HP 2013 Annual Report Download - page 120
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 8: Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a
liability (an exit price) in an orderly transaction between market participants at the measurement date.
Fair Value Hierarchy
Valuation techniques used by HP are based upon observable and unobservable inputs. Observable
or market inputs reflect market data obtained from independent sources, while unobservable inputs
reflect HP’s assumptions about market participant assumptions based on the best information available.
Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is
significant to the fair value measurement:
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Quoted prices in active markets for similar assets or liabilities, quoted prices for identical
or similar assets or liabilities in markets that are not active, and model-based valuation techniques for
which all significant assumptions are observable in the market or can be corroborated by observable
market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs for the asset or liability.
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to
unobservable inputs.
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