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Fair Value Measurements
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements

 

20.

Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, cash restricted for discontinued operations, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at June 30, 2019 and December 31, 2018, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

June 30, 2019 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

2,784

 

 

$

2,784

 

 

$

2,784

 

 

$

—

 

Commodity derivatives

 

$

127

 

 

$

127

 

 

$

—

 

 

$

127

 

Commodity derivatives

 

$

(7

)

 

$

(7

)

 

$

—

 

 

$

(7

)

Debt

 

$

(4,294

)

 

$

(5,311

)

 

$

—

 

 

$

(5,311

)

December 31, 2018 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,505

 

 

$

1,505

 

 

$

1,405

 

 

$

100

 

Commodity derivatives

 

$

674

 

 

$

674

 

 

$

—

 

 

$

674

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

Debt

 

$

(4,454

)

 

$

(4,494

)

 

$

—

 

 

$

(4,494

)

 

The following methods and assumptions were used to estimate the fair values in the table above.

Level 1 Fair Value Measurements

Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value.

Level 2 Fair Value Measurements

 

Cash equivalents – Amounts primarily consist of Canadian agency and provincial securities investments. The fair value approximates the carrying value.

 

Commodity derivatives – The fair value of commodity derivatives is 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.