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Other Financial Information | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Financial Information | Other Financial Information Earnings in 2023 included after-tax gains of approximately $143 relating to the sale of certain properties. Of this amount, approximately $33 and $110 related to downstream and upstream, respectively. Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties, of which approximately $90 and $300 related to downstream and upstream assets, respectively. Earnings in 2021 included after-tax gains of approximately $785 relating to the sale of certain properties, of which approximately $30 and $755 related to downstream and upstream assets, respectively. Earnings in 2023 included after-tax charges of approximately $1,950 for abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico and $1,765 for upstream impairments, mainly in California, and several tax items with a net benefit of $655. Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs related to upstream, $600 for an early contract termination in upstream, and $271 for pension settlement costs. Earnings in 2021 included after-tax charges of approximately $519 for pension settlement c osts, $260 for early retirement of debt, $120 relating to upstream remediation and $110 relating to downstream legal reserves.
Other financial information is as follows: |  |  |  |  |  |
| Year ended December 31
| 2023 |  |  | 2022 |  | 2021
Total financing interest and debt costs | $ | 617 |  |  |  | $ | 630 |  |  | $ | 775 |
Less: Capitalized interest | 148 |  |  |  | 114 |  |  | 63 |
Interest and debt expense | $ | 469 |  |  |  | $ | 516 |  |  | $ | 712 |
Research and development expenses | $ | 320 |  |  |  | $ | 268 |  |  | $ | 268 |
Excess of replacement cost over the carrying value of inventories (LIFO method) | $ | 6,455 |  |  |  | $ | 9,061 |  |  | $ | 5,588 |
LIFO profits (losses) on inventory drawdowns included in earnings | $ | 14 |  |  |  | $ | 122 |  |  | $ | 35 |
Foreign currency effects* | $ | (224) |  |  |  | $ | 669 |  |  | $ | 306 |
* Includes $(11), $253 and $180 in 2023, 2022 and 2021, respectively, for the company’s share of equity affiliates’ foreign currency effects. The company has $4,722 in goodwill on the Consolidated Balance Sheet, of which $4,370 is in the upstream segment primarily related to the 2005 acquisition of Unocal and $352 is in the downstream segment. The company tested this goodwill for impairment during 2023, and no impairment was required.

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