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Restructuring and Transaction Costs | 12 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Transaction Costs | Restructuring and Transaction Costs The following table summarizes Devon’s restructuring and transaction costs.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Restructuring costs |  | $ | — |  |  | $ | — |  |  | $ | 210 |
Transaction costs |  |  | — |  |  |  | — |  |  |  | 48 |
Total costs |  | $ | — |  |  | $ | — |  |  | $ | 258 |
In conjunction with the Merger closing, Devon recognized $210 million of restructuring expense in 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $66 million related to non-cash charges which primarily consisted of settlements and curtailments of defined retirement benefits of $41 million and the accelerated vesting of share-based grants of $21 million. Additionally, in conjunction primarily with the Merger closing, Devon recognized $48 million of transaction costs primarily comprised of bank, legal and accounting fees. The following table summarizes Devon’s restructuring liabilities. The remaining restructuring liability as of December 31, 2023 primarily relates to obligations associated with an abandoned Canadian firm transportation agreement.
|  | Other |  |  | Other |  |  |  |
|  | Current |  |  | Long-term |  |  |  |
|  | Liabilities |  |  | Liabilities |  |  | Total |
Balance as of December 31, 2021 |  | $ | 38 |  |  | $ | 111 |  |  | $ | 149 |
Changes related to prior years' restructurings |  |  | (4 | ) |  |  | (30 | ) |  |  | (34 | )
Balance as of December 31, 2022 |  | $ | 34 |  |  | $ | 81 |  |  | $ | 115 |
Changes related to prior years' restructurings |  |  | (21 | ) |  |  | (9 | ) |  |  | (30 | )
Balance as of December 31, 2023 |  | $ | 13 |  |  | $ | 72 |  |  | $ | 85 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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