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DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2020
Financial Instruments [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Our company’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. Our company selectively uses derivative financial instruments principally to manage these risks. The aggregate notional amount of our company’s derivative positions at December 31, 2020 and 2019 were as follows:
|  |  |  | As of December 31,
US$ MILLIONS |  | Note |  | 2020 |  | 2019
Interest rate swaps and other |  | (a) |  | $ | 447 |  |  | $ | 434 |
|  |  |  | $ | 447 |  |  | $ | 434 |
The following table presents the change in fair values of our company’s derivative positions during the years ended December 31, 2020 and 2019:
US$ MILLIONS |  | Unrealized Gains on Derivative Financial Assets |  | Unrealized Losses on Derivative Financial Liabilities |  | Net Change During 2020 |  | Net Change During 2019
Interest rate swaps and other |  | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 10 |
|  | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 10 |
(a)Interest Rates At December 31, 2020, our company held interest rate and cross currency interest rate swap contracts having an aggregate notional amount of $275 million (2019: $267 million). Our company has inflation linked swaps with an aggregate notional amount of $172 million (2019: $167 million). Other Information Regarding Derivative Financial Instruments The following table presents the notional amounts underlying our company’s derivative instruments by term to maturity as at December 31, 2020 and the comparative notional amounts at December 31, 2019, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
|  | 2020 |  | 2019
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Inflation rate swaps and other |  | $ | — |  |  | $ | 172 |  |  | $ | — |  |  | $ | 172 |  |  | $ | 167 |
|  | $ | — |  |  | $ | 172 |  |  | $ | — |  |  | $ | 172 |  |  | $ | 167 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |  |
Interest rate swaps and other |  | $ | — |  |  | $ | 275 |  |  | $ | — |  |  | $ | 275 |  |  | $ | 267 |
|  | $ | — |  |  | $ | 275 |  |  | $ | — |  |  | $ | 275 |  |  | $ | 267 |
The following table classifies derivatives elected for hedge accounting during the years ended December 31, 2020 and 2019 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:
|  | 2020 |  | 2019
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 275 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 267 |  |  | $ | 5 |  |  | $ | — |
Our company 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 company’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 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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