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Leases | 12 Months Ended
--- | ---
Dec. 30, 2023
Leases [Abstract] |
Leases [Text Block] | 6. Leases The Company leases certain manufacturing plants, warehouses, offices, and machinery and equipment. 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 Company's leases have remaining noncancelable lease terms of less than one year to approximately 15 years, and typically require fixed monthly rental payments that may be adjusted annually to give effect to inflation. Real estate leases typically provide the Company options to extend the leases for up to 15 years. Finance leases for machinery and equipment typically include nominal purchase options at the end of the lease term that are reasonably certain of being exercised at the lease commencement date. Machinery and equipment operating leases typically include purchase options for the fair market value of the underlying asset at the end of the lease term, which are uncertain of being exercised at the lease commencement date. The following tables present supplemental information related to leases:
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
|  | $ |  |  | $ |  |  | $ |
Lease Costs |  |  |  |  |  |  |  |  |
Operating lease cost |  | 15,076 |  |  | 13,099 |  |  | 11,789 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Depreciation of right-of-use assets |  | 13,441 |  |  | 9,816 |  |  | 5,592 |
Interest on lease liabilities |  | 9,310 |  |  | 5,136 |  |  | 2,727 |
Total finance lease cost |  | 22,751 |  |  | 14,952 |  |  | 8,319 |
|  | December 30, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Balance Sheet Classification |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | 105,919 |  |  | 78,761 |
Current portion of operating lease liabilities |  | 15,808 |  |  | 12,499 |
Operating lease liabilities |  | 100,102 |  |  | 74,329 |
Total operating lease liabilities |  | 115,910 |  |  | 86,828 |
Finance leases: |  |  |  |  |  |
Property, plant and equipment, gross |  | 81,423 |  |  | 153,976 |
Accumulated depreciation |  | (18,319 | ) |  | (18,168 | )
Property, plant and equipment, net |  | 63,104 |  |  | 135,808 |
Current portion of long-term debt |  | 15,346 |  |  | 33,283 |
Long-term debt |  | 37,284 |  |  | 90,796 |
Total finance lease liabilities |  | 52,630 |  |  | 124,079 |
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
|  | $ |  |  | $ |  |  | $ |
Cash Flow Information |  |  |  |  |  |  |  |  |
Cash paid (received) for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | 13,852 |  |  | 12,320 |  |  | 11,098 |
Operating cash flows from finance leases |  | 9,310 |  |  | 5,136 |  |  | 2,727 |
Financing cash flows from finance leases |  |  |  |  |  |  |  |  |
Cash paid under finance leases(1) |  | 89,087 |  |  | 19,903 |  |  | 8,439 |
Cash received under finance leases(2) |  | (6,568 | ) |  | (58,764 | ) |  | (13,626 | )
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |
Operating leases |  | 35,601 |  |  | 49,662 |  |  | 27,909 |
Finance leases |  | 9,651 |  |  | 31,466 |  |  | 29,906 |
Right-of-use assets and liabilities reduced through lease terminations or modifications: |  |  |  |  |  |  |  |  |
Operating leases |  | (914 | ) |  | (4,060 | ) |  | (2,261 | )
(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. For the year ended December 30, 2023, lease repayments include $56.0 million paid by the Company to terminate certain finance lease obligations and purchase the related underlying right-of-use assets in connection with the refinancing of the Company's credit facilities on December 8, 2023 (see note 10). The difference of $4.4 million between the purchase price and the carrying amount of the finance lease obligations is reported in additions to property, plant and equipment on the consolidated statement of cash flows for the year ended December 30, 2023. (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 new plant-based beverage facility 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.
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
Other Information |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |  |
Operating leases |  | 12.0 |  |  | 12.9 |  |  | 7.6 |
Finance leases |  | 3.2 |  |  | 3.5 |  |  | 4.3 |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |
Operating leases |  | 8.7% |  |  | 8.8% |  |  | 5.1% |
Finance leases |  | 7.9% |  |  | 8.2% |  |  | 6.6% |
|  | Operating leases |  |  | Finance leases |
|  | $ |  |  | $ |
Maturities of Lease Liabilities |  |  |  |  |  |
2024 |  | 16,364 |  |  | 17,834 |
2025 |  | 16,410 |  |  | 20,199 |
2026 |  | 15,564 |  |  | 16,423 |
2027 |  | 14,559 |  |  | 4,458 |
2028 |  | 14,374 |  |  | 1,398 |
Thereafter |  | 167,412 |  |  | - |
Total lease payments |  | 244,683 |  |  | 60,312 |
Less: imputed interest |  | (128,773 | ) |  | (7,682 | )
Total lease liabilities |  | 115,910 |  |  | 52,630 |
As at December 30, 2023, the Company had entered into a finance lease agreement to provide for approximately $25 million of financing related to an expansion of the Company's ingredient extraction operations at its Modesto, California, facility, which is expected to become operational during the first half of 2024. As this finance lease had not commenced as at December 30, 2023, no amount of underlying right-of-use assets, or lease liabilities, were recognized on the consolidated balance sheet as of that date.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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