FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [text block]

Hedging components of other comprehensive income (“OCI”):



	2017			2016

Net gain (loss) on derivatives designated as cash flow hedges:
Foreign currency risk	$	(6,076	)	$	161
Commodity price risk	11,087			33,963
Interest rate risk	425			11,678

Income taxes	60			(3		)

Amounts reclassified from OCI to inventory, related to commodity price risk	(33,294		)	(4,356		)

Amounts reclassified from OCI to net earnings, related to foreign currency risk, and included in:
Net sales	1,626			19
Cost of sales	(1,042		)	—
Selling, general and administrative expenses	(2,087		)	(668		)
Financial expenses, net ⁽¹⁾	2,234			(1,295		)
Income taxes	(4		)	19
Cash flow hedging (loss) gain	$	(27,071	)	$	39,518

(1) The amount reclassified from OCI to net earnings related to interest rate risk was not significant for the year ended December 31, 2017.

Disclosure of detailed information about financial instruments

The carrying amounts and fair values of financial assets and liabilities included in the consolidated statements of financial position are as follows:



	December 31, 2017		January 1, 2017


Financial assets
Amortized cost:
Cash and cash equivalents	$	52,795	$	38,197
Trade accounts receivable	243,365		277,733
Financial assets included in prepaid expenses, deposits and other current assets	28,711		22,722
Long-term non-trade receivables included in other non-current assets	2,781		476
Derivative financial instruments designated as effective hedging instruments included in prepaid expenses, deposits and other current assets	15,688		32,572
Derivative financial instruments included in prepaid expenses, deposits and other current assets - total return swap	1,232		—

Financial liabilities
Amortized cost:
Accounts payable and accrued liabilities	$	255,832	$	231,927
Long-term debt - bearing interest at variable rates	430,000		400,000
Long-term debt - bearing interest at fixed rates ⁽¹⁾	200,000		200,000
Derivative financial instruments designated as effective hedging instruments included in accounts payable and accrued liabilities	2,644		1,515
Derivative financial instruments included in accounts payable and accrued liabilities - total return swap	—		620

(1) The fair value of the long-term debt bearing interest at fixed rates was $197.6 million as at December 31, 2017 (January 1, 2017 - $192.5 million).

Disclosure of detailed information about hedging instruments

The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding as at December 31, 2017:



								Carrying and fair value
	Notional							Prepaid expenses,
	amount of				Fixed		Floating	deposits and other
	borrowings		Maturity date	Pay / Receive	rate		rate	current assets
Cash flow hedges:
	$	150,000	June 17, 2021	Pay fixed rate / receive floating rate	0.96	%	US LIBOR		$	5,617
	50,000		August 25, 2023	Pay fixed rate / receive floating rate	1.18	%	US LIBOR		2,787
	50,000		August 25, 2026	Pay fixed rate / receive floating rate	1.34	%	US LIBOR		3,750
	$	250,000							$	12,154

The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 31, 2017:



									Carrying and fair value							Maturity
		Notional							Prepaid			Accounts
		foreign							expenses,			payable
		currency		Average		Notional			deposits and			and
		amount		exchange		U.S. $			other current			accrued				0 to 12
		equivalent		rate		equivalent			assets			liabilities				months
Cash flow hedges:
Forward foreign exchange contracts:
	Sell GBP/Buy USD		28,290		1.3207		$	37,363		$	—		$	(859	)	$	(859	)
	Sell EUR/Buy USD		31,625		1.1866		37,526			64			(687		)	(623		)
	Sell CAD/Buy USD		45,596		0.7845		35,768			62			(629		)	(567		)
	Buy CAD/Sell USD		52,425		0.7747		40,613			1,189			(26		)	1,163
	Sell AUD/Buy USD		7,542		0.7608		5,738			6			(142		)	(136		)
	Buy MXN/Sell USD		145,025		0.0515		7,472			—			(280		)	(280		)
	Sell MXN/Buy USD		19,040		0.0491		935			—			(21		)	(21		)
							$	165,415		$	1,321		$	(2,644	)	$	(1,323	)

The following table summarizes the Company's commodity contracts outstanding as at December 31, 2017:

Carrying and fair value

Maturity

Prepaid expenses,

deposits and other

0 to 12

Type of commodity

Notional amount

current assets

months

Cash flow hedges:

Forward contracts

Cotton

20,232 pounds

507

Swap and collar contracts

Energy

144 barrels

1,706

2,213

Disclosure of detailed information about financial expenses, net

Financial expenses, net:



	2017			2016

Interest expense on financial liabilities recorded at amortized cost⁽¹⁾	$	17,126		$	12,568
Bank and other financial charges	8,025			6,348
Interest accretion on discounted provisions	311			336
Foreign exchange (gain) loss	(1,276		)	434
	$	24,186		$	19,686

(1) Net of capitalized borrowing costs of $1.2 million (2016 - $0.2 million).

Disclosure of detailed information about hedged items [text block]

The following table summarizes the Company’s hedged items as at December 31, 2017:



							Change in
		Carrying amount of					value used for			Cash flow
			the hedged item				calculating hedge			hedge reserve
			Assets		Liabilities		ineffectiveness			(AOCI)
Cash flow hedges:

Foreign currency risk:
	Forecast sales		$	—	$	—	$	1,658		$	(1,658	)
	Forecast expenses		—		—		(883		)	883

Commodity risk:
	Forecast purchases		—		—		(2,213		)	2,213

Interest rate risk:
	Forecast interest payments		—		—		(12,102		)	12,102
			$	—	$	—	$	(13,540	)	$	13,540