v2.4.0.6
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Schedule Of Changes In Defined Benefit Plan Obligations
         

 

 

Pension

Benefits

Postretirement

Benefits

 

2011

2010

2011

2010

 

(In millions)

Change in benefit obligation:

 

 

 

 

  Benefit obligation at beginning of year

$ 1,124

$    980

$       43

$       64

  Service cost

         37

         33

           1

           1

  Interest cost

         60

         58

           2

           3

  Actuarial loss (gain)

       123

         82

          (8)

           1

  Plan amendments

         —

           5

           5

        (22)

  Plan settlements

         —

         —

          (4)

         —

  Foreign exchange rate changes

          (1)

           2

         —

         —

  Participant contributions

         —

         —

           3

           2

  Benefits paid

        (40)

        (36)

          (5)

          (6)

  Benefit obligation at end of year

   1,303

   1,124

         37

         43

 

 

 

 

 

Change in plan assets:

 

 

 

 

  Fair value of plan assets at beginning of year

       632

       532

         —

         —

  Actual return on plan assets

       141

         69

         —

         —

  Employer contributions

       454

         66

           7

           4

  Participant contributions

         —

         —

           3

           2

  Plan settlements

         —

         —

          (5)

         —

  Benefits paid

        (40)

        (36)

          (5)

          (6)

  Foreign exchange rate changes

         —

           1

         —

         —

  Fair value of plan assets at end of year

   1,187

       632

         —

         —

 

 

 

 

 

Funded status at end of year

$   (116)

$   (492)

$     (37)

$     (43)

 

 

 

 

 

Amounts recognized in balance sheet:

 

 

 

 

  Noncurrent assets

$    116

$         2

$       —

$       —

  Current liabilities

        (10)

          (9)

          (3)

          (4)

  Noncurrent liabilities

     (222)

     (485)

        (34)

        (39)

  Net amount

$   (116)

$   (492)

$     (37)

$     (43)

 

 

 

 

 

Amounts recognized in accumulated other

  comprehensive earnings:

 

 

 

 

    Net actuarial loss (gain)

$    348 

$    357 

$        (9)

$        (5)

    Prior service cost (credit)

         18

         21

          (5)

        (12)

    Total

$    366

$    378

$     (14)

$     (17)

 
Schedule Of Pension Plans With Projected And Accumulated Benefit Obligations In Excess Of Plan Assets
     

 

December 31,

 

2011

2010

 

(In millions)

Projected benefit obligation

$      232

$   1,110

Accumulated benefit obligation

$      189

$      996

Fair value of plan assets

$         —

$      616

 
Schedule Of Components Of Net Periodic Benefit Cost And Other Comprehensive Income For Defined Benefit Plans
             

 

Pension Benefits

Postretirement Benefits

 

2011

2010

2009

2011

2010

2009

 

(In millions)

Net periodic benefit cost:

 

 

 

 

 

 

  Service cost

$       37

$        33

$       43

$          1

$        1

$         1

  Interest cost

          60

           58

         58

            2

           3

           3

  Expected return on plan assets

        (42)

         (36)

        (35)

          —

         —

         —

  Curtailment and settlement expense

          —

           —

           5

           (3)

         —

         —

  Recognition of net actuarial loss (gain)

          32

           27

         45

          —

         —

          (1)

  Recognition of prior service cost

            3

             3

           3

           (2)

           1

           2

    Total net periodic benefit cost

          90

           85

       119

           (2)

           5

           5

Other comprehensive earnings:

 

 

 

 

 

 

  Actuarial loss (gain) arising in current year

          23

           50

        (66)

           (7)

           1

           7

  Prior service cost (credit) arising in current year.

          —

             4

         —

            5

       (22)

         —

  Recognition of net actuarial loss, including

    settlement expense, in net periodic benefit cost

 

        (32)

 

         (27)

 

        (45)

 

            3

 

         —

 

           1

  Recognition of prior service cost, including

    curtailment, in net periodic benefit cost

 

           (3)

 

            (3)

 

          (8)

 

            2

 

         (1)

 

          (2)

    Total other comprehensive (loss) earnings

        (12)

           24

     (119)

            3

       (22)

           6

Total recognized

$       78

$      109

$       —

$          1

$     (17)

$       11

 
Schedule Of Estimated Net Actuarial Loss And Prior Service Cost For Pension And Other Postretirement Plans To Be Amortized

 

Pension

Benefits

Postretirement

     Benefits    

 

(In millions)

Net actuarial loss (gain)

$       24

$                (1)

Prior service cost (credit)

           3

                  (1)

  Total

$       27

$                (2)

 
Schedule Of Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Costs
             

 

Pension Benefits

Postretirement Benefits

 

2011

2010

2009

2011

2010

2009

Assumptions to determine benefit obligations:

 

 

 

 

 

 

  Discount rate

  4.65%

  5.50%

  6.00%

  4.25%

  4.90%

  5.70%

  Rate of compensation increase

  4.97%

  6.94%

  6.95%

    N/A

    N/A

    N/A

Assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

  Discount rate

  5.50%

  6.00%

  6.00%

  4.90%

  5.70%

  6.00%

  Expected return on plan assets

  6.48%

  6.94%

  7.18%

    N/A

    N/A

    N/A

  Rate of compensation increase

  6.94%

  6.95%

  6.95%

    N/A

    N/A

    N/A

 
Schedule Of Fair Value Of Pension Assets
           

 

As of December 31, 2011

 

 

 

Fair Value Measurements Using:

 

Actual

Allocation

Total

 Level 1 Inputs

Level 2 Inputs

Level 3

Inputs

 

($ In millions)

Fixed-income securities:

 

 

 

 

 

  U.S. Treasury obligations

         43.9%

$           522

$              27

$           495

$              —

  Corporate bonds

         24.8%

              294

              265

                29

                —

  Other bonds

           3.1%

                36

                36

                —

                —

  Total fixed-income securities

         71.8%

              852

              328

              524

                —

Equity securities:

 

 

 

 

 

  Global (large, mid, small cap)

         18.0%

              214

                —

              214

                —

Other securities:

 

 

 

 

 

  Hedge fund & alternative investments.

           8.9%

              106

                16

                —

                90

  Short-term investment funds

           1.3%

                15

                —

                15

                —

  Total other securities

         10.2%

              121

                16

                15

                90

Total investments

      100.0%

$        1,187

$           344

$           753

$              90

           

 

As of December 31, 2010

 

 

 

Fair Value Measurements Using:

 

Actual

Allocation

Total

 Level 1 Inputs

Level 2 Inputs

Level 3

Inputs

 

($ In millions)

Equity securities:

 

 

 

 

 

  U.S. large cap

         22.3%

$           141

$              —

$           141

$              —

  U.S. small cap

         14.1%

                89

                89

                —

                —

  International large cap

         14.4%

                91

                50

                41

                —

  Total equity securities

         50.8%

              321

              139

              182

                —

Fixed-income securities:

 

 

 

 

 

  Corporate bonds

         22.0%

              139

              139

                —

                —

  U.S. Treasury obligations

         10.9%

                69

                69

                —

                —

  Other bonds

           4.6%

                29

                29

                —

                —

  Total fixed-income securities

         37.5%

              237

              237

                —

                —

Other securities:

 

 

 

 

 

  Hedge funds

           9.2%

                58

                —

                —

                58

  Short-term investment funds

           2.5%

                16

                —

                16

                —

  Total other securities

         11.7%

                74

                —

                16

                58

Total investments

      100.0%

$           632

$           376

$           198

$              58

Schedule Of Changes To Level 3 Plan Assets

December 31, 2009

$               51

Purchases

                   3

Investment returns

                   4

December 31, 2010

                 58

Purchases

                 33

Investment returns

                  (1)

December 31, 2011

$               90

 
Schedule Of Expected Cash Flow Information For Pension And Other Postretirement Benefit Plans

 

Pension

Benefits

Postretirement

Benefits

 

(In millions)

Devon's 2012 contributions

$           9

$                 3

Benefit payments:

 

 

  2012

$         44

$                 3

  2013

$         49

$                 3

  2014

$         52

$                 3

  2015

$         56

$                 3

  2016

$         61

$                 3

  2017 to 2021

$       390

$               14

 
Schedule Of Expense Related To These Defined Contribution Plans
       

 

Year Ended December 31,

 

2011

2010

2009

 

(In millions)

401(k) and enhanced contribution plans

$     33

$     32

$     34

Canadian pension and savings plans

       21

       17

       15

     Total

$     54

$     49

$     49

 
Target Allocation [Member]
   
Schedule Of Fair Value Of Pension Assets
     

 

December 31,

 

2011

2010

Fixed income

           70%

           40%

Equity

           20%

          47.5%

Other

           10%

          12.5%