XML 63 R24.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2014
Fair Value Measurements [Abstract] |
Fair Value Measurements | 18. Fair Value Measurements The following tables provide carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables and accrued expenses included in the accompanying balance sheets approximated fair value at September 30, 2014 and December 31, 2013. Therefore, such financial assets and liabilities are not presented in the following tables.
|  |  |  |  |  |  |  | Fair Value Measurements Using:
|  | Carrying |  | Total Fair |  | Level 1 |  | Level 2 |  | Level 3
|  | Amount |  | Value |  | Inputs |  | Inputs |  | Inputs
|  |  | (In millions)
September 30, 2014 assets (liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 2,876 |  | $ | 2,876 |  | $ | 1,745 |  | $ | 1,131 |  | $ | —
Commodity derivatives |  | $ | 297 |  | $ | 297 |  | $ | — |  | $ | 297 |  | $ | —
Commodity derivatives |  | $ | (80) |  | $ | (80) |  | $ | — |  | $ | (80) |  | $ | —
EnLink commodity derivatives |  | $ | 1 |  | $ | 1 |  | $ | — |  | $ | 1 |  | $ | —
EnLink commodity derivatives |  | $ | (2) |  | $ | (2) |  | $ | — |  | $ | (2) |  | $ | —
Interest rate derivatives |  | $ | 1 |  | $ | 1 |  | $ | — |  | $ | 1 |  | $ | —
Interest rate derivatives |  | $ | (2) |  | $ | (2) |  | $ | — |  | $ | (2) |  | $ | —
Foreign currency derivatives |  | $ | 11 |  | $ | 11 |  | $ | — |  | $ | 11 |  | $ | —
Debt |  | $ | (12,059) |  | $ | (13,410) |  | $ | — |  | $ | (13,410) |  | $ | —
Capital lease obligations |  | $ | (21) |  | $ | (21) |  | $ | — |  | $ | (21) |  | $ | —
December 31, 2013 assets (liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 5,305 |  | $ | 5,305 |  | $ | 4,191 |  | $ | 1,114 |  | $ | —
Long-term investments |  | $ | 62 |  | $ | 62 |  | $ | — |  | $ | — |  | $ | 62
Commodity derivatives |  | $ | 103 |  | $ | 103 |  | $ | — |  | $ | 103 |  | $ | —
Commodity derivatives |  | $ | (120) |  | $ | (120) |  | $ | — |  | $ | (120) |  | $ | —
Foreign currency derivatives |  | $ | (1) |  | $ | (1) |  | $ | — |  | $ | (1) |  | $ | —
Debt |  | $ | (12,022) |  | $ | (12,908) |  | $ | — |  | $ | (12,908) |  | $ | —
The following methods and assumptions were used to estimate the fair values in the tables above. Level 1 Fair Value Measurements Cash equivalents — Amounts consist primarily of U.S. and Canadian treasury securities and money market investments. The fair value approximates the carrying value. Level 2 Fair Value Measurements Cash equivalents — Amounts consist primarily of Canadian agency and provincial securities and commercial paper investments. The fair value approximates the carrying value. Commodity, interest rate and foreign currency derivatives — The fair values of commodity, interest rate and foreign currency derivatives are estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements. Debt — Devon's debt instruments do not actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity. The fair value of Devon’s commercial paper and EnLink’s credit facility is the carrying value. Capital lease obligations — The fair value was calculated using inputs from third-party banks. Level 3 Fair Value Measurements Long-term investments — Devon’s long-term investments as of December 31, 2013 consisted entirely of auction rate securities. In the first quarter of 2014, Devon redeemed all these securities for approximately $57 million, or $5 million below their carrying value.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration