Other Financial Information
Earnings in 2013 included after-tax gains of approximately $500 relating to the sale of nonstrategic properties. Of this amount, approximately $300 and $200 related to downstream and upstream assets, respectively. Earnings in 2012 included after-tax gains of approximately $2,800 relating to the sale of nonstrategic properties. Of this amount, approximately $2,200 and $600 related to upstream and downstream assets, respectively.
Other financial information is as follows:
|
| | | | | | | | | | | | |
| Year ended December 31 | |
| 2013 |
| | | 2012 |
| | 2011 |
|
Total financing interest and debt costs | $ | 284 |
| | | $ | 242 |
| | $ | 288 |
|
Less: Capitalized interest | 284 |
| | | 242 |
| | 288 |
|
Interest and debt expense | $ | — |
| | | $ | — |
| | $ | — |
|
Research and development expenses | $ | 750 |
| | | $ | 648 |
| | $ | 627 |
|
Foreign currency effects* | $ | 474 |
| | | $ | (454 | ) | | $ | 121 |
|
| |
* | Includes $244, $(202) and $(27) in 2013, 2012 and 2011, respectively, for the company’s share of equity affiliates’ foreign currency effects. |
The excess of replacement cost over the carrying value of inventories for which the last-in, first-out (LIFO) method is used was $9,150 and $9,292 at December 31, 2013 and 2012, respectively. Replacement cost is generally based on average acquisition costs for the year. LIFO profits (charges) of $14, $121 and $193 were included in earnings for the years 2013, 2012 and 2011, respectively.
The company has $4,639 in goodwill on the Consolidated Balance Sheet related to the 2005 acquisition of Unocal and to the 2011 acquisition of Atlas Energy, Inc. The company tested this goodwill for impairment during 2013 and concluded no impairment was necessary.
