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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Schedule of Right-of-use Assets and Lease Liabilities | The following table presents Devon’s right-of-use assets and lease liabilities.
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Finance |  |  | Operating |  |  | Total |  |  | Finance |  |  | Operating |  |  | Total |
Right-of-use assets |  | $ | 220 |  |  | $ | 3 |  |  | $ | 223 |  |  | $ | 229 |  |  | $ | 14 |  |  | $ | 243 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities (1) |  | $ | 8 |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 10 |  |  | $ | 17 |
Long-term lease liabilities |  |  | 244 |  |  |  | 2 |  |  |  | 246 |  |  |  | 240 |  |  |  | 4 |  |  |  | 244 |
Total lease liabilities |  | $ | 252 |  |  | $ | 3 |  |  | $ | 255 |  |  | $ | 247 |  |  | $ | 14 |  |  | $ | 261 |
(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.
|  |  | Year Ended December 31, |
|  |  | 2020 |  |  | 2019 |
Operating lease cost | Property, plant and equipment; G&A |  | $ | 10 |  |  | $ | 40 |
Short-term lease cost (1) | Property, plant and equipment; G&A |  |  | 45 |  |  |  | 84 |
Financing lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | DD&A |  |  | 8 |  |  |  | 8 |
Interest on lease liabilities | Net financing costs |  |  | 11 |  |  |  | 10 |
Variable lease cost | G&A |  |  | — |  |  |  | 2 |
Lease income | G&A |  |  | (8 | ) |  |  | (5 | )
Net lease cost |  |  | $ | 66 |  |  | $ | 139 |
(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.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
|  | Finance |  |  | Operating |  |  | Finance |  |  | Operating |
Cash outflows for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  | $ | 7 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 2 |
Investing cash flows |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 41 |
Right-of-use assets obtained in exchange for new lease liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Weighted average remaining lease term (years) |  |  | 7.0 |  |  |  | 4.1 |  |  |  | 8.0 |  |  |  | 2.2 |
Weighted average discount rate |  |  | 4.2 | % |  |  | 2.9 | % |  |  | 4.2 | % |  |  | 3.2 | %
Maturities of Lease Liabilities | The following table presents Devon’s maturity analysis as of December 31, 2020 for leases expiring in each of the next 5 years and thereafter.
|  | Finance |  |  | Operating |  |  | Total |
2021 |  | $ | 7 |  |  | $ | 1 |  |  | $ | 8 |
2022 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
2023 |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
2024 |  |  | 8 |  |  |  | — |  |  |  | 8 |
2025 |  |  | 8 |  |  |  | — |  |  |  | 8 |
Thereafter |  |  | 290 |  |  |  | — |  |  |  | 290 |
Total lease payments |  |  | 329 |  |  |  | 3 |  |  |  | 332 |
Less: interest |  |  | (77 | ) |  |  | — |  |  |  | (77 | )
Present value of lease liabilities |  | $ | 252 |  |  | $ | 3 |  |  | $ | 255 |
Schedule of Expected Lease Income | Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2020 for each of the next 5 years and thereafter.
|  | Operating |
|  | Lease Income |
2021 |  | $ | 8 |
2022 |  |  | 8 |
2023 |  |  | 8 |
2024 |  |  | 9 |
2025 |  |  | 8 |
Thereafter |  |  | 52 |
Total |  | $ | 93 |

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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=121609121&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=121576215&loc=SL77919396-209981 + Details
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