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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
116
Effect of Derivative Instruments – Consolidated Balance Sheets
The following table presents the fair value and location of each classification of derivative instrument included in
the consolidated balance sheets as of December 31, 2014 and 2013 on a gross basis and after same-counterparty
netting:
Balance Sheet Classification Gross
Fair Value
Amounts Netted
in Consolidated
Balance Sheet
Net Fair Value
Presented
in Consolidated
Balance Sheet
($ in millions)
As of December 31, 2014
Commodity Contracts
Short-term derivative asset $ 974 $ (95) $ 879
Long-term derivative asset 16 (10) 6
Short-term derivative liability (105) 95 (10)
Long-term derivative liability (163) 10 (153)
Total commodity contracts 722 — 722
Interest Rate Contracts
Short-term derivative liability (5) — (5)
Long-term derivative liability (12) — (12)
Total interest rate contracts (17) — (17)
Foreign Currency Contracts(a)
Long-term derivative liability (53) — (53)
Total foreign currency contracts (53) — (53)
Total Derivatives $ 652 $ — $ 652
As of December 31, 2013
Commodity Contracts
Short-term derivative asset $ 29 $ (29) $ —
Long-term derivative asset 11 (9) 2
Short-term derivative liability (231) 29 (202)
Long-term derivative liability (362) 9 (353)
Total commodity contracts (553) — (553)
Interest Rate Contracts
Short-term derivative liability (6) — (6)
Long-term derivative liability (92) — (92)
Total interest rate contracts (98) — (98)
Foreign Currency Contracts(a)
Long-term derivative asset 2— 2
Total foreign currency contracts 2— 2
Total Derivatives $ (649) $ — $ (649)
____________________________________________
(a) Designated as cash flow hedging instruments.
As of December 31, 2014 and 2013, we did not have any cash collateral balances for these derivatives.