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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial Instruments [Abstract] |
Notional amount of derivative positions | The aggregate notional amount of our company’s derivative positions at December 31, 2021 and 2020 were as follows:
|  |  |  | As of December 31,
US$ MILLIONS |  | Note |  | 2021 |  | 2020
Interest rate swaps and other |  | (a) |  | $ | 272 |  |  | $ | 447 |
|  |  |  | $ | 272 |  |  | $ | 447 |
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, 2021 and 2020:
US$ MILLIONS |  | Unrealized Gains on Derivative Financial Assets |  | Unrealized Losses on Derivative Financial Liabilities |  | Net Change During 2021 |  | Net Change During 2020
Interest rate swaps and other |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
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, 2021 and the comparative notional amounts at December 31, 2020, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
|  | 2021 |  | 2020
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 |
Elected for hedge accounting |  |  |  |  |  |  |  |  |  |
Interest rate swaps and other |  | $ | — |  |  | $ | 272 |  |  | $ | — |  |  | $ | 272 |  |  | $ | 275 |
|  | $ | — |  |  | $ | 272 |  |  | $ | — |  |  | $ | 272 |  |  | $ | 275 |
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:
|  | 2021 |  | 2020
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 272 |  |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 5 |  |  | $ | — |

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- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 24A -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_24A&doctype=Standard -URIDate 2021-03-24 + Details
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