Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 232

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 232
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 as organic growth across our investments in the current period.

Other expense was $31 million for the year ended December 31, 2024, compared to income of $141 million during the year ended December 31, 2023. Other income in the current period benefited from a bargain purchase gain recognized on the acquisition of a North American retail colocation data center business and revaluations of investment properties at our European hyperscale data center platform, which were more than offset by accretion expenses related to other long-term liabilities and transaction costs. Prior period results included gains on the dispositions of our Indian toll roads business and a freehold landlord port in Victoria, Australia, as well as a partial disposition of our interest in a U. S. gas pipeline, partially offset by accretion expenses related to other long-term liabilities.

Mark-to-market losses for the year ended December 31, 2024 were $26 million compared to gains of $118 million for the year ended December 31, 2023. Amounts in both the current and comparative periods consist primarily of mark-to-market movements relating to foreign exchange hedging activities at the corporate level. The loss in the current year mainly resulted from the depreciation of several of the currencies we hedge relative to the U. S. dollar throughout the year.

Income tax expense for the year ended December 31, 2024 was $270 million compared to $581 million from the prior year. The decrease in income tax expense was principally a result of increased deferred tax recoveries reported by our business this year.

2023 vs. 2022

For the year ended December 31, 2023, we reported net income of $1,448 million, of which $432 million ($0.14 per unit) was attributable to our partnership. This compares to net income of $1,375 million for the year ended December 31, 2022, of which $407 million ($0.14 per unit) was attributable to our partnership. Results benefited from contributions associated with recent acquisitions, organic growth across our base business, and gains on the sale of certain businesses, partially offset by losses from our corporate foreign currency hedging programs.

Brookfield Infrastructure 113

Revenues for the year ended December 31, 2023 were $17,931 million, which represents an increase of $3,504 million compared to the year ended December 31, 2022. Our utilities segment generated additional revenue of $2,670 million primarily due to contributions from our recently