FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 30, 2018

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”):



	2018			2017

Net gain (loss) on derivatives designated as cash flow hedges:
Foreign currency risk	$	6,740		$	(6,076	)
Commodity price risk	698			11,087
Interest rate risk	102			425

Income taxes	(67		)	60

Amounts reclassified from OCI to inventory, related to commodity price risk	(13,303		)	(33,294		)

Amounts reclassified from OCI to net earnings, related to foreign currency risk, and included in:
Net sales	(1,864		)	1,626
Cost of sales	(307		)	(1,042		)
Selling, general and administrative expenses	51			(2,087		)
Financial expenses, net	(2,224		)	2,234
Income taxes	16			(4		)
Cash flow hedging loss	$	(10,158	)	$	(27,071	)

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 30, 2018		December 31, 2017


Financial assets
Amortized cost:
Cash and cash equivalents	$	46,657	$	52,795
Trade accounts receivable	317,159		243,365
Financial assets included in prepaid expenses, deposits and other current assets	39,789		28,711
Long-term non-trade receivables included in other non-current assets	2,771		2,781
Derivative financial assets included in prepaid expenses, deposits and other current assets	17,792		16,920

Financial liabilities
Amortized cost:
Accounts payable and accrued liabilities ⁽¹⁾	$	332,543	$	255,832
Long-term debt - bearing interest at variable rates	469,000		430,000
Long-term debt - bearing interest at fixed rates ⁽²⁾	200,000		200,000
Derivative financial liabilities included in accounts payable and accrued liabilities	14,442		2,644

(1) Accounts payable and accrued liabilities include balances payable of $33.0 million (December 31, 2017 - nil) under supply-chain financing arrangements (reverse factoring) with a financial institution, whereby receivables due from the Company to certain suppliers can be collected by the suppliers from a financial institution before their original due date. These balances are classified as accounts payable and accrued liabilities and the related payments as cash flows from operating activities, given the principal business purpose of the arrangement is to provide funding to the supplier and not the Company, the arrangement does not significantly extend the payment terms beyond the normal terms agreed with other suppliers, and no additional deferral or special guarantees to secure the payments are included in the arrangement.

(2) The fair value of the long-term debt bearing interest at fixed rates was $189.5 million as at December 30, 2018 (December 31, 2017 - $197.6 million).

Disclosure of detailed information about hedging instruments

The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 30, 2018:



									Carrying and fair value							Maturity
		Notional foreign		Average		Notional			Prepaid expenses,			Accounts
		currency amount		exchange		U.S. $			deposits and other			payable and				0 to 12
		equivalent		rate		equivalent			current assets			accrued liabilities				months
Cash flow hedges:
Forward foreign exchange contracts:
	Sell GBP/Buy USD		28,510		1.3224		$	37,703		$	1,366		$	—		$	1,366
	Sell EUR/Buy USD		31,578		1.1892		37,551			1,004			(19		)	985
	Sell CAD/Buy USD		33,114		0.7784		25,776			1,369			—			1,369
	Buy CAD/Sell USD		62,921		0.7583		47,712			—			(1,180		)	(1,180		)
	Sell AUD/Buy USD		7,941		0.7304		5,800			198			—			198
	Buy MXN/Sell USD		79,275		0.0475		3,766			162			—			162
							$	158,308		$	4,099		$	(1,199	)	$	2,900

The following table summarizes the Company's commodity contracts outstanding as at December 30, 2018:



			Carrying and fair value								Maturity
				Prepaid expenses,			Accounts
	Type of			deposits and other			payable and				0 to 12
	commodity	Notional amount ⁽¹⁾		current assets			accrued liabilities				months
Cash flow hedges:

Forward contracts	Cotton	76.0 million pounds			$	336		$	(3,173	)	$	(2,837	)
Swap contracts	Synthetic fibres	147.7 million pounds			—			(5,516		)	(5,516		)
Swap & option contracts	Energy	290,000 barrels			145			(2,469		)	(2,324		)
					$	481		$	(11,158	)	$	(10,677	)

(1) Notional amounts are not in thousands.

The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding as at December 30, 2018:



								Carrying and fair value
	Notional							Prepaid expenses,			Accounts
	amount of		Maturity		Fixed		Floating	deposits and other			payable and
	borrowings		date	Pay / Receive	rate		rate	current assets			accrued liabilities
Cash flow hedges:
	$	150,000	June 17, 2021	Pay fixed rate / receive floating rate	0.96	%	US LIBOR		$	5,500		$	—
	75,000		April 30, 2023	Pay fixed rate / receive floating rate	2.85	%	US LIBOR		—			(521		)
	50,000		August 25, 2023	Pay fixed rate / receive floating rate	1.18	%	US LIBOR		3,070			—
	50,000		August 25, 2026	Pay fixed rate / receive floating rate	1.34	%	US LIBOR		4,382			—
									$	12,952		$	(521	)

Disclosure of detailed information about financial expenses, net

Financial expenses, net:



	2018			2017

Interest expense on financial liabilities recorded at amortized cost⁽¹⁾	$	24,757		$	17,126
Bank and other financial charges	7,472			8,025
Interest accretion on discounted provisions	299			311
Foreign exchange gain	(1,483		)	(1,276		)
	$	31,045		$	24,186

(1) Net of capitalized borrowing costs of $0.7 million (2017 - $1.2 million).

Disclosure of detailed information about hedged items [text block]

The following table summarizes the Company’s hedged items as at December 30, 2018:



							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		$	—	$	—	$	2,752		$	(2,752	)
	Forecast expenses		—		—		(897		)	897

Commodity risk:
	Forecast purchases		—		—		(10,677		)	10,677

Interest rate risk:
	Forecast interest payments		—		—		12,204			(12,204		)
			$	—	$	—	$	3,382		$	(3,382	)