Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 556

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 19
Chunk 556
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  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)                                     
  As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022  

NOTE 31. CONTINGENT ASSETS & LIABILITIES

Brookfield Infrastructure, including its associates, had bank guarantees and letters of credit outstanding to third parties totaling $ 399 410

Our partnership and its subsidiaries are contingently liable with respect to litigation and claims that arise in the normal course of operations.

NOTE 32. CONTRACTUAL COMMITMENTS

In the normal course of business, our partnership will enter into contractual commitments which include commitments relating to contracted project costs for various growth initiatives, committed expenditures associated with gas and electricity sales contracts at our U. K. regulated distribution operation, service agreements for the purchase and transportation of core utilities at our Canadian diversified midstream operation and leases associated with our U. S. colocation data center operation, Indian telecom towers operation, North American rail operation and Canadian diversified midstream operation. As at December 31, 2024, our partnership had $ 6,633 5,535 13 42 45

In addition, pursuant to the Master Service Agreement, on a quarterly basis, we, together with BIPC, pay a base management fee to the Service Providers equal to 0.3125 1.25

NOTE 33. RETIREMENT BENEFIT PLANS

Brookfield Infrastructure offers pension plans to certain employees of its subsidiaries. Brookfield Infrastructure’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The benefit plans’ expense for 2024 was $ 15 18 26 5.2 5.2 4.5 2.6 3.1 2.4

  US$ MILLIONS                               2024                 2023              
 ────────────────────────────────────────────────────────────────────────────────────
  Plan assets                                $           760      $            808  
  Less accrued benefit obligation            ( 685)               ( 813)            
  Accrued benefit asset (liability) (1)      $            75      $           ( 5)  

(1) Primarily presented within Other liabilities’ of the consolidated statements of financial position. Refer to Note 18, Accounts Payable and Other for further details

NOTE 34.