DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Notional amount of derivative positions

The aggregate notional amount of our company’s derivative positions at December 31, 2022 and 2021 were as follows:

		As of December 31,
US$ MILLIONS	Note	2022		2021
Interest rate swaps and other	(a)	$	993	$	272
		$	993	$	272

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, 2022 and 2021:

US$ MILLIONS	Unrealized Gains During 2022		Unrealized Losses During 2022		Net Change During 2022		Net Change During 2021
Interest rate swaps and other	$	—	$	(58)	$	(58)	$	—
	$	—	$	(58)	$	(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, 2022 and the comparative notional amounts at December 31, 2021. Our Company’s derivative instruments qualify for hedge accounting:

	2022								2021
US$ MILLIONS	< 1 year		1 to 5 years		> 5 years		Total Notional Amount		Total Notional Amount
Interest rate swaps and other	$	543	$	225	$	225	$	993	$	272
	$	543	$	225	$	225	$	993	$	272

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:

	2022						2021
AS AT AND FOR THE YEARS ENDED (US$ MILLIONS)	Notional		Effective Portion		Ineffective Portion		Notional		Effective Portion		Ineffective Portion
Cash flow hedges	$	993	$	(58)	$	—	$	272	$	—	$	—