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Subsequent Events | 3 Months Ended
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Apr. 03, 2021
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | 13. Subsequent Events Acquisition of Dream® and WestSoy® Brands On April 15, 2021, the Company acquired the Dream and WestSoy plant-based beverage brands and related private label products in North America from The Hain Celestial Group, Inc. for a base purchase price of $33 million. The acquired assets include all inventories, trademarks, product formulations, and other intellectual property related to the Dream and WestSoy brands and do not include other working capital, property, plant and equipment, or employees. The Company expects to finalize the purchase price allocation in the second quarter of 2021. Also, on April 15, 2021, the Company entered into an amendment to its Credit Agreement (see note 6) to allocate $20 million of the Lenders' commitments under the Revolving Credit Facility to a two-year, first-in-last-out tranche (the "Tranche B Subfacility"), which was drawn in full to finance a portion of the purchase price of the Dream and WestSoy acquisition. The material terms governing the remaining $230 million of the Lenders' commitments under the Revolving Credit Facility (the "Tranche A Subfacility") remain unchanged. Amortization payments on the aggregate principal amount of the Tranche B Subfacility are equal to $2.5 million, payable at the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2022, with the remaining amount payable at the maturity thereof. Borrowings repaid under the Tranche B Subfacility may not be borrowed again. Each repayment of Tranche B Subfacility loans will result in an increase of the Lenders' commitments under the Tranche A Subfacility, provided that such increases will not cause the aggregate Lenders’ commitments under the Tranche A Subfacility to exceed $250 million. Borrowings under the Tranche B Subfacility bear interest based on various reference rates including LIBOR plus an applicable margin ranging from 2.50% to 3.00%, with a reduction of 0.25% when the Company's total leverage ratio is less than a specific threshold on or after the one-year anniversary of the closing date of the Facilities. The Tranche B Subfacility is subject to a separate borrowing base applicable to certain eligible accounts receivable and inventory with advance rates separate from the Tranche A Subfacility. All obligations under the Tranche B Subfacility are unconditionally guaranteed by substantially the same Guarantors as the Tranche A Subfacility and are secured on substantially the same basis as the Tranche A Subfacility. In addition, the Tranche B Subfacility is subject to the same covenants and events of default as the Tranche A Subfacility. Exit from Fruit Ingredient Processing Facility On April 12, 2021, the Company finalized its decision to exit its leased South Gate, California, fruit ingredient processing facility by July 2021. The Company will be transferring production of fruit-based toppings to its Jacona, Mexico, processing facility, while exiting the preparation of fruit-based yogurt and bakery applications. Approximately 60 employees will be impacted by the closure of the South Gate facility. The Company expects to incur approximately $5 million of related severance, facility closure and relocation costs in the second quarter of 2021.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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