 $204 $204 
Accounts receivable and other394 394 390 390 
Financial assets (current and non-current)27 27 29 29 
Total$613 $613 $623 $623 
 Dec. 31, 2020Dec. 31, 2019
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$505 $505 $487 $487 
Non-recourse borrowings (current and non-current)(1)
3,477 3,723 3,526 3,677 
Exchangeable and class B shares(2)
2,221 2,221 — — 
Financial liabilities (current and non-current)1,031 1,031 1,008 1,008 
Total$7,234 $7,480 $5,021 $5,172 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $69 million as at December 31, 2020.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2020Dec. 31, 2019
Interest rate swaps & other
Level 2(1)
Financial assets$27 $29 
Financial liabilities69 77 
(1)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.