v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Measurement [Abstract]  
Disclosure of financial assets
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2026:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $3,085 $3,085 
Accounts receivable and other— — 8,394 8,394 
Financial assets (current and non-current)(1)
672 21 277 970 
Total$672 $21 $11,756 $12,449 
Financial liabilities
Corporate borrowings$— $— $5,263 $5,263 
Non-recourse borrowings (current and non-current)— — 57,202 57,202 
Accounts payable and other— — 4,992 4,992 
Financial liabilities (current and non-current)(1)
567 — 2,841 3,408 
Lease liabilities— — 4,305 4,305 
Preferred shares(2)
— — 20 20 
Total$567 $— $74,623 $75,190 
1.Derivative instruments which are elected for hedge accounting totaling $301 million are included in financial assets and $271 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $3,201 $3,201 
Accounts receivable and other— — 8,445 8,445 
Financial assets (current and non-current)(1)
753 28 224 1,005 
Total$753 $28 $11,870 $12,651 
Financial liabilities
Corporate borrowings$— $— $4,947 $4,947 
Non-recourse borrowings (current and non-current)— — 59,551 59,551 
Accounts payable and other — — 5,162 5,162 
Financial liabilities (current and non-current)(1)
689 — 2,735 3,424 
Lease liabilities— — 4,584 4,584 
Preferred shares(2)
— — 20 20 
Total$689 $— $76,999 $77,688 
1.Derivative instruments which are elected for hedge accounting totaling $267 million are included in financial assets and $471 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
Disclosure of financial liabilities
The following table provides the allocation of financial instruments and their associated classifications as at June 30, 2026:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $3,085 $3,085 
Accounts receivable and other— — 8,394 8,394 
Financial assets (current and non-current)(1)
672 21 277 970 
Total$672 $21 $11,756 $12,449 
Financial liabilities
Corporate borrowings$— $— $5,263 $5,263 
Non-recourse borrowings (current and non-current)— — 57,202 57,202 
Accounts payable and other— — 4,992 4,992 
Financial liabilities (current and non-current)(1)
567 — 2,841 3,408 
Lease liabilities— — 4,305 4,305 
Preferred shares(2)
— — 20 20 
Total$567 $— $74,623 $75,190 
1.Derivative instruments which are elected for hedge accounting totaling $301 million are included in financial assets and $271 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2025:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossFair value through OCIAmortized CostTotal
Financial assets
Cash and cash equivalents$— $— $3,201 $3,201 
Accounts receivable and other— — 8,445 8,445 
Financial assets (current and non-current)(1)
753 28 224 1,005 
Total$753 $28 $11,870 $12,651 
Financial liabilities
Corporate borrowings$— $— $4,947 $4,947 
Non-recourse borrowings (current and non-current)— — 59,551 59,551 
Accounts payable and other — — 5,162 5,162 
Financial liabilities (current and non-current)(1)
689 — 2,735 3,424 
Lease liabilities— — 4,584 4,584 
Preferred shares(2)
— — 20 20 
Total$689 $— $76,999 $77,688 
1.Derivative instruments which are elected for hedge accounting totaling $267 million are included in financial assets and $471 million of derivative instruments are included in financial liabilities.
2.$20 million of preferred shares issued to subsidiaries of Brookfield.
Carrying and fair values of financial assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$3,085 $3,085 $3,201 $3,201 
Accounts receivable and other8,394 8,394 8,445 8,445 
Financial assets (current and non-current)970 970 1,005 1,005 
Total$12,449 $12,449 $12,651 $12,651 
Financial liabilities
Corporate borrowings(1)
$5,263 $5,255 $4,947 $4,916 
Non-recourse borrowings (current and non-current)(2)
57,202 56,791 59,551 59,386 
Accounts payable and other4,992 4,992 5,162 5,162 
Financial liabilities (current and non-current)3,408 3,408 3,424 3,424 
Preferred shares(3)
20 20 20 20 
Total$70,885 $70,466 $73,104 $72,908 
1.Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available.
2.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.
3.$20 million of preferred shares issued to subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2026December 31, 2025
Marketable securities
Level 1(1)
$20 $105 
Foreign currency forward contracts
Level 2(2)
Financial asset$48 $24 
Financial liability80 95 
Interest rate swaps & other
Level 2(2)
Financial asset$491 $385 
Financial liability331 429 
Other contracts
Level 3(3)
Financial asset$135 $267 
Financial liability156 165 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and interest rates.
Carrying and fair values of financial liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$3,085 $3,085 $3,201 $3,201 
Accounts receivable and other8,394 8,394 8,445 8,445 
Financial assets (current and non-current)970 970 1,005 1,005 
Total$12,449 $12,449 $12,651 $12,651 
Financial liabilities
Corporate borrowings(1)
$5,263 $5,255 $4,947 $4,916 
Non-recourse borrowings (current and non-current)(2)
57,202 56,791 59,551 59,386 
Accounts payable and other4,992 4,992 5,162 5,162 
Financial liabilities (current and non-current)3,408 3,408 3,424 3,424 
Preferred shares(3)
20 20 20 20 
Total$70,885 $70,466 $73,104 $72,908 
1.Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available.
2.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.
3.$20 million of preferred shares issued to subsidiaries of Brookfield.
The fair value of our partnership’s financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2026December 31, 2025
Marketable securities
Level 1(1)
$20 $105 
Foreign currency forward contracts
Level 2(2)
Financial asset$48 $24 
Financial liability80 95 
Interest rate swaps & other
Level 2(2)
Financial asset$491 $385 
Financial liability331 429 
Other contracts
Level 3(3)
Financial asset$135 $267 
Financial liability156 165 
1.Valuation technique: Quoted bid prices in an active market.
2.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest 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.
3.Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and interest rates.