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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
INCOME TAXES | INCOME TAXES Income taxes are recognized for the amount of taxes payable by our company and its 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 |  | 2021 |  | 2020
Deferred income tax assets |  |  |  |
Financial instruments and other |  | $ | 17 |  |  | $ | 18 |
Tax losses carried forward |  | 43 |  |  | 34 |
|  | $ | 60 |  |  | $ | 52 |
Deferred income tax liabilities |  |  |  |
Property, plant and equipment |  | $ | (1,635) |  |  | $ | (643) |
Intangible assets |  | (11) |  |  | (809) |
|  | $ | (1,646) |  |  | $ | (1,452) |
Net deferred income tax liabilities |  | $ | (1,586) |  |  | $ | (1,400) |
Reflected in the statement of financial position as follows: |  |  |  |
Deferred tax assets |  | $ | 52 |  |  | $ | 43 |
Deferred tax liabilities |  | (1,638) |  |  | (1,443) |
Net deferred tax liabilities |  | $ | (1,586) |  |  | $ | (1,400) |
The deferred tax asset related to losses available for carry forward includes $43 million of tax benefits that have been recognized based on projections of future taxable profits. The sources of deferred income tax balances and movements are as follows:
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2021 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions/Dispositions |  | Dec. 31, 2021
Deferred tax assets related to non-capital losses and capital losses |  | $ | 34 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |
Deferred tax liabilities related to differences in tax and book basis, net |  | (1,434) |  |  | (180) |  |  | (121) |  |  | 66 |  |  | 40 |  |  | (1,629) |
Net deferred tax liabilities |  | $ | (1,400) |  |  | $ | (171) |  |  | $ | (121) |  |  | $ | 66 |  |  | $ | 40 |  |  | $ | (1,586) |
|  |  |  | 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) |
(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 losses for which no deferred income tax assets have been recognized is approximately $81 million (2020: $11 million). Deferred tax assets not recognized relating to non-capital losses of $3 million will be carried forward indefinitely and $78 million will be carried forward for greater than five years from the reporting date. (b)Income Tax Recognized in Income or Loss The major components of income tax expense include the following:
|  | For the year ended December 31,
US$ MILLIONS |  | 2021 |  | 2020 |  | 2019
Tax expense comprises: |  |  |  |  |  |
Current income tax expense |  | $ | 234 |  |  | $ | 167 |  |  | $ | 175 |
Deferred income tax expense |  |  |  |  |  |
Origination and reversal of temporary differences |  | 59 |  |  | 67 |  |  | 89 |
Change in tax rates or the imposition of new taxes |  | 96 |  |  | 27 |  |  | — |
Deferred tax assets not recognized |  | 16 |  |  | 8 |  |  | 8 |
Total income tax expense |  | $ | 405 |  |  | $ | 269 |  |  | $ | 272 |
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 |  | $ | 432 |  |  | $ | 37 |  |  | $ | 842 |
Income tax expense calculated at the domestic rates applicable to profits in the country concerned |  | 179 |  |  | 70 |  |  | 267 |
Change in tax rates and new legislation |  | 96 |  |  | 27 |  |  | — |
International operations subject to different tax rates |  | (2) |  |  | (3) |  |  | (3) |
Taxable income attributable to non-controlling interests |  | (4) |  |  | (5) |  |  | (6) |
Portion of gains subject to different tax rates |  | (37) |  |  | — |  |  | 8 |
Deferred tax assets not recognized |  | 16 |  |  | 8 |  |  | 8 |
Foreign exchange |  | 2 |  |  | 17 |  |  | — |
Non-deductible dividends on exchangeable shares |  | 30 |  |  | 18 |  |  | — |
Non-deductible remeasurement adjustments on exchangeable and class B shares |  | 119 |  |  | 136 |  |  | — |
Permanent differences and other |  | 6 |  |  | 1 |  |  | (2) |
Income tax expense recognized in profit or loss |  | $ | 405 |  |  | $ | 269 |  |  | $ | 272 |
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 |  | 2021 |  | 2020 |  | 2019
Deferred tax arising on income and expenses recognized in other comprehensive income |  |  |  |  |  |
Revaluation of property, plant and equipment |  | $ | 121 |  |  | $ | 67 |  |  | $ | 59 |
Cash flow hedges |  | — |  |  | 1 |  |  | 1 |
Total income tax recognized directly in other comprehensive income |  | $ | 121 |  |  | $ | 68 |  |  | $ | 60 |

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2021-03-24 + Details
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