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DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2018
Financial Instruments [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Brookfield Infrastructure’s activities expose it to a variety of financial risks, including market risk (i.e. currency risk, interest rate risk, commodity risk and other price risk), credit risk and liquidity risk. Brookfield Infrastructure and its subsidiaries selectively use derivative financial instruments principally to manage these risks. The aggregate notional amount of Brookfield Infrastructure’s derivative positions at December 31, 2018 and 2017 were as follows:
US$ MILLIONS |  | Note |  | 2018 |  | 2017
Foreign exchange contracts |  | (a) |  | $ | 3,482 |  |  | $ | 3,816 |
Interest rates swaps and other |  | (b) |  | 6,484 |  |  | 5,013 |
|  |  |  | $ | 9,966 |  |  | $ | 8,829 |
The following table presents the change in fair values of Brookfield Infrastructure’s derivative positions during the years ended December 31, 2018 and 2017:
US$ MILLIONS |  | Unrealized Gains on Derivative Financial Assets |  | Unrealized Losses on Derivative Financial Liabilities |  | Net Change During 2018 |  | Net Change During 2017
Foreign exchange derivatives |  | $ | 182 |  |  | $ | 173 |  |  | $ | 355 |  |  | $ | (305 | )
Interest rate derivative |  | 40 |  |  | (182 | ) |  | (142 | ) |  | 63 |
|  | $ | 222 |  |  | $ | (9 | ) |  | $ | 213 |  |  | $ | (242 | )
(a) | Foreign Exchange
Brookfield Infrastructure held the following foreign exchange contracts with notional amounts at December 31, 2018 and 2017.
|  | Notional Amount (U.S. Dollars) |  | Average Exchange Rate
US$ MILLIONS |  | 2018 |  | 2017 |  | 2018 |  | 2017
Foreign exchange contracts |  |  |  |  |  |  |  |
Australian dollars |  | $ | 1,184 |  |  | $ | 1,214 |  |  | 0.75 |  |  | 0.74 |
British pounds |  | 1,263 |  |  | 2,069 |  |  | 1.36 |  |  | 1.30 |
European Union euros |  | 461 |  |  | 491 |  |  | 1.22 |  |  | 1.17 |
Canadian dollars |  | 308 |  |  | 42 |  |  | 0.78 |  |  | 0.77 |
Chilean pesos |  | 255 |  |  | — |  |  | 0.0015 |  |  | — |
Peruvian soles |  | 11 |  |  | — |  |  | 0.30 |  |  | — |
|  | $ | 3,482 |  |  | $ | 3,816 |  |  |  |  |  |  |
(b) | Interest Rates
At December 31, 2018, Brookfield Infrastructure held interest rate and cross currency interest rate swap contracts having an aggregate notional amount of $6,324 million (2017: $4,843 million). Brookfield Infrastructure has inflation linked swaps with an aggregate notional amount of $160 million (2017: $170 million). Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying Brookfield Infrastructure’s derivative instruments by term to maturity as at December 31, 2018 and the comparative notional amounts at December 31, 2017, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
|  | 2018 |  | 2017
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 742 |  |  | $ | 1,026 |  |  | $ | — |  |  | $ | 1,768 |  |  | $ | 1,447 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate and cross currency interest rate swaps |  | 247 |  |  | — |  |  | 53 |  |  | 300 |  |  | 816 |
Inflation linked swaps |  | — |  |  | — |  |  | 160 |  |  | 160 |  |  | 170 |
|  | $ | 989 |  |  | $ | 1,026 |  |  | $ | 213 |  |  | $ | 2,228 |  |  | $ | 2,433 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | $ | 1,590 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 1,714 |  |  | $ | 2,369 |
Interest rate derivatives |  |  |  |  |  |  |  |  |  |
Interest rate and cross currency interest rate swaps |  | 15 |  |  | 3,858 |  |  | 2,151 |  |  | 6,024 |  |  | 4,027 |
|  | $ | 1,605 |  |  | $ | 3,982 |  |  | $ | 2,151 |  |  | $ | 7,738 |  |  | $ | 6,396 |
The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2018 and 2017 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:
|  | 2018 |  | 2017
AS AT AND FOR THE YEARS ENDED (MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 6,024 |  |  | $ | (101 | ) |  | $ | (1 | ) |  | $ | 4,027 |  |  | $ | 15 |  |  | $ | — |
Net investment hedges |  | 1,714 |  |  | 189 |  |  | 9 |  |  | 2,369 |  |  | (197 | ) |  | — |
|  | $ | 7,738 |  |  | $ | 88 |  |  | $ | 8 |  |  | $ | 6,396 |  |  | $ | (182 | ) |  | $ | — |
Our partnership settles the difference between the contracted fixed and floating rates of its interest rate swaps on a net basis. All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are designated as cash flow hedges in order to reduce our partnership’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on borrowings affect profit or loss.

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- Definition Financial Instruments [Abstract] + References No definition available. + Details
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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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