EXPAND ENERGY Corp Fair Value Disclosure
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 December 31, 2019 | ||||||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||
Other current assets | $ | 42 | $ | — | $ | — | $ | 42 | ||||||||
Other current liabilities | (43 | ) | — | — | (43 | ) | ||||||||||
Total | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||
As of December 31, 2018 | ||||||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||
Other current assets | $ | 50 | $ | — | $ | — | $ | 50 | ||||||||
Other current liabilities | (51 | ) | — | — | (51 | ) | ||||||||||
Total | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2019 | Feb 27, 2020 | Showing above |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Mar 3, 2017 | |
| 2015 | Feb 25, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.