
	December 29, 2024		December 31, 2023


Financial assets
Amortized cost:
Cash and cash equivalents	$	98,799	$	89,642
Trade accounts receivable	542,359		412,498
Financial assets included in prepaid expenses, deposits and other current assets	56,785		45,136
Long-term non-trade receivables included in other non-current assets	22,321		12,863
Fair value through other comprehensive income:
Derivative financial assets included in prepaid expenses, deposits and other current assets	12,108		15,797


Financial liabilities
Amortized cost:
Accounts payable and accrued liabilities(1)	$	478,317	$	403,534
Long-term debt - bearing interest at variable rates	950,000		885,000
Long-term debt - bearing interest at fixed rates(2)	585,870		100,000
Fair value through other comprehensive income:
Derivative financial liabilities included in accounts payable and accrued liabilities	11,756		4,760
Derivative financial liabilities included in other non-current liabilities	8,602		—

1) Accounts payable and accrued liabilities include $11.6 million (December 31, 2023 - $12.5 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 $37.8 million (December 31, 2023 - $49.0 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 6 to these consolidated financial statements.

The Company has determined that the fair value of its short-term financial assets and liabilities approximates their respective carrying amounts as at the reporting dates due to the short-term maturities of these instruments, as they bear variable interest-rates or because the terms and conditions are comparable to current market terms and conditions for similar items.

The fair values of the long-term non-trade receivables included in other non-current assets and the Company’s long-term debt bearing interest at variable rates also approximate their respective carrying amounts because the interest rates applied to measure their carrying amounts approximate current market interest rates.

The fair value of the long-term debt bearing interest at fixed rates is determined using the discounted future cash flows method and at discount rates based on yield to maturities for similar issuances. The fair value of the long-term debt bearing interest at fixed rates was measured using Level 2 inputs in the fair value hierarchy. In determining the fair value of the long-term debt bearing interest at fixed rates, the Company takes into account its own credit risk and the credit risk of the counterparties.

Derivative financial instruments are designated as effective hedging instruments and consist of foreign exchange and commodity forward, option, and swap contracts, as well as floating-to-fixed interest rate swaps to fix the variable interest rates on a designated portion of borrowings under the term loan and unsecured notes. The fair value of the forward contracts is measured using a generally accepted valuation technique which is the discounted value of the difference between the contract’s value at maturity based on the rate set out in the contract and the contract’s value at maturity based on the rate that the counterparty would use if it were to renegotiate the same contract terms at the measurement date under current conditions. The fair value of the option contracts is measured using option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs, including volatility estimates and option adjusted credit spreads. The fair value of the interest rate swaps is determined based on market data, by measuring the difference between the fixed contracted rate and the forward curve for the applicable floating interest rates.

On November 22, 2024, the Company entered into derivative transactions to hedge its exposure to foreign currency exchange risk related to its senior notes liability and interest expense denominated in Canadian dollars. This cross-currency swap has been designated at inception and is accounted for as a cash flow hedge, and to the extent that the hedge is effective, unrealized gains and losses are included in other comprehensive income until reclassified to the statement of income as the hedged interest payments and principal repayments impact net income.

Derivative financial instruments were measured using Level 2 inputs in the fair value hierarchy. In determining the fair value of derivative financial instruments the Company takes into account its own credit risk and the credit risk of the counterparties.

During fiscal 2024 and 2023, the Company entered into foreign exchange and commodity forward, option, and swap contracts in order to minimize the exposure of forecasted cash inflows and outflows in currencies other than the U.S. dollar, as well contractual future principal and interest payments on fixed rate foreign currency debt, and to manage its exposure to movements in commodity prices, as well as floating-to-fixed interest rate swaps to fix the variable interest rates on a designated portion of borrowings under the term loan and unsecured notes.

The forward foreign exchange contracts were designated as cash flow hedges and qualified for hedge accounting. The forward foreign exchange contracts outstanding as at December 29, 2024 and December 31, 2023 consisted primarily of contracts to reduce the exposure to fluctuations in Canadian dollars, Euros, Australian dollars, Pounds sterling, and Mexican pesos against the U.S. dollar, as well as cross-currency debt and interest rate swap contracts to reduce the exposure to fluctuations in Canadian dollars against the U.S dollar.

The commodity forward, option, and swap contracts were designated as cash flow hedges and qualified for hedge accounting. The commodity contracts outstanding as at December 29, 2024 and December 31, 2023 consisted primarily of forward, collar, and swap contracts to reduce the exposure to movements in commodity prices.

The floating-to-fixed interest rate swaps were designated as cash flow hedges and qualified for hedge accounting. The floating-to-fixed interest rate swaps contracts outstanding as at December 29, 2024 and December 31, 2023 served to fix the variable interest rates on the designated interest payments of a portion of the Company's long-term debt.

The fair value of interest rate swaps and cross-currency swaps is calculated as the present value of estimated future cash flows over the remaining term of the contracts and based on market data (primarily yield curves, interest rates, and exchange rates for cross-currency swaps).


								Carrying and fair value						Maturity
		Notional
		foreign currency		Average		Notional		Prepaid expenses,			Accounts
			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		23,665	1.2827		$	30,355		$	705		$	—	$	705
	Sell EUR/Buy USD		38,477	1.0914		41,995			1,532			—		1,532
	Sell CAD/Buy USD		34,139	0.7401		25,266			1,403			—		1,403
	Buy CAD/Sell USD		77,510	0.7252		56,214			—			(1,781)		(1,781)
	Sell AUD/Buy USD		7,586	0.6620		5,022			292			—		292
	Sell MXN/Buy USD		172,198	0.0511		8,793			451			(3)		448

						$	167,645		$	4,383		$	(1,784)	$	2,599


									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		25,399		1.2506		$	31,765		$	25		$	(585)	$	(560)
	Sell EUR/Buy USD		40,866		1.0987		44,901			63			(640)		(577)
	Sell CAD/Buy USD		52,285		0.7506		39,243			33			(362)		(329)
	Buy CAD/Sell USD		41,199		0.7384		30,422			735			—		735
	Sell AUD/Buy USD		15,011		0.6681		10,029			21			(261)		(240)
	Sell MXN/Buy USD		325,633		0.0543		17,687			—			(980)		(980)

							$	174,047		$	877		$	(2,828)	$	(1,951)


												Carrying and fair value				Maturity

		Notional foreign		Fixed		Notional							Other non-	Other non-
		currency amount		exchange		U.S. $		Pay		Receive			current	current		Over 12
		equivalent		rate	equivalent			rate		Rate			assets	liabilities		months

Forward foreign exchange contracts:
	Sell CAD/Buy USD		500,000	1.4000		357,143		5.49	%	4.36	%		—	(6,442)		November 2029
	Sell CAD/Buy USD		200,000	1.4000		142,857		5.77	%	4.71	%		—	(2,160)		November 2031
						$	500,000							$	(8,602)


			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	382.2 million pounds			$	1,584		$	(9,519)	$	(7,935)

Swap & option contracts	Energy	3.4 million gallons			25			(453)		(428)
					$	1,609		$	(9,972)	$	(8,363)


			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	144.6 million pounds			$	4,583		$	(1,745)	$	2,838

Swap & option contracts	Energy	2.9 million gallons			153			(187)		(34)
					$	4,736		$	(1,932)	$	2,804


								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)
	$	25,000	April 30, 2025	Pay fixed rate / receive floating rate	1.06	%	SOFR		$	355		$	—
	50,000		April 30, 2025	Pay fixed rate / receive floating rate	0.70	%	SOFR		771			—
	25,000		June 30, 2026	Pay fixed rate / receive floating rate	1.52	%	SOFR		714
	25,000		June 30, 2026	Pay fixed rate / receive floating rate	1.17	%	SOFR		1,153			—
	25,000		June 30, 2026	Pay fixed rate / receive floating rate	3.20	%	SOFR		364			—
	25,000		June 30, 2026	Pay fixed rate / receive floating rate	3.69	%	SOFR		172			—
Unsecured Notes
	50,000		August 25, 2026	Pay fixed rate / receive floating rate	1.12	%	SOFR		2,587			—
									$	6,116		$	—


							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)
	50,000	April 30, 2024	Pay fixed rate / receive floating rate	1.44	%	SOFR		$	646		$	—
	25,000	April 30, 2025	Pay fixed rate / receive floating rate	1.06	%	SOFR		1,130			—
	50,000	April 30, 2025	Pay fixed rate / receive floating rate	0.70	%	SOFR		2,414			—
	25,000	June 30, 2026	Pay fixed rate / receive floating rate	1.52	%	SOFR		439
	25,000	June 30, 2026	Pay fixed rate / receive floating rate	1.17	%	SOFR		1,593			—
	25,000	June 30, 2026	Pay fixed rate / receive floating rate	3.20	%	SOFR		373			—
Unsecured Notes
	50,000	August 25, 2026	Pay fixed rate / receive floating rate	1.12	%	SOFR		3,589			—
								$	10,184		$	—


							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		$	—	$	—	$	3,048	$	(3,048)
	Forecast expenses		—		—		(1,781)		1,781
	Debt & interest payments		—		487,677		6,041		(6,041)

Commodity risk:
	Forecast purchases		—		—		(12,592)		12,592

Interest rate risk:
	Forecast interest payments		—		—		5,257		(5,257)
			$	—	$	487,677	$	(27)	$	27

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.


							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		$	—	$	—	$	(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)


	2024		2023

Interest expense on financial liabilities recorded at amortized cost (1)	$	80,256	$	53,360
Bank and other financial charges	22,212		22,314
Interest accretion on discounted lease obligations	4,764		3,429
Interest accretion on discounted provisions	431		414
Foreign exchange (gain) loss	(3,509)		153
	$	104,154	$	79,670


	2024		2023

Net gain (loss) on derivatives designated as cash flow hedges:
Foreign currency risk	$	(4,806)	$	(3,334)
Commodity price risk	(14,525)		15,758
Interest rate risk	3,246		2,682

Income taxes	(38)		33

Amounts reclassified from OCI to inventory, related to commodity price risk	(2,800)		(6,913)

Amounts reclassified from OCI to net earnings, related to foreign currency risk, commodity risk, and interest rate risk, and included in:
Net sales	(809)		1,802
Cost of sales	—		58
Selling, general and administrative expenses	211		1,198
Financial expenses, net	5,899		(7,437)
Income taxes	(55)		(42)
Other comprehensive (loss) income	$	(13,677)	$	3,805

The change in the time value element of option and swap contracts designated as cash flow hedges to reduce the exposure in movements of commodity prices was not significant for the years ended December 29, 2024 and December 31, 2023. The change in the forward element of derivatives designated as cash flow hedges to reduce foreign currency risk was not significant for the years ended December 29, 2024 and December 31, 2023.