Miscellaneous Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Miscellaneous Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Miscellaneous Financial Information | 3. Miscellaneous Financial Information Research and development expenses totaled $1,008 million in 2015, $971 million in 2014 and $1,044 million in 2013. Net income included before-tax aggregate foreign exchange transaction losses of $119 million and $225 million in 2015 and 2014, respectively, and gains of $155 million in 2013. In 2015, 2014 and 2013, net income included a loss of $186 million, and gains of $187 million and $282 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $4.5 billion and $10.6 billion at December 31, 2015, and 2014, respectively. Crude oil, products and merchandise as of year-end 2015 and 2014 consist of the following:
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