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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2016
 
 
 
 
 
 
 
 
Derivative Assets (Liabilities):
 
 
 
 
 
 
 
 
Commodity assets
 
$
—

 
$
32

 
$
—

 
$
32

Commodity liabilities
 
—

 
(123
)
 
(30
)
 
(153
)
Foreign currency liabilities
 
—


(56
)
 
—

 
(56
)
Total derivatives
 
$
—

 
$
(147
)
 
$
(30
)
 
$
(177
)
 
 
 
 
 
 
 
 
 
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 Period and the Prior Period is presented below. 
 
 
Commodity
Derivatives
 
Supply
Contracts
 
 
($ in millions)
Beginning balance as of December 31, 2015
 
$
(91
)
 
$
297

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
12

 
(118
)
Total purchases, issuances, sales and settlements:
 
 
 
 
Settlements
 
49

 
(33
)
Sales
 
—

 
(146
)
Ending balance as of September 30, 2016
 
$
(30
)
 
$
—

 
 
 
 
 
Beginning balance as of December 31, 2014
 
$
(54
)
 
$
1

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
99

 
281

Total purchases, issuances, sales and settlements:
 
 
 
 
Settlements
 
(122
)
 
9

Ending balance as of September 30, 2015
 
$
(77
)
 
$
291

___________________________________________
(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
 
$
12

 
$
99

 
$
(118
)
 
$
281

Change in unrealized gains (losses) related to assets still held at reporting date
 
$
(1
)
 
$
72

 
$
—

 
$
281

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 September 30, 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 September 30, 2016
 
 
 
 
 
 
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
48

 
$
—

 
$
—

 
$
48

Other current liabilities
 
(49
)
 
—

 
—

 
(49
)
Total
 
$
(1
)
 
$
—

 
$
—

 
$
(1
)
 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
50

 
$
—

 
$
—

 
$
50

Other current liabilities
 
(51
)
 
—

 
—

 
(51
)
Total
 
$
(1
)
 
$
—

 
$
—

 
$
(1
)