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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2011
Fair Value Measurements [Abstract] |
Fair Value Measurements | 19. Fair Value Measurements The following tables provide carrying value and fair value measurement information for Devon's financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other payables and accrued expenses included in the accompanying balance sheets approximated fair value at December 31, 2011 and December 31, 2010. These assets and liabilities are not presented in the following table. Additionally, information regarding the fair values of Devon's pension plan assets is provided in Note 16.
|  |  | Fair Value Measurements Using:
| Carrying Amount | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs
| (In millions)
December 31, 2011 assets (liabilities): |  |  |  |  |
Cash equivalents | $ 5,123 | $ 5,123 | $ 1,369 | $ 3,754 | $ —
Short-term investments | $ 1,503 | $ 1,503 | $ 490 | $ 1,013 | $ —
Long-term investments | $ 84 | $ 84 | $ — | $ — | $ 84
Commodity derivatives | $ 628 | $ 628 | $ — | $ 628 | $ —
Commodity derivatives | $ (82) | $ (82) | $ — | $ (82) | $ —
Interest rate derivatives | $ 52 | $ 52 | $ — | $ 52 | $ —
Debt | $ (9,780) | $ (11,380) | $ — | $ (11,295) | $ (85)
|  |  | Fair Value Measurements Using:
| Carrying Amount | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs
| (In millions)
December 31, 2010 assets (liabilities): |  |  |  |  |
Cash equivalents | $ 2,335 | $ 2,335 | $ 2,335 | $ — | $ —
Short-term investments | $ 145 | $ 145 | $ 145 | $ — | $ —
Long-term investments | $ 94 | $ 94 | $ — | $ — | $ 94
Commodity derivatives | $ 249 | $ 249 | $ — | $ 249 | $ —
Commodity derivatives | $ (192) | $ (192) | $ — | $ (192) | $ —
Interest rate derivatives | $ 140 | $ 140 | $ — | $ 140 | $ —
Debt | $ (5,630) | $ (6,629) | $ — | $ (6,485) | $ (144)
The following methods and assumptions were used to estimate the fair values in the tables above. Level 1 Fair Value Measurements Cash equivalents and short-term investments — Amounts consist primarily of U.S. and Canadian Treasury bills and money market investments. The fair value approximates the carrying value. Level 2 Fair Value Measurements Cash equivalents and short-term investments — Amounts consist primarily of commercial paper investments. The fair value is based upon quotes from brokers, which generally approximate the carrying value. Commodity and interest rate derivatives — The fair values of commodity and interest rate derivatives are estimated using internal discounted cash flow calculations based upon forward curves and quotes obtained from brokers for contracts with similar terms or quotes obtained from counterparties to the agreements. Debt — Devon's debt instruments do not actively trade in an established market. The fair values of its fixed-rate debt are estimated based on at rates available for debt with similar terms and maturity. The fair value of Devon's variable-rate commercial paper borrowings is the carrying value. Level 3 Fair Value Measurements Debt — Devon's Level 3 debt consisted of a non-interest bearing promissory note. Due to the lack of an active market, quoted marked prices for this note were not available. Therefore, Devon used valuation techniques that rely on unobservable inputs to estimate the fair value of its promissory note. The fair value of this debt is estimated using internal discounted cash flow calculations based upon estimated future payment schedules and a 3.125% interest rate. As a result of using these inputs, Devon concluded the estimated fair value of its non-interest bearing promissory note approximated the carrying value as of December 31, 2011 and December 31, 2010. Long-term investments — Devon's long-term investments presented in the tables above consisted entirely of auction rate securities. Due to auction failures and the lack of an active market for Devon's auction rate securities, quoted market prices for these securities were not available. Therefore, Devon used valuation techniques that rely on unobservable inputs to estimate the fair values of its long-term auction rate securities. These inputs were based on the AAA credit rating of the securities, the probability of full repayment of the securities considering the U.S. government guarantees substantially all of the underlying student loans, the collection of all accrued interest to date and continued receipts of principal at par. As a result of using these inputs, Devon concluded the estimated fair values of its long-term auction rate securities approximated the par values as of December 31, 2011 and December 31, 2010. Included below is a summary of the changes in Devon's Level 3 fair value measurements.
| Year Ended December 31,
| 2011 | 2010
| (In millions)
Long-term investments balance at beginning of period | $ 94 | $ 115
Redemptions of principal | (10) | (21)
Long-term investments balance at end of period | $ 84 | $ 94
Debt balance at beginning of period | $ (144) | $ —
Issuance of promissory note | — | (139)
Foreign exchange translation adjustment | 1 | (9)
Accretion of promissory note | (5) | (3)
Redemptions of principal | 63 | 7
Debt balance at end of period | $ (85) | $ (144)

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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