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Restructuring and Transaction Costs | 12 Months Ended
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Dec. 31, 2020
Restructuring And Related Activities [Abstract] |
Restructuring and Transaction Costs |
6. | Restructuring and Transaction Costs
The following table summarizes Devon’s restructuring and transaction costs.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Restructuring |  | $ | 41 |  |  | $ | 84 |  |  | $ | 97 |
Transaction costs |  |  | 8 |  |  |  | — |  |  |  | — |
Total |  | $ | 49 |  |  | $ | 84 |  |  | $ | 97 |
Restructuring 2020 Workforce Reductions In the third quarter of 2020, Devon announced a cost reduction plan designed to deliver sustainable cost savings by year-end 2020. As a result, Devon recognized $41 million of restructuring expenses during 2020. Of these expenses, $11 million and $9 million resulted from accelerated vesting of share-based grants and settlements and curtailments of defined retirement benefits, respectively, which are both noncash charges. Prior Years’ Restructurings During 2019 and 2018, Devon recognized restructuring expenses of $84 million and $97 million, respectively. Of these expenses recognized in 2019, $31 million and $7 million resulted from accelerated vesting of share-based grants and settlements of defined retirement benefits, respectively. Of these expenses recognized in 2018, $31 million and $14 million resulted from accelerated vesting of share-based grants and settlements of defined retirement benefits, respectively. The following table summarizes Devon’s restructuring liabilities presented in the accompanying consolidated balance sheets.
|  | Other |  |  | Other |  |  |  |  |
|  | Current |  |  | Long-term |  |  |  |  |
|  | Liabilities |  |  | Liabilities |  |  | Total |
Balance as of December 31, 2018 |  | $ | 39 |  |  | $ | 3 |  |  | $ | 42 |
Changes due to 2019 workforce reductions |  |  | 18 |  |  |  | — |  |  |  | 18 |
Changes related to prior years' restructurings |  |  | (37 | ) |  |  | (2 | ) |  |  | (39 | )
Balance as of December 31, 2019 |  | $ | 20 |  |  | $ | 1 |  |  | $ | 21 |
Changes related to 2020 workforce reductions |  |  | 3 |  |  |  | — |  |  |  | 3 |
Changes related to prior years' restructurings |  |  | (18 | ) |  |  | — |  |  |  | (18 | )
Changes related to retained liabilities previously classified as discontinued operations |  |  | 30 |  |  |  | 136 |  |  |  | 166 |
Balance as of December 31, 2020 |  | $ | 35 |  |  | $ | 137 |  |  | $ | 172 |
As of December 31, 2020, approximately $30 million and $136 million of liabilities were reclassified from liabilities associated with discontinued operations to other current and long-term liabilities, respectively, on the consolidated balance sheets. Transaction Costs On September 26, 2020, Devon and WPX entered into the Merger Agreement, providing for an all-stock merger of equals which was completed on January 7, 2021. Devon incurred approximately $8 million in bank, legal and accounting fees in the fourth quarter of 2020 related to the Merger. Devon expects to incur additional transaction costs in connection with the Merger closing in 2021.

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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 + Details
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