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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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 BASISFair value through profit or lossFair value through OCIAmortized CostTotal
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 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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
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 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)$20 million of preferred shares issued to subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2023 and December 31, 2022:
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$1,857 $1,857 $1,279 $1,279 
Accounts receivable and other6,660 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 $6,867 
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2023Dec. 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 $786 
Financial liability
108 92 
(1)Valuation technique: Quoted bid prices in an active market.
(2)Valuation technique: Discounted cash flow. Future cash flows are estimated based on observable forward exchange and interest rates at the end of the reporting period, and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
(3)Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and discount rates.
Carrying and fair values of financial liabilities
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair 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)$20 million of preferred shares issued to subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2023Dec. 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.