v2.3.0.15

Restructuring Costs

9 Months Ended

Sep. 30, 2011

Restructuring Costs

Restructuring Costs

13. Restructuring Costs

In the fourth quarter of 2009, Devon announced plans to divest its offshore assets. As of September 30, 2011, Devon had divested all of its U.S. Offshore assets and substantially all of its International assets.

Through the end of the third quarter of 2011, Devon had incurred $202 million of restructuring costs associated with these divestitures. This amount is comprised of $120 million of employee severance costs, $78 million associated with abandoned office leases and $4 million of other miscellaneous costs.

Financial Statement Presentation

The schedule below summarizes activity and balances associated with Devon's restructuring liabilities.

	Continuing Operations			Discontinued Operations
	Other Current Liabilities	Other Long-Term Liabilities	Total	Other Current Liabilities	Other Long-Term Liabilities	Total
	(In millions)
Balance as of December 31, 2010	$            31	$            51	$            82	$            16	$            —	$            16
Cash severance settled	(13)	—	(13)	(12)	—	(12)
Cash severance revision	1	—	1	(2)	—	(2)
Lease obligations settled	(1)	(10)	(11)	—	—	—
Lease obligations revision	1	(6)	(5)	—	—	—
Balance as of September 30, 2011	$            19	$            35	$            54	$              2	$            —	$              2

Balance as of December 31, 2009	$            61	$            —	$            61	$            23	$            —	$            23
Cash severance settled	(17)	—	(17)	(3)	—	(3)
Lease obligations incurred	17	53	70	—	—	—
Cash severance revision	(18)	—	(18)	(5)	—	(5)
Balance as of September 30, 2010	$            43	$            53	$            96	$            15	$            —	$            15

The schedule below summarizes the components of restructuring costs in the accompanying 2011 and 2010 consolidated statements of operations.

	Three Months Ended September 30, 2011				Nine Months Ended September 30, 2011
	Continuing Operations	Discontinued Operations		Total	Continuing Operations	Discontinued Operations		Total
	(In millions)
Lease obligations	$            (3)	$            —	$            (3)		$             (5)	$            —	$             (5)
Share-based awards	—	—	—		(1)	—	(1)
Cash severance	—	—	—		1	(2)	(1)
Asset impairments	—	—	—		2	—	2
Other	—	—	—		1	—	1
Restructuring costs	$            (3)	$            —	$            (3)		$             (2)	$             (2)	$             (4)

	Three Months Ended September 30, 2010				Nine Months Ended September 30, 2010
	Continuing Operations	Discontinued Operations		Total	Continuing Operations	Discontinued Operations		Total
	(In millions)
Lease obligations	$            70	$            —	$            70		$            70	$            —	$            70
Asset impairments	11	—	11		11	—	11
Cash severance	(13)	(1)	(14)		(18)	(5)	(23)
Share-based awards	(5)	(2)	(7)		(9)	(3)	(12)
Other	—	—	—		1	—	1
Restructuring costs	$            63	$             (3)	$            60		$            55	$             (8)	$            47

X

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 5.P.4)

-URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section 50

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 146

-Paragraph 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section P

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 5.P.3)

-URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747

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