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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $469 $469 
Accounts receivable and other (current and non-current)— 402 402 
Financial assets(1)
30 — 30 
Due from Brookfield Infrastructure— 1,093 1,093 
Total$30 $1,964 $1,994 
Financial liabilities
Accounts payable and other (current and non-current)$— $416 $416 
Non-recourse borrowings— 3,556 3,556 
Exchangeable and class B shares(2)
— 4,466 4,466 
Financial liabilities(1)
— 995 995 
Loans payable to Brookfield Infrastructure— 131 131 
Total$— $9,564 $9,564 
(1)Derivative instruments which are elected for hedge accounting totaling $30 million are included in financial assets and $nil are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets   
Cash and cash equivalents$— $192 $192 
Accounts receivable and other (current and non-current)— 427 427 
Financial assets(1)
27 — 27 
Total$27 $619 $646 
Financial liabilities
Accounts payable and other (current and non-current)$— $334 $334 
Non-recourse borrowings (current and non-current)— 3,477 3,477 
Exchangeable and class B shares(2)
— 2,221 2,221 
Financial liabilities (current and non-current)(1)
69 962 1,031 
Loans payable to Brookfield Infrastructure— 1,143 1,143 
Total$69 $8,137 $8,206 
(1)Derivative instruments which are elected for hedge accounting totaling $27 million are included in financial assets and $nil are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2021:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $469 $469 
Accounts receivable and other (current and non-current)— 402 402 
Financial assets(1)
30 — 30 
Due from Brookfield Infrastructure— 1,093 1,093 
Total$30 $1,964 $1,994 
Financial liabilities
Accounts payable and other (current and non-current)$— $416 $416 
Non-recourse borrowings— 3,556 3,556 
Exchangeable and class B shares(2)
— 4,466 4,466 
Financial liabilities(1)
— 995 995 
Loans payable to Brookfield Infrastructure— 131 131 
Total$— $9,564 $9,564 
(1)Derivative instruments which are elected for hedge accounting totaling $30 million are included in financial assets and $nil are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2020:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets   
Cash and cash equivalents$— $192 $192 
Accounts receivable and other (current and non-current)— 427 427 
Financial assets(1)
27 — 27 
Total$27 $619 $646 
Financial liabilities
Accounts payable and other (current and non-current)$— $334 $334 
Non-recourse borrowings (current and non-current)— 3,477 3,477 
Exchangeable and class B shares(2)
— 2,221 2,221 
Financial liabilities (current and non-current)(1)
69 962 1,031 
Loans payable to Brookfield Infrastructure— 1,143 1,143 
Total$69 $8,137 $8,206 
(1)Derivative instruments which are elected for hedge accounting totaling $27 million are included in financial assets and $nil are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2021 and December 31, 2020:
 Dec. 31, 2021Dec. 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$469 $469 $192 $192 
Accounts receivable and other402 402 427 427 
Financial assets (current and non-current)30 30 27 27 
Due from Brookfield Infrastructure1,093 1,093 — — 
Total$1,994 $1,994 $646 $646 
 Dec. 31, 2021Dec. 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$416 $416 $334 $334 
Non-recourse borrowings (current and non-current)(1)
3,556 3,627 3,477 3,723 
Exchangeable and class B shares(2)
4,466 4,466 2,221 2,221 
Financial liabilities (current and non-current)995 995 1,031 1,031 
Loans payable to Brookfield Infrastructure131 131 1,143 1,143 
Total$9,564 $9,635 $8,206 $8,452 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $85 million as at December 31, 2021.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2021Dec. 31, 2020
Interest rate swaps & other
Level 2(1)
Financial assets$30 $27 
Financial liabilities— 69 
(1)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at December 31, 2021 and December 31, 2020:
 Dec. 31, 2021Dec. 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$469 $469 $192 $192 
Accounts receivable and other402 402 427 427 
Financial assets (current and non-current)30 30 27 27 
Due from Brookfield Infrastructure1,093 1,093 — — 
Total$1,994 $1,994 $646 $646 
 Dec. 31, 2021Dec. 31, 2020
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$416 $416 $334 $334 
Non-recourse borrowings (current and non-current)(1)
3,556 3,627 3,477 3,723 
Exchangeable and class B shares(2)
4,466 4,466 2,221 2,221 
Financial liabilities (current and non-current)995 995 1,031 1,031 
Loans payable to Brookfield Infrastructure131 131 1,143 1,143 
Total$9,564 $9,635 $8,206 $8,452 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. For the purpose of the disclosure above, the class C shares have a fair value of $85 million as at December 31, 2021.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2021Dec. 31, 2020
Interest rate swaps & other
Level 2(1)
Financial assets$30 $27 
Financial liabilities— 69 
(1)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange 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.