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INCOME TAXES (Tables)
 12 Months Ended
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$ MILLIONS20202019
Deferred income tax assets  
Tax losses carried forward$1,002 $397 
Financial instruments and other408 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)$(4,508)
The sources of deferred income tax balances and movements are as follows:
  Recognized in 
US$ MILLIONSJan. 1, 2020Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 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 $(4,488)
  Recognized in 
US$ MILLIONSJan. 1, 2019Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 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$ MILLIONS20212022202320242025BeyondDo not expireTotal
As of December 31, 2020$36 $37 $18 $7 $5 $287 $573 $963 
As of December 31, 20195 36 38 29 4 223 323 658 
US$ MILLIONS202020192018
Deferred income tax arising on income and expenses recognized in other comprehensive income:
   
Revaluation of property, plant and equipment$(219)$(148)$(95)
Cash flow hedges63 3 3 
Pension plan actuarial changes31 3 (5)
Total income tax expense recognized directly in other comprehensive income$(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$ MILLIONS202020192018
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 concerned431 304 275 
Change in substantively enacted tax rates41 (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 recognized50 19 4 
Permanent differences and other(2)9 7 
Income tax expense recognized in profit or loss$291 $278 $364