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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Schedule of Right-of-use Assets and Lease Liabilities | The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2019.
|  | Finance |  |  | Operating |  |  | Total |
Right-of-use assets |  | $ | 209 |  |  | $ | 64 |  |  | $ | 273 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities (1) |  | $ | 7 |  |  | $ | 39 |  |  | $ | 46 |
Long-term lease liabilities |  |  | 239 |  |  |  | 24 |  |  |  | 263 |
Total lease liabilities |  | $ | 246 |  |  | $ | 63 |  |  | $ | 309 |
(1) | Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
Schedule of Total Lease Cost | The following table presents Devon’s total lease cost.
|  |  | Three Months Ended |  |  | Six Months Ended |
|  |  | June 30, 2019 |
Operating lease cost | Property, plant and equipment; G&A |  | $ | 12 |  |  | $ | 25 |
Short-term lease cost (1) | Property, plant and equipment; G&A |  |  | 21 |  |  |  | 45 |
Financing lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | DD&A |  |  | 6 |  |  |  | 12 |
Interest on lease liabilities | Net financing costs |  |  | 2 |  |  |  | 5 |
Variable lease cost | G&A |  |  | — |  |  |  | 1 |
Lease income | G&A |  |  | (1 | ) |  |  | (2 | )
Net lease cost |  |  | $ | 40 |  |  | $ | 86 |
(1) | Short-term lease cost excludes leases with terms of one month or less.
Schedule of Additional Lease Information | The following table presents Devon’s additional lease information for the three and six months ended June 30, 2019.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2019 |
|  | Finance |  |  | Operating |  |  | Finance |  |  | Operating |
Cash outflows for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 1 |
Investing cash flows |  | $ | — |  |  | $ | 12 |  |  | $ | — |  |  | $ | 27 |
Right-of-use assets obtained in exchange for new lease liabilities |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Weighted average remaining lease term (years) |  |  | 8.5 |  |  |  | 1.9 |  |  |  | 8.5 |  |  |  | 1.9 |
Weighted average discount rate |  |  | 4.2 | % |  |  | 3.2 | % |  |  | 4.2 | % |  |  | 3.2 | %
Maturities of Lease Liabilities | The following table presents Devon’s maturity analysis as of June 30, 2019 for leases expiring in each of the next 5 years and thereafter.
|  | Finance |  |  | Operating |  |  | Total (1) |
2019 |  | $ | 3 |  |  | $ | 22 |  |  | $ | 25 |
2020 |  |  | 7 |  |  |  | 32 |  |  |  | 39 |
2021 |  |  | 7 |  |  |  | 8 |  |  |  | 15 |
2022 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
2023 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
Thereafter |  |  | 306 |  |  |  | 1 |  |  |  | 307 |
Total lease payments |  |  | 339 |  |  |  | 65 |  |  |  | 404 |
Less: interest |  |  | (93 | ) |  |  | (2 | ) |  |  | (95 | )
Present value of lease liabilities |  | $ | 246 |  |  | $ | 63 |  |  | $ | 309 |
(1) | Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.
Schedule of Expected Lease Income | The following table presents Devon’s expected lease income as of June 30, 2019 for each of the next 5 years and thereafter.
|  | Operating |
|  | Lease Income (1) |
2019 |  | $ | 3 |
2020 |  |  | 6 |
2021 |  |  | 7 |
2022 |  |  | 7 |
2023 |  |  | 7 |
Thereafter |  |  | 53 |
Total |  | $ | 83 |
(1) | Included in operating lease income is approximately $30 million related to leases which have been executed but not yet commenced.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919396-209981 + Details
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