Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 118

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 118
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 plan assets exceeded the projected benefit obligation for both the company sponsored plan and its proportionate share of a joint venture sponsored plan.Cash flows Benefit payments expected in: millions of Canadian dollarsPension benefitsOther postretirementbenefits2025490 29 2026490 29 2027490 32 2028490 31 2029490 31 2030 - 20342,450 154 

In 2025, the company expects to make cash contributions of about $160 million to its pension plans.  

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Note 5. Other long-term obligations

 millions of Canadian dollars2024 2023 Employee retirement benefits (a) (note 4)846 954 Asset retirement obligations and other environmental liabilities (b) (c)2,641 2,564 Share-based incentive compensation liabilities (note 7)119 90 Operating lease liability (note 13)144 111 Other obligations120 132 Total other long-term obligations3,870 3,851 (a)Total recorded employee retirement benefits obligations also included $61 million in current liabilities (2023 - $62 million). (b)Total asset retirement obligations and other environmental liabilities also included $291 million in current liabilities (2023 - $235 million). (c)For 2024, the asset retirement obligations were discounted at 6 percent (2023 - 6 percent). Asset retirement obligations incurred in the current period were level 3 fair value measurements.         The following table summarizes the activity in the liability for asset retirement obligations: millions of Canadian dollars2024 2023 2022 Balance as at January 12,703 2,178 1,721 Additions (deductions)96 471 415 Accretion163 132 101 Settlement(129)(78)(59)Balance as at December 312,833 2,703 2,178 

        Estimated cash payments for asset retirement obligations are $231 million in 2025 and $246 million in 2026. 

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Note 6. 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 December 31, 2024 and December 31, 2023, the fair value of long-term debt ($3,447 million, excluding