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Debt And Related Expenses

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt and Related Expenses

13. Debt and Related Expenses

        See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.

		September 30, 2020				December 31, 2019
5.85% due December 15, 2025		$	485			$	485
7.50% due September 15, 2027			73				73
7.875% due September 30, 2031			675				675
7.95% due April 15, 2032			366				366
5.60% due July 15, 2041			1,250				1,250
4.75% due May 15, 2042			750				750
5.00% due June 15, 2045			750				750
Net discount on debentures and notes			(20	)			(20	)
Debt issuance costs			(32	)			(35	)
Total long-term debt		$	4,297			$	4,294

Devon has a $3.0 billion Senior Credit Facility. As of September 30, 2020, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as impairments. As of September 30, 2020, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 19.5%.

Retirement of Senior Notes

In January 2019, Devon repaid $162 million of 6.30% senior notes at maturity.

Net Financing Costs

The following schedule includes the components of net financing costs.

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Interest based on debt outstanding		$	65			$	65			$	195			$	195
Interest income			(5	)			(10	)			(12	)			(28	)
Other			6				5				17				19
Total net financing costs		$	66			$	60			$	200			$	186

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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