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Restructuring and Transaction Costs | 3 Months Ended
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Mar. 31, 2022
Restructuring And Related Activities [Abstract] |
Restructuring and Transaction Costs | . Restructuring and Transaction Costs The following table summarizes Devon’s restructuring and transaction costs.
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Restructuring costs |  | $ | — |  |  | $ | 143 |
Transaction costs |  |  | — |  |  |  | 46 |
Total costs |  | $ | — |  |  | $ | 189 |
In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which were non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees. The following table summarizes Devon’s restructuring liabilities.
|  | Other |  |  | Other |  |  |  |
|  | Current |  |  | Long-term |  |  |  |
|  | Liabilities |  |  | Liabilities |  |  | Total |
Balance as of December 31, 2021 |  | $ | 38 |  |  | $ | 111 |  |  | $ | 149 |
Changes related to prior years' restructurings |  |  | (4 | ) |  |  | (6 | ) |  |  | (10 | )
Balance as of March 31, 2022 |  | $ | 34 |  |  | $ | 105 |  |  | $ | 139 |
Balance as of December 31, 2020 |  | $ | 35 |  |  | $ | 137 |  |  | $ | 172 |
Changes related to prior years' restructurings |  |  | 59 |  |  |  | (7 | ) |  |  | 52 |
Balance as of March 31, 2021 |  | $ | 94 |  |  | $ | 130 |  |  | $ | 224 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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