Measurement of Fair Values
The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
Level 2 and level 3 instruments | Level 3 instruments | ||
|---|---|---|---|
Type | Valuation technique | Significant unobservable inputs | Inter-relationship between significant unobservable inputs and fair value measurement |
Financial instrument measured at fair value | |||
Interest rate swaps | Income approach − | Not applicable | Not applicable |
Commodity contracts | Income approach − | Not applicable | Not applicable |
Forward currency contracts | Income approach − | Not applicable | Not applicable |
Financial instrument not measured at fair value | |||
Loans to joint ventures and associates | Income approach − |
| The estimated fair value would increase (decrease) if:
|
Finance lease receivables | Income approach − |
| The estimated fair value would increase (decrease) if:
|
Loans and borrowings | Income approach − | Not applicable | Not applicable |
Other long-term debt | Income approach − | Not applicable | Not applicable |