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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Deferred income tax balances
The sources of deferred income tax balances are as follows:
 As of December 31,
US$ MILLIONS20212020
Deferred income tax assets  
Tax losses carried forward$1,731 $1,002 
Financial instruments and other284 408 
$2,015 $1,410 
Deferred income tax liabilities  
Property, plant and equipment$(5,472)$(3,367)
Intangible assets(2,316)(2,458)
Investment in associates and investment properties(78)(73)
$(7,866)$(5,898)
Net deferred income tax liabilities$(5,851)$(4,488)
Reflected in the Consolidated Statements of Financial Position as follows:  
Deferred income tax assets$160 $124 
Deferred income tax liabilities(6,011)(4,612)
Net deferred income tax liabilities$(5,851)$(4,488)
The sources of deferred income tax balances and movements are as follows:
  Recognized in 
US$ MILLIONSJan. 1, 2021Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 31, 2021
Deferred income tax assets related to non-capital losses and capital losses
$999 $377 $— $(16)$371 $1,731 
Deferred income tax liabilities related to differences in tax and book basis, net
(5,487)(617)(260)100 (1,318)(7,582)
Net deferred income tax liabilities$(4,488)$(240)$(260)$84 $(947)$(5,851)
  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 $(4,488)
(1)Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.
The following table details the expiry date, if applicable, of the non-capital losses:
Year of Expiration
US$ MILLIONS20222023202420252026BeyondDo not expireTotal
As of December 31, 2021$35 $35 $18 $4 $5 $269 $996 $1,362 
As of December 31, 202036 37 18 7 5 287 573 963 
US$ MILLIONS202120202019
Deferred income tax arising on income and expenses recognized in other comprehensive income:
   
Revaluation of property, plant and equipment$(164)$(219)$(148)
Cash flow hedges(63)63 3 
Pension plan actuarial changes(33)31 3 
Total income tax expense recognized directly in other comprehensive income$(260)$(125)$(142)
Components of income tax expense (recovery)
The major components of income tax expense include the following:
For the year ended December 31,
US$ MILLIONS202120202019
Tax expense comprises:   
Current income tax expense$374 $237 $250 
Deferred income tax expense (recovery)   
Origination and reversal of temporary differences
13 (37)29 
Changes in tax rates or the imposition of new taxes
188 41 (20)
Previously unrecognized deferred taxes
39 50 19 
Total income tax expense$614 $291 $278 
Net income before income tax expense reconciles to income tax expense as follows:
Net income before income tax$3,333 $1,195 $928 
Income tax expense calculated at the domestic rates applicable to profits in the country concerned829 431 304 
Change in substantively enacted tax rates188 41 (20)
International operations subject to different tax rates(9)(21)(6)
Taxable income attributable to non-controlling interests(325)(91)(62)
Portion of gains subject to different tax rates (115)(117)34 
Deferred tax assets not recognized39 50 19 
Permanent differences and other7 (2)9 
Income tax expense recognized in profit or loss$614 $291 $278