Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 85

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 85
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 in exchange for their BIHC exchangeable shares on a one-for-one basis; (ii) Brookfield transferred their exchangeable shares of BIHC to our company in exchange for class A.2 exchangeable shares on a one-for-one basis; (iii) the exchangeable shares of BIHC were delisted; and (iv) the exchangeable shares of our company were listed on the NYSE and TSX. The partnership directly controlled BIHC prior to the Arrangement and continues to control our company subsequent to the Arrangement through ownership of the class B shares. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of our company. In accordance with our company’s and the partnership’s accounting policy, our company has reflected BIHC in its financial position and financial performance using BIHC’s carrying values prior to the Arrangement.

76 Brookfield Infrastructure Corporation

To reflect this continuity of interests, these consolidated financial statements provide comparative information of our company for the periods prior to December 24, 2024, as previously reported by the BIHC. The economic and accounting impact of contractual relationships created or modified in conjunction with acquisition of interest in BIHC by our company have been reflected prospectively from the date of the Arrangement and have not been reflected in the results of operations or financial position of our company prior to December 24, 2024, as such items were in fact not created or modified prior thereto. Accordingly, the financial information for the periods prior to December 24, 2024 is presented based on the historical financial information of BIHC. For the period after December 24, 2024, the results are based on the actual results of our company, including the impact of contractual relationships created or modified in association with acquisition of interest in BIHC by our company. As the partnership held all of the class C shares of BIHC prior to December 24, 2024, which was the only class of shares presented as equity, and the partnership holds all of the class B shares of our company after December 24, 2024, which is the only class of shares presented as equity, net income and equity attributable to common equity have been allocated to the partnership prior to and after December 24, 2024.

Prior to the Arrangement, class C shares were classified as financial liabilities due to their cash redemption feature. As discussed in Note 1(c)(ii), Organization and Description of our Company, the class C shares met certain qualifying criteria and were presented