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## Notes to consolidated financial statements 

September 27, 2014 and September 28, 2013 

(Millions of dollars, unless otherwise indicated) 

## 30. FINANCIAL  INSTRUMENTS 

## F AIR VALUE 

The financial instruments' book and fair values were as follows: 

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The event after the reporting period is not taken into consideration in the above table (see note 31). 

The foreign exchange forward contracts, classified as “Financial assets or liabilities at fair value through net earnings”, are not shown in the above table, as they are insignificant in value. 

The fair value of loans to certain customers, revolving credit facility and loans payable is equivalent to their carrying value since their interest rates are comparable to market rates. The Corporation categorized the fair value measurement in Level 2, as it is derived from observable market inputs. 

The fair value of notes represents the obligations that the Corporation would have to meet in the event of the negotiation of similar notes under current market conditions. The Corporation categorized the fair value measurement in Level 2, as it is derived from observable market inputs. 

The fair value of the non-controlling interest-related liability is equivalent to the estimated price to be paid which is based mainly on the discounted value of the projected future earnings of Adonis, Phoenicia and Première Moisson at the date the options will become exercisable. The Corporation categorized the fair value measurement in Level 3, as it is derived from data that is not observable. The projected future earnings of these entities are measured again at each period using a strategic development plan with a weighted annual growth rate of 9.6 % as at September 27, 2014 . A  1% increase in these earnings would result in a $2.1 increase in the fair value of the non-controlling interest-related liability . 

The changes of the non-controlling interest-related liability were as follows: 

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