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v3.22.2.2

Leases | 9 Months Ended
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Oct. 01, 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 |  |  | Three quarters ended |
|  | October 1, 2022 |  |  | October 2, 2021 |  |  | October 1, 2022 |  |  | October 2, 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Lease Costs |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | 3,912 |  |  | 3,496 |  |  | 10,216 |  |  | 10,248 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of right-of-use assets |  | 2,527 |  |  | 1,555 |  |  | 7,092 |  |  | 4,366 |
Interest on lease liabilities |  | 1,678 |  |  | 773 |  |  | 3,503 |  |  | 2,013 |
Sublease income |  | - |  |  | - |  |  | - |  |  | (281 | )
Net lease cost |  | 8,117 |  |  | 5,824 |  |  | 20,811 |  |  | 16,346 |
|  | October 1, 2022 |  |  | January 1, 2022 |
|  | $ |  |  | $ |
Balance Sheet Classification |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | 78,167 |  |  | 47,245 |
Current portion of operating lease liabilities |  | 12,601 |  |  | 12,203 |
Operating lease liabilities |  | 71,016 |  |  | 39,028 |
Total operating lease liabilities |  | 83,617 |  |  | 51,231 |
Finance leases: |  |  |  |  |  |
Property, plant and equipment, gross |  | 139,081 |  |  | 66,060 |
Accumulated depreciation |  | (17,440 | ) |  | (10,348 | )
Property, plant and equipment, net |  | 121,641 |  |  | 55,712 |
Current portion of long-term debt |  | 28,255 |  |  | 9,760 |
Long-term debt |  | 83,728 |  |  | 43,034 |
Total finance lease liabilities |  | 111,983 |  |  | 52,794 |
|  | Quarter ended |  |  | Three quarters ended |
|  | October 1, 2022 |  |  | October 2, 2021 |  |  | October 1, 2022 |  |  | October 2, 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid (received) for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | 3,909 |  |  | 3,127 |  |  | 9,954 |  |  | 10,079 |
Operating cash flows from finance leases |  | 1,678 |  |  | 588 |  |  | 3,503 |  |  | 2,013 |
Financing cash flows from finance leases: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid under finance leases(1) |  | 6,265 |  |  | 1,663 |  |  | 13,834 |  |  | 6,916 |
Cash received under finance leases(2) |  | (15,101 | ) |  | - |  |  | (48,378 | ) |  | - |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases(3) |  | 42,669 |  |  | 8,522 |  |  | 43,385 |  |  | 25,811 |
Finance leases |  | 7,217 |  |  | - |  |  | 24,643 |  |  | 29,906 |
Right-of-use assets and liabilities reduced through lease terminations or modifications: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | (277 | ) |  | - |  |  | (2,226 | ) |  | - |
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 for the construction of right-of-use assets controlled by the Company, which related to the buildouts of the Company's plant-based beverage facility under construction in Midlothian, Texas, and the Company's executive office and innovation center located in Eden Prairie, Minnesota, as well as cash proceeds under sale and leaseback transactions accounted for as financings. Cash received under finance leases is reported in borrowings of long-term debt on the consolidated statements of cash flows. (3) For the quarter and three quarters ended October, 1, 2022, includes the addition of a $39.9 million operating lease right-of-use asset and corresponding operating lease liability related to the premises lease for the Midlothian, Texas, facility, which commenced on October 1, 2022, following substantial completion of construction by the landlord. The noncancellable lease term is 15 years from the lease commencement date, together with three five-year extension options that the Company is reasonably certain to exercise. At the lease commencement date, the estimated lease payments, net of leasehold incentives, were discounted at the Company's estimated incremental borrowing rate applicable to the 30-year lease term of 10.3%.
|  | October 1, 2022 |  |  | January 1, 2022 |
Other Information |  |  |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Operating leases |  | 13.0 |  |  | 7.4 |
Finance leases |  | 2.7 |  |  | 4.3 |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  | 8.6% |  |  | 5.0% |
Finance leases |  | 7.5% |  |  | 6.6% |
|  | Operating leases |  |  | Finance leases |
|  | $ |  |  | $ |
Maturities of Lease Liabilities |  |  |  |  |  |
Remainder of 2022 |  | 2,035 |  |  | 5,242 |
2023 |  | 11,460 |  |  | 37,487 |
2024 |  | 11,572 |  |  | 36,165 |
2025 |  | 10,313 |  |  | 31,385 |
2026 |  | 9,355 |  |  | 19,088 |
Thereafter |  | 156,480 |  |  | 185 |
Total lease payments |  | 201,215 |  |  | 129,552 |
Less: imputed interest |  | (117,598 | ) |  | (17,569 | )
Total lease liabilities |  | 83,617 |  |  | 111,983 |

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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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