Chesapeake Energy 2012 Annual Report Download - page 165
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
155
A summary of the changes in Chesapeake’s financial assets (liabilities) classified as Level 3 measurements
during 2012 and 2011 is presented below.
Derivatives
Commodity
Interest
Rate
Foreign
Currency Debt
($ in millions)
Beginning Balance as of January 1, 2012 .............. $ (1,654) $ — $ — $ —
Total gains (losses) (realized/unrealized):
Included in earnings(a) ............................................ 567 6 — —
Total purchases, issuances, sales and settlements:
Sales ...................................................................... —(6)——
Settlements ............................................................ 71———
Ending Balance as of December 31, 2012.............. $ (1,016) $ — $ — $ —
Beginning Balance as of January 1, 2011 .............. $ (1,954) $ (69) $ (43) $ (1,371)
Total gains (losses) (realized/unrealized):
Included in earnings(a) ............................................ 113 23 — —
Total purchases, issuances, sales and settlements:
Sales ...................................................................... (1) (8) — —
Settlements ............................................................ 188 — — —
Transfers in and out of Level 3(b) ................................ — 54 43 1,371
Ending Balance as of December 31, 2011 .............. $ (1,654) $ — $ — $ —
___________________________________________
(a) Natural Gas, Oil and
NGL Sales Interest Expense
2012 2011 2012 2011
($ in millions)
Total gains (losses) included in earnings for the period ... $ 567 $ 113 $ 6 $ 23
Change in unrealized gains (losses) relating to assets
still held at reporting date .............................................. $ 374 $ (263) $ — $ —
(b) The values related to interest rate and cross currency swaps were transferred from Level 3 to Level 2 as a
result of our ability to use data readily available in the public market to corroborate our estimated fair values.