Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 91

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 91
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 and equipment as at December 31, 2024, resulting in a gain from revaluation of $119 million.

On December 24, 2024, our company completed the Arrangement. As a result, (i) holders of the BIHC exchangeable shares, other than Brookfield, received BIPC’s exchangeable shares in exchange for their BIHC exchangeable shares on a one-for-one basis; (ii) Brookfield transferred their exchangeable shares of BIHC to BIPC in exchange for class A.2 exchangeable shares on a one-for-one basis. The exchangeable shares, class A.2 exchangeable shares and class C shares, upon consolidation into BIPC, are classified as liabilities due to their exchangeable and cash redemption features. Upon issuance, these shares were recognized at their fair value. Subsequent to initial recognition, these shares were recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows were based on the price of one unit of the partnership. As at December 31, 2024, the shares were remeasured to reflect the NYSE closing price of one unit, $31.79 per share.

Non-recourse borrowings increased by $0.2 billion to $12.2 billion at December 31, 2024 as a result of incremental net borrowings of $2.1 billion, partially offset by $1.2 billion of non-recourse borrowings reclassified to held for sale at our global intermodal logistics operation and the impact of foreign exchange of $0.8 billion primarily driven by the weakening of the Brazilian real relative to the U. S. dollar.

Total equity decreased to $2.2 billion as at December 31, 2024, from $4.1 billion at December 31, 2023 as income generated from operations was more than offset by distributions, foreign currency translation losses on our Canadian denominated deposit with Brookfield Infrastructure and remeasurement losses associated with our shares classified as liabilities.

82 Brookfield Infrastructure Corporation

Foreign Currency Translation

A discussion of the most significant currency exchange rates that impact our company are set forth below as at and for the periods indicated:

  Period End Rate                                                   Average Rate                                                               
  As of December 31,                                                For the year ended December 31,                                            
  2024                      2023        2022      2024 vs 2023      2024                                   2023        2022