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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 |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 539 |  |  | $ | 539 |
Accounts receivable and other (current and non-current) |  | — |  |  | 2,218 |  |  | 2,218 |
Financial assets (current and non-current)(1) |  | 103 |  |  | — |  |  | 103 |
Due from Brookfield Infrastructure |  | — |  |  | 1,288 |  |  | 1,288 |
Total |  | $ | 103 |  |  | $ | 4,045 |  |  | $ | 4,148 |
Financial liabilities |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | — |  |  | $ | 837 |  |  | $ | 837 |
Non-recourse borrowings (current and non-current) |  | — |  |  | 12,028 |  |  | 12,028 |
Exchangeable and class B shares(2) |  | — |  |  | 4,153 |  |  | 4,153 |
Financial liabilities (current and non-current)(1) |  | 75 |  |  | — |  |  | 75 |
Loans payable to Brookfield Infrastructure |  | — |  |  | 26 |  |  | 26 |
Total |  | $ | 75 |  |  | $ | 17,044 |  |  | $ | 17,119 |
(1)Derivative instruments which are elected for hedge accounting totaling $103 million are included in financial assets and $75 million are included in financial liabilities. (2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  |  |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  |  |  | $ | 445 |  |  | $ | 445 |
Accounts receivable and other (current and non-current) |  | — |  |  |  |  | 441 |  |  | 441 |
Financial assets (current and non-current)(1) |  | 97 |  |  |  |  | — |  |  | 97 |
Due from Brookfield Infrastructure |  | — |  |  |  |  | 566 |  |  | 566 |
Total |  | $ | 97 |  |  |  |  | $ | 1,452 |  |  | $ | 1,549 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | — |  |  |  |  | $ | 589 |  |  | $ | 589 |
Non-recourse borrowings |  | — |  |  |  |  | 4,577 |  |  | 4,577 |
Exchangeable and class B shares(2) |  | — |  |  |  |  | 3,426 |  |  | 3,426 |
Financial liabilities (current and non-current)(1) |  | 72 |  |  |  |  | — |  |  | 72 |
Loans payable to Brookfield Infrastructure |  | — |  |  |  |  | 26 |  |  | 26 |
Total |  | $ | 72 |  |  |  |  | $ | 8,618 |  |  | $ | 8,690 |
(1)Derivative instruments which are elected for hedge accounting totaling $97 million are included in financial assets and $72 million are included in financial liabilities. (2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
Disclosure of financial liabilities | The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2023:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 539 |  |  | $ | 539 |
Accounts receivable and other (current and non-current) |  | — |  |  | 2,218 |  |  | 2,218 |
Financial assets (current and non-current)(1) |  | 103 |  |  | — |  |  | 103 |
Due from Brookfield Infrastructure |  | — |  |  | 1,288 |  |  | 1,288 |
Total |  | $ | 103 |  |  | $ | 4,045 |  |  | $ | 4,148 |
Financial liabilities |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | — |  |  | $ | 837 |  |  | $ | 837 |
Non-recourse borrowings (current and non-current) |  | — |  |  | 12,028 |  |  | 12,028 |
Exchangeable and class B shares(2) |  | — |  |  | 4,153 |  |  | 4,153 |
Financial liabilities (current and non-current)(1) |  | 75 |  |  | — |  |  | 75 |
Loans payable to Brookfield Infrastructure |  | — |  |  | 26 |  |  | 26 |
Total |  | $ | 75 |  |  | $ | 17,044 |  |  | $ | 17,119 |
(1)Derivative instruments which are elected for hedge accounting totaling $103 million are included in financial assets and $75 million are included in financial liabilities. (2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2022:
US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS |  | Fair value through profit or loss |  |  |  | Amortized Cost |  | Total
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  |  |  | $ | 445 |  |  | $ | 445 |
Accounts receivable and other (current and non-current) |  | — |  |  |  |  | 441 |  |  | 441 |
Financial assets (current and non-current)(1) |  | 97 |  |  |  |  | — |  |  | 97 |
Due from Brookfield Infrastructure |  | — |  |  |  |  | 566 |  |  | 566 |
Total |  | $ | 97 |  |  |  |  | $ | 1,452 |  |  | $ | 1,549 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | — |  |  |  |  | $ | 589 |  |  | $ | 589 |
Non-recourse borrowings |  | — |  |  |  |  | 4,577 |  |  | 4,577 |
Exchangeable and class B shares(2) |  | — |  |  |  |  | 3,426 |  |  | 3,426 |
Financial liabilities (current and non-current)(1) |  | 72 |  |  |  |  | — |  |  | 72 |
Loans payable to Brookfield Infrastructure |  | — |  |  |  |  | 26 |  |  | 26 |
Total |  | $ | 72 |  |  |  |  | $ | 8,618 |  |  | $ | 8,690 |
(1)Derivative instruments which are elected for hedge accounting totaling $97 million are included in financial assets and $72 million are included in financial liabilities. (2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
Carrying and fair values of financial assets | The following table provides the carrying values and fair values of financial instruments as at December 31, 2023 and December 31, 2022:
|  | Dec. 31, 2023 |  | Dec. 31, 2022
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 539 |  |  | $ | 539 |  |  | $ | 445 |  |  | $ | 445 |
Accounts receivable and other (current and non-current) |  | 2,218 |  |  | 2,218 |  |  | 441 |  |  | 441 |
Financial assets (current and non-current) |  | 103 |  |  | 103 |  |  | 97 |  |  | 97 |
Due from Brookfield Infrastructure |  | 1,288 |  |  | 1,288 |  |  | 566 |  |  | 566 |
Total |  | $ | 4,148 |  |  | $ | 4,148 |  |  | $ | 1,549 |  |  | $ | 1,549 |
|  | Dec. 31, 2023 |  | Dec. 31, 2022
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities |  |  |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | 837 |  |  | $ | 837 |  |  | $ | 589 |  |  | $ | 589 |
Non-recourse borrowings (current and non-current)(1) |  | 12,028 |  |  | 11,836 |  |  | 4,577 |  |  | 4,303 |
Exchangeable and class B shares(2) |  | 4,153 |  |  | 4,153 |  |  | 3,426 |  |  | 3,426 |
Financial liabilities (current and non-current) |  | 75 |  |  | 75 |  |  | 72 |  |  | 72 |
Loans payable to Brookfield Infrastructure |  | 26 |  |  | 26 |  |  | 26 |  |  | 26 |
Total |  | $ | 17,119 |  |  | $ | 16,927 |  |  | $ | 8,690 |  |  | $ | 8,416 |
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our 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. (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. The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2023 |  | Dec. 31, 2022
Interest rate swaps & other |  | Level 2(1) |  |  |  |
Financial assets |  |  |  | $ | 103 |  |  | $ | 97 |
Financial liabilities |  |  |  | 75 |  |  | 72 |
(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, 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 |  | $ | 539 |  |  | $ | 539 |  |  | $ | 445 |  |  | $ | 445 |
Accounts receivable and other (current and non-current) |  | 2,218 |  |  | 2,218 |  |  | 441 |  |  | 441 |
Financial assets (current and non-current) |  | 103 |  |  | 103 |  |  | 97 |  |  | 97 |
Due from Brookfield Infrastructure |  | 1,288 |  |  | 1,288 |  |  | 566 |  |  | 566 |
Total |  | $ | 4,148 |  |  | $ | 4,148 |  |  | $ | 1,549 |  |  | $ | 1,549 |
|  | Dec. 31, 2023 |  | Dec. 31, 2022
US$ MILLIONS |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities |  |  |  |  |  |  |  |
Accounts payable and other (current and non-current) |  | $ | 837 |  |  | $ | 837 |  |  | $ | 589 |  |  | $ | 589 |
Non-recourse borrowings (current and non-current)(1) |  | 12,028 |  |  | 11,836 |  |  | 4,577 |  |  | 4,303 |
Exchangeable and class B shares(2) |  | 4,153 |  |  | 4,153 |  |  | 3,426 |  |  | 3,426 |
Financial liabilities (current and non-current) |  | 75 |  |  | 75 |  |  | 72 |  |  | 72 |
Loans payable to Brookfield Infrastructure |  | 26 |  |  | 26 |  |  | 26 |  |  | 26 |
Total |  | $ | 17,119 |  |  | $ | 16,927 |  |  | $ | 8,690 |  |  | $ | 8,416 |
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our 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. (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. The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONS |  | Fair value hierarchy |  | Dec. 31, 2023 |  | Dec. 31, 2022
Interest rate swaps & other |  | Level 2(1) |  |  |  |
Financial assets |  |  |  | $ | 103 |  |  | $ | 97 |
Financial liabilities |  |  |  | 75 |  |  | 72 |
(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.

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