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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