Other Financial Information

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties. Of this amount, approximately $90 and $300 related to downstream and upstream, 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 2020 included after-tax gains of approximately $765 relating to the sale of certain properties, of which approximately $30 and $735 related to downstream and upstream assets, respectively.

Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs and $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. Earnings in 2020 included after-tax charges of approximately $4,800 for impairments and other asset write-offs related to upstream.


Other financial information is as follows:
	Year ended December 31
	2022		2021		2020
Total financing interest and debt costs	$	630	$	775	$	735
Less: Capitalized interest	114		63		38
Interest and debt expense	$	516	$	712	$	697
Research and development expenses	$	268	$	268	$	435
Excess of replacement cost over the carrying value of inventories (LIFO method)	$	9,061	$	5,588	$	2,749
LIFO profits (losses) on inventory drawdowns included in earnings	$	122	$	35	$	(147)
Foreign currency effects*	$	669	$	306	$	(645)

* Includes $253, $180 and $(152) in 2022, 2021 and 2020, 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 2022, and no impairment was required.