Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 234

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 234
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 31, 2023, representing an increase of $447 million relative to the same period in 2022. The increase was principally driven by gains recognized on our capital recycling program, as well as organic growth, partially offset by decreased share of earnings from the disposition of these assets.

Other income was $141 million for the year ended December 31, 2023, compared to $121 million during the year ended December 31, 2022. Other income in the year ended December 31, 2023 was primarily due to gains on the dispositions of our Indian toll roads business, a freehold landlord port in Victoria, Australia, an Australian regulated utility business, as well as a partial disposition of our interest in a U. S. gas pipeline. These gains were partially offset by accretion expenses and transaction costs related to acquisitions.

Mark-to-market losses for the year ended December 31, 2023 were $118 million compared to gains of $173 million for the year ended December 31, 2022. Amounts in both the year ended December 31, 2023 and December 31, 2022 consisted primarily of mark-to-market movements relating to foreign exchange hedging activities at the corporate level. The loss in the year ended December 31, 2023 mainly resulted from the period end appreciation of several of the currencies we hedge relative to the U. S. dollar.

114 Brookfield Infrastructure

Income tax expense for the year ended December 31, 2023 was $581 million compared to $560 million from the prior year. The increase in income tax expense was principally a result of higher taxable income reported by our business this year.

The following table summarizes the statement of financial position of Brookfield Infrastructure for the years ended December 31, 2024 and December 31, 2023:

  US$ MILLIONS                                                                              As of                                                               
  Summary Statements of Financial Position Key Metrics                                      December 31, 2024                   December 31, 2023               
  Cash and cash equivalents                                                                 $                        2,071      $                        1,857  
  Property, plant and equipment                                                                                     50,847                              48,546  
  Intangible assets                                                                                                 14,521                              15,845  
  Total assets                                                                                                     104,590                             100,784  
  Corporate borrowings                                                                                               4,542                               4,911  
  Non-recourse borrowings                                                                                           46,552                              40,904