Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 272

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 272
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• We may utilize derivative contracts to the extent that natural hedges are insufficient

The table below presents our hedged position in foreign currencies as of December 31, 2024. The adjusted equity investment balances reflect the book value of our assets as of December 31, 2024 which contains certain limitations when evaluating our hedge exposure. Most importantly, all intangible assets and growth opportunities are not eligible for revaluation. As such, our book values are lower than fair value which is evident in the below table.

                                      Foreign Currency Hedges                                                                            
  US$ MILLIONS                        USD (1)                                                             CAD (2)      INR        Other  
  Gross Equity Investments - US$      $                              4,858        2,373        1,525      $            $          $      
  Corporate Items - US$ (3)                                        (3,833)                                —            —          —      
  Equity Investment - US$                                            1,025        2,373        1,525      820          342        281    
  FX contracts - US$                                                 5,989      (1,341)      (1,241)      (820)        (342)      (47)   
  Net unhedged - US$                  $                              7,014        1,032          284      $            $          $      
  % of equity investment hedged       N/A                                                                 100          100        17     

(1) USD net equity investment excludes $389 million of preferred units and $293 million of Perpetual Subordinated Notes.

(2) CAD net equity investment excludes $529 million of preferred units and preferred shares.

(3) Includes medium-term notes, draws on our revolving credit facility, commercial paper issuances and working capital at the corporate level.

At December 31, 2024, 76% of our net equity investment is U. S. dollar functional. During the year ended December 31, 2024, we recorded gains in comprehensive income of $434 million related to these contracts (2023: losses of $155 million, 2022: gains of $551 million).

For additional information, see Note 8, “ Fair Value of Financial Instruments”, Note 35, “ Derivative Financial Instruments” and Note 36, “ Financial Risk Management” in our financial statements included in this annual report on Form 20-F.

OTHER MARKET RISKS

Inflation Risk

Certain of our subsidiaries and