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C » Topics » Fair Value Hierarchy

This excerpt taken from the C 10-Q filed Nov 5, 2007.

Fair Value Hierarchy

        Statement 157 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. In accordance with SFAS 157, these two types of inputs have created the following fair value hierarchy:

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    Level 1—Quoted prices for identical instruments in active markets.

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    Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

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    Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable.

        This hierarchy requires the use of observable market data when available.

"Fair Value Hierarchy" elsewhere:

CIT Group Inc (CIT)
Greenhill (GHL)
Bank of Ireland (IRE)
Nomura Holdings (NMR)
The Travelers Companies (TRV)
Waddell & Reed Financial (WDR)
Bank of America (BAC)
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