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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,380 $1,380 
Accounts receivable and other— — 4,293 4,293 
Financial assets (current and non-current)(1)
1,553 23 76 1,652 
Total$1,553 $23 $5,749 $7,325 
Financial liabilities
Corporate borrowings$— $— $4,691 $4,691 
Non-recourse borrowings (current and non-current)— — 30,892 30,892 
Accounts payable and other— — 3,154 3,154 
Financial liabilities (current and non-current)(1)
357 — 1,775 2,132 
Lease liabilities— — 3,456 3,456 
Preferred shares(2)
— — 20 20 
Total$357 $— $43,988 $44,345 
1.Derivative instruments which are elected for hedge accounting totaling $578 million are included in financial assets and $181 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2022:
US$ 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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2023:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,380 $1,380 
Accounts receivable and other— — 4,293 4,293 
Financial assets (current and non-current)(1)
1,553 23 76 1,652 
Total$1,553 $23 $5,749 $7,325 
Financial liabilities
Corporate borrowings$— $— $4,691 $4,691 
Non-recourse borrowings (current and non-current)— — 30,892 30,892 
Accounts payable and other— — 3,154 3,154 
Financial liabilities (current and non-current)(1)
357 — 1,775 2,132 
Lease liabilities— — 3,456 3,456 
Preferred shares(2)
— — 20 20 
Total$357 $— $43,988 $44,345 
1.Derivative instruments which are elected for hedge accounting totaling $578 million are included in financial assets and $181 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2022:
US$ 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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,380 $1,380 $1,279 $1,279 
Accounts receivable and other4,293 4,293 3,475 3,475 
Financial assets (current and non-current)1,652 1,652 2,113 2,113 
Total$7,325 $7,325 $6,867 $6,867 
Financial liabilities
Corporate borrowings(1)
$4,691 $4,471 $3,666 $3,406 
Non-recourse borrowings (current and non-current)(2)
30,892 29,971 26,567 25,958 
Accounts payable and other3,154 3,154 3,634 3,634 
Financial liabilities (current and non-current)2,132 2,132 2,067 2,067 
Preferred shares(3)
20 20 20 20 
Total$40,889 $39,748 $35,954 $35,085 
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, 2023December 31, 2022
Marketable securities
Level 1(1)
$125 $108 
Foreign currency forward contracts
Level 2(2)
Financial asset$73 $159 
Financial liability46 37 
Interest rate swaps & other
Level 2(2)
Financial asset$756 $1,005 
Financial liability191 233 
Other contracts
Level 3(3)
Financial asset$622 $786 
Financial liability120 92 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flow.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,380 $1,380 $1,279 $1,279 
Accounts receivable and other4,293 4,293 3,475 3,475 
Financial assets (current and non-current)1,652 1,652 2,113 2,113 
Total$7,325 $7,325 $6,867 $6,867 
Financial liabilities
Corporate borrowings(1)
$4,691 $4,471 $3,666 $3,406 
Non-recourse borrowings (current and non-current)(2)
30,892 29,971 26,567 25,958 
Accounts payable and other3,154 3,154 3,634 3,634 
Financial liabilities (current and non-current)2,132 2,132 2,067 2,067 
Preferred shares(3)
20 20 20 20 
Total$40,889 $39,748 $35,954 $35,085 
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, 2023December 31, 2022
Marketable securities
Level 1(1)
$125 $108 
Foreign currency forward contracts
Level 2(2)
Financial asset$73 $159 
Financial liability46 37 
Interest rate swaps & other
Level 2(2)
Financial asset$756 $1,005 
Financial liability191 233 
Other contracts
Level 3(3)
Financial asset$622 $786 
Financial liability120 92 
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.