Economic hedges Embedded derivatives Classification of financial instruments Financial assets and liabilities at fair value through profit and loss are those interest rate swaps that are not designated in hedge  relationships. On May 3, 2012, the Company entered into an interest rate swap to exchange floating 3-month LIBOR for a fixed rate on its term loan credit  facility, with an embedded floor of 1.5% for a fixed rate of 1.997% on a notional amount of $100.0 million for the period of April 4, 2014 until April 4, 2016. On a quarterly basis starting in 2014, the Canadian company will pay the fixed swap rate and receive the floating 3-month  LIBOR rate (but no less than 1.5%), effectively fixing the rate at 1.997%. As described in  note 13 , the Company’s long-term debt facility bears interest at LIBOR plus 3.5%, with a LIBOR floor of 1.25%. This interest  rate floor represents an embedded interest rate derivative that requires bifurcation, where the bifurcated amount is carried at fair value  with changes going through profit or loss. The fair value of the embedded derivative at December 28, 2013, was $4.6 million (December 29,  2012: nominal) with the change in value recorded in finance costs. The following table identifies all of the Company’s financial instruments and their carrying values recorded at the balance sheet date and  their fair values at that time. The carrying values of the Company’s loans and receivables (which only include trade receivables)  approximate fair value due to the short-term to maturity of these financial instruments. Financial liabilities carried at amortized cost are  shown using the EIR method. Items accounted as hedges represent fair value of the Company’s foreign exchange contracts as well as the  fair value of its interest rate swap on its long-term debt. Financial Financial  assets at  liabilities at   fair value fair value  Financial  through through  liabilities at  Items  Total  (Amounts in $000s) profit and profit and  Accounts  amortized  accounted  carrying  As at December 28, 2013 loss   loss  receivable  cost  for as hedges  amount Cash  $ 1,206 $ — $ — $ — $ — $ 1,206 Accounts receivable  — — 91,334 — — 91,334 Other financial assets  — — — — 1,524 1,524 Bank loans  — — — 97,227 — 97,227 Accounts payable and accrued liabilities  — — — 103,215 — 103,215 Provisions — — — 240 — 240 Other current financial liabilities  — — — — 459 459 Other long-term financial liabilities  — 833 — 4,576 188 5,597 Other long-term liabilities  — — — 1,044 — 1,044 Long-term debt  — — — 226,929 — 226,929 As at December 29, 2012 Cash $ 65 $ — $ — $ — $ — $ 65 Accounts receivable — — 73,947 — — 73,947 Other financial assets — — — — 533 533 Bank loans — — — 59,704 — 59,704 Accounts payable and accrued liabilities  —  —  —  101,441  —  101,441 Provisions — — — 1,614 — 1,614 Other current financial liabilities  —  —  —  —  550  550 Current portion of long-term debt  —  —  —  34,237  —  34,237 Other long-term financial liabilities  —  718  —  —  412  1,130 Other long-term liabilities — — — 1,532 — 1,532 Long-term debt — — — 213,359 — 213,359 ANNUAL REPORT 2013 95