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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $2,342 $2,342 
Accounts receivable and other— — 7,622 7,622 
Financial assets (current and non-current)(1)
530 28 240 798 
Total$530 $28 $10,204 $10,762 
Financial liabilities
Corporate borrowings$— $— $4,988 $4,988 
Non-recourse borrowings (current and non-current)— — 47,640 47,640 
Accounts payable and other— — 4,142 4,142 
Financial liabilities (current and non-current)(1)
774 — 2,393 3,167 
Lease liabilities— — 5,083 5,083 
Preferred shares(2)
— — 20 20 
Total$774 $— $64,266 $65,040 
1.Derivative instruments which are elected for hedge accounting totaling $246 million are included in financial assets and $593 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $2,071 $2,071 
Accounts receivable and other— — 7,130 7,130 
Financial assets (current and non-current)(1)
1,214 25 156 1,395 
Total$1,214 $25 $9,357 $10,596 
Financial liabilities
Corporate borrowings$— $— $4,542 $4,542 
Non-recourse borrowings (current and non-current)— — 46,552 46,552 
Accounts payable and other — — 4,344 4,344 
Financial liabilities (current and non-current)(1)
414 — 2,366 2,780 
Lease liabilities— — 5,117 5,117 
Preferred shares(2)
— — 20 20 
Total$414 $— $62,941 $63,355 
1.Derivative instruments which are elected for hedge accounting totaling $582 million are included in financial assets and $267 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $2,342 $2,342 
Accounts receivable and other— — 7,622 7,622 
Financial assets (current and non-current)(1)
530 28 240 798 
Total$530 $28 $10,204 $10,762 
Financial liabilities
Corporate borrowings$— $— $4,988 $4,988 
Non-recourse borrowings (current and non-current)— — 47,640 47,640 
Accounts payable and other— — 4,142 4,142 
Financial liabilities (current and non-current)(1)
774 — 2,393 3,167 
Lease liabilities— — 5,083 5,083 
Preferred shares(2)
— — 20 20 
Total$774 $— $64,266 $65,040 
1.Derivative instruments which are elected for hedge accounting totaling $246 million are included in financial assets and $593 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $2,071 $2,071 
Accounts receivable and other— — 7,130 7,130 
Financial assets (current and non-current)(1)
1,214 25 156 1,395 
Total$1,214 $25 $9,357 $10,596 
Financial liabilities
Corporate borrowings$— $— $4,542 $4,542 
Non-recourse borrowings (current and non-current)— — 46,552 46,552 
Accounts payable and other — — 4,344 4,344 
Financial liabilities (current and non-current)(1)
414 — 2,366 2,780 
Lease liabilities— — 5,117 5,117 
Preferred shares(2)
— — 20 20 
Total$414 $— $62,941 $63,355 
1.Derivative instruments which are elected for hedge accounting totaling $582 million are included in financial assets and $267 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$2,342 $2,342 $2,071 $2,071 
Accounts receivable and other7,622 7,622 7,130 7,130 
Financial assets (current and non-current)798 798 1,395 1,395 
Total$10,762 $10,762 $10,596 $10,596 
Financial liabilities
Corporate borrowings(1)
$4,988 $4,964 $4,542 $4,533 
Non-recourse borrowings (current and non-current)(2)
47,640 47,470 46,552 46,388 
Accounts payable and other4,142 4,142 4,344 4,344 
Financial liabilities (current and non-current)3,167 3,167 2,780 2,780 
Preferred shares(3)
20 20 20 20 
Total$59,957 $59,763 $58,238 $58,065 
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
hierarchy		June 30, 2025December 31, 2024
Marketable securities
Level 1(1)
$49 $91 
Foreign currency forward contracts
Level 2(2)
Financial asset$13 $78 
Financial liability207 17 
Interest rate swaps & other
Level 2(2)
Financial asset$307 $671 
Financial liability467 312 
Other contracts
Level 3(3)
Financial asset$189 $399 
Financial liability100 85 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and interest rates.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$2,342 $2,342 $2,071 $2,071 
Accounts receivable and other7,622 7,622 7,130 7,130 
Financial assets (current and non-current)798 798 1,395 1,395 
Total$10,762 $10,762 $10,596 $10,596 
Financial liabilities
Corporate borrowings(1)
$4,988 $4,964 $4,542 $4,533 
Non-recourse borrowings (current and non-current)(2)
47,640 47,470 46,552 46,388 
Accounts payable and other4,142 4,142 4,344 4,344 
Financial liabilities (current and non-current)3,167 3,167 2,780 2,780 
Preferred shares(3)
20 20 20 20 
Total$59,957 $59,763 $58,238 $58,065 
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
hierarchy		June 30, 2025December 31, 2024
Marketable securities
Level 1(1)
$49 $91 
Foreign currency forward contracts
Level 2(2)
Financial asset$13 $78 
Financial liability207 17 
Interest rate swaps & other
Level 2(2)
Financial asset$307 $671 
Financial liability467 312 
Other contracts
Level 3(3)
Financial asset$189 $399 
Financial liability100 85 
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 rates.