Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 114

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 114
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00 4.00  millions of Canadian dollarsChange in benefit obligation    Benefit obligation at January 18,154 7,374 581 589 Service cost186 162 13 12 Interest cost365 373 25 28 Actuarial loss (gain) (a)(88)514 (29)(14)Amendments— 184 (78)— Benefits paid (b)(486)(453)(36)(34)Benefit obligation at December 318,131 8,154 476 581   Accumulated benefit obligation at December 317,385 7,449   (a)Actuarial loss (gain) primarily driven by changes in the year-end discount rate.(b)Benefit payments for funded and unfunded plans. The discount rate for the purpose of calculating year-end postretirement benefits plan obligation is determined by using the Canadian Institute of Actuaries recommended spot yield curve for high-quality, long-term Canadian corporate bonds with an average maturity (or duration) approximating that of the liabilities. For the measurement of the accumulated postretirement benefit obligation, the assumed health care cost trend rates start with 6.08 percent in 2025 and gradually decline to 3.57 percent by 2040 and beyond.               Pension benefits         Other postretirement           benefits millions of Canadian dollars2024 2023 2024 2023 Change in plan assets    Fair value at January 18,054 7,541 Actual return (loss) gain805 785 Company contributions150 148 Benefits paid (a)(452)(420)Other(4)— Fair value at December 318,553 8,054  Plan assets in excess of (less than) projected benefit obligation at December 31    Funded plans853 335 Unfunded plans(431)(435)(476)(581)Total (b)422 (100)(476)(581)(a)Benefit payments for funded plans only. (b)Fair value of assets less projected benefit obligation shown above. Funding of registered retirement plans complies with federal and provincial pension regulations, and the company makes contributions to the plans based on an independent actuarial valuation. In accordance with authoritative guidance relating to the accounting for defined pension and other postretirement benefits plans, the overfunded or underfunded status of the company’s defined benefit postretirement plans was recorded as