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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Deferred income tax balances
The sources of deferred income tax balances are as follows:
 As of December 31,
US$ MILLIONS20242023
Deferred income tax assets  
Tax losses carried forward$2,143 $2,162 
Financial instruments and other717 212 
$2,860 $2,374 
Deferred income tax liabilities  
Long lived assets$(9,836)$(9,636)
Investment in associates and investment properties(571)(534)
$(10,407)$(10,170)
Net deferred income tax liabilities$(7,547)$(7,796)
Reflected in the Consolidated Statements of Financial Position as follows:  
Deferred income tax assets$120 $107 
Deferred income tax liabilities(7,667)(7,903)
Net deferred income tax liabilities$(7,547)$(7,796)
The sources of deferred income tax balances and movements are as follows:
  Recognized in 
US$ MILLIONSJan. 1, 2024Net IncomeOther Comprehensive Income
Other(1)
Acquisitions/ DispositionsDec. 31, 2024
Deferred income tax assets related to non-capital losses and capital losses
$2,162 $188 $— $(207)$— $2,143 
Deferred income tax liabilities related to differences in tax and book basis, net
(9,958)136 (213)811 (466)(9,690)
Net deferred income tax liabilities$(7,796)$324 $(213)$604 $(466)$(7,547)
  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)$(7,796)
(1)Other items relates to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.
The following table details the expiry date, if applicable, of the non-capital losses:
Year of Expiration
US$ MILLIONS20252026202720282029BeyondDo not expireTotal
As of December 31, 2024$18 $6 $20 $35 $10 $416 $2,521 $3,026 
Year of Expiration
US$ MILLIONS20242025202620272028BeyondDo not expireTotal
As of December 31, 2023$17 $16 $6 $20 $15 $895 $1,787 $2,756 
US$ MILLIONS202420232022
Deferred income tax arising on income and expenses recognized in other comprehensive income:
   
Revaluation of property, plant and equipment$(232)$(169)$(113)
Cash flow hedges39 61 (162)
Pension plan actuarial changes(20)1 (39)
Total income tax expense recognized directly in other comprehensive income$(213)$(107)$(314)
Components of income tax expense (recovery)
The major components of income tax expense include the following:
For the year ended December 31,
US$ MILLIONS202420232022
Tax expense comprises:   
Current income tax expense$594 $576 $474 
Deferred income tax expense (recovery)   
Origination and reversal of temporary differences
(247)(51)75 
Changes in tax rates or the imposition of new taxes
(13)4 (6)
Unrecognized deferred taxes(64)52 17 
Total income tax expense$270 $581 $560 
Net income before income tax expense reconciles to income tax expense as follows:
Net income before income tax$1,953 $2,029 $1,935 
Income tax expense calculated at the domestic rates applicable to profits in the country concerned524 622 626 
Change in substantively enacted tax rates(13)4 (6)
International operations subject to different tax rates35 (10)(5)
Taxable income attributable to non-controlling interests(106)(73)(91)
Portion of gains subject to different tax rates (150)(64)23 
Deferred tax assets not recognized(64)52 17 
Permanent differences and other44 50 (4)
Income tax expense recognized in profit or loss$270 $581 $560