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Asset Impairments | 9 Months Ended
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Sep. 30, 2015
Asset Impairments [Abstract] |
Asset Impairments | 5. Asset Impairments The following table presents the asset impairments recognized by Devon in the first nine months of 2015.
|  | Three Months Ended September 30, 2015 |  | Nine Months Ended September 30, 2015 |
|  | Gross |  | Net of Taxes |  | Gross |  | Net of Taxes |
|  | (Millions) |
U.S. oil and gas assets |  | $ | 4,715 |  | $ | 2,994 |  | $ | 14,340 |  | $ | 9,105 |
Canada oil and gas assets |  |  | 336 |  |  | 248 |  |  | 336 |  |  | 248 |
EnLink goodwill |  |  | 576 |  |  | 576 |  |  | 576 |  |  | 576 |
EnLink other intangible assets |  |  | 223 |  |  | 223 |  |  | 223 |  |  | 223 |
Other assets |  |  | 1 |  |  | 1 |  |  | 4 |  |  | 3 |
Total asset impairments |  | $ | 5,851 |  | $ | 4,042 |  | $ | 15,479 |  | $ | 10,155 |
Oil and Gas Impairments Under the full cost method of accounting, capitalized costs of oil and gas properties, net of accumulated DD&A and deferred income taxes, may not exceed the full cost “ceiling” at the end of each quarter. The ceiling is calculated separately for each country and is based on the present value of estimated future net cash flows from proved oil and gas reserves, discounted at 10% per annum, net of related tax effects. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. The oil and gas impairments resulted from decline s in the U.S. and Canada full cost ceiling s. The lower ceiling value s resulted primarily from significant decreases in the 12-month average trailing prices for oil, bitumen, gas and NGLs, which significantly reduced proved reserve s values and, to a lesser degree, proved reserves. EnLink Goodwill and Other Intangible Assets Impairment s I n the third quarter of 201 5, Devon recognized goodwill and other intangible assets impairments related to EnLink’s business. Additional information regarding the impairments is discussed in Note 11.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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