Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 125

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 125
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57 66 Other371 320 Total1,642 1,944 Research and developmentResearch expenditures are mainly spent on developing technologies to improve bitumen recovery, reduce costs and reduce the environmental impact of upstream operations, including technologies to reduce greenhouse gas emissions intensity, supporting environmental and process improvements in the refineries, as well as accessing ExxonMobil’s research worldwide. The company has scientific research agreements with affiliates of ExxonMobil, which provide for technical and engineering work to be performed by all parties, the exchange of technical information and the assignment and licensing of patents, and patent rights. These agreements provide mutual access to scientific and operating data related to nearly every phase of the petroleum and petrochemical operations of the parties. Net research and development costs charged to expenses in 2024 were $118 million (2023 - $84 million, 2022 - $74 million). These costs are included in expenses due to the uncertainty of future benefits. Accounts payable and accrued liabilities“Accounts payable and accrued liabilities” included accrued taxes other than income taxes of $524 million at December 31, 2024 (2023 - $455 million) and other miscellaneous current liabilities of $739 million at December 31, 2024 (2023 - $726 million).Government assistanceIn 2022, the company prospectively adopted the Financial Accounting Standards Board’s standard, Government Assistance (Topic 832). The standard requires the annual disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. The company receives allowances from governments in the form of emission credits as a result of performing better than facility level expectations for emission targets and records these at a nominal amount, generally in "Inventories of crude oil and products" on the Consolidated balance sheet. During 2023 and 2024, government assistance was immaterial to the company’s financial results.

100

Note 12. Financing and additional notes and loans payable information

millions of Canadian dollars2024 2023 2022 Debt-related interest (a)192 203 111 Capitalized interest(155)(141)(57)Net interest expense37 62 54 Other interest4 7 6 Total financing41 69 60 (a)Includes related party interest with ExxonMobil. During the fourth quarter of 2024, the company extended the maturity dates of its two existing $250 million committed lines of credit to November 2025 and November 2026, respectively.The company has not drawn on