Restructuring and Transaction Costs

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Transaction Costs

5. Restructuring and Transaction Costs

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Restructuring costs	$	—	$	23	$	—	$	166
Transaction costs		—		—		—		46
Total costs	$	—	$	23	$	—	$	212

In conjunction with the Merger closing, Devon recognized $166 million of restructuring expenses during the first six months of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $40 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which were 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.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2021	$	38		$	111		$	149
Changes related to prior years' restructurings		(10	)		(12	)		(22	)
Balance as of June 30, 2022	$	28		$	99		$	127
Balance as of December 31, 2020	$	35		$	137		$	172
Changes related to prior years' restructurings		48			(15	)		33
Balance as of June 30, 2021	$	83		$	122		$	205