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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015:
|  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
|  |  |  | ($ in millions) |  |
As of March 31, 2016 |  |  |  |  |  |  |  |
Derivative Assets (Liabilities): |  |  |  |  |  |  |  |
Commodity assets |  | $ | — |  |  | $ | 325 |  |  | $ | 20 |  |  | $ | 345 |
Commodity liabilities |  | — |  |  | (36 | ) |  | (68 | ) |  | (104 | )
Foreign currency liabilities |  | — |  |  | (43 | ) |  | — |  |  | (43 | )
Supply contract assets |  | — |  |  | — |  |  | 317 |  |  | 317 |
Total derivatives |  | $ | — |  |  | $ | 246 |  |  | $ | 269 |  |  | $ | 515 |
As of December 31, 2015 |  |  |  |  |  |  |  |
Derivative Assets (Liabilities): |  |  |  |  |  |  |  |
Commodity assets |  | $ | — |  |  | $ | 372 |  |  | $ | 9 |  |  | $ | 381 |
Commodity liabilities |  | — |  |  | (14 | ) |  | (100 | ) |  | (114 | )
Foreign currency liabilities |  | — |  |  | (52 | ) |  | — |  |  | (52 | )
Supply contract assets |  | — |  |  | — |  |  | 297 |  |  | 297 |
Total derivatives |  | $ | — |  |  | $ | 306 |  |  | $ | 206 |  |  | $ | 512 |
A summary of the changes in the fair values of Chesapeake’s financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below.
|  | Commodity Derivatives |  | Supply Contracts
|  | ($ in millions)
Beginning balance as of December 31, 2015 |  | $ | (91 | ) |  | $ | 297 |
Total gains (losses) (unrealized): |  |  |  |
Included in earnings(a) |  | 25 |  |  | 33 |
Total purchases, issuances, sales and settlements: |  |  |  |
Settlements |  | 18 |  |  | (13 | )
Ending balance as of March 31, 2016 |  | $ | (48 | ) |  | $ | 317 |
Beginning balance as of December 31, 2014 |  | $ | (54 | ) |  | $ | 1 |
Total gains (losses) (unrealized): |  |  |  |
Included in earnings(a) |  | 78 |  |  | — |
Total purchases, issuances, sales and settlements: |  |  |  |
Settlements |  | (93 | ) |  | — |
Transfers(b) |  | — |  |  | — |
Ending balance as of March 31, 2015 |  | $ | (69 | ) |  | $ | 1 |
___________________________________________
(a) |  | Oil, Natural Gas and NGL Sales |  | Marketing, Gathering and Compression Revenue
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | ($ in millions)
Total gains (losses) included in earnings for the period |  | $ | 25 |  |  | $ | 78 |  |  | $ | 20 |  |  | $ | — |
Change in unrealized gains (losses) related to assets still held at reporting date |  | $ | 21 |  |  | $ | 74 |  |  | $ | 20 |  |  | $ | — |
(b) | The values related to basis swaps were transferred from Level 3 to Level 2 as a result of our ability to begin using data readily available in the public market to corroborate our estimated fair values.
The following table provides fair value measurement information for the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015:
|  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
|  |  |  | ($ in millions) |  |
As of March 31, 2016 |  |  |  |  |  |  |  |
Financial Assets (Liabilities): |  |  |  |  |  |  |  |
Other current assets |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | 48 |
Other current liabilities |  | (50 | ) |  | — |  |  | — |  |  | (50 | )
Total |  | $ | (2 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2 | )
As of December 31, 2015 |  |  |  |  |  |  |  |
Financial Assets (Liabilities): |  |  |  |  |  |  |  |
Other current assets |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
Other current liabilities |  | (51 | ) |  | — |  |  | — |  |  | (51 | )
Total |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1 | )

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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