XML 72 R46.htm IDEA: XBRL DOCUMENT
v3.22.4

Retirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Changes in Defined Benefit Plan Obligations |
|  | Pension Benefits |  |  | Postretirement Benefits |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 880 |  |  | $ | 981 |  |  | $ | 12 |  |  | $ | 13 |
Service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest cost |  |  | 19 |  |  |  | 18 |  |  |  | — |  |  |  | — |
Actuarial gain |  |  | (215 | ) |  |  | (18 | ) |  |  | (4 | ) |  |  | (1 | )
Plan amendments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Plan curtailments |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |
Plan settlements |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | — |
Participant contributions |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 2 |
Benefits paid |  |  | (55 | ) |  |  | (50 | ) |  |  | (2 | ) |  |  | (3 | )
Benefit obligation at end of year |  |  | 629 |  |  |  | 880 |  |  |  | 7 |  |  |  | 12 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 671 |  |  |  | 745 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | (172 | ) |  |  | (11 | ) |  |  | — |  |  |  | — |
Employer contributions |  |  | 14 |  |  |  | 60 |  |  |  | 1 |  |  |  | 1 |
Participant contributions |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 2 |
Plan settlements |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | — |
Benefits paid |  |  | (55 | ) |  |  | (50 | ) |  |  | (2 | ) |  |  | (3 | )
Fair value of plan assets at end of year |  |  | 458 |  |  |  | 671 |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | (171 | ) |  | $ | (209 | ) |  | $ | (7 | ) |  | $ | (12 | )
Amounts recognized in balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Other long-term assets |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Other current liabilities |  |  | (14 | ) |  |  | (14 | ) |  |  | (1 | ) |  |  | (2 | )
Other long-term liabilities |  |  | (157 | ) |  |  | (201 | ) |  |  | (6 | ) |  |  | (9 | )
Net amount |  | $ | (171 | ) |  | $ | (209 | ) |  | $ | (7 | ) |  | $ | (11 | )
Amounts recognized in accumulated other comprehensive earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 189 |  |  | $ | 206 |  |  | $ | (15 | ) |  | $ | (12 | )
Prior service cost |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total |  | $ | 189 |  |  | $ | 206 |  |  | $ | (14 | ) |  | $ | (11 | )
Schedule of Projected Benefit Obligation And Accumulated Benefit Obligation in Excess of Plan Assets | Certain of Devon’s pension plans have a combined projected benefit obligation or accumulated benefit obligation in excess of plan assets at December 31, 2022, and December 31, 2021, as presented in the table below.
|  | December 31, |
|  | 2022 |  |  | 2021 |
Projected and accumulated benefit obligation |  | $ | 629 |  |  | $ | 215 |
Fair value of plan assets |  | $ | 458 |  |  | $ | — |
Schedule of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Postretirement Benefit Plans | The following table presents the components of net periodic benefit cost and other comprehensive earnings.
|  | Pension Benefits |  |  | Postretirement Benefits |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 19 |  |  |  | 18 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |
Expected return on plan assets |  |  | (31 | ) |  |  | (34 | ) |  |  | (41 | ) |  |  | — |  |  |  | — |  |  |  | — |
Recognition of net actuarial loss (gain) (1) |  |  | 6 |  |  |  | 4 |  |  |  | 5 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |
Recognition of prior service cost (1) |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Total net periodic benefit cost (2) |  |  | (6 | ) |  |  | (12 | ) |  |  | (3 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
Other comprehensive loss (earnings): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) arising in current year |  |  | (11 | ) |  |  | 28 |  |  |  | 27 |  |  |  | (4 | ) |  |  | (1 | ) |  |  | (1 | )
Prior service cost arising in current year |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | — |
Recognition of net actuarial gain (loss), including settlement expense, in net periodic benefit cost (3) |  |  | (6 | ) |  |  | (23 | ) |  |  | (9 | ) |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Recognition of prior service cost, including curtailment, in net periodic benefit cost (3) |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 1 |
Total other comprehensive loss (earnings) |  |  | (17 | ) |  |  | 5 |  |  |  | 13 |  |  |  | (3 | ) |  |  | 1 |  |  |  | 1 |
Total |  | $ | (23 | ) |  | $ | (7 | ) |  | $ | 10 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |
(1) These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period. (2) The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other, net in the accompanying consolidated statements of comprehensive earnings. (3) These amounts include restructuring costs that were reclassified out of other comprehensive earnings in 2021 and 2020. See Note 6 for further discussion.
Schedule of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost |
|  | Pension Benefits |  | Postretirement Benefits
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Assumptions to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.78% |  | 2.71% |  | 2.38% |  | 5.71% |  | 2.34% |  | 1.82%
Rate of compensation increase |  | N/A |  | N/A |  | 2.50% |  | N/A |  | N/A |  | N/A
Assumptions to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost |  | N/A |  | N/A |  | 3.47% |  | 2.83% |  | 2.51% |  | 3.25%
Discount rate - interest cost |  | 2.18% |  | 2.11% |  | 2.75% |  | 1.57% |  | 1.01% |  | 2.31%
Rate of compensation increase |  | N/A |  | N/A |  | 2.50% |  | N/A |  | N/A |  | N/A
Expected return on plan assets |  | 4.80% |  | 5.00% |  | 6.00% |  | N/A |  | N/A |  | N/A

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration