Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

A summary of the changes in our common shares issued for the years ended December 31, 2017, 2016 and 2015 is detailed below:

	Years Ended December 31,
	2017	2016	2015
	(in thousands)
Shares issued as of January 1	896,279	664,796	664,944
Exchange of convertible notes	—	55,428	—
Exchange of senior notes	—	53,924	—
Exchange/conversion of preferred stock	9,966	120,186	—
Restricted stock issuances (net of forfeitures and cancellations)	2,488	1,945	(163	)
Stock option exercises	—	—	15
Shares issued as of December 31	908,733	896,279	664,796

Schedule of Preferred Stock Outstanding Roll Forward

Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2017:

Preferred Stock Series	Issue Date	Liquidation Preference per Share		Holder's Conversion Right	Conversion Rate	Conversion Price		Company's Conversion Right From	Company's Market Conversion Trigger(a)
5.75% cumulative convertible non-voting	May and June 2010	$	1,000	Any time	39.6858	$	25.1979	May 17, 2015	$	32.7573
5.75% (series A) cumulative convertible non-voting	May 2010	$	1,000	Any time	38.3508	$	26.0751	May 17, 2015	$	33.8976
4.50% cumulative convertible	September 2005	$	100	Any time	2.4561	$	40.7152	September 15, 2010	$	52.9298
5.00% cumulative convertible (series 2005B)	November 2005	$	100	Any time	2.7745	$	36.0431	November 15, 2010	$	46.8560

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(a) Convertible at the Company's option if the trading price of the Company's common stock equals or exceeds the trigger price for a specified time period or after the applicable conversion date if there are less than 250,000 shares of 4.50% or 5.00% (Series 2005B) preferred stock outstanding or 25,000 shares of 5.75% or 5.75% (Series A) preferred stock outstanding.

Outstanding shares of our preferred stock for the years ended December 31, 2017, 2016 and 2015 are detailed below:

	5.75%		5.75% (A)		4.50%	5.00% (2005B)
	(in thousands)
Shares outstanding as of January 1, 2017	843		476		2,559	1,962
Preferred stock conversions/exchanges(a)	(73	)	(13	)	—	(151	)
Shares outstanding as of December 31, 2017	770		463		2,559	1,811
Shares outstanding as of January 1, 2016	1,497		1,100		2,559	2,096
Preferred stock conversions/exchanges(b)	(654	)	(624	)	—	(134	)
Shares outstanding as of December 31, 2016	843		476		2,559	1,962
Shares outstanding as of January 1, 2015 and December 31, 2015	1,497		1,100		2,559	2,096

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(a) During 2017, holders of our 5.75% Cumulative Convertible Preferred Stock exchanged 72,600 shares into 7,442,156 shares of common stock, holders of our 5.75% (Series A) Cumulative Convertible Preferred Stock exchanged 12,500 shares into 1,205,923 shares of common stock and holders of our 5.00% (Series 2005B) Cumulative Convertible Preferred Stock exchanged 150,948 shares into 1,317,756 shares of common stock. In connection with the exchanges, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $41 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.

(b) During 2016, holders of our 5.75% Cumulative Convertible Preferred Stock converted 653,872 shares into 59,141,429 shares of common stock, holders of our 5.75% (Series A) Cumulative Convertible Preferred Stock converted 624,137 shares into 60,032,734 shares of common stock and holders of our 5.00% (Series 2005B) Cumulative Convertible Preferred Stock exchanged or converted 134,000 shares into 1,012,032 shares of common stock. In connection with the exchanges noted above, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $428 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.

Schedule of Accumulated Other Comprehensive Income (Loss)

For the years ended December 31, 2017 and 2016, changes in accumulated other comprehensive income (loss) for cash flow hedges, net of tax, are detailed below:

	Years Ended December 31,
	2017			2016
	($ in millions)
Balance, as of January 1	$	(96	)	$	(99	)
Other comprehensive income (loss) before reclassifications	5			(13		)
Amounts reclassified from accumulated other comprehensive income	34			16
Net other comprehensive income (loss)	39			3
Balance, as of December 31	$	(57	)	$	(96	)

Schedule of Error Corrections and Prior Period Adjustments

During our review of the carrying amount of the Trust’s noncontrolling interests, we identified errors related to the allocation of impairment expense between Chesapeake and the Trust’s noncontrolling interests during previously reported periods. We have determined that these errors are immaterial to previously issued financial statements and therefore, have revised the previously reported financial statements below. We have also determined that these errors did not relate to periods prior to 2015.

	December 31, 2016
CONSOLIDATED BALANCE SHEETS	As Previously Reported			Revision Adjustment			As Revised
	($ in millions except per share data)
Accumulated deficit	$	(17,603	)	$	129		$	(17,474	)
Total Chesapeake stockholders’ equity (deficit)	$	(1,460	)	$	129		$	(1,331	)
Noncontrolling interests	$	257		$	(129	)	$	128

	Year Ended December 31, 2016
CONSOLIDATED STATEMENTS OF OPERATIONS	As Previously Reported			Revision Adjustment		As Revised
	($ in millions except per share data)
Net (income) loss attributable to noncontrolling interest	$	(2	)	$	11	$	9
Net income (loss) attributable to Chesapeake	$	(4,401	)	$	11	$	(4,390	)
Net income (loss) available to common stockholders	$	(4,926	)	$	11	$	(4,915	)
Loss per common share basic	$	(6.45	)	$	0.02	$	(6.43	)
Loss per common share diluted	$	(6.45	)	$	0.02	$	(6.43	)
	Year Ended December 31, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS	As Previously Reported			Revision Adjustment		As Revised
	($ in millions except per share data)
Net (income) loss attributable to noncontrolling interest	$	(50	)	$	118	$	68
Net income (loss) attributable to Chesapeake	$	(14,685	)	$	118	$	(14,567	)
Net income (loss) available to common stockholders	$	(14,856	)	$	118	$	(14,738	)
Loss per common share basic	$	(22.43	)	$	0.17	$	(22.26	)
Loss per common share diluted	$	(22.43	)	$	0.17	$	(22.26	)

	Year Ended December 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	As Previously Reported			Revision Adjustment		As Revised
	($ in millions except per share data)
Comprehensive (income) loss attributable to noncontrolling interests	$	(2	)	$	11	$	9
Comprehensive income (loss) attributable to Chesapeake	$	(4,398	)	$	11	$	(4,387	)
	Year Ended December 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	As Previously Reported			Revision Adjustment		As Revised
	($ in millions except per share data)
Comprehensive (income) loss attributable to noncontrolling interests	$	(50	)	$	118	$	68
Comprehensive income (loss) attributable to Chesapeake	$	(14,641	)	$	118	$	(14,523	)

	Year Ended December 31, 2016
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	As Previously Reported			Revision Adjustment			As Revised
	($ in millions except per share data)
Accumulated deficit	$	(17,603	)	$	129		$	(17,474	)
Noncontrolling interests	$	257		$	(129	)	$	128
	Year Ended December 31, 2015
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	As Previously Reported			Revision Adjustment			As Revised
	($ in millions except per share data)
Accumulated deficit	$	(13,202	)	$	118		$	(13,084	)
Noncontrolling interests	$	259		$	(118	)	$	141