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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

		Three Months Ended September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Earnings (loss) from continuing     operations before income taxes		$	964			$	(193	)		$	1,236			$	(2,980	)
Current income tax expense (benefit)		$	1			$	(90	)		$	15			$	(199	)
Deferred income tax expense (benefit)			119				—				(100	)			(311	)
Total income tax expense (benefit)		$	120			$	(90	)		$	(85	)		$	(510	)

Schedule Of Effective Income Tax Rate Reconciliation

U.S. statutory income tax rate			21	%			21	%			21	%			21	%
State income taxes			0	%			0	%			0	%			1	%
Unrecognized tax benefits			0	%			18	%			0	%			0	%
Deferred tax asset valuation allowance			(9	%)			4	%			(33	%)			(7	%)
Other			0	%			4	%			5	%			2	%
Effective income tax rate			12	%			47	%			(7	%)			17	%

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- References

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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=121826272&loc=d3e32639-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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