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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Notional amount of derivative positions

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

Disclosure of change in fair values of derivative positions

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

Disclosure of information about terms and conditions of hedging 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

Disclosure of derivatives elected for hedge accounting

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					$	—

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Financial Instruments [Abstract]

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The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

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The disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting.

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