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v3.22.2

Leases | 6 Months Ended
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Jul. 02, 2022
Leases [Abstract] |
Leases [Text Block] | 4. Leases The Company leases certain manufacturing plants, warehouses, offices, machinery and equipment, and vehicles. At the lease commencement date, the Company classifies a lease as a finance lease if it has the right to obtain substantially all of the economic benefits from the right-of-use assets, otherwise the lease is classified as an operating lease. The following tables present supplemental information related to leases:
|  | Quarter ended |  |  | Two quarters ended |
|  | July 2, 2022 |  |  | July 3, 2021 |  |  | July 2, 2022 |  |  | July 3, 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Lease Costs |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | 3,093 |  |  | 3,180 |  |  | 6,304 |  |  | 6,752 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of right-of-use assets |  | 2,677 |  |  | 1,556 |  |  | 4,565 |  |  | 2,811 |
Interest on lease liabilities |  | 1,052 |  |  | 806 |  |  | 1,825 |  |  | 1,240 |
Sublease income |  | - |  |  | (153 | ) |  | - |  |  | (281 | )
Net lease cost |  | 6,822 |  |  | 5,389 |  |  | 12,694 |  |  | 10,522 |
|  | July 2, 2022 |  |  | January 1, 2022 |
|  | $ |  |  | $ |
Balance Sheet Classification |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | 40,990 |  |  | 47,245 |
Current portion of operating lease liabilities |  | 9,933 |  |  | 12,203 |
Operating lease liabilities |  | 37,084 |  |  | 39,028 |
Total operating lease liabilities |  | 47,017 |  |  | 51,231 |
Finance leases: |  |  |  |  |  |
Property, plant and equipment, gross |  | 116,764 |  |  | 66,060 |
Accumulated depreciation |  | (14,912 | ) |  | (10,348 | )
Property, plant and equipment, net |  | 101,852 |  |  | 55,712 |
Current portion of long-term debt |  | 22,114 |  |  | 9,760 |
Long-term debt |  | 73,815 |  |  | 43,034 |
Total finance lease liabilities |  | 95,929 |  |  | 52,794 |
|  |  |  |  | Quarter ended |  |  | Two quarters ended |
|  | July 2, 2022 |  |  | July 3, 2021 |  |  | July 2, 2022 |  |  | July 3, 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid (received) for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | 2,963 |  |  | 3,207 |  |  | 6,045 |  |  | 6,952 |
Operating cash flows from finance leases |  | 1,052 |  |  | 898 |  |  | 1,825 |  |  | 1,425 |
Financing cash flows from finance leases: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid under finance leases(1) |  | 5,175 |  |  | 1,907 |  |  | 7,569 |  |  | 5,253 |
Cash received under finance leases(2) |  | (14,554 | ) |  | - |  |  | (33,277 | ) |  | - |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | 317 |  |  | 16,275 |  |  | 716 |  |  | 17,289 |
Finance leases |  | 2,746 |  |  | - |  |  | 17,426 |  |  | 29,906 |
Right-of-use assets and liabilities reduced through lease |  |  |  |  |  |  |  |  |  |  |  |
terminations or modifications: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | - |  |  | - |  |  | (1,949 | ) |  | - |
Finance leases |  | - |  |  | - |  |  | - |  |  | (686 | )
(1) Represents repayments under finance leases recorded as a reduction of the lease liability and reported in repayment of long-term debt on the consolidated statements of cash flows. (2) Represents cash advances received by the Company under finance leases related to the construction of right-of-use assets controlled by the Company, as well as cash proceeds under sale and leaseback transactions accounted for as financings, which are reported in borrowings of long-term debt on the consolidated statements of cash flows.
|  | July 2, 2022 |  |  | January 1, 2022 |
Other Information |  |  |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Operating leases |  | 7.6 |  |  | 7.4 |
Finance leases |  | 3.4 |  |  | 4.3 |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  | 5.0% |  |  | 5.0% |
Finance leases |  | 7.5% |  |  | 6.6% |
|  | Operating leases |  |  | Finance leases |
|  | $ |  |  | $ |
Maturities of Lease Liabilities |  |  |  |  |  |
Remainder of 2022 |  | 5,054 |  |  | 12,628 |
2023 |  | 10,185 |  |  | 29,173 |
2024 |  | 8,312 |  |  | 29,109 |
2025 |  | 6,290 |  |  | 26,881 |
2026 |  | 5,247 |  |  | 13,539 |
Thereafter |  | 21,643 |  |  | 492 |
Total lease payments |  | 56,731 |  |  | 111,822 |
Less: imputed interest |  | (9,714 | ) |  | (15,893 | )
Total lease liabilities |  | 47,017 |  |  | 95,929 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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