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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 1,857 |  |  | $ | 1,857 |
Accounts receivable and other |  | — |  |  | — |  |  | 6,660 |  |  | 6,660 |
Financial assets (current and non-current)(1) |  | 1,391 |  |  | 23 |  |  | 127 |  |  | 1,541 |
Total |  | $ | 1,391 |  |  | $ | 23 |  |  | $ | 8,644 |  |  | $ | 10,058 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 4,911 |  |  | $ | 4,911 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 40,904 |  |  | 40,904 |
Accounts payable and other |  | — |  |  | — |  |  | 4,350 |  |  | 4,350 |
Financial liabilities (current and non-current)(1) |  | 578 |  |  | — |  |  | 2,297 |  |  | 2,875 |
Lease liabilities |  | — |  |  | — |  |  | 3,626 |  |  | 3,626 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Total |  | $ | 578 |  |  | $ | — |  |  | $ | 56,108 |  |  | $ | 56,686 |
(1)Derivative instruments which are elected for hedge accounting totaling $507 million are included in financial assets and $393 million of derivative instruments are included in financial liabilities. (2)$20 million of preferred shares issued to subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 1,857 |  |  | $ | 1,857 |
Accounts receivable and other |  | — |  |  | — |  |  | 6,660 |  |  | 6,660 |
Financial assets (current and non-current)(1) |  | 1,391 |  |  | 23 |  |  | 127 |  |  | 1,541 |
Total |  | $ | 1,391 |  |  | $ | 23 |  |  | $ | 8,644 |  |  | $ | 10,058 |
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings |  | $ | — |  |  | $ | — |  |  | $ | 4,911 |  |  | $ | 4,911 |
Non-recourse borrowings (current and non-current) |  | — |  |  | — |  |  | 40,904 |  |  | 40,904 |
Accounts payable and other |  | — |  |  | — |  |  | 4,350 |  |  | 4,350 |
Financial liabilities (current and non-current)(1) |  | 578 |  |  | — |  |  | 2,297 |  |  | 2,875 |
Lease liabilities |  | — |  |  | — |  |  | 3,626 |  |  | 3,626 |
Preferred shares(2) |  | — |  |  | — |  |  | 20 |  |  | 20 |
Total |  | $ | 578 |  |  | $ | — |  |  | $ | 56,108 |  |  | $ | 56,686 |
(1)Derivative instruments which are elected for hedge accounting totaling $507 million are included in financial assets and $393 million of derivative instruments are included in financial liabilities. (2)$20 million of preferred shares issued to subsidiaries of Brookfield. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  | Fair value through OCI |  | Amortized Cost |  | Total
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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at December 31, 2023 and December 31, 2022:
|  | Dec. 31, 2023 |  | Dec. 31, 2022
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,857 |  |  | $ | 1,857 |  |  | $ | 1,279 |  |  | $ | 1,279 |
Accounts receivable and other |  | 6,660 |  |  | 6,660 |  |  | 3,475 |  |  | 3,475 |
Financial assets (current and non-current) |  | 1,541 |  |  | 1,541 |  |  | 2,113 |  |  | 2,113 |
Total |  | $ | 10,058 |  |  | $ | 10,058 |  |  | $ | 6,867 |  |  | $ | 6,867 |
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$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2023 |  | Dec. 31, 2022
Highly liquid securities |  | Level 1(1) |  | $ | 108 |  |  | $ | 108 |
Foreign currency forward contracts |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 23 |  |  | $ | 159 |
Financial liability |  |  |  | 51 |  |  | 37 |
Interest rate swaps & other |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 685 |  |  | $ | 1,005 |
Financial liability |  |  |  | 419 |  |  | 233 |
Other contracts |  | Level 3(3) |  |  |  |
Financial asset |  |  |  | $ | 598 |  |  | $ | 786 |
Financial liability |  |  |  | 108 |  |  | 92 |
(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, 2023 |  | Dec. 31, 2022
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities |  |  |  |  |  |  |  |
Corporate borrowings(1) |  | $ | 4,911 |  |  | $ | 4,796 |  |  | $ | 3,666 |  |  | $ | 3,406 |
Non-recourse borrowings (current and non-current)(2) |  | 40,904 |  |  | 40,533 |  |  | 26,567 |  |  | 25,958 |
Accounts payable and other |  | 4,350 |  |  | 4,350 |  |  | 3,634 |  |  | 3,634 |
Financial liabilities (current and non-current) |  | 2,875 |  |  | 2,875 |  |  | 2,067 |  |  | 2,067 |
Preferred shares(3) |  | 20 |  |  | 20 |  |  | 20 |  |  | 20 |
Total |  | $ | 53,060 |  |  | $ | 52,574 |  |  | $ | 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 and global intermodal logistics 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)$20 million of preferred shares issued to subsidiaries of Brookfield. The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2023 |  | Dec. 31, 2022
Highly liquid securities |  | Level 1(1) |  | $ | 108 |  |  | $ | 108 |
Foreign currency forward contracts |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 23 |  |  | $ | 159 |
Financial liability |  |  |  | 51 |  |  | 37 |
Interest rate swaps & other |  | Level 2(2) |  |  |  |
Financial asset |  |  |  | $ | 685 |  |  | $ | 1,005 |
Financial liability |  |  |  | 419 |  |  | 233 |
Other contracts |  | Level 3(3) |  |  |  |
Financial asset |  |  |  | $ | 598 |  |  | $ | 786 |
Financial liability |  |  |  | 108 |  |  | 92 |
(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.

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