XML 23 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Assets and Liabilities Held for Sale | 9 Months Ended
--- | ---
Oct. 01, 2022
Disposal Group, Including Discontinued Operation, Assets [Abstract] |
Assets and Liabilities Held for Sale [Text Block] | 3. Assets and Liabilities Held for Sale Sunflower Business On October 11, 2022, the Company completed the sale of 100% of the assets and liabilities of its sunflower business and related roasted snacks operations, for cash consideration of $16.0 million, subject to closing debt and working capital adjustments. The sunflower business operates from three processing facilities located in Minnesota and North Dakota and is reported in the Company's Plant-Based Foods and Beverages operating segment. As at October 1, 2022, the Company recognized a pre-tax loss of $23.2 million on the classification of the sunflower business as held for sale, including $22.3 million to write down the carrying value of the net assets sold to the fair value of the net proceeds received, and $0.9 million for accrued costs to sell. The loss on classification as held for sale is recorded in other expense, net, on the consolidated statements of operations for the quarter and three quarters ended October 1, 2022. The assets and liabilities of the sunflower business have been reclassified and reported as held for sale on the consolidated balance sheet as at October 1, 2022, as follows:
|  | October 1, 2022 |
|  | $ |
Accounts receivable |  | 9,377 |
Inventories |  | 14,247 |
Other current assets |  | 109 |
Property, plant and equipment, net |  | 10,328 |
Operating lease right-of-use assets |  | 1,834 |
Intangible assets, net |  | 2,512 |
Write-down on classification as held for sale |  | (22,256 | )
Total assets held for sale |  | 16,151 |
Accounts payable and accrued liabilities |  | 4,591 |
Operating lease liabilities |  | 2,414 |
Total liabilities held for sale |  | 7,005 |
The disposal of the sunflower business does not have a major effect on the Company’s operations or financial results and, therefore, does not qualify for presentation as discontinued operations on a standalone basis. Revenues and earnings (loss) before income taxes of the sunflower business for the periods ended October 1, 2022 and October 2, 2021 were as follows:
|  | Quarter ended |  |  | Three quarters ended |
|  | October 1, 2022 |  |  | October 2, 2021 |  |  | October 1, 2022 |  |  | October 2, 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues |  | 17,309 |  |  | 16,102 |  |  | 55,774 |  |  | 48,510 |
Earnings (loss) before income taxes(1) |  | (514 | ) |  | (20 | ) |  | 1,025 |  |  | 1,230 |
(1) For the quarter and three quarters ended October 1, 2022, excludes the loss on classification as held for sale. In addition, for all periods presented, excludes the allocation of corporate costs.

X
- References No definition available. + Details
Name: | us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration