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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 |  |  |  |
Financial instruments and other |  | $ | 18 |  |  | $ | 15 |
Tax losses carried forward |  | 34 |  |  | 31 |
|  | $ | 52 |  |  | $ | 46 |
Deferred income tax liabilities |  |  |  |
Property, plant and equipment |  | $ | (643) |  |  | $ | (505) |
Intangible assets |  | (809) |  |  | (965) |
|  | $ | (1,452) |  |  | $ | (1,470) |
Net deferred income tax liabilities |  | $ | (1,400) |  |  | $ | (1,424) |
Reflected in the statement of financial position as follows: |  |  |  |
Deferred tax assets |  | $ | 43 |  |  | $ | 41 |
Deferred tax liabilities |  | (1,443) |  |  | (1,465) |
Net deferred tax liabilities |  | $ | (1,400) |  |  | $ | (1,424) |
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 tax assets related to non-capital losses and capital losses |  | $ | 31 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 34 |
Deferred tax liabilities related to differences in tax and book basis, net |  | (1,455) |  |  | (104) |  |  | (68) |  |  | 193 |  |  | — |  |  | (1,434) |
Net deferred tax liabilities |  | $ | (1,424) |  |  | $ | (102) |  |  | $ | (68) |  |  | $ | 194 |  |  | $ | — |  |  | $ | (1,400) |
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2019 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions (Dispositions) |  | Dec. 31, 2019
Deferred tax assets related to non-capital losses and capital losses |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Deferred tax liabilities related to differences in tax and book basis, net |  | (1,317) |  |  | (97) |  |  | (60) |  |  | 19 |  |  | — |  |  | (1,455) |
Net deferred tax liabilities |  | $ | (1,286) |  |  | $ | (97) |  |  | $ | (60) |  |  | $ | 19 |  |  | $ | — |  |  | $ | (1,424) |
(1)Other items relate to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.
|  | For the year ended December 31,
US$ MILLIONS |  | 2020 |  | 2019 |  | 2018
Deferred tax arising on income and expenses recognized in other comprehensive income |  |  |  |  |  |
Revaluation of property, plant and equipment |  | $ | 67 |  |  | $ | 59 |  |  | $ | 35 |
Cash flow hedges |  | 1 |  |  | 1 |  |  | 1 |
Total income tax recognized directly in other comprehensive income |  | $ | 68 |  |  | $ | 60 |  |  | $ | 36 |
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 |  | $ | 167 |  |  | $ | 175 |  |  | $ | 134 |
Deferred income tax expense |  |  |  |  |  |
Origination and reversal of temporary differences |  | 67 |  |  | 89 |  |  | 94 |
Change in tax rates or the imposition of new taxes |  | 27 |  |  | — |  |  | — |
Deferred tax assets not recognized |  | 8 |  |  | 8 |  |  | 6 |
Total income tax expense |  | $ | 269 |  |  | $ | 272 |  |  | $ | 234 |
Income tax on income before tax and non-controlling interests reconciles to tax expense as follows: |  |  |  |  |  |
Net income before income tax and non-controlling interests |  | $ | 37 |  |  | $ | 842 |  |  | $ | 815 |
Income tax expense calculated at the domestic rates applicable to profits in the country concerned |  | 70 |  |  | 267 |  |  | 257 |
Change in tax rates and new legislation |  | 27 |  |  | — |  |  | — |
International operations subject to different tax rates |  | (3) |  |  | (3) |  |  | (12) |
Taxable income attributable to non-controlling interests |  | (5) |  |  | (6) |  |  | (24) |
Portion of gains subject to different tax rates |  | — |  |  | 8 |  |  | 9 |
Deferred tax assets not recognized |  | 8 |  |  | 8 |  |  | 6 |
Foreign exchange |  | 17 |  |  | — |  |  | — |
Non-deductible dividends on exchangeable shares |  | 18 |  |  | — |  |  | — |
Non-deductible remeasurement adjustments on exchangeable and class B shares |  | 136 |  |  | — |  |  | — |
Permanent differences and other |  | 1 |  |  | (2) |  |  | (2) |
Income tax expense recognized in profit or loss |  | $ | 269 |  |  | $ | 272 |  |  | $ | 234 |

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