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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Deferred income tax balances
The sources of deferred income tax balances are as follows:
 As of December 31,
US$ MILLIONS20232022
Deferred income tax assets  
Tax losses carried forward$2,162 $1,937 
Financial instruments and other212 125 
$2,374 $2,062 
Deferred income tax liabilities  
Long lived assets$(9,636)$(7,880)
Investment in associates and investment properties(534)(46)
$(10,170)$(7,926)
Net deferred income tax liabilities$(7,796)$(5,864)
Reflected in the Consolidated Statements of Financial Position as follows:  
Deferred income tax assets$107 $111 
Deferred income tax liabilities(7,903)(5,975)
Net deferred income tax liabilities$(7,796)$(5,864)
The sources of deferred income tax balances and movements are as follows:
  Recognized in 
US$ MILLIONSJan. 1, 2023Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 31, 2023
Deferred income tax assets related to non-capital losses and capital losses
$1,937 $275 $— $(53)$3 $2,162 
Deferred income tax liabilities related to differences in tax and book basis, net
(7,801)(280)(107)(217)(1,553)(9,958)
Net deferred income tax liabilities$(5,864)$(5)$(107)$(270)$(1,550)$(7,796)
  Recognized in 
US$ MILLIONSJan. 1, 2022Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 31, 2022
Deferred income tax assets related to non-capital losses and capital losses
$1,731 $208 $— $(23)$21 $1,937 
Deferred income tax liabilities related to differences in tax and book basis, net
(7,582)(294)(314)182 207 (7,801)
Net deferred income tax liabilities$(5,851)$(86)$(314)$159 $228 $(5,864)
(1)Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.
The following table details the expiry date, if applicable, of the non-capital losses:
Year of Expiration
US$ MILLIONS20242025202620272028BeyondDo not expireTotal
As of December 31, 2023$17 $16 $6 $20 $15 $895 $1,787 $2,756 
Year of Expiration
US$ MILLIONS20232024202520262027BeyondDo not expireTotal
As of December 31, 2022$45 $4 $5 $5 $9 $786 $1,539 $2,393 
US$ MILLIONS202320222021
Deferred income tax arising on income and expenses recognized in other comprehensive income:
   
Revaluation of property, plant and equipment$(169)$(113)$(164)
Cash flow hedges61 (162)(63)
Pension plan actuarial changes1 (39)(33)
Total income tax expense recognized directly in other comprehensive income$(107)$(314)$(260)
Components of income tax expense (recovery)
The major components of income tax expense include the following:
For the year ended December 31,
US$ MILLIONS202320222021
Tax expense comprises:   
Current income tax expense$576 $474 $374 
Deferred income tax expense (recovery)   
Origination and reversal of temporary differences
(51)75 13 
Changes in tax rates or the imposition of new taxes
4 (6)188 
Unrecognized deferred taxes52 17 39 
Total income tax expense$581 $560 $614 
Net income before income tax expense reconciles to income tax expense as follows:
Net income before income tax$2,029 $1,935 $3,333 
Income tax expense calculated at the domestic rates applicable to profits in the country concerned622 626 829 
Change in substantively enacted tax rates4 (6)188 
International operations subject to different tax rates(10)(5)(9)
Taxable income attributable to non-controlling interests(73)(91)(325)
Portion of gains subject to different tax rates (64)23 (115)
Deferred tax assets not recognized52 17 39 
Permanent differences and other50 (4)7 
Income tax expense recognized in profit or loss$581 $560 $614