Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Document Transition Report | false |
Entity Central Index Key | 0000049938 |
Current Fiscal Year End Date | --12-31 |
Document Quarterly Report | true |
Entity Registrant Name | IMPERIAL OIL LTD |
Amendment Flag | false |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity File Number | 0-12014 |
Entity Small Business | false |
Entity Incorporation, State or Country Code | CA |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 505 Quarry Park Boulevard S.E. |
Entity Tax Identification Number | 98-0017682 |
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 | 1-800 |
Local Phone Number | 567-3776 |
Entity Common Stock, Shares Outstanding | 734,076,755 |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues and other income | |||
Revenues | [1],[2] | $ 6,664 | $ 7,965 |
Investment and other income (note 4) | 26 | 17 | |
Total revenues and other income | 6,690 | 7,982 | |
Expenses | |||
Exploration | 1 | 33 | |
Purchases of crude oil and products (note 13) | [3] | 4,226 | 4,895 |
Production and manufacturing | [4] | 1,579 | 1,595 |
Selling and general | [4] | 166 | 213 |
Federal excise tax and fuel charge | 451 | 394 | |
Depreciation and depletion (note 13) | 473 | 390 | |
Non-service pension and postretirement benefit | 30 | 36 | |
Financing (note 7) | [5] | 19 | 28 |
Total expenses | 6,945 | 7,584 | |
Income (loss) before income taxes | (255) | 398 | |
Income taxes | (67) | 105 | |
Net income (loss) | $ (188) | $ 293 | |
Per share information (Canadian dollars) | |||
Net income (loss) per common share - basic (note 11) | $ (0.25) | $ 0.38 | |
Net income (loss) per common share - diluted (note 11) | $ (0.25) | $ 0.38 | |
[1] | Amounts from related parties included in revenues. 1,736 1,722 | ||
[2] | Included export sales to the United States of $1,373 million (2019 - $1,664 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||
[3] | Amounts to related parties included in purchases of crude oil and products. 739 728 | ||
[4] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 183 161 | ||
[5] | Amounts to related parties included in financing, (note 7). 24 28 |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amounts from related parties included in revenues. | $ 1,736 | $ 1,722 |
Amounts to related parties included in purchases of crude oil and products. | 739 | 728 |
Amounts to related parties included in production and manufacturing, and selling and general expenses. | 183 | 161 |
Amounts to related parties included in financing, (note 7). | $ 24 | $ 28 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) | $ (188) | $ 293 |
Other comprehensive income (loss), net of income taxes | ||
Postretirement benefits liability adjustment (excluding amortization) | (114) | 18 |
Amortization of postretirement benefits liability adjustment included in net periodic benefit costs | 34 | 27 |
Total other comprehensive income (loss) | (80) | 45 |
Comprehensive income (loss) | $ (268) | $ 338 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Current assets | ||||
Cash | $ 1,388 | [1] | $ 1,718 | |
Accounts receivable, less estimated doubtful accounts (note 5) | [2] | 1,556 | 2,699 | |
Inventories of crude oil and products (note 13) | 1,051 | 1,296 | ||
Materials, supplies and prepaid expenses | 692 | 616 | ||
Total current assets | 4,687 | 6,329 | ||
Investments and long-term receivables (note 5) | [3] | 902 | 891 | |
Property, plant and equipment, | 55,168 | 54,868 | ||
less accumulated depreciation and depletion | (21,092) | (20,665) | ||
Property, plant and equipment, net | 34,076 | 34,203 | ||
Goodwill (note 13) | 166 | 186 | ||
Other assets, including intangibles, net | 582 | 578 | ||
Total assets | 40,413 | [4] | 42,187 | |
Current liabilities | ||||
Notes and loans payable | [5] | 229 | 229 | |
Accounts payable and accrued liabilities (note 9) | [2] | 3,235 | 4,260 | |
Income taxes payable | 2 | 106 | ||
Total current liabilities | 3,466 | 4,595 | ||
Long-term debt (note 8) | [6] | 4,969 | 4,961 | |
Other long-term obligations (note 9) | 3,733 | 3,637 | ||
Deferred income tax liabilities | 4,675 | 4,718 | ||
Total liabilities | 16,843 | 17,911 | ||
Shareholders' equity | ||||
Common shares at stated value (note 11) | [7] | 1,357 | 1,375 | |
Earnings reinvested | 24,204 | 24,812 | ||
Accumulated other comprehensive income (loss) (note 12) | (1,991) | (1,911) | ||
Total shareholders' equity | 23,570 | 24,276 | ||
Total liabilities and shareholders' equity | $ 40,413 | $ 42,187 | ||
[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 $264 million (2019 - $1,007 million). | |||
[3] | Investments and long-term receivables included amounts from related parties of $303 million (2019 - $296 million). | |||
[4] | In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontario’s revocation of its cap and trade legislation. | |||
[5] | Notes and loans payable included amounts to related parties of $111 million (2019 - $111 million). | |||
[6] | Long-term debt included amounts to related parties of $4,447 million (2019 - $4,447 million). | |||
[7] | Number of common shares authorized and outstanding were 1,100 million and 734 million, respectively (2019 - 1,100 million and 744 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Amounts receivable (payable) from (to) related parties | $ 264 | $ 1,007 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 734,000,000 | 744,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 303 | $ 296 |
Long-term debt | ||
Due to related parties, current | 111 | 111 |
Other long-term obligations | ||
Due to related parties | $ 4,447 | $ 4,447 |
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, 2018 | $ 1,446 | $ 24,560 | $ (1,517) | |
Net income (loss) for the period | $ 293 | 293 | ||
Share purchases at stated value | (19) | |||
Share purchases in excess of stated value | (342) | |||
Dividends declared | (147) | |||
Other comprehensive income (loss) | 45 | 45 | ||
At end of period at Mar. 31, 2019 | 24,319 | 1,427 | 24,364 | (1,472) |
At beginning of period at Dec. 31, 2018 | 1,446 | 24,560 | (1,517) | |
Share purchases at stated value | (71) | |||
At end of period at Dec. 31, 2019 | 24,276 | 1,375 | 24,812 | (1,911) |
Net income (loss) for the period | (188) | (188) | ||
Share purchases at stated value | (18) | |||
Share purchases in excess of stated value | (256) | |||
Dividends declared | (162) | |||
Cumulative effect of accounting change (note 5) | (2) | |||
Other comprehensive income (loss) | (80) | (80) | ||
At end of period at Mar. 31, 2020 | $ 23,570 | $ 1,357 | $ 24,204 | $ (1,991) |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Operating activities | |||
Net income (loss) | $ (188) | $ 293 | |
Adjustments for non-cash items: | |||
Depreciation and depletion | 453 | 390 | |
Impairment of intangible assets (note 13) | 20 | 0 | |
(Gain) loss on asset sales (note 4) | (7) | 5 | |
Inventory write-down to current market value (note 13) | 281 | 0 | |
Deferred income taxes and other | 43 | (4) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,143 | (704) | |
Inventories, materials, supplies and prepaid expenses | (199) | 19 | |
Income taxes payable | (104) | (28) | |
Accounts payable and accrued liabilities | (1,028) | 903 | |
All other items - net | [1] | 9 | 129 |
Cash flows from (used in) operating activities | 423 | 1,003 | |
Investing activities | |||
Additions to property, plant and equipment | (310) | (431) | |
Proceeds from asset sales (note 4) | 9 | 22 | |
Loans to equity companies - net | (7) | (54) | |
Cash flows from (used in) investing activities | (308) | (463) | |
Financing activities | |||
Reduction in finance lease obligations (note 8) | (7) | (7) | |
Dividends paid | (164) | (149) | |
Common shares purchased (note 11) | (274) | (361) | |
Cash flows from (used in) financing activities | (445) | (517) | |
Increase (decrease) in cash | (330) | 23 | |
Cash at beginning of period | 1,718 | 988 | |
Cash at end of period | [2] | $ 1,388 | $ 1,011 |
[1] | Included contributions to registered pension plans. (59) (41) | ||
[2] | 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Included contributions to registered pension plans | $ (59) | $ (41) |
Income taxes (paid) refunded | (153) | 23 |
Interest (paid), net of capitalization | $ (19) | $ (28) |
Basis of financial statement pr
Basis of financial statement preparation | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 annual report on Form 10-K. 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 three months ended March 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2020 | |
Accounting changes | 2. Accounting changes Effective January 1, 2020, Imperial adopted the Financial Accounting Standards Board’s update, Financial Instruments - Credit Losses (Topic 326) company’s financial statements. |
Business segments
Business segments | 3 Months Ended |
Mar. 31, 2020 | |
Business segments | 3. Business segments Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2020 2019 2020 2019 2020 2019 Revenues and other income Revenues (a) 1,652 2,240 4,796 5,474 216 251 Intersegment sales 722 948 568 448 44 72 Investment and other income (note 4) - - 15 10 - - 2,374 3,188 5,379 5,932 260 323 Expenses Exploration 1 33 - - - - Purchases of crude oil and products (note 13) 1,650 1,586 3,769 4,582 140 193 Production and manufacturing 1,108 1,156 408 381 63 58 Selling and general - - 181 179 25 21 Federal excise tax and fuel charge - - 451 394 - - Depreciation and depletion (note 13) 417 334 46 46 4 4 Non-service - - - - - - Financing (note 7) - - - - - - Total expenses 3,176 3,109 4,855 5,582 232 276 Income (loss) before income taxes (802 ) 79 524 350 28 47 Income tax expense (benefit) (194 ) 21 122 93 7 13 Net income (loss) (608 ) 58 402 257 21 34 Cash flows from (used in) operating activities 464 280 22 732 (3 ) 48 Capital and exploration expenditures (b) 231 372 76 129 9 17 Total assets as at March 31 (c) (note 13) 33,367 35,235 4,580 5,556 438 454 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2020 2019 2020 2019 2020 2019 Revenues and other income Revenues (a) - - - - 6,664 7,965 Intersegment sales - - (1,334 ) (1,468 ) - - Investment and other income (note 4) 11 7 - - 26 17 11 7 (1,334 ) (1,468 ) 6,690 7,982 Expenses Exploration - - - - 1 33 Purchases of crude oil and products (note 13) - - (1,333 ) (1,466 ) 4,226 4,895 Production and manufacturing - - - - 1,579 1,595 Selling and general (39 ) 15 (1 ) (2 ) 166 213 Federal excise tax and fuel charge - - - - 451 394 Depreciation and depletion (note 13) 6 6 - - 473 390 Non-service 30 36 - - 30 36 Financing (note 7) 19 28 - - 19 28 Total expenses 16 85 (1,334 ) (1,468 ) 6,945 7,584 Income (loss) before income taxes (5 ) (78 ) - - (255 ) 398 Income tax expense (benefit) (2 ) (22 ) - - (67 ) 105 Net income (loss) (3 ) (56 ) - - (188 ) 293 Cash flows from (used in) operating activities (43 ) (57 ) (17 ) - 423 1,003 Capital and exploration expenditures (b) 15 11 - - 331 529 Total assets as at March 31 (c) (note 13) 2,242 1,697 (214 ) (445 ) 40,413 42,497 (a) Included export sales to the United States of $1,373 million (2019 - $1,664 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (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) In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Investment and other income
Investment and other income | 3 Months Ended |
Mar. 31, 2020 | |
Investment and other income | 4. Investment and other income Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2020 2019 Proceeds from asset sales 9 22 Book value of asset sales 2 27 Gain (loss) on asset sales, before-tax 7 (5 ) Gain (loss) on asset sales, after-tax 6 (4 ) |
Allowance for current expected
Allowance for current expected credit loss (CECL) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for current expected credit loss (CECL) | 5. Allowance for current expected credit loss (CECL) Effective January 1, 2020, the company adopted the Financial Accounting Standards Board’s update, Financial Instruments – Credit Losses (Topic 326), off-balance-sheet The cumulative effect adjustment related to the adoption of this standard reduced “Earnings reinvested” in Shareholders’ equity by $2 million. The company is exposed to credit losses primarily through sales of petroleum products, crude oil, natural gas liquids and natural gas, as well as loans to equity companies and joint venture receivables. A counterparty’s ability to pay is assessed through a credit review process that considers payment terms, the counterparty’s established credit rating or the company’s assessment of the counterparty’s credit worthiness, contract terms, and other risks. The company can require prepayment or collateral to mitigate certain credit risks. The company groups financial assets into portfolios that share similar risk characteristics for purposes of determining the allowance for credit losses. Each reporting period, the company assesses whether a significant change in credit loss or risk has occurred. Among the quantitative and qualitative factors considered are historical financial data, current conditions, industry and country risk, current credit ratings and the quality of third-party guarantees secured from the counterparty. Financial assets are written off in whole, or in part, when practical recovery efforts have been exhausted and no reasonable expectation of recovery exists. Subsequent recoveries of amounts previously written off are recognized in earnings. The company manages receivable portfolios using past due balances as a key credit quality indicator. The company recognizes a credit allowance for off-balance During the first quarter of 2020, the COVID-19 Financial Instruments – Credit Losses (Topic 326) , as amended included $ 1,158 million of accounts receivable, net of allowances of $3 million, investments and long-term receivables of $319 million, and off-balance -sheet -sheet credit exposures. |
Employee retirement benefits
Employee retirement benefits | 3 Months Ended |
Mar. 31, 2020 | |
Employee retirement benefits | 6. Employee retirement benefits The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2020 2019 Pension benefits: Current service cost 76 57 Interest cost 77 81 Expected return on plan assets (98 ) (87 ) Amortization of prior service cost 4 - Amortization of actuarial loss (gain) 38 37 Net periodic benefit cost 97 88 Other postretirement benefits: Current service cost 6 4 Interest cost 6 5 Amortization of actuarial loss (gain) 3 - Net periodic benefit cost 15 9 |
Financing costs
Financing costs | 3 Months Ended |
Mar. 31, 2020 | |
Financing costs | 7. Financing costs Three Months millions of Canadian dollars 2020 2019 Debt-related interest 34 39 Capitalized interest (15 ) (11 ) Net interest expense 19 28 Other interest - - Total financing 19 28 |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2020 | |
Long-term debt | 8. Long-term debt As at Mar 31 As at millions of Canadian dollars 2020 2019 Long-term debt 4,447 4,447 Finance leases 522 514 Total long-term debt 4,969 4,961 |
Other long-term obligations
Other long-term obligations | 3 Months Ended |
Mar. 31, 2020 | |
Other long-term obligations | 9. Other long-term obligations As at Mar 31 As at millions of Canadian dollars 2020 2019 Employee retirement benefits (a) 1,963 1,822 Asset retirement obligations and other environmental liabilities (b) 1,382 1,388 Share-based incentive compensation liabilities 39 65 Operating lease liability (c) 122 143 Other obligations 227 219 Total other long-term obligations 3,733 3,637 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2019 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $124 million in current liabilities (2019 - $124 million). (c) Total operating lease liability also included $120 million in current liabilities (2019 - $115 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $29 million (2019 - $6 million). |
Financial and derivative instru
Financial and derivative instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial and derivative instruments | 10. 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 March 31, 2020 and December 31, 2019 the fair value of long-term debt ($4,447 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 the Upstream, Downstream and Chemical businesses 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 derivative instruments to manage commodity price risk. 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 carrying values of derivative instruments on the Consolidated balance sheet were gross assets of $46 million, gross liabilities of $12 million and collateral payable of $28 million. At December 31, 2019 the carrying values of derivative instruments on the Consolidated balance sheet were gross assets of $0 million, gross liabilities of $2 million and collateral receivable of $6 million. At March 31, 2020, the net notion a Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax Three Months millions of Canadian dollars 2020 2019 Revenues 1 (2 ) Purchases of crude oil and products 34 (6 ) Total 35 (8 ) |
Common shares
Common shares | 3 Months Ended |
Mar. 31, 2020 | |
Common shares | 11. Common shares As of As of Dec 31 thousands of shares 2020 2019 Authorized 1,100,000 1,100,000 Common shares outstanding 734,077 743,902 The current 12-month normal course issuer bid program came into effect June 27, 2019, under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 38,211,086 common shares (5 percent of the total shares on June 13, 2019) which includes 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 has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Effective April 1, 2020, Imperial suspended its share purchase program. The company purchased 28,697,514 common shares out of the 38,211,086 common shares allowable under the existing normal course issuer bid set to expire on June 26, 2020, including shares purchased from Exxon Mobil Corporation. Purchase plans may be modified at any time without prior notice. 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 Millions Balance as at December 31, 2018 782,565 1,446 Issued under employee share-based awards 1 - Purchases at stated value (38,664 ) (71 ) Balance as at December 31, 2019 743,902 1,375 Issued under employee share-based awards - - Purchases at stated value (9,825 ) (18 ) Balance as at March 31, 2020 734,077 1,357 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: Three Months 2020 2019 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) (188 ) 293 Weighted average number of common shares outstanding (millions of shares) 738.9 777.5 Net income (loss) per common share (dollars) (0.25 ) 0.38 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) (188 ) 293 Weighted average number of common shares outstanding (millions of shares) 738.9 777.5 Effect of employee share-based awards (millions of shares) 2.0 2.3 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 740.9 779.8 Net income (loss) per common share (dollars) (0.25 ) 0.38 Dividends per common share - declared 0.22 0.19 |
Other comprehensive income (los
Other comprehensive income (loss) information | 3 Months Ended |
Mar. 31, 2020 | |
Other comprehensive income (loss) information | 12. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2020 2019 Balance at January 1 (1,911 ) (1,517 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income (114 ) 18 Amounts reclassified from accumulated other comprehensive income 34 27 Balance at March 31 (1,991 ) (1,472 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense): Three Months millions of Canadian dollars 2020 2019 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (45 ) (37 ) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 6). Income tax expense (credit) for components of other comprehensive income (loss): Three Months to March 31 millions of Canadian dollars 2020 2019 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (37 ) 7 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 11 10 Total (26 ) 17 |
Miscellaneous financial informa
Miscellaneous financial information | 3 Months Ended |
Mar. 31, 2020 | |
Miscellaneous financial information | 13. Miscellaneous financial information Crude oil and product inventories are carried at the lower of current market value or cost, determined under the last-in, first-out non-cash after-tax re-evaluated year-end, As disclosed in Imperial’s 2019 Form 10-K, non-cash |
Accounting changes (Policies)
Accounting changes (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting changes | Effective January 1, 2020, Imperial adopted the Financial Accounting Standards Board’s update, Financial Instruments - Credit Losses (Topic 326) company’s financial statements. |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Segments | Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2020 2019 2020 2019 2020 2019 Revenues and other income Revenues (a) 1,652 2,240 4,796 5,474 216 251 Intersegment sales 722 948 568 448 44 72 Investment and other income (note 4) - - 15 10 - - 2,374 3,188 5,379 5,932 260 323 Expenses Exploration 1 33 - - - - Purchases of crude oil and products (note 13) 1,650 1,586 3,769 4,582 140 193 Production and manufacturing 1,108 1,156 408 381 63 58 Selling and general - - 181 179 25 21 Federal excise tax and fuel charge - - 451 394 - - Depreciation and depletion (note 13) 417 334 46 46 4 4 Non-service - - - - - - Financing (note 7) - - - - - - Total expenses 3,176 3,109 4,855 5,582 232 276 Income (loss) before income taxes (802 ) 79 524 350 28 47 Income tax expense (benefit) (194 ) 21 122 93 7 13 Net income (loss) (608 ) 58 402 257 21 34 Cash flows from (used in) operating activities 464 280 22 732 (3 ) 48 Capital and exploration expenditures (b) 231 372 76 129 9 17 Total assets as at March 31 (c) (note 13) 33,367 35,235 4,580 5,556 438 454 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2020 2019 2020 2019 2020 2019 Revenues and other income Revenues (a) - - - - 6,664 7,965 Intersegment sales - - (1,334 ) (1,468 ) - - Investment and other income (note 4) 11 7 - - 26 17 11 7 (1,334 ) (1,468 ) 6,690 7,982 Expenses Exploration - - - - 1 33 Purchases of crude oil and products (note 13) - - (1,333 ) (1,466 ) 4,226 4,895 Production and manufacturing - - - - 1,579 1,595 Selling and general (39 ) 15 (1 ) (2 ) 166 213 Federal excise tax and fuel charge - - - - 451 394 Depreciation and depletion (note 13) 6 6 - - 473 390 Non-service 30 36 - - 30 36 Financing (note 7) 19 28 - - 19 28 Total expenses 16 85 (1,334 ) (1,468 ) 6,945 7,584 Income (loss) before income taxes (5 ) (78 ) - - (255 ) 398 Income tax expense (benefit) (2 ) (22 ) - - (67 ) 105 Net income (loss) (3 ) (56 ) - - (188 ) 293 Cash flows from (used in) operating activities (43 ) (57 ) (17 ) - 423 1,003 Capital and exploration expenditures (b) 15 11 - - 331 529 Total assets as at March 31 (c) (note 13) 2,242 1,697 (214 ) (445 ) 40,413 42,497 (a) Included export sales to the United States of $1,373 million (2019 - $1,664 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (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) In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Investment and other income (Ta
Investment and other income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Gains and Losses on Asset Sales | Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2020 2019 Proceeds from asset sales 9 22 Book value of asset sales 2 27 Gain (loss) on asset sales, before-tax 7 (5 ) Gain (loss) on asset sales, after-tax 6 (4 ) |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Net Benefit Costs | The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2020 2019 Pension benefits: Current service cost 76 57 Interest cost 77 81 Expected return on plan assets (98 ) (87 ) Amortization of prior service cost 4 - Amortization of actuarial loss (gain) 38 37 Net periodic benefit cost 97 88 Other postretirement benefits: Current service cost 6 4 Interest cost 6 5 Amortization of actuarial loss (gain) 3 - Net periodic benefit cost 15 9 |
Financing costs (Tables)
Financing costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financing costs | Three Months millions of Canadian dollars 2020 2019 Debt-related interest 34 39 Capitalized interest (15 ) (11 ) Net interest expense 19 28 Other interest - - Total financing 19 28 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt | As at Mar 31 As at millions of Canadian dollars 2020 2019 Long-term debt 4,447 4,447 Finance leases 522 514 Total long-term debt 4,969 4,961 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Long-Term Obligations | As at Mar 31 As at millions of Canadian dollars 2020 2019 Employee retirement benefits (a) 1,963 1,822 Asset retirement obligations and other environmental liabilities (b) 1,382 1,388 Share-based incentive compensation liabilities 39 65 Operating lease liability (c) 122 143 Other obligations 227 219 Total other long-term obligations 3,733 3,637 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2019 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $124 million in current liabilities (2019 - $124 million). (c) Total operating lease liability also included $120 million in current liabilities (2019 - $115 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $29 million (2019 - $6 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments | Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax Three Months millions of Canadian dollars 2020 2019 Revenues 1 (2 ) Purchases of crude oil and products 34 (6 ) Total 35 (8 ) |
Common shares (Tables)
Common shares (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Common Shares | As of As of Dec 31 thousands of shares 2020 2019 Authorized 1,100,000 1,100,000 Common shares outstanding 734,077 743,902 |
Common Share Activities | The company’s common share activities are summarized below: Thousands Millions Balance as at December 31, 2018 782,565 1,446 Issued under employee share-based awards 1 - Purchases at stated value (38,664 ) (71 ) Balance as at December 31, 2019 743,902 1,375 Issued under employee share-based awards - - Purchases at stated value (9,825 ) (18 ) Balance as at March 31, 2020 734,077 1,357 |
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: Three Months 2020 2019 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) (188 ) 293 Weighted average number of common shares outstanding (millions of shares) 738.9 777.5 Net income (loss) per common share (dollars) (0.25 ) 0.38 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) (188 ) 293 Weighted average number of common shares outstanding (millions of shares) 738.9 777.5 Effect of employee share-based awards (millions of shares) 2.0 2.3 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 740.9 779.8 Net income (loss) per common share (dollars) (0.25 ) 0.38 Dividends per common share - declared 0.22 0.19 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2020 2019 Balance at January 1 (1,911 ) (1,517 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income (114 ) 18 Amounts reclassified from accumulated other comprehensive income 34 27 Balance at March 31 (1,991 ) (1,472 ) |
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): Three Months millions of Canadian dollars 2020 2019 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (45 ) (37 ) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 6). |
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) | Income tax expense (credit) for components of other comprehensive income (loss): Three Months to March 31 millions of Canadian dollars 2020 2019 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (37 ) 7 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 11 10 Total (26 ) 17 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||||
Revenues and other income | ||||||
Revenues | [1],[2] | $ 6,664 | $ 7,965 | |||
Investment and other income (note 4) | 26 | 17 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 6,690 | 7,982 | ||||
Expenses | ||||||
Exploration | 1 | 33 | ||||
Purchases of crude oil and products (note 13) | [3] | 4,226 | 4,895 | |||
Production and manufacturing | [4] | 1,579 | 1,595 | |||
Selling and general | [4] | 166 | 213 | |||
Federal excise tax and fuel charge | 451 | 394 | ||||
Depreciation and depletion (note 13) | 473 | 390 | ||||
Non-service pension and postretirement benefit | 30 | 36 | ||||
Financing (note 7) | [5] | 19 | 28 | |||
Total expenses | 6,945 | 7,584 | ||||
Income (loss) before income taxes | (255) | 398 | ||||
Income tax expense (benefit) | (67) | 105 | ||||
Net income (loss) | (188) | 293 | ||||
Cash flows from (used in) operating activities | 423 | 1,003 | ||||
Capital and exploration expenditures | [6] | 331 | 529 | |||
Total assets as at March 31 | 40,413 | [7] | 42,497 | [7] | $ 42,187 | |
Consolidation, Eliminations | ||||||
Revenues and other income | ||||||
Intersegment sales | (1,334) | (1,468) | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (1,334) | (1,468) | ||||
Expenses | ||||||
Purchases of crude oil and products (note 13) | (1,333) | (1,466) | ||||
Selling and general | (1) | (2) | ||||
Total expenses | (1,334) | (1,468) | ||||
Cash flows from (used in) operating activities | (17) | |||||
Total assets as at March 31 | [7] | (214) | (445) | |||
Upstream | ||||||
Revenues and other income | ||||||
Revenues | [2] | 1,652 | 2,240 | |||
Intersegment sales | 722 | 948 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 2,374 | 3,188 | ||||
Expenses | ||||||
Exploration | 1 | 33 | ||||
Purchases of crude oil and products (note 13) | 1,650 | 1,586 | ||||
Production and manufacturing | 1,108 | 1,156 | ||||
Depreciation and depletion (note 13) | 417 | 334 | ||||
Total expenses | 3,176 | 3,109 | ||||
Income (loss) before income taxes | (802) | 79 | ||||
Income tax expense (benefit) | (194) | 21 | ||||
Net income (loss) | (608) | 58 | ||||
Cash flows from (used in) operating activities | 464 | 280 | ||||
Capital and exploration expenditures | [6] | 231 | 372 | |||
Total assets as at March 31 | [7] | 33,367 | 35,235 | |||
Downstream | ||||||
Revenues and other income | ||||||
Revenues | [2] | 4,796 | 5,474 | |||
Intersegment sales | 568 | 448 | ||||
Investment and other income (note 4) | 15 | 10 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 5,379 | 5,932 | ||||
Expenses | ||||||
Purchases of crude oil and products (note 13) | 3,769 | 4,582 | ||||
Production and manufacturing | 408 | 381 | ||||
Selling and general | 181 | 179 | ||||
Federal excise tax and fuel charge | 451 | 394 | ||||
Depreciation and depletion (note 13) | 46 | 46 | ||||
Total expenses | 4,855 | 5,582 | ||||
Income (loss) before income taxes | 524 | 350 | ||||
Income tax expense (benefit) | 122 | 93 | ||||
Net income (loss) | 402 | 257 | ||||
Cash flows from (used in) operating activities | 22 | 732 | ||||
Capital and exploration expenditures | [6] | 76 | 129 | |||
Total assets as at March 31 | [7] | 4,580 | 5,556 | |||
Chemical | ||||||
Revenues and other income | ||||||
Revenues | [2] | 216 | 251 | |||
Intersegment sales | 44 | 72 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 260 | 323 | ||||
Expenses | ||||||
Purchases of crude oil and products (note 13) | 140 | 193 | ||||
Production and manufacturing | 63 | 58 | ||||
Selling and general | 25 | 21 | ||||
Depreciation and depletion (note 13) | 4 | 4 | ||||
Total expenses | 232 | 276 | ||||
Income (loss) before income taxes | 28 | 47 | ||||
Income tax expense (benefit) | 7 | 13 | ||||
Net income (loss) | 21 | 34 | ||||
Cash flows from (used in) operating activities | (3) | 48 | ||||
Capital and exploration expenditures | [6] | 9 | 17 | |||
Total assets as at March 31 | [7] | 438 | 454 | |||
Corporate and Other | ||||||
Revenues and other income | ||||||
Investment and other income (note 4) | 11 | 7 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 11 | 7 | ||||
Expenses | ||||||
Selling and general | (39) | 15 | ||||
Depreciation and depletion (note 13) | 6 | 6 | ||||
Non-service pension and postretirement benefit | 30 | 36 | ||||
Financing (note 7) | 19 | 28 | ||||
Total expenses | 16 | 85 | ||||
Income (loss) before income taxes | (5) | (78) | ||||
Income tax expense (benefit) | (2) | (22) | ||||
Net income (loss) | (3) | (56) | ||||
Cash flows from (used in) operating activities | (43) | (57) | ||||
Capital and exploration expenditures | [6] | 15 | 11 | |||
Total assets as at March 31 | [7] | $ 2,242 | $ 1,697 | |||
[1] | Amounts from related parties included in revenues. 1,736 1,722 | |||||
[2] | Included export sales to the United States of $1,373 million (2019 - $1,664 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||
[3] | Amounts to related parties included in purchases of crude oil and products. 739 728 | |||||
[4] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 183 161 | |||||
[5] | Amounts to related parties included in financing, (note 7). 24 28 | |||||
[6] | 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. | |||||
[7] | In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontario’s revocation of its cap and trade legislation. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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 | $ 1,373 | $ 1,664 |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investment And Other Income [Line Items] | ||
Proceeds from asset sales | $ 9 | $ 22 |
Book value of asset sales | 2 | 27 |
Gain (loss) on asset sales, before-tax | 7 | (5) |
Gain (loss) on asset sales, after-tax | $ 6 | $ (4) |
Allowance for current expecte_2
Allowance for current expected credit loss (CECL) - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 |
Receivables [Abstract] | ||
Cumulative effect of earnings reinvested | $ 2 | |
Accounts receivable, net | $ 1,158 | |
Allowance for doubtful accounts receivable | 3 | |
Long term investments and receivables | 319 | |
Off-balance-sheet credit exposure | 29 | |
Credit allowance recognized as a liability | $ 0 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension benefits | ||
Current service cost | $ 76 | $ 57 |
Interest cost | 77 | 81 |
Expected return on plan assets | (98) | (87) |
Amortization of prior service cost | 4 | 0 |
Amortization of actuarial loss (gain) | 38 | 37 |
Net periodic benefit cost | 97 | 88 |
Other postretirement benefits | ||
Current service cost | 6 | 4 |
Interest cost | 6 | 5 |
Amortization of actuarial loss (gain) | 3 | 0 |
Net periodic benefit cost | $ 15 | $ 9 |
Financing costs (Detail)
Financing costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Debt-related interest | $ 34 | $ 39 | |
Capitalized interest | (15) | (11) | |
Net interest expense | 19 | 28 | |
Other interest | 0 | 0 | |
Total financing | [1] | $ 19 | $ 28 |
[1] | Amounts to related parties included in financing, (note 7). 24 28 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,447 | $ 4,447 | |
Finance leases | 522 | 514 | |
Total long-term debt | [1] | $ 4,969 | $ 4,961 |
[1] | Long-term debt included amounts to related parties of $4,447 million (2019 - $4,447 million). |
Other Long-Term Obligations (De
Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | $ 1,963 | $ 1,822 |
Asset retirement obligations and other environmental liabilities | [2] | 1,382 | 1,388 |
Share-based incentive compensation liabilities | 39 | 65 | |
Operating lease liability | [3] | 122 | 143 |
Other obligations | 227 | 219 | |
Total other long-term obligations | $ 3,733 | $ 3,637 | |
[1] | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2019 - $58 million). | ||
[2] | Total asset retirement obligations and other environmental liabilities also included $124 million in current liabilities (2019 - $124 million). | ||
[3] | Total operating lease liability also included $120 million in current liabilities (2019 - $115 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $29 million (2019 - $6 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 58 | $ 58 |
Asset retirement obligations and other environmental liabilities in current liabilities | 124 | 124 |
Undiscounted Commitments | 29 | 6 |
Accounts Payable and Accrued Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease liability due within one year, Operating leases | $ 120 | $ 115 |
Financial and derivative inst_3
Financial and derivative instruments - Additional Information (Detail) $ in Millions | Mar. 31, 2020CAD ($)bbl | Dec. 31, 2019CAD ($)bbl |
Financial Instruments And Derivatives [Line Items] | ||
Fair value of collateral receivable | $ 6 | |
Long-term Debt, Fair Value | $ 4,447 | 4,447 |
Fair value of derivative asset | 46 | 0 |
Fair value of derivative liability | 12 | $ 2 |
Fair value of collateral payable | $ 28 | |
Product | ||
Financial Instruments And Derivatives [Line Items] | ||
Net notional forward long / (short) position of derivative instruments | bbl | (60,000) | 0 |
Crude Oil | ||
Financial Instruments And Derivatives [Line Items] | ||
Net notional forward long / (short) position of derivative instruments | bbl | (450,000) | (590,000) |
Summary of Realized and Unreali
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financial Instruments And Derivatives [Line Items] | ||
Revenues | $ 1 | $ (2) |
Purchases of crude oil and products | 34 | (6) |
Total | $ 35 | $ (8) |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - shares | Jun. 27, 2019 | Jun. 26, 2020 | Apr. 01, 2020 | Jun. 13, 2019 |
Class of Stock [Line Items] | ||||
Normal course issuer bid share repurchase shares authorized | 38,211,086 | 38,211,086 | ||
Number of shares purchased in the current issuer bid program | 28,697,514 | |||
Percent of total shares | 5.00% | |||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |||
Normal course issuer bid share repurchase term, months | 12 months |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 734,077,000 | 743,902,000 |
Common Share Activities (Detail
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Class of Stock [Line Items] | ||||
Common stock beginning balance, shares | 743,902 | |||
Common stock, ending balance, shares | 734,077 | 743,902 | ||
Common stock beginning balance, value | [1] | $ 1,375 | ||
Common stock, ending balance, value | [1] | $ 1,357 | $ 1,375 | |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock beginning balance, shares | 743,902 | 782,565 | 782,565 | |
Issued under employee share-based awards, shares | 0 | 1 | ||
Purchases at stated value, shares | (9,825) | (38,664) | ||
Common stock, ending balance, shares | 734,077 | 743,902 | ||
Common stock beginning balance, value | $ 1,375 | $ 1,446 | $ 1,446 | |
Issued under employee share-based awards, value | 0 | 0 | ||
Purchases at stated value, value | (18) | $ (19) | (71) | |
Common stock, ending balance, value | $ 1,357 | $ 1,375 | ||
[1] | Number of common shares authorized and outstanding were 1,100 million and 734 million, respectively (2019 - 1,100 million and 744 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) per common share - basic | ||
Net income (loss) (millions of Canadian dollars) | $ (188) | $ 293 |
Weighted average number of common shares outstanding (millions of shares) | 738.9 | 777.5 |
Net income (loss) per common share (dollars) | $ (0.25) | $ 0.38 |
Net income (loss) per common share - diluted | ||
Net income (loss) (millions of Canadian dollars) | $ (188) | $ 293 |
Weighted average number of common shares outstanding (millions of shares) | 738.9 | 777.5 |
Effect of employee share-based awards (millions of shares) | 2 | 2.3 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 740.9 | 779.8 |
Net income (loss) per common share (dollars) | $ (0.25) | $ 0.38 |
Dividends per common share - declared (dollars) | $ 0.22 | $ 0.19 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1 | $ (1,911) | $ (1,517) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | (114) | 18 |
Amounts reclassified from accumulated other comprehensive income | 34 | 27 |
Balance at December 31 | $ (1,991) | $ (1,472) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
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] | $ (45) | $ (37) |
[1] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 6). |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Postretirement benefits liability adjustment (excluding amortization) | $ (37) | $ 7 |
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | 11 | 10 |
Total | $ (26) | $ 17 |
Miscellaneous Financial Infor_2
Miscellaneous Financial Information - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Additional Financial Information [Line Items] | ||
Inventory write-down to current market value | $ 281 | $ 0 |
Upstream [Member] | ||
Additional Financial Information [Line Items] | ||
Inventory write-down to current market value | 229 | |
Non-cash impairment of goodwill | 20 | |
Downstream [Member] | ||
Additional Financial Information [Line Items] | ||
Inventory write-down to current market value | $ 52 |