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Other Financial Information | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Financial Information | Other Financial Information Earnings in 2024 included after-tax gains of approximately $246 relating to the sale of certain properties. Of this amount, approximately $231 and $15 related to upstream and downstream, respectively. Earn ings in 2023 included after-tax gains of approximately $143 relating to the sale of certain properties, of which approximately $110 and $33 related to upstream and downstream assets, respectively. Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties, of which approximately $300 and $90 related to upstream and downstream assets, respectively. Earnings in 2024 included after-tax charges of approximat ely $715 for s everance ($208 in All Other, $188 in U.S. Downstream, $183 in U.S. Upstream, $119 in International Upstream, $17 in International Downstream) and $400 for impairments ($185 in International Downstream, $125 in International Upstream, $90 in U.S. Downstream). Earnings in 2023 included after-tax charges of approximately $1,950 for decommissioning obligations from previously divested oil and gas production assets in the U.S. Upstream Gulf of America, $1,765 for U.S. Upstream impairments, mainly in California, and several tax items with a net benefit of $655 in International Upstream. Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs related to International Upstream, $600 for an early contract termination in U.S. Upstream, and $271 for pension settlement costs in All Other.
Other financial information is as follows: |  |  |  |  |  |
| Year ended December 31
| 2024 |  |  | 2023 |  | 2022
Total financing interest and debt costs | $ | 773 |  |  |  | $ | 617 |  |  | $ | 630 |
Less: Capitalized interest | 179 |  |  |  | 148 |  |  | 114 |
Interest and debt expense | $ | 594 |  |  |  | $ | 469 |  |  | $ | 516 |
Research and development expenses | $ | 353 |  |  |  | $ | 320 |  |  | $ | 268 |
Excess of replacement cost over the carrying value of inventories (LIFO method) | $ | 5,997 |  |  |  | $ | 6,455 |  |  | $ | 9,061 |
LIFO profits (losses) on inventory drawdowns included in earnings | $ | (111) |  |  |  | $ | 14 |  |  | $ | 122 |
Foreign currency effects* | $ | 520 |  |  |  | $ | (224) |  |  | $ | 669 |
* Includes $45, $(11) and $253 in 2024, 2023 and 2022, respectively, for the company’s share of equity affiliates’ foreign currency effects. The company has $4,578 in goodwill on the Consolidated Balance Sheet, of which $4,226 is in the upstream segment primarily related to the 2005 acquisition of Unocal and $352 is in the downstream segment related to the 2022 acquisition of Renewable Energy Group, Inc. The company tested this goodwill for impairment during 2024, and no impairment was required.

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