Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 116

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 116
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365 373 295 25 28 24 Expected return on plan assets(454)(373)(412)— — — Amortization of prior service cost27 19 17 — — — Amortization of actuarial loss (gain)48 44 84 (8)(9)9 Net periodic benefit cost172 225 264 30 31 56  Changes in amounts recorded in accumulated other comprehensive income      Net actuarial loss (gain)(439)102 (522)(29)(14)(248)Amortization of net actuarial (loss) gain included in       net periodic benefit cost(48)(44)(84)8 9 (9)Prior service cost— 184 — (78)— — Amortization of prior service cost included in net       periodic benefit cost(27)(19)(17)— — — Total recorded in other comprehensive income(514)223 (623)(99)(5)(257)Total recorded in net periodic benefit cost and       other comprehensive income, before-tax(342)448 (359)(69)26 (201)

91

Costs for defined contribution plans, primarily the employee savings plan, were $47 million in 2024 (2023 - $44 million, 2022 - $43 million). A summary of the change in accumulated other comprehensive income is shown in the table below:   Total pension and other postretirement benefitsmillions of Canadian dollars2024 2023 2022 (Charge) credit to other comprehensive income, before-tax613 (218)880 Deferred income tax (charge) credit (note 17)(150)53 (215)(Charge) credit to other comprehensive income, after-tax463 (165)665 The company’s investment strategy for pension plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities and broad diversification to reduce the risk of the portfolio. The pension plan assets are primarily invested in passive global equity and domestic fixed income index funds to diversify risk while minimizing costs. The fixed income funds are largely invested in investment-grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities. The target asset allocation for the pension plan is reviewed periodically and set based on considerations such as risk, diversification, liquidity, and funding level. The target