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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Notional amount of derivative positions | Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2017 and 2016.
|  | Notional Amount (U.S. Dollars) |  | Average Exchange Rate
US$ MILLIONS |  | 2017 |  | 2016 |  | 2017 |  | 2016
Foreign exchange contracts |  |  |  |  |  |  |  |
Australian dollars |  | $ | 1,214 |  |  | $ | 2,133 |  |  | 0.74 |  |  | 0.73 |
British pounds |  | 2,069 |  |  | 1,810 |  |  | 1.30 |  |  | 1.30 |
European Union euros |  | 491 |  |  | 374 |  |  | 1.17 |  |  | 1.14 |
Brazilian reais |  | — |  |  | 144 |  |  | — |  |  | 3.37 |
Canadian dollars |  | 42 |  |  | 27 |  |  | 0.77 |  |  | 0.76 |
|  | $ | 3,816 |  |  | $ | 4,488 |  |  |  |  |  |  |
The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2017 and 2016 were as follows:
US$ MILLIONS |  | Note |  | 2017 |  | 2016
Foreign exchange contracts |  | (a) |  | $ | 3,816 |  |  | $ | 4,488 |
Interest rates swaps and other |  | (b) |  | 5,013 |  |  | 4,416 |
|  |  |  | $ | 8,829 |  |  | $ | 8,904 |
Disclosure of change in fair values of derivative positions | The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2017 and 2016:
US$ MILLIONS |  | Unrealized Gains on Derivative Financial Assets |  | Unrealized Losses on Derivative Financial Liabilities |  | Net Change During 2017 |  | Net Change During 2016
Foreign exchange derivatives |  | $ | — |  |  | $ | (305 | ) |  | $ | (305 | ) |  | $ | 97 |
Interest rate derivative |  | 132 |  |  | (69 | ) |  | 63 |  |  | 15 |
|  | $ | 132 |  |  | $ | (374 | ) |  | $ | (242 | ) |  | $ | 112 |
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2017 and the comparative notional amounts at December 31, 2016, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
|  | 2017 |  | 2016
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 640 |  |  | $ | 807 |  |  | $ | — |  |  | $ | 1,447 |  |  | $ | 1,351 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate and cross currency interest rate swaps |  | 273 |  |  | 484 |  |  | 59 |  |  | 816 |  |  | 752 |
Inflation linked swaps |  | — |  |  | — |  |  | 170 |  |  | 170 |  |  | 155 |
|  | $ | 913 |  |  | $ | 1,291 |  |  | $ | 229 |  |  | $ | 2,433 |  |  | $ | 2,258 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 1,788 |  |  | $ | 581 |  |  | $ | — |  |  | $ | 2,369 |  |  | $ | 3,136 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate and cross currency interest rate swaps |  | 99 |  |  | 2,051 |  |  | 1,877 |  |  | 4,027 |  |  | 3,509 |
|  | $ | 1,887 |  |  | $ | 2,632 |  |  | $ | 1,877 |  |  | $ | 6,396 |  |  | $ | 6,645 |
Disclosure of derivatives elected for hedge accounting | The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2017 and 2016 as either cash flow hedges or net investment hedges. Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
|  | 2017 |  | 2016
AS AT AND FOR THE YEARS ENDED (MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 4,027 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 3,509 |  |  | $ | 30 |  |  | $ | 1 |
Net investment hedges |  | 2,369 |  |  | (197 | ) |  | — |  |  | 3,136 |  |  | 53 |  |  | — |
|  | $ | 6,396 |  |  | $ | (182 | ) |  | $ | — |  |  | $ | 6,645 |  |  | $ | 83 |  |  | $ | 1 |

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