Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 115

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 115
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 an asset or liability in the Consolidated balance sheet, and the changes in that funded status in the year in which the changes occurred was recognized through other comprehensive income. 

90

             Pension benefits         Other postretirement           benefits millions of Canadian dollars2024 2023 2024 2023 Amounts recorded in the Consolidated balance sheetconsist of:    Other assets, including intangibles - net853 335 — — Current liabilities(33)(34)(28)(28)Other long-term obligations(398)(401)(448)(553)Total recorded422 (100)(476)(581) Amounts recorded in accumulated other comprehensive income consist of:    Net actuarial loss (gain)237 724 (110)(89)Prior service cost373 400 (78)— Total recorded in accumulated other       comprehensive income, before-tax610 1,124 (188)(89)The company establishes the long-term expected rate of return on plan assets by developing a forward-looking long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. The 2024 long-term expected return of 5.6 percent used in the calculations of pension expense compares to an actual rate of return of 5.1 percent and 6.0 percent over the last 10- and 20-year periods respectively, ending December 31, 2024.        Pension benefits Other postretirement benefits  2024 2023 2022 2024 2023 2022 Assumptions used to determine net periodicbenefit cost for years ended December 31 (percent)      Discount rate4.60 5.10 3.00 4.60 5.10 3.00 Long-term rate of return on funded assets5.60 4.80 4.30 — — — Long-term rate of compensation increase4.00 4.00 4.00 4.00 4.00 4.00  millions of Canadian dollars      Components of net periodic benefit cost      Service cost186 162 280 13 12 23 Interest cost