Restructuring and Transaction Costs (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

Schedule Of Restructuring And Transaction Costs

The following table summarizes Devon’s restructuring and transaction costs.

	Three Months Ended March 31,
	2021		2020
Restructuring	$	143	$	—
Transaction costs		46		—
Total	$	189	$	—

In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees.

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2020	$	35		$	137		$	172
Changes related to 2021 workforce reductions		61			—			61
Changes related to prior years' restructurings		(2	)		(7	)		(9	)
Balance as of March 31, 2021	$	94		$	130		$	224
Balance as of December 31, 2019	$	20		$	1		$	21
Changes related to prior years' restructurings		(9	)		—			(9	)
Balance as of March 31, 2020	$	11		$	1		$	12