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Valuations utilize significant unobservable inputs (level 3) when determining the fair value of energy assets. The significant level 3 inputs include: 

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Key assumptions used in the December 31, 2013 valuation process include: discount rates ranging from 15% to 16% (2012 – 12% to 15%), terminal capitalization multiples ranging from 8x to 12x (2012 – 7x to 8x), and an investment horizon of 10 years (2012 – 10 years). 

The following table presents the changes to the cost of the company’s energy assets: 

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The following table presents the changes to the accumulated fair value changes of the company’s transport and energy assets: 

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The following table presents the changes to the accumulated depreciation of the company’s transport and energy assets: 

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iv. Infrastructure – Sustainable Resources Sustainable resources assets represents timberlands and other agricultural land. 

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Property, plant and equipment within our sustainable resources operations are accounted for under the revaluation model and the most recent date of revaluation was December 31, 2013. 

