v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Measurement [Abstract]  
Schedule of Classification of Financial Assets
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2026:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized costTotal
Financial assets
Cash and cash equivalents$— $690 $690 
Accounts receivable and other (current and non-current)— 2,145 2,145 
Financial assets (current and non-current)(1)
114 — 114 
Due from Brookfield Infrastructure— 1,663 1,663 
Total$114 $4,498 $4,612 
Financial liabilities
Accounts payable and other (current and non-current)$— $904 $904 
Non-recourse borrowings (current and non-current)— 12,786 12,786 
Shares classified as financial liability(2)
— 5,392 5,392 
Financial liabilities (current and non-current)(1)
57 — 57 
Loans payable to Brookfield Infrastructure— 100 100 
Total$57 $19,182 $19,239 
1.Derivative instruments which are elected for hedge accounting totaling $66 million are included in financial assets and $57 million are included in financial liabilities.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2025:
US$ 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 $23 million are included in financial liabilities.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
Schedule of Classification of Financial Liabilities
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at June 30, 2026:
US$ MILLIONS
Financial Instrument Classification
MEASUREMENT BASISFair value through profit or lossAmortized costTotal
Financial assets
Cash and cash equivalents$— $690 $690 
Accounts receivable and other (current and non-current)— 2,145 2,145 
Financial assets (current and non-current)(1)
114 — 114 
Due from Brookfield Infrastructure— 1,663 1,663 
Total$114 $4,498 $4,612 
Financial liabilities
Accounts payable and other (current and non-current)$— $904 $904 
Non-recourse borrowings (current and non-current)— 12,786 12,786 
Shares classified as financial liability(2)
— 5,392 5,392 
Financial liabilities (current and non-current)(1)
57 — 57 
Loans payable to Brookfield Infrastructure— 100 100 
Total$57 $19,182 $19,239 
1.Derivative instruments which are elected for hedge accounting totaling $66 million are included in financial assets and $57 million are included in financial liabilities.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2025:
US$ 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 $23 million are included in financial liabilities.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity. See Note 15, Equity.
Schedule of Carrying and Fair Values of Financial Assets
The following table provides the carrying values and fair values of financial instruments as at June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$690 $690 $431 $431 
Accounts receivable and other (current and non-current)2,145 2,145 2,538 2,538 
Financial assets (current and non-current)114 114 90 90 
Due from Brookfield Infrastructure1,663 1,663 1,574 1,574 
Total$4,612 $4,612 $4,633 $4,633 
Financial liabilities
Accounts payable and other (current and non-current)$904 $904 $921 $921 
Non-recourse borrowings (current and non-current)(1)
12,786 12,471 13,169 12,940 
Shares classified as financial liability(2)
5,392 5,392 5,129 5,129 
Financial liabilities (current and non-current)57 57 23 23 
Loans payable to Brookfield Infrastructure100 100 100 100 
Total$19,239 $18,924 $19,342 $19,113 
1.Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2026December 31, 2025
Interest rate swaps & other
Level 2(1)
Financial assets$114 $90 
Financial liabilities57 23 
1.Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.
Schedule of Carrying and Fair Values of Financial Liabilities
The following table provides the carrying values and fair values of financial instruments as at June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
US$ MILLIONSCarrying ValueFair ValueCarrying ValueFair Value
Financial assets
Cash and cash equivalents$690 $690 $431 $431 
Accounts receivable and other (current and non-current)2,145 2,145 2,538 2,538 
Financial assets (current and non-current)114 114 90 90 
Due from Brookfield Infrastructure1,663 1,663 1,574 1,574 
Total$4,612 $4,612 $4,633 $4,633 
Financial liabilities
Accounts payable and other (current and non-current)$904 $904 $921 $921 
Non-recourse borrowings (current and non-current)(1)
12,786 12,471 13,169 12,940 
Shares classified as financial liability(2)
5,392 5,392 5,129 5,129 
Financial liabilities (current and non-current)57 57 23 23 
Loans payable to Brookfield Infrastructure100 100 100 100 
Total$19,239 $18,924 $19,342 $19,113 
1.Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.
2.Class B shares are also classified as financial liabilities due to their cash redemption feature. The class B shares meet certain qualifying criteria and are presented as equity.
The following table summarizes the valuation techniques and significant inputs for our company’s financial assets and financial liabilities:
US$ MILLIONSFair value
hierarchy		June 30, 2026December 31, 2025
Interest rate swaps & other
Level 2(1)
Financial assets$114 $90 
Financial liabilities57 23 
1.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.