XML 46 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,326 $1,326 
Accounts receivable and other— — 6,838 6,838 
Financial assets (current and non-current)(1)
1,555 21 142 1,718 
Total$1,555 $21 $8,306 $9,882 
Financial liabilities
Corporate borrowings$— $— $5,084 $5,084 
Non-recourse borrowings (current and non-current)— — 44,675 44,675 
Accounts payable and other— — 4,002 4,002 
Financial liabilities (current and non-current)(1)
405 — 2,358 2,763 
Lease liabilities— — 4,420 4,420 
Preferred shares(2)
— — 20 20 
Total$405 $— $60,559 $60,964 
1.Derivative instruments which are elected for hedge accounting totaling $701 million are included in financial assets and $253 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2023:
US$ 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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $1,326 $1,326 
Accounts receivable and other— — 6,838 6,838 
Financial assets (current and non-current)(1)
1,555 21 142 1,718 
Total$1,555 $21 $8,306 $9,882 
Financial liabilities
Corporate borrowings$— $— $5,084 $5,084 
Non-recourse borrowings (current and non-current)— — 44,675 44,675 
Accounts payable and other— — 4,002 4,002 
Financial liabilities (current and non-current)(1)
405 — 2,358 2,763 
Lease liabilities— — 4,420 4,420 
Preferred shares(2)
— — 20 20 
Total$405 $— $60,559 $60,964 
1.Derivative instruments which are elected for hedge accounting totaling $701 million are included in financial assets and $253 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2023:
US$ 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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,326 $1,326 $1,857 $1,857 
Accounts receivable and other6,838 6,838 6,660 6,660 
Financial assets (current and non-current)1,718 1,718 1,541 1,541 
Total$9,882 $9,882 $10,058 $10,058 
Financial liabilities
Corporate borrowings(1)
$5,084 $4,968 $4,911 $4,796 
Non-recourse borrowings (current and non-current)(2)
44,675 44,372 40,904 40,533 
Accounts payable and other4,002 4,002 4,350 4,350 
Financial liabilities (current and non-current)2,763 2,763 2,875 2,875 
Preferred shares(3)
20 20 20 20 
Total$56,544 $56,125 $53,060 $52,574 
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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2024December 31, 2023
Marketable securities
Level 1(1)
$124 $108 
Foreign currency forward contracts
Level 2(2)
Financial asset$50 $23 
Financial liability25 51 
Interest rate swaps & other
Level 2(2)
Financial asset$802 $685 
Financial liability300 419 
Other contracts
Level 3(3)
Financial asset$600 $598 
Financial liability80 108 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and interest rate.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$1,326 $1,326 $1,857 $1,857 
Accounts receivable and other6,838 6,838 6,660 6,660 
Financial assets (current and non-current)1,718 1,718 1,541 1,541 
Total$9,882 $9,882 $10,058 $10,058 
Financial liabilities
Corporate borrowings(1)
$5,084 $4,968 $4,911 $4,796 
Non-recourse borrowings (current and non-current)(2)
44,675 44,372 40,904 40,533 
Accounts payable and other4,002 4,002 4,350 4,350 
Financial liabilities (current and non-current)2,763 2,763 2,875 2,875 
Preferred shares(3)
20 20 20 20 
Total$56,544 $56,125 $53,060 $52,574 
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.$20 million of preferred shares issued to wholly-owned subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2024December 31, 2023
Marketable securities
Level 1(1)
$124 $108 
Foreign currency forward contracts
Level 2(2)
Financial asset$50 $23 
Financial liability25 51 
Interest rate swaps & other
Level 2(2)
Financial asset$802 $685 
Financial liability300 419 
Other contracts
Level 3(3)
Financial asset$600 $598 
Financial liability80 108 
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 flows and interest rate.