Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Entity Interactive Data Current | Yes |
Document Quarterly Report | true |
Document Transition Report | false |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | IMPERIAL OIL LTD |
Entity Central Index Key | 0000049938 |
Entity File Number | 0-12014 |
Entity Tax Identification Number | 98-0017682 |
Entity Incorporation, State or Country Code | CA |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
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, Postal Zip Code | T2C 5N1 |
Entity Address, Country | CA |
City Area Code | 1-800 |
Local Phone Number | 567-3776 |
Entity Common Stock, Shares Outstanding | 762,773,619 |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Revenues and other income | |||||||||
Revenues | [1] | $ 9,228 | [2] | $ 9,516 | [2] | $ 17,193 | [3] | $ 17,416 | [3] |
Investment and other income (note 4) | 33 | 27 | 50 | 61 | |||||
Total revenues and other income | 9,261 | 9,543 | 17,243 | 17,477 | |||||
Expenses | |||||||||
Exploration | 5 | 1 | 38 | 9 | |||||
Purchases of crude oil and products | [4] | 5,662 | 6,537 | 10,557 | 11,317 | ||||
Production and manufacturing | [5] | 1,715 | 1,646 | 3,310 | 3,077 | ||||
Selling and general | [5] | 236 | 273 | 449 | 467 | ||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | |||||
Depreciation and depletion | 392 | 358 | 782 | 735 | |||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | |||||
Financing (note 6) | [6] | 23 | 26 | 51 | 49 | ||||
Total expenses | 8,532 | 9,279 | 16,116 | 16,516 | |||||
Income (loss) before income taxes | 729 | 264 | 1,127 | 961 | |||||
Income taxes | (483) | 68 | (378) | 249 | |||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 | |||||
Per share information (Canadian dollars) | |||||||||
Net income (loss) per common share - basic (note 11) | $ 1.58 | $ 0.24 | $ 1.95 | $ 0.86 | |||||
Net income (loss) per common share - diluted (note 11) | $ 1.57 | $ 0.24 | $ 1.94 | $ 0.86 | |||||
[1] | Amounts from related parties included in revenues. 2,234 1,769 3,956 3,142 | ||||||||
[2] | Included export sales to the United States of $2,152 million (2018 - $1,561 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[3] | Included export sales to the United States of $3,816 million (2018 - $2,768 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Amounts to related parties included in purchases of crude oil and products. 908 1,374 1,636 2,266 | ||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 161 156 322 297 | ||||||||
[6] | Amounts to related parties included in financing, (note 6). 24 22 52 42 |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amounts from related parties included in revenues | $ 2,234 | $ 1,769 | $ 3,956 | $ 3,142 |
Amounts to related parties included in purchases of crude oil and products | 908 | 1,374 | 1,636 | 2,266 |
Amounts to related parties included in production and manufacturing, and selling and general expenses | 161 | 156 | 322 | 297 |
Amounts to related parties included in financing (note 6) | $ 24 | $ 22 | $ 52 | $ 42 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Other comprehensive income (loss), net of income taxes | ||||
Postretirement benefits liability adjustment (excluding amortization) | 0 | 0 | 18 | (19) |
Amortization of postretirement benefits liability adjustment included in net periodic benefit costs | 28 | 33 | 55 | 67 |
Total other comprehensive income (loss) | 28 | 33 | 73 | 48 |
Comprehensive income (loss) | $ 1,240 | $ 229 | $ 1,578 | $ 760 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | ||
Current assets | ||||
Cash | $ 1,087 | [1] | $ 988 | |
Accounts receivable, less estimated doubtful accounts | [2] | 3,134 | 2,529 | |
Inventories of crude oil and products | 1,228 | 1,297 | ||
Materials, supplies and prepaid expenses | 631 | 541 | ||
Total current assets | 6,080 | 5,355 | ||
Investments and long-term receivables | [3] | 894 | 857 | |
Property, plant and equipment, | 54,263 | 53,944 | ||
less accumulated depreciation and depletion | (20,025) | (19,719) | ||
Property, plant and equipment, net | 34,238 | 34,225 | ||
Goodwill | 186 | 186 | ||
Other assets, including intangibles, net | 531 | 833 | ||
Total assets | 41,929 | [4],[5] | 41,456 | |
Current liabilities | ||||
Notes and loans payable | [6] | 200 | 202 | |
Accounts payable and accrued liabilities (note 9) | [2] | 3,985 | 3,688 | |
Income taxes payable | 28 | 65 | ||
Total current liabilities | 4,213 | 3,955 | ||
Long-term debt (note 7) | [7] | 4,968 | 4,978 | |
Other long-term obligations (note 9) | [8] | 3,076 | 2,943 | |
Deferred income tax liabilities | 4,650 | 5,091 | ||
Total liabilities | 16,907 | 16,967 | ||
Shareholders' equity | ||||
Common shares at stated value (note 11) | [9] | 1,410 | 1,446 | |
Earnings reinvested | 25,056 | 24,560 | ||
Accumulated other comprehensive income (loss) (note 12) | (1,444) | (1,517) | ||
Total shareholders' equity | 25,022 | 24,489 | ||
Total liabilities and shareholders' equity | $ 41,929 | $ 41,456 | ||
[1] | Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased. | |||
[2] | Accounts receivable, less estimated doubtful accounts included net amounts receivable from related parties of $1,200 million (2018 - $666 million). | |||
[3] | Investments and long-term receivables included amounts from related parties of $249 million (2018 - $146 million). | |||
[4] | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842), as amended. As at June 30, 2019, Total assets include operating lease right of use assets of $261 million. An election was made not to restate prior periods. See note 8 for additional details. | |||
[5] | The company removed $570 million from Total assets and corresponding liabilities associated with the Government of Ontario’s revocation of its cap and trade legislation. | |||
[6] | Notes and loans payable included amounts to related parties of $75 million (2018 - $75 million). | |||
[7] | Long-term debt included amounts to related parties of $4,447 million (2018 - $4,447 million). | |||
[8] | Other long-term obligations included amounts to related parties of $0 million (2018 - $15 million). | |||
[9] | Number of common shares authorized and outstanding were 1,100 million and 763 million, respectively (2018 - 1,100 million and 783 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Amounts receivable (payable) from (to) related parties | $ 1,200 | $ 666 |
Due to related parties, current | $ 75 | $ 75 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 763,000,000 | 783,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 249 | $ 146 |
Long-term debt | ||
Due to related parties | 4,447 | 4,447 |
Other long-term obligations | ||
Due to related parties | $ 0 | $ 15 |
Consolidated statement of share
Consolidated statement of shareholders' equity - CAD ($) $ in Millions | Total | Common shares at stated value (note 11) | Earnings reinvested | Accumulated other comprehensive income (loss) (note 18) |
At beginning of period at Dec. 31, 2017 | $ 1,536 | $ 24,714 | $ (1,815) | |
Net income (loss) for the year | $ 712 | 712 | ||
Issued under the stock option plan | 0 | |||
Share purchases at stated value | (53) | |||
Share purchases in excess of stated value | (1,090) | |||
Dividends declared | (287) | |||
Other comprehensive income (loss) | 48 | 48 | ||
At end of period at Jun. 30, 2018 | 23,765 | 1,483 | 24,049 | (1,767) |
At beginning of period at Dec. 31, 2017 | 1,536 | 24,714 | (1,815) | |
Share purchases at stated value | (90) | |||
At end of period at Dec. 31, 2018 | 24,489 | 1,446 | 24,560 | (1,517) |
At beginning of period at Mar. 31, 2018 | 1,523 | 24,861 | (1,800) | |
Net income (loss) for the year | 196 | 196 | ||
Issued under the stock option plan | 0 | |||
Share purchases at stated value | (40) | |||
Share purchases in excess of stated value | (853) | |||
Dividends declared | (155) | |||
Other comprehensive income (loss) | 33 | 33 | ||
At end of period at Jun. 30, 2018 | 23,765 | 1,483 | 24,049 | (1,767) |
At beginning of period at Dec. 31, 2018 | 24,489 | 1,446 | 24,560 | (1,517) |
Net income (loss) for the year | 1,505 | 1,505 | ||
Issued under the stock option plan | 0 | |||
Share purchases at stated value | (36) | |||
Share purchases in excess of stated value | (693) | |||
Dividends declared | (316) | |||
Other comprehensive income (loss) | 73 | 73 | ||
At end of period at Jun. 30, 2019 | 25,022 | 1,410 | 25,056 | (1,444) |
At beginning of period at Mar. 31, 2019 | 1,427 | 24,364 | (1,472) | |
Net income (loss) for the year | 1,212 | 1,212 | ||
Issued under the stock option plan | 0 | |||
Share purchases at stated value | (17) | |||
Share purchases in excess of stated value | (351) | |||
Dividends declared | (169) | |||
Other comprehensive income (loss) | 28 | 28 | ||
At end of period at Jun. 30, 2019 | $ 25,022 | $ 1,410 | $ 25,056 | $ (1,444) |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Operating activities | |||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 | |
Adjustments for non-cash items: | |||||
Depreciation and depletion | 392 | 358 | 782 | 735 | |
(Gain) loss on asset sales (note 4) | (11) | (9) | (6) | (19) | |
Deferred income taxes and other | (471) | 24 | (475) | 209 | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | 99 | (340) | (605) | 87 | |
Inventories, materials, supplies and prepaid expenses | (40) | 40 | (21) | (177) | |
Income taxes payable | (9) | 16 | (37) | 32 | |
Accounts payable and accrued liabilities | (175) | 439 | 728 | 24 | |
All other items - net | [1],[2] | 29 | 135 | 158 | 241 |
Cash flows from (used in) operating activities | 1,026 | 859 | 2,029 | 1,844 | |
Investing activities | |||||
Additions to property, plant and equipment | [2] | (394) | (357) | (825) | (728) |
Proceeds from asset sales (note 4) | 14 | 9 | 36 | 21 | |
Loan to equity company | (49) | (31) | (103) | (37) | |
Cash flows from (used in) investing activities | (429) | (379) | (892) | (744) | |
Financing activities | |||||
Reduction in finance lease obligations (note 8) | (6) | (7) | (13) | (13) | |
Dividends paid | (147) | (132) | (296) | (266) | |
Common shares purchased (note 11) | (368) | (893) | (729) | (1,143) | |
Cash flows from (used in) financing activities | (521) | (1,032) | (1,038) | (1,422) | |
Increase (decrease) in cash | 76 | (552) | 99 | (322) | |
Cash at beginning of period | 1,011 | 1,425 | 988 | 1,195 | |
Cash at end of period | [3] | $ 1,087 | $ 873 | $ 1,087 | $ 873 |
[1] | Included contribution to registered pension plans. (57) (57) (98) (101) | ||||
[2] | The impact of carbon emission programs are included in additions to property, plant and equipment, and all other items, net. | ||||
[3] | Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased. |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Included contribution to registered pension plans | $ (57) | $ (57) | $ (98) | $ (101) |
Accounts payable and accrued liabilities | ||||
Non-cash adjustments to accrued liabilities and all other items | $ 570 |
Basis of financial statement pr
Basis of financial statement preparation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of financial statement preparation | 1. 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 2018 annual report on Form 10-K. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the six months ended June 30, 2019, are not necessarily indicative of the operations to be expected for the full year. All amounts are in Canadian dollars unless otherwise indicated. |
Accounting changes
Accounting changes | 6 Months Ended |
Jun. 30, 2019 | |
Accounting changes | 2. Accounting changes Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
Business segments
Business segments | 6 Months Ended |
Jun. 30, 2019 | |
Business segments | 3. Business segments Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 2,587 2,318 6,375 6,870 266 328 Intersegment sales 1,116 650 487 332 48 74 Investment and other income (note 4) 4 3 19 19 - - 3,707 2,971 6,881 7,221 314 402 Expenses Exploration 5 1 - - - - Purchases of crude oil and products 1,802 1,573 5,338 5,803 171 216 Production and manufacturing 1,171 1,106 474 488 70 52 Selling and general - - 201 197 23 23 Federal excise tax and fuel charge - - 463 412 - - Depreciation and depletion 338 300 46 49 3 4 Non-service - - - - - - Financing (note 6) - - - - - - Total expenses 3,316 2,980 6,522 6,949 267 295 Income (loss) before income taxes 391 (9 ) 359 272 47 107 Income taxes (594 ) (3 ) 101 71 9 29 Net income (loss) 985 (6 ) 258 201 38 78 Cash flows from (used in) operating activities 585 (10 ) 423 776 52 116 Capital and exploration expenditures (b) 301 183 111 88 6 7 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 9,228 9,516 Intersegment sales - - (1,651 ) (1,056 ) - - Investment and other income (note 4) 10 5 - - 33 27 10 5 (1,651 ) (1,056 ) 9,261 9,543 Expenses Exploration - - - - 5 1 Purchases of crude oil and products - - (1,649 ) (1,055 ) 5,662 6,537 Production and manufacturing - - - - 1,715 1,646 Selling and general 14 54 (2 ) (1 ) 236 273 Federal excise tax and fuel charge - - - - 463 412 Depreciation and depletion 5 5 - - 392 358 Non-service 36 26 - - 36 26 Financing (note 6) 23 26 - - 23 26 Total expenses 78 111 (1,651 ) (1,056 ) 8,532 9,279 Income (loss) before income taxes (68 ) (106 ) - - 729 264 Income taxes 1 (29 ) - - (483 ) 68 Net income (loss) (69 ) (77 ) - - 1,212 196 Cash flows from (used in) operating activities (34 ) (23 ) - - 1,026 859 Capital and exploration expenditures (b) 11 6 - - 429 284 (a) Included export sales to the United States of $ 2,152 1,561 (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 4,827 4,307 11,849 12,477 517 632 Intersegment sales 2,064 1,307 935 694 120 147 Investment and other income (note 4) 4 4 29 41 - - 6,895 5,618 12,813 13,212 637 779 Expenses Exploration 38 9 - - - - Purchases of crude oil and products 3,388 2,947 9,920 10,097 364 418 Production and manufacturing 2,327 2,118 855 856 128 103 Selling and general - - 380 370 44 44 Federal excise tax and fuel charge - - 857 809 - - Depreciation and depletion 672 618 92 100 7 7 Non-service - - - - - - Financing (note 6) - - - - - - Total expenses 6,425 5,692 12,104 12,232 543 572 Income (loss) before income taxes 470 (74 ) 709 980 94 207 Income taxes (573 ) (24 ) 194 258 22 56 Net income (loss) 1,043 (50 ) 515 722 72 151 Cash flows from (used in) operating activities 865 327 1,155 1,366 100 199 Capital and exploration expenditures (b) 673 389 240 145 23 11 Total assets as at June 30 (c) (d) 35,059 34,781 5,041 5,090 451 408 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 17,193 17,416 Intersegment sales - - (3,119 ) (2,148 ) - - Investment and other income (note 4) 17 16 - - 50 61 17 16 (3,119 ) (2,148 ) 17,243 17,477 Expenses Exploration - - - - 38 9 Purchases of crude oil and products - - (3,115 ) (2,145 ) 10,557 11,317 Production and manufacturing - - - - 3,310 3,077 Selling and general 29 56 (4 ) (3 ) 449 467 Federal excise tax and fuel charge - - - - 857 809 Depreciation and depletion 11 10 - - 782 735 Non-service 72 53 - - 72 53 Financing (note 6) 51 49 - - 51 49 Total expenses 163 168 (3,119 ) (2,148 ) 16,116 16,516 Income (loss) before income taxes (146 ) (152 ) - - 1,127 961 Income taxes (21 ) (41 ) - - (378 ) 249 Net income (loss) (125 ) (111 ) - - 1,505 712 Cash flows from (used in) operating activities (91 ) (48 ) - - 2,029 1,844 Capital and exploration expenditures (b) 22 13 - - 958 558 Total assets as at June 30 (c) (d) 1,822 1,438 (444 ) (327 ) 41,929 41,390 (a) Included export sales to the United States of $ 3,816 2,768 (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. (c) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) 261 (d) The company removed $570 million from Total assets and corresponding liabilities associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Investment and other income
Investment and other income | 6 Months Ended |
Jun. 30, 2019 | |
Investment and other income | 4. Investment and other income Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Proceeds from asset sales 14 9 36 21 Book value of asset sales 3 - 30 2 Gain (loss) on asset sales, before tax 11 9 6 19 Gain (loss) on asset sales, after tax 10 8 6 15 |
Employee retirement benefits
Employee retirement benefits | 6 Months Ended |
Jun. 30, 2019 | |
Employee retirement benefits | 5. Employee retirement benefits The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Pension benefits: Current service cost 57 60 114 120 Interest cost 81 75 162 151 Expected return on plan assets (88 ) (100 ) (175 ) (201 ) Amortization of prior service cost - 1 - 2 Amortization of actuarial loss (gain) 38 43 75 87 Net periodic benefit cost 88 79 176 159 Other postretirement benefits: Current service cost 4 4 8 8 Interest cost 6 6 11 11 Amortization of actuarial loss (gain) (1 ) 1 (1 ) 3 Net periodic benefit cost 9 11 18 22 |
Financing and additional notes
Financing and additional notes and loans payable information | 6 Months Ended |
Jun. 30, 2019 | |
Financing and additional notes and loans payable information | 6. Financing and additional notes and loans payable information Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Debt-related interest 34 32 73 62 Capitalized interest (11 ) (6 ) (22 ) (13 ) Net interest expense 23 26 51 49 Other interest - - - - Total financing 23 26 51 49 |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2019 | |
Long-term debt | 7. Long-term debt As at As at millions of Canadian dollars 2019 2018 Long-term debt 4,447 4,447 Finance leases (a) 521 531 Total long-term debt 4,968 4,978 (a) Maturity analysis of finance lease liabilities is disclosed in note 8. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leased facilities | 8. Leases The company generally purchases the property, plant and equipment used in operations, but there are situations where assets are leased, primarily rail cars, marine vessels, storage tanks and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year, by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for long-term transportation agreements is excluded from the calculation of right of use assets and lease liabilities. Usually, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations assets are leased for nearly all of their useful lives and are accounted for as finance leases. In general, leases are capitalized using the company’s incremental borrowing rate. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. The company’s activities as a lessor are not material. At adoption of the lease accounting change (see note 2), on January 1, 2019, an operating lease liability of $ 298 298 The table below summarizes the total lease cost incurred: Second Quarter 2019 Six Months to June 30 2019 millions of Canadian dollars Operating Finance Operating Finance Operating lease cost 37 74 Short-term and other (net of sublease rental income) 25 40 Amortization of right of use assets 14 27 Interest on lease liabilities 10 20 Total lease cost 62 24 114 47 The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet: As at June 30 2019 millions of Canadian dollars Operating Finance Right of use assets Included in Other assets, including intangibles, net 261 Included in Property, plant and equipment, net 574 Total right of use assets 261 574 Lease liability due within one year Included in Accounts payable and accrued liabilities 118 38 Included in Notes and loans payable 25 Long-term lease liability Included in Other long-term obligations 141 - Included in Long-term debt 521 Total lease liability 259 584 The maturity analysis of the company’s lease liabilities, weighted average remaining lease term and weighted average discount rates applied are summarized below: As at June 30 2019 millions of Canadian dollars, unless noted Operating Finance Maturity analysis of lease liabilities 2019 remaining months 68 55 2020 94 71 2021 46 50 2022 15 49 2023 13 48 2024 11 47 2025 and beyond 30 1,086 Total lease payments 277 1,406 Discount to present value (18 ) (822 ) Total lease liability 259 584 Weighted average remaining lease term (years) 4 41 Weighted average discount rate (percent) 2.7 7.5 In addition to the operating lease liabilities in the table immediately above, at June 30, 2019, additional undiscounted commitments for leases not yet commenced totalled $1 million. The table below summarizes the cash paid for amounts included in the measurement of lease liabilities and the right of use assets obtained in exchange for new lease liabilities: Second Quarter 2019 Six Months to June 30 2019 millions of Canadian dollars Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 37 73 Cash flows from financing activities 28 35 Non-cash right of use assets recorded for lease liabilities For January 1 adoption of Leases (Topic 842) 298 In exchange for new lease liabilities during the period 34 At December 31, 2018, the company held non-cancelable millions of Canadian dollars As at Payments due by period 2019 130 2020 82 2021 43 2022 13 2023 11 2024 and beyond 12 Total lease payments under minimum commitments (a) 291 (a) Net rental cost under cancelable and non-cancelable 221 206 253 |
Other long-term obligations
Other long-term obligations | 6 Months Ended |
Jun. 30, 2019 | |
Other long-term obligations | 9. Other long-term obligations As at As at June 30 Dec 31 millions of Canadian dollars 2019 2018 Employee retirement benefits (a) 1,153 1,195 Asset retirement obligations and other environmental liabilities (b) 1,446 1,435 Share-based incentive compensation liabilities 95 78 Operating lease liability (c) 141 - Other obligations 241 235 Total other long-term obligations 3,076 2,943 (a) Total recorded employee retirement benefits obligations also included $ 55 55 (b) Total asset retirement obligations and other environmental liabilities also included $ 118 118 (c) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2019 | |
Financial Instruments Disclosure | 10. 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 June 30, 2019 and December 31, 2018 the fair value of long-term debt ($ 4,447 |
Common shares
Common shares | 6 Months Ended |
Jun. 30, 2019 | |
Common shares | 11. Common shares thousands of shares As of 2019 As of Dec 31 Authorized 1,100,000 1,100,000 Common shares outstanding 762,774 782,565 The 12-month 5 The current 12-month The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of shares Millions of dollars Balance as at December 31, 2017 831,242 1,536 Issued under employee share-based awards 2 - Purchases at stated value (48,679 ) (90 ) Balance as at December 31, 2018 782,565 1,446 Issued under employee share-based awards - - Purchases at stated value (19,791 ) (36 ) Balance as at June 30, 2019 762,774 1,410 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: Second Quarter Six Months to June 30 2019 2018 2019 2018 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 1,212 196 1,505 712 Weighted average number of common shares outstanding (millions of shares) 767.4 816.1 772.5 822.6 Net income (loss) per common share (dollars) 1.58 0.24 1.95 0.86 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 1,212 196 1,505 712 Weighted average number of common shares outstanding (millions of shares) 767.4 816.1 772.5 822.6 Effect of employee share-based awards (millions of shares) 2.5 2.7 2.4 2.6 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 769.9 818.8 774.9 825.2 Net income (loss) per common share (dollars) 1.57 0.24 1.94 0.86 Dividends per common share - declared (dollars) 0.22 0.19 0.41 0.35 |
Other comprehensive income (los
Other comprehensive income (loss) information | 6 Months Ended |
Jun. 30, 2019 | |
Other comprehensive income (loss) information | 12. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2019 2018 Balance at January 1 (1,517 ) (1,815 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 18 (19 ) Amounts reclassified from accumulated other comprehensive income 55 67 Balance at June 30 (1,444 ) (1,767 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (37 ) (46 ) (74 ) (92 ) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost, (note 5). Income tax expense (credit) for components of other comprehensive income (loss): Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) - - 7 (7 ) Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 9 13 19 25 Total 9 13 26 18 |
Recently issued accounting stan
Recently issued accounting standards | 6 Months Ended |
Jun. 30, 2019 | |
Recently issued accounting standards | 13. Recently issued accounting standards Effective January 1, 2020, Imperial will adopt the Financial Accounting Standards Board’s update, Financial Instruments - Credit Losses (Topic 326) |
Accounting changes (Policies)
Accounting changes (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting changes | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
Business segments (Tables)
Business segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Segments | Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 2,587 2,318 6,375 6,870 266 328 Intersegment sales 1,116 650 487 332 48 74 Investment and other income (note 4) 4 3 19 19 - - 3,707 2,971 6,881 7,221 314 402 Expenses Exploration 5 1 - - - - Purchases of crude oil and products 1,802 1,573 5,338 5,803 171 216 Production and manufacturing 1,171 1,106 474 488 70 52 Selling and general - - 201 197 23 23 Federal excise tax and fuel charge - - 463 412 - - Depreciation and depletion 338 300 46 49 3 4 Non-service - - - - - - Financing (note 6) - - - - - - Total expenses 3,316 2,980 6,522 6,949 267 295 Income (loss) before income taxes 391 (9 ) 359 272 47 107 Income taxes (594 ) (3 ) 101 71 9 29 Net income (loss) 985 (6 ) 258 201 38 78 Cash flows from (used in) operating activities 585 (10 ) 423 776 52 116 Capital and exploration expenditures (b) 301 183 111 88 6 7 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 9,228 9,516 Intersegment sales - - (1,651 ) (1,056 ) - - Investment and other income (note 4) 10 5 - - 33 27 10 5 (1,651 ) (1,056 ) 9,261 9,543 Expenses Exploration - - - - 5 1 Purchases of crude oil and products - - (1,649 ) (1,055 ) 5,662 6,537 Production and manufacturing - - - - 1,715 1,646 Selling and general 14 54 (2 ) (1 ) 236 273 Federal excise tax and fuel charge - - - - 463 412 Depreciation and depletion 5 5 - - 392 358 Non-service 36 26 - - 36 26 Financing (note 6) 23 26 - - 23 26 Total expenses 78 111 (1,651 ) (1,056 ) 8,532 9,279 Income (loss) before income taxes (68 ) (106 ) - - 729 264 Income taxes 1 (29 ) - - (483 ) 68 Net income (loss) (69 ) (77 ) - - 1,212 196 Cash flows from (used in) operating activities (34 ) (23 ) - - 1,026 859 Capital and exploration expenditures (b) 11 6 - - 429 284 (a) Included export sales to the United States of $ 2,152 1,561 (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 4,827 4,307 11,849 12,477 517 632 Intersegment sales 2,064 1,307 935 694 120 147 Investment and other income (note 4) 4 4 29 41 - - 6,895 5,618 12,813 13,212 637 779 Expenses Exploration 38 9 - - - - Purchases of crude oil and products 3,388 2,947 9,920 10,097 364 418 Production and manufacturing 2,327 2,118 855 856 128 103 Selling and general - - 380 370 44 44 Federal excise tax and fuel charge - - 857 809 - - Depreciation and depletion 672 618 92 100 7 7 Non-service - - - - - - Financing (note 6) - - - - - - Total expenses 6,425 5,692 12,104 12,232 543 572 Income (loss) before income taxes 470 (74 ) 709 980 94 207 Income taxes (573 ) (24 ) 194 258 22 56 Net income (loss) 1,043 (50 ) 515 722 72 151 Cash flows from (used in) operating activities 865 327 1,155 1,366 100 199 Capital and exploration expenditures (b) 673 389 240 145 23 11 Total assets as at June 30 (c) (d) 35,059 34,781 5,041 5,090 451 408 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 17,193 17,416 Intersegment sales - - (3,119 ) (2,148 ) - - Investment and other income (note 4) 17 16 - - 50 61 17 16 (3,119 ) (2,148 ) 17,243 17,477 Expenses Exploration - - - - 38 9 Purchases of crude oil and products - - (3,115 ) (2,145 ) 10,557 11,317 Production and manufacturing - - - - 3,310 3,077 Selling and general 29 56 (4 ) (3 ) 449 467 Federal excise tax and fuel charge - - - - 857 809 Depreciation and depletion 11 10 - - 782 735 Non-service 72 53 - - 72 53 Financing (note 6) 51 49 - - 51 49 Total expenses 163 168 (3,119 ) (2,148 ) 16,116 16,516 Income (loss) before income taxes (146 ) (152 ) - - 1,127 961 Income taxes (21 ) (41 ) - - (378 ) 249 Net income (loss) (125 ) (111 ) - - 1,505 712 Cash flows from (used in) operating activities (91 ) (48 ) - - 2,029 1,844 Capital and exploration expenditures (b) 22 13 - - 958 558 Total assets as at June 30 (c) (d) 1,822 1,438 (444 ) (327 ) 41,929 41,390 (a) Included export sales to the United States of $ 3,816 2,768 (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. (c) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) 261 (d) The company removed $570 million from Total assets and corresponding liabilities associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Investment and other income (Ta
Investment and other income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Gains and Losses on Asset Sales | Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Proceeds from asset sales 14 9 36 21 Book value of asset sales 3 - 30 2 Gain (loss) on asset sales, before tax 11 9 6 19 Gain (loss) on asset sales, after tax 10 8 6 15 |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Pension benefits: Current service cost 57 60 114 120 Interest cost 81 75 162 151 Expected return on plan assets (88 ) (100 ) (175 ) (201 ) Amortization of prior service cost - 1 - 2 Amortization of actuarial loss (gain) 38 43 75 87 Net periodic benefit cost 88 79 176 159 Other postretirement benefits: Current service cost 4 4 8 8 Interest cost 6 6 11 11 Amortization of actuarial loss (gain) (1 ) 1 (1 ) 3 Net periodic benefit cost 9 11 18 22 |
Financing and additional note_2
Financing and additional notes and loans payable information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financing and Additional Notes and Loans Payable Information | Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Debt-related interest 34 32 73 62 Capitalized interest (11 ) (6 ) (22 ) (13 ) Net interest expense 23 26 51 49 Other interest - - - - Total financing 23 26 51 49 |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Long-Term Debt | As at As at millions of Canadian dollars 2019 2018 Long-term debt 4,447 4,447 Finance leases (a) 521 531 Total long-term debt 4,968 4,978 (a) Maturity analysis of finance lease liabilities is disclosed in note 8. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule Of Lease Cost | The table below summarizes the total lease cost incurred: Second Quarter 2019 Six Months to June 30 2019 millions of Canadian dollars Operating Finance Operating Finance Operating lease cost 37 74 Short-term and other (net of sublease rental income) 25 40 Amortization of right of use assets 14 27 Interest on lease liabilities 10 20 Total lease cost 62 24 114 47 |
Schedule Of Operating Leases and Finance Leases Recorded In Balance Sheet | The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet: As at June 30 2019 millions of Canadian dollars Operating Finance Right of use assets Included in Other assets, including intangibles, net 261 Included in Property, plant and equipment, net 574 Total right of use assets 261 574 Lease liability due within one year Included in Accounts payable and accrued liabilities 118 38 Included in Notes and loans payable 25 Long-term lease liability Included in Other long-term obligations 141 - Included in Long-term debt 521 Total lease liability 259 584 |
Maturity Of Lease Liabilities | The maturity analysis of the company’s lease liabilities, weighted average remaining lease term and weighted average discount rates applied are summarized below: As at June 30 2019 millions of Canadian dollars, unless noted Operating Finance Maturity analysis of lease liabilities 2019 remaining months 68 55 2020 94 71 2021 46 50 2022 15 49 2023 13 48 2024 11 47 2025 and beyond 30 1,086 Total lease payments 277 1,406 Discount to present value (18 ) (822 ) Total lease liability 259 584 Weighted average remaining lease term (years) 4 41 Weighted average discount rate (percent) 2.7 7.5 |
Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets | Second Quarter 2019 Six Months to June 30 2019 millions of Canadian dollars Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 37 73 Cash flows from financing activities 28 35 Non-cash right of use assets recorded for lease liabilities For January 1 adoption of Leases (Topic 842) 298 In exchange for new lease liabilities during the period 34 |
Schedule of Operating Leases | At December 31, 2018, the company held non-cancelable millions of Canadian dollars As at Payments due by period 2019 130 2020 82 2021 43 2022 13 2023 11 2024 and beyond 12 Total lease payments under minimum commitments (a) 291 (a) Net rental cost under cancelable and non-cancelable 221 206 253 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Long-Term Obligations | As at As at June 30 Dec 31 millions of Canadian dollars 2019 2018 Employee retirement benefits (a) 1,153 1,195 Asset retirement obligations and other environmental liabilities (b) 1,446 1,435 Share-based incentive compensation liabilities 95 78 Operating lease liability (c) 141 - Other obligations 241 235 Total other long-term obligations 3,076 2,943 (a) Total recorded employee retirement benefits obligations also included $ 55 55 (b) Total asset retirement obligations and other environmental liabilities also included $ 118 118 (c) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
Common shares (Tables)
Common shares (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Common Shares | thousands of shares As of 2019 As of Dec 31 Authorized 1,100,000 1,100,000 Common shares outstanding 762,774 782,565 |
Common Share Activities | The company’s common share activities are summarized below: Thousands of shares Millions of dollars Balance as at December 31, 2017 831,242 1,536 Issued under employee share-based awards 2 - Purchases at stated value (48,679 ) (90 ) Balance as at December 31, 2018 782,565 1,446 Issued under employee share-based awards - - Purchases at stated value (19,791 ) (36 ) Balance as at June 30, 2019 762,774 1,410 |
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: Second Quarter Six Months to June 30 2019 2018 2019 2018 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 1,212 196 1,505 712 Weighted average number of common shares outstanding (millions of shares) 767.4 816.1 772.5 822.6 Net income (loss) per common share (dollars) 1.58 0.24 1.95 0.86 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 1,212 196 1,505 712 Weighted average number of common shares outstanding (millions of shares) 767.4 816.1 772.5 822.6 Effect of employee share-based awards (millions of shares) 2.5 2.7 2.4 2.6 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 769.9 818.8 774.9 825.2 Net income (loss) per common share (dollars) 1.57 0.24 1.94 0.86 Dividends per common share - declared (dollars) 0.22 0.19 0.41 0.35 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2019 2018 Balance at January 1 (1,517 ) (1,815 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 18 (19 ) Amounts reclassified from accumulated other comprehensive income 55 67 Balance at June 30 (1,444 ) (1,767 ) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (37 ) (46 ) (74 ) (92 ) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost, (note 5). |
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) | Income tax expense (credit) for components of other comprehensive income (loss): Second Quarter Six Months to June 30 millions of Canadian dollars 2019 2018 2019 2018 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) - - 7 (7 ) Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 9 13 19 25 Total 9 13 26 18 |
Accounting changes - Additional
Accounting changes - Additional Information (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Change in Accounting Estimate [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 261 | $ 298 |
Operating Lease, Liability | $ 259 | $ 298 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||||||
Revenues and other income | ||||||||||
Revenues | [1] | $ 9,228 | [2] | $ 9,516 | [2] | $ 17,193 | [3] | $ 17,416 | [3] | |
Intersegment sales | 0 | 0 | 0 | 0 | ||||||
Investment and other income (note 4) | 33 | 27 | 50 | 61 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 9,261 | 9,543 | 17,243 | 17,477 | ||||||
Expenses | ||||||||||
Exploration | 5 | 1 | 38 | 9 | ||||||
Purchases of crude oil and products | [4] | 5,662 | 6,537 | 10,557 | 11,317 | |||||
Production and manufacturing | [5] | 1,715 | 1,646 | 3,310 | 3,077 | |||||
Selling and general | [5] | 236 | 273 | 449 | 467 | |||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | ||||||
Depreciation and depletion | 392 | 358 | 782 | 735 | ||||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | ||||||
Financing (note 6) | [6] | 23 | 26 | 51 | 49 | |||||
Total expenses | 8,532 | 9,279 | 16,116 | 16,516 | ||||||
Income (loss) before income taxes | 729 | 264 | 1,127 | 961 | ||||||
Income taxes | (483) | 68 | (378) | 249 | ||||||
Net income (loss) | 1,212 | 196 | 1,505 | 712 | ||||||
Cash flows from (used in) operating activities | 1,026 | 859 | 2,029 | 1,844 | ||||||
Capital and exploration expenditures | [7] | 429 | 284 | 958 | 558 | |||||
Total assets as at June 30 | 41,929 | [8],[9] | 41,390 | [8],[9] | 41,929 | [8],[9] | 41,390 | [8],[9] | $ 41,456 | |
Consolidation, Eliminations | ||||||||||
Revenues and other income | ||||||||||
Revenues | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Intersegment sales | (1,651) | (1,056) | (3,119) | (2,148) | ||||||
Investment and other income (note 4) | 0 | 0 | ||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (1,651) | (1,056) | (3,119) | (2,148) | ||||||
Expenses | ||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||
Purchases of crude oil and products | (1,649) | (1,055) | (3,115) | (2,145) | ||||||
Production and manufacturing | 0 | 0 | 0 | 0 | ||||||
Selling and general | (2) | (1) | (4) | (3) | ||||||
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 6) | 0 | 0 | 0 | 0 | ||||||
Total expenses | (1,651) | (1,056) | (3,119) | (2,148) | ||||||
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 June 30 | [8],[9] | (444) | (327) | (444) | (327) | |||||
Upstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 2,587 | [2] | 2,318 | [2] | 4,827 | [3] | 4,307 | [3] | ||
Intersegment sales | 1,116 | 650 | 2,064 | 1,307 | ||||||
Investment and other income (note 4) | 4 | 3 | 4 | 4 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 3,707 | 2,971 | 6,895 | 5,618 | ||||||
Expenses | ||||||||||
Exploration | 5 | 1 | 38 | 9 | ||||||
Purchases of crude oil and products | 1,802 | 1,573 | 3,388 | 2,947 | ||||||
Production and manufacturing | 1,171 | 1,106 | 2,327 | 2,118 | ||||||
Selling and general | 0 | 0 | 0 | 0 | ||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||
Depreciation and depletion | 338 | 300 | 672 | 618 | ||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||
Total expenses | 3,316 | 2,980 | 6,425 | 5,692 | ||||||
Income (loss) before income taxes | 391 | (9) | 470 | (74) | ||||||
Income taxes | (594) | (3) | (573) | (24) | ||||||
Net income (loss) | 985 | (6) | 1,043 | (50) | ||||||
Cash flows from (used in) operating activities | 585 | (10) | 865 | 327 | ||||||
Capital and exploration expenditures | [7] | 301 | 183 | 673 | 389 | |||||
Total assets as at June 30 | [8],[9] | 35,059 | 34,781 | 35,059 | 34,781 | |||||
Downstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 6,375 | [2] | 6,870 | [2] | 11,849 | [3] | 12,477 | [3] | ||
Intersegment sales | 487 | 332 | 935 | 694 | ||||||
Investment and other income (note 4) | 19 | 19 | 29 | 41 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 6,881 | 7,221 | 12,813 | 13,212 | ||||||
Expenses | ||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||
Purchases of crude oil and products | 5,338 | 5,803 | 9,920 | 10,097 | ||||||
Production and manufacturing | 474 | 488 | 855 | 856 | ||||||
Selling and general | 201 | 197 | 380 | 370 | ||||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | ||||||
Depreciation and depletion | 46 | 49 | 92 | 100 | ||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||
Total expenses | 6,522 | 6,949 | 12,104 | 12,232 | ||||||
Income (loss) before income taxes | 359 | 272 | 709 | 980 | ||||||
Income taxes | 101 | 71 | 194 | 258 | ||||||
Net income (loss) | 258 | 201 | 515 | 722 | ||||||
Cash flows from (used in) operating activities | 423 | 776 | 1,155 | 1,366 | ||||||
Capital and exploration expenditures | [7] | 111 | 88 | 240 | 145 | |||||
Total assets as at June 30 | [8],[9] | 5,041 | 5,090 | 5,041 | 5,090 | |||||
Chemical | ||||||||||
Revenues and other income | ||||||||||
Revenues | 266 | [2] | 328 | [2] | 517 | [3] | 632 | [3] | ||
Intersegment sales | 48 | 74 | 120 | 147 | ||||||
Investment and other income (note 4) | 0 | 0 | 0 | 0 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 314 | 402 | 637 | 779 | ||||||
Expenses | ||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||
Purchases of crude oil and products | 171 | 216 | 364 | 418 | ||||||
Production and manufacturing | 70 | 52 | 128 | 103 | ||||||
Selling and general | 23 | 23 | 44 | 44 | ||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||
Depreciation and depletion | 3 | 4 | 7 | 7 | ||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||
Total expenses | 267 | 295 | 543 | 572 | ||||||
Income (loss) before income taxes | 47 | 107 | 94 | 207 | ||||||
Income taxes | 9 | 29 | 22 | 56 | ||||||
Net income (loss) | 38 | 78 | 72 | 151 | ||||||
Cash flows from (used in) operating activities | 52 | 116 | 100 | 199 | ||||||
Capital and exploration expenditures | [7] | 6 | 7 | 23 | 11 | |||||
Total assets as at June 30 | [8],[9] | 451 | 408 | 451 | 408 | |||||
Corporate and Other | ||||||||||
Revenues and other income | ||||||||||
Revenues | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ||
Intersegment sales | 0 | 0 | 0 | 0 | ||||||
Investment and other income (note 4) | 10 | 5 | 17 | 16 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 10 | 5 | 17 | 16 | ||||||
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 | 14 | 54 | 29 | 56 | ||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||
Depreciation and depletion | 5 | 5 | 11 | 10 | ||||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | ||||||
Financing (note 6) | 23 | 26 | 51 | 49 | ||||||
Total expenses | 78 | 111 | 163 | 168 | ||||||
Income (loss) before income taxes | (68) | (106) | (146) | (152) | ||||||
Income taxes | 1 | (29) | (21) | (41) | ||||||
Net income (loss) | (69) | (77) | (125) | (111) | ||||||
Cash flows from (used in) operating activities | (34) | (23) | (91) | (48) | ||||||
Capital and exploration expenditures | [7] | 11 | 6 | 22 | 13 | |||||
Total assets as at June 30 | [8],[9] | $ 1,822 | $ 1,438 | $ 1,822 | $ 1,438 | |||||
[1] | Amounts from related parties included in revenues. 2,234 1,769 3,956 3,142 | |||||||||
[2] | Included export sales to the United States of $2,152 million (2018 - $1,561 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||||
[3] | Included export sales to the United States of $3,816 million (2018 - $2,768 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||||
[4] | Amounts to related parties included in purchases of crude oil and products. 908 1,374 1,636 2,266 | |||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 161 156 322 297 | |||||||||
[6] | Amounts to related parties included in financing, (note 6). 24 22 52 42 | |||||||||
[7] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. | |||||||||
[8] | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842), as amended. As at June 30, 2019, Total assets include operating lease right of use assets of $261 million. An election was made not to restate prior periods. See note 8 for additional details. | |||||||||
[9] | The company removed $570 million from Total assets and corresponding liabilities associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | |
Segment Reporting Information [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 261 | $ 261 | $ 298 | ||
Accounts payable and accrued liabilities | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash adjustments to accrued liabilities and all other items | 570 | ||||
United States Exports | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 2,152 | $ 1,561 | $ 3,816 | $ 2,768 |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment And Other Income [Line Items] | ||||
Proceeds from asset sales | $ 14 | $ 9 | $ 36 | $ 21 |
Book value of asset sales | 3 | 0 | 30 | 2 |
Gain (loss) on asset sales, before-tax | 11 | 9 | 6 | 19 |
Gain (loss) on asset sales, after-tax | $ 10 | $ 8 | $ 6 | $ 15 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension benefits | ||||
Current service cost | $ 57 | $ 60 | $ 114 | $ 120 |
Interest cost | 81 | 75 | 162 | 151 |
Expected return on plan assets | (88) | (100) | (175) | (201) |
Amortization of prior service cost | 0 | 1 | 0 | 2 |
Amortization of actuarial loss (gain) | 38 | 43 | 75 | 87 |
Net periodic benefit cost | 88 | 79 | 176 | 159 |
Other postretirement benefits | ||||
Current service cost | 4 | 4 | 8 | 8 |
Interest cost | 6 | 6 | 11 | 11 |
Amortization of actuarial loss (gain) | (1) | 1 | (1) | 3 |
Net periodic benefit cost | $ 9 | $ 11 | $ 18 | $ 22 |
Financing and Additional Note_3
Financing and Additional Notes and Loans Payable Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Debt-related interest | $ 34 | $ 32 | $ 73 | $ 62 | |
Capitalized interest | (11) | (6) | (22) | (13) | |
Net interest expense | 23 | 26 | 51 | 49 | |
Other interest | 0 | 0 | 0 | 0 | |
Total financing | [1] | $ 23 | $ 26 | $ 51 | $ 49 |
[1] | Amounts to related parties included in financing, (note 6). 24 22 52 42 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,447 | $ 4,447 | |
Finance leases | [1] | 521 | 531 |
Total long-term debt | [2] | $ 4,968 | $ 4,978 |
[1] | Maturity analysis of finance lease liabilities is disclosed in note 8. | ||
[2] | Long-term debt included amounts to related parties of $4,447 million (2018 - $4,447 million). |
Leases - Additional Information
Leases - Additional Information (Detail) - CAD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Leased Assets [Line Items] | ||||
Undiscounted Commitments | $ 1 | |||
Operating Lease, Liability | 259 | $ 298 | ||
Operating Lease, Right-of-Use Asset | $ 261 | $ 298 | ||
Operating Leases, Future Minimum Payments Due | [1] | $ 291 | ||
[1] | Net rental cost under cancelable and non-cancelable operating leases incurred in 2018 was $221 million (2017 - $206 million, 2016 - $253 million). Related rental income was not material. |
Schedule Of Lease Cost (Details
Schedule Of Lease Cost (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Operating leases [Member] | ||
Lease, cost | ||
Operating lease cost, Operating leases | $ 37 | $ 74 |
Short-term and other (net of sublease rental income), Operating leases | 25 | 40 |
Total lease cost | 62 | 114 |
Finance leases [Member] | ||
Lease, cost | ||
Amortization of right of use assets | 14 | 27 |
Interest on lease liabilities, Finance leases | 10 | 20 |
Total lease cost | $ 24 | $ 47 |
Schedule Of Operating Leases an
Schedule Of Operating Leases and Finance Leases Recorded In Balance Sheet (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Right of use assets | ||||
Right of use assets, Operating leases | $ 261 | $ 298 | ||
Right of use assets, Finance leases | 574 | |||
Long-term lease liability | ||||
Long-term lease liability, Operating leases | [1] | 141 | $ 0 | |
Total Operating leases liability | 259 | $ 298 | ||
Total Finance leases liability | 584 | |||
Other LongTerm Obligations [Member] | ||||
Long-term lease liability | ||||
Long-term lease liability, Operating leases | 141 | |||
Long-term lease liability, Finance leases | 0 | |||
Long-term Debt [Member] | ||||
Long-term lease liability | ||||
Long-term lease liability, Finance leases | 521 | |||
Property, Plant and Equipment [Member] | ||||
Right of use assets | ||||
Right of use assets, Finance leases | 574 | |||
Other Assets Including Intangible Assets [Member] | ||||
Right of use assets | ||||
Right of use assets, Operating leases | 261 | |||
Accounts Payable and Accrued Liabilities [Member] | ||||
Lease liability due within one year | ||||
Lease liability due within one year, Operating leases | 118 | |||
Lease liability due within one year, Finance leases | 38 | |||
Notes and Loans Payable [Member] | ||||
Lease liability due within one year | ||||
Lease liability due within one year, Finance leases | $ 25 | |||
[1] | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842), as amended. The standard requires all leases to be recorded on the balance sheet as a right of use asset and liability. The long-term lease liability for operating leases is included in Other long-term obligations (see note 8). |
Maturity Of Lease Liabilities (
Maturity Of Lease Liabilities (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Operating Lease | ||
2019 remaining months | $ 68 | |
2020 | 94 | |
2021 | 46 | |
2022 | 15 | |
2023 | 13 | |
2024 | 11 | |
2025 and beyond | 30 | |
Total lease payments | 277 | |
Discount to present value | (18) | |
Total lease liability | $ 259 | $ 298 |
Weighted average remaining lease term (years) | 4 years | |
Weighted average discount rate (percent) | 2.70% | |
Finance Lease | ||
2019 remaining months | $ 55 | |
2020 | 71 | |
2021 | 50 | |
2022 | 49 | |
2023 | 48 | |
2024 | 47 | |
2025 and beyond | 1,086 | |
Total lease payments | 1,406 | |
Discount to present value | (822) | |
Total lease liability | $ 584 | |
Weighted average remaining lease term (years) | 41 years | |
Weighted average discount rate (percent) | 7.50% |
Schedule Of Measurement Of Leas
Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash flows from operating activities, Operating leases | $ 37 | $ 73 | |
Cash flows from financing activities, Finance leases | 28 | 35 | |
Non-cash right of use assets recorded for lease liabilities | |||
For January 1 adoption of Leases | 259 | 259 | $ 298 |
In exchange for new lease liabilities during the period | 34 | ||
Adoption of Leases Topic (842) [Member] | |||
Non-cash right of use assets recorded for lease liabilities | |||
For January 1 adoption of Leases | $ 298 | $ 298 |
Schedule of Non Cancelable Oper
Schedule of Non Cancelable Operating Leases (Detail) $ in Millions | Dec. 31, 2018CAD ($) | |
Operating Leased Assets [Line Items] | ||
2019 | $ 130 | |
2020 | 82 | |
2021 | 43 | |
2022 | 13 | |
2023 | 11 | |
2024 and beyond | 12 | |
Total lease payments under minimum commitments | $ 291 | [1] |
[1] | Net rental cost under cancelable and non-cancelable operating leases incurred in 2018 was $221 million (2017 - $206 million, 2016 - $253 million). Related rental income was not material. |
Schedule of Non Cancelable Op_2
Schedule of Non Cancelable Operating Leases (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Net rental cost incurred for operating leases | $ 221 | $ 206 | $ 253 |
Other Long-Term Obligations (De
Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | $ 1,153 | $ 1,195 |
Asset retirement obligations and other environmental liabilities | [2] | 1,446 | 1,435 |
Share-based incentive compensation liabilities | 95 | 78 | |
Operating lease liability | [3] | 141 | 0 |
Other obligations | 241 | 235 | |
Total other long-term obligations | [4] | $ 3,076 | $ 2,943 |
[1] | Total recorded employee retirement benefits obligations also included $55 million in current liabilities (2018 - $55 million). | ||
[2] | Total asset retirement obligations and other environmental liabilities also included $118 million in current liabilities (2018 - $118 million). | ||
[3] | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842), as amended. The standard requires all leases to be recorded on the balance sheet as a right of use asset and liability. The long-term lease liability for operating leases is included in Other long-term obligations (see note 8). | ||
[4] | Other long-term obligations included amounts to related parties of $0 million (2018 - $15 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 55 | $ 55 |
Asset retirement obligations and other environmental liabilities in current liabilities | $ 118 | $ 118 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Instruments And Derivatives [Line Items] | ||
Long-term Debt, Fair Value | $ 4,447 | $ 4,447 |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 762,774,000 | 782,565,000 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - shares | Jun. 27, 2018 | Jun. 27, 2019 | Jun. 13, 2019 | Jun. 13, 2018 |
Class of Stock [Line Items] | ||||
Normal course issuer bid share repurchase shares authorized | 40,391,196 | 38,211,086 | ||
Percent of total shares | 5.00% | 5.00% | ||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | 69.60% | ||
Normal course issuer bid share repurchase term, months | 12 months |
Common Share Activities (Detail
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 782,565 | |||||
Common stock, ending balance, shares | 762,774 | 762,774 | 782,565 | |||
Common stock beginning balance, value | [1] | $ 1,446 | ||||
Common stock, ending balance, value | [1] | $ 1,410 | $ 1,410 | $ 1,446 | ||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 782,565 | 831,242 | 831,242 | |||
Issued under employee share-based awards, shares | 0 | 2 | ||||
Purchases at stated value, shares | (19,791) | (48,679) | ||||
Common stock, ending balance, shares | 762,774 | 762,774 | 782,565 | |||
Common stock beginning balance, value | $ 1,446 | $ 1,536 | $ 1,536 | |||
Issued under employee share-based awards, value | 0 | 0 | ||||
Purchases at stated value, value | $ (17) | $ (40) | (36) | $ (53) | (90) | |
Common stock, ending balance, value | $ 1,410 | $ 1,410 | $ 1,446 | |||
[1] | Number of common shares authorized and outstanding were 1,100 million and 763 million, respectively (2018 - 1,100 million and 783 million, respectively). |
Calculation of basic and dilute
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) per common share - basic | ||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Weighted average number of common shares outstanding (millions of shares) | 767.4 | 816.1 | 772.5 | 822.6 |
Net income (loss) per common share (dollars) | $ 1.58 | $ 0.24 | $ 1.95 | $ 0.86 |
Net income (loss) per common share - diluted | ||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Weighted average number of common shares outstanding (millions of shares) | 767.4 | 816.1 | 772.5 | 822.6 |
Effect of employee share-based awards (millions of shares) | 2.5 | 2.7 | 2.4 | 2.6 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 769.9 | 818.8 | 774.9 | 825.2 |
Net income (loss) per common share (dollars) | $ 1.57 | $ 0.24 | $ 1.94 | $ 0.86 |
Dividends per common share - declared (dollars) | $ 0.22 | $ 0.19 | $ 0.41 | $ 0.35 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at January 1 | $ (1,517) | $ (1,815) | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | 18 | (19) |
Amounts reclassified from accumulated other comprehensive income | 28 | 33 | 55 | 67 |
Balance at June 30 | $ (1,444) | $ (1,767) | $ (1,444) | $ (1,767) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
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 periodic benefit cost | [1] | $ (37) | $ (46) | $ (74) | $ (92) |
[1] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost, (note 5). |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement benefits liability adjustment (excluding amortization) | $ 0 | $ 0 | $ 7 | $ (7) |
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | 9 | 13 | 19 | 25 |
Total | $ 9 | $ 13 | $ 26 | $ 18 |