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Retirement Plans (Tables)
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12 Months Ended |
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Dec. 31, 2011
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Dec. 31, 2010
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| Schedule Of Changes In Defined Benefit Plan Obligations |
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(In millions) |
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Change in benefit obligation: |
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Benefit obligation at beginning of year |
$ 1,124 |
$ 980 |
$ 43 |
$ 64 |
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Service cost |
37 |
33 |
1 |
1 |
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Interest cost |
60 |
58 |
2 |
3 |
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Actuarial loss (gain) |
123 |
82 |
(8) |
1 |
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Plan amendments |
— |
5 |
5 |
(22) |
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Plan settlements |
— |
— |
(4) |
— |
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Foreign exchange rate changes |
(1) |
2 |
— |
— |
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Participant contributions |
— |
— |
3 |
2 |
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Benefits paid |
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Benefit obligation at end of year |
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Change in plan assets: |
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Fair value of plan assets at beginning of year |
632 |
532 |
— |
— |
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Actual return on plan assets |
141 |
69 |
— |
— |
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Employer contributions |
454 |
66 |
7 |
4 |
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Participant contributions |
— |
— |
3 |
2 |
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Plan settlements |
— |
— |
(5) |
— |
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Benefits paid |
(40) |
(36) |
(5) |
(6) |
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Foreign exchange rate changes |
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Fair value of plan assets at end of year |
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Funded status at end of year |
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Amounts recognized in balance sheet: |
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Noncurrent assets |
$ 116 |
$ 2 |
$ — |
$ — |
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Current liabilities |
(10) |
(9) |
(3) |
(4) |
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Noncurrent liabilities |
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Net amount |
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Amounts recognized in accumulated other
comprehensive earnings: |
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Net actuarial loss (gain) |
$ 348 |
$ 357 |
$ (9) |
$ (5) |
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Prior service cost (credit) |
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Total |
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| Schedule Of Pension Plans With Projected And Accumulated Benefit Obligations In Excess Of Plan Assets |
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(In millions) |
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Projected benefit obligation |
$ 232 |
$ 1,110 |
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Accumulated benefit obligation |
$ 189 |
$ 996 |
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Fair value of plan assets |
$ — |
$ 616 | |
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| Schedule Of Components Of Net Periodic Benefit Cost And Other Comprehensive Income For Defined Benefit Plans |
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(In millions) |
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Net periodic benefit cost: |
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Service cost |
$ 37 |
$ 33 |
$ 43 |
$ 1 |
$ 1 |
$ 1 |
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Interest cost |
60 |
58 |
58 |
2 |
3 |
3 |
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Expected return on plan assets |
(42) |
(36) |
(35) |
— |
— |
— |
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Curtailment and settlement expense |
— |
— |
5 |
(3) |
— |
— |
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Recognition of net actuarial loss (gain) |
32 |
27 |
45 |
— |
— |
(1) |
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Recognition of prior service cost |
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Total net periodic benefit cost |
90 |
85 |
119 |
(2) |
5 |
5 |
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Other comprehensive earnings: |
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Actuarial loss (gain) arising in current year |
23 |
50 |
(66) |
(7) |
1 |
7 |
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Prior service cost (credit) arising in current year. |
— |
4 |
— |
5 |
(22) |
— |
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Recognition of net actuarial loss, including
settlement expense, in net periodic benefit cost |
(32) |
(27) |
(45) |
3 |
— |
1 |
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Recognition of prior service cost, including
curtailment, in net periodic benefit cost |
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Total other comprehensive (loss) earnings |
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Total recognized |
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| Schedule Of Estimated Net Actuarial Loss And Prior Service Cost For Pension And Other Postretirement Plans To Be Amortized |
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(In millions) |
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Net actuarial loss (gain) |
$ 24 |
$ (1) |
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Prior service cost (credit) |
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Total |
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| Schedule Of Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Costs |
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Assumptions to determine benefit obligations: |
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Discount rate |
4.65% |
5.50% |
6.00% |
4.25% |
4.90% |
5.70% |
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Rate of compensation increase |
4.97% |
6.94% |
6.95% |
N/A |
N/A |
N/A |
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Assumptions to determine net periodic benefit cost: |
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Discount rate |
5.50% |
6.00% |
6.00% |
4.90% |
5.70% |
6.00% |
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Expected return on plan assets |
6.48% |
6.94% |
7.18% |
N/A |
N/A |
N/A |
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Rate of compensation increase |
6.94% |
6.95% |
6.95% |
N/A |
N/A |
N/A | |
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| Schedule Of Fair Value Of Pension Assets |
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Fair Value Measurements Using: |
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($ In millions) |
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Fixed-income securities: |
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U.S. Treasury obligations |
43.9% |
$ 522 |
$ 27 |
$ 495 |
$ — |
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Corporate bonds |
24.8% |
294 |
265 |
29 |
— |
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Other bonds |
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Total fixed-income securities |
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Equity securities: |
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Global (large, mid, small cap) |
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Other securities: |
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Hedge fund & alternative investments. |
8.9% |
106 |
16 |
— |
90 |
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Short-term investment funds |
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Total other securities |
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Total investments |
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Fair Value Measurements Using: |
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($ In millions) |
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Equity securities: |
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U.S. large cap |
22.3% |
$ 141 |
$ — |
$ 141 |
$ — |
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U.S. small cap |
14.1% |
89 |
89 |
— |
— |
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International large cap |
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Total equity securities |
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Fixed-income securities: |
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Corporate bonds |
22.0% |
139 |
139 |
— |
— |
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U.S. Treasury obligations |
10.9% |
69 |
69 |
— |
— |
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Other bonds |
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Total fixed-income securities |
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Other securities: |
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Hedge funds |
9.2% |
58 |
— |
— |
58 |
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Short-term investment funds |
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Total other securities |
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Total investments |
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| Schedule Of Changes To Level 3 Plan Assets |
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December 31, 2009 |
$ 51 |
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Purchases |
3 |
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Investment returns |
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December 31, 2010 |
58 |
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Purchases |
33 |
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Investment returns |
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December 31, 2011 |
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| Schedule Of Expected Cash Flow Information For Pension And Other Postretirement Benefit Plans |
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(In millions) |
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Devon's 2012 contributions |
$ 9 |
$ 3 |
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Benefit payments: |
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2012 |
$ 44 |
$ 3 |
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2013 |
$ 49 |
$ 3 |
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2014 |
$ 52 |
$ 3 |
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2015 |
$ 56 |
$ 3 |
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2016 |
$ 61 |
$ 3 |
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2017 to 2021 |
$ 390 |
$ 14 | |
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| Schedule Of Expense Related To These Defined Contribution Plans |
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(In millions) |
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401(k) and enhanced contribution plans |
$ 33 |
$ 32 |
$ 34 |
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Canadian pension and savings plans |
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Total |
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Target Allocation [Member]
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| Schedule Of Fair Value Of Pension Assets |
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Fixed income |
70% |
40% |
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Equity |
20% |
47.5% |
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Other |
10% |
12.5% | |
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