Brookfield Infrastructure Corp Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Brookfield Infrastructure Corp has submitted its 20-F annual report detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Brookfield Infrastructure Corp (BIPC) filed a Foreign Annual Report (20-F) with the SEC on March 18, 2024. Brookfield Infrastructure Corp filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 250 Vesey Street, 15th Floor, New York, NY 10281. The filing includes data for the fiscal years 2023, 2022, 2021, and 2020. Brookfield Infrastructure Corp is classified under Natural Gas Transmission & Distribution (SIC 4923).

Why It Matters

For investors and stakeholders tracking Brookfield Infrastructure Corp, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Brookfield Infrastructure Corp's financial position and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial data and disclosures within the 20-F report are essential for stakeholders, analysts, and potential investors to understand the company's financial health, strategic direction, and any associated risks.

Risk Assessment

Risk Level: medium — Brookfield Infrastructure Corp shows moderate risk based on this filing. The filing is a standard annual report (20-F) which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or immediate material events that would suggest a higher risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Brookfield Infrastructure Corp's performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-18 — Filing Date (Date the 20-F was filed)
• 148 — Public Document Count (Number of documents in the filing)
• 4923 — SIC Code (Standard Industrial Classification for Natural Gas Transmission & Distribution)

Key Players & Entities

• Brookfield Infrastructure Corp (company) — Filer of the 20-F report
• 250 Vesey Street, 15th Floor, New York, NY 10281 (location) — Business and mailing address

FAQ

Industry Context

Brookfield Infrastructure Corp operates within the natural gas transmission and distribution sector, a critical part of the energy infrastructure landscape.

Regulatory Implications

As a foreign private issuer, Brookfield Infrastructure Corp is subject to SEC regulations, including the requirement to file an annual 20-F report detailing its business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY 2023.
2. Review any disclosed risk factors to understand potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years to identify trends and assess performance changes.

Key Dates

• 2024-03-18: Filing Date — Official submission of the 20-F report
• 2023-12-31: Fiscal Year End — Period covered by the financial statements

Year-Over-Year Comparison

This filing represents the annual 20-F report for the fiscal year ended December 31, 2023, providing updated financial and operational data compared to previous filings.

Filing Documents

• bipc-20231231.htm (20-F) — 4001KB
• bipc2023ex41.htm (EX-4.1) — 339KB
• bipc2023ex416.htm (EX-4.16) — 467KB
• bipc2023ex417.htm (EX-4.17) — 459KB
• bipc2023ex111.htm (EX-11.1) — 220KB
• bipc2023ex121.htm (EX-12.1) — 11KB
• bipc2023ex122.htm (EX-12.2) — 11KB
• bipc2023ex131.htm (EX-13.1) — 5KB
• bipc2023ex132.htm (EX-13.2) — 5KB
• bipc2023ex151.htm (EX-15.1) — 58KB
• bipc2023ex152.htm (EX-15.2) — 3KB
• bipc2023ex971.htm (EX-97.1) — 11KB
• bipc-20231231_g1.jpg (GRAPHIC) — 110KB
• image_0a.jpg (GRAPHIC) — 7KB
• image_0b.jpg (GRAPHIC) — 7KB
• 0001628280-24-011578.txt (&nbsp;) — 18190KB
• bipc-20231231.xsd (EX-101.SCH) — 111KB
• bipc-20231231_cal.xml (EX-101.CAL) — 98KB
• bipc-20231231_def.xml (EX-101.DEF) — 565KB
• bipc-20231231_lab.xml (EX-101.LAB) — 892KB
• bipc-20231231_pre.xml (EX-101.PRE) — 788KB
• bipc-20231231_htm.xml (XML) — 3121KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS PAGE INTRODUCTION AND USE OF CERTAIN TERMS 1

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 6 PART I 11 Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 11 Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 11 Item 3. KEY INFORMATION 11 3.A [RESERVED] 11 3.B CAPITALIZATION AND INDEBTEDNESS 11 3.C REASONS FOR THE OFFER AND USE OF PROCEEDS 11 3.D

RISK FACTORS

RISK FACTORS 11 Item 4. INFORMATION ON THE COMPANY 57 4.A HISTORY AND DEVELOPMENT OF BROOKFIELD INFRASTRUCTURE 57 4.B BUSINESS OVERVIEW 60 4.C ORGANIZATIONAL STRUCTURE 69 4.D PROPERTY, PLANT AND EQUIPMENT 72 Item 4A. UNRESOLVED STAFF COMMENTS 72 Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 73 5.A OPERATING RESULTS 75 5.B LIQUIDITY AND CAPITAL RESOURCES 82 5.C RESEARCH AND DEVELOPMENT , PATENTS AND LICENSES, ETC 90 5.D TREND INFORMATION 91 5.E CRITICAL ACCOUNTING ESTIMATES 92 Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 94 6.A DIRECTORS AND SENIOR MANAGEMENT 94 6.B COMPENSATION 103 6.C BOARD PRACTICES 103 6.D EMPLOYEES 108 6.E SHARE OWNERSHIP 108 6.F DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION 108 Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 109 7.A MAJOR SHAREHOLDERS 109 7.B RELATED PARTY TRANSACTIONS 110 7.C INTEREST S OF EXPERTS AND COUNSEL 202 Item 8. FINANCIAL INFORMATION 203 8.A CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 203 8.B SIGNIFICANT CHANGES 203 Item 9. THE OFFER AND LISTING 203 9.A OFFER AND LISTING DETAILS 203 9.B PLAN OF DISTRIBUTION 203 9.C MARKETS 203 9.D SELLING SHAREHOLDERS 203 9.E

DILUTION

DILUTION 203 9.F EXPENSES OF THE ISSUE 203 Item 10. ADDITIONAL INFORMATION 203 10.A SHARE CAPITAL 203 10.B MEMORANDUM AND ARTICLES OF ASSOCIATION 203 10.C MATERIAL CONTRACTS 231 i 10.D EXCHANGE CONTROLS 233 10.E TAXATION 233 10.F DIVIDENDS AND PAYING AGENTS 253 10.G 253 10.H DOCUMENTS ON DISPLAY 253 10.I SUBSIDIARY INFORMATION 254 10.J ANNUAL REPORT TO SECURITY HOLDERS 254 Item 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 254 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 254 PART II 255 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 255 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 255 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 255

[RESERVED]

Item 16. [RESERVED] 256 16.A AUDIT COMMITTEE FINANCIAL EXPERT 256 16. B CODE OF ETHICS 256 16. C PRINCIPAL ACCOUNTANT FEES AND SERVICES 257 16. D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE 257 16. E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASER S 257 16. F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 258 16. G CORPORATE GOVERNANCE 258 16. H MINE SAFETY DISCLOSURES 258 16. I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 258 16. J INSIDER TRADING POLICIES 257 16. K CYBERSECURITY 2 5 7 PART III 261 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 261 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 261 Item 19. EXHIBITS 261 ii INTRODUCTION AND USE OF CERTAIN TERMS Unless the context requires otherwise, when used in this annual report on Form 20-F, the terms "we", "us", "our" and "our company" refer to Brookfield Infrastructure Corporation, including any predecessors thereof, together with all of its subsidiaries. References to "Brookfield Infrastructure" mean the partnership collectively with Holding LP, the Brookfield Infrastructure Holding Entities and the Brookfield Infrastructure Operating Entities (but excluding our company) (each as defined below). References to "our group" mean, collectively, our company and Brookfield Infrastructure. All dollar amounts contained in this annual report on Form 20-F are expressed in U.S. dollars, unless specified otherwise, and references to "dollars", "$", "US$" or "USD" are to U.S. dollars, all references to "C$" or "CAD" are to Canadian dollars, all references to "A$" or "AUD" are to Australian dollars, all references to "reais", "BRL" or "R$" are to Brazilian reais, all references to "" or "GBP" are to pound sterling and all references to "" or "EUR" are to Euros, and, unless the context suggests otherwise, references to: "Alberta Finco" are to Brookfield Infrastructure Finance ULC; "Asset Management Company" are to Brookfield Asset Management ULC, which is owned 75% by Brookfield Corporation and 25% by Brookfield Asset Management; "articles" are to the notice of articles and articles of our company; "audit committee" are to the audit committee of our board; "AUM" are to assets under management; "BCBCA" are to the Business Corporations Act (British Columbia); "Bermuda Holdco" are to BIP Bermuda Holdings I Limited; "BIPC" are to Brookfield Infrastructure Corporation; "BIPC Exchange LP" are to Brookfield Infrastructure Corporation Exchange Limited Partnership, a subsidiary of the partnership; "BIPC Exchangeable LP Units" are to the exchangeable units of BIPC Exchange LP, which w

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains certain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements and information relate to, among other things, our group's business, operations, objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates and anticipated events or trends. In some cases, you can identify forward-looking statements and information by terms such as "anticipate," "believe," "could," "estimate," "likely," "expect," "intend," "may," "continue," "plan," "potential," "objective," "tend," "seek," "target," "foresee," "aim to," "outlook," "endeavor," "will," "would" and "should" or the negative of those terms or other comparable terminology. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by these forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our group's business, financial condition, liquidity and results of operations and o

View Full Filing

View this 20-F filing on SEC EDGAR