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Other, Net

3 Months Ended

Mar. 31, 2023

Other Expenses [Abstract]

Other, Net

6. Other, Net

The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statements of earnings.

		Three Months Ended March 31,
		2023				2022
Estimated future obligation under a performance guarantee		$	—			$	(96	)
Ukraine charitable pledge			—				20
Asset retirement obligation accretion			7				7
Other			(2	)			8
Total		$	5			$	(61	)

Devon has guaranteed performance through 2026 for a minimum volume commitment associated with assets divested in 2018. Due to improved commodity prices, market conditions, and performance by the purchaser of the assets, the purchaser was able to fully satisfy the performance obligation due in the first quarter of 2023 and 2022. Additionally, at March 31, 2022, Devon reduced the estimated future exposure of the performance guarantee. The effect of these cash collections and liability revisions resulted in a $96 million benefit in the first quarter of 2022.

The first quarter of 2022 includes a $20 million pledge for humanitarian relief for the Ukrainian people and surrounding countries supporting refugees.

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- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-URI https://asc.fasb.org/topic&trid=2122503

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 610
-URI https://asc.fasb.org/topic&trid=49130413

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