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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Jan. 02, 2022
Financial Instruments [Abstract] |
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:
| January 2, 2022 |  | January 3, 2021
Financial assets |  |  |
Amortized cost: |  |  |
Cash and cash equivalents | $ | 179,246 |  |  | $ | 505,264 |
Trade accounts receivable | 329,967 |  |  | 196,480 |
Financial assets included in prepaid expenses, deposits and other current assets | 69,995 |  |  | 88,781 |
Long-term non-trade receivables included in other non-current assets | 390 |  |  | 1,435 |
Derivative financial assets included in prepaid expenses, deposits and other current assets | 62,758 |  |  | 4,947 |
Financial liabilities |  |  |
Amortized cost: |  |  |
Accounts payable and accrued liabilities (1) | $ | 436,073 |  |  | $ | 326,069 |
Long-term debt - bearing interest at variable rates | 400,000 |  |  | 800,000 |
Long-term debt - bearing interest at fixed rates (2) | 200,000 |  |  | 200,000 |
Derivative financial liabilities included in accounts payable and accrued liabilities | 4,328 |  |  | 17,653 |
1) Accounts payable and accrued liabilities include $18.1 million (January 3, 2021 - $27.6 million) 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. Accounts payable and accrued liabilities also include balances payable of $48.8 million (January 3, 2021 - $20.0 million) resulting mainly from a one-week timing difference between the collection of sold receivables and the weekly remittance to our bank counterparty under our receivables purchase agreement that is disclosed in note 7 to these consolidated financial statements. 2) The fair value of the long-term debt bearing interest at fixed rates was $212.2 million as at January 2, 2022 (January 3, 2021 - $221.3 million).
Disclosure of detailed information about hedging instruments | The following table summarizes the Company’s commitments to buy and sell foreign currencies (cash flow hedges) as at January 2, 2022:
|  |  |  |  |  |  | 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
Forward foreign exchange contracts: |  |  |  |  |  |  |  |  |  |
| Sell GBP/Buy USD |  | 26,752 |  |  | 1.3769 |  |  | $ | 36,834 |  |  | $ | 808 |  |  | $ | (54) |  |  | $ | 754 |
| Sell EUR/Buy USD |  | 29,390 |  |  | 1.1916 |  |  | 35,020 |  |  | 1,592 |  |  | — |  |  | 1,592 |
| Sell CAD/Buy USD |  | 39,274 |  |  | 0.8015 |  |  | 31,478 |  |  | 665 |  |  | — |  |  | 665 |
| Buy CAD/Sell USD |  | 31,016 |  |  | 0.7840 |  |  | 24,316 |  |  | 92 |  |  | (88) |  |  | 4 |
| Sell AUD/Buy USD |  | 8,885 |  |  | 0.7427 |  |  | 6,599 |  |  | 161 |  |  | (13) |  |  | 148 |
| Sell MXN/Buy USD |  | 151,791 |  |  | 0.0480 |  |  | 7,279 |  |  | 39 |  |  | (11) |  |  | 28 |
|  |  |  |  |  |  | $ | 141,526 |  |  | $ | 3,357 |  |  | $ | (166) |  |  | $ | 3,191 |
The following table summarizes the Company’s commitments to buy and sell foreign currencies (cash flow hedges) as at January 3, 2021:
|  |  |  |  |  |  | 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
Forward foreign exchange contracts: |  |  |  |  |  |  |  |  |  |
| Sell GBP/Buy USD |  | 33,069 |  |  | 1.3090 |  |  | $ | 43,287 |  |  | $ | — |  |  | $ | (1,784) |  |  | $ | (1,784) |
| Sell EUR/Buy USD |  | 33,571 |  |  | 1.1816 |  |  | 39,668 |  |  | — |  |  | (1,736) |  |  | (1,736) |
| Sell CAD/Buy USD |  | 45,591 |  |  | 0.7594 |  |  | 34,623 |  |  | — |  |  | (1,111) |  |  | (1,111) |
| Buy CAD/Sell USD |  | 21,669 |  |  | 0.7077 |  |  | 15,336 |  |  | 1,626 |  |  | — |  |  | 1,626 |
| Sell AUD/Buy USD |  | 7,387 |  |  | 0.7218 |  |  | 5,332 |  |  | — |  |  | (346) |  |  | (346) |
| Sell MXN/Buy USD |  | 168,727 |  |  | 0.0455 |  |  | 7,683 |  |  | 28 |  |  | (693) |  |  | (665) |
|  |  |  |  |  |  | $ | 145,929 |  |  | $ | 1,654 |  |  | $ | (5,670) |  |  | $ | (4,016) |
The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at January 2, 2022:
|  |  |  | 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
Forward contracts | Cotton | 251.0 million pounds |  |  | $ | 56,419 |  |  | $ | — |  |  | $ | 56,419 |
Swap & option contracts | Energy | 5.7 million gallons |  |  | 1,660 |  |  | (102) |  |  | 1,558 |
|  |  |  |  |  | $ | 58,079 |  |  | $ | (102) |  |  | $ | 57,977 |
(1) Notional amounts are not in thousands. The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at January 3, 2021:
|  |  |  | 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
Forward contracts | Cotton | 16.2 million pounds |  |  | $ | 1,582 |  |  | $ | — |  |  | $ | 1,582 |
Swap contracts | Synthetic fibres | 3.9 million pounds |  |  | — |  |  | (781) |  |  | (781) |
Swap & option contracts | Energy | 6.4 million gallons |  |  | 1,300 |  |  | (258) |  |  | 1,042 |
|  |  |  |  |  | $ | 2,882 |  |  | $ | (1,039) |  |  | $ | 1,843 |
(1) Notional amounts are not in thousands. The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding (cash flow hedges) as at January 2, 2022:
|  |  |  |  |  | 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
Term Loan(1) |  |  |  |  |  |  |  |
| $ | 75,000 |  | April 30, 2023 | Pay fixed rate / receive floating rate | 2.85 | % | US LIBOR |  | $ | — |  |  | $ | (2,272) |
| 50,000 |  | April 30, 2024 | Pay fixed rate / receive floating rate | 1.51 | % | US LIBOR |  | 32 |  |  | (744) |
| 25,000 |  | April 30, 2025 | Pay fixed rate / receive floating rate | 1.06 | % | US LIBOR |  | 167 |  |  | (154) |
| 50,000 |  | April 30, 2025 | Pay fixed rate / receive floating rate | 0.78 | % | US LIBOR |  | 624 |  |  | — |
| 25,000 |  | June 30, 2026 | Pay fixed rate / receive floating rate | 1.59 | % | US LIBOR |  | — |  |  | (22) |
| 25,000 |  | June 30, 2026 | Pay fixed rate / receive floating rate | 1.23 | % | US LIBOR |  | 171 |  |  | — |
Unsecured Notes |  |  |  |  |  |  |  |
| 50,000 |  | August 25, 2023 | Pay fixed rate / receive floating rate | 1.18 | % | US LIBOR |  | — |  |  | (380) |
| 50,000 |  | August 25, 2026 | Pay fixed rate / receive floating rate | 1.34 | % | US LIBOR |  | 328 |  |  | (454) |
|  |  |  |  |  |  | $ | 1,322 |  |  | $ | (4,026) |
(1) The notional amounts for the interest rate swap contracts maturing in 2025 and 2026 are extensions to the $100 million interest rate swap contracts originally entered into related to the $300 million term loan. 15. FINANCIAL INSTRUMENTS (continued): (b)Derivative financial instruments - hedge accounting (continued): The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding (cash flow hedges) as at January 3, 2021:
|  |  |  |  |  | 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
Term Loan(1) |  |  |  |  |  |  |  |
| $ | 150,000 |  | June 17, 2021 | Pay fixed rate / receive floating rate | 0.96 | % | US LIBOR |  | $ | — |  |  | $ | (630) |
| 25,000 |  | April 6, 2022 | Pay fixed rate / receive floating rate | 0.27 | % | US LIBOR |  | — |  |  | (48) |
| 75,000 |  | April 30, 2023 | Pay fixed rate / receive floating rate | 2.85 | % | US LIBOR |  | — |  |  | (3,800) |
| 50,000 |  | April 30, 2024 | Pay fixed rate / receive floating rate | 1.51 | % | US LIBOR |  | — |  |  | (1,886) |
| 25,000 |  | April 30, 2025 | Pay fixed rate / receive floating rate | 1.06 | % | US LIBOR |  | — |  |  | (755) |
| 25,000 |  | May 30, 2025 | Pay fixed rate / receive floating rate | 0.47 | % | US LIBOR |  | — |  |  | (30) |
Unsecured Notes |  |  |  |  |  |  |  |
| 50,000 |  | August 25, 2023 | Pay fixed rate / receive floating rate | 1.18 | % | US LIBOR |  | — |  |  | (1,330) |
| 50,000 |  | August 25, 2026 | Pay fixed rate / receive floating rate | 1.34 | % | US LIBOR |  | — |  |  | (2,465) |
|  |  |  |  |  |  | $ | — |  |  | $ | (10,944) |
(1) The notional amounts for the interest rate swap contracts maturing in 2023, 2024, and 2025 were extensions to the $150 million interest rate swap contracts originally entered into related to the $300 million term loan.
Disclosure of detailed information about hedged items | The following table summarizes the Company’s hedged items as at January 2, 2022:
|  |  |  |  |  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 2,554 |  |  | $ | (2,554) |
| Forecast expenses |  | — |  |  | — |  |  | 4 |  |  | (4) |
Commodity risk: |  |  |  |  |  |  |  |
| Forecast purchases |  | — |  |  | — |  |  | 64,813 |  |  | (64,813) |
Interest rate risk: |  |  |  |  |  |  |  |
| Forecast interest payments |  | — |  |  | — |  |  | (2,562) |  |  | 2,562 |
|  |  | $ | — |  |  | $ | — |  |  | $ | 64,809 |  |  | $ | (64,809) |
No ineffectiveness was recognized in net earnings as the change in value of the hedging instrument used for calculating ineffectiveness was the same or smaller as the change in value of the hedged items used for calculating the ineffectiveness. 15. FINANCIAL INSTRUMENTS (continued): (b)Derivative financial instruments - hedge accounting (continued): The following table summarizes the Company’s hedged items as at January 3, 2021:
|  |  |  |  |  | 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 |  | $ | — |  |  | $ | — |  |  | $ | (4,104) |  |  | $ | 4,104 |
| Forecast expenses |  | — |  |  | — |  |  | 1,626 |  |  | (1,626) |
Commodity risk: |  |  |  |  |  |  |  |
| Forecast purchases |  | — |  |  | — |  |  | 4,205 |  |  | (4,205) |
Interest rate risk: |  |  |  |  |  |  |  |
| Forecast interest payments |  | — |  |  | — |  |  | (10,765) |  |  | 10,765 |
|  |  | $ | — |  |  | $ | — |  |  | $ | (9,038) |  |  | $ | 9,038 |
Disclosure of detailed information about financial expenses, net | Financial expenses, net:
| 2021 |  | 2020
Interest expense on financial liabilities recorded at amortized cost (1) | $ | 14,923 |  |  | $ | 30,205 |
Bank and other financial charges (2) | 8,823 |  |  | 14,627 |
Interest accretion on discounted lease obligations | 2,650 |  |  | 3,227 |
Interest accretion on discounted provisions | 153 |  |  | 242 |
Foreign exchange loss | 782 |  |  | 229 |
| $ | 27,331 |  |  | $ | 48,530 |
(1) Net of capitalized borrowing costs of $1.6 million (2020 - $1.6 million). (2) Fiscal 2020 includes upfront costs of $3.9 million for the June 2020 amendments of the loans and notes agreements (note 12).
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting | Hedging components of other comprehensive income (“OCI”):
| 2021 |  | 2020
Net gain (loss) on derivatives designated as cash flow hedges: |  |  |
Foreign currency risk | $ | 3,599 |  |  | $ | 502 |
Commodity price risk | 83,130 |  |  | (12,699) |
Interest rate risk | 8,203 |  |  | (12,381) |
Income taxes | (36) |  |  | (5) |
Amounts reclassified from OCI to inventory, related to commodity price risk | (22,515) |  |  | 9,837 |
Amounts reclassified from OCI to net earnings, related to foreign currency risk, interest rate risk, and commodity risk, and included in: |  |  |
Net sales | 3,326 |  |  | (242) |
Cost of sales | — |  |  | 8,483 |
Selling, general and administrative expenses | (1,992) |  |  | 331 |
Financial expenses, net | 146 |  |  | (2,358) |
Income taxes | (14) |  |  | 29 |
Cash flow hedging gain (loss) | $ | 73,847 |  |  | $ | (8,503) |

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