exploration funding accounts for approximately $1 billion, and the remainder is primarily related to early stage projects supporting potential future development opportunities. The company will continue to monitor crude oil market conditions, and will further restrict capital outlays should oil price conditions deteriorate.

Worldwide downstream spending in 2017 is estimated at $2.2 billion, with $1.6 billion for projects in the United States.

Investments in technology companies and other corporate businesses in 2017 are budgeted at $0.3 billion.

Noncontrolling Interests The company had noncontrolling interests of $1.2 billion at December 31, 2016 and December 31, 2015. Distributions to noncontrolling interests totaled $63 million and $128 million in 2016 and 2015, respectively.

Pension Obligations Information related to pension plan contributions is included on page FS-56 in Note 24, Employee Benefit Plans, under the heading “Cash Contributions and Benefit Payments.”

Financial Ratios

Current Ratio Current assets divided by current liabilities, which indicates the company’s ability to repay its short-term liabilities with short-term assets. The current ratio in all periods was adversely affected by the fact that Chevron’s inventories are valued on a last-in, first-out basis. At year-end 2016, the book value of inventory was lower than replacement costs, based on average acquisition costs during the year, by approximately $2.9 billion.

Interest Coverage Ratio Income before income tax expense, plus interest and debt expense and amortization of capitalized interest, less net income attributable to noncontrolling interests, divided by before-tax interest costs. This ratio indicates the company’s ability to pay interest on outstanding debt. The company’s interest coverage ratio in 2016 was lower than 2015 and 2014 due to lower income.

Debt Ratio Total debt as a percentage of total debt plus Chevron Corporation Stockholders' Equity, which indicates the company’s leverage. The company's debt ratio in 2016 was higher than 2015 and 2014 as the company took on more debt to finance its ongoing investment program.

Off-Balance-Sheet Arrangements, Contractual Obligations, Guarantees and Other Contingencies

Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional purchase obligations and commitments, including throughput and take-or-pay agreements, some of which relate to suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The aggregate approximate amounts of required payments under these various commitments are: 2017 – $1.5 billion; 2018 – $1.6 billion; 2019 – $1.4 billion; 2020 – $1.1 billion; 2021 – $0.9 billion; 2022 and after – $2.6 billion. A portion of these commitments may ultimately be shared with project partners. Total payments under the agreements were approximately $1.3 billion in