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Discontinued Operations | 12 Months Ended
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Dec. 31, 2011
Discontinued Operations [Abstract] |
Discontinued Operations | 20. Discontinued Operations For the three-year period ended December 31, 2011, Devon's discontinued operations included amounts related to its assets in Azerbaijan, Brazil, China, Angola and other minor International properties. By the end of 2011, Devon had sold all these assets except for its assets in Angola. Devon has entered into an agreement to sell its Angolan assets. Upon closing, Devon will receive $70 million and the right to future contingent consideration based on achievement of certain objectives. Revenues related to Devon's discontinued operations totaled $43 million, $693 million and $945 million during 2011, 2010 and 2009, respectively. Earnings from discontinued operations before income taxes totaled $2.6 billion, $2.4 billion and $322 million during 2011, 2010 and 2009, respectively. Earnings before income taxes in 2011 and 2010 were largely impacted by gains on divestiture transactions. The following table presents the gains on the divestitures by year.
| Year Ended December 31,
| 2011 | 2010 | 2009
| Gross | After Tax | Gross | After Tax | Gross | After Tax
| (In millions)
Brazil | $ 2,548 | $ 2,548 | $ — | $ — | $ — | $ —
Azerbaijan | — | — | 1,543 | 1,524 | — | —
China - Panyu | — | — | 308 | 235 | — | —
Other | 4 | 4 | (33) | (27) | 17 | 17
Total | $ 2,552 | $ 2,552 | $ 1,818 | $ 1,732 | $ 17 | $ 17
The following table presents the main classes of assets and liabilities associated with Devon's discontinued operations.
| December 31,
| 2011 | 2010
| (In millions)
Cash and cash equivalents | $ — | $ 424
Other current assets | 21 | 139
Current assets | $ 21 | $ 563
Property and equipment, net | $ 132 | $ 859
Accounts payable | $ 20 | $ 260
Other current liabilities | 28 | 45
Current liabilities | $ 48 | $ 305
Other long-term liabilities | $ — | $ 26
Reduction of Carrying Value of Oil and Gas Properties During 2009, Devon reduced the carrying value of its Brazil oil and gas properties by $109 million ($105 million after tax). This reduction resulted largely from an exploratory well drilled at the BM-BAR-3 block in the offshore Barreirinhas Basin that did not have adequate reserves for commercial viability.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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