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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Defined Benefit Plan Obligations

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

629

 

 

$

880

 

 

$

7

 

 

$

12

 

Interest cost

 

 

34

 

 

 

19

 

 

 

—

 

 

 

—

 

Actuarial loss (gain)

 

 

46

 

 

 

(215

)

 

 

1

 

 

 

(4

)

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(54

)

 

 

(55

)

 

 

(2

)

 

 

(2

)

Benefit obligation at end of year

 

 

655

 

 

 

629

 

 

 

7

 

 

 

7

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

458

 

 

 

671

 

 

 

—

 

 

 

—

 

Actual return on plan assets

 

 

58

 

 

 

(172

)

 

 

—

 

 

 

—

 

Employer contributions

 

 

14

 

 

 

14

 

 

 

1

 

 

 

1

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(54

)

 

 

(55

)

 

 

(2

)

 

 

(2

)

Fair value of plan assets at end of year

 

 

476

 

 

 

458

 

 

 

—

 

 

 

—

 

Funded status at end of year

 

$

(179

)

 

$

(171

)

 

$

(7

)

 

$

(7

)

Amounts recognized in balance sheet:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

(13

)

 

$

(14

)

 

$

(1

)

 

$

(1

)

Other long-term liabilities

 

 

(166

)

 

 

(157

)

 

 

(6

)

 

 

(6

)

Net amount

 

$

(179

)

 

$

(171

)

 

$

(7

)

 

$

(7

)

Amounts recognized in accumulated other
   comprehensive earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

198

 

 

$

189

 

 

$

(14

)

 

$

(15

)

Prior service cost

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Total

 

$

198

 

 

$

189

 

 

$

(13

)

 

$

(14

)
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, 2023, and December 31, 2022, as presented in the table below.

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Projected and accumulated benefit obligation

 

$

655

 

 

$

629

 

Fair value of plan assets

 

$

476

 

 

$

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

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

34

 

 

$

19

 

 

$

18

 

 

$

—

 

 

$

—

 

 

$

—

 

Expected return on plan assets

 

 

(27

)

 

 

(31

)

 

 

(34

)

 

 

—

 

 

 

—

 

 

 

—

 

Recognition of net actuarial loss (gain) (1)

 

 

6

 

 

 

6

 

 

 

4

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Total net periodic benefit cost (2)

 

 

13

 

 

 

(6

)

 

 

(12

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Other comprehensive loss (earnings):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss (gain) arising in current year

 

 

16

 

 

 

(11

)

 

 

28

 

 

 

—

 

 

 

(4

)

 

 

(1

)

Prior service cost arising in current year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Recognition of net actuarial (loss) gain, including
   settlement expense, in net periodic benefit cost

 

 

(6

)

 

 

(6

)

 

 

(23

)

 

 

1

 

 

 

1

 

 

 

1

 

Total other comprehensive loss (earnings)

 

 

10

 

 

 

(17

)

 

 

5

 

 

 

1

 

 

 

(3

)

 

 

1

 

Total

 

$

23

 

 

$

(23

)

 

$

(7

)

 

$

—

 

 

$

(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.
Schedule of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost

 

 

Pension Benefits

 

Postretirement Benefits

 

 

2023

 

2022

 

2021

 

2023

 

2022

 

2021

Assumptions to determine benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.01%

 

5.78%

 

2.71%

 

4.96%

 

5.71%

 

2.34%

Assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

N/A

 

N/A

 

N/A

 

5.81%

 

2.83%

 

2.51%

Discount rate - interest cost

 

5.61%

 

2.18%

 

2.11%

 

5.49%

 

1.57%

 

1.01%

Expected return on plan assets

 

6.21%

 

4.80%

 

5.00%

 

N/A

 

N/A

 

N/A