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INCOME TAXES (Tables) | 12 Months Ended
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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$ MILLIONS |  | 2023 |  | 2022
Deferred income tax assets |  |  |  |
Financial instruments and other |  | $ | 18 |  |  | $ | 41 |
Tax losses carried forward |  | 38 |  |  | 37 |
|  | $ | 56 |  |  | $ | 78 |
Deferred income tax liabilities |  |  |  |
Long-lived assets |  | $ | (2,151) |  |  | $ | (1,573) |
Net deferred income tax liabilities |  | $ | (2,095) |  |  | $ | (1,495) |
Reflected in the statement of financial position as follows: |  |  |  |
Deferred tax assets |  | $ | 40 |  |  | $ | 43 |
Deferred tax liabilities |  | (2,135) |  |  | (1,538) |
Net deferred tax liabilities |  | $ | (2,095) |  |  | $ | (1,495) |
The sources of deferred income tax balances and movements are as follows:
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2023 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions/Dispositions |  | Dec. 31, 2023
Deferred tax assets related to non-capital losses and capital losses |  | $ | 37 |  |  | $ | (2) |  |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 38 |
Deferred tax liabilities related to differences in tax and book basis, net |  | (1,532) |  |  | (18) |  |  | (34) |  |  | (104) |  |  | (445) |  |  | (2,133) |
Net deferred tax liabilities |  | $ | (1,495) |  |  | $ | (20) |  |  | $ | (34) |  |  | $ | (102) |  |  | $ | (444) |  |  | $ | (2,095) |
|  |  |  | Recognized in |  |
US$ MILLIONS |  | Jan. 1, 2022 |  | Net Income |  | Other Comprehensive Income |  | Other(1) |  | Acquisitions/Dispositions |  | Dec. 31, 2022
Deferred tax assets related to non-capital losses and capital losses |  | $ | 43 |  |  | $ | (1) |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | 37 |
Deferred tax liabilities related to differences in tax and book basis, net |  | (1,629) |  |  | 80 |  |  | (14) |  |  | 31 |  |  | — |  |  | (1,532) |
Net deferred tax liabilities |  | $ | (1,586) |  |  | $ | 79 |  |  | $ | (14) |  |  | $ | 26 |  |  | $ | — |  |  | $ | (1,495) |
(1)Other items relate to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.
|  | For the year ended December 31,
US$ MILLIONS |  | 2023 |  | 2022 |  | 2021
Deferred tax arising on income and expenses recognized in other comprehensive income |  |  |  |  |  |
Revaluation of property, plant and equipment |  | $ | 36 |  |  | $ | 25 |  |  | $ | 121 |
Cash flow hedges |  | 6 |  |  | (19) |  |  | — |
Other |  | (8) |  |  | 8 |  |  | — |
Total income tax recognized directly in other comprehensive income |  | $ | 34 |  |  | $ | 14 |  |  | $ | 121 |
Components of income tax expense (recovery) | The major components of income tax expense include the following:
|  | For the year ended December 31,
US$ MILLIONS |  | 2023 |  | 2022 |  | 2021
Tax expense comprises: |  |  |  |  |  |
Current income tax expense |  | $ | 348 |  |  | $ | 341 |  |  | $ | 234 |
Deferred income tax expense |  |  |  |  |  |
Origination and reversal of temporary differences |  | 22 |  |  | 16 |  |  | 59 |
Change in tax rates or the imposition of new taxes |  | 4 |  |  | — |  |  | 96 |
Deferred tax assets (recognized)/not recognized |  | (6) |  |  | (95) |  |  | 16 |
Total income tax expense |  | $ | 368 |  |  | $ | 262 |  |  | $ | 405 |
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 |  | $ | 974 |  |  | $ | 1,881 |  |  | $ | 432 |
Income tax expense calculated at the domestic rates applicable to profits in the country concerned |  | 328 |  |  | 576 |  |  | 179 |
Change in tax rates and new legislation |  | 4 |  |  | — |  |  | 96 |
International operations subject to different tax rates |  | 6 |  |  | (1) |  |  | (2) |
Taxable income attributable to non-controlling interests |  | — |  |  | (2) |  |  | (4) |
Portion of gains subject to different tax rates |  | — |  |  | — |  |  | (37) |
Deferred tax assets (recognized)/not recognized |  | (6) |  |  | (95) |  |  | 16 |
Foreign exchange |  | (6) |  |  | 12 |  |  | 2 |
Non-deductible dividends on exchangeable shares |  | 47 |  |  | 42 |  |  | 30 |
Non-deductible remeasurement adjustments on exchangeable and class B shares |  | (9) |  |  | (280) |  |  | 119 |
Permanent differences and other |  | 4 |  |  | 10 |  |  | 6 |
Income tax expense recognized in profit or loss |  | $ | 368 |  |  | $ | 262 |  |  | $ | 405 |

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- Definition The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2023-01-01 -Paragraph 81 -Subparagraph g -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2023-en-r&anchor=para_81_g&doctype=Standard -URIDate 2023-03-23 + Details
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