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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Deferred income tax balances | The sources of deferred income tax balances are as follows:
|  | As of December 31,
US$ MILLIONS |  | 2020 |  | 2019
Deferred income tax assets |  |  |  |
Tax losses carried forward |  | $ | 1,002 |  |  | $ | 397 |
Financial instruments and other |  | 408 |  |  | 364 |
|  | $ | 1,410 |  |  | $ | 761 |
Deferred income tax liabilities |  |  |  |
Property, plant and equipment |  | $ | (3,367) |  |  | $ | (2,541) |
Intangible assets |  | (2,458) |  |  | (2,714) |
Investment in associates and investment properties |  | (73) |  |  | (14) |
|  | $ | (5,898) |  |  | $ | (5,269) |
Net deferred income tax liabilities |  | $ | (4,488) |  |  | $ | (4,508) |
Reflected in the Consolidated Statements of Financial Position as follows: |  |  |  |
Deferred income tax assets |  | $ | 124 |  |  | $ | 112 |
Deferred income tax liabilities |  | (4,612) |  |  | (4,620) |
Net deferred income tax liabilities |  | $ | (4,488) |  |  | $ | (4,508) |
The sources of deferred income tax balances and movements are as follows:
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2020 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions/ Dispositions |  | Dec. 31, 2020
Deferred income tax assets related to non-capital losses and capital losses |  | $ | 397 |  |  | $ | 506 |  |  | $ | — |  |  | $ | 146 |  |  | $ | (50) |  |  | $ | 999 |
Deferred income tax liabilities related to differences in tax and book basis, net |  | (4,905) |  |  | (560) |  |  | (125) |  |  | (126) |  |  | 229 |  |  | (5,487) |
Net deferred income tax liabilities |  | $ | (4,508) |  |  | $ | (54) |  |  | $ | (125) |  |  | $ | 20 |  |  | $ | 179 |  |  | $ | (4,488) |
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2019 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions/ Dispositions |  | Dec. 31, 2019
Deferred income tax assets related to non-capital losses and capital losses |  | $ | 394 |  |  | $ | 40 |  |  | $ | — |  |  | $ | (22) |  |  | $ | (15) |  |  | $ | 397 |
Deferred income tax liabilities related to differences in tax and book basis, net |  | (3,740) |  |  | (68) |  |  | (142) |  |  | 54 |  |  | (1,009) |  |  | (4,905) |
Net deferred income tax liabilities |  | $ | (3,346) |  |  | $ | (28) |  |  | $ | (142) |  |  | $ | 32 |  |  | $ | (1,024) |  |  | $ | (4,508) |
(1)Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity. The following table details the expiry date, if applicable, of the non-capital losses:
|  | Year of Expiration |  |
US$ MILLIONS |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Beyond |  | Do not expire |  | Total
As of December 31, 2020 |  | $ | 36 |  |  | $ | 37 |  |  | $ | 18 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 287 |  |  | $ | 573 |  |  | $ | 963 |
As of December 31, 2019 |  | 5 |  |  | 36 |  |  | 38 |  |  | 29 |  |  | 4 |  |  | 223 |  |  | 323 |  |  | 658 |
US$ MILLIONS |  | 2020 |  | 2019 |  | 2018
Deferred income tax arising on income and expenses recognized in other comprehensive income: |  |  |  |  |  |
Revaluation of property, plant and equipment |  | $ | (219) |  |  | $ | (148) |  |  | $ | (95) |
Cash flow hedges |  | 63 |  |  | 3 |  |  | 3 |
Pension plan actuarial changes |  | 31 |  |  | 3 |  |  | (5) |
Total income tax expense recognized directly in other comprehensive income |  | $ | (125) |  |  | $ | (142) |  |  | $ | (97) |
Components of income tax expense (recovery) | The major components of income tax expense include the following:
|  | For the year ended December 31,
US$ MILLIONS |  | 2020 |  | 2019 |  | 2018
Tax expense comprises: |  |  |  |  |  |
Current income tax expense |  | $ | 237 |  |  | $ | 250 |  |  | $ | 318 |
Deferred income tax (recovery) expense |  |  |  |  |  |
Origination and reversal of temporary differences |  | (37) |  |  | 29 |  |  | 53 |
Changes in tax rates or the imposition of new taxes |  | 41 |  |  | (20) |  |  | (11) |
Previously unrecognized deferred taxes |  | 50 |  |  | 19 |  |  | 4 |
Total income tax expense |  | $ | 291 |  |  | $ | 278 |  |  | $ | 364 |
Net income before income tax expense reconciles to income tax expense as follows: |  |  |  |  |  |
Net income before income tax |  | $ | 1,195 |  |  | $ | 928 |  |  | $ | 1,170 |
Income tax expense calculated at the domestic rates applicable to profits in the country concerned |  | 431 |  |  | 304 |  |  | 275 |
Change in substantively enacted tax rates |  | 41 |  |  | (20) |  |  | (11) |
International operations subject to different tax rates |  | (21) |  |  | (6) |  |  | (17) |
Taxable income attributable to non-controlling interests |  | (91) |  |  | (62) |  |  | (35) |
Portion of gains subject to different tax rates |  | (117) |  |  | 34 |  |  | 141 |
Deferred tax assets not recognized |  | 50 |  |  | 19 |  |  | 4 |
Permanent differences and other |  | (2) |  |  | 9 |  |  | 7 |
Income tax expense recognized in profit or loss |  | $ | 291 |  |  | $ | 278 |  |  | $ | 364 |

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