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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $1,301 $1,301 
Accounts receivable and other— 2,971 2,971 
Financial assets (current and non-current)(1)
1,542 124 1,666 
Total$1,542 $4,396 $5,938 
Financial liabilities
Corporate borrowings$— $3,489 $3,489 
Non-recourse borrowings (current and non-current)— 26,899 26,899 
Accounts payable and other— 3,450 3,450 
Financial liabilities (current and non-current)(1)
296 1,852 2,148 
Lease liabilities— 3,646 3,646 
Preferred shares(2)
— 20 20 
Total$296 $39,356 $39,652 
1.Derivative instruments which are elected for hedge accounting totaling $697 million are included in financial assets and $58 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $1,406 $1,406 
Accounts receivable and other— 2,718 2,718 
Financial assets (current and non-current)(1)
1,171 105 1,276 
Total$1,171 $4,229 $5,400 
Financial liabilities
Corporate borrowings$— $2,719 $2,719 
Non-recourse borrowings (current and non-current)— 26,534 26,534 
Accounts payable and other — 3,392 3,392 
Financial liabilities (current and non-current)(1)
501 2,739 3,240 
Lease liabilities— 3,840 3,840 
Preferred shares(2)
— 20 20 
Total$501 $39,244 $39,745 
1.Derivative instruments which are elected for hedge accounting totaling $384 million are included in financial assets and $314 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2022:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $1,301 $1,301 
Accounts receivable and other— 2,971 2,971 
Financial assets (current and non-current)(1)
1,542 124 1,666 
Total$1,542 $4,396 $5,938 
Financial liabilities
Corporate borrowings$— $3,489 $3,489 
Non-recourse borrowings (current and non-current)— 26,899 26,899 
Accounts payable and other— 3,450 3,450 
Financial liabilities (current and non-current)(1)
296 1,852 2,148 
Lease liabilities— 3,646 3,646 
Preferred shares(2)
— 20 20 
Total$296 $39,356 $39,652 
1.Derivative instruments which are elected for hedge accounting totaling $697 million are included in financial assets and $58 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $1,406 $1,406 
Accounts receivable and other— 2,718 2,718 
Financial assets (current and non-current)(1)
1,171 105 1,276 
Total$1,171 $4,229 $5,400 
Financial liabilities
Corporate borrowings$— $2,719 $2,719 
Non-recourse borrowings (current and non-current)— 26,534 26,534 
Accounts payable and other — 3,392 3,392 
Financial liabilities (current and non-current)(1)
501 2,739 3,240 
Lease liabilities— 3,840 3,840 
Preferred shares(2)
— 20 20 
Total$501 $39,244 $39,745 
1.Derivative instruments which are elected for hedge accounting totaling $384 million are included in financial assets and $314 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,301 $1,301 $1,406 $1,406 
Accounts receivable and other2,971 2,971 2,718 2,718 
Financial assets (current and non-current)1,666 1,666 1,276 1,276 
Total$5,938 $5,938 $5,400 $5,400 
Financial liabilities
Corporate borrowings(1)
$3,489 $3,234 $2,719 $2,805 
Non-recourse borrowings (current and non-current)(2)
26,899 26,264 26,534 26,769 
Accounts payable and other3,450 3,450 3,392 3,392 
Financial liabilities (current and non-current)2,148 2,148 3,240 3,240 
Preferred shares(3)
20 20 20 20 
Total$36,006 $35,116 $35,905 $36,226 
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, 2022December 31, 2021
Marketable securities
Level 1(1)
$75 $179 
Foreign currency forward contracts
Level 2(2)
Financial asset$244 $104 
Financial liability43 98 
Interest rate swaps & other
Level 2(2)
Financial asset$1,168 $882 
Financial liability104 307 
Other contracts
Level 3(3)
Financial asset$55 $6 
Financial liability149 96 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,301 $1,301 $1,406 $1,406 
Accounts receivable and other2,971 2,971 2,718 2,718 
Financial assets (current and non-current)1,666 1,666 1,276 1,276 
Total$5,938 $5,938 $5,400 $5,400 
Financial liabilities
Corporate borrowings(1)
$3,489 $3,234 $2,719 $2,805 
Non-recourse borrowings (current and non-current)(2)
26,899 26,264 26,534 26,769 
Accounts payable and other3,450 3,450 3,392 3,392 
Financial liabilities (current and non-current)2,148 2,148 3,240 3,240 
Preferred shares(3)
20 20 20 20 
Total$36,006 $35,116 $35,905 $36,226 
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, 2022December 31, 2021
Marketable securities
Level 1(1)
$75 $179 
Foreign currency forward contracts
Level 2(2)
Financial asset$244 $104 
Financial liability43 98 
Interest rate swaps & other
Level 2(2)
Financial asset$1,168 $882 
Financial liability104 307 
Other contracts
Level 3(3)
Financial asset$55 $6 
Financial liability149 96 
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 flow.