7.	Restructuring and Transaction Costs and Other Expenses

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 $94 million in personnel related restructuring expenses during the second quarter of 2018. Of these expenses, $26 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
Balance as of December 31, 2017	$	19		$	31		$	50
Changes related to 2018 workforce reductions		48			—			48
Changes related to prior years' restructurings		(1	)		(8	)		(9	)
Balance as of June 30, 2018	$	66		$	23		$	89

Balance as of December 31, 2016	$	48		$	62		$	110
Changes related to prior years' restructurings		(17	)		(12	)		(29	)
Balance as of June 30, 2017	$	31		$	50		$	81

Other Expenses

The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Foreign exchange (gain) loss, net	$	31		$	(49	)	$	81		$	(64	)
Asset retirement obligation accretion		14			14			30			31
Other, net		(21	)		27			(66	)		11
Total	$	24		$	(8	)	$	45		$	(22	)

Foreign exchange (gain) loss, net

The U.S. dollar is the functional currency for Devon’s consolidated operations except its Canadian subsidiaries, which use the Canadian dollar as the functional currency. The amounts in the table above includes both unrealized and realized foreign exchange impacts of foreign currency denominated monetary assets and liabilities, including intercompany loans between subsidiaries with different functional currencies. Unrealized gains and losses arise from the remeasurement of these foreign currency denominated monetary assets and liabilities and intercompany loans. Realized gains and losses arise when there are settlements of these foreign currency denominated monetary assets and liabilities and intercompany loans.

Foreign currency denominated intercompany loan activity in the second quarter of 2018 resulted in a realized loss of $244 million as a result of the strengthening of the U.S. dollar in relation to the Canadian dollar. This loss was offset by reversing $254 million of previously recognized unrealized losses on intercompany loan activity.