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Derivative Financial Instruments and Fair Value Measurements | 12 Months Ended
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Jan. 02, 2021
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] |
Derivative Financial Instruments and Fair Value Measurements [Text Block] | 6. Derivative Financial Instruments and Fair Value Measurements Foreign currency forward contracts As part of its risk management strategy, from time to time the Company enters into foreign currency forward contracts to reduce its exposure to fluctuations in foreign currency exchange rates. For any open 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. As at January 2, 2021, the Company held a combination of foreign currency put and call option contracts (a zero-cost collar) to economically hedge its exposure to fluctuations in the Mexican peso related to purchases of fruit inventory and operating costs in Mexico. The aggregate notional amount of these contracts was $11.8 million, which reduces to zero between January 2021 and July 2021. The collar has a ceiling rate of 24.00 Mexican pesos to the U.S. dollar and a floor rate of 21.14 Mexican pesos to the U.S. dollar. If the spot rate is between the ceiling and floor rates on the date of maturity of each of the contracts, then the Company does not recognize any gain or loss under these contracts. If the spot rate goes below the floor rate of the collar, the Company will recognize a foreign exchange gain, and if the spot rate goes above the ceiling rate of the collar, the Company will recognize a foreign exchange loss. For the year ended January 2, 2021, the Company recognized an unrealized gain of $0.8 million on these open contracts, which is included in other current assets on the consolidated balance sheet. In addition, for the year ended January 2, 2021, the Company recognized realized gains of $1.4 million related to contracts that closed in the period. As at December 28, 2019, the Company had no open Mexican peso foreign currency forward contracts.

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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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