Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 111

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 111
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87

(a)Includes export sales to the United States of $10,300 million (2023 - $8,982 million, 2022 - $12,394 million).

(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.    Revenuesmillions of Canadian dollars2024 2023 2022 Revenue from contracts with customers40,901 44,465 52,265 Revenue outside the scope of ASC 60610,458 6,237 7,148 Total51,359 50,702 59,413 (c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.(d)Includes property, plant and equipment under construction of $3,632 million (2023 - $3,251 million, 2022 - $2,676 million). (e)In 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative periods have not been recast.

Note 3. Income taxes

millions of Canadian dollars2024 2023 2022 Current income tax expense (benefit)  1,586 1,556 2,228 Deferred income tax expense (benefit) (137)(76)(84)Total income tax expense (benefit)  1,449 1,480 2,144 Statutory corporate tax rate (percent) (a)24.1 24.1 24.1 Increase (decrease) resulting from:   Other (b)(0.9)(0.9)(1.5)Effective income tax rate (percent)23.2