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Derivative Financial Instruments and Fair Value Measurements | 3 Months Ended
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Mar. 28, 2020
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] |
Derivative Financial Instruments and Fair Value Measurements [Text Block] | 5. Derivative Financial Instruments and Fair Value Measurements The following table presents for each of the fair value hierarchies, the assets and liabilities that are measured at fair value on a recurring basis as of March 28, 2020 and December 28, 2019:
|  | March 28, 2020 |
|  | Fair value |  |  |  |  |  |  |  |  |  |
|  | asset (liability) |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Commodity futures contracts(1) |  |  |  |  |  |  |  |  |  |  |  |
Unrealized short-term derivative liability |  | (272 | ) |  | (272 | ) |  | — |  |  | — |
Forward foreign currency contracts(2) |  |  |  |  |  |  |  |  |  |  |  |
Not designated as hedging instruments |  | 133 |  |  | — |  |  | 133 |  |  | — |
|  | December 28, 2019 |
|  | Fair value |  |  |  |  |  |  |  |  |  |
|  | asset (liability) |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Commodity futures contracts(1) |  |  |  |  |  |  |  |  |  |  |  |
Unrealized short-term derivative asset |  | 284 |  |  | 284 |  |  | — |  |  | — |
Forward foreign currency contracts(2) |  |  |  |  |  |  |  |  |  |  |  |
Not designated as hedging instruments |  | (73 | ) |  | — |  |  | (73 | ) |  | — |
(1) Commodity futures contracts As at March 28, 2020, outstanding contracts comprised exchange-traded commodity futures for cocoa and coffee, which are used as part of the Company's risk management strategy and represent economic hedges to limit risk related to fluctuations in the price of these commodities. These contracts are not designated as hedges for accounting purposes. Exchange-traded futures are fair valued based on unadjusted quotes for identical assets priced in active markets and are classified as level 1. Gains and losses on changes in the fair value of these contracts are included in cost of goods sold on the consolidated statement of operations. For the quarter ended March 28, 2020, the Company recognized a loss of $0.6 million (March 30, 2019 - loss of $0.1 million) related to changes in the fair value of these contracts. On the consolidated balance sheets, unrealized gains and losses on these contracts are included in other current assets and other current liabilities, respectively. As at March 28, 2020, the Company had net open futures contracts to sell 1,520 metric tons ("MT") of cocoa (December 28, 2019 - to sell 3,210 MT) and to purchase 68 MT (December 28, 2019 - to sell 306 MT) of coffee. (2) Foreign forward currency contracts As part of its risk management strategy, the Company enters into forward foreign exchange contracts to reduce its exposure to fluctuations in foreign currency exchange rates. For any open forward foreign exchange contracts at period end, the contract rate is compared to the forward rate, and a gain or loss is recorded. These contracts are included in level 2 of the fair value hierarchy, as the inputs used in making the fair value determination are derived from and are corroborated by observable market data. These contracts typically represent economic hedges that are not designated as hedging instruments; however, certain of these contracts may be designated as cash flow hedges for accounting purposes. As at March 28, 2020, the Company had open forward foreign exchange contracts to sell euros to buy U.S. dollars with a notional value of €29.1 million ($32.4 million), to sell British pounds to buy euros with a notional value of £0.6 million (€0.7 million), and to sell Swiss francs to buy U.S. dollars with a notional value of CHF 0.6 million ($0.6 million). As these contracts were not designated as hedging instruments, gains and losses on changes in the fair value of the derivative instruments are included in foreign exchange loss or gain on the consolidated statement of operations. For the quarter ended March 28, 2020, the Company recognized a gain of $0.2 million (March 30, 2019 - gain of $0.6 million) related to changes in the fair value of these contracts. Unrealized gains and losses on these contracts are included in accounts receivable and accounts payable, respectively, on the consolidated balance sheets.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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