Restructuring and Transaction Costs

9 Months Ended

Sep. 30, 2018

Restructuring And Related Activities [Abstract]

Restructuring and Transaction Costs

7. Restructuring and Transaction Costs

In April 2018, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure. As a result, Devon recognized $105 million ($102 million related to personnel) of restructuring expenses during the first nine months of 2018. Of these expenses, $28 million resulted from accelerated vesting of share-based grants, which are noncash charges. Additionally, $15 million resulted from estimated settlements of defined retirement benefits.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
	(Millions)
Balance as of December 31, 2017	$	19		$	31		$	50
Changes due to 2018 workforce reductions		35			—			35
Changes related to prior years' restructurings		1			(10	)		(9	)
Balance as September 30, 2018	$	55		$	21		$	76
Balance as of December 31, 2016	$	48		$	62		$	110
Changes related to prior years' restructurings		(28	)		(26	)		(54	)
Balance as of September 30, 2017	$	20		$	36		$	56