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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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, 2022January 3, 2021
Financial assets
Amortized cost:
    Cash and cash equivalents$179,246 $505,264 
    Trade accounts receivable329,967 196,480 
    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 rates400,000 800,000 
    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 valueMaturity
Notional foreignAverageNotionalPrepaid expenses,Accounts
currency amount exchange  U.S. $ deposits and otherpayable and
0 to 12
equivalentrateequivalentcurrent assetsaccrued liabilitiesmonths
Forward foreign exchange contracts:
Sell GBP/Buy USD26,752 1.3769 $36,834 $808 $(54)$754 
Sell EUR/Buy USD29,390 1.1916 35,020 1,592 — 1,592 
Sell CAD/Buy USD39,274 0.8015 31,478 665 — 665 
Buy CAD/Sell USD31,016 0.7840 24,316 92 (88)4 
Sell AUD/Buy USD8,885 0.7427 6,599 161 (13)148 
Sell MXN/Buy USD151,791 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 valueMaturity
Notional foreignAverageNotionalPrepaid expenses,Accounts
currency amount exchange U.S. $deposits and otherpayable and
  0 to 12
equivalentrateequivalentcurrent assetsaccrued liabilitiesmonths
Forward foreign exchange contracts:
Sell GBP/Buy USD33,069 1.3090 $43,287 $— $(1,784)$(1,784)
Sell EUR/Buy USD33,571 1.1816 39,668 — (1,736)(1,736)
Sell CAD/Buy USD45,591 0.7594 34,623 — (1,111)(1,111)
Buy CAD/Sell USD21,669 0.7077 15,336 1,626 — 1,626 
Sell AUD/Buy USD7,387 0.7218 5,332 — (346)(346)
Sell MXN/Buy USD168,727 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 valueMaturity
Prepaid expenses,Accounts
Type ofdeposits and other payable and
   0 to 12
commodity
Notional amount (1)
current assetsaccrued liabilitiesmonths
Forward contractsCotton
251.0 million pounds
$56,419 $— $56,419 
Swap & option contractsEnergy
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 valueMaturity
Prepaid expenses,Accounts
Type ofdeposits and otherpayable and
   0 to 12
commodity
Notional amount (1)
current assetsaccrued liabilitiesmonths
Forward contractsCotton
16.2 million pounds
$1,582 $— $1,582 
Swap contracts Synthetic fibres
3.9 million pounds
— (781)(781)
Swap & option contractsEnergy
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
NotionalPrepaid expenses,Accounts
amount ofMaturityFixedFloatingdeposits and otherpayable and
borrowingsdatePay / Receiverateratecurrent assetsaccrued liabilities
Term Loan(1)
$75,000 April 30, 2023Pay fixed rate / receive floating rate2.85 %US LIBOR$— $(2,272)
50,000 April 30, 2024Pay fixed rate / receive floating rate1.51 %US LIBOR32 (744)
25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %US LIBOR167 (154)
50,000 April 30, 2025Pay fixed rate / receive floating rate0.78 %US LIBOR624 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.59 %US LIBOR— (22)
25,000 June 30, 2026Pay fixed rate / receive floating rate1.23 %US LIBOR171 — 
Unsecured Notes
50,000 August 25, 2023Pay fixed rate / receive floating rate1.18 %US LIBOR— (380)
50,000 August 25, 2026Pay fixed rate / receive floating rate1.34 %US LIBOR328 (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
NotionalPrepaid expenses,Accounts
amount ofMaturityFixedFloatingdeposits and otherpayable and
borrowingsdatePay / Receiverateratecurrent assetsaccrued liabilities
Term Loan(1)
$150,000 June 17, 2021Pay fixed rate / receive floating rate0.96 %US LIBOR$— $(630)
25,000 April 6, 2022Pay fixed rate / receive floating rate0.27 %US LIBOR— (48)
75,000 April 30, 2023Pay fixed rate / receive floating rate2.85 %US LIBOR— (3,800)
50,000 April 30, 2024Pay fixed rate / receive floating rate1.51 %US LIBOR— (1,886)
25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %US LIBOR— (755)
25,000 May 30, 2025Pay fixed rate / receive floating rate0.47 %US LIBOR— (30)
Unsecured Notes
50,000 August 25, 2023Pay fixed rate / receive floating rate1.18 %US LIBOR— (1,330)
50,000 August 25, 2026Pay fixed rate / receive floating rate1.34 %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 $300 million term loan.
Disclosure of detailed information about hedged items
The following table summarizes the Company’s hedged items as at January 2, 2022:
Change in
Carrying amount ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(AOCI)
Cash flow hedges:
Foreign currency risk:
Forecast sales$— $— $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 ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(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:
20212020
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 obligations2,650 3,227 
Interest accretion on discounted provisions153 242 
Foreign exchange loss782 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”):
20212020
Net gain (loss) on derivatives designated as cash flow hedges:
      Foreign currency risk$3,599 $502 
      Commodity price risk83,130 (12,699)
      Interest rate risk8,203 (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 sales3,326 (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)