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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
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:
December 31, 2023January 1, 2023
Financial assets
Amortized cost:
    Cash and cash equivalents$89,642 $150,417 
    Trade accounts receivable412,498 248,785 
    Financial assets included in prepaid expenses, deposits and other current assets
45,136 48,274 
    Long-term non-trade receivables included in other non-current assets
12,863 118 
Fair value through other comprehensive income:
    Derivative financial assets included in prepaid expenses, deposits and other current assets15,797 23,765 
Financial liabilities
Amortized cost:
    Accounts payable and accrued liabilities(1)
$403,534 $462,496 
    Long-term debt - bearing interest at variable rates885,000 730,000 
    Long-term debt - bearing interest at fixed rates(2)
100,000 200,000 
Fair value through other comprehensive income:
    Derivative financial liabilities included in accounts payable and accrued liabilities4,760 8,712 
1) Accounts payable and accrued liabilities include $12.5 million (January 1, 2023 - $26.9 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 $49.0 million (January 1, 2023 - $35.7 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 $98.6 million as at December 31, 2023 (January 1, 2023 - $197.1 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 December 31, 2023:
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 USD25,399 1.2506 $31,765 $25 $(585)$(560)
Sell EUR/Buy USD40,866 1.0987 44,901 63 (640)(577)
Sell CAD/Buy USD52,285 0.7506 39,243 33 (362)(329)
Buy CAD/Sell USD41,199 0.7384 30,422 735 — 735 
Sell AUD/Buy USD15,011 0.6681 10,029 21 (261)(240)
Sell MXN/Buy USD325,633 0.0543 17,687 — (980)(980)
$174,047 $877 $(2,828)$(1,951)

The following table summarizes the Company’s commitments to buy and sell foreign currencies (cash flow hedges) as at January 1, 2023:
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 USD39,600 1.2000 $47,520 $686 $(1,023)$(337)
Sell EUR/Buy USD42,544 1.0513 44,726 328 (1,355)(1,027)
Sell CAD/Buy USD47,531 0.7534 35,812 707 (56)651 
Buy CAD/Sell USD30,497 0.7662 23,367 17 (815)(798)
Sell AUD/Buy USD12,258 0.6836 8,379 153 (122)31 
Sell MXN/Buy USD63,776 0.0469 2,989 — (242)(242)
Buy EUR/Sell USD3,137 1.0592 3,323 56 (14)42 
$166,116 $1,947 $(3,627)$(1,680)
The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at December 31, 2023:
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
144.6 million pounds
$4,583 $(1,745)$2,838 
Swap & option contractsEnergy
2.9 million gallons
153 (187)(34)
$4,736 $(1,932)$2,804 
(1) Notional amounts are not in thousands.

The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at January 1, 2023:
Carrying and fair valueMaturity
Prepaid expenses,Accounts
Type ofdeposits and otherpayable and
   0 to 12
commodity
Notional amount(1)
current assetsaccrued liabilitiesmonths
Forward contractsCotton
118.9 million pounds
$5,105 $— $5,105 
Swap & option contractsEnergy
1.7 million gallons
253 (358)(105)
$5,358 $(358)$5,000 
(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 December 31, 2023:
Carrying and fair value
NotionalPrepaid expenses,Accounts
amount ofMaturityFixedFloatingdeposits and otherpayable and
borrowingsdatePay / Receiverateratecurrent assetsaccrued liabilities
Term Loan(1)
$50,000 April 30, 2024Pay fixed rate / receive floating rate1.44 %SOFR$646 $— 
25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %SOFR1,130 — 
50,000 April 30, 2025Pay fixed rate / receive floating rate0.70 %SOFR2,414 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.52 %SOFR439 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.17 %SOFR1,593 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate3.20 %SOFR373 — 
Unsecured Notes
50,000 August 25, 2026Pay fixed rate / receive floating rate1.12 %SOFR3,589 — 
$10,184 $— 
(1) The notional amounts for the interest rate swap contracts maturing in 2025 and 2026 are extensions to the $125 million interest rate swap contracts originally entered into for 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 1, 2023:
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$435 $— 
50,000 April 30, 2024Pay fixed rate / receive floating rate1.51 %US LIBOR2,124 — 
25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %US LIBOR1,839 — 
50,000 April 30, 2025Pay fixed rate / receive floating rate0.78 %US LIBOR3,346 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.59 %US LIBOR443 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.23 %US LIBOR1,999 — 
Unsecured Notes
50,000 August 25, 2023Pay fixed rate / receive floating rate1.18 %US LIBOR1,394 — 
50,000 August 25, 2026Pay fixed rate / receive floating rate1.34 %US LIBOR4,880 — 
$16,460 $— 
(1) The notional amounts for the interest rate swap contracts maturing in 2025 and 2026 were extensions to the $100 million interest rate swap contracts originally entered into for the $300 million term loan.
Disclosure of detailed information about hedged items
The following table summarizes the Company’s hedged items as at December 31, 2023:
Change in
Carrying amount ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(AOCI)
Cash flow hedges:
Foreign currency risk:
Forecast sales$— $— $(1,945)$1,945 
Forecast expenses— — 736 (736)
Commodity risk:
Forecast purchases— — 4,733 (4,733)
Interest rate risk:
Forecast interest payments— — 10,126 (10,126)
$— $— $13,650 $(13,650)

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 1, 2023:
Change in
Carrying amount ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(AOCI)
Cash flow hedges:
Foreign currency risk:
Forecast sales$— $— $(1,359)$1,359 
Forecast expenses— — (750)750 
Commodity risk:
Forecast purchases— — (4,112)4,112 
Interest rate risk:
Forecast interest payments— — 16,066 (16,066)
$— $— $9,845 $(9,845)
Disclosure of detailed information about financial expenses, net Financial expenses, net:
20232022
Interest expense on financial liabilities recorded at amortized cost (1)
$53,360 $25,619 
Bank and other financial charges22,314 10,524 
Interest accretion on discounted lease obligations3,429 3,097 
Interest accretion on discounted provisions414 47 
Foreign exchange loss (gain)153 (2,330)
$79,670 $36,957 
(1) Net of capitalized borrowing costs of $6.8 million (2022 - $2.3 million) using an average capitalization rate of 5.39% (2022 - 3.22%).
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting Hedging components of other comprehensive income (“OCI”):
20232022
Net gain (loss) on derivatives designated as cash flow hedges:
      Foreign currency risk$(3,334)$10,965 
      Commodity price risk15,758 46,056 
      Interest rate risk2,682 18,628 
Income taxes33 (110)
Amounts reclassified from OCI to inventory, related to commodity
  price risk		(6,913)(114,989)
Amounts reclassified from OCI to net earnings, related to foreign currency risk, commodity risk, and interest rate risk, and included in:
      Net sales1,802 (11,904)
      Cost of sales58 22 
      Selling, general and administrative expenses1,198 316 
      Financial expenses, net (7,437)(4,100)
      Income taxes(42)152 
Other comprehensive income (loss)$3,805 $(54,964)