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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Notional amount of derivative positions | The aggregate notional amount of our company’s derivative positions at December 31, 2023 and 2022 were as follows:
|  |  |  | As of December 31,
US$ MILLIONS |  | Note |  | 2023 |  | 2022
Interest rate swaps and other |  | (a) |  | $ | 2,946 |  |  | $ | 993 |
|  |  |  | $ | 2,946 |  |  | $ | 993 |
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, 2023 and 2022:
US$ MILLIONS |  | Unrealized Gains During 2023 |  | Unrealized Losses During 2023 |  | Net Change During 2023 |  | Net Change During 2022
Interest rate swaps and other |  | $ | 24 |  |  | $ | (36) |  |  | $ | (12) |  |  | $ | (58) |
|  | $ | 24 |  |  | $ | (36) |  |  | $ | (12) |  |  | $ | (58) |
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, 2023 and the comparative notional amounts at December 31, 2022. Our Company’s derivative instruments qualify for hedge accounting:
|  | 2023 |  | 2022
US$ MILLIONS |  | < 1 year |  | 1 to 5 years |  | > 5 years |  | Total Notional Amount |  | Total Notional Amount
Interest rate swaps and other |  | $ | 300 |  |  | $ | 1,646 |  |  | $ | 1,000 |  |  | $ | 2,946 |  |  | $ | 993 |
|  | $ | 300 |  |  | $ | 1,646 |  |  | $ | 1,000 |  |  | $ | 2,946 |  |  | $ | 993 |
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:
|  | 2023 |  | 2022
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS) |  | Notional |  | Effective Portion |  | Ineffective Portion |  | Notional |  | Effective Portion |  | Ineffective Portion
Cash flow hedges |  | $ | 2,946 |  |  | $ | (24) |  |  | $ | — |  |  | $ | 993 |  |  | $ | (58) |  |  | $ | — |

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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 2023-01-01 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_24A&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 24C -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_24C&doctype=Standard -URIDate 2023-03-23 + Details
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