Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 90

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 90
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 on capital expenditures made over 2022 and higher values as a result of our revaluation process.

Interest expense for the year ended December 31, 2023 was $697 million, an increase of $153 million compared to 2022. Interest expense increased from 2022 primarily due to $61 million of incremental interest expense associated with the acquisition of our global intermodal logistics operation. Incremental charges associated with debt issued at our Brazilian regulated gas transmission business to fund the deferred consideration paid in April 2022 and a higher average interest rate on our variable rate non-recourse borrowings during the year ended December 31, 2023 also increased interest expense compared to the prior year. 2023 results were further impacted by incremental borrowings at our U. K. regulated distribution business to fund capital expenditures, an increase in dividends paid on our exchangeable shares, classified as interest expense, and interest incurred on a loan agreement entered into with an affiliate of Brookfield in March 2023.

Remeasurement gains for the year ended December 31, 2023 were $34 million compared to $1,058 million in the prior year. The remeasurement gains reflect the decrease in the market price of partnership units based on the NYSE closing price.

Income tax expense for the year ended December 31, 2023 was $368 million, an increase of $106 million compared to 2022. Income tax in the prior year benefited from the recognition of a deferred tax asset of $90 million at our Brazilian regulated gas transmission business. 2023 results also include incremental income tax expense associated with the acquisition of our global intermodal logistics operation.

Summary of Quarterly Financial Information

                                                         2024                                    2023                         
  US$ MILLIONS                                           Q4         Q3         Q2       Q1       Q4         Q2         Q1     
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                               $          $          $        $        $          $          $      
  Net income (loss)                                      40         (808)      643      197      (54)       (154)      (195)  
  Net income (loss) attributable to the partnership      (150)      (977)      491      28       (227)      (274)      (301)  

Our businesses, given their regulated and contractual nature, provide stable, predictable revenues and margins. Quarterly variances in our company’s revenues are