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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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$ MILLIONSNote20212020
Interest rate swaps and other(a)$272 $447 
 $272 $447 
Disclosure of change in fair values of derivative positions
The following table presents the change in fair values of our company’s derivative positions during the years ended December 31, 2021 and 2020:
US$ MILLIONSUnrealized Gains
on Derivative
Financial Assets		Unrealized Losses
on Derivative
Financial Liabilities		Net Change During 2021Net Change During 2020
Interest rate swaps and other$— $— $— $9 
$— $— $— $9 
Disclosure of information about terms and conditions of hedging instruments
The following table presents the notional amounts underlying our company’s derivative instruments by term to maturity as at December 31, 2021 and the comparative notional amounts at December 31, 2020, for both derivatives that are classified as fair value through profit or loss and derivatives that qualify for hedge accounting:
 20212020
US$ MILLIONS< 1 year1 to 5 years> 5 yearsTotal 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 $275 
Disclosure of derivatives elected for hedge accounting Changes in the fair value of the effective portion of the hedges are recorded in either other comprehensive income or net income, depending on the hedge classification, whereas changes in the fair value of the ineffective portion of the hedge are recorded in net income:
 20212020
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS)NotionalEffective
Portion		Ineffective
Portion		NotionalEffective
Portion		Ineffective
Portion
Cash flow hedges$272 $— $— $275 $5 $—