value Level 3 fair values for the financial assets and liabilities are estimated using unobservable inputs. (v) Interest rates used to determine fair value The interest rates used to discount estimated cash flows, when applicable, ranging between 0.1% to 8.0% (2022: 0.1% to 8.0%). Although the Group and the Company believe that their estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. The favourable and unfavourable effects of using reasonably possible alternative assumptions have been calculated by recalibrating the model values using expected cash flows and risk-adjusted discount rates based on the probability weighted average of the Group’s and of the Company’s ranges of possible outcomes. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHADIntegrated Annual Report 2023 336 45 FINANCIAL INSTRUMENTS (CONTINUED) (c) Offsetting of financial assets and financial liabilities The following financial assets and financial liabilities are subject to offsetting arrangements based on Group policies and procedures: Group Company Gross amounts recognised RM’million Gross amounts set-off in the SOFP RM’million Net amounts presented in the SOFP RM’million Gross amounts recognised RM’million Gross amounts set-off in the SOFP RM’million Net amounts presented in the SOFP RM’million Financial assets 2023 Amounts due from associates 388.3 0 388.3 5.2 0 5.2 Amounts due from subsidiaries 0 0 0 11,033.6 (3,056.0) 7,977.6 Amounts due from joint ventures 22.7 0 22.7 0 0 0 2022 Amounts due from associates 659.1 0 659.1 5.6 0 5.6 Amounts due from subsidiaries 0 0 0 12,701.0 (2,684.1) 10,016.9 Amounts due from joint ventures 44.6 0 44.6 0 0 0 Financial liabilities 2023 Amounts due to associates (579.7) 0 (579.7) (568.8) 0 (568.8) Amounts due to subsidiaries 0 0 0 (10,000.0) 3,056.0 (6,944.0) 2022 Amounts due to associates (777.6) 0 (777.6) (765.9) 0 (765.9) Amounts due to subsidiaries 0 0 0 (9,393.2) 2,684.1 (6,709.1) 46