v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Measurement [Abstract]  
Schedule of Financial Assets
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $431 $431 
Accounts receivable and other (current and non-current)— 2,538 2,538 
Financial assets (current and non-current)(1)
90 — 90 
Due from Brookfield Infrastructure— 1,574 1,574 
Total$90 $4,543 $4,633 
Financial liabilities
Accounts payable and other (current and non-current)$— $921 $921 
Non-recourse borrowings (current and non-current)— 13,169 13,169 
Shares classified as financial liability(2)
— 5,129 5,129 
Financial liabilities (current and non-current)(1)
23 — 23 
Loans payable to Brookfield Infrastructure— 100 100 
Total$23 $19,319 $19,342 
(1)Derivative instruments which are elected for hedge accounting totaling $90 million are included in financial assets and $23 million are included in financial liabilities.
(2)Class B shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class B shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
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 $33 million are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(c)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.
Schedule of Financial Liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
Financial assets
Cash and cash equivalents$— $431 $431 
Accounts receivable and other (current and non-current)— 2,538 2,538 
Financial assets (current and non-current)(1)
90 — 90 
Due from Brookfield Infrastructure— 1,574 1,574 
Total$90 $4,543 $4,633 
Financial liabilities
Accounts payable and other (current and non-current)$— $921 $921 
Non-recourse borrowings (current and non-current)— 13,169 13,169 
Shares classified as financial liability(2)
— 5,129 5,129 
Financial liabilities (current and non-current)(1)
23 — 23 
Loans payable to Brookfield Infrastructure— 100 100 
Total$23 $19,319 $19,342 
(1)Derivative instruments which are elected for hedge accounting totaling $90 million are included in financial assets and $23 million are included in financial liabilities.
(2)Class B shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii), Organization and Description of our Company, the class B shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2024:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized CostTotal
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 $33 million are included in financial liabilities.
(2)Class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(c)(ii), Organization and Description of our Company, the class C shares meet certain qualifying criteria and are presented as equity. See Note 19, Equity.
Schedule of Carrying and Fair Values of Financial Assets
The following table provides the carrying values and fair values of financial instruments as at December 31, 2025 and December 31, 2024:
 Dec. 31, 2025Dec. 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$431 $431 $674 $674 
Accounts receivable and other (current and non-current)2,538 2,538 2,268 2,268 
Financial assets (current and non-current)90 90 232 232 
Due from Brookfield Infrastructure1,574 1,574 1,278 1,278 
Total$4,633 $4,633 $4,452 $4,452 
 Dec. 31, 2025Dec. 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$921 $921 $722 $722 
Non-recourse borrowings (current and non-current)(1)
13,169 12,940 12,178 11,919 
Shares classified as financial liability(2)
5,129 5,129 4,644 4,644 
Financial liabilities (current and non-current)23 23 33 33 
Loans payable to Brookfield Infrastructure100 100 102 102 
Total$19,342 $19,113 $17,679 $17,420 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class B and C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii) and Note 1(c)(ii), Organization and Description of our Company, the class B and C shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2025Dec. 31, 2024
Interest rate swaps & other
Level 2(1)
Financial assets$90 $232 
Financial liabilities23 33 
(1)Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
Schedule of Carrying and Fair Values of Financial Liabilities
The following table provides the carrying values and fair values of financial instruments as at December 31, 2025 and December 31, 2024:
 Dec. 31, 2025Dec. 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets    
Cash and cash equivalents$431 $431 $674 $674 
Accounts receivable and other (current and non-current)2,538 2,538 2,268 2,268 
Financial assets (current and non-current)90 90 232 232 
Due from Brookfield Infrastructure1,574 1,574 1,278 1,278 
Total$4,633 $4,633 $4,452 $4,452 
 Dec. 31, 2025Dec. 31, 2024
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial liabilities    
Accounts payable and other (current and non-current)$921 $921 $722 $722 
Non-recourse borrowings (current and non-current)(1)
13,169 12,940 12,178 11,919 
Shares classified as financial liability(2)
5,129 5,129 4,644 4,644 
Financial liabilities (current and non-current)23 23 33 33 
Loans payable to Brookfield Infrastructure100 100 102 102 
Total$19,342 $19,113 $17,679 $17,420 
(1)Non-recourse borrowings are classified under level 2 of the fair value hierarchy, with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
(2)Class B and C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(b)(ii) and Note 1(c)(ii), Organization and Description of our Company, the class B and C shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value hierarchyDec. 31, 2025Dec. 31, 2024
Interest rate swaps & other
Level 2(1)
Financial assets$90 $232 
Financial liabilities23 33 
(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.