XML 58 R37.htm IDEA: XBRL DOCUMENT v3.24.1
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 lossAmortized CostTotal
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 BASISFair value through profit or lossAmortized CostTotal
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 BASISFair value through profit or lossAmortized CostTotal
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 BASISFair value through profit or lossAmortized CostTotal
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 $72 million are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 18, Equity.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2023 and December 31, 2022:
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair 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 Infrastructure1,288 1,288 566 566 
Total$4,148 $4,148 $1,549 $1,549 
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair 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 Infrastructure26 26 26 26 
Total$17,119 $16,927 $8,690 $8,416 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2023Dec. 31, 2022
Interest rate swaps & other
Level 2(1)
Financial assets$103 $97 
Financial liabilities75 72 
(1)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at December 31, 2023 and December 31, 2022:
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair 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 Infrastructure1,288 1,288 566 566 
Total$4,148 $4,148 $1,549 $1,549 
 Dec. 31, 2023Dec. 31, 2022
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair 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 Infrastructure26 26 26 26 
Total$17,119 $16,927 $8,690 $8,416 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2023Dec. 31, 2022
Interest rate swaps & other
Level 2(1)
Financial assets$103 $97 
Financial liabilities75 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.