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Derivative Financial Instruments and Fair Value Measurements | 9 Months Ended
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Oct. 02, 2021
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 Foreign currency forward contracts As part of its risk management strategy, the Company from time to time 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 October 2, 2021, the Company had no open foreign currency forward contracts. Prior to August 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 Company did not designate these contracts as accounting hedges. The aggregate notional amount of these contracts was $11.8 million at inception and the contracts matured at various dates through July 2021. The collar had 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 was between the ceiling and floor rates on the date of maturity of each of the contracts, then the Company did not recognize any gain or loss under these contracts. If the spot rate was below the floor rate of the collar, the Company recognized a foreign exchange gain, and if the spot rate was above the ceiling rate of the collar, the Company recognized a foreign exchange loss. As at January 2, 2021, an unrealized gain of $0.8 million related to these contracts was included in other current assets on the consolidated balance sheet. For the quarter and three quarters ended October 2, 2021, the Company recognized unrealized losses of $0.1 million and $0.8 million, respectively, and realized gains of $0.1 million and $0.5 million, respectively, related to these contracts, which were included in foreign exchange on the consolidated statements of operations. As at September 26, 2020, the Company had $5.8 million notional amount of open Mexican peso foreign currency forward put and call contracts. The Company did not designate these contracts as accounting hedges. For the quarter and three quarters ended September 26, 2020, the Company recognized realized gains of $0.4 million and $0.6 million, respectively, related to these contracts and did not recognize any amount of unrealized gains or losses.

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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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