328 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 39. Fair value measurement (a) Fair value hierarchy The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities. Fair value measurement using Quoted prices in active market Significant observable inputs Significant unobservable inputs Level 1 Level 2 Level 3 Total RM million RM million RM million RM million At 31 January 2022 Non-financial asset: Investment properties - - 15 15 Financial asset: Other investments - 14 - 14 Financial liability: Interest rate swaps - 23 - 23 At 31 January 2021 Non-financial asset: Investment properties - - 15 15 Financial asset: Other investments - 229 - 229 Financial liability: Interest rate swaps - 225 - 225 The Group and the Company classify fair value measurement using the fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. There were no transfers between Levels 1 and 2 and between Levels 2 and 3 during the current financial year. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group and the Company use a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used to estimate fair value for long-term debt for disclosure purposes. Other techniques, such as estimated discounted cash flows, are used to determine the fair value for the remaining financial instruments.
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