Miscellaneous Financial Information

12 Months Ended

Dec. 31, 2018

Miscellaneous Financial Information [Abstract]

3. Miscellaneous Financial Information

Research and development expenses totaled $1,116 million in 2018, $1,063 million in 2017, and $1,058 million in 2016.

Net income included before-tax aggregate foreign exchange transaction losses of $138 million in 2018, and gains of $6 million and $29 million in 2017 and 2016, respectively.

In 2018, 2017 and 2016, net income included a gain of $107 million, and losses of $10 million, and $295 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 $8.2 billion and $10.8 billion at December 31, 2018, and 2017, respectively.

Crude oil, products and merchandise as of year-end 2018 and 2017 consist of the following:

		2018	2017
		(millions of dollars)

Crude oil		4,783	4,635
Petroleum products		5,666	4,333
Chemical products		3,821	3,283
Gas/other		533	620
	Total	14,803	12,871