Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2023 |
Document Transition Report | false |
Entity File Number | 0-12014 |
Entity Registrant Name | IMPERIAL OIL LIMITED |
Entity Incorporation, State or Country Code | Z4 |
Entity Tax Identification Number | 98-0017682 |
Entity Address, Address Line One | 505 Quarry Park Boulevard S.E. |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | T2C 5N1 |
City Area Code | 800 |
Local Phone Number | 567-3776 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 566,667,118 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000049938 |
Current Fiscal Year End Date | --12-31 |
Consolidated statement of incom
Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues and other income | |||||
Revenues | [1] | $ 13,873 | $ 15,071 | $ 37,694 | $ 45,013 |
Investment and other income (note 3) | 47 | 153 | 166 | 204 | |
Total revenues and other income | 13,920 | 15,224 | 37,860 | 45,217 | |
Expenses | |||||
Exploration | 1 | 1 | 3 | 4 | |
Purchases of crude oil and products | [2] | 8,748 | 9,478 | 24,082 | 28,849 |
Production and manufacturing | [3] | 1,666 | 1,872 | 5,207 | 5,439 |
Selling and general | [3] | 237 | 209 | 629 | 625 |
Federal excise tax and fuel charge | 654 | 584 | 1,781 | 1,616 | |
Depreciation and depletion | 475 | 555 | 1,418 | 1,432 | |
Non-service pension and postretirement benefit | 20 | 4 | 60 | 13 | |
Financing | [4] | 19 | 16 | 51 | 34 |
Total expenses | 11,820 | 12,719 | 33,231 | 38,012 | |
Income (loss) before income taxes | 2,100 | 2,505 | 4,629 | 7,205 | |
Income taxes | 499 | 474 | 1,105 | 1,592 | |
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 | |
Per share information (Canadian dollars) | |||||
Net income (loss) per common share - basic (note 9) (in CAD per share) | $ 2.77 | $ 3.25 | $ 6.05 | $ 8.60 | |
Net income (loss) per common share - diluted (note 9) (in CAD per share) | $ 2.76 | $ 3.24 | $ 6.04 | $ 8.58 | |
[1] (a) Amounts from related parties included in revenues. 3,553 4,454 10,245 13,588 (b) Amounts to related parties included in purchases of crude oil and products. 1,228 1,086 3,270 2,865 (c) Amounts to related parties included in production and manufacturing, 121 120 381 354 (d) Amounts to related parties included in financing. 44 28 124 45 |
Consolidated statement of inc_2
Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Amounts from related parties included in revenues | [1] | $ 13,873 | $ 15,071 | $ 37,694 | $ 45,013 |
Amounts to related parties included in purchases of crude oil and products | [2] | 8,748 | 9,478 | 24,082 | 28,849 |
Amounts to related parties included in financing | [3] | 19 | 16 | 51 | 34 |
Related Party | |||||
Amounts from related parties included in revenues | 3,553 | 4,454 | 10,245 | 13,588 | |
Amounts to related parties included in purchases of crude oil and products | 1,228 | 1,086 | 3,270 | 2,865 | |
Amounts to related parties included in production and manufacturing, and selling and general expenses | 121 | 120 | 381 | 354 | |
Amounts to related parties included in financing | $ 44 | $ 28 | $ 124 | $ 45 | |
[1] (a) Amounts from related parties included in revenues. 3,553 4,454 10,245 13,588 (b) Amounts to related parties included in purchases of crude oil and products. 1,228 1,086 3,270 2,865 (d) Amounts to related parties included in financing. 44 28 124 45 |
Consolidated statement of compr
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 |
Other comprehensive income (loss), net of income taxes | ||||
Postretirement benefits liability adjustment (excluding amortization) | 0 | 0 | 21 | 24 |
Amortization of postretirement benefits liability adjustment included in net benefit costs | 9 | 21 | 29 | 63 |
Total other comprehensive income (loss) | 9 | 21 | 50 | 87 |
Comprehensive income (loss) | $ 1,610 | $ 2,052 | $ 3,574 | $ 5,700 |
Consolidated balance sheet (U.S
Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 2,716 | $ 3,749 | |
Accounts receivable - net | [1] | 5,390 | 4,719 |
Inventories of crude oil and products | 1,744 | 1,514 | |
Materials, supplies and prepaid expenses | 910 | 754 | |
Total current assets | 10,760 | 10,736 | |
Investments and long-term receivables | [2] | 1,048 | 893 |
Property, plant and equipment, | 55,780 | 54,568 | |
less accumulated depreciation and depletion | (25,399) | (24,062) | |
Property, plant and equipment, net | 30,381 | 30,506 | |
Goodwill | 166 | 166 | |
Other assets, including intangibles - net | 1,231 | 1,223 | |
Total assets | 43,586 | 43,524 | |
Current liabilities | |||
Notes and loans payable | 121 | 122 | |
Accounts payable and accrued liabilities (note 7) | [1] | 7,234 | 6,194 |
Income taxes payable | 418 | 2,582 | |
Total current liabilities | 7,773 | 8,898 | |
Long-term debt | [3] | 4,017 | 4,033 |
Other long-term obligations (note 7) | 3,462 | 3,467 | |
Deferred income tax liabilities | 4,526 | 4,713 | |
Total liabilities | 19,778 | 21,111 | |
Shareholders’ equity | |||
Common shares at stated value (note 9) | [4] | 1,047 | 1,079 |
Earnings reinvested | 23,223 | 21,846 | |
Accumulated other comprehensive income (loss) (note 10) | (462) | (512) | |
Total shareholders’ equity | 23,808 | 22,413 | |
Total liabilities and shareholders’ equity | $ 43,586 | $ 43,524 | |
[1](a) Accounts receivable - net included net amounts receivable from related parties of $1,139 million (2022 - $1,108 million).[2](b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million).[3](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).[4](d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively). |
Consolidated balance sheet (U_2
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Investments and long-term receivables, related party amount | [1] | $ 1,048 | $ 893 |
Long-term debt, related party amount | [2] | $ 4,017 | $ 4,033 |
Common shares authorized | 1,100,000 | 1,100,000 | |
Common shares outstanding | 567,000 | 584,000 | |
Related Party | |||
Accounts receivable, net | $ 1,139 | $ 1,108 | |
Investments and long-term receivables, related party amount | 285 | 288 | |
Long-term debt, related party amount | $ 3,447 | $ 3,447 | |
[1](b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million).[2](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million). |
Consolidated statement of share
Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($) $ in Millions | Total | Common shares at stated value (note 9) | Earnings reinvested | Accumulated other comprehensive income (loss) (note 10) |
At beginning of period at Dec. 31, 2021 | $ 1,252 | $ 21,660 | $ (1,177) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (123) | |||
Net income (loss) for the period | $ 5,613 | 5,613 | ||
Share purchases in excess of stated value | (4,338) | |||
Dividends declared | (666) | |||
Other comprehensive income (loss) | 87 | 87 | ||
At end of period at Sep. 30, 2022 | 22,308 | 1,129 | 22,269 | (1,090) |
At beginning of period at Dec. 31, 2021 | 1,252 | 21,660 | (1,177) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (173) | |||
At end of period at Dec. 31, 2022 | 22,413 | 1,079 | 21,846 | (512) |
At beginning of period at Jun. 30, 2022 | 1,177 | 21,913 | (1,111) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (48) | |||
Net income (loss) for the period | 2,031 | 2,031 | ||
Share purchases in excess of stated value | (1,464) | |||
Dividends declared | (211) | |||
Other comprehensive income (loss) | 21 | 21 | ||
At end of period at Sep. 30, 2022 | 22,308 | 1,129 | 22,269 | (1,090) |
At beginning of period at Dec. 31, 2022 | 22,413 | 1,079 | 21,846 | (512) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (32) | |||
Net income (loss) for the period | 3,524 | 3,524 | ||
Share purchases in excess of stated value | (1,310) | |||
Dividends declared | (837) | |||
Other comprehensive income (loss) | 50 | 50 | ||
At end of period at Sep. 30, 2023 | 23,808 | 1,047 | 23,223 | (462) |
At beginning of period at Jun. 30, 2023 | 1,079 | 23,220 | (471) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (32) | |||
Net income (loss) for the period | 1,601 | 1,601 | ||
Share purchases in excess of stated value | (1,310) | |||
Dividends declared | (288) | |||
Other comprehensive income (loss) | 9 | 9 | ||
At end of period at Sep. 30, 2023 | $ 23,808 | $ 1,047 | $ 23,223 | $ (462) |
Consolidated statement of cash
Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Operating activities | |||||
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 | |
Adjustments for non-cash items: | |||||
Depreciation and depletion | 475 | 555 | 1,418 | 1,432 | |
(Gain) loss on asset sales (note 3) | 3 | (131) | (19) | (155) | |
Deferred income taxes and other | (168) | 122 | (239) | (358) | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (805) | 1,648 | (671) | (1,322) | |
Inventories, materials, supplies and prepaid expenses | (330) | (70) | (389) | (461) | |
Income taxes payable | 234 | 296 | (2,164) | 1,608 | |
Accounts payable and accrued liabilities | 1,314 | (1,328) | 1,011 | 1,315 | |
All other items - net | [1] | 35 | (34) | (48) | 13 |
Cash flows from (used in) operating activities | 2,359 | 3,089 | 2,423 | 7,685 | |
Investing activities | |||||
Additions to property, plant and equipment | (387) | (397) | (1,315) | (1,034) | |
Proceeds from asset sales (note 3) | 6 | 760 | 29 | 886 | |
Additional investments | 0 | (6) | 0 | (6) | |
Loans to equity companies - net | 1 | 7 | 3 | 9 | |
Cash flows from (used in) investing activities | (380) | 364 | (1,283) | (145) | |
Financing activities | |||||
Long-term debt - reduction (note 6) | 0 | (1,000) | 0 | (1,000) | |
Finance lease obligations - reduction (note 6) | (5) | (5) | (16) | (16) | |
Dividends paid | (292) | (227) | (815) | (640) | |
Common shares purchased (note 9) | (1,342) | (1,512) | (1,342) | (4,461) | |
Cash flows from (used in) financing activities | (1,639) | (2,744) | (2,173) | (6,117) | |
Increase (decrease) in cash and cash equivalents | 340 | 709 | (1,033) | 1,423 | |
Cash and cash equivalents at beginning of period | 2,376 | 2,867 | 3,749 | 2,153 | |
Cash and cash equivalents at end of period | [2] | $ 2,716 | $ 3,576 | $ 2,716 | $ 3,576 |
[1] (b) Included contributions to registered pension plans. (43) (41) (129) (137) |
Consolidated statement of cas_2
Consolidated statement of cash flows (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||||
Included contributions to registered pension plans | $ (43) | $ (41) | $ (129) | $ (137) |
Income taxes (paid) refunded. | (438) | (64) | (3,627) | (339) |
Interest (paid), net of capitalization. | $ (15) | $ (19) | $ (52) | $ (41) |
Basis of financial statement pr
Basis of financial statement preparation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of financial statement preparation | Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2022 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the nine months ended September 30, 2023, are not necessarily indicative of the operations to be expected for the full year. |
Business segments
Business segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business segments | Business segments Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 43 156 13,540 14,537 290 378 Intersegment sales 4,768 4,665 1,560 1,693 92 142 Investment and other income (note 3) (4) 128 12 6 — — 4,807 4,949 15,112 16,236 382 520 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,852 1,937 13,061 13,686 254 354 Production and manufacturing 1,187 1,381 405 419 74 72 Selling and general — — 177 174 21 17 Federal excise tax and fuel charge — — 653 583 1 1 Depreciation and depletion 418 501 46 44 2 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 3 — — — — — Total expenses 3,461 3,820 14,342 14,906 352 448 Income (loss) before income taxes 1,346 1,129 770 1,330 30 72 Income tax expense (benefit) 318 143 184 318 7 18 Net income (loss) 1,028 986 586 1,012 23 54 Cash flows from (used in) operating activities 1,771 1,280 378 1,532 74 109 Capital and exploration expenditures (c) 244 309 103 64 2 2 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 13,873 15,071 Intersegment sales — — (6,420) (6,500) — — Investment and other income (note 3) 39 19 — — 47 153 39 19 (6,420) (6,500) 13,920 15,224 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,419) (6,499) 8,748 9,478 Production and manufacturing — — — — 1,666 1,872 Selling and general 40 19 (1) (1) 237 209 Federal excise tax and fuel charge — — — — 654 584 Depreciation and depletion 9 6 — — 475 555 Non-service pension and postretirement benefit 20 4 — — 20 4 Financing (note 5) 16 16 — — 19 16 Total expenses 85 45 (6,420) (6,500) 11,820 12,719 Income (loss) before income taxes (46) (26) — — 2,100 2,505 Income tax expense (benefit) (10) (5) — — 499 474 Net income (loss) (36) (21) — — 1,601 2,031 Cash flows from (used in) operating activities 136 168 — — 2,359 3,089 Capital and exploration expenditures (c) 38 17 — — 387 392 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Third Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 12,271 13,223 Revenue outside the scope of ASC 606 1,602 1,848 Total 13,873 15,071 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 180 374 36,534 43,480 980 1,159 Intersegment sales 11,909 14,923 4,748 5,550 272 395 Investment and other income (note 3) 8 135 47 36 — — 12,097 15,432 41,329 49,066 1,252 1,554 Expenses Exploration 3 4 — — — — Purchases of crude oil and products 4,827 6,184 35,390 42,459 791 1,070 Production and manufacturing 3,730 4,053 1,291 1,193 186 193 Selling and general — — 494 474 69 62 Federal excise tax and fuel charge — — 1,778 1,615 3 1 Depreciation and depletion 1,250 1,269 135 130 10 13 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 3 1 — — — — Total expenses 9,813 11,511 39,088 45,871 1,059 1,339 Income (loss) before income taxes 2,284 3,921 2,241 3,195 193 215 Income tax expense (benefit) 542 807 535 761 46 52 Net income (loss) 1,742 3,114 1,706 2,434 147 163 Cash flows from (used in) operating activities 1,946 4,814 187 2,548 97 240 Capital and exploration expenditures (c) 868 764 329 201 11 5 Total assets as at September 30 28,356 28,099 10,912 9,972 441 482 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 37,694 45,013 Intersegment sales — — (16,929) (20,868) — — Investment and other income (note 3) 111 33 — — 166 204 111 33 (16,929) (20,868) 37,860 45,217 Expenses Exploration — — — — 3 4 Purchases of crude oil and products — — (16,926) (20,864) 24,082 28,849 Production and manufacturing — — — — 5,207 5,439 Selling and general 69 93 (3) (4) 629 625 Federal excise tax and fuel charge — — — — 1,781 1,616 Depreciation and depletion 23 20 — — 1,418 1,432 Non-service pension and postretirement benefit 60 13 — — 60 13 Financing (note 5) 48 33 — — 51 34 Total expenses 200 159 (16,929) (20,868) 33,231 38,012 Income (loss) before income taxes (89) (126) — — 4,629 7,205 Income tax expense (benefit) (18) (28) — — 1,105 1,592 Net income (loss) (71) (98) — — 3,524 5,613 Cash flows from (used in) operating activities 193 83 — — 2,423 7,685 Capital and exploration expenditures (c) 101 32 — — 1,309 1,002 Total assets as at September 30 4,346 4,704 (469) (271) 43,586 42,986 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Nine Months to September 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 33,713 39,958 Revenue outside the scope of ASC 606 3,981 5,055 Total 37,694 45,013 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Investment and other income
Investment and other income | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Investment and other income | Investment and other income Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Proceeds from asset sales 6 854 29 886 Book value of asset sales 9 723 10 731 Gain (loss) on asset sales, before tax (a) (3) 131 19 155 Gain (loss) on asset sales, after tax (a) (2) 222 16 241 (a) The third quarter of 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. |
Employee retirement benefits
Employee retirement benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee retirement benefits | Employee retirement benefits The components of net benefit cost were as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Pension benefits: Service cost 41 70 122 210 Interest cost 94 74 280 221 Expected return on plan assets (94) (103) (280) (309) Amortization of prior service cost 5 4 13 12 Amortization of actuarial loss (gain) 10 21 32 64 Net benefit cost 56 66 167 198 Other postretirement benefits: Service cost 3 6 9 17 Interest cost 7 6 21 18 Amortization of actuarial loss (gain) (2) 2 (6) 7 Net benefit cost 8 14 24 42 |
Financing costs
Financing costs | 9 Months Ended |
Sep. 30, 2023 | |
Financing costs and additional notes and loans payable information [Abstract] | |
Financing costs | Financing costs Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Debt-related interest 53 34 148 66 Capitalized interest (37) (18) (100) (33) Net interest expense 16 16 48 33 Other interest 3 — 3 1 Total financing 19 16 51 34 |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt As at Sep 30 As at Dec 31 millions of Canadian dollars 2023 2022 Long-term debt 3,447 3,447 Finance leases 570 586 Total long-term debt 4,017 4,033 |
Other long-term obligations
Other long-term obligations | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | Other long-term obligations As at Sep 30 As at Dec 31 millions of Canadian dollars 2023 2022 Employee retirement benefits (a) 876 902 Asset retirement obligations and other environmental liabilities (b) 2,189 2,150 Share-based incentive compensation liabilities 130 101 Operating lease liability (c) 122 151 Other obligations 145 163 Total other long-term obligations 3,462 3,467 (a) Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b) Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c) Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million). |
Financial and derivative instru
Financial and derivative instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and derivative instruments | Financial and derivative instruments Financial instruments The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At September 30, 2023 and December 31, 2022, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement. Derivative instruments The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues” and in the Consolidated statement of cash flows in "Cash flow from (used in) operating activities". The company does not designate derivative instruments as a hedge for hedge accounting purposes. Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity. The net notional long/(short) position of derivative instruments was: As at Sep 30 As at Dec 31 thousands of barrels 2023 2022 Crude 3,280 1,800 Products (850) (350) Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Revenues 6 105 (7) 91 The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At September 30, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 24 33 — 57 (23) (1) 33 Liabilities Derivative liabilities (b) 24 39 — 63 (23) — 40 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. At December 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 17 32 — 49 (27) — 22 Liabilities Derivative liabilities (b) 21 20 — 41 (27) (4) 10 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. At September 30, 2023 and December 31, 2022, the company had $21 million and $14 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements. |
Common shares
Common shares | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Common shares | Common shares thousands of shares As at Sep 30 2023 As at Dec 31 2022 Authorized 1,100,000 1,100,000 Outstanding 566,667 584,153 The most recent 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial continued its existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial accelerated its share purchases under the normal course issuer bid program during the third quarter and, subsequent to the end of the third quarter, the program completed on October 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. On October 27, 2023, the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $1.5 billion of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares. The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value (17,486) (32) Balance as at September 30, 2023 566,667 1,047 The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: Third Quarter Nine Months to September 30 2023 2022 2023 2022 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,601 2,031 3,524 5,613 Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9 Net income (loss) per common share (dollars) 2.77 3.25 6.05 8.60 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,601 2,031 3,524 5,613 Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9 Effect of employee share-based awards (millions of shares) 1.3 1.6 1.2 1.5 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 579.3 626.9 583.3 654.4 Net income (loss) per common share (dollars) 2.76 3.24 6.04 8.58 Dividends per common share – declared (dollars) 0.50 0.34 1.44 1.02 |
Other comprehensive income (los
Other comprehensive income (loss) information | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Other comprehensive income (loss) information | Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 Balance at January 1 (512) (1,177) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24 Amounts reclassified from accumulated other comprehensive income 29 63 Balance at September 30 (462) (1,090) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (13) (28) (39) (83) (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). Income tax expense (credit) for components of other comprehensive income (loss): Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) — — 7 8 Amortization of postretirement benefits liability adjustment included in net benefit cost 4 7 10 20 Total 4 7 17 28 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business segments (Tables)
Business segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business segments | Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 43 156 13,540 14,537 290 378 Intersegment sales 4,768 4,665 1,560 1,693 92 142 Investment and other income (note 3) (4) 128 12 6 — — 4,807 4,949 15,112 16,236 382 520 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,852 1,937 13,061 13,686 254 354 Production and manufacturing 1,187 1,381 405 419 74 72 Selling and general — — 177 174 21 17 Federal excise tax and fuel charge — — 653 583 1 1 Depreciation and depletion 418 501 46 44 2 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 3 — — — — — Total expenses 3,461 3,820 14,342 14,906 352 448 Income (loss) before income taxes 1,346 1,129 770 1,330 30 72 Income tax expense (benefit) 318 143 184 318 7 18 Net income (loss) 1,028 986 586 1,012 23 54 Cash flows from (used in) operating activities 1,771 1,280 378 1,532 74 109 Capital and exploration expenditures (c) 244 309 103 64 2 2 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 13,873 15,071 Intersegment sales — — (6,420) (6,500) — — Investment and other income (note 3) 39 19 — — 47 153 39 19 (6,420) (6,500) 13,920 15,224 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,419) (6,499) 8,748 9,478 Production and manufacturing — — — — 1,666 1,872 Selling and general 40 19 (1) (1) 237 209 Federal excise tax and fuel charge — — — — 654 584 Depreciation and depletion 9 6 — — 475 555 Non-service pension and postretirement benefit 20 4 — — 20 4 Financing (note 5) 16 16 — — 19 16 Total expenses 85 45 (6,420) (6,500) 11,820 12,719 Income (loss) before income taxes (46) (26) — — 2,100 2,505 Income tax expense (benefit) (10) (5) — — 499 474 Net income (loss) (36) (21) — — 1,601 2,031 Cash flows from (used in) operating activities 136 168 — — 2,359 3,089 Capital and exploration expenditures (c) 38 17 — — 387 392 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Third Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 12,271 13,223 Revenue outside the scope of ASC 606 1,602 1,848 Total 13,873 15,071 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 180 374 36,534 43,480 980 1,159 Intersegment sales 11,909 14,923 4,748 5,550 272 395 Investment and other income (note 3) 8 135 47 36 — — 12,097 15,432 41,329 49,066 1,252 1,554 Expenses Exploration 3 4 — — — — Purchases of crude oil and products 4,827 6,184 35,390 42,459 791 1,070 Production and manufacturing 3,730 4,053 1,291 1,193 186 193 Selling and general — — 494 474 69 62 Federal excise tax and fuel charge — — 1,778 1,615 3 1 Depreciation and depletion 1,250 1,269 135 130 10 13 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 3 1 — — — — Total expenses 9,813 11,511 39,088 45,871 1,059 1,339 Income (loss) before income taxes 2,284 3,921 2,241 3,195 193 215 Income tax expense (benefit) 542 807 535 761 46 52 Net income (loss) 1,742 3,114 1,706 2,434 147 163 Cash flows from (used in) operating activities 1,946 4,814 187 2,548 97 240 Capital and exploration expenditures (c) 868 764 329 201 11 5 Total assets as at September 30 28,356 28,099 10,912 9,972 441 482 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 37,694 45,013 Intersegment sales — — (16,929) (20,868) — — Investment and other income (note 3) 111 33 — — 166 204 111 33 (16,929) (20,868) 37,860 45,217 Expenses Exploration — — — — 3 4 Purchases of crude oil and products — — (16,926) (20,864) 24,082 28,849 Production and manufacturing — — — — 5,207 5,439 Selling and general 69 93 (3) (4) 629 625 Federal excise tax and fuel charge — — — — 1,781 1,616 Depreciation and depletion 23 20 — — 1,418 1,432 Non-service pension and postretirement benefit 60 13 — — 60 13 Financing (note 5) 48 33 — — 51 34 Total expenses 200 159 (16,929) (20,868) 33,231 38,012 Income (loss) before income taxes (89) (126) — — 4,629 7,205 Income tax expense (benefit) (18) (28) — — 1,105 1,592 Net income (loss) (71) (98) — — 3,524 5,613 Cash flows from (used in) operating activities 193 83 — — 2,423 7,685 Capital and exploration expenditures (c) 101 32 — — 1,309 1,002 Total assets as at September 30 4,346 4,704 (469) (271) 43,586 42,986 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Nine Months to September 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 33,713 39,958 Revenue outside the scope of ASC 606 3,981 5,055 Total 37,694 45,013 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Disaggregation of Revenue | Revenues Third Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 12,271 13,223 Revenue outside the scope of ASC 606 1,602 1,848 Total 13,873 15,071 Revenues Nine Months to September 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 33,713 39,958 Revenue outside the scope of ASC 606 3,981 5,055 Total 37,694 45,013 |
Investment and other income (Ta
Investment and other income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Investment and other income | Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Proceeds from asset sales 6 854 29 886 Book value of asset sales 9 723 10 731 Gain (loss) on asset sales, before tax (a) (3) 131 19 155 Gain (loss) on asset sales, after tax (a) (2) 222 16 241 (a) The third quarter of 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs | The components of net benefit cost were as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Pension benefits: Service cost 41 70 122 210 Interest cost 94 74 280 221 Expected return on plan assets (94) (103) (280) (309) Amortization of prior service cost 5 4 13 12 Amortization of actuarial loss (gain) 10 21 32 64 Net benefit cost 56 66 167 198 Other postretirement benefits: Service cost 3 6 9 17 Interest cost 7 6 21 18 Amortization of actuarial loss (gain) (2) 2 (6) 7 Net benefit cost 8 14 24 42 |
Financing costs (Tables)
Financing costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Financing costs and additional notes and loans payable information [Abstract] | |
Financing costs | Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Debt-related interest 53 34 148 66 Capitalized interest (37) (18) (100) (33) Net interest expense 16 16 48 33 Other interest 3 — 3 1 Total financing 19 16 51 34 |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | As at Sep 30 As at Dec 31 millions of Canadian dollars 2023 2022 Long-term debt 3,447 3,447 Finance leases 570 586 Total long-term debt 4,017 4,033 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | As at Sep 30 As at Dec 31 millions of Canadian dollars 2023 2022 Employee retirement benefits (a) 876 902 Asset retirement obligations and other environmental liabilities (b) 2,189 2,150 Share-based incentive compensation liabilities 130 101 Operating lease liability (c) 122 151 Other obligations 145 163 Total other long-term obligations 3,462 3,467 (a) Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b) Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c) Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of net long short position of derivative instruments | The net notional long/(short) position of derivative instruments was: As at Sep 30 As at Dec 31 thousands of barrels 2023 2022 Crude 3,280 1,800 Products (850) (350) |
Summary of realized and unrealized gain or (loss) on derivative instruments | Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Revenues 6 105 (7) 91 |
Summary of estimated fair value of financial instruments | The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At September 30, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 24 33 — 57 (23) (1) 33 Liabilities Derivative liabilities (b) 24 39 — 63 (23) — 40 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. At December 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 17 32 — 49 (27) — 22 Liabilities Derivative liabilities (b) 21 20 — 41 (27) (4) 10 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
Common shares (Tables)
Common shares (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of common shares | thousands of shares As at Sep 30 2023 As at Dec 31 2022 Authorized 1,100,000 1,100,000 Outstanding 566,667 584,153 |
Common share activities | The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value (17,486) (32) Balance as at September 30, 2023 566,667 1,047 |
Calculation of basic and diluted earnings per share | The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: Third Quarter Nine Months to September 30 2023 2022 2023 2022 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,601 2,031 3,524 5,613 Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9 Net income (loss) per common share (dollars) 2.77 3.25 6.05 8.60 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,601 2,031 3,524 5,613 Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9 Effect of employee share-based awards (millions of shares) 1.3 1.6 1.2 1.5 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 579.3 626.9 583.3 654.4 Net income (loss) per common share (dollars) 2.76 3.24 6.04 8.58 Dividends per common share – declared (dollars) 0.50 0.34 1.44 1.02 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive income (loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 Balance at January 1 (512) (1,177) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24 Amounts reclassified from accumulated other comprehensive income 29 63 Balance at September 30 (462) (1,090) |
Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (13) (28) (39) (83) (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). |
Income tax expense (credit) for components of other comprehensive income (loss) | Income tax expense (credit) for components of other comprehensive income (loss): Third Quarter Nine Months to September 30 millions of Canadian dollars 2023 2022 2023 2022 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) — — 7 8 Amortization of postretirement benefits liability adjustment included in net benefit cost 4 7 10 20 Total 4 7 17 28 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Revenues and other income | ||||||
Revenues | [1] | $ 13,873 | $ 15,071 | $ 37,694 | $ 45,013 | |
Investment and other income (note 3) | 47 | 153 | 166 | 204 | ||
Total revenues and other income | 13,920 | 15,224 | 37,860 | 45,217 | ||
Expenses | ||||||
Exploration | 1 | 1 | 3 | 4 | ||
Purchases of crude oil and products | [2] | 8,748 | 9,478 | 24,082 | 28,849 | |
Production and manufacturing | [3] | 1,666 | 1,872 | 5,207 | 5,439 | |
Selling and general | [3] | 237 | 209 | 629 | 625 | |
Federal excise tax and fuel charge | 654 | 584 | 1,781 | 1,616 | ||
Depreciation and depletion | 475 | 555 | 1,418 | 1,432 | ||
Non-service pension and postretirement benefit | 20 | 4 | 60 | 13 | ||
Financing (note 5) | [4] | 19 | 16 | 51 | 34 | |
Total expenses | 11,820 | 12,719 | 33,231 | 38,012 | ||
Income (loss) before income taxes | 2,100 | 2,505 | 4,629 | 7,205 | ||
Income taxes | 499 | 474 | 1,105 | 1,592 | ||
Net income (loss) | 1,601 | 2,031 | 3,524 | 5,613 | ||
Cash flows from (used in) operating activities | 2,359 | 3,089 | 2,423 | 7,685 | ||
Capital and exploration expenditures | 387 | 392 | 1,309 | 1,002 | ||
Total assets as at September 30 | 43,586 | 42,986 | 43,586 | 42,986 | $ 43,524 | |
Corporate and other | ||||||
Revenues and other income | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Investment and other income (note 3) | 39 | 19 | 111 | 33 | ||
Total revenues and other income | 39 | 19 | 111 | 33 | ||
Expenses | ||||||
Exploration | 0 | 0 | 0 | 0 | ||
Purchases of crude oil and products | 0 | 0 | 0 | 0 | ||
Production and manufacturing | 0 | 0 | 0 | 0 | ||
Selling and general | 40 | 19 | 69 | 93 | ||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||
Depreciation and depletion | 9 | 6 | 23 | 20 | ||
Non-service pension and postretirement benefit | 20 | 4 | 60 | 13 | ||
Financing (note 5) | 16 | 16 | 48 | 33 | ||
Total expenses | 85 | 45 | 200 | 159 | ||
Income (loss) before income taxes | (46) | (26) | (89) | (126) | ||
Income taxes | (10) | (5) | (18) | (28) | ||
Net income (loss) | (36) | (21) | (71) | (98) | ||
Cash flows from (used in) operating activities | 136 | 168 | 193 | 83 | ||
Capital and exploration expenditures | 38 | 17 | 101 | 32 | ||
Total assets as at September 30 | 4,346 | 4,704 | 4,346 | 4,704 | ||
Eliminations | ||||||
Revenues and other income | ||||||
Revenues | (6,420) | (6,500) | (16,929) | (20,868) | ||
Total revenues and other income | (6,420) | (6,500) | (16,929) | (20,868) | ||
Expenses | ||||||
Exploration | 0 | 0 | 0 | 0 | ||
Purchases of crude oil and products | (6,419) | (6,499) | (16,926) | (20,864) | ||
Production and manufacturing | 0 | 0 | 0 | 0 | ||
Selling and general | (1) | (1) | (3) | (4) | ||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||
Depreciation and depletion | 0 | 0 | 0 | 0 | ||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||
Financing (note 5) | 0 | 0 | 0 | 0 | ||
Total expenses | (6,420) | (6,500) | (16,929) | (20,868) | ||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ||
Income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Cash flows from (used in) operating activities | 0 | 0 | 0 | 0 | ||
Capital and exploration expenditures | 0 | 0 | 0 | 0 | ||
Total assets as at September 30 | (469) | (271) | (469) | (271) | ||
Upstream | ||||||
Revenues and other income | ||||||
Revenues | 43 | 156 | 180 | 374 | ||
Investment and other income (note 3) | (4) | 128 | 8 | 135 | ||
Upstream | Intersegment Eliminations | ||||||
Revenues and other income | ||||||
Revenues | 4,768 | 4,665 | 11,909 | 14,923 | ||
Upstream | Operating Segments | ||||||
Revenues and other income | ||||||
Total revenues and other income | 4,807 | 4,949 | 12,097 | 15,432 | ||
Expenses | ||||||
Exploration | 1 | 1 | 3 | 4 | ||
Purchases of crude oil and products | 1,852 | 1,937 | 4,827 | 6,184 | ||
Production and manufacturing | 1,187 | 1,381 | 3,730 | 4,053 | ||
Selling and general | 0 | 0 | 0 | 0 | ||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||
Depreciation and depletion | 418 | 501 | 1,250 | 1,269 | ||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||
Financing (note 5) | 3 | 0 | 3 | 1 | ||
Total expenses | 3,461 | 3,820 | 9,813 | 11,511 | ||
Income (loss) before income taxes | 1,346 | 1,129 | 2,284 | 3,921 | ||
Income taxes | 318 | 143 | 542 | 807 | ||
Net income (loss) | 1,028 | 986 | 1,742 | 3,114 | ||
Cash flows from (used in) operating activities | 1,771 | 1,280 | 1,946 | 4,814 | ||
Capital and exploration expenditures | 244 | 309 | 868 | 764 | ||
Total assets as at September 30 | 28,356 | 28,099 | 28,356 | 28,099 | ||
Downstream | ||||||
Revenues and other income | ||||||
Revenues | 13,540 | 14,537 | 36,534 | 43,480 | ||
Investment and other income (note 3) | 12 | 6 | 47 | 36 | ||
Downstream | Intersegment Eliminations | ||||||
Revenues and other income | ||||||
Revenues | 1,560 | 1,693 | 4,748 | 5,550 | ||
Downstream | Operating Segments | ||||||
Revenues and other income | ||||||
Total revenues and other income | 15,112 | 16,236 | 41,329 | 49,066 | ||
Expenses | ||||||
Exploration | 0 | 0 | 0 | 0 | ||
Purchases of crude oil and products | 13,061 | 13,686 | 35,390 | 42,459 | ||
Production and manufacturing | 405 | 419 | 1,291 | 1,193 | ||
Selling and general | 177 | 174 | 494 | 474 | ||
Federal excise tax and fuel charge | 653 | 583 | 1,778 | 1,615 | ||
Depreciation and depletion | 46 | 44 | 135 | 130 | ||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||
Financing (note 5) | 0 | 0 | 0 | 0 | ||
Total expenses | 14,342 | 14,906 | 39,088 | 45,871 | ||
Income (loss) before income taxes | 770 | 1,330 | 2,241 | 3,195 | ||
Income taxes | 184 | 318 | 535 | 761 | ||
Net income (loss) | 586 | 1,012 | 1,706 | 2,434 | ||
Cash flows from (used in) operating activities | 378 | 1,532 | 187 | 2,548 | ||
Capital and exploration expenditures | 103 | 64 | 329 | 201 | ||
Total assets as at September 30 | 10,912 | 9,972 | 10,912 | 9,972 | ||
Chemical | ||||||
Revenues and other income | ||||||
Revenues | 290 | 378 | 980 | 1,159 | ||
Investment and other income (note 3) | 0 | 0 | 0 | 0 | ||
Chemical | Intersegment Eliminations | ||||||
Revenues and other income | ||||||
Revenues | 92 | 142 | 272 | 395 | ||
Chemical | Operating Segments | ||||||
Revenues and other income | ||||||
Total revenues and other income | 382 | 520 | 1,252 | 1,554 | ||
Expenses | ||||||
Exploration | 0 | 0 | 0 | 0 | ||
Purchases of crude oil and products | 254 | 354 | 791 | 1,070 | ||
Production and manufacturing | 74 | 72 | 186 | 193 | ||
Selling and general | 21 | 17 | 69 | 62 | ||
Federal excise tax and fuel charge | 1 | 1 | 3 | 1 | ||
Depreciation and depletion | 2 | 4 | 10 | 13 | ||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||
Financing (note 5) | 0 | 0 | 0 | 0 | ||
Total expenses | 352 | 448 | 1,059 | 1,339 | ||
Income (loss) before income taxes | 30 | 72 | 193 | 215 | ||
Income taxes | 7 | 18 | 46 | 52 | ||
Net income (loss) | 23 | 54 | 147 | 163 | ||
Cash flows from (used in) operating activities | 74 | 109 | 97 | 240 | ||
Capital and exploration expenditures | 2 | 2 | 11 | 5 | ||
Total assets as at September 30 | $ 441 | $ 482 | $ 441 | $ 482 | ||
[1] (a) Amounts from related parties included in revenues. 3,553 4,454 10,245 13,588 (b) Amounts to related parties included in purchases of crude oil and products. 1,228 1,086 3,270 2,865 (c) Amounts to related parties included in production and manufacturing, 121 120 381 354 (d) Amounts to related parties included in financing. 44 28 124 45 |
Business Segments - Table Narra
Business Segments - Table Narrative (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | $ 12,271 | $ 13,223 | $ 33,713 | $ 39,958 | |
Revenue outside the scope of ASC 606 | 1,602 | 1,848 | 3,981 | 5,055 | |
Total | [1] | 13,873 | 15,071 | 37,694 | 45,013 |
United States Exports | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 2,180 | $ 3,176 | $ 6,589 | $ 9,551 | |
[1] (a) Amounts from related parties included in revenues. 3,553 4,454 10,245 13,588 |
Investment and other income - G
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Proceeds from asset sales | $ 6 | $ 854 | $ 29 | $ 886 |
Book value of asset sales | 9 | 723 | 10 | 731 |
Gain (loss) on asset sales, before tax | (3) | 131 | 19 | 155 |
Gain (loss) on asset sales, after tax | $ (2) | 222 | $ 16 | $ 241 |
XTO Energy Canada | ||||
Net Investment Income [Line Items] | ||||
Gain (loss) on asset sales, before tax | 116 | |||
Gain (loss) on asset sales, after tax | $ 208 |
Employee retirement benefits -
Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension benefits: | ||||
Service cost | $ 41 | $ 70 | $ 122 | $ 210 |
Interest cost | 94 | 74 | 280 | 221 |
Expected return on plan assets | (94) | (103) | (280) | (309) |
Amortization of prior service cost | 5 | 4 | 13 | 12 |
Amortization of actuarial loss (gain) | 10 | 21 | 32 | 64 |
Net benefit cost | 56 | 66 | 167 | 198 |
Other postretirement benefits: | ||||
Service cost | 3 | 6 | 9 | 17 |
Interest cost | 7 | 6 | 21 | 18 |
Amortization of actuarial loss (gain) | (2) | 2 | (6) | 7 |
Net benefit cost | $ 8 | $ 14 | $ 24 | $ 42 |
Financing costs (Detail)
Financing costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Financing costs and additional notes and loans payable information [Abstract] | |||||
Debt-related interest | $ 53 | $ 34 | $ 148 | $ 66 | |
Capitalized interest | (37) | (18) | (100) | (33) | |
Net interest expense | 16 | 16 | 48 | 33 | |
Other interest | 3 | 0 | 3 | 1 | |
Total financing | [1] | $ 19 | $ 16 | $ 51 | $ 34 |
[1] (d) Amounts to related parties included in financing. 44 28 124 45 |
Long-term debt (Detail)
Long-term debt (Detail) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |||
Long-term debt | $ 3,447 | $ 3,447 | |
Finance leases | 570 | 586 | |
Total long-term debt | [1] | $ 4,017 | $ 4,033 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total long-term debt | Total long-term debt | |
[1](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million). |
Other long-term obligations - S
Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Employee retirement benefits | $ 876 | $ 902 |
Asset retirement obligations and other environmental liabilities | 2,189 | 2,150 |
Share-based incentive compensation liabilities | 130 | 101 |
Operating lease liability | 122 | 151 |
Other obligations | 145 | 163 |
Total other long-term obligations | $ 3,462 | $ 3,467 |
Other long-term obligations - T
Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 63 | $ 63 |
Asset retirement obligations and other environmental liabilities in current liabilities | 116 | 116 |
Undiscounted commitments | 55 | 14 |
Accounts Payable and Accrued Liabilities | ||
Schedule of Other Liabilities [Line Items] | ||
Lease liability due within one year, Operating leases | $ 107 | $ 100 |
Financial and derivative inst_3
Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financial Instruments And Derivatives [Line Items] | ||
Long-term debt | $ 3,447 | $ 3,447 |
Master netting arrangements | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative collateral receivable | $ 21 | $ 14 |
Financial and derivative inst_4
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Crude | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, volume | 3,280 | 1,800 |
Products | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, volume | 850 | 350 |
Financial and derivative inst_5
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Revenues | $ 6 | $ 105 | $ (7) | $ 91 |
Financial and derivative inst_6
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative Asset | $ 57 | $ 49 |
Liabilities | ||
Derivative liabilities | 63 | 41 |
Effect of counterparty netting | ||
Assets | ||
Derivative Asset | (23) | (27) |
Liabilities | ||
Derivative liabilities | (23) | (27) |
Effect of collateral netting | ||
Assets | ||
Derivative Asset | (1) | 0 |
Liabilities | ||
Derivative liabilities | 0 | (4) |
Net carrying value | ||
Assets | ||
Derivative Asset | 33 | 22 |
Liabilities | ||
Derivative liabilities | 40 | 10 |
Level 1 | ||
Assets | ||
Derivative Asset | 24 | 17 |
Liabilities | ||
Derivative liabilities | 24 | 21 |
Level 2 | ||
Assets | ||
Derivative Asset | 33 | 32 |
Liabilities | ||
Derivative liabilities | 39 | 20 |
Level 3 | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
Common shares - Summary of Comm
Common shares - Summary of Common Shares (Detail) - shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Authorized (in shares) | 1,100,000 | 1,100,000 |
Common shares outstanding (in shares) | 566,667 | 584,153 |
Common shares - Narrative (Deta
Common shares - Narrative (Detail) - CAD ($) | Jun. 29, 2023 | Oct. 27, 2023 |
Class of Stock [Line Items] | ||
Normal course issuer bid share repurchase term, months | 12 months | |
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | ||
Class of Stock [Line Items] | ||
Normal course issuer bid share repurchase shares authorized | 29,207,635 | |
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | Exxon Mobil Corporation | ||
Class of Stock [Line Items] | ||
Percent of total shares | 5% | |
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |
Normal Course Issuer Bid Effective From October Twenty Seventh Two Thousand And Twenty Three | Exxon Mobil Corporation | Subsequent Event | ||
Class of Stock [Line Items] | ||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |
Stock repurchase program, authorized amount | $ 1,500,000,000 |
Common shares - Common Share Ac
Common shares - Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock beginning balance, (in shares) | 584,153 | |||||
Common stock, ending balance, (in shares) | 566,667 | 566,667 | 584,153 | |||
Common stock beginning balance | [1] | $ 1,079 | ||||
Common stock, ending balance | [1] | $ 1,047 | $ 1,047 | $ 1,079 | ||
Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock beginning balance, (in shares) | 584,153 | 678,080 | 678,080 | |||
Issued under employee share-based awards, (in shares) | 0 | 0 | ||||
Purchases at stated value, (in shares) | (17,486) | (93,927) | ||||
Common stock, ending balance, (in shares) | 566,667 | 566,667 | 584,153 | |||
Common stock beginning balance | $ 1,079 | $ 1,252 | $ 1,252 | |||
Issued under employee share-based awards | 0 | 0 | ||||
Purchases at stated value | $ (32) | $ (48) | (32) | $ (123) | (173) | |
Common stock, ending balance | $ 1,047 | $ 1,047 | $ 1,079 | |||
[1](d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively). |
Common shares - Calculation of
Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) per common share – basic | ||||
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 |
Weighted-average number of common shares outstanding (millions of shares) | 578 | 625.3 | 582.1 | 652.9 |
Net income (loss) per common share (dollars) | $ 2.77 | $ 3.25 | $ 6.05 | $ 8.60 |
Net income (loss) per common share – diluted | ||||
Net income (loss) | $ 1,601 | $ 2,031 | $ 3,524 | $ 5,613 |
Weighted-average number of common shares outstanding (millions of shares) | 578 | 625.3 | 582.1 | 652.9 |
Effect of employee share-based awards (millions of shares) | 1.3 | 1.6 | 1.2 | 1.5 |
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 579.3 | 626.9 | 583.3 | 654.4 |
Net income (loss) per common share (dollars) | $ 2.76 | $ 3.24 | $ 6.04 | $ 8.58 |
Dividends per common share – declared (dollars) | $ 0.50 | $ 0.34 | $ 1.44 | $ 1.02 |
Other comprehensive income (l_3
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at January 1 | $ (512) | |
Balance at September 30 | (462) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at January 1 | (512) | $ (1,177) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | 21 | 24 |
Amounts reclassified from accumulated other comprehensive income | 29 | 63 |
Balance at September 30 | $ (462) | $ (1,090) |
Other comprehensive income (l_4
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of postretirement benefits liability adjustment included in net benefit cost | $ (13) | $ (28) | $ (39) | $ (83) |
Other comprehensive income (l_5
Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||
Postretirement benefits liability adjustment (excluding amortization) | $ 0 | $ 0 | $ 7 | $ 8 |
Amortization of postretirement benefits liability adjustment included in net benefit cost | 4 | 7 | 10 | 20 |
Total | $ 4 | $ 7 | $ 17 | $ 28 |