XML 51 R22.htm IDEA: XBRL DOCUMENT
v3.20.4

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Taxes [Abstract] |
INCOME TAXES | INCOME TAXES Income taxes are recognized for the amount of taxes payable by our company’s corporate subsidiaries and for the impact of deferred tax assets and liabilities related to such subsidiaries. (a)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. The amount of non-capital and capital losses and deductible temporary differences for which no deferred income tax assets have been recognized is approximately $11 million (2019: $3 million). Deferred tax assets not recognized relate to non-capital losses that will carry forward indefinitely and have no expiry dates, as well as other deductible temporary differences. (b)Income Tax Recognized in Income or Loss The major components of income tax expense include the following:
|  | For the year ended December 31,
US$ 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 |
Our company has no temporary differences associated with investments in subsidiaries for which no deferred income taxes have been provided. (c)Income Tax Recognized Directly in Other Comprehensive Income
|  | 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 |

X
- Definition Income Taxes [Abstract] + References No definition available. + Details
Name: | bipc_IncomeTaxesAbstract
Namespace Prefix: | bipc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2020-01-01 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration