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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense (Benefit) | The following table presents Devon’s income tax components.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current income tax benefit: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | (219 | ) |  | $ | (3 | ) |  | $ | (14 | )
Various states |  |  | — |  |  |  | (2 | ) |  |  | (3 | )
Total current income tax benefit |  |  | (219 | ) |  |  | (5 | ) |  |  | (17 | )
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  |  | (304 | ) |  |  | 8 |  |  |  | 184 |
Various states |  |  | (24 | ) |  |  | (33 | ) |  |  | 63 |
Total deferred income tax expense (benefit) |  |  | (328 | ) |  |  | (25 | ) |  |  | 247 |
Total income tax expense (benefit) |  | $ | (547 | ) |  | $ | (30 | ) |  | $ | 230 |
Schedule Of Effective Income Tax Rate Reconciliation | Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes as a result of the following:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Earnings (loss) from continuing operations before income taxes |  | $ | (3,090 | ) |  | $ | (109 | ) |  | $ | 944 |
U.S. statutory income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Change in tax legislation |  |  | 4 | % |  |  | 0 | % |  |  | 0 | %
State income taxes |  |  | 1 | % |  |  | 24 | % |  |  | 5 | %
Change in unrecognized tax benefits |  |  | 0 | % |  |  | (13 | %) |  |  | (2 | %)
Audit settlements |  |  | 0 | % |  |  | 15 | % |  |  | (2 | %)
Other |  |  | (1 | %) |  |  | (19 | %) |  |  | 2 | %
Deferred tax asset valuation allowance |  |  | (7 | %) |  |  | 0 | % |  |  | 0 | %
Effective income tax rate |  |  | 18 | % |  |  | 28 | % |  |  | 24 | %
Schedule Of Deferred Tax Assets And Liabilities | The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.
|  | December 31, |
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Capital loss carryforwards |  | $ | 547 |  |  | $ | — |
Investment in subsidiary |  |  | 441 |  |  |  | — |
Net operating loss carryforwards |  |  | 238 |  |  |  | 306 |
Accrued liabilities |  |  | 125 |  |  |  | 35 |
Asset retirement obligation |  |  | 94 |  |  |  | 123 |
Pension benefit obligation |  |  | 43 |  |  |  | 39 |
Other |  |  | 96 |  |  |  | 66 |
Total deferred tax assets before valuation allowance |  |  | 1,584 |  |  |  | 569 |
Less: valuation allowance |  |  | (1,355 | ) |  |  | (106 | )
Net deferred tax assets |  |  | 229 |  |  |  | 463 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (213 | ) |  |  | (800 | )
Other |  |  | — |  |  |  | (4 | )
Total deferred tax liabilities |  |  | (213 | ) |  |  | (804 | )
Net deferred tax asset (liability) |  | $ | 16 |  |  | $ | (341 | )
Schedule Of Changes In Unrecognized Tax Benefits | The following table presents changes in Devon’s unrecognized tax benefits.
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (Millions) |
Balance at beginning of year |  | $ | 65 |  |  | $ | 51 |
Tax positions taken in prior periods |  |  | (42 | ) |  |  | 14 |
Balance at end of year |  | $ | 23 |  |  | $ | 65 |
Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities | Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities
Jurisdiction |  | Tax Years Open
U.S. Federal |  | 2017-2020
Various U.S. states |  | 2016-2020
Canada |  | 2004-2020

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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