Item 1. Financial Statements
Item 1. Financial statements
Consolidated statement of income (U.S. GAAP, unaudited)
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Revenues and other income
Revenues (a)
11,764 17,285 23,821 29,942
Investment and other income (note 3)
55 22 119 51
Total revenues and other income 11,819 17,307 23,940 29,993
Expenses
Exploration 1 1 2 3
Purchases of crude oil and products (b)
7,856 11,021 15,334 19,371
Production and manufacturing (c)
1,785 1,908 3,541 3,567
Selling and general (c)
206 191 392 416
Federal excise tax and fuel charge 598 553 1,127 1,032
Depreciation and depletion 453 451 943 877
Non-service pension and postretirement benefit 20 5 40 9
Financing (d) (note 5)
16 11 32 18
Total expenses 10,935 14,141 21,411 25,293
Income (loss) before income taxes 884 3,166 2,529 4,700
Income taxes 209 757 606 1,118
Net income (loss) 675 2,409 1,923 3,582
Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9)
1.16 3.63 3.29 5.37
Net income (loss) per common share - diluted (note 9)
1.15 3.63 3.29 5.36
(a) Amounts from related parties included in revenues. 3,556 5,175 6,692 9,134
(b) Amounts to related parties included in purchases of crude oil and products. 964 1,129 2,042 1,779
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.
125 116 260 234
(d) Amounts to related parties included in financing. 41 13 80 17
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Consolidated statement of comprehensive income (U.S. GAAP, unaudited)
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Net income (loss) 675 2,409 1,923 3,582
Other comprehensive income (loss), net of income taxes
Postretirement benefits liability adjustment (excluding amortization) — — 21 24
Amortization of postretirement benefits liability adjustment included in net benefit costs
10 21 20 42
Total other comprehensive income (loss) 10 21 41 66
Comprehensive income (loss) 685 2,430 1,964 3,648
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Consolidated balance sheet (U.S. GAAP, unaudited)
millions of Canadian dollars As at
June 30
2023
As at
Dec 31
2022
Assets
Current assets
Cash and cash equivalents 2,376 3,749
Accounts receivable - net (a)
4,585 4,719
Inventories of crude oil and products 1,460 1,514
Materials, supplies and prepaid expenses 869 754
Total current assets 9,290 10,736
Investments and long-term receivables (b)
998 893
Property, plant and equipment, 55,424 54,568
less accumulated depreciation and depletion ( 24,945 ) ( 24,062 )
Property, plant and equipment, net
30,479 30,506
Goodwill 166 166
Other assets, including intangibles - net 1,193 1,223
Total assets 42,126 43,524
Liabilities
Current liabilities
Notes and loans payable 122 122
Accounts payable and accrued liabilities (a) (note 7)
5,923 6,194
Income taxes payable 184 2,582
Total current liabilities 6,229 8,898
Long-term debt (c) (note 6)
4,022 4,033
Other long-term obligations (note 7)
3,418 3,467
Deferred income tax liabilities 4,629 4,713
Total liabilities 18,298 21,111
Shareholders’ equity
Common shares at stated value (d) (note 9)
1,079 1,079
Earnings reinvested 23,220 21,846
Accumulated other comprehensive income (loss) (note 10)
( 471 ) ( 512 )
Total shareholders’ equity 23,828 22,413
Total liabilities and shareholders’ equity 42,126 43,524
(a) Accounts receivable - net included net amounts receivable from related parties of $ 1,029 million (2022 - $ 1,108 million).
(b) Investments and long-term receivables included amounts from related parties of $ 286 million (2022 - $ 288 million).
(c) Long-term debt included amounts to related parties of $ 3,447 million (2022 - $ 3,447 million).
(d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited)
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Common shares at stated value (note 9)
At beginning of period 1,079 1,237 1,079 1,252
Share purchases at stated value — ( 60 ) — ( 75 )
At end of period 1,079 1,177 1,079 1,177
Earnings reinvested
At beginning of period 22,837 22,171 21,846 21,660
Net income (loss) for the period 675 2,409 1,923 3,582
Share purchases in excess of stated value — ( 2,440 ) — ( 2,874 )
Dividends declared ( 292 ) ( 227 ) ( 549 ) ( 455 )
At end of period 23,220 21,913 23,220 21,913
Accumulated other comprehensive income (loss) (note 10)
At beginning of period ( 481 ) ( 1,132 ) ( 512 ) ( 1,177 )
Other comprehensive income (loss) 10 21 41 66
At end of period ( 471 ) ( 1,111 ) ( 471 ) ( 1,111 )
Shareholders’ equity at end of period 23,828 21,979 23,828 21,979
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Consolidated statement of cash flows (U.S. GAAP, unaudited)
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Operating activities
Net income (loss) 675 2,409 1,923 3,582
Adjustments for non-cash items:
Depreciation and depletion 453 451 943 877
(Gain) loss on asset sales (note 3)
( 13 ) ( 4 ) ( 22 ) ( 24 )
Deferred income taxes and other ( 15 ) ( 149 ) ( 71 ) ( 480 )
Changes in operating assets and liabilities:
Accounts receivable ( 302 ) ( 1,426 ) 134 ( 2,970 )
Inventories, materials, supplies and prepaid expenses 420 ( 27 ) ( 59 ) ( 391 )
Income taxes payable ( 321 ) 853 ( 2,398 ) 1,312
Accounts payable and accrued liabilities ( 48 ) 499 ( 303 ) 2,643
All other items - net (c)
36 76 ( 83 ) 47
Cash flows from (used in) operating activities 885 2,682 64 4,596
Investing activities
Additions to property, plant and equipment ( 499 ) ( 333 ) ( 928 ) ( 637 )
Proceeds from asset sales (note 3) (b)
9 102 23 126
Loans to equity companies - net 1 1 2 2
Cash flows from (used in) investing activities ( 489 ) ( 230 ) ( 903 ) ( 509 )
Financing activities
Finance lease obligations - reduction (note 6)
( 6 ) ( 6 ) ( 11 ) ( 11 )
Dividends paid ( 257 ) ( 228 ) ( 523 ) ( 413 )
Common shares purchased (note 9)
— ( 2,500 ) — ( 2,949 )
Cash flows from (used in) financing activities ( 263 ) ( 2,734 ) ( 534 ) ( 3,373 )
Increase (decrease) in cash and cash equivalents 133 ( 282 ) ( 1,373 ) 714
Cash and cash equivalents at beginning of period 2,243 3,149 3,749 2,153
Cash and cash equivalents at end of period (a)
2,376 2,867 2,376 2,867
(a) Cash equivalents are all highly liquid securities with maturity of three months or less.
(b) In the second quarter of 2022, a deposit of $ 94 million was received for the pending sale of XTO Energy Canada.
(c) Included contributions to registered pension plans. ( 44 ) ( 46 ) ( 86 ) ( 96 )
Income taxes (paid) refunded. ( 557 ) ( 52 ) ( 3,189 ) ( 275 )
Interest (paid), net of capitalization. ( 16 ) ( 10 ) ( 37 ) ( 22 )
The information in the notes to consolidated financial statements is an integral part of these statements.
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IMPERIAL OIL LIMITED
Notes to consolidated financial statements (unaudited)
1. Basis of financial statement preparation
These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2022 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
The results for the six months ended June 30, 2023, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
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IMPERIAL OIL LIMITED
2. Business segments
Second Quarter
Upstream
Downstream
Chemical
millions of Canadian dollars 2023 2022 2023 2022 2023 2022
Revenues and other income
Revenues (a) (b)
61 119 11,355 16,752 348 414
Intersegment sales
3,519 5,827 1,365 2,024 89 149
Investment and other income (note 3)
10 3 15 9 — —
3,590 5,949 12,735 18,785 437 563
Expenses
Exploration 1 1 — — — —
Purchases of crude oil and products
1,432 2,357 11,133 16,261 263 401
Production and manufacturing 1,256 1,423 475 418 54 67
Selling and general — — 160 153 22 22
Federal excise tax and fuel charge — — 597 553 1 —
Depreciation and depletion 398 395 44 45 4 4
Non-service pension and postretirement benefit — — — — — —
Financing (note 5)
— 1 — — — —
Total expenses 3,087 4,177 12,409 17,430 344 494
Income (loss) before income taxes 503 1,772 326 1,355 93 69
Income tax expense (benefit) 119 426 76 322 22 16
Net income (loss)
384 1,346 250 1,033 71 53
Cash flows from (used in) operating activities
573 2,087 228 641 55 64
Capital and exploration expenditures (c)
303 233 152 69 5 2
Second Quarter
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars 2023 2022 2023 2022 2023 2022
Revenues and other income
Revenues (a) (b)
— — — — 11,764 17,285
Intersegment sales
— — ( 4,973 ) ( 8,000 ) — —
Investment and other income (note 3)
30 10 — — 55 22
30 10 ( 4,973 ) ( 8,000 ) 11,819 17,307
Expenses
Exploration — — — — 1 1
Purchases of crude oil and products
— — ( 4,972 ) ( 7,998 ) 7,856 11,021
Production and manufacturing — — — — 1,785 1,908
Selling and general 25 18 ( 1 ) ( 2 ) 206 191
Federal excise tax and fuel charge — — — — 598 553
Depreciation and depletion 7 7 — — 453 451
Non-service pension and postretirement benefit 20 5 — — 20 5
Financing (note 5)
16 10 — — 16 11
Total expenses 68 40 ( 4,973 ) ( 8,000 ) 10,935 14,141
Income (loss) before income taxes ( 38 ) ( 30 ) — — 884 3,166
Income tax expense (benefit) ( 8 ) ( 7 ) — — 209 757
Net income (loss)
( 30 ) ( 23 ) — — 675 2,409
Cash flows from (used in) operating activities
29 ( 110 ) — — 885 2,682
Capital and exploration expenditures (c)
33 10 — — 493 314
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IMPERIAL OIL LIMITED
(a) Includes export sales to the United States of $ 2,034 million (2022 - $ 3,871 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 those 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 those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues Second Quarter
millions of Canadian dollars 2023 2022
Revenue from contracts with customers 10,922 15,871
Revenue outside the scope of ASC 606
842 1,414
Total 11,764 17,285
(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.
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IMPERIAL OIL LIMITED
Six Months to June 30
Upstream
Downstream
Chemical
millions of Canadian dollars 2023 2022 2023 2022 2023 2022
Revenues and other income
Revenues (a) (b)
137 218 22,994 28,943 690 781
Intersegment sales
7,141 10,258 3,188 3,857 180 253
Investment and other income (note 3)
12 7 35 30 — —
7,290 10,483 26,217 32,830 870 1,034
Expenses
Exploration 2 3 — — — —
Purchases of crude oil and products
2,975 4,247 22,329 28,773 537 716
Production and manufacturing 2,543 2,672 886 774 112 121
Selling and general — — 317 300 48 45
Federal excise tax and fuel charge — — 1,125 1,032 2 —
Depreciation and depletion 832 768 89 86 8 9
Non-service pension and postretirement benefit — — — — — —
Financing (note 5)
— 1 — — — —
Total expenses 6,352 7,691 24,746 30,965 707 891
Income (loss) before income taxes 938 2,792 1,471 1,865 163 143
Income tax expense (benefit) 224 664 351 443 39 34
Net income (loss)
714 2,128 1,120 1,422 124 109
Cash flows from (used in) operating activities
175 3,534 ( 191 ) 1,016 23 131
Capital and exploration expenditures (c)
624 455 226 137 9 3
Total assets as at June 30
28,603 28,961 9,629 11,649 482 505
Six Months to June 30
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars 2023 2022 2023 2022 2023 2022
Revenues and other income
Revenues (a) (b)
— — — — 23,821 29,942
Intersegment sales
— — ( 10,509 ) ( 14,368 ) — —
Investment and other income (note 3)
72 14 — — 119 51
72 14 ( 10,509 ) ( 14,368 ) 23,940 29,993
Expenses
Exploration — — — — 2 3
Purchases of crude oil and products
— — ( 10,507 ) ( 14,365 ) 15,334 19,371
Production and manufacturing — — — — 3,541 3,567
Selling and general 29 74 ( 2 ) ( 3 ) 392 416
Federal excise tax and fuel charge — — — — 1,127 1,032
Depreciation and depletion 14 14 — — 943 877
Non-service pension and postretirement benefit 40 9 — — 40 9
Financing (note 5)
32 17 — — 32 18
Total expenses 115 114 ( 10,509 ) ( 14,368 ) 21,411 25,293
Income (loss) before income taxes ( 43 ) ( 100 ) — — 2,529 4,700
Income tax expense (benefit) ( 8 ) ( 23 ) — — 606 1,118
Net income (loss)
( 35 ) ( 77 ) — — 1,923 3,582
Cash flows from (used in) operating activities
57 ( 85 ) — — 64 4,596
Capital and exploration expenditures (c)
63 15 — — 922 610
Total assets as at June 30
3,915 4,016 ( 503 ) ( 239 ) 42,126 44,892
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IMPERIAL OIL LIMITED
(a) Includes export sales to the United States of $ 4,409 million (2022 - $ 6,375 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 those 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 those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues Six Months
to June 30
millions of Canadian dollars 2023 2022
Revenue from contracts with customers 21,442 26,735
Revenue outside the scope of ASC 606
2,379 3,207
Total 23,821 29,942
(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.
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IMPERIAL OIL LIMITED
3. Investment and other income
Investment and other income included gains and losses on asset sales as follows:
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Proceeds from asset sales 9 8 23 32
Book value of asset sales ( 4 ) 4 1 8
Gain (loss) on asset sales, before tax
13 4 22 24
Gain (loss) on asset sales, after tax
10 3 18 19
4. Employee retirement benefits
The components of net benefit cost were as follows:
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Pension benefits:
Service cost 40 70 81 140
Interest cost 93 74 186 147
Expected return on plan assets ( 93 ) ( 103 ) ( 186 ) ( 206 )
Amortization of prior service cost 4 4 8 8
Amortization of actuarial loss (gain) 11 21 22 43
Net benefit cost 55 66 111 132
Other postretirement benefits:
Service cost 3 5 6 11
Interest cost 7 6 14 12
Amortization of actuarial loss (gain) ( 2 ) 3 ( 4 ) 5
Net benefit cost 8 14 16 28
5. Financing costs
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Debt-related interest
49 20 95 32
Capitalized interest
( 33 ) ( 10 ) ( 63 ) ( 15 )
Net interest expense
16 10 32 17
Other interest
— 1 — 1
Total financing
16 11 32 18
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IMPERIAL OIL LIMITED
6. Long-term debt
As at
June 30
As at
Dec 31
millions of Canadian dollars 2023 2022
Long-term debt
3,447 3,447
Finance leases
575 586
Total long-term debt 4,022 4,033
7. Other long-term obligations
As at
June 30
As at
Dec 31
millions of Canadian dollars 2023 2022
Employee retirement benefits (a)
875 902
Asset retirement obligations and other environmental liabilities (b)
2,165 2,150
Share-based incentive compensation liabilities
107 101
Operating lease liability (c)
127 151
Other obligations
144 163
Total other long-term obligations 3,418 3,467
(a) Total recorded employee retirement benefits obligations also included $ 63 million in current liabilities (2022 - $ 63 million).
(b) Total asset retirement obligations and other environmental liabilities also included $ 116 million in current liabilities (2022 - $ 116 million).
(c) Total operating lease liability also included $ 106 million in current liabilities (2022 - $ 100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $ 60 million (2022 - $ 14 million).
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IMPERIAL OIL LIMITED
8. 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 June 30, 2023 and December 31, 2022, the fair value of long-term debt ($ 3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues”. The company does not designate derivative instruments as a hedge for hedge accounting purposes.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
As at
June 30
As at Dec 31
thousands of barrels 2023 2022
Crude 8,040 1,800
Products ( 670 ) ( 350 )
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Revenues 10 ( 51 ) ( 13 ) ( 14 )
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IMPERIAL OIL LIMITED
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2023
millions of Canadian dollars
Fair value Effect of
counterparty
netting Effect of
collateral
netting Net
carrying
value
Level 1 Level 2 Level 3 Total
Assets
Derivative assets (a)
11 31 — 42 ( 11 ) — 31
Liabilities
Derivative liabilities (b)
13 26 — 39 ( 11 ) ( 2 ) 26
(a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2022
millions of Canadian dollars
Fair value Effect of
counterparty
netting Effect of
collateral
netting Net
carrying
value
Level 1 Level 2 Level 3 Total
Assets
Derivative assets (a)
17 32 — 49 ( 27 ) — 22
Liabilities
Derivative liabilities (b)
21 20 — 41 ( 27 ) ( 4 ) 10
(a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At June 30, 2023 and December 31, 2022, the company had $ 8 million and $ 14 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
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IMPERIAL OIL LIMITED
9. Common shares
thousands of shares
As at
June 30
2023
As at
Dec 31
2022
Authorized 1,100,000 1,100,000
Outstanding 584,153 584,153
The current 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares ( 5 percent of the total shares on June 15, 2023) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
Thousands of
shares Millions of
dollars
Balance as at December 31, 2021
678,080 1,252
Issued under employee share-based awards — —
Purchases at stated value ( 93,927 ) ( 173 )
Balance as at December 31, 2022
584,153 1,079
Issued under employee share-based awards — —
Purchases at stated value — —
Balance as at June 30, 2023
584,153 1,079
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
Second Quarter
Six Months
to June 30
2023 2022 2023 2022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
675 2,409 1,923 3,582
Weighted average number of common shares outstanding (millions of shares)
584.2 663.0 584.2 666.7
Net income (loss) per common share (dollars)
1.16 3.63 3.29 5.37
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
675 2,409 1,923 3,582
Weighted average number of common shares outstanding (millions of shares)
584.2 663.0 584.2 666.7
Effect of employee share-based awards (millions of shares)
1.1 1.4 1.1 1.4
Weighted-average number of common shares outstanding,
assuming dilution (millions of shares)
585.3 664.4 585.3 668.1
Net income (loss) per common share (dollars)
1.15 3.63 3.29 5.36
Dividends per common share – declared (dollars)
0.50 0.34 0.94 0.68
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IMPERIAL OIL LIMITED
10. Other comprehensive income (loss) information
Changes in accumulated other comprehensive income (loss):
millions of Canadian dollars 2023 2022
Balance at January 1 ( 512 ) ( 1,177 )
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified from accumulated other comprehensive income
21 24
Amounts reclassified from accumulated other comprehensive income 20 42
Balance at June 30 ( 471 ) ( 1,111 )
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Amortization of postretirement benefits liability adjustment
included in net benefit cost (a)
( 13 ) ( 27 ) ( 26 ) ( 55 )
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).
Income tax expense (credit) for components of other comprehensive income (loss):
Second Quarter
Six Months
to June 30
millions of Canadian dollars 2023 2022 2023 2022
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization) — — 7 8
Amortization of postretirement benefits liability adjustment included in net benefit cost
3 6 6 13
Total 3 6 13 21
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IMPERIAL OIL LIMITED
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.