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Other Financial Information
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Information
 
Note 27
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 costs, $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 compan
y
tested this goodwill for impairment during 2023, and no impairment was required.