INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Deferred income tax balances

The sources of deferred income tax balances are as follows:

	As of December 31,
US$ MILLIONS	2024		2023
Deferred income tax assets
Financial instruments and other	$	20	$	18
Tax losses carried forward	35		38
	$	55	$	56
Deferred income tax liabilities
Long-lived assets	$	(2,003)	$	(2,151)
Net deferred income tax liabilities	$	(1,948)	$	(2,095)
Reflected in the statement of financial position as follows:
Deferred tax assets	$	37	$	40
Deferred tax liabilities	(1,985)		(2,135)
Net deferred tax liabilities	$	(1,948)	$	(2,095)

The sources of deferred income tax balances and movements are as follows:

			Recognized in
US$ MILLIONS	Jan. 1, 2024		Net Income		Other Comprehensive Income		Other(1)		Dec. 31, 2024
Deferred tax assets related to non-capital losses and capital losses	$	38	$	(2)	$	—	$	(1)	$	35
Deferred tax liabilities related to differences in tax and book basis, net	(2,133)		(7)		(24)		181		(1,983)
Net deferred tax liabilities	$	(2,095)	$	(9)	$	(24)	$	180	$	(1,948)

(1)Other items relate to foreign exchange as deferred income taxes are calculated based on the functional currency of each operating entity.

			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)

(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	2024		2023		2022
Deferred tax arising on income and expenses recognized in other comprehensive income
Revaluation of property, plant and equipment	$	30	$	36	$	25
Cash flow hedges	(6)		6		(19)
Other	—		(8)		8
Total income tax recognized directly in other comprehensive income	$	24	$	34	$	14

Components of income tax expense (recovery)

The major components of income tax expense include the following:

	For the year ended December 31,
US$ MILLIONS	2024		2023		2022
Tax expense comprises:
Current income tax expense	$	356	$	348	$	341
Deferred income tax expense
Origination and reversal of temporary differences	18		22		16
Change in tax rates or the imposition of new taxes	(8)		4		—
Deferred tax assets recognized	(1)		(6)		(95)
Total income tax expense	$	365	$	368	$	262
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	$	437	$	974	$	1,881
Income tax expense calculated at the domestic rates applicable to profits in the country concerned	120		328		576
Change in tax rates and new legislation	(8)		4		—
International operations subject to different tax rates	46		6		(1)
Taxable income attributable to non-controlling interests	1		—		(2)
Deferred tax assets recognized	(1)		(6)		(95)
Foreign exchange	31		(6)		12
Non-deductible dividends on exchangeable shares	56		47		42
Non-deductible remeasurement adjustments on exchangeable and class B shares	126		(9)		(280)
Permanent differences and other	(6)		4		10
Income tax expense recognized in profit or loss	$	365	$	368	$	262