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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The following table provides fair value measurement information for financial assets (liabilities) measured
at fair value on a recurring basis as of December 31, 2010:
Quoted
Prices in
Active Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
($ in millions)
Financial Assets (Liabilities):
Cash equivalents ................. $ 102 $ — $ — $ 102
Investments ...................... 29 — — 29
Other long-term assets ............. 52 — — 52
Long-term debt ................... — — (1,371) (1,371)
Other long-term liabilities ...........
Derivatives:
(52) — — (52)
Commodity assets ............... — 1,364 105 1,469
Commodity liabilities ............. — (59) (2,059) (2,118)
Interest rate liabilities ............ — — (69) (69)
Foreign currency liabilities ........ — — (43) (43)
Total derivatives .............. — 1,305 (2,066) (761)
Total ...................... $ 131 $ 1,305 $ (3,437) $ (2,001)
The following table provides fair value measurement information for financial assets (liabilities) measured
at fair value on a recurring basis as of December 31, 2009:
Quoted
Prices in
Active Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
($ in millions)
Financial Assets (Liabilities):
Cash equivalents .................... $ 307 $ — $ — $ 307
Investments ........................ 32 — — 32
Other long-term assets ............... 34 — — 34
Long-term debt ..................... — — (1,398) (1,398)
Other long-term liabilities .............
Derivatives:
(34) — — (34)
Commodity assets ................. — 693 143 836
Commodity liabilities ............... — (1) (809) (810)
Interest rate liabilities .............. — — (132) (132)
Foreign currency assets ............ — — 43 43
Total derivatives ................. — 692 (755) (63)
Total ........................ $ 339 $ 692 $ (2,153) $ (1,122)
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