FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024:

US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS	Fair value through profit or loss		Amortized Cost		Total
Financial assets
Cash and cash equivalents	$	—	$	674	$	674
Accounts receivable and other (current and non-current)	—		2,268		2,268
Financial assets (current and non-current)(1)	232		—		232
Due from Brookfield Infrastructure	—		1,278		1,278
Total	$	232	$	4,220	$	4,452
Financial liabilities
Accounts payable and other (current and non-current)	$	—	$	722	$	722
Non-recourse borrowings (current and non-current)	—		12,178		12,178
Shares classified as financial liability(2)	—		4,644		4,644
Financial liabilities (current and non-current)(1)	33		—		33
Loans payable to Brookfield Infrastructure	—		102		102
Total	$	33	$	17,646	$	17,679

(1)Derivative instruments which are elected for hedge accounting totaling $232 million are included in financial assets and $33 million are included in financial liabilities.

(2)Class B 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 B shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.

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
Shares classified as financial liability(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(c)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.

Disclosure of financial liabilities

The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2024:

US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS	Fair value through profit or loss		Amortized Cost		Total
Financial assets
Cash and cash equivalents	$	—	$	674	$	674
Accounts receivable and other (current and non-current)	—		2,268		2,268
Financial assets (current and non-current)(1)	232		—		232
Due from Brookfield Infrastructure	—		1,278		1,278
Total	$	232	$	4,220	$	4,452
Financial liabilities
Accounts payable and other (current and non-current)	$	—	$	722	$	722
Non-recourse borrowings (current and non-current)	—		12,178		12,178
Shares classified as financial liability(2)	—		4,644		4,644
Financial liabilities (current and non-current)(1)	33		—		33
Loans payable to Brookfield Infrastructure	—		102		102
Total	$	33	$	17,646	$	17,679

(1)Derivative instruments which are elected for hedge accounting totaling $232 million are included in financial assets and $33 million are included in financial liabilities.

(2)Class B 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 B shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.

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
Shares classified as financial liability(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(c)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 19, 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, 2024 and December 31, 2023:

	Dec. 31, 2024				Dec. 31, 2023
US$ MILLIONS	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	674	$	674	$	539	$	539
Accounts receivable and other (current and non-current)	2,268		2,268		2,218		2,218
Financial assets (current and non-current)	232		232		103		103
Due from Brookfield Infrastructure	1,278		1,278		1,288		1,288
Total	$	4,452	$	4,452	$	4,148	$	4,148

	Dec. 31, 2024				Dec. 31, 2023
US$ MILLIONS	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities
Accounts payable and other (current and non-current)	$	722	$	722	$	837	$	837
Non-recourse borrowings (current and non-current)(1)	12,178		11,919		12,028		11,836
Shares classified as financial liability(2)	4,644		4,644		4,153		4,153
Financial liabilities (current and non-current)	33		33		75		75
Loans payable to Brookfield Infrastructure	102		102		26		26
Total	$	17,679	$	17,420	$	17,119	$	16,927

(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 B and C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii) and Note 1(c)(ii), Organization and Description of our Company, the class B and 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, 2024		Dec. 31, 2023
Interest rate swaps & other	Level 2(1)
Financial assets		$	232	$	103
Financial liabilities		33		75

(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, 2024 and December 31, 2023:

	Dec. 31, 2024				Dec. 31, 2023
US$ MILLIONS	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	674	$	674	$	539	$	539
Accounts receivable and other (current and non-current)	2,268		2,268		2,218		2,218
Financial assets (current and non-current)	232		232		103		103
Due from Brookfield Infrastructure	1,278		1,278		1,288		1,288
Total	$	4,452	$	4,452	$	4,148	$	4,148

	Dec. 31, 2024				Dec. 31, 2023
US$ MILLIONS	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities
Accounts payable and other (current and non-current)	$	722	$	722	$	837	$	837
Non-recourse borrowings (current and non-current)(1)	12,178		11,919		12,028		11,836
Shares classified as financial liability(2)	4,644		4,644		4,153		4,153
Financial liabilities (current and non-current)	33		33		75		75
Loans payable to Brookfield Infrastructure	102		102		26		26
Total	$	17,679	$	17,420	$	17,119	$	16,927

(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 B and C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii) and Note 1(c)(ii), Organization and Description of our Company, the class B and 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, 2024		Dec. 31, 2023
Interest rate swaps & other	Level 2(1)
Financial assets		$	232	$	103
Financial liabilities		33		75

(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.