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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,279 $1,279 
Accounts receivable and other— — 3,475 3,475 
Financial assets (current and non-current)(1)
2,012 46 55 2,113 
Total$2,012 $46 $4,809 $6,867 
Financial liabilities    
Corporate borrowings$— $— $3,666 $3,666 
Non-recourse borrowings (current and non-current)— — 26,567 26,567 
Accounts payable and other— — 3,634 3,634 
Financial liabilities (current and non-current)(1)
362 — 1,705 2,067 
Lease liabilities— — 3,421 3,421 
Preferred shares(2)
— — 20 20 
Total$362 $— $39,013 $39,375 
(1)Derivative instruments which are elected for hedge accounting totaling $789 million are included in financial assets and $139 million of derivative instruments are included in financial liabilities.
(2)    $20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized 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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,279 $1,279 
Accounts receivable and other— — 3,475 3,475 
Financial assets (current and non-current)(1)
2,012 46 55 2,113 
Total$2,012 $46 $4,809 $6,867 
Financial liabilities    
Corporate borrowings$— $— $3,666 $3,666 
Non-recourse borrowings (current and non-current)— — 26,567 26,567 
Accounts payable and other— — 3,634 3,634 
Financial liabilities (current and non-current)(1)
362 — 1,705 2,067 
Lease liabilities— — 3,421 3,421 
Preferred shares(2)
— — 20 20 
Total$362 $— $39,013 $39,375 
(1)Derivative instruments which are elected for hedge accounting totaling $789 million are included in financial assets and $139 million of derivative instruments are included in financial liabilities.
(2)    $20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized 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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2022 and December 31, 2021:
 Dec. 31, 2022Dec. 31, 2021
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$1,279 $1,279 $1,406 $1,406 
Accounts receivable and other3,475 3,475 2,718 2,718 
Financial assets (current and non-current)2,113 2,113 1,276 1,276 
Total$6,867 $6,867 $5,400 $5,400 
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2022Dec. 31, 2021
Highly liquid securities
Level 1(1)
$108 $179 
Foreign currency forward contracts
Level 2(2)
Financial asset
$159 $104 
Financial liability
37 98 
Interest rate swaps & other
Level 2(2)
Financial asset
$1,005 $882 
Financial liability
233 307 
Other contracts
Level 3(3)
Financial asset
$786 $6 
Financial liability
92 96 
(1)Valuation technique: Quoted bid prices in an active market.
(2)Valuation technique: Discounted cash flow. Future cash flows are estimated based on observable forward exchange and interest rates at the end of the reporting period, and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
(3)Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates.
Carrying and fair values of financial liabilities
 Dec. 31, 2022Dec. 31, 2021
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Corporate borrowings(1)
$3,666 $3,406 $2,719 $2,805 
Non-recourse borrowings (current and non-current)(2)
26,567 25,958 26,534 26,769 
Accounts payable and other
3,634 3,634 3,392 3,392 
Financial liabilities (current and non-current)2,067 2,067 3,240 3,240 
Preferred shares(3)
20 20 20 20 
Total$35,954 $35,085 $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)$20 million of preferred shares issued to subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2022Dec. 31, 2021
Highly liquid securities
Level 1(1)
$108 $179 
Foreign currency forward contracts
Level 2(2)
Financial asset
$159 $104 
Financial liability
37 98 
Interest rate swaps & other
Level 2(2)
Financial asset
$1,005 $882 
Financial liability
233 307 
Other contracts
Level 3(3)
Financial asset
$786 $6 
Financial liability
92 96 
(1)Valuation technique: Quoted bid prices in an active market.
(2)Valuation technique: Discounted cash flow. Future cash flows are estimated based on 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.