bold spirit - ArcelorMittal South Africa
bold spirit - ArcelorMittal South Africa
bold spirit - ArcelorMittal South Africa
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174<br />
<strong>ArcelorMittal</strong> <strong>South</strong> <strong>Africa</strong><br />
Annual Report 2010<br />
26. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued<br />
26.2 Financial instruments carried at fair value<br />
For financial instruments that are measured at fair value in the statement of financial position, the table below<br />
provides an analysis of their grouping based on the degree to which fair value is objectively observable.<br />
Levels 1 and 3 are applicable to the group and company.<br />
• Level 1: fair value measurements are those derived from unadjusted quoted prices in active markets for<br />
identical assets or liabilities.<br />
• Level 3: fair value measurements are those derived from valuation techniques that include inputs for<br />
one or more significant inputs for the asset or liability valuation that are not based on observable data<br />
(unobservable inputs).<br />
There were no transfers during the reporting period between Levels 1 and 3.<br />
Level 1 Level 3 Total<br />
Group<br />
For the year ended 31 December 2010<br />
Financial assets measured at fair value<br />
Financial assets at FVTPL<br />
• Bifurcated embedded derivatives 251 251<br />
Available-for-sale financial assets 69 69<br />
Total 69 251 320<br />
Group<br />
For the year ended 31 December 2009<br />
Financial assets measured at fair value<br />
Financial assets at FVTPL<br />
• Bifurcated embedded derivatives 233 233<br />
Available-for-sale financial assets 37 37<br />
Total 37 233 270<br />
Financial liabilities measured at fair value<br />
Derivative instruments in designated hedge accounting relationships<br />
• Matured yet unsettled (3) (3)<br />
Total (3) (3)<br />
Net financial assets measured at fair value 34 233 267<br />
Company<br />
For the year ended 31 December 2010<br />
Financial assets measured at fair value<br />
Financial assets at FVTPL<br />
• Bifurcated embedded derivatives 251 251<br />
Total 251 251<br />
Company<br />
For the year ended 31 December 2009<br />
Financial assets measured at fair value<br />
Financial assets at FVTPL<br />
• Bifurcated embedded derivatives 233 233<br />
Total 233 233<br />
Financial liabilities measured at fair value<br />
Derivative instruments in designated hedge accounting relationships (2) (2)<br />
Total (2) (2)<br />
Net financial (liabilities)/assets measured at fair value (2) 233 231<br />
Except as detailed in the table below, the carrying amounts of those financial assets and financial liabilities<br />
recorded at amortised cost in the statement of financial position approximate their fair values.
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