Sale Of Lubricants Business

12 Months Ended

Dec. 31, 2017

36. SALE OF LUBRICANTS BUSINESS

On February 1, 2017, the company completed the previously announced sale of its lubricants business for proceeds of $1.1 billion before closing adjustments and other closing costs. The sale of this business resulted in an after-tax gain of $354 million, including a current tax expense of $101 million and a deferred tax recovery of $11 million, in the Refining and Marketing segment.

The table below details the assets and liabilities of the lubricants business that were held for sale as at December 31, 2016:

($ millions)

Assets

	Accounts receivable	209

	Prepaids	3

	Inventories	258

	Property, plant and equipment, net	428

Total assets		898

Liabilities

	Accounts payable and accrued liabilities	72

	Income taxes payable	3

	Pension liability	20

	Deferred income taxes	71

Total liabilities		166