Chevron 2014 Annual Report Download - page 70

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Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Other financial information is as follows:
Year ended December 31
2014 2013 2012
Total financing interest and debt costs $ 358 $ 284 $ 242
Less: Capitalized interest 358 284 242
Interest and debt expense $—$—$—
Research and development expenses $ 707 $ 750 $ 648
Excess of replacement cost over the carrying value of inventories (LIFO method) 8,135 9,150 9,292
LIFO profits on inventory drawdowns included in earnings 13 14 121
Foreign currency effects* $ 487 $ 474 $ (454)
*Includes $118, $244 and $(202) in 2014, 2013 and 2012, respectively, for the company’s share of equity affiliates’ foreign currency effects.
The company has $4,593 in goodwill on the Consolidated Balance Sheet related to the 2005 acquisition of Unocal and to the
2011 acquisition of Atlas Energy, Inc. The company tested this goodwill for impairment during 2014 and concluded no
impairment was necessary.
Five Year Financial Summary
Unaudited
Millions of dollars, except per-share amounts 2014 2013 2012 2011 2010
Statement of Income Data
Revenues and Other Income
Total sales and other operating revenues*$ 200,494 $ 220,156 $ 230,590 $ 244,371 $ 198,198
Income from equity affiliates and other income 11,476 8,692 11,319 9,335 6,730
Total Revenues and Other Income 211,970 228,848 241,909 253,706 204,928
Total Costs and Other Deductions 180,768 192,943 195,577 206,072 172,873
Income Before Income Tax Expense 31,202 35,905 46,332 47,634 32,055
Income Tax Expense 11,892 14,308 19,996 20,626 12,919
Net Income 19,310 21,597 26,336 27,008 19,136
Less: Net income attributable to noncontrolling interests 69 174 157 113 112
Net Income Attributable to Chevron Corporation $ 19,241 $ 21,423 $ 26,179 $ 26,895 $ 19,024
Per Share of Common Stock
Net Income Attributable to Chevron
–Basic $ 10.21 $ 11.18 $ 13.42 $ 13.54 $ 9.53
–Diluted $ 10.14 $ 11.09 $ 13.32 $ 13.44 $ 9.48
Cash Dividends Per Share $ 4.21 $ 3.90 $ 3.51 $ 3.09 $ 2.84
Balance Sheet Data (at December 31)
Current assets $ 42,232 $ 50,250 $ 55,720 $ 53,234 $ 48,841
Noncurrent assets 223,794 203,503 177,262 156,240 135,928
Total Assets 266,026 253,753 232,982 209,474 184,769
Short-term debt 3,790 374 127 340 187
Other current liabilities 28,136 32,644 34,085 33,260 28,825
Long-term debt and capital lease obligations 24,028 20,057 12,065 9,812 11,289
Other noncurrent liabilities 53,881 50,251 48,873 43,881 38,657
Total Liabilities 109,835 103,326 95,150 87,293 78,958
Total Chevron Corporation Stockholders’ Equity $ 155,028 $ 149,113 $ 136,524 $ 121,382 $ 105,081
Noncontrolling interests 1,163 1,314 1,308 799 730
Total Equity $ 156,191 $ 150,427 $ 137,832 $ 122,181 $ 105,811
*Includes excise, value-added and similar taxes: $ 8,186 $ 8,492 $ 8,010 $ 8,085 $ 8,591
68 Chevron Corporation 2014 Annual Report