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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jan. 02, 2022
List Of Accounting Policies [Abstract] |
Disclosure of interests in subsidiaries | The Company’s principal subsidiaries, their jurisdiction of incorporation, and the Company’s percentage ownership share of each are as follows:
Subsidiary | Jurisdiction of incorporation | Ownership percentage
Gildan Activewear SRL | Barbados | 100 | %
Gildan Yarns, LLC | Delaware | 100 | %
Gildan USA Inc. | Delaware | 100 | %
Gildan Honduras Properties, S. de R.L. | Honduras | 100 | %
Frontier Yarns, Inc. | North Carolina | 100 | %
Gildan Apparel (Canada) LP | Ontario | 100 | %
Gildan Activewear (UK) Limited | United Kingdom | 100 | %
Gildan Activewear EU SRL | Belgium | 100 | %
Gildan Textiles de Sula, S. de R.L. | Honduras | 100 | %
G.A.B. Limited | Bangladesh | 100 | %
Gildan Activewear Honduras Textile Company, S. de R.L. | Honduras | 100 | %
Gildan Activewear (Eden) Inc. | North Carolina | 100 | %
Gildan Hosiery Rio Nance, S. de R.L. | Honduras | 100 | %
Gildan Mayan Textiles, S. de R.L. | Honduras | 100 | %
Gildan Charleston Inc. | Delaware | 100 | %
Gildan Activewear Dominican Republic Textile Company Inc. | Barbados | 100 | %
Gildan Honduras Trading, S. de R. L. | Honduras | 100 | %
Gildan Choloma Textiles, S. de R. L. | Honduras | 100 | %
Disclosure of detailed information about property, plant and equipment | The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives:
Asset | Useful life
Buildings and improvements | 5 to 40 years
Manufacturing equipment | 2 to 20 years
Other equipment | 3 to 10 years
ROPERTY, PLANT AND EQUIPMENT:
| Land | Buildings and improvements | Manufacturing equipment | Other equipment | Assets not yet utilized in operations | Total
2021
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 3, 2021 |  | $ | 123,549 |  |  | $ | 571,464 |  |  | $ | 1,070,612 |  |  | $ | 174,760 |  |  | $ | 16,156 |  |  | $ | 1,956,541 |
Additions |  | 3,519 |  |  | 4,008 |  |  | 44,381 |  |  | 5,914 |  |  | 73,679 |  |  | 131,501 |
Additions through business acquisitions |  | — |  |  | 13,397 |  |  | 50,817 |  |  | 92 |  |  | — |  |  | 64,306 |
Transfers |  | — |  |  | 4,579 |  |  | 8,320 |  |  | 276 |  |  | (13,175) |  |  | — |
Disposals(1) |  | — |  |  | (10,805) |  |  | (65,002) |  |  | (9,895) |  |  | — |  |  | (85,702) |
Balance, January 2, 2022 |  | $ | 127,068 |  |  | $ | 582,643 |  |  | $ | 1,109,128 |  |  | $ | 171,147 |  |  | $ | 76,660 |  |  | $ | 2,066,646 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |
Balance, January 3, 2021 |  | $ | — |  |  | $ | 230,088 |  |  | $ | 695,979 |  |  | $ | 133,674 |  |  | $ | — |  |  | $ | 1,059,741 |
Depreciation |  | — |  |  | 22,696 |  |  | 58,435 |  |  | 11,045 |  |  | — |  |  | 92,176 |
Disposals(1) |  | — |  |  | (7,813) |  |  | (54,426) |  |  | (8,139) |  |  | — |  |  | (70,378) |
Write-downs and impairments |  | — |  |  | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Balance, January 2, 2022 |  | $ | — |  |  | $ | 244,971 |  |  | $ | 699,988 |  |  | $ | 136,614 |  |  | $ | — |  |  | $ | 1,081,573 |
Carrying amount, January 2, 2022 |  | $ | 127,068 |  |  | $ | 337,672 |  |  | $ | 409,140 |  |  | $ | 34,533 |  |  | $ | 76,660 |  |  | $ | 985,073 |
| Land | Buildings and improvements | Manufacturing equipment | Other equipment | Assets not yet utilized in operations | Total
2020
Cost |  |  |  |  |  |  |  |  |  |
Balance, December 29, 2019 |  | $ | 120,478 |  |  | $ | 558,847 |  |  | $ | 1,149,837 |  |  | $ | 171,361 |  |  | $ | 37,670 |  |  | $ | 2,038,193 |
Additions |  | 3,812 |  |  | 8,549 |  |  | 10,826 |  |  | 5,657 |  |  | 13,794 |  |  | 42,638 |
Transfers |  | — |  |  | 5,506 |  |  | 28,441 |  |  | 1,361 |  |  | (35,308) |  |  | — |
Disposals(1) |  | (741) |  |  | (1,438) |  |  | (118,492) |  |  | (3,619) |  |  | — |  |  | (124,290) |
Balance, January 3, 2021 |  | $ | 123,549 |  |  | $ | 571,464 |  |  | $ | 1,070,612 |  |  | $ | 174,760 |  |  | $ | 16,156 |  |  | $ | 1,956,541 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |
Balance, December 29, 2019 |  | $ | — |  |  | $ | 205,834 |  |  | $ | 714,478 |  |  | $ | 122,901 |  |  | $ | — |  |  | $ | 1,043,213 |
Depreciation |  | — |  |  | 24,537 |  |  | 70,497 |  |  | 13,418 |  |  | — |  |  | 108,452 |
Disposals(1) |  | — |  |  | (304) |  |  | (94,883) |  |  | (2,750) |  |  | — |  |  | (97,937) |
Write-downs and impairments |  | — |  |  | 21 |  |  | 5,887 |  |  | 105 |  |  | — |  |  | 6,013 |
Balance, January 3, 2021 |  | $ | — |  |  | $ | 230,088 |  |  | $ | 695,979 |  |  | $ | 133,674 |  |  | $ | — |  |  | $ | 1,059,741 |
Carrying amount, January 3, 2021 |  | $ | 123,549 |  |  | $ | 341,376 |  |  | $ | 374,633 |  |  | $ | 41,086 |  |  | $ | 16,156 |  |  | $ | 896,800 |
DEPRECIATION AND AMORTIZATION:
| 2021 |  | 2020
Depreciation of property, plant and equipment (note 9) | $ | 92,176 |  |  | $ | 108,452 |
Depreciation of right-of-use assets (note 10) | 13,973 |  |  | 14,656 |
Adjustment for the variation of depreciation included in inventories at the beginning and end of the year | 11,177 |  |  | 3,676 |
Amortization of intangible assets, excluding software (note 11) | 12,818 |  |  | 14,302 |
Amortization of software (note 11) | 5,258 |  |  | 6,104 |
Depreciation and amortization included in net earnings | $ | 135,402 |  |  | $ | 147,190 |
Disclosure of detailed information about intangible assets | Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives:
Asset | Useful life
Customer contracts and customer relationships | 7 to 20 years
License agreements | 3 to 10 years
Computer software | 4 to 7 years
Trademarks with a finite life | 5 years
Non-compete agreements | 2 years
Intangible assets:
2021 | Customer contracts and customer relationships | Trademarks | License agreements | Computer software | Non-compete agreements | Total
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 3, 2021 |  | $ | 224,489 |  |  | $ | 226,172 |  |  | $ | 72,796 |  |  | $ | 64,295 |  |  | $ | 1,790 |  |  | $ | 589,542 |
Additions |  | — |  |  | — |  |  | — |  |  | 3,635 |  |  | — |  |  | 3,635 |
Disposals |  | — |  |  | — |  |  | — |  |  | (773) |  |  | — |  |  | (773) |
Balance, January 2, 2022 |  | $ | 224,489 |  |  | $ | 226,172 |  |  | $ | 72,796 |  |  | $ | 67,157 |  |  | $ | 1,790 |  |  | $ | 592,404 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |
Balance, January 3, 2021 |  | $ | 142,131 |  |  | $ | 46,351 |  |  | $ | 64,347 |  |  | $ | 45,022 |  |  | $ | 1,790 |  |  | $ | 299,641 |
Amortization |  | 9,944 |  |  | 292 |  |  | 2,582 |  |  | 5,258 |  |  | — |  |  | 18,076 |
Disposals |  | — |  |  | — |  |  | — |  |  | (484) |  |  | — |  |  | (484) |
(Impairment reversal, net of write-downs) |  | (3,943) |  |  | (27,516) |  |  | — |  |  | — |  |  | — |  |  | (31,459) |
Balance, January 2, 2022 |  | $ | 148,132 |  |  | $ | 19,127 |  |  | $ | 66,929 |  |  | $ | 49,796 |  |  | $ | 1,790 |  |  | $ | 285,774 |
Carrying amount, January 2, 2022 |  | $ | 76,357 |  |  | $ | 207,045 |  |  | $ | 5,867 |  |  | $ | 17,361 |  |  | $ | — |  |  | $ | 306,630 |
2020 | Customer contracts and customer relationships | Trademarks | License agreements | Computer software | Non-compete agreements | Total
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 29, 2019 |  | $ | 224,489 |  |  | $ | 226,172 |  |  | $ | 72,750 |  |  | $ | 69,123 |  |  | $ | 1,790 |  |  | $ | 594,324 |
Additions |  | — |  |  | — |  |  | 46 |  |  | 3,113 |  |  | — |  |  | 3,159 |
Disposals |  | — |  |  | — |  |  | — |  |  | (7,941) |  |  | — |  |  | (7,941) |
Balance, January 3, 2021 |  | $ | 224,489 |  |  | $ | 226,172 |  |  | $ | 72,796 |  |  | $ | 64,295 |  |  | $ | 1,790 |  |  | $ | 589,542 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |
Balance, December 29, 2019 |  | $ | 101,844 |  |  | $ | 2,508 |  |  | $ | 61,415 |  |  | $ | 42,903 |  |  | $ | 1,790 |  |  | $ | 210,460 |
Amortization |  | 10,670 |  |  | 700 |  |  | 2,932 |  |  | 6,104 |  |  | — |  |  | 20,406 |
Disposals |  | — |  |  | — |  |  | — |  |  | (3,985) |  |  | — |  |  | (3,985) |
Write-downs and impairments |  | 29,617 |  |  | 43,143 |  |  | — |  |  | — |  |  | — |  |  | 72,760 |
Balance, January 3, 2021 |  | $ | 142,131 |  |  | $ | 46,351 |  |  | $ | 64,347 |  |  | $ | 45,022 |  |  | $ | 1,790 |  |  | $ | 299,641 |
Carrying amount, January 3, 2021 |  | $ | 82,358 |  |  | $ | 179,821 |  |  | $ | 8,449 |  |  | $ | 19,273 |  |  | $ | — |  |  | $ | 289,901 |
DEPRECIATION AND AMORTIZATION:
| 2021 |  | 2020
Depreciation of property, plant and equipment (note 9) | $ | 92,176 |  |  | $ | 108,452 |
Depreciation of right-of-use assets (note 10) | 13,973 |  |  | 14,656 |
Adjustment for the variation of depreciation included in inventories at the beginning and end of the year | 11,177 |  |  | 3,676 |
Amortization of intangible assets, excluding software (note 11) | 12,818 |  |  | 14,302 |
Amortization of software (note 11) | 5,258 |  |  | 6,104 |
Depreciation and amortization included in net earnings | $ | 135,402 |  |  | $ | 147,190 |

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