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Restructuring and Transaction Costs

9 Months Ended

Sep. 30, 2020

Restructuring And Related Activities [Abstract]

Restructuring and Transaction Costs

6.Restructuring and Transaction Costs

In August 2020, Devon announced a cost reduction plan designed to deliver sustainable cost savings by year-end 2020. As a result, Devon recognized $32 million of restructuring expenses during the third quarter of 2020. Of these expenses, $11 million resulted from accelerated vesting of share-based grants, which are noncash charges.

During the first quarter of 2019, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure in conjunction with the portfolio transformation discussed in Note 2. As a result, Devon recognized $73 million of restructuring expenses during the first nine months of 2019. Of these expenses, $27 million resulted from accelerated vesting of share-based grants, which are noncash charges. Additionally, $5 million resulted from settlements of defined retirement benefits.

The following table summarizes Devon’s restructuring liabilities.

		Other				Other
		Current				Long-term
		Liabilities				Liabilities				Total
		(Millions)
Balance as of December 31, 2019		$	20			$	1			$	21
Changes related to 2020 workforce reductions			11				—				11
Changes related to prior years' restructurings			(14	)			—				(14	)
Balance as of September 30, 2020		$	17			$	1			$	18
Balance as of December 31, 2018		$	39			$	3			$	42
Changes related to prior years' restructurings			(9	)			(2	)			(11	)
Balance as of September 30, 2019		$	30			$	1			$	31

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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