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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Defined Benefit Plan Obligations |
|  | Pension Benefits |  |  | Postretirement Benefits |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 655 |  |  | $ | 629 |  |  | $ | 7 |  |  | $ | 7 |
Interest cost |  |  | 31 |  |  |  | 34 |  |  |  | — |  |  |  | — |
Actuarial loss (gain) |  |  | (14 | ) |  |  | 46 |  |  |  | — |  |  |  | 1 |
Participant contributions |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Benefits paid |  |  | (52 | ) |  |  | (54 | ) |  |  | (1 | ) |  |  | (2 | )
Benefit obligation at end of year |  |  | 620 |  |  |  | 655 |  |  |  | 7 |  |  |  | 7 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 476 |  |  |  | 458 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 9 |  |  |  | 58 |  |  |  | — |  |  |  | — |
Employer contributions |  |  | 14 |  |  |  | 14 |  |  |  | 1 |  |  |  | 1 |
Participant contributions |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Benefits paid |  |  | (52 | ) |  |  | (54 | ) |  |  | (2 | ) |  |  | (2 | )
Fair value of plan assets at end of year |  |  | 447 |  |  |  | 476 |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | (173 | ) |  | $ | (179 | ) |  | $ | (7 | ) |  | $ | (7 | )
Amounts recognized in balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (13 | ) |  | $ | (13 | ) |  | $ | (1 | ) |  | $ | (1 | )
Other long-term liabilities |  |  | (160 | ) |  |  | (166 | ) |  |  | (6 | ) |  |  | (6 | )
Net amount |  | $ | (173 | ) |  | $ | (179 | ) |  | $ | (7 | ) |  | $ | (7 | )
Amounts recognized in accumulated other comprehensive earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 195 |  |  | $ | 198 |  |  | $ | (13 | ) |  | $ | (14 | )
Prior service cost |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total |  | $ | 195 |  |  | $ | 198 |  |  | $ | (12 | ) |  | $ | (13 | )
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, 2024, and December 31, 2023, as presented in the table below.
|  | December 31, |
|  | 2024 |  |  | 2023 |
Projected and accumulated benefit obligation |  | $ | 620 |  |  | $ | 655 |
Fair value of plan assets |  | $ | 447 |  |  | $ | 476 |
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 |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 31 |  |  | $ | 34 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected return on plan assets |  |  | (27 | ) |  |  | (27 | ) |  |  | (31 | ) |  |  | — |  |  |  | — |  |  |  | — |
Recognition of net actuarial loss (gain) (1) |  |  | 7 |  |  |  | 6 |  |  |  | 6 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
Total net periodic benefit cost (2) |  |  | 11 |  |  |  | 13 |  |  |  | (6 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
Other comprehensive loss (earnings): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) arising in current year |  |  | 4 |  |  |  | 16 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | (4 | )
Recognition of net actuarial (loss) gain, including settlement expense, in net periodic benefit cost |  |  | (7 | ) |  |  | (6 | ) |  |  | (6 | ) |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Total other comprehensive loss (earnings) |  |  | (3 | ) |  |  | 10 |  |  |  | (17 | ) |  |  | 1 |  |  |  | 1 |  |  |  | (3 | )
Total |  | $ | 8 |  |  | $ | 23 |  |  | $ | (23 | ) |  | $ | — |  |  | $ | — |  |  | $ | (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
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Assumptions to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.27% |  | 5.01% |  | 5.78% |  | 5.18% |  | 4.96% |  | 5.71%
Assumptions to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost |  | N/A |  | N/A |  | N/A |  | 5.01% |  | 5.81% |  | 2.83%
Discount rate - interest cost |  | 4.95% |  | 5.61% |  | 2.18% |  | 4.94% |  | 5.49% |  | 1.57%
Expected return on plan assets |  | 5.80% |  | 6.21% |  | 4.80% |  | N/A |  | N/A |  | N/A

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