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Restructuring Costs
 9 Months Ended
Sep. 30, 2014
Restructuring Costs [Abstract]  
Restructuring Costs

6.     Restructuring Costs

 

Canadian Divestitures

 

In the first nine months of 2014, Devon recognized $44 million of employee related and other costs associated with its Canadian non-core asset divestitures. Approximately $15 million of the employee related costs resulted from accelerated vesting of share-based grants, which are non-cash charges.

 

Office Consolidation

 

In October 2012, Devon announced plans to consolidate its U.S. personnel into a single operations group centrally located at the company’s headquarters in Oklahoma City. As of December 31, 2013, Devon had completed this initiative and incurred $134 million of restructuring costs associated with the office consolidation.

 

Financial Statement Presentation

 

The schedule below summarizes restructuring costs presented in the accompanying comprehensive statements of earnings related to the Canadian divestitures and office consolidation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

Nine Months

 

Ended September 30,

 

Ended September 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Canada divestitures:

 

 

 

 

 

 

 

 

 

 

 

Employee related and other costs

$
2 

 

$

 —

 

$
44 

 

$

 —

Office consolidation:

 

 

 

 

 

 

 

 

 

 

 

Lease obligations and other

 

 —

  

 
4 

  

 

 —

  

 
50 

Restructuring costs

$
2 

  

$
4 

  

$
44 

  

$
50 

 

 

The schedule below summarizes Devon’s restructuring liabilities. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

Other

 

 

 

 

 

Current

 

Long-Term

 

 

 

 

 

Liabilities

 

Liabilities

 

Total

 

 

 

 

 

 

 

 

 

 

 

  

(In millions)

Balance as of December 31, 2013

  

$
27 

 

$
18 

 

$
45 

Changes due to Canadian divestitures

  

 
2 

 

 
2 

 

 
4 

Changes due to office consolidation

  

 
(22)

 

 
(1)

 

 
(23)

Changes due to offshore divestiture

 

 
(2)

 

 
(1)

 

 
(3)

Balance as September 30, 2014

 

$
5 

 

$
18 

 

$
23 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2012

  

$
52 

 

$
9 

 

$
61 

Changes due to office consolidation

 

 
(16)

 

 
11 

 

 
(5)

Changes due to offshore divestiture

  

 
(2)

 

 
(1)

 

 
(3)

Balance as of September 30, 2013

  

$
34 

  

$
19 

  

$
53