Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 02, 2021 | Feb. 26, 2021 | Jun. 27, 2020 | |
Entity Registrant Name | SUNOPTA INC. | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 2, 2021 | ||
Document Type | 10-K | ||
Entity Common Stock, Shares Outstanding | 103,256,454 | ||
Entity Public Float | $ 325 | ||
Entity Voluntary Filers | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Accelerated Filer | ||
Current Fiscal Year End Date | --01-02 | ||
Entity Central Index Key | 0000351834 | ||
Entity File Number | 001-34198 | ||
Entity Address, Address Line One | 2233 Argentia Road | ||
Entity Address, Address Line Two | Suite 401 | ||
Entity Address, City or Town | Mississauga | ||
Entity Address, State or Province | ON | ||
Entity Address, Postal Zip Code | L5N 2X7 | ||
City Area Code | 905 | ||
Local Phone Number | 821-9669 | ||
Entity Interactive Data Current | Yes | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Incorporation, State or Country Code | Z4 | ||
Document Transition Report | false | ||
Entity Address, Country | CA | ||
Document Annual Report | true | ||
The Nasdaq Stock Market | Common Shares | |||
Trading Symbol | STKL | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Shares | ||
The Toronto Stock Exchange | Common Shares | |||
Trading Symbol | SOY | ||
Title of 12(b) Security | Common Shares |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 789,213 | $ 721,596 | $ 783,972 |
Cost of goods sold | 680,136 | 656,093 | 713,441 |
Gross profit | 109,077 | 65,503 | 70,531 |
Selling, general and administrative expenses | 89,463 | 80,603 | 82,517 |
Intangible asset amortization | 8,946 | 9,112 | 9,151 |
Other expense (income), net | 23,393 | (40,639) | 5,242 |
Goodwill impairment | 0 | 0 | 81,222 |
Foreign exchange loss (gain) | (1,640) | (157) | 314 |
Earnings (loss) from continuing operations before the following | (11,085) | 16,584 | (107,915) |
Interest expense, net | 30,042 | 32,765 | 33,121 |
Loss on retirement of debt | 8,915 | 0 | 0 |
Loss from continuing operations before income taxes | (50,042) | (16,181) | (141,036) |
Recovery of income taxes | (2,740) | (3,101) | (13,566) |
Loss from continuing operations | (47,302) | (13,080) | (127,470) |
Earnings from discontinued operations | 124,820 | 12,322 | 18,265 |
Net earnings (loss) | 77,518 | (758) | (109,205) |
Dividends and accretion on preferred stock | (10,328) | (8,022) | (7,909) |
Earnings (loss) attributable to common shareholders | $ 67,190 | $ (8,780) | $ (117,114) |
Basic and diluted earnings (loss) per share | |||
From continuing operations | $ (0.65) | $ (0.24) | $ (1.55) |
From discontinued operations | 1.40 | 0.14 | 0.21 |
Basic and diluted earnings (loss) per share | $ 0.75 | $ (0.10) | $ (1.34) |
Weighted-average common shares outstanding (000s) | |||
Basic | 89,234 | 87,787 | 87,082 |
Diluted | 89,234 | 87,787 | 87,082 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Loss from continuing operations | $ (47,302) | $ (13,080) | $ (127,470) |
Earnings from discontinued operations | 124,820 | 12,322 | 18,265 |
Net earnings (loss) | 77,518 | (758) | (109,205) |
Changes related to cash flow hedges | |||
Unrealized gains, net | 384 | ||
Reclassification of gains to earnings | (79) | ||
Net changes related to cash flow hedges | 305 | ||
Currency translation adjustment | 2,405 | (1,604) | (2,704) |
Reclassification of accumulated currency translation adjustment of discontinued operations | (10,229) | 0 | 0 |
Other comprehensive earnings (loss), net of income taxes | 12,634 | (1,604) | (2,399) |
Comprehensive earnings (loss) attributable to SunOpta Inc. | $ 90,152 | $ (2,362) | $ (111,604) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Current assets | ||
Cash and cash equivalents | $ 251 | $ 128 |
Accounts receivable, net of allowances for credit losses of $1,257 and $630, respectively | 72,724 | 71,818 |
Inventories | 147,748 | 153,562 |
Prepaid expenses and other current assets | 21,665 | 20,558 |
Current income taxes recoverable | 6,935 | 7,480 |
Current assets held for sale | 236,408 | |
Total current assets | 249,323 | 489,954 |
Property, plant and equipment | 158,048 | 159,675 |
Operating lease right-of-use assets | 35,172 | 65,939 |
Goodwill | 3,998 | 3,998 |
Intangible assets | 133,317 | 142,263 |
Other assets | 5,757 | 1,991 |
Long-term assets held for sale | 59,539 | |
Total assets | 585,615 | 923,359 |
Current liabilities | ||
Bank indebtedness | 241,666 | |
Accounts payable and accrued liabilities | 118,592 | 89,136 |
Income taxes payable | 1,431 | 356 |
Current portion of long-term debt | 3,478 | 2,492 |
Current portion of operating lease liabilities | 12,750 | 16,084 |
Current portion of long-term liabilities | 200 | 4,286 |
Current liabilities held for sale | 51,644 | |
Total current liabilities | 136,451 | 405,664 |
Long-term debt | 66,245 | 235,840 |
Operating lease liabilities | 24,582 | 50,657 |
Long-term liabilities | 982 | |
Deferred income taxes | 25,408 | 9,040 |
Long-term liabilities held for sale | 8,743 | |
Total liabilities | 252,686 | 710,926 |
EQUITY | ||
Common shares, no par value, unlimited shares authorized, 90,194,220 shares issued (December 28, 2019 - 88,089,733) | 326,545 | 318,456 |
Additional paid-in capital | 37,862 | 35,767 |
Accumulated deficit | (147,741) | (214,931) |
Accumulated other comprehensive income (loss) | 1,363 | (11,271) |
Stockholders' Equity Attributable to Parent, Total | 218,029 | 128,021 |
Non-controlling interests | 1,888 | |
Total equity | 218,029 | 129,909 |
Total equity and liabilities | 585,615 | 923,359 |
Series A Preferred Stock [Member] | ||
Current liabilities | ||
Preferred Stock | 87,305 | $ 82,524 |
Series B Preferred Stock [Member] | ||
Current liabilities | ||
Preferred Stock | $ 27,595 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) $ in Thousands | Jan. 02, 2021$ / shares | Jan. 02, 2021USD ($)shares | Dec. 28, 2019$ / shares | Dec. 28, 2019USD ($)shares |
Statement of Financial Position [Abstract] | ||||
Allowances for credit losses | $ | $ 1,257 | $ 630 | ||
Common Stock, No Par Value | $ / shares | ||||
Common Stock Shares Issued | shares | 90,194,220 | 88,089,733 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common shares [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interest [Member] | Total |
Balance at Dec. 30, 2017 | $ 308,899 | $ 28,006 | $ (89,291) | $ (7,268) | $ 1,575 | $ 241,921 |
Balance (in shares) at Dec. 30, 2017 | 86,757 | |||||
Employee stock purchase plan | $ 630 | 630 | ||||
Employee stock purchase plan (in shares) | 112 | |||||
Stock incentive plan | $ 4,828 | (3,517) | 1,311 | |||
Stock incentive plan (in shares) | 554 | |||||
Withholding taxes on stock-based awards | (632) | (632) | ||||
Stock-based compensation | 7,939 | 7,939 | ||||
Dividends on preferred stock | (6,800) | (6,800) | ||||
Accretion on preferred stock | (1,109) | (1,109) | ||||
Loss from continuing operations | (127,470) | (127,470) | ||||
Earnings from discontinued operations | 18,265 | 62 | 18,327 | |||
Currency translation adjustment | (2,704) | 145 | (2,559) | |||
Cash flow hedges, net of income taxes of $130 | 305 | 305 | ||||
Dividend paid by subsidiary to non-controlling interest | (278) | (278) | ||||
Cumulative effect of adoption of new revenue accounting standard | 254 | 254 | ||||
Balance at Dec. 29, 2018 | $ 314,357 | 31,796 | (206,151) | (9,667) | 1,504 | 131,839 |
Balance (in shares) at Dec. 29, 2018 | 87,423 | |||||
Employee stock purchase plan | $ 475 | 475 | ||||
Employee stock purchase plan (in shares) | 185 | |||||
Stock incentive plan | $ 3,624 | (3,120) | 504 | |||
Stock incentive plan (in shares) | 482 | |||||
Withholding taxes on stock-based awards | (394) | (394) | ||||
Stock-based compensation | 7,485 | 7,485 | ||||
Dividends on preferred stock | (6,800) | (6,800) | ||||
Accretion on preferred stock | (1,222) | (1,222) | ||||
Loss from continuing operations | (13,080) | (13,080) | ||||
Earnings from discontinued operations | 12,322 | 154 | 12,476 | |||
Currency translation adjustment | (1,604) | (10) | (1,614) | |||
Capital contribution to majority-owned subsidiary | 271 | 271 | ||||
Dividend paid by subsidiary to non-controlling interest | (31) | (31) | ||||
Balance at Dec. 28, 2019 | $ 318,456 | 35,767 | (214,931) | (11,271) | 1,888 | 129,909 |
Balance (in shares) at Dec. 28, 2019 | 88,090 | |||||
Employee stock purchase plan | $ 462 | 462 | ||||
Employee stock purchase plan (in shares) | 114 | |||||
Stock incentive plan | $ 7,627 | (6,041) | 1,586 | |||
Stock incentive plan (in shares) | 1,990 | |||||
Withholding taxes on stock-based awards | (4,080) | (4,080) | ||||
Stock-based compensation | 12,216 | 12,216 | ||||
Dividends on preferred stock | (8,636) | (8,636) | ||||
Accretion on preferred stock | (1,692) | (1,692) | ||||
Loss from continuing operations | (47,302) | (47,302) | ||||
Earnings from discontinued operations | 124,820 | (301) | 124,519 | |||
Currency translation adjustment | 2,405 | (44) | 2,361 | |||
Capital contribution to majority-owned subsidiary | 67 | 67 | ||||
Dividend paid by subsidiary to non-controlling interest | (66) | (66) | ||||
Disposition of discontinued operations | 10,229 | $ (1,544) | 8,685 | |||
Balance at Jan. 02, 2021 | $ 326,545 | $ 37,862 | $ (147,741) | $ 1,363 | $ 218,029 | |
Balance (in shares) at Jan. 02, 2021 | 90,194 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Income Statement [Abstract] | |
Tax effect of cash flow hedges | $ 130 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Operating activities | |||
Net earnings (loss) | $ 77,518 | $ (758) | $ (109,205) |
Earnings from discontinued operations | 124,820 | 12,322 | 18,265 |
Loss from continuing operations | (47,302) | (13,080) | (127,470) |
Items not affecting cash: | |||
Depreciation and amortization | 30,308 | 29,266 | 28,159 |
Amortization of debt issuance costs | 4,078 | 2,721 | 2,536 |
Deferred income taxes | 7,553 | 1,075 | (7,020) |
Stock-based compensation | 11,676 | 6,340 | 6,773 |
Loss on foreign currency forward contract | 12,658 | 0 | 0 |
Impairment of long-lived assets | 7,803 | 0 | 409 |
Loss on retirement of debt | 8,915 | 0 | 0 |
Gain on sale of business | 0 | (44,027) | 0 |
Goodwill impairment | 0 | 0 | 81,222 |
Reserve for notes receivable | 0 | 0 | 2,232 |
Other | (157) | (34) | (210) |
Changes in operating assets and liabilities, net of businesses sold | 17,131 | 731 | 19,369 |
Net cash provided by (used in) operating activities of continuing operations | 52,663 | (17,008) | 6,000 |
Net cash provided by (used in) operating activities of discontinued operations | 39,033 | 26,817 | (17,141) |
Net cash provided by (used in) operating activities | 91,696 | 9,809 | (11,141) |
Investing activities | |||
Purchases of property, plant and equipment | (24,754) | (28,387) | (26,867) |
Cash settlement of foreign currency forward contract | (12,658) | 0 | 0 |
Net proceeds from sale of businesses | 0 | 63,324 | 1,236 |
Proceeds from sale of assets | 0 | 0 | 1,437 |
Other | 41 | 0 | 159 |
Net cash provided by (used in) investing activities of continuing operations | (37,371) | 34,937 | (24,035) |
Net cash provided by (used in) investing activities of discontinued operations | 361,889 | (7,718) | (4,736) |
Net cash provided by (used in) investing activities | 324,518 | 27,219 | (28,771) |
Financing activities | |||
Increase (decrease) under revolving credit facilities | (175,990) | (11,290) | 24,212 |
Repayment of long-term debt, including premium paid | (231,431) | (1,281) | (592) |
Borrowings of long-term debt | 5,179 | 637 | 0 |
Payment of debt issuance costs | (4,888) | (412) | 0 |
Proceeds on issuance of Series B-1 Preferred Stock, net of issuance costs | 26,804 | 0 | 0 |
Payment of cash dividends on preferred stock | (4,078) | (6,800) | (6,800) |
Proceeds from the exercise of stock options and employee share purchases | 2,048 | 979 | 1,941 |
Payment of withholding taxes on stock-based awards | (4,080) | (394) | (632) |
Other | (185) | (19) | (292) |
Net cash provided by (used in) financing activities of continuing operations | (386,621) | (18,580) | 17,837 |
Net cash provided by (used in) financing activities of discontinued operations | (31,063) | (20,183) | 22,197 |
Net cash provided by (used in) financing activities | (417,684) | (38,763) | 40,034 |
Increase (decrease) in cash and cash equivalents during the year | (1,470) | (1,735) | 122 |
Cash and cash equivalents of discontinued operations: | |||
Balance at the beginning of the year | 1,370 | 2,501 | 2,251 |
Foreign exchange gain (loss) on cash and cash equivalents | 223 | (47) | (70) |
Less: Balance at the end of year | 0 | (1,370) | (2,501) |
Cash and cash equivalents, beginning of the year | 128 | 779 | 977 |
Cash and cash equivalents, end of the year | $ 251 | $ 128 | $ 779 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Significant Accounting Policies Basis of Presentation These consolidated financial statements include the accounts of SunOpta Inc. and those of its wholly-owned subsidiaries (collectively, the "Company" or "SunOpta") and have been prepared by the Company in United States ("U.S.") dollars and in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated on consolidation. Discontinued Operations As described in note 3, on December 30, 2020, the Company completed the divestiture of its organic ingredient sourcing and production business, Tradin Organic. With the divestiture, Tradin Organic qualified for reporting as discontinued operations in the consolidated financial statements for the current and comparative periods. Accordingly, the operating results and cash flows of Tradin Organic for the years ended December 28, 2019 and December 29, 2018 have been reclassified to discontinued operations on the consolidated statements of operations and cash flows, and the assets and liabilities of Tradin Organic have been reclassified and reported as held for sale on the consolidated balance sheet as at December 28, 2019. In addition, unless otherwise indicated, the information disclosed below in these notes to the consolidated financial statements is presented on a continuing operations basis, with the comparative period information recast to reflect Tradin Organic as discontinued operations. Fiscal Year The fiscal year of the Company consists of a 52- or 53-week period ending on the Saturday closest to December 31. Fiscal year 2020 was a 53-week period ending on January 2, 2021. Fiscal years 2019 and 2018 were each 52-week periods ending on December 28, 2019 and December 29, 2018, respectively. Fiscal year 2021 will be a 52-week period ending on January 1, 2022, with quarterly periods ending on April 3, 2021, July 3, 2021, and October 2, 2021. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Areas involving significant estimates and assumptions include: allowances for credit losses; inventory reserves; income tax liabilities and assets, and related valuation allowances; provisions for loss contingencies related to claims and litigation; useful lives of property, plant and equipment and intangible assets; expected lease terms and discount rates in measuring lease assets and liabilities; expected future cash flows used in evaluating long-lived assets for impairment; and reporting unit fair values in testing goodwill for impairment. The estimates and assumptions made require judgment on the part of management and are based on the Company's historical experience and various other factors that are believed to be reasonable in the circumstances. Management continually evaluates the information that forms the basis of its estimates and assumptions as the business of the Company and the general business environment changes. Financial Instruments The Company's financial instruments recognized in the consolidated balance sheets and included in working capital consist of cash and cash equivalents, accounts receivable, foreign currency derivative instruments, and accounts payable and accrued liabilities. Cash and cash equivalents and derivative instruments are measured at fair value each reporting period. The fair values of the remaining financial instruments approximate their carrying values due to their short-term maturities. The Company's financial instruments exposed to credit risk include cash equivalents, accounts receivable and derivative instruments. The Company places its cash and cash equivalents with institutions of high creditworthiness. To limit the credit risk associated with derivative instruments, the Company contracts with counterparties that are highly-rated financial institutions. The Company routinely assesses the financial strength of its customers and believes that its accounts receivable credit risk exposure is limited. The Company closely monitors receivable balances and estimates an allowance for credit losses based on historical collection experience, and account aging analysis and trends, and evaluates the adequacy of the allowance each reporting period, considering individual customer account reviews, write-offs recorded in the period, sales forecasts and trends, and current and expected economic and customer-specific conditions. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, an exit price). Fair value measurements are estimated based on inputs categorized as follows: Level 1 inputs include quoted prices (unadjusted) for identical assets or liabilities in active markets that are observable. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 includes unobservable inputs that reflect the Company's own assumptions about what factors market participants would use in pricing the asset or liability. When measuring fair value, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. Foreign Currency Translation Exchange gains and losses on transactions occurring in a currency other than an operation's functional currency are recognized in earnings. Foreign currency gains and losses related to the remeasurement of the Company's Mexican operation into its U.S. dollar functional currency are recognized in earnings. The assets and liabilities of the disposed operations of Tradin Organic that had a functional currency other than the U.S. dollar were translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average rate for the reporting period for revenue and expense items. The cumulative currency translation adjustment was recorded as a component of accumulated other comprehensive income/loss in shareholders' equity. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term deposits with an original maturity of 90 days or less. Accounts Receivable Accounts receivable includes trade receivables that are recorded at the invoiced amount and do not bear interest. The allowance for credit losses is an estimate of the amount of probable losses in existing accounts receivable. Account balances are charged off against the allowance when the Company determines the receivable will not be recovered. As at January 2, 2021, two long-term customers represented 17% and 11%, respectively, of the Company's consolidated trade receivables balance. The Company does not believe it is exposed to any significant credit risks with respect to these customers. Inventories Inventories are valued at the lower of cost and net realizable value. Shipping and handling costs are included in cost of goods sold on the consolidated statements of operations. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line basis at rates reflecting the estimated useful lives of the assets. Buildings 20 - 40 years Machinery and equipment 5 - 20 years Enterprise software 3 - 5 years Office furniture and equipment 3 - 7 years Vehicles 3 - 7 years Leases Effective the first day of fiscal 2019, the Company changed its method of accounting for leases following the adoption of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), on a modified retrospective basis. As permitted, the Company elected not to apply the guidance to periods prior to 2019. ASU 2016-02 amended the legacy accounting for leases, including the recognition of right-of-use assets and lease liabilities for leases classified as operating leases, while the accounting for finance leases remained unchanged. At the lease commencement date, the Company recognizes operating and finance lease assets and liabilities based on the present value of future lease payments over the lease term. The discount rate used to determine the present value of the future lease payments is the implicit rate in the lease if readily determinable. When that rate is not readily determinable, the Company applies its incremental borrowing rate, which its estimated using relevant interest rate yield curves and credit spreads derived from available market data and the Company's corporate credit rating. See note 10 for further disclosures related to leases. Goodwill Goodwill represents the excess in a business combination of the purchase price over the estimated fair value of the identifiable net assets acquired. Goodwill is not amortized but is instead tested for impairment at least annually, or whenever events or circumstances change between the annual impairment tests that would indicate the carrying amount of goodwill may be impaired. The Company performs its annual test for goodwill impairment in the fourth quarter of each fiscal year. The Company can elect to qualitatively assess goodwill for impairment if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If the Company elects to quantitatively assess goodwill, or it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, the Company estimates the fair value of each of its reporting units. Goodwill impairment charges are recognized based on the excess of a reporting unit's carrying amount over its fair value. The fair values of the reporting units are determined using an income approach (discounted cash flow method). The results of the Company's annual impairment tests for goodwill are described in note 11. Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and fully-amortized patents and trademarks. Customer relationships are being amortized on a straight-line basis over their estimated useful lives ranging from 10 to 25 years. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable through undiscounted future cash flows. If impairment exists based on expected future undiscounted cash flows, a loss is recognized in earnings. The amount of the impairment loss is the excess of the carrying amount of the impaired asset over the fair value of the asset, typically determined using a discounted cash flow analysis (income approach). Derivative Instruments The Company utilizes foreign currency forward contracts to manage its exposure to exchange rate fluctuations relating to foreign currency denominated inventory purchases and operating costs. Contracts are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes. Foreign currency forward contracts are recognized on the consolidated balance sheets at fair value. Gains or losses in the fair value of foreign currency forward contracts not specifically designated as hedging instruments are included in foreign exchange gain/loss on the consolidated statements of operations. For contracts designated as accounting hedges, gains or losses in fair value are recognized in other comprehensive earnings and subsequently recognized in earnings in the same period the hedged item affects earnings. The ineffective portion of an accounting hedge is recognized in earnings in the current period. As at January 2, 2021, the Company did not have any foreign currency forward contracts designated as accounting hedges. Debt Issuance Costs Costs incurred in connection with obtaining debt financing are deferred and amortized over the term of the financing arrangement using the effective interest method. Costs incurred to secure revolving credit facilities are recorded in other long-term assets. All other debt issuance costs are recorded as a direct deduction from the related debt liability. Income Taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income tax assets are recognized for deductible temporary differences and operating loss carry-forwards, and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts of assets and liabilities recorded for income tax and financial reporting purposes. Deferred income tax assets are recognized only to the extent that management determines that it is more likely than not that the deferred income tax assets will be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The income tax expense or benefit is the income tax payable or recoverable for the year plus or minus the change in deferred income tax assets and liabilities during the year. The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Accordingly, the Company may incur additional income tax expense based upon the outcomes of such matters. In addition, when applicable, the Company adjusts income tax expense to reflect the Company's ongoing assessments of such matters, which requires judgment and can materially increase or decrease its effective rate as well as impact operating results. The evaluation of tax positions taken or expected to be taken in a tax return is a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the related tax authority. Stock Incentive Plan The Company maintains a stock incentive plan under which stock options and other stock-based awards may be granted to selected employees and directors. The Company measures stock-based awards at fair value as of the date of grant. Compensation expense is recognized on a straight-line basis over vesting period of the entire stock-based award, based on the number of awards that ultimately vest. When exercised, stock-based awards are settled through the issuance of common shares and are therefore treated as equity awards. Revenue Recognition Revenue is recognized when the Company transfers control of promised goods to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods. See note 2 for further disclosures related to revenue. Earnings Per Share Basic earnings per share is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding during the year. Earnings available to common shareholders is computed by deducting dividends and accretion on convertible preferred stock from earnings attributable to SunOpta Inc. The potential diluted effect of stock options and other stock-based awards is computed using the treasury stock method whereby the weighted-average number of common shares used in the basic earnings per share calculation is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares had been issued at the beginning of the year. The potential dilutive effect of convertible preferred stock is computed using the if-converted method whereby dividends and accretion on the convertible preferred stock are added back to the numerator, and the common shares resulting from the assumed conversion of the convertible preferred stock are included in the denominator of the diluted earnings per share calculation. Contingencies In the normal course of business, the Company is subject to loss contingencies, such as accrued but unpaid bonuses; tax-related matters; and claims or litigation. Accruals for loss contingencies are recorded when the Company determines that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the estimate of the amount of the loss is a range and some amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued as a liability. If no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued as a liability. The Company recognizes an asset for insurance recoveries when a loss event has occurred and recovery is considered probable, to the extent that the potential recovery does not exceed the loss recognized. Recent Accounting Pronouncements Adoption of New Accounting Standard Effective the first quarter of 2020, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires the immediate recognition of expected versus incurred credit losses for most financial assets. The Company adopted ASU 2016-13 under the modified retrospective approach and applied the new guidance to its short-term accounts receivable. The adoption of this new guidance did not result in the recognition of additional allowances for credit losses. |
Revenue
Revenue | 12 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Text Block] | 2. Revenue The Company procures, processes, and packages plant-based and fruit-based foods and beverages. The Company's customers include retailers, foodservice operators, branded food companies, and food manufacturers. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which is upon the transfer of control of the contracted goods. Except for goods sold under bill-and-hold arrangements, control is transferred when title and physical possession of the product has transferred to the customer, which is at the point in time that product is shipped from the Company's facilities or delivered to a specified destination, depending on the terms of the contract, and the Company has a present right to payment. Under bill-and-hold arrangements, whereby the Company bills a customer for product to be delivered at a later date, control typically transfers when the product is ready for physical transfer to the customer, and the Company has a present right to payment. A performance obligation is a promise within a contract to transfer distinct goods to the customer. A contract with a customer may involve multiple products and/or multiple delivery dates, with the transfer of each product at each delivery date being considered a distinct performance obligation, as each of the Company's products has standalone utility to the customer. In these cases, the contract's transaction price is allocated to each performance obligation based on relative standalone selling prices and recognized as revenue when each individual product is transferred to the customer. Other promises in the contract-for example, the promise to provide quality assurance testing to ensure the product meets specification and is fit for its intended use-are not separable from the promise to deliver goods and are therefore not considered distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the goods. Consideration is typically determined based on a fixed unit price for the quantity of product transferred. Certain contracts may give rise to an element of variable consideration in the form of rebates or discounts. For contracts involving variable consideration, the Company estimates the transaction price based on the amount of consideration to which it expects to be entitled. These estimates are determined based on historical experience and the expected outcome of the variable consideration, and are updated as new information becomes available, including actual claims paid, which indicate an estimate is not indicative of the expected results. Changes to these estimates are recorded in the period the adjustment is identified. The Company does not typically grant customers a general right of return for goods transferred but will generally accept returns of product for quality-related issues. The cost of satisfying this promise of quality is accounted for as an assurance-type warranty obligation rather than variable consideration. The Company's contracts do not typically include any significant payment terms, as payment is normally due shortly after the time of transfer. Revenue contracts are typically represented by short-term, binding purchase orders from customers, identifying the quantity and pricing for products to be transferred. Customer orders may be issued under long-term master supply arrangements. On their own, these master supply arrangements are typically not considered contracts for purposes of revenue recognition, as they do not create enforceable rights and obligations regarding the quantity, pricing, or timing of goods to be transferred (for example, by imposing minimum purchase obligations on the part of the customer). Certain master supply arrangements provide for the transfer of product on a bill-and-hold basis at the specific request of the customer. Goods are produced under these bill-and-hold arrangements to meet individual customer specifications, and, therefore, are identifiable as belonging to the customer and cannot be directed to another customer. The timing of the Company's revenue recognition, customer billings and cash collections, does not result in significant unbilled receivables (contract assets) or customer advances (contract liabilities) on the consolidated balance sheet. Contract costs, such as sales commissions, are generally expensed as incurred given the short-term nature of the associated contracts. The following table presents a disaggregation of the Company's revenues based on categories used by the Company to evaluate sales performance: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Plant-Based Foods and Beverages Beverages and broths 332,390 286,381 244,888 Plant-based ingredients 28,156 22,944 14,788 Sunflower and roasted snacks 54,618 52,073 51,297 Flexible resealable pouch and nutrition bar products — — 3,103 Total Plant-Based Foods and Beverages 415,164 361,398 314,076 Fruit-Based Foods and Beverages Frozen fruit 284,559 258,298 271,417 Fruit-based ingredients 40,543 47,762 50,830 Fruit snacks 48,947 43,792 43,222 Total Fruit-Based Foods and Beverages 374,049 349,852 365,469 Global Ingredients Soy and corn — 10,346 104,427 Total Global Ingredients — 10,346 104,427 Total revenues 789,213 721,596 783,972 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 02, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations [Text Block] | 3. Discontinued Operations Tradin Organic On December 30, 2020 (the "Closing Date"), the Company completed the divestiture of its organic ingredient sourcing and production business, Tradin Organic, by selling all of the Company's interests and rights in The Organic Corporation B.V. and Tradin Organics USA LLC to Amsterdam Commodities N.V. (the "Purchaser"), pursuant to a Master Purchase Agreement, dated November 25, 2020, among the Company, the Purchaser, and the other parties thereto (the "Transaction"). The global operations of Tradin Organic included its organic and non-GMO ingredient sourcing operations centered in Amsterdam, The Netherlands, and Scott's Valley, California, together with its consumer-packaged premium juice co-manufacturing business, and its cocoa, sunflower, sesame, and avocado ingredient processing facilities located in the Netherlands, Bulgaria, and Ethiopia. Together with the Company's former soy and corn business (see note 4), Tradin Organic comprised the Company's Global Ingredients operating segment. In connection with the Transaction, the Company and the Purchaser entered into a Supply Agreement as of the Closing Date, whereby the Company may continue to purchase specified organic ingredients from Tradin Organic for use in the Company's plant-based and fruit-based operations. The initial term of Supply Agreement is for five years and is renewable for one-year periods thereafter. The products are to be supplied at competitive market prices based on the landed cost to Tradin Organic of the underlying commodities. The Supply Agreement does not impose any minimum purchase commitments on the Company but does require the Company to purchase substantially all of its requirements for the specified products from Tradin Organic, which totaled approximately $20 million during the year ended January 2, 2021. As of the Closing Date, the Company received cash consideration from the Transaction of $373.7 million (€305.1 million), net of cash acquired and debt assumed by the Purchaser and subject to certain post-closing adjustments, translated using the closing rate of exchange of euros to U.S. dollars on December 29, 2020. The Company realized a cash loss of $12.7 million on a foreign currency forward contract that it entered into to economically hedge the exchange rate risks on the euro-denominated cash consideration between the date of the Master Purchase Agreement and the Closing Date. The Company recorded this loss in other expense from continuing operations in the statement of operations for the year ended January 2, 2021, as the loss is not considered a direct operating item of the discontinued operations of Tradin Organic. In connection with the Transaction, on December 31, 2020, the Company repaid in full the approximately $72 million of outstanding borrowings under the Dutch subfacility of the Company's Global Credit Facility as of the Closing Date. In addition, on December 31, 2020, the Company utilized $233.3 million of the cash consideration from the Transaction to redeem all of its outstanding 9.5% senior secured second lien notes due October 2022 (including accrued interest and premium paid on redemption of $9.8 million in total) and repaid approximately $60 million of other outstanding borrowings under its Global Credit Facility. (See note 14.) The following table presents the major classes of assets and liabilities of Tradin Organic included as part of discontinued operations as at the Closing Date and December 28, 2019: December 30, 2020 December 28, 2019 $ $ Assets Cash and cash equivalents 6,037 1,370 Accounts receivable 50,025 49,627 Inventories 155,829 169,984 Other current assets 15,424 15,427 Total current assets 227,315 236,408 Property, plant and equipment 25,787 24,875 Goodwill 25,320 24,424 Intangible assets 6,291 7,746 Other long-term assets 2,566 2,494 Total long-term assets 59,964 59,539 Total assets 287,279 295,947 Liabilities Bank indebtedness 296 3,870 Accounts payable and accrued liabilities 39,218 44,430 Other current liabilities 2,239 3,344 Total current liabilities 41,753 51,644 Long-term debt 6,087 6,364 Other long-term liabilities 1,869 2,379 Total long-term liabilities 7,956 8,743 Total liabilities 49,709 60,387 As of the Closing Date, the Company recognized the following pre-tax gain on sale of Tradin Organic in discontinued operations: $ Cash consideration 373,709 Less: costs to sell (15,636) Net proceeds 358,073 Total assets sold 287,279 Total liabilities sold (49,709) Net assets sold 237,570 Less: non-controlling interests (1,544) Add: accumulated other comprehensive loss 10,229 Carrying amount of net assets sold 246,255 Pre-tax gain on sale 111,818 The following table reconciles the major components of the results of discontinued operations to the amounts reported in the consolidated statements of operations for the years ended January 2, 2021, December 28, 2019 and December 29, 2018: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Revenues 503,036 468,426 476,880 Cost of goods sold 441,277 418,676 423,941 Selling, general and administrative expenses (1) 26,953 27,737 25,731 Intangible asset amortization 1,451 1,859 1,887 Other expense (income), net (782) 591 (2,417) Foreign exchange loss (gain) 3,142 (1,147) (62) Interest expense (2) 2,409 1,912 1,285 Earnings before gain of sale 28,586 18,798 26,515 Pre-tax gain on sale 111,818 — — Earnings from discontinued operations before income taxes 140,404 18,798 26,515 Provision for income taxes 15,885 6,322 8,188 Earnings (loss) attributable to non-controlling interests (301) 154 62 Earnings from discontinued operations 124,820 12,322 18,265 (1) (2) |
Sale of Soy and Corn Business
Sale of Soy and Corn Business | 12 Months Ended |
Jan. 02, 2021 | |
Sale Of Soy And Corn Business [Abstract] | |
Sale of Soy and Corn Business [Text Block] | 4. Sale of Soy and Corn Business On February 22, 2019, the Company's completed the sale of its specialty and organic soy and corn business to Pipeline Foods, LLC for $66.5 million, subject to certain post-closing adjustments. The soy and corn business engaged in seed and grain conditioning and corn milling from five facilities located in the U.S. and formed part of the Company's Global Ingredients segment. The net proceeds from this transaction were initially used to repay borrowings under the Company's Global Credit Facility. For the year ended December 28, 2019, the Company recognized the following pre-tax gain on sale of the soy and corn business, which was recognized in other income: $ Cash consideration 66,500 Less: post-closing adjustments (1,348 ) Less: costs to sell (1,828 ) Net proceeds 63,324 Current assets 22,810 Property, plant and equipment 8,423 Goodwill 1,526 Current liabilities (13,462 ) Net assets sold 19,297 Pre-tax gain on sale 44,027 As the soy and corn business did not qualify for presentation as discontinued operations, operating results for this business prior to February 22, 2019 were reported in continuing operations on the consolidated statements of operations for years ended December 28, 2019 and December 29, 2018. For the period ended February 22, 2019, the soy and corn business had revenues of $10.3 million and a loss before income taxes of $0.2 million. For the year ended December 29, 2018, the soy and corn business had revenues of $104.4 million and earnings before income taxes of $2.3 million (net of management fees charged by SunOpta Corporate Services). |
Value Creation Plan
Value Creation Plan | 12 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Value Creation Plan [Text Block] | 5. Value Creation Plan All amounts disclosed below in this note include continuing and discontinued operations. Established in 2016, the Company's Value Creation Plan has been a multi-year, broad-based initiative focused on increasing shareholder value through structural investments in people, processes and assets, together with restructuring activities to streamline operations. In 2020, measures taken under the Value Creation Plan included the consolidation of manufacturing assets in the Company's frozen fruit operations, including the exit from the Company's Santa Maria, California, leased frozen fruit processing facility (completed February 1, 2021), and the consolidation of the Company's corporate office functions into Minneapolis, Minnesota. Prior to 2020, measures taken under the Value Creation Plan included the sale of the Company's soy and corn business (see note 4) in 2019, the consolidation of roasted snack operations and related disposal of the Company's former roasting facility in Wahpeton, North Dakota, in 2018, the exit from flexible resealable pouch and nutrition bar product lines and operations initiated in 2017, and the closure of the Company's former juice processing facility in San Bernardino, California, in 2016. In addition, over the course of the Value Creation Plan, the Company made a series of organizational changes to its executive and senior management teams, including new Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") appointments and leadership additions to many corporate, commercial, and operational functions. The Company also implemented a number of cost-saving measures, including workforce reductions, while adding new expertise in the areas of quality, food safety, sales, marketing, operations, and engineering, and making capital investments in automation and other productivity initiatives to improve manufacturing efficiencies. The Company considers that the measures taken in 2020 mark the substantial completion of the Value Creation Plan. In the first quarter of 2021, the Company expects to incur approximately $1.5 million of additional costs to complete the exit from the Santa Maria facility, and transfer production to its other frozen fruit processing facilities. The following table summarizes costs incurred under the Value Creation Plan for each of the three years in the period ended January 2, 2021: (a) (b) (c) Employee Asset recruitment, impairments retention and and facility termination Professional closure costs costs fees Total $ $ $ $ 2020 Balance payable, beginning of year 201 4,026 — 4,227 Costs incurred and charged to expense 6,732 2,944 1,004 10,680 Cash payments, net (643 ) (5,822 ) (1,004 ) (7,469 Non-cash adjustments (6,290 ) 894 — (5,396 Balance payable, end of year (1) — 2,042 — 2,042 2019 Balance payable, beginning of year 477 436 — 913 Costs incurred and charged to expense 308 7,988 1,353 9,649 Cash payments, net (584 ) (8,529 ) (1,353 ) (10,466 Non-cash adjustments — 4,131 — 4,131 Balance payable, end of year 201 4,026 — 4,227 2018 Balance payable (receivable), beginning of year (700 ) 4,427 — 3,727 Costs incurred and charged to expense 1,364 600 410 2,374 Cash receipts (payments), net 1,068 (4,591 ) (410 ) (3,933 Non-cash adjustments (1,255 ) — — (1,255 Balance payable, end of year 477 436 — 913 (1) (a) For the year ended January 2, 2021, costs incurred included a loss on the disposal of redundant assets related to the exit from the Santa Maria, California, frozen fruit processing facility and costs to dismantle and move retained equipment to the Company's other processing facilities, together with the write-off of operating lease right-of-use assets and leasehold improvements associated with the Company's corporate office consolidation. For the year ended December 28, 2019, costs incurred included costs to dismantle and move equipment from the Company's former soy extraction facility in Heuvelton, New York, which was closed in December 2016. For the year ended December 29, 2018, costs incurred included an accrual for the remaining lease payments (net of sublease rentals) related to the vacated nutrition bar facility, and a loss on the disposal of the Company's Wahpeton, North Dakota, roasting facility. (b) For the year ended January 2, 2021, costs incurred mainly related to accrued severance benefits for employees affected by the closure of the Santa Maria facility, which will be paid in the first quarter of 2021. Employee termination costs in 2020 were recognized net of the reversal of $0.9 million of previously recognized stock-based compensation related to forfeited awards of terminated employees. For the year ended December 28, 2019, costs incurred included severance benefits for employees in connection with a workforce reduction program and corporate office consolidation, and in connection with cost rationalizations associated with the sale of the soy and corn business. In addition, recruitment, relocation, and termination costs were incurred in connection with the new CEO and CFO appointments in February 2019 and September 2019, respectively. Employee termination costs in 2019 were recognized net of the reversal of $4.1 million of previously recognized stock-based compensation related to forfeited awards of terminated employees. For the year ended December 29, 2018, cost incurred included retention and signing bonuses accrued for certain existing and new employees. (c) Represents the costs for third-party consultants in support of business development activities and other measures taken under the Value Creation Plan. The following table summarizes costs incurred since the inception of the Value Creation Plan in 2016 to January 2, 2021: Employee Asset recruitment, Professional impairments retention and fees and other and facility termination third-party closure costs costs labor costs Total $ $ $ $ Costs incurred and charged to expense 41,692 25,913 23,336 90,941 Cash payments, net (10,905 ) (29,319 ) (23,336 ) (63,560 Non-cash adjustments (30,787 ) 5,448 — (25,339 Balance payable, January 2, 2021 — 2,042 — 2,042 For the years ended January 2, 2021, December 28, 2019 and December 29, 2018, costs incurred and charged to expense were recorded in the consolidated statement of operations as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Cost of goods sold (1) — — 100 Selling, general and administrative expenses (2) 1,649 3,556 613 Other expense (3) 8,248 5,856 1,661 Earnings from discontinued operations (4) 783 237 — 10,680 9,649 2,374 (1) (2) (3) (4) |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 12 Months Ended |
Jan. 02, 2021 | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements [Text Block] | 6. Derivative Financial Instruments and Fair Value Measurements Foreign currency forward contracts As part of its risk management strategy, from time to time the Company 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 January 2, 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 aggregate notional amount of these contracts was $11.8 million, which reduces to zero between January 2021 and July 2021. The collar has 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 is between the ceiling and floor rates on the date of maturity of each of the contracts, then the Company does not recognize any gain or loss under these contracts. If the spot rate goes below the floor rate of the collar, the Company will recognize a foreign exchange gain, and if the spot rate goes above the ceiling rate of the collar, the Company will recognize a foreign exchange loss. For the year ended January 2, 2021, the Company recognized an unrealized gain of $0.8 million on these open contracts, which is included in other current assets on the consolidated balance sheet. In addition, for the year ended January 2, 2021, the Company recognized realized gains of $1.4 million related to contracts that closed in the period. As at December 28, 2019, the Company had no open Mexican peso foreign currency forward contracts. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 02, 2021 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | 7. Accounts Receivable January 2, 2021 December 28, 2019 $ $ Trade receivables 73,981 70,027 Product recall-related insurance recoveries (1) — 2,421 Allowance for credit losses (1,257 ) (630 ) 72,724 71,818 (1) The change in the allowance for credit losses for the years ended January 2, 2021 and December 28, 2019 is comprised as follows: January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 630 1,209 Net addition (reduction) to provision 627 (84 ) Accounts receivable written off, net of recoveries — (495 ) Balance, end of year 1,257 630 |
Inventories
Inventories | 12 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | 8. Inventories January 2, 2021 December 28, 2019 $ $ Raw materials and work-in-process 78,210 89,562 Finished goods 75,280 72,135 Inventory reserve (5,742 ) (8,135 ) 147,748 153,562 The change in the inventory reserve for the years ended January 2, 2021 and December 28, 2019 is comprised as follows: January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 8,135 7,654 Additions to reserve during the year 3,081 10,011 Reserves applied and inventories written off during the year (5,474 ) (9,530 ) Balance, end of year 5,742 8,135 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jan. 02, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property, Plant and Equipment The major components of property, plant and equipment as at January 2, 2021 and December 28, 2019 were as follows: January 2, 2021 Accumulated Cost depreciation Net book value $ $ $ Land 7,009 — 7,009 Buildings 75,308 23,587 51,721 Machinery and equipment 191,831 103,092 88,739 Enterprise software 25,250 16,009 9,241 Office furniture and equipment 7,258 6,157 1,101 Vehicles 1,850 1,613 237 308,506 150,458 158,048 December 28, 2019 Accumulated Cost depreciation Net book value $ $ $ Land 7,070 — 7,070 Buildings 65,888 20,149 45,739 Machinery and equipment 183,175 89,021 94,154 Enterprise software 23,217 12,386 10,831 Office furniture and equipment 7,196 5,706 1,490 Vehicles 1,888 1,497 391 288,434 128,759 159,675 As at January 2, 2021, property, plant and equipment included construction in process assets of $23.7 million (December 28, 2019 - $12.1 million), which were not being depreciated as they had not yet reached the stage of commercial viability. In addition, as at January 2, 2021, machinery and equipment included equipment under finance leases (see note 10) with a cost of $24.5 million (December 28, 2019 - $18.9 million) and a net book value of $18.7 million (December 28, 2019 - $15.7 million), as well as $5.6 million (December 28, 2019 - $5.6 million) of spare parts inventory. Total depreciation expense included in cost of goods sold and selling, general and administrative expenses on the consolidated statements of operations related to property, plant and equipment for the year ended January 2, 2021 was $21.4 million (December 28, 2019 - $20.2 million; December 29, 2018 - $19.0 million). |
Leases
Leases | 12 Months Ended |
Jan. 02, 2021 | |
Leases [Abstract] | |
Leases [Text Block] | 10. Leases The Company leases certain manufacturing plants, warehouses, offices, machinery and equipment, and farmland. The Company subleases farmland to third-party growers. 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 ten years, and typically require fixed monthly rental payments that may be adjusted annually to give effect to inflation. Real estate leases typically include options to extend the leases for up to ten years. 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. Certain other leases for machinery and equipment include nominal purchase options at the end of the lease term that are reasonably certain of being exercised. The following tables present supplemental information related to leases: January 2, 2021 December 28, 2019 $ $ Lease Costs Operating lease cost 16,647 18,192 Finance lease cost: Depreciation of right-of-use assets 2,647 1,439 Interest on lease liabilities 675 267 Sublease income (504 ) (476 ) Net lease cost 19,465 19,422 January 2, 2021 December 28, 2019 $ $ Balance Sheet Classification Operating leases: Operating lease right-of-use assets 35,172 65,939 Current portion of operating lease liabilities 12,750 16,084 Operating lease liabilities 24,582 50,657 Total operating lease liabilities 37,332 66,741 Finance leases: Property, plant and equipment, gross 24,534 18,870 Accumulated depreciation (5,787 ) (3,136 ) Property, plant and equipment, net 18,747 15,734 Current portion of long-term debt 3,146 2,493 Long-term debt 15,667 13,730 Total finance lease liabilities 18,813 16,223 January 2, 2021 December 28, 2019 $ $ Cash Flow Information Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases 16,741 18,405 Operating cash flows from finance leases 675 267 Financing cash flows from finance leases 2,587 1,123 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 5,962 2,760 Finance leases 5,179 14,549 Termination of operating lease right-of-use assets and lease liabilities (1) (23,667 ) — Impairment of operating lease right-of-use assets (2) (1,538 ) — (1) (2) January 2, 2021 December 28, 2019 Other Information Weighted-average remaining lease term (years): Operating leases 3.4 6.1 Finance leases 5.3 5.9 Weighted-average discount rate: Operating leases 6.6 % 9.2 % Finance leases 5.4 % 4.5 % Operating leases Finance leases $ $ Maturities of Lease Liabilities 2021 13,084 4,089 2022 11,057 4,294 2023 7,038 3,697 2024 5,147 3,578 2025 3,042 4,272 Thereafter 3,613 1,839 Total lease payments 42,981 21,769 Less: imputed interest (5,649 ) (2,956 ) Total lease liabilities 37,332 18,813 The Company has commitments under certain master lease agreements that provide for up to approximately $45 million of financing in the aggregate related to the addition of new plant-based beverage and ingredient extraction processing and packaging equipment. As at January 2, 2021, approximately $40 million of the related finance leases had not commenced, and no amount of right-of-use assets, or lease liabilities, were recognized related to these leases on the consolidated balance sheet as of that date. |
Goodwill
Goodwill | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill [Text Block] | 11. Goodwill All amounts disclosed below in this note include continuing and discontinued operations. The following is a summary of changes in goodwill by segment: Plant-Based Fruit-Based Foods and Foods and Global Beverages Beverages Ingredients Total $ $ $ $ Balance at December 29, 2018, before accumulated impairment losses 17,540 200,220 23,961 241,721 Less accumulated impairment losses (17,540) (196,222) — (213,762) Balance at December 29, 2018 — 3,998 23,961 27,959 Foreign exchange — — (185) (185) Acquisition — — 2,174 2,174 Sale of soy and corn business (see note 4) — — (1,526) (1,526) Balance at December 28, 2019 (1) — 3,998 24,424 28,422 Foreign exchange — — 896 896 Sale of Tradin Organic (see note 3) — — (25,320) (25,320) Balance at January 2, 2021 — 3,998 — 3,998 (1) Goodwill associated with the Tradin Organic reporting unit of the Global Ingredients segment is included in long-term assets held for sale on the consolidated balance sheet as at December 28, 2019. For the year ended January 2, 2021 and December 28, 2019, the Company performed a qualitative assessment of goodwill and determined that the fair values of the Tradin Organic and Fruit Snacks reporting units with goodwill significantly exceeded their carrying values. As a result, the Company concluded that goodwill was not impaired in 2020 or 2019. Based on the results of quantitative testing performed for the year ended December 29, 2018, the Company recognized an impairment charge of $81.2 million to fully write-off the remaining balance of the $196.2 million of goodwill originally associated with the Frozen Fruit reporting unit, which is included in the Fruit-Based Foods and Beverages segment. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets [Text Block] | 12. Intangible Assets The major components of intangible assets as at January 2, 2021 and December 28, 2019 were as follows: January 2, 2021 Cost Accumulated amortization Net book value $ $ $ Customer relationships 189,407 56,090 133,317 Patents, trademarks and other 1,919 1,919 — 191,326 58,009 133,317 December 28, 2019 Cost Accumulated amortization Net book value $ $ $ Customer relationships 189,407 47,169 142,238 Patents, trademarks and other 1,919 1,894 25 191,326 49,063 142,263 Amortization expense associated with intangible assets in each of the next five fiscal years and thereafter is as follows: 2021 2022 2023 2024 2025 Thereafter Total $ $ $ $ $ $ $ Amortization expense 8,777 8,777 8,777 8,777 8,777 89,432 133,317 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jan. 02, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities [Text Block] | 13. Accounts Payable and Accrued Liabilities January 2, 2021 December 28, 2019 $ $ Accounts payable 73,204 63,737 Payroll and commissions 25,423 13,725 Accrued costs to sell related to Tradin Organic divestiture (see note 3) 13,380 — Dividends payable on preferred stock (see note 15) 2,378 1,700 Accrued debt issuance costs (see note 14) 1,690 — Accrued interest (1) 41 4,817 Accrued product recall-related costs (2) — 3,213 Other accruals 2,476 1,944 118,592 89,136 (1) Reduction in accrued interest reflects the payment of accrued and unpaid interest in connection with the Company's redemption on December 31, 2020 of all of its 9.5% senior secured second lien notes due October 2022 (see note 14(2)). (2) Reduction in accrued product recall-related costs reflects the settlement of a customer claim related to the voluntary recall of certain roasted sunflower kernel products initiated by the Company in 2016 (see note 23). |
Bank Indebtedness and Long-Term
Bank Indebtedness and Long-Term Debt | 12 Months Ended |
Dec. 30, 2020 | |
Debt Disclosure [Abstract] | |
Bank Indebtedness and Long-Term Debt [Text Block] | 14. Bank Indebtedness and Long-Term Debt January 2, 2021 December 28, 2019 $ $ Bank Indebtedness Global Credit Facility (1) — 241,666 Long-Term Debt Revolving Credit Facility (1) 47,277 — Senior Secured Second Lien Notes, net of unamortized debt issuance costs of $5,094 at December 28, 2019 (2) — 218,404 Finance lease liabilities (see note 10) 18,813 16,223 Other 3,633 3,705 69,723 238,332 Less: current portion 3,478 2,492 66,245 235,840 (1) Revolving Credit Facility/Global Credit Facility On December 31, 2020, the Company's existing credit agreement, dated as of February 11, 2016 (the "Global Credit Facility") was amended among the Company, SunOpta Foods Inc. ("SunOpta Foods"), the other borrowers and guarantors party thereto, and the lenders party thereto (the "Amended Credit Agreement"). As part of the Amended Credit Agreement, the lenders provided a five-year, $250 million asset-based revolving credit facility, subject to borrowing base capacity (the "Revolving Credit Facility"), and a five-year $75 million delayed draw term loan facility which can be borrowed on or prior to June 30, 2022 (the "Term Loan Facility," and together with the Revolving Credit Facility, the "Facilities"), to finance certain capital expenditures. The Revolving Credit Facility includes borrowing capacity for letters of credit and provides for borrowings on same-day notice, including in the form of swingline loans. As the Facilities mature on December 31, 2025, and are principally structured to provide liquidity to support the Company's operational initiatives and capital expenditures for the next five years, in addition to supporting working capital and general corporate needs, the Facilities have been classified as long-term debt on the consolidated balance sheet. The Facilities under the Amended Credit Agreement replace the Company's Global Credit Facility that had supported the working capital requirements of the Company's global operations, including Tradin Organic, which was set to expire on March 31, 2022. Prior to entry into the Amended Credit Agreement , on December 31, 2020, the Company applied a portion of the cash consideration from the divestiture of Tradin Organic (see note 3) to repay in full the approximately $72 million of borrowings outstanding under the Dutch subfacility of the Global Credit Facility, with the associated release of all guarantees and liens related to the Dutch subfacility, and to repay approximately $60 million of other outstanding borrowings under the Global Credit Facility. In connection with the Amended Credit Agreement , the Company incurred debt issuance costs of $4.1 million, which together with the remaining unamortized debt issuance costs related to the Global Credit Facility of $1.5 million will be deferred and amortized over the five-year term of the Facilities. All obligations under the Facilities are guaranteed by substantially all of the Company's direct and indirect wholly-owned material restricted subsidiaries organized in the U.S. and Canada (the "Guarantors") and, subject to certain exceptions, such obligations are secured by first priority liens on substantially all assets of the Company and the other borrowers and Guarantors. Borrowings under the Facilities bear interest based on various reference rates including LIBOR plus an applicable margin. With respect to loans under the Revolving Credit Facility, the applicable margin will be set quarterly based on average borrowing availability for the preceding fiscal quarter and will range from 0.50% to 1.00% for base rate borrowings and from 1.50% to 2.00% for eurocurrency rate, bankers' acceptance rate and European base rate borrowings, with a reduction of 0.25% when the Company's total leverage ratio is less than a specific threshold on or after the one year anniversary of the closing date of the Facilities. With respect to loans under the Term Loan Facility, the applicable margin will be set quarterly based on average borrowing availability for the preceding fiscal quarter and will range from 1.25% to 1.75% for base rate borrowings and from 2.25% to 2.75% for eurocurrency rate, bankers' acceptance rate and European base rate borrowings. In addition to paying interest on outstanding principal under the Facilities, the Company is required to pay commitment fees quarterly, in arrears, equal to (i) 0.25% of the average daily undrawn portion of the Revolving Credit Facility and (ii) 0.375% of the undrawn portion of the Term Loan Facility. As at January 2, 2021, the weighted-average interest rate on all borrowings under the Revolving Credit Facility was 2.42%. Subject to (i) certain adjustments to baskets and thresholds and (ii) the addition of a maximum senior funded leverage ratio covenant with respect to the Term Loan Facility, the Facilities are subject to a number of covenants that, among other things, restrict the Company's ability to create liens on assets; sell assets and enter in sale and leaseback transactions; pay dividends, prepay junior lien and unsecured indebtedness and make other restricted payments; incur additional indebtedness, including finance lease obligations in excess of $150 million, and make guarantees; make investments, loans or advances, including acquisitions; and engage in mergers or consolidations. In addition, the Company and its restricted subsidiaries are required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 if excess availability is less than the greater of (i) $15.0 million or (ii) 10% of the lesser of (x) the aggregate commitments under the Revolving Credit Facility and (y) the aggregate borrowing base. (2) On December 31, 2020, the Company redeemed and retired in full the $223.5 million principal amount of outstanding 9.5% senior secured second lien notes due October 2022 issued by SunOpta Foods. The second lien notes were redeemed at a redemption price equal to 102.375% of the principal amount of the notes, together with $4.5 million of accrued and unpaid interest on the notes to the date of redemption. As at December 31, 2020, the Company recorded a loss on the retirement of the second lien notes of $8.9 million, which comprised the premium paid of $5.3 million in the aggregate, together with the write-off of the remaining $3.6 million of unamortized debt issuance costs related to the notes. Principal repayments of long-term debt are as follows: $ 2021 4,219 2022 7,797 2023 3,697 2024 3,578 2025 51,549 Thereafter 1,839 Total gross repayments 72,679 Less: imputed interest (2,956) 69,723 The components of interest expense, net are as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Interest expense 26,816 30,950 30,870 Amortization of debt issuance costs 4,078 2,721 2,536 Interest income (852) (906) (285) Interest expense, net 30,042 32,765 33,121 |
Preferred Stock
Preferred Stock | 12 Months Ended |
Jan. 02, 2021 | |
Temporary Equity [Abstract] | |
Preferred Stock [Text Block] | 15. Preferred Stock Series A Preferred Stock On October 7, 2016, the Company and SunOpta Foods entered into a subscription agreement (the "Series A Subscription Agreement") with Oaktree Organics, L.P. and Oaktree Huntington Investment Fund II, L.P. (collectively, "Oaktree"). Pursuant to the Series A Subscription Agreement, SunOpta Foods issued an aggregate of 85,000 shares of Series A Preferred Stock to Oaktree for consideration in the amount of $85.0 million. In connection with the issuance of the Series A Preferred Stock, the Company incurred direct and incremental expenses of $6.0 million, which reduced the carrying value of the Series A Preferred Stock. The carrying value of the Series A Preferred Stock is being accreted through charges to accumulated deficit over the period preceding October 7, 2021. These accretion charges amounted to $1.3 million, $1.2 million and $1.1 million for the years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively. In connection with the Series A Subscription Agreement, the Company agreed to, among other things (i) ensure SunOpta Foods has sufficient funds to pay its obligations under the terms of the Series A Preferred Stock and (ii) grant each holder of Series A Preferred Stock the right to exchange the Series A Preferred Stock for shares of common stock of the Company (the "Common Shares"). The Series A Preferred Stock is non-participating with the Common Shares in dividends and undistributed earnings of the Company. The Series A Preferred Stock had an initial stated value and liquidation preference of $1,000 per share, as adjusted for non-cash dividends declared on the Series A Preferred Stock (the "Series A Liquidation Preference"). Cumulative preferred dividends accrue daily on the Series A Preferred Stock at an annualized rate of 8.0% of the Series A Liquidation Preference prior to October 5, 2025, and 12.5% of the liquidation preference thereafter (subject to an increase of 1.0% per quarter, up to a maximum rate of 5.0% per quarter on the occurrence of certain events of non-compliance). Prior to October 5, 2025, SunOpta Foods may pay dividends in cash or elect, in lieu of paying cash, to add the amount that would have been paid to the Series A Liquidation Preference. After October 5, 2025, the failure to pay dividends in cash will be an event of non-compliance. For quarterly periods prior to the first quarter of 2020, dividends declared on the Series A Preferred Stock were paid in cash by SunOpta Foods. For the first and second quarters of 2020, SunOpta Foods elected to declare dividends on the Series A Preferred Stock to be paid in kind and, as a result, the aggregate Series A Liquidation Preference increased by $3.4 million to $88.4 million, or approximately $1,040 per share. For the third quarter of 2020, the Company paid cash dividends of $1.8 million on the Series A Preferred Stock. As at January 2, 2021, the Company accrued unpaid dividends of $1.8 million, which are recorded in accounts payable and accrued liabilities on the consolidated balance sheet. At any time, the holders of Series A Preferred Stock may exchange their shares of Series A Preferred Stock, in whole or in part, into the number of Common Shares equal to, per share of Series A Preferred Stock, the quotient of the Series A Liquidation Preference divided by the Series A exchange price (such price, the "Series A Exchange Price" and such quotients, the "Series A Exchange Rate"). The Series A Exchange Price is subject to certain anti-dilution adjustments, including a weighted-average adjustment for issuances of Common Shares below the Series A Exchange Price, provided that the Series A Exchange Price may not be lower than $7.00 (subject to adjustment in certain circumstances). On April 24, 2020, in connection with the issuance of Series B-1 Preferred Stock pursuant to the Series B Subscription Agreement (see below), the Series A Exchange Price was reduced from $7.50 to $7.00. As at January 2, 2021 and December 28, 2019, the aggregate shares of Series A Preferred Stock outstanding were exchangeable into 12,633,427 and 11,333,333 Common Shares, respectively. SunOpta Foods may cause the holders of Series A Preferred Stock to exchange all of their shares of Series A Preferred Stock into a number of Common Shares equal to the number of shares of Series A Preferred Stock outstanding multiplied by the Series A Exchange Rate if (i) fewer than 10% of the shares of Series A Preferred Stock issued on October 7, 2016 remain outstanding, or (ii) on or after October 7, 2019, the average volume-weighted average price of the Common Shares during the then preceding 20 trading day period is greater than 200% of the Series A Exchange Price then in effect. At any time on or after October 7, 2021, SunOpta Foods may redeem all of the Series A Preferred Stock for an amount per share equal to the value of the Series A Liquidation Preference at such time, plus accrued and unpaid dividends. In connection with the Series A Subscription Agreement, the Company issued 11,333,333 Special Shares, Series 1 to Oaktree, which entitles Oaktree to one vote per Special Share, Series 1 on all matters submitted to a vote of the holders of Common Shares, together as a single class, subject to certain exceptions. Additional Special Shares, Series 1 will be issued, or existing Special Shares, Series 1 will be redeemed, as necessary to ensure that the aggregate number of Special Shares, Series 1 outstanding is equal to the number of shares of Series A Preferred Stock outstanding from time to time multiplied by the Series A Exchange Rate in effect at such time. As at January 2, 2021 and December 28, 2019, 12,633,427 and 11,333,333 Special Shares, Series 1 were issued and outstanding. The Special Shares, Series 1 are not transferable, and the voting rights associated with the Special Shares, Series 1 will terminate upon the transfer of the Series A Preferred Stock to a third party, other than a controlled affiliate of Oaktree. Oaktree is entitled to designate up to two nominees for election to the Board of Directors of the Company (the "Board") and have the right to designate one individual to attend meetings of the Board as a non-voting observer, subject to Oaktree maintaining certain levels of beneficial ownership of Common Shares on an as-exchanged basis. For so long as Oaktree beneficially owns or controls at least 50% of the Series A Preferred Stock issued on October 7, 2016, including any corresponding Common Shares into which such Series A Preferred Stock are exchanged, Oaktree will be entitled to (i) participation rights with respect to future equity offerings of the Company, and (ii) governance rights, including the right to approve certain actions proposed to be taken by the Company and its subsidiaries. On February 22, 2021, Oaktree exchanged all of their Series A Preferred Stock for 12,633,427 Common Shares (see note 25). Series B-1 Preferred Stock On April 15, 2020, the Company and SunOpta Foods entered into a subscription agreement (the "Series B Subscription Agreement") with Oaktree and Engaged Capital, LLC, Engaged Capital Flagship Master Fund, LP and Engaged Capital Co-Invest IV-A, LP (collectively, "Engaged"). On April 24, 2020, pursuant to the Series B Subscription Agreement, SunOpta Foods issued 15,000 shares of Series B-1 Preferred Stock to each of Oaktree and Engaged for aggregate consideration of $30.0 million and 30,000 shares total. The Series B-1 Preferred Stock ranks on par with the Series A Preferred Stock. In connection with the issuance of the Series B-1 Preferred Stock, the Company incurred direct and incremental expenses of $3.2 million, which reduced the carrying value of the Series B-1 Preferred Stock. The carrying value of the Series B-1 Preferred Stock is being accreted through charges to accumulated deficit over the period preceding April 24, 2025. For the year ended January 2, 2021, this accretion charge amounted to $0.3 million. The Series B-1 Preferred Stock has an initial stated value and liquidation preference of $1,000 per share, as adjusted for non-cash dividends declared on the Series B-1 Preferred Stock (the "Series B-1 Liquidation Preference"). Cumulative preferred dividends accrue daily on the Series B-1 Preferred Stock at an annualized rate of 8.0% of the Series B-1 Liquidation Preference prior to September 30, 2029, and 10.0% of the liquidation preference thereafter (subject to an increase of 1.0% per quarter, up to a maximum rate of 5.0% per quarter on the occurrence of certain events of non-compliance). Prior to September 30, 2029, SunOpta Foods may pay dividends in cash or elect, in lieu of paying cash, to add the amount that would have been paid to the Series B-1 Liquidation Preference. The failure to pay dividends in cash for any quarter ending after September 30, 2029 will be an event of non-compliance. For the second quarter of 2020, SunOpta Foods elected to declare dividends on the Series B-1 Preferred Stock to be paid in kind and, as a result, the aggregate Series B-1 Liquidation Preference increased by $0.4 million to $30.4 million, or approximately $1,015 per share. For the third quarter of 2020, the Company paid cash dividends of $0.6 million on the Series B-1 Preferred Stock. As at January 2, 2021, the Company accrued unpaid dividends of $0.6 million, which are recorded in accounts payable and accrued liabilities on the consolidated balance sheet. At any time, the Series B-1 Preferred Stock may be exchanged, in whole or in part, into the number of Common Shares equal to, per share of Series B-1 Preferred Stock, the quotient of the Series B-1 Liquidation Preference divided by $2.50 (such price, the "Series B-1 Exchange Price" and such quotient, the "Series B-1 Exchange Rate"). As at January 2, 2021, the aggregate shares of Series B-1 Preferred Stock outstanding were exchangeable into 12,178,667 Common Shares. The Series B-1 Exchange Price is subject to certain anti-dilution adjustments, including a weighted-average adjustment for issuances of Common Shares below the Series B-1 Exchange Price, provided that the Series B-1 Exchange Price may not be lower than $2.00 (subject to adjustment in certain circumstances). SunOpta Foods may cause the holders of the Series B-1 Preferred Stock to exchange all of their shares of Series B-1 Preferred Stock into a number of Common Shares equal to the number of shares of Series B-1 Preferred Stock outstanding multiplied by the Series B-1 Exchange Rate if (i) fewer than 10% of the shares of Series B-1 Preferred Stock issued on April 24, 2020 remain outstanding, or (ii) on or after April 24, 2023, the average volume-weighted average price of the Common Shares during the then preceding 20 trading day period is greater than 200% of the Series B-1 Exchange Price then in effect. At any time, if a holder of Series B-1 Preferred Stock elects to exchange, or SunOpta Foods causes an exchange of Series B-1 Preferred Stock, the number of Common Shares delivered to each applicable holder may not cause such holder's beneficial ownership to exceed 19.99% of the Common Shares that would be outstanding immediately following such exchange (the "Series B-1 Exchange Cap"). At any time on or after April 24, 2025, SunOpta Foods may redeem all of the Series B-1 Preferred Stock for an amount per share equal to the value of the Series B-1 Liquidation Preference at such time, plus accrued and unpaid dividends. Oaktree and Engaged will be entitled to vote the Series B-1 Preferred Stock with the Common Shares on an as-exchanged basis, subject to a permanent 19.99% voting cap. As a result of the voting cap, each of Oaktree and Engaged will only be able to vote its Series B-1 Preferred Stock to the extent that, when taken together with any other voting securities each investor controls, such votes do not exceed 19.99% of the votes eligible to be cast by all security holders of the Company. On April 24, 2020, the Company designated Special Shares, Series 2 to serve as the mechanism for attaching exchanged voting to the Series B-1 Preferred Stock. The Special Shares, Series 2 entitle the holder thereof to one vote per Special Share, Series 2 on all matters submitted to a vote of the holders of Common Shares, voting together as a single class, subject to certain exceptions. The Special Shares, Series 2 are not transferrable, and the voting rights associated with the Special Shares, Series 2 will terminate upon the transfer of the shares of Series B-1 Preferred Stock to a third party, other than an affiliate of Oaktree or Engaged, as applicable. As at January 2, 2021, 6,089,333 Special Shares, Series 2 had been issued to Engaged, equal to the number of Common Shares issuable to Engaged on the exchange of all of the shares of Series B-1 Preferred Stock held by it, and no Special Shares, Series 2 had been issued to Oaktree, as Oaktree was subject to the Series B-1 Exchange Cap. |
Common Shares
Common Shares | 12 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
Common Shares [Text Block] | 16. Common Shares The Company is authorized to issue an unlimited number of Common Shares without par value and an unlimited number of special shares without par value. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 02, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation [Text Block] | 17. Stock-Based Compensation All amounts disclosed below in this note include continuing and discontinued operations. Stock Incentive Plan On May 28, 2013, the Company's shareholders approved the 2013 Stock Incentive Plan, as amended (the "2013 Plan"), which permits the grant of a variety of stock-based awards, including stock options, restricted stock units ("RSUs") and performance share units ("PSUs") to selected employees and directors of the Company. As at January 2, 2021, For the years ended January 2, 2021, December 28, 2019 and December 29, 2018, gross stock-based compensation expense amounted to $13.1 million, $11.6 million and $7.9 million, respectively. For the years ended January 2, 2021, and December 28, 2019, the Company reversed $0.9 million and $4.1 million, respectively, of previously recognized stock compensation related to forfeited awards previously granted to employees who were terminated in connection with the Value Creation Plan (see note 5). Stock-based compensation was recorded in the consolidated statements of operations as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Selling, general and administrative expenses 12,570 10,471 6,773 Other income (894 ) (4,131 ) — Earnings from discontinued operations 540 1,145 1,166 Total stock-based compensation expense 12,216 7,485 7,939 Short-Term and Long-Term Incentive Plans As at January 2, 2021, 2,751,251 PSUs granted to certain employees under the Company's 2020 Short-Term Incentive Plan were outstanding. The vesting of these PSUs is subject to the Company achieving a predetermined measure of adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") for fiscal 2020 and is subject to each employee's continued employment with the Company through April 22, 2021 (the requisite service period). The aggregate grant-date fair value of these PSUs was estimated to be $9.4 million. During 2020, the Company issued 773,875 Common Shares, net of 368,938 Common Shares withheld for taxes, in connection with the vesting of outstanding PSUs previously granted to certain employees under the Company's 2019 Short-Term Incentive Plan. In addition, as at January 2, 2021, 484,944 stock options, 253,424 PSUs and 129,017 RSUs granted to selected employees under the Company's 2020 Long-Term Incentive Plan were outstanding. The stock options vest ratably on each of the first through third anniversaries of the grant date and expire on the tenth anniversary of the grant date. The vesting of the PSUs is subject to the Company achieving predetermined measures of adjusted EBITDA for fiscal years ending 2020 through 2022. The RSUs vest ratably on each of the first through third anniversaries of the grant date. The aggregate grant-date fair value of all these equity awards was estimated to be $3.2 million. Stock Option Activity Stock options granted to selected employees during the three-year period ended January 2, 2021 vest ratably on each of the first through third anniversaries of the grant date and expire on the tenth anniversary of the grant date. Stock options granted by the Company contain an exercise price that is equal to the closing market price of the shares on the day prior to the grant date. Any consideration paid by employees or directors on exercise of stock options or purchase of stock is credited to capital stock. The following table summarizes stock option activity for the year ended January 2, 2021: Weighted- average Weighted- remaining average contractual Aggregate Stock options exercise price term (years) intrinsic value Outstanding, beginning of year 1,949,888 $ 7.57 Granted 555,092 4.64 Exercised (214,854 ) 5.80 Forfeited (119,346 ) 8.31 Outstanding, end of year 2,170,780 $ 6.95 5.89 $ 10,270 Exercisable, end of year 1,615,793 $ 7.72 4.66 $ 6,410 The total intrinsic value of stock options exercised during the year ended January 2, 2021 was $0.3 million. The following table summarizes non-vested stock option activity during the year ended January 2, 2021: Weighted- average grant- Stock options date fair value Non-vested, beginning of year 579,700 $ 4.14 Granted 555,092 2.52 Vested (505,330 ) 4.17 Forfeited (74,475 ) 3.77 Non-vested, end of year 554,987 $ 2.54 The weighted-average grant-date fair values of all stock options granted in the years ended January 2, 2021, December 28, 2019 and December 29, 2018, were $2.52, $1.70 and $3.31, respectively. The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted in those years were as follows: January 2, 2021 December 28, 2019 December 29, 2018 Grant-date stock price $ 4.64 $ 3.57 $ 7.56 Dividend yield (1) 0% 0% 0% Expected volatility (2) 60.0% 48.6% 41.1% Risk-free interest rate (3) 0.4% 2.3% 2.9% Expected life of options (years) (4) 6.0 5.8 6.0 (1) Determined based on expected annual dividend yield at the time of grant. (2) Determined based on historical volatility of the Company’s Common Shares over the expected life of the option. (3) Determined based on the yield on U.S. Treasury zero-coupon issues with maturity dates equal to the expected life of the option. (4) Determined based on the mid-point of vesting (one through three years) and expiration (10 years). The following table summarizes stock options outstanding and exercisable as at January 2, 2021: Weighted- average remaining Weighted- Weighted- Exercise price range Outstanding contractual life average exercise Exercisable average exercise Low High options (years) price options price $ 3.25 $ 4.72 232,232 6.38 $ 3.40 177,524 $ 3.28 4.73 4.94 484,944 9.52 4.73 — — 4.95 7.09 486,955 3.76 6.12 483,955 6.12 7.10 9.48 317,967 4.22 7.98 305,632 7.99 9.49 13.86 648,682 5.41 9.99 648,682 9.99 2,170,780 5.89 $ 6.95 1,615,793 $ 7.72 Total compensation costs related to non-vested stock option awards not yet recognized as an expense was $1.1 million as at January 2, 2021, which will be amortized over a weighted-average remaining vesting period of 2.4 years. Restricted Stock Unit Activity RSUs granted to employees vest ratably on each of the first through third anniversaries of the grant date. RSUs granted to directors vest 100% on the first anniversary of the grant date. Each vested RSU entitles the employee or director to receive one common share of the Company. The weighted-average grant-date fair values of all RSUs granted in the years ended January 2, 2021, December 28, 2019 and December 29, 2018, were $3.20, $3.33 and $7.65, respectively, based on the closing price of the Common Shares on the grant dates. The following table summarizes non-vested RSU activity during the year ended January 2, 2021: Weighted- average grant- RSUs date fair value Non-vested, beginning of year 413,013 $ 5.64 Granted 647,565 3.20 Vested (361,579 ) 5.50 Forfeited (51,700 ) 4.28 Non-vested, end of year 647,299 $ 3.39 The total intrinsic value of RSUs that vested during the year ended January 2, 2021 was $1.6 million. Total compensation costs related to non-vested RSU awards not yet recognized as an expense was $1.4 million as at January 2, 2021, which will be amortized over a weighted-average remaining vesting period of 1.9 years. Performance Share Unit Activity The vesting of PSUs granted to employees is subject to the Company achieving predetermined measures of adjusted EBITDA. Each vested PSU entitles the employee to receive one common share of the Company. The weighted-average grant-date fair values of all PSUs granted in the years ended January 2, 2021 and December 28, 2019, were $3.54 and $3.42, respectively, based on the closing price of the Common Shares on the grant dates. No PSUs were granted in the year ended December 29, 2018. Each reporting period, the number of PSUs that are expected to vest is redetermined and the aggregate grant-date fair value of the redetermined number of PSUs is amortized on a straight-line basis over the remaining requisite service period less amounts previously recognized. The following table summarizes non-vested PSU activity during the year ended January 2, 2021: Weighted- average grant- PSUs date fair value Non-vested, beginning of year 2,936,115 $ 4.08 Granted 3,084,107 3.54 Vested (1,142,813 ) 3.42 Forfeited or cancelled (1,872,734 ) 4.43 Non-vested, end of year 3,004,675 $ 3.56 The total intrinsic value of PSUs that vested during the year ended January 2, 2021 was $2.1 million. Total compensation costs related to non-vested PSU awards not yet recognized as an expense was $4.4 million as at January 2, 2021, which will be amortized over a weighted-average remaining vesting period of 0.8 years. Chief Executive Officer On April 1, 2019, Joseph D. Ennen was appointed CEO of the Company. In connection with his appointment, the Company granted Mr. Ennen options to purchase 960,061 Common Shares, 512,619 RSUs (of which 215,000 were issued to equal the number of Common Shares purchased by Mr. Ennen on the open market within the 60-day period after his employment began) and 1,785,714 PSUs. The stock options vest on April 1, 2022, subject to Mr. Ennen's continued employment during the vesting period, and expire on April 1, 2029. Each vested stock option entitles Mr. Ennen to purchase one Common Share at an exercise price of $3.36, which was equal to the closing price of the Common Shares on April 1, 2019. The RSUs vest in three equal annual installments beginning on April 1, 2020, and each vested RSU entitles Mr. Ennen to receive one Common Share of the Company. The vesting of 892,857 of the PSUs granted is subject to the Company achieving predetermined annual thresholds of adjusted EBITDA during fiscal years 2019 through 2022, and subject to Mr. Ennen’s continued employment with the Company through the end of the fiscal year during which the adjusted EBITDA performance condition is achieved. At the date of grant, those thresholds were determined as follows: 297,619 PSUs would vest upon the Company achieving annual adjusted EBITDA of $80 million, another 297,619 would vest upon the Company achieving annual adjusted EBITDA of $110 million, and the final 297,619 would vest upon the Company achieving annual adjusted EBITDA of $140 million. On February 8, 2021, the Company’s Board of Directors exercised its discretion to amend the annual adjusted EBITDA thresholds of Mr. Ennen’s PSUs to $43 million, $65 million, and $87 million, to solely reflect the impact of the divestiture of Tradin Organic on the measurement of adjusted EBITDA on a continuing basis. The vesting of the other 892,857 PSUs that were granted is subject to the Common Shares achieving certain volume-weighted average trading prices during a performance period commencing on April 1, 2019 and ending on December 31, 2022, as follows: 297,619 PSUs vest upon achieving a trading price of $5.00 per share, another 297,619 vest upon achieving a trading price of $9.00 per share, and the final 297,619 vest upon achieving a trading price of $14.00 per share, in each case for 20 consecutive trading days, and subject to Mr. Ennen's continued employment with the Company through the date the stock price performance condition is achieved. Each vested PSU entitles Mr. Ennen to receive one Common Share without payment of additional consideration. The weighted-average grant-date fair values of the RSUs and PSUs subject to the adjusted EBITDA performance condition were estimated to be $3.46 and $3.36, respectively, based on the closing price of Common Shares on the dates of grant. A grant-date fair value of $1.68 was estimated for the stock options using the Black-Scholes option pricing model, and a weighted-average grant-date fair value of $1.77 was estimated for the PSUs subject to the stock price performance condition using a Monte Carlo valuation model. The following table summarizes the inputs to the Black-Scholes option-pricing and Monte Carlo valuation models: Stock Options PSUs Grant-date stock price $ 3.36 $ 3.36 Exercise price $ 3.36 NA Dividend yield 0% 0% Expected volatility (1) 47.9% 55.7% Risk-free interest rate (2) 2.4% 2.3% Expected life (in years) (3) 6.5 1.8 (1) Determined based on the historical volatility of the Common Shares over the expected life of the stock options and performance period of the PSUs. (2) Determined based on U.S. Treasury yields with a remaining term equal to the expected life of the stock options and performance period of the PSUs. (3) Determined based on the mid-point of vesting (three years) and expiration (ten years) for the stock options and the derived service period for the PSUs. The aggregate grant-date fair value of the stock options, RSUs and PSUs awarded to Mr. Ennen was determined to be $8.0 million, which is being recognized on a straight-line basis over the vesting period for the stock options and RSUs and the derived service period for the PSUs. Each reporting period, the number of PSUs subject to the adjusted EBITDA performance condition that are expected to vest is redetermined and the aggregate grant-date fair value of the redetermined number of those PSUs is amortized over the remaining service period less amounts previously recognized. Total compensation costs related to Mr. Ennen's non-vested equity awards not yet recognized as an expense was $3.1 million as at January 2, 2021, which will be amortized over a weighted-average remaining vesting period of 1.6 years. The following table summarizes activity related to Mr. Ennen's non-vested equity awards during the year ended January 2, 2021: Adjusted EBITDA Stock price Stock performance performance options RSUs PSUs PSUs Non-vested, beginning of year 960,061 512,619 892,857 892,857 Vested — (170,873) — (595,238) Non-vested, end of year 960,061 341,746 892,857 297,619 The total intrinsic value of Mr. Ennen's equity awards that vested during the year ended January 2, 2021 was $5.2 million. On February 11, 2021, the final tranche of Mr. Ennen's stock price performance PSUs vested with an intrinsic value of $4.9 million. Chief Financial Officer On September 3, 2019, Scott Huckins was appointed CFO of the Company. In connection with his appointment, the Company granted Mr. Huckins options to purchase 262,182 Common Shares, 327,819 RSUs (of which 154,500 were issued to equal the number of Common Shares purchased by Mr. Huckins on the open market prior to December 12, 2019) and 346,638 PSUs. The stock options vest on September 3, 2022, subject to Mr. Huckins' continued employment during the vesting period, and expire on September 3, 2029. Each vested stock option entitles Mr. Huckins to purchase one Common Share at an exercise price of $2.38, which was equal to the closing price of the Common Shares on September 3, 2019. The RSUs vest in three equal annual installments beginning on September 3, 2020, and each vested RSU entitles Mr. Huckins to receive one Common Share of the Company. The vesting of 173,319 of the PSUs granted is subject to the Company achieving predetermined annual thresholds of adjusted EBITDA during fiscal years 2019 through 2022, and subject to Mr. Huckins’ continued employment with the Company through the end of the fiscal year during which the adjusted EBITDA performance condition is achieved. At the date of grant, those thresholds were determined as follows: 57,773 PSUs would vest upon the Company achieving annual adjusted EBITDA of $80 million, another 57,773 would vest upon the Company achieving annual adjusted EBITDA of $110 million, and the final 57,773 would vest upon the Company achieving annual adjusted EBITDA of $140 million. As above for Mr. Ennon’s PSUs, on February 8, 2021, the Company’s Board of Directors exercised its discretion to amend the annual adjusted EBITDA thresholds of Mr. Huckins’ PSUs to $43 million, $65 million, and $87 million, to solely reflect the impact of the divestiture of Tradin Organic on the measurement of adjusted EBITDA on a continuing basis. The vesting of the other 173,319 PSUs that were granted is subject to the Common Shares achieving certain volume-weighted average trading prices during a performance period commencing on September 3, 2019 and ending on December 31, 2022, as follows: 57,773 PSUs vest upon achieving a trading price of $5.00 per share, another 57,773 vest upon achieving a trading price of $9.00 per share, and the final 57,773 vest upon achieving a trading price of $14.00 per share, in each case for 20 consecutive trading days, and subject to Mr. Huckins' continued employment with the Company through the date the stock price performance condition is achieved. Each vested PSU entitles Mr. Huckins to receive one Common Share without payment of additional consideration. The weighted-average grant-date fair values of the RSUs and PSUs subject to the adjusted EBITDA performance condition were estimated to be $2.45 and $2.38, respectively, based on the closing price of Common Shares on the dates of grant. A grant-date fair value of $1.18 was estimated for the stock options using the Black-Scholes option pricing model, and a weighted-average grant-date fair value of $0.79 was estimated for the PSUs subject to the stock price performance condition using a Monte Carlo valuation model. The following table summarizes the inputs to the Black-Scholes option-pricing and Monte Carlo valuation models: Stock Options PSUs Grant-date stock price $ 2.38 $ 2.38 Exercise price $ 2.38 NA Dividend yield 0% 0% Expected volatility (1) 49.7% 55.9% Risk-free interest rate (2) 1.4% 1.4% Expected life (in years) (3) 6.5 2.1 (1) Determined based on the historical volatility of the Common Shares over the expected life of the stock options and performance period of the PSUs. (2) Determined based on U.S. Treasury yields with a remaining term equal to the expected life of the stock options and performance period of the PSUs. (3) Determined based on the mid-point of vesting (three years) and expiration (ten years) for the stock options and the derived service period for the PSUs. The aggregate grant-date fair value of the stock options, RSUs and PSUs awarded to Mr. Huckins was determined to be $1.7 million, which is being recognized on a straight-line basis over the vesting period for the stock options and RSUs and the derived service period for the PSUs. Each reporting period, the number of PSUs subject to the adjusted EBITDA performance condition that are expected to vest is redetermined and the aggregate grant-date fair value of the redetermined number of those PSUs is amortized over the remaining service period less amounts previously recognized. The following table summarizes activity related to Mr. Huckins' non-vested equity awards during the year ended January 2, 2021: Adjusted EBITDA Stock price Stock performance performance options RSUs PSUs PSUs Non-vested, beginning of year 262,182 327,819 173,319 173,319 Vested — (109,273) — (115,546) Non-vested, end of year 262,182 218,546 173,319 57,773 The total intrinsic value of Mr. Huckins' equity awards that vested during the year ended January 2, 2021 was $1.7 million. On February 11, 2021, the final tranche of Mr. Huckins' stock price performance PSUs vested with an intrinsic value of $1.0 million. Employee Stock Purchase Plan The Company maintains an Employee Stock Purchase Plan whereby employees can purchase common shares through payroll deductions. For the year ended January 2, 2021, the Company's employees purchased 113,581 Common Shares (December 28, 2019 - 185,415; December 29, 2018 - 112,158) for total proceeds of $0.5 million (December 28, 2019 - $0.5 million; December 29, 2018 - $0.6 million). As at January 2, 2021, 700,916 Common Shares are remaining to be granted under this plan. |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Jan. 02, 2021 | |
Other Income and Expenses [Abstract] | |
Other Expense (Income), Net [Text Block] | 18. Other Expense (Income), Net The components of other expense (income) are as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Loss on foreign currency forward contract (see note 3) 12,658 — — Long-lived asset impairments and facility closure costs (1) 9,045 308 1,264 Employee termination and recruitment costs (2) 1,881 5,548 397 Gain on sale of soy and corn business (see note 4) — (44,027 ) — Product withdrawal and recall cost (recovery) (3) (322 ) 260 1,470 Settlement loss (gain) (4) 179 (3,065 ) — Reserve for notes receivable (5) — — 2,232 Other (48 ) 337 (121 ) 23,393 (40,639 ) 5,242 (1) Long-lived asset impairments and facility closure costs For the year ended January 2, 2021, expenses include costs incurred under the Value Creation Plan of $6.3 million related to the Company's exit from its Santa Maria, California, frozen fruit processing facility and in connection with the Company's corporate office consolidation. In addition, expenses include the write-down of $2.7 million of operating lease right-of-use and owned assets related to the consolidation of roasting lines at the Company's Crookston, Minnesota, facility. For the year ended December 28, 2019, expenses include costs to dismantle and move equipment from the Company's former soy extraction facility located in Heuvelton, New York, which was sold in April 2019. For the year ended December 29, 2018, expenses include the remaining lease obligation (net of sublease rentals) related to the vacated nutrition bar processing facility, and an additional impairment loss and closure costs related to the disposal of the Company's former roasting facility located in Wahpeton, North Dakota. (2) For the year ended January 2, 2021, expense represents severance benefits of $2.8 million mainly related to employees terminated in connection with the exit from the Company's Santa Maria facility under the Value Creation Plan, offset by the reversal of $0.9 million of previously recognized stock-based compensation expense related to forfeited awards previously granted to terminated employees. For the year ended December 28, 2019, expenses represent severance benefits of $8.4 million for employees terminated in connection with the workforce reduction program and corporate office consolidation under the Value Creation Plan. I n addition, expenses include recruitment, relocation and termination costs related to the Company's new CEO and CFO appointments. Expenses were partially offset by the reversal of $4.1 million of previously recognized stock-based compensation expense related to forfeited awards previously granted to terminated employees. For the year ended December 29, 2018, expenses represent severance benefits incurred in connection with the Value Creation Plan. (3) Product withdrawal and recall costs For the year ended January 2, 2021, income represents the reversal of previously accrued costs related to a withdrawal of certain consumer-packaged products. These costs were recognized in other expense in 2016. For the years ended December 28, 2019 and December 29, 2018, expenses represent product withdrawal and recall costs that were not eligible for reimbursement under the Company's insurance policies or exceeded the limits of those policies, including certain costs related to the voluntary recall of certain roasted sunflower kernel products initiated by the Company in 2016. (4) For the year ended January 2, 2021, the Company recognized a $2.4 million loss on the settlement of a customer claim related to the 2016 sunflower product recall (see note 23), which included a cash settlement payment of $4.4 million, partially offset by the receipt of related insurance proceeds. This loss was offset by gains of $2.2 million recognized on the settlement of unrelated matters. For the year ended December 28, 2019, the Company recognized gains on the settlement of certain legal matters and a project cancellation. (5) Reserve for notes receivable For the year ended December 29, 2018, loss represents a bad debt reserve for notes receivable associated with a previously sold business. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 19. Income Taxes The recovery of income taxes differs from the amount that would have resulted from applying the combined Canadian federal and provincial statutory income tax rate to loss from continuing operations before income taxes due to the following: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Loss from continuing operations (50,042 ) (16,181 ) (141,036 ) Canadian statutory rate 26.5 % 26.5 % 26.5 % Income tax recovery at statutory rate (13,261 ) (4,288 ) (37,375 ) Stock-based compensation 3,169 1,975 2,019 Disallowed executive compensation 2,801 — — CARES Act 2,472 — — Change in valuation allowance 560 (113 ) (4,082 ) Change in enacted tax rates 250 (549 ) 1,976 Foreign tax rate differential (105 ) 126 2,576 Goodwill impairment loss — — 22,239 Other 1,374 (252 ) (919 ) Recovery of income taxes (2,740 ) (3,101 ) (13,566 ) The components of earnings (loss) from continuing operations before income taxes are shown below: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Canada (14,700 ) (11,295 ) (13,408 ) U.S. (34,521 ) (5,548 ) (126,042 ) Other (821 ) 662 (1,586 ) Loss from continuing operations before income taxes (50,042 ) (16,181 ) (141,036 ) The components of the provision for (recovery of) income taxes are shown below: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Current income tax provision (recovery): Canada (154 ) (1,023 ) (1,334 ) U.S. (14,148 ) (3,424 ) (5,303 ) Other 589 532 321 (13,713 ) (3,915 ) (6,316 ) Deferred income tax provision (recovery): Canada (291 ) 33 547 U.S. 10,442 731 (7,880 ) Other 822 50 83 10,973 814 (7,250 ) Recovery of income taxes (2,740 ) (3,101 ) (13,566 ) Deferred income taxes of the Company are comprised of the following: January 2, 2021 December 28, 2019 $ $ Differences in property, plant and equipment and intangible assets (55,105 ) (54,541 ) Capital and non-capital losses 14,388 26,540 Interest expense limitation (163j) 11,069 19,118 Tax benefit of scientific research expenditures 2,699 1,506 Inventory basis differences 1,303 2,248 Other accrued reserves 4,522 2,308 (21,124 ) (2,821 ) Less: valuation allowance 4,284 6,219 Deferred income tax liability (25,408 ) (9,040 ) T he components of the deferred income tax liability are shown below : January 2, 2021 December 28, 2019 $ $ Canada (26 ) (223 ) U.S. (25,150 ) (8,446 ) Other (232 ) (371 ) Deferred income tax liability (25,408 ) (9,040 ) The components of the deferred income tax valuation allowance are as follows: January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 6,219 5,445 Increase (decrease) in valuation allowance (1,935 ) 774 Balance, end of year 4,284 6,219 As at January 2, 2021, the Company had approximately $1.5 million (December 28, 2019 - $0.6 million) in U.S. federal scientific research investment tax credits and $0.9 million (December 28, 2019 - $0.9 million) in U.S. state research and development tax credits, which will expire in varying amounts up to 2029. As at January 2, 2021, the Company had U.S. federal non-capital loss carry-forwards of approximately $37.1 million (December 28, 2019 - $78.0 million). In addition, the Company had state loss carry-forwards of approximately $8.7 million as at January 2, 2021 (December 28, 2019 - $14.4 million). These amounts are available to reduce future federal and state income taxes. As at January 2, 2021, the Company had Canadian capital losses of approximately $27.9 million (December 28, 2019 - $28.9 million) for which a full valuation allowance exists. These amounts are available to reduce future capital gains and do not expire. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determinations, the Company considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Based on this evaluation, as at January 2, 2021, a valuation allowance of $4.3 million (December 28, 2019 - $6.2 million) had been recorded against certain assets to reduce the net benefit recorded in the consolidated financial statements. As the undistributed earnings of the Company's non-Canadian affiliates and associated companies are considered to be indefinitely reinvested, no provision for deferred taxes has been provided thereon. The Company believes it has adequately examined its tax positions taken or expected to be taken in a tax return; however, amounts asserted by taxing authorities could differ from the Company's positions. Accordingly, additional provisions on federal, provincial, state and foreign tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved. Consistent with its historical financial reporting, the Company has classified interest and penalties related to income tax liabilities, when applicable, as part of interest expense in its consolidated statements of operations, and with the related liability on the consolidated balance sheets. The number of years with open tax audits varies depending on the tax jurisdiction. The Company's major taxing jurisdictions are the U.S. (including multiple states) and Canada (Ontario). The Company's 2017 through 2019 tax years (and any tax year for which available non-capital loss carry-forwards were generated up to the amount of non-capital loss carry-forward) remain subject to examination by the Internal Revenue Service for U.S. federal tax purposes, and tax years 2013 through 2019 remain subject to examination by the appropriate governmental agencies for Canadian federal tax purposes. There are other ongoing audits in various other jurisdictions that are not considered material to the Company's consolidated financial statements. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share [Text Block] | 20. Earnings (Loss) Per Share Basic and diluted earnings (loss) per share were calculated as follows (shares in thousands): January 2, 2021 December 28, 2019 December 29, 2018 Basic Earnings (Loss) Per Share Numerator for basic earnings (loss) per share: Loss from continuing operations $ (47,302) $ (13,080) $ (127,470) Less: dividends and accretion on Series A Preferred Stock (8,319) (8,022) (7,909) Less: dividends and accretion on Series B-1 Preferred Stock (2,009) — — Loss from continuing operations attributable to common shareholders (57,630) (21,102) (135,379) Earnings from discontinued operations 124,820 12,322 18,265 Earnings (loss) attributable to common shareholders $ 67,190 $ (8,780) $ (117,114) Denominator for basic earnings (loss) per share: Basic weighted-average number of shares outstanding 89,234 87,787 87,082 Basic earnings (loss) per share: From continuing operations $ (0.65) $ (0.24) $ (1.55) From discontinued operations 1.40 0.14 0.21 Basic earnings (loss) per share $ 0.75 $ (0.10) $ (1.34) Diluted Earnings (Loss) Per Share Numerator for diluted earnings (loss) per share: Loss from continuing operations $ (47,302) $ (13,080) $ (127,470) Less: dividends and accretion on Series A Preferred Stock (8,319) (8,022) (7,909) Less: dividends and accretion on Series B-1 Preferred Stock (2,009) — — Loss from continuing operations attributable to common shareholders (57,630) (21,102) (135,379) Earnings from discontinued operations 124,820 12,322 18,265 Earnings (loss) attributable to common shareholders $ 67,190 $ (8,780) $ (117,114) Denominator for diluted earnings (loss) per share: Basic weighted-average number of shares outstanding 89,234 87,787 87,082 Dilutive effect of the following: Stock options and restricted stock units (1) — — — Series B-1 Preferred Stock (2) — — — Series A Preferred Stock (3) — — — Diluted weighted-average number of shares outstanding 89,234 87,787 87,082 Diluted earnings (loss) per share: From continuing operations $ (0.65) $ (0.24) $ (1.55) From discontinued operations 1.40 0.14 0.21 Diluted earnings (loss) per share $ 0.75 $ (0.10) $ (1.34) (1) (2) the year ended January 2, 2021, it was more dilutive to the loss per share from continuing operations to assume the Series B-1 Preferred Stock was not converted into Common Shares and, therefore, the numerator of the diluted earnings (loss) per share calculation was not adjusted to add back the dividends and accretion on the Series B-1 Preferred Stock and the denominator was not adjusted to include 12,178,667 Common Shares issuable on an if-converted basis as at January 2, 2021. (3) On February 22, 2021, Oaktree exchanged all of their shares of Series A Preferred Stock for 12,633,427 Common Shares, representing 12.3% of the Company's issued and outstanding Common Shares on a post-exchange basis (see note 25). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 02, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information [Text Block] | 21. Supplemental Cash Flow Information January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Changes in Operating Assets and Liabilities, Net of Businesses Sold Accounts receivable (746 ) 4,013 1,085 Inventories 6,133 7,097 23,394 Income tax recoverable/payable 1,555 (91 ) 4,744 Prepaid expenses and other current assets (1,133) (4,427 ) (290 ) Accounts payable and accrued liabilities 11,322 (5,861 ) (9,564) 17,131 731 19,369 Non-Cash Investing and Financing Activities Accrued costs to sell related to Tradin Organic divestiture (see note 13) 13,380 — — Accrued cash dividends preferred stock (see note 13) 2,378 1,700 1,700 Accrued debt issuance costs (see note 13) 1,690 — — Dividends paid in kind on preferred stock (see note 15) 3,881 — — Cash Paid Interest 30,740 30,399 30,219 Income taxes 935 410 760 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 02, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 22. Related Party Transactions The following table summarizes transactions and balances between the Company and related parties: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Transactions Purchases of raw materials and other (1) 14,961 29,743 20,012 Sales of agronomy products (2) — 115 1,136 Balances Grower loans (3) 2,000 3,100 1,500 (1) Represents purchases of raw fruit, and fruit processing and freight services from companies related to the former Managing Director of the Company's Mexican operations (who left the Company in 2020), as well as purchases seeds and grains (prior to the sale of the soy and corn business) from employees of the Company, which are included in cost of goods sold on the consolidated statements of operations. (2) Prior to the sale of the soy and corn business, represented sales of agronomy products to employees of the Company, which were included in revenues on the consolidated statements of operations. (3) Represents loans made to the former Managing Director of the Company's Mexican operations in 2019 and 2018, to provide operating funds for farms owned by the former director. As at January 2, 2021, the Company believes the remaining unpaid balance on the loans of $2.0 million is fully collectible from the former Managing Director. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 23. Commitments and Contingencies Product Recall On November 20, 2017, TreeHouse Foods, Inc., several of its related entities, and its insurer filed a lawsuit against the Company in the Circuit Court of Cook County, Illinois, titled TreeHouse Foods, Inc. et al. ("TreeHouse") v. SunOpta Grains and Food, Inc. The Company was served with the Summons and Complaint on January 24, 2018. After the Company removed the case to the United States District Court for the Northern District of Illinois, the plaintiffs filed an Amended Complaint on April 23, 2018, and a second Amended Complaint on October 12, 2018. The plaintiffs alleged economic damages resulting from the Company's 2016 voluntary recall of certain roasted sunflower kernel products due to the potential for listeria monocytogenes contamination. The plaintiffs brought claims for breach of contract, express and implied warranties and product guarantees, negligence, strict liability, negligent misrepresentation, and indemnity seeking $16.2 million in damages. There were no allegations of personal injury. On March 29, 2019, the court dismissed the plaintiffs' claims for negligence, strict liability, negligent misrepresentation, and common law indemnity. On May 31, 2020, the court granted summary judgment to the Company on TreeHouse's claims for breach of contract and breach of product guarantees but denied summary judgment on TreeHouse's claims for breach of express and implied warranties. On the remaining claims, the court limited TreeHouse's damages to the purchase price of the product the Company sold to TreeHouse. On September 14, 2020, the Company entered into a Confidential Settlement Agreement and Mutual Release (the "Settlement Agreement") with TreeHouse. The Settlement Agreement resolved the disputed issues among the parties in connection with the litigation filed by TreeHouse against the Company, as described above. Pursuant to the terms of the Settlement Agreement, the Company paid TreeHouse $4.4 million. On September 18, 2020, the parties filed a Stipulation of Dismissal with prejudice and the court entered a corresponding order dismissing the litigation with prejudice. Other Claims In addition, various claims and potential claims arising in the normal course of business are pending against the Company. It is the opinion of management that these claims or potential claims are without merit and the amount of potential liability, if any, to the Company is not determinable. Management believes the final determination of these claims or potential claims will not materially affect the financial position or results of the Company. Environmental Laws The Company believes that, with respect to both its operations and real property, it is in material compliance with current environmental laws. Based on known existing conditions and the Company's experience in complying with emerging environmental issues, the Company is of the view that future costs relating to environmental compliance will not have a material adverse effect on its consolidated financial position, but there can be no assurance that unforeseen changes in the laws or enforcement policies of relevant governmental bodies, the discovery of changed conditions on the Company's real property or in its operations, or changes in the use of such properties and any related site restoration requirements, will not result in the incurrence of significant costs. Letters of Credit The Company has outstanding letters of credit at January 2, 2021 totaling $10.3 million (December 28, 2019 - $10.7 million). |
Segmented Information
Segmented Information | 12 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Segmented Information [Text Block] | 24. Segmented Information The segment information below is presented on a continuing operations basis, with prior period information recast to reflect the reporting of Tradin Organic as discontinued operations. Following the sale of the Company's former soy and corn business in February 2019, Tradin Organic comprised the Company's entire Global Ingredients segment. Following the divestiture of Tradin Organic, the composition of the Company's two continuing operating segments is as follows: Plant-Based Foods and Beverages - includes plant-based beverages and liquid and dry ingredients (utilizing almond, soy, coconut, oat, hemp, and other bases), as well as broths, teas, and nutritional beverages. In addition, it includes packaged dry- and oil-roasted inshell sunflower and sunflower kernels, as well as corn-, soy- and legume-based roasted snacks, and the processing and sale of raw sunflower inshell and kernel for food and feed applications. Fruit-Based Foods and Beverages - includes individually quick frozen ("IQF") fruit for retail (including strawberries, blueberries, mango, pineapple, blends, and other berries), IQF and bulk frozen fruit for foodservice (including purées, fruit cups and smoothies), and custom fruit preparations for industrial use. In addition, it includes fruit snacks, including bars, twists, ropes, and bite-sized varieties. Corporate Services provides a variety of management, financial, information technology, treasury, and administration services to each of the Company's operating segments. When reviewing the operating results of the Company's operating segments, management uses segment revenues from external customers and segment operating income/loss to assess performance and allocate resources. Total segment operating income/loss includes general and administrative expenses incurred by Corporate Services and excludes other income/expense items and goodwill impairments. In addition, interest on corporate debt and income taxes are not allocated to the operating segments. Segment Revenues and Operating Income Reportable segment operating results for the years ended January 2, 2021, December 28, 2019 and December 29, 2018 were as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Segment revenues from external customers Plant-Based Foods and Beverages 415,164 361,398 314,076 Fruit-Based Foods and Beverages 374,049 349,852 365,469 Global Ingredients — 10,346 104,427 Total revenues from external customers 789,213 721,596 783,972 Segment operating income (loss) Plant-Based Foods and Beverages 50,780 29,476 10,766 Fruit-Based Foods and Beverages (7,321 ) (26,873 ) (16,029 ) Global Ingredients — (187 ) 2,245 Corporate Services (31,151 ) (26,471 ) (18,433 ) Total segment operating income 12,308 (24,055 ) (21,451 ) Other income (expense), net (see note 18) (23,393 ) 40,639 (5,242 ) Goodwill impairment (see note 11) — — (81,222 ) Interest expense, net (see note 14) (30,042 ) (32,765 ) (33,121 ) Loss on retirement of debt (see note 14) (8,915 ) — — Loss from continuing operations before income taxes (50,042 ) (16,181 ) (141,036 ) Segment Assets Total assets by reportable segment as at January 2, 2021 and December 28, 2019 were as follows: January 2, 2021 December 28, 2019 $ $ Segment Assets Plant-Based Foods and Beverages 191,580 189,013 Fruit-Based Foods and Beverages 329,151 342,099 Corporate Services 64,884 96,300 Assets held for sale — 295,947 Total assets 585,615 923,359 Segment Capital Expenditures, Depreciation and Amortization Capital expenditures, depreciation and amortization by reportable segment for the years ended January 2, 2021, December 28, 2019 and December 29, 2018 were as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Segment Capital Expenditures Plant-Based Foods and Beverages 11,323 15,289 12,241 Fruit-Based Foods and Beverages 10,378 9,689 5,586 Global Ingredients — 92 655 Corporate Services 3,053 3,317 8,385 Total capital expenditures 24,754 28,387 26,867 Segment Depreciation and Amortization Plant-Based Foods and Beverages 9,457 7,799 6,468 Fruit-Based Foods and Beverages 16,304 16,702 16,871 Global Ingredients — 129 847 Corporate Services 4,547 4,636 3,973 Total depreciation and amortization 30,308 29,266 28,159 Geographic Information The Company's assets, operations and employees are principally located in the U.S., Mexico, and Canada. Revenues from external customers are attributed to countries based on the location of the customer. Revenues from external customers by geographic area for the years ended January 2, 2021, December 28, 2019 and December 29, 2018 were as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Revenues from External Customers U.S. 752,000 691,838 749,528 Canada 12,481 9,418 14,712 Other 24,732 20,340 19,732 Total revenues from external customers 789,213 721,596 783,972 Long-lived assets consist of property, plant and equipment, net of accumulated depreciation, which are attributed to countries based on the physical location of the assets. Long-lived assets by geographic area as at January 2, 2021 and December 28, 2019 were as follows: January 2, 2021 December 28, 2019 $ $ Long-Lived Assets U.S. 144,555 146,217 Mexico 11,511 11,057 Canada 1,982 2,401 Total long-lived assets 158,048 159,675 Major Customers A customer of the Plant-Based Foods and Beverages operating segment accounted for approximately 16%, 18% and 16% of the Company's consolidated revenues for the years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively, and a customer of both the Fruit-Based and Plant-Based Foods and Beverages operating segments accounted for approximately 14%, 11% and less than 10% of consolidated revenues for the years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively. No other customer accounted for more than 10% of the Company's consolidated revenues. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 02, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event [Text Block] | 25. Subsequent Event Exchange of Series A Preferred Stock for Common Shares On February 22, 2021, Oaktree exchanged all of their shares of Series A Preferred Stock for 12,633,427 Common Shares, representing 12.3% of the Company's issued and outstanding Common Shares on a post-exchange basis. The shares of Series A Preferred Stock were exchangeable into Common Shares at an exchange price of $7.00 and paid a cumulative dividend of 8% per year. Both prior to and after the exchange, Oaktree beneficially owns or controls shares equal to 19.0% of the total outstanding voting shares of the Company. Oaktree's shares of Series B-1 Preferred Stock remain subject to permanent exchange and voting caps. Oaktree continues to have the right to designate two nominees for election to the Company's Board of Directors and to other governance rights previously held. Following the exchange, the Company will no longer be required to pay the 8.0% per annum dividend on the Series A Preferred Stock. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Jan. 02, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (unaudited) [Text Block] | 26. Quarterly Results of Operations (unaudited) The following is a summary of the unaudited quarterly consolidated results of operations of the Company for the years ended January 2, 2021 and December 28, 2019. The consolidated results of operations presented below for all periods prior to the fourth quarter of 2020 have been recast to report Tradin Organic as discontinued operations (see note 3). Fiscal 2020 First Second Third Fourth Quarter Quarter Quarter Quarter $ $ $ $ Revenues 207,597 184,401 191,659 205,556 Gross profit 27,173 23,259 26,838 31,807 Loss from continuing operations (3,964 ) (5,133 ) (3,875 ) (34,330) (1) Earnings from discontinued operations 7,325 6,140 3,964 107,391 (2) Net earnings 3,361 1,007 89 73,061 Earnings (loss) attributable to common shareholders 1,336 (1,597 ) (2,755 ) 70,206 Basic earnings (loss) per share: From continuing operations (0.07 ) (0.09 ) (0.07 ) (0.41 ) From discontinued operations 0.08 0.07 0.04 1.19 Basic earnings (loss) per share 0.02 (0.02 ) (0.03 ) 0.78 Diluted earnings (loss) per share: From continuing operations (0.07) (0.09) (0.07) (0.41 ) From discontinued operations 0.08 0.07 0.04 1.19 Diluted earnings (loss) per share 0.02 (0.02 ) (0.03 ) 0.78 Fiscal 2019 First Second Third Fourth Quarter Quarter Quarter Quarter $ $ $ $ Revenues 180,779 172,112 182,585 186,120 Gross profit 13,706 15,250 14,350 22,197 Earnings (loss) from continuing operations 19,757 (3) (12,380 ) (13,714 ) (6,743 ) Earnings from discontinued operations 5,892 3,325 1,965 1,140 Net earnings (loss) 25,649 (9,055 ) (11,749 ) (5,603 ) Earnings (loss) attributable to common shareholders 23,654 (11,056 ) (13,758 ) (7,620 ) Basic earnings (loss) per share: From continuing operations 0.20 (0.16 ) (0.18 ) (0.10 ) From discontinued operations 0.07 0.04 0.02 0.01 Basic earnings (loss) per share 0.27 (0.13 ) (0.16 ) (0.09 ) Diluted earnings (loss) per share: From continuing operations 0.20 (0.16 ) (0.18 ) (0.10 ) From discontinued operations 0.06 0.04 0.02 0.01 Diluted earnings (loss) per share 0.26 (0.13 ) (0.16 ) (0.09 ) (1) (2) (3) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation These consolidated financial statements include the accounts of SunOpta Inc. and those of its wholly-owned subsidiaries (collectively, the "Company" or "SunOpta") and have been prepared by the Company in United States ("U.S.") dollars and in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated on consolidation. |
Discontinued Operations [Policy Text Block] | Discontinued Operations As described in note 3, on December 30, 2020, the Company completed the divestiture of its organic ingredient sourcing and production business, Tradin Organic. With the divestiture, Tradin Organic qualified for reporting as discontinued operations in the consolidated financial statements for the current and comparative periods. Accordingly, the operating results and cash flows of Tradin Organic for the years ended December 28, 2019 and December 29, 2018 have been reclassified to discontinued operations on the consolidated statements of operations and cash flows, and the assets and liabilities of Tradin Organic have been reclassified and reported as held for sale on the consolidated balance sheet as at December 28, 2019. In addition, unless otherwise indicated, the information disclosed below in these notes to the consolidated financial statements is presented on a continuing operations basis, with the comparative period information recast to reflect Tradin Organic as discontinued operations. |
Fiscal Year [Policy Text Block] | Fiscal Year The fiscal year of the Company consists of a 52- or 53-week period ending on the Saturday closest to December 31. Fiscal year 2020 was a 53-week period ending on January 2, 2021. Fiscal years 2019 and 2018 were each 52-week periods ending on December 28, 2019 and December 29, 2018, respectively. Fiscal year 2021 will be a 52-week period ending on January 1, 2022, with quarterly periods ending on April 3, 2021, July 3, 2021, and October 2, 2021. |
Use of estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Areas involving significant estimates and assumptions include: allowances for credit losses; inventory reserves; income tax liabilities and assets, and related valuation allowances; provisions for loss contingencies related to claims and litigation; useful lives of property, plant and equipment and intangible assets; expected lease terms and discount rates in measuring lease assets and liabilities; expected future cash flows used in evaluating long-lived assets for impairment; and reporting unit fair values in testing goodwill for impairment. The estimates and assumptions made require judgment on the part of management and are based on the Company's historical experience and various other factors that are believed to be reasonable in the circumstances. Management continually evaluates the information that forms the basis of its estimates and assumptions as the business of the Company and the general business environment changes. |
Financial Instruments [Policy Text Block] | Financial Instruments The Company's financial instruments recognized in the consolidated balance sheets and included in working capital consist of cash and cash equivalents, accounts receivable, foreign currency derivative instruments, and accounts payable and accrued liabilities. Cash and cash equivalents and derivative instruments are measured at fair value each reporting period. The fair values of the remaining financial instruments approximate their carrying values due to their short-term maturities. The Company's financial instruments exposed to credit risk include cash equivalents, accounts receivable and derivative instruments. The Company places its cash and cash equivalents with institutions of high creditworthiness. To limit the credit risk associated with derivative instruments, the Company contracts with counterparties that are highly-rated financial institutions. The Company routinely assesses the financial strength of its customers and believes that its accounts receivable credit risk exposure is limited. The Company closely monitors receivable balances and estimates an allowance for credit losses based on historical collection experience, and account aging analysis and trends, and evaluates the adequacy of the allowance each reporting period, considering individual customer account reviews, write-offs recorded in the period, sales forecasts and trends, and current and expected economic and customer-specific conditions. |
Fair Value [Policy Text Block] | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, an exit price). Fair value measurements are estimated based on inputs categorized as follows: Level 1 inputs include quoted prices (unadjusted) for identical assets or liabilities in active markets that are observable. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 includes unobservable inputs that reflect the Company's own assumptions about what factors market participants would use in pricing the asset or liability. When measuring fair value, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. |
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation Exchange gains and losses on transactions occurring in a currency other than an operation's functional currency are recognized in earnings. Foreign currency gains and losses related to the remeasurement of the Company's Mexican operation into its U.S. dollar functional currency are recognized in earnings. The assets and liabilities of the disposed operations of Tradin Organic that had a functional currency other than the U.S. dollar were translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average rate for the reporting period for revenue and expense items. The cumulative currency translation adjustment was recorded as a component of accumulated other comprehensive income/loss in shareholders' equity. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term deposits with an original maturity of 90 days or less. |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable includes trade receivables that are recorded at the invoiced amount and do not bear interest. The allowance for credit losses is an estimate of the amount of probable losses in existing accounts receivable. Account balances are charged off against the allowance when the Company determines the receivable will not be recovered. As at January 2, 2021, two long-term customers represented 17% and 11%, respectively, of the Company's consolidated trade receivables balance. The Company does not believe it is exposed to any significant credit risks with respect to these customers. |
Inventories [Policy Text Block] | Inventories Inventories are valued at the lower of cost and net realizable value. Shipping and handling costs are included in cost of goods sold on the consolidated statements of operations. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line basis at rates reflecting the estimated useful lives of the assets. Buildings 20 - 40 years Machinery and equipment 5 - 20 years Enterprise software 3 - 5 years Office furniture and equipment 3 - 7 years Vehicles 3 - 7 years |
Leases [Policy Text Block] | Leases Effective the first day of fiscal 2019, the Company changed its method of accounting for leases following the adoption of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), on a modified retrospective basis. As permitted, the Company elected not to apply the guidance to periods prior to 2019. ASU 2016-02 amended the legacy accounting for leases, including the recognition of right-of-use assets and lease liabilities for leases classified as operating leases, while the accounting for finance leases remained unchanged. At the lease commencement date, the Company recognizes operating and finance lease assets and liabilities based on the present value of future lease payments over the lease term. The discount rate used to determine the present value of the future lease payments is the implicit rate in the lease if readily determinable. When that rate is not readily determinable, the Company applies its incremental borrowing rate, which its estimated using relevant interest rate yield curves and credit spreads derived from available market data and the Company's corporate credit rating. See note 10 for further disclosures related to leases. |
Goodwill [Policy Text Block] | Goodwill Goodwill represents the excess in a business combination of the purchase price over the estimated fair value of the identifiable net assets acquired. Goodwill is not amortized but is instead tested for impairment at least annually, or whenever events or circumstances change between the annual impairment tests that would indicate the carrying amount of goodwill may be impaired. The Company performs its annual test for goodwill impairment in the fourth quarter of each fiscal year. The Company can elect to qualitatively assess goodwill for impairment if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If the Company elects to quantitatively assess goodwill, or it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, the Company estimates the fair value of each of its reporting units. Goodwill impairment charges are recognized based on the excess of a reporting unit's carrying amount over its fair value. The fair values of the reporting units are determined using an income approach (discounted cash flow method). The results of the Company's annual impairment tests for goodwill are described in note 11. |
Intangible Assets [Policy Text Block] | Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and fully-amortized patents and trademarks. Customer relationships are being amortized on a straight-line basis over their estimated useful lives ranging from 10 to 25 years. |
Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable through undiscounted future cash flows. If impairment exists based on expected future undiscounted cash flows, a loss is recognized in earnings. The amount of the impairment loss is the excess of the carrying amount of the impaired asset over the fair value of the asset, typically determined using a discounted cash flow analysis (income approach). |
Derivative Instruments [Policy Text Block] | Derivative Instruments The Company utilizes foreign currency forward contracts to manage its exposure to exchange rate fluctuations relating to foreign currency denominated inventory purchases and operating costs. Contracts are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes. Foreign currency forward contracts are recognized on the consolidated balance sheets at fair value. Gains or losses in the fair value of foreign currency forward contracts not specifically designated as hedging instruments are included in foreign exchange gain/loss on the consolidated statements of operations. For contracts designated as accounting hedges, gains or losses in fair value are recognized in other comprehensive earnings and subsequently recognized in earnings in the same period the hedged item affects earnings. The ineffective portion of an accounting hedge is recognized in earnings in the current period. As at January 2, 2021, the Company did not have any foreign currency forward contracts designated as accounting hedges. |
Debt Issuance Costs [Policy Text Block] | Debt Issuance Costs Costs incurred in connection with obtaining debt financing are deferred and amortized over the term of the financing arrangement using the effective interest method. Costs incurred to secure revolving credit facilities are recorded in other long-term assets. All other debt issuance costs are recorded as a direct deduction from the related debt liability. |
Income Taxes [Policy Text Block] | Income Taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income tax assets are recognized for deductible temporary differences and operating loss carry-forwards, and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts of assets and liabilities recorded for income tax and financial reporting purposes. Deferred income tax assets are recognized only to the extent that management determines that it is more likely than not that the deferred income tax assets will be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The income tax expense or benefit is the income tax payable or recoverable for the year plus or minus the change in deferred income tax assets and liabilities during the year. The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Accordingly, the Company may incur additional income tax expense based upon the outcomes of such matters. In addition, when applicable, the Company adjusts income tax expense to reflect the Company's ongoing assessments of such matters, which requires judgment and can materially increase or decrease its effective rate as well as impact operating results. The evaluation of tax positions taken or expected to be taken in a tax return is a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the related tax authority. |
Stock Incentive Plan [Policy Text Block] | Stock Incentive Plan The Company maintains a stock incentive plan under which stock options and other stock-based awards may be granted to selected employees and directors. The Company measures stock-based awards at fair value as of the date of grant. Compensation expense is recognized on a straight-line basis over vesting period of the entire stock-based award, based on the number of awards that ultimately vest. When exercised, stock-based awards are settled through the issuance of common shares and are therefore treated as equity awards. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Revenue is recognized when the Company transfers control of promised goods to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods. See note 2 for further disclosures related to revenue. |
Earnings Per Share [Policy Text Block] | Earnings Per Share Basic earnings per share is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding during the year. Earnings available to common shareholders is computed by deducting dividends and accretion on convertible preferred stock from earnings attributable to SunOpta Inc. The potential diluted effect of stock options and other stock-based awards is computed using the treasury stock method whereby the weighted-average number of common shares used in the basic earnings per share calculation is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares had been issued at the beginning of the year. The potential dilutive effect of convertible preferred stock is computed using the if-converted method whereby dividends and accretion on the convertible preferred stock are added back to the numerator, and the common shares resulting from the assumed conversion of the convertible preferred stock are included in the denominator of the diluted earnings per share calculation. |
Contingencies [Policy Text Block] | Contingencies In the normal course of business, the Company is subject to loss contingencies, such as accrued but unpaid bonuses; tax-related matters; and claims or litigation. Accruals for loss contingencies are recorded when the Company determines that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the estimate of the amount of the loss is a range and some amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued as a liability. If no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued as a liability. The Company recognizes an asset for insurance recoveries when a loss event has occurred and recovery is considered probable, to the extent that the potential recovery does not exceed the loss recognized. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Adoption of New Accounting Standard Effective the first quarter of 2020, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires the immediate recognition of expected versus incurred credit losses for most financial assets. The Company adopted ASU 2016-13 under the modified retrospective approach and applied the new guidance to its short-term accounts receivable. The adoption of this new guidance did not result in the recognition of additional allowances for credit losses. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of useful life for property plant and equipment [Table Text Block] | Buildings 20 - 40 years Machinery and equipment 5 - 20 years Enterprise software 3 - 5 years Office furniture and equipment 3 - 7 years Vehicles 3 - 7 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Plant-Based Foods and Beverages Beverages and broths 332,390 286,381 244,888 Plant-based ingredients 28,156 22,944 14,788 Sunflower and roasted snacks 54,618 52,073 51,297 Flexible resealable pouch and nutrition bar products — — 3,103 Total Plant-Based Foods and Beverages 415,164 361,398 314,076 Fruit-Based Foods and Beverages Frozen fruit 284,559 258,298 271,417 Fruit-based ingredients 40,543 47,762 50,830 Fruit snacks 48,947 43,792 43,222 Total Fruit-Based Foods and Beverages 374,049 349,852 365,469 Global Ingredients Soy and corn — 10,346 104,427 Total Global Ingredients — 10,346 104,427 Total revenues 789,213 721,596 783,972 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of major classes of assets and liabilities of discontinued operations [Table Text Block] | December 30, 2020 December 28, 2019 $ $ Assets Cash and cash equivalents 6,037 1,370 Accounts receivable 50,025 49,627 Inventories 155,829 169,984 Other current assets 15,424 15,427 Total current assets 227,315 236,408 Property, plant and equipment 25,787 24,875 Goodwill 25,320 24,424 Intangible assets 6,291 7,746 Other long-term assets 2,566 2,494 Total long-term assets 59,964 59,539 Total assets 287,279 295,947 Liabilities Bank indebtedness 296 3,870 Accounts payable and accrued liabilities 39,218 44,430 Other current liabilities 2,239 3,344 Total current liabilities 41,753 51,644 Long-term debt 6,087 6,364 Other long-term liabilities 1,869 2,379 Total long-term liabilities 7,956 8,743 Total liabilities 49,709 60,387 |
Schedule of pre-tax gain on sale in discontinued operations [Table Text Block] | $ Cash consideration 373,709 Less: costs to sell (15,636) Net proceeds 358,073 Total assets sold 287,279 Total liabilities sold (49,709) Net assets sold 237,570 Less: non-controlling interests (1,544) Add: accumulated other comprehensive loss 10,229 Carrying amount of net assets sold 246,255 Pre-tax gain on sale 111,818 |
Schedule of reconciles major components of discontinued operations in consolidated statements of operations [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Revenues 503,036 468,426 476,880 Cost of goods sold 441,277 418,676 423,941 Selling, general and administrative expenses (1) 26,953 27,737 25,731 Intangible asset amortization 1,451 1,859 1,887 Other expense (income), net (782) 591 (2,417) Foreign exchange loss (gain) 3,142 (1,147) (62) Interest expense (2) 2,409 1,912 1,285 Earnings before gain of sale 28,586 18,798 26,515 Pre-tax gain on sale 111,818 — — Earnings from discontinued operations before income taxes 140,404 18,798 26,515 Provision for income taxes 15,885 6,322 8,188 Earnings (loss) attributable to non-controlling interests (301) 154 62 Earnings from discontinued operations 124,820 12,322 18,265 (1) (2) |
Sale of Soy and Corn Business (
Sale of Soy and Corn Business (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Sale Of Soy And Corn Business [Abstract] | |
Schedule of gain on sale of the soy and corn business [Table Text Block] | $ Cash consideration 66,500 Less: post-closing adjustments (1,348 ) Less: costs to sell (1,828 ) Net proceeds 63,324 Current assets 22,810 Property, plant and equipment 8,423 Goodwill 1,526 Current liabilities (13,462 ) Net assets sold 19,297 Pre-tax gain on sale 44,027 |
Value Creation Plan (Tables)
Value Creation Plan (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule Of Restructuring And Related Costs [Table Text Block] | (a) (b) (c) Employee Asset recruitment, impairments retention and and facility termination Professional closure costs costs fees Total $ $ $ $ 2020 Balance payable, beginning of year 201 4,026 — 4,227 Costs incurred and charged to expense 6,732 2,944 1,004 10,680 Cash payments, net (643 ) (5,822 ) (1,004 ) (7,469 Non-cash adjustments (6,290 ) 894 — (5,396 Balance payable, end of year (1) — 2,042 — 2,042 2019 Balance payable, beginning of year 477 436 — 913 Costs incurred and charged to expense 308 7,988 1,353 9,649 Cash payments, net (584 ) (8,529 ) (1,353 ) (10,466 Non-cash adjustments — 4,131 — 4,131 Balance payable, end of year 201 4,026 — 4,227 2018 Balance payable (receivable), beginning of year (700 ) 4,427 — 3,727 Costs incurred and charged to expense 1,364 600 410 2,374 Cash receipts (payments), net 1,068 (4,591 ) (410 ) (3,933 Non-cash adjustments (1,255 ) — — (1,255 Balance payable, end of year 477 436 — 913 (1) (a) For the year ended January 2, 2021, costs incurred included a loss on the disposal of redundant assets related to the exit from the Santa Maria, California, frozen fruit processing facility and costs to dismantle and move retained equipment to the Company's other processing facilities, together with the write-off of operating lease right-of-use assets and leasehold improvements associated with the Company's corporate office consolidation. For the year ended December 28, 2019, costs incurred included costs to dismantle and move equipment from the Company's former soy extraction facility in Heuvelton, New York, which was closed in December 2016. For the year ended December 29, 2018, costs incurred included an accrual for the remaining lease payments (net of sublease rentals) related to the vacated nutrition bar facility, and a loss on the disposal of the Company's Wahpeton, North Dakota, roasting facility. (b) For the year ended January 2, 2021, costs incurred mainly related to accrued severance benefits for employees affected by the closure of the Santa Maria facility, which will be paid in the first quarter of 2021. Employee termination costs in 2020 were recognized net of the reversal of $0.9 million of previously recognized stock-based compensation related to forfeited awards of terminated employees. For the year ended December 28, 2019, costs incurred included severance benefits for employees in connection with a workforce reduction program and corporate office consolidation, and in connection with cost rationalizations associated with the sale of the soy and corn business. In addition, recruitment, relocation, and termination costs were incurred in connection with the new CEO and CFO appointments in February 2019 and September 2019, respectively. Employee termination costs in 2019 were recognized net of the reversal of $4.1 million of previously recognized stock-based compensation related to forfeited awards of terminated employees. For the year ended December 29, 2018, cost incurred included retention and signing bonuses accrued for certain existing and new employees. (c) Represents the costs for third-party consultants in support of business development activities and other measures taken under the Value Creation Plan. The following table summarizes costs incurred since the inception of the Value Creation Plan in 2016 to January 2, 2021: Employee Asset recruitment, Professional impairments retention and fees and other and facility termination third-party closure costs costs labor costs Total $ $ $ $ Costs incurred and charged to expense 41,692 25,913 23,336 90,941 Cash payments, net (10,905 ) (29,319 ) (23,336 ) (63,560 Non-cash adjustments (30,787 ) 5,448 — (25,339 Balance payable, January 2, 2021 — 2,042 — 2,042 For the years ended January 2, 2021, December 28, 2019 and December 29, 2018, costs incurred and charged to expense were recorded in the consolidated statement of operations as follows: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Cost of goods sold (1) — — 100 Selling, general and administrative expenses (2) 1,649 3,556 613 Other expense (3) 8,248 5,856 1,661 Earnings from discontinued operations (4) 783 237 — 10,680 9,649 2,374 (1) (2) (3) (4) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Receivables [Abstract] | |
Schedule of Trade receivables [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Trade receivables 73,981 70,027 Product recall-related insurance recoveries (1) — 2,421 Allowance for credit losses (1,257 ) (630 ) 72,724 71,818 (1) |
Schedule of allowance for doubtful accounts [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 630 1,209 Net addition (reduction) to provision 627 (84 ) Accounts receivable written off, net of recoveries — (495 ) Balance, end of year 1,257 630 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Raw materials and work-in-process 78,210 89,562 Finished goods 75,280 72,135 Inventory reserve (5,742 ) (8,135 ) 147,748 153,562 |
Schedule Of Inventory Reserve [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 8,135 7,654 Additions to reserve during the year 3,081 10,011 Reserves applied and inventories written off during the year (5,474 ) (9,530 ) Balance, end of year 5,742 8,135 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | January 2, 2021 Accumulated Cost depreciation Net book value $ $ $ Land 7,009 — 7,009 Buildings 75,308 23,587 51,721 Machinery and equipment 191,831 103,092 88,739 Enterprise software 25,250 16,009 9,241 Office furniture and equipment 7,258 6,157 1,101 Vehicles 1,850 1,613 237 308,506 150,458 158,048 December 28, 2019 Accumulated Cost depreciation Net book value $ $ $ Land 7,070 — 7,070 Buildings 65,888 20,149 45,739 Machinery and equipment 183,175 89,021 94,154 Enterprise software 23,217 12,386 10,831 Office furniture and equipment 7,196 5,706 1,490 Vehicles 1,888 1,497 391 288,434 128,759 159,675 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Leases [Abstract] | |
Schedule of lease costs [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Lease Costs Operating lease cost 16,647 18,192 Finance lease cost: Depreciation of right-of-use assets 2,647 1,439 Interest on lease liabilities 675 267 Sublease income (504 ) (476 ) Net lease cost 19,465 19,422 |
Schedule of Balance Sheet Classification, Cash Flow Information, Other Information [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Balance Sheet Classification Operating leases: Operating lease right-of-use assets 35,172 65,939 Current portion of operating lease liabilities 12,750 16,084 Operating lease liabilities 24,582 50,657 Total operating lease liabilities 37,332 66,741 Finance leases: Property, plant and equipment, gross 24,534 18,870 Accumulated depreciation (5,787 ) (3,136 ) Property, plant and equipment, net 18,747 15,734 Current portion of long-term debt 3,146 2,493 Long-term debt 15,667 13,730 Total finance lease liabilities 18,813 16,223 January 2, 2021 December 28, 2019 $ $ Cash Flow Information Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases 16,741 18,405 Operating cash flows from finance leases 675 267 Financing cash flows from finance leases 2,587 1,123 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 5,962 2,760 Finance leases 5,179 14,549 Termination of operating lease right-of-use assets and lease liabilities (1) (23,667 ) — Impairment of operating lease right-of-use assets (2) (1,538 ) — (1) (2) January 2, 2021 December 28, 2019 Other Information Weighted-average remaining lease term (years): Operating leases 3.4 6.1 Finance leases 5.3 5.9 Weighted-average discount rate: Operating leases 6.6 % 9.2 % Finance leases 5.4 % 4.5 % |
Schedule of lease liabilities maturities [Table Text Block] | Operating leases Finance leases $ $ Maturities of Lease Liabilities 2021 13,084 4,089 2022 11,057 4,294 2023 7,038 3,697 2024 5,147 3,578 2025 3,042 4,272 Thereafter 3,613 1,839 Total lease payments 42,981 21,769 Less: imputed interest (5,649 ) (2,956 ) Total lease liabilities 37,332 18,813 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Plant-Based Fruit-Based Foods and Foods and Global Beverages Beverages Ingredients Total $ $ $ $ Balance at December 29, 2018, before accumulated impairment losses 17,540 200,220 23,961 241,721 Less accumulated impairment losses (17,540) (196,222) — (213,762) Balance at December 29, 2018 — 3,998 23,961 27,959 Foreign exchange — — (185) (185) Acquisition — — 2,174 2,174 Sale of soy and corn business (see note 4) — — (1,526) (1,526) Balance at December 28, 2019 (1) — 3,998 24,424 28,422 Foreign exchange — — 896 896 Sale of Tradin Organic (see note 3) — — (25,320) (25,320) Balance at January 2, 2021 — 3,998 — 3,998 (1) Goodwill associated with the Tradin Organic reporting unit of the Global Ingredients segment is included in long-term assets held for sale on the consolidated balance sheet as at December 28, 2019. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | January 2, 2021 Cost Accumulated amortization Net book value $ $ $ Customer relationships 189,407 56,090 133,317 Patents, trademarks and other 1,919 1,919 — 191,326 58,009 133,317 December 28, 2019 Cost Accumulated amortization Net book value $ $ $ Customer relationships 189,407 47,169 142,238 Patents, trademarks and other 1,919 1,894 25 191,326 49,063 142,263 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 2022 2023 2024 2025 Thereafter Total $ $ $ $ $ $ $ Amortization expense 8,777 8,777 8,777 8,777 8,777 89,432 133,317 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Accounts payable 73,204 63,737 Payroll and commissions 25,423 13,725 Accrued costs to sell related to Tradin Organic divestiture (see note 3) 13,380 — Dividends payable on preferred stock (see note 15) 2,378 1,700 Accrued debt issuance costs (see note 14) 1,690 — Accrued interest (1) 41 4,817 Accrued product recall-related costs (2) — 3,213 Other accruals 2,476 1,944 118,592 89,136 (1) Reduction in accrued interest reflects the payment of accrued and unpaid interest in connection with the Company's redemption on December 31, 2020 of all of its 9.5% senior secured second lien notes due October 2022 (see note 14(2)). (2) Reduction in accrued product recall-related costs reflects the settlement of a customer claim related to the voluntary recall of certain roasted sunflower kernel products initiated by the Company in 2016 (see note 23). |
Bank Indebtedness and Long-Te_2
Bank Indebtedness and Long-Term Debt (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Bank Indebtedness Global Credit Facility (1) — 241,666 Long-Term Debt Revolving Credit Facility (1) 47,277 — Senior Secured Second Lien Notes, net of unamortized debt issuance costs of $5,094 at December 28, 2019 (2) — 218,404 Finance lease liabilities (see note 10) 18,813 16,223 Other 3,633 3,705 69,723 238,332 Less: current portion 3,478 2,492 66,245 235,840 |
Schedule of Maturities of Long-term Debt [Table Text Block] | $ 2021 4,219 2022 7,797 2023 3,697 2024 3,578 2025 51,549 Thereafter 1,839 Total gross repayments 72,679 Less: imputed interest (2,956) 69,723 |
Schedule Of Interest Expense And Interest Income [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Interest expense 26,816 30,950 30,870 Amortization of debt issuance costs 4,078 2,721 2,536 Interest income (852) (906) (285) Interest expense, net 30,042 32,765 33,121 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of allocation of share-based compensation expense [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Selling, general and administrative expenses 12,570 10,471 6,773 Other income (894 ) (4,131 ) — Earnings from discontinued operations 540 1,145 1,166 Total stock-based compensation expense 12,216 7,485 7,939 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity [Table Text Block] | The following table summarizes stock option activity for the year ended January 2, 2021: Weighted- average Weighted- remaining average contractual Aggregate Stock options exercise price term (years) intrinsic value Outstanding, beginning of year 1,949,888 $ 7.57 Granted 555,092 4.64 Exercised (214,854 ) 5.80 Forfeited (119,346 ) 8.31 Outstanding, end of year 2,170,780 $ 6.95 5.89 $ 10,270 Exercisable, end of year 1,615,793 $ 7.72 4.66 $ 6,410 The total intrinsic value of stock options exercised during the year ended January 2, 2021 was $0.3 million. The following table summarizes non-vested stock option activity during the year ended January 2, 2021: Weighted- average grant- Stock options date fair value Non-vested, beginning of year 579,700 $ 4.14 Granted 555,092 2.52 Vested (505,330 ) 4.17 Forfeited (74,475 ) 3.77 Non-vested, end of year 554,987 $ 2.54 |
Schedule of stock options granted using the Black-Scholes option pricing model [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 Grant-date stock price $ 4.64 $ 3.57 $ 7.56 Dividend yield (1) 0% 0% 0% Expected volatility (2) 60.0% 48.6% 41.1% Risk-free interest rate (3) 0.4% 2.3% 2.9% Expected life of options (years) (4) 6.0 5.8 6.0 (1) Determined based on expected annual dividend yield at the time of grant. (2) Determined based on historical volatility of the Company’s Common Shares over the expected life of the option. (3) Determined based on the yield on U.S. Treasury zero-coupon issues with maturity dates equal to the expected life of the option. (4) Determined based on the mid-point of vesting (one through three years) and expiration (10 years). |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Weighted- average remaining Weighted- Weighted- Exercise price range Outstanding contractual life average exercise Exercisable average exercise Low High options (years) price options price $ 3.25 $ 4.72 232,232 6.38 $ 3.40 177,524 $ 3.28 4.73 4.94 484,944 9.52 4.73 — — 4.95 7.09 486,955 3.76 6.12 483,955 6.12 7.10 9.48 317,967 4.22 7.98 305,632 7.99 9.49 13.86 648,682 5.41 9.99 648,682 9.99 2,170,780 5.89 $ 6.95 1,615,793 $ 7.72 |
Restricted stock units ("RSUs") [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table summarizes non-vested RSU activity during the year ended January 2, 2021: Weighted- average grant- RSUs date fair value Non-vested, beginning of year 413,013 $ 5.64 Granted 647,565 3.20 Vested (361,579 ) 5.50 Forfeited (51,700 ) 4.28 Non-vested, end of year 647,299 $ 3.39 |
Performance Share Unit ("PSUs") [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of non-vested PSU activity [Table Text Block] | The following table summarizes non-vested PSU activity during the year ended January 2, 2021: Weighted- average grant- PSUs date fair value Non-vested, beginning of year 2,936,115 $ 4.08 Granted 3,084,107 3.54 Vested (1,142,813 ) 3.42 Forfeited or cancelled (1,872,734 ) 4.43 Non-vested, end of year 3,004,675 $ 3.56 |
Chief Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock options granted using the Black-Scholes option pricing model [Table Text Block] | Stock Options PSUs Grant-date stock price $ 3.36 $ 3.36 Exercise price $ 3.36 NA Dividend yield 0% 0% Expected volatility (1) 47.9% 55.7% Risk-free interest rate (2) 2.4% 2.3% Expected life (in years) (3) 6.5 1.8 (1) Determined based on the historical volatility of the Common Shares over the expected life of the stock options and performance period of the PSUs. (2) Determined based on U.S. Treasury yields with a remaining term equal to the expected life of the stock options and performance period of the PSUs. (3) Determined based on the mid-point of vesting (three years) and expiration (ten years) for the stock options and the derived service period for the PSUs. |
Schedule of non-vested equity awards [Table Text Block] | The following table summarizes activity related to Mr. Ennen's non-vested equity awards during the year ended January 2, 2021: Adjusted EBITDA Stock price Stock performance performance options RSUs PSUs PSUs Non-vested, beginning of year 960,061 512,619 892,857 892,857 Vested — (170,873) — (595,238) Non-vested, end of year 960,061 341,746 892,857 297,619 |
Chief Financial Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock options granted using the Black-Scholes option pricing model [Table Text Block] | Stock Options PSUs Grant-date stock price $ 2.38 $ 2.38 Exercise price $ 2.38 NA Dividend yield 0% 0% Expected volatility (1) 49.7% 55.9% Risk-free interest rate (2) 1.4% 1.4% Expected life (in years) (3) 6.5 2.1 (1) Determined based on the historical volatility of the Common Shares over the expected life of the stock options and performance period of the PSUs. (2) Determined based on U.S. Treasury yields with a remaining term equal to the expected life of the stock options and performance period of the PSUs. (3) Determined based on the mid-point of vesting (three years) and expiration (ten years) for the stock options and the derived service period for the PSUs. |
Schedule of non-vested equity awards [Table Text Block] | The following table summarizes activity related to Mr. Huckins' non-vested equity awards during the year ended January 2, 2021: Adjusted EBITDA Stock price Stock performance performance options RSUs PSUs PSUs Non-vested, beginning of year 262,182 327,819 173,319 173,319 Vested — (109,273) — (115,546) Non-vested, end of year 262,182 218,546 173,319 57,773 |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Loss on foreign currency forward contract (see note 3) 12,658 — — Long-lived asset impairments and facility closure costs (1) 9,045 308 1,264 Employee termination and recruitment costs (2) 1,881 5,548 397 Gain on sale of soy and corn business (see note 4) — (44,027 ) — Product withdrawal and recall cost (recovery) (3) (322 ) 260 1,470 Settlement loss (gain) (4) 179 (3,065 ) — Reserve for notes receivable (5) — — 2,232 Other (48 ) 337 (121 ) 23,393 (40,639 ) 5,242 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Loss from continuing operations (50,042 ) (16,181 ) (141,036 ) Canadian statutory rate 26.5 % 26.5 % 26.5 % Income tax recovery at statutory rate (13,261 ) (4,288 ) (37,375 ) Stock-based compensation 3,169 1,975 2,019 Disallowed executive compensation 2,801 — — CARES Act 2,472 — — Change in valuation allowance 560 (113 ) (4,082 ) Change in enacted tax rates 250 (549 ) 1,976 Foreign tax rate differential (105 ) 126 2,576 Goodwill impairment loss — — 22,239 Other 1,374 (252 ) (919 ) Recovery of income taxes (2,740 ) (3,101 ) (13,566 ) The components of earnings (loss) from continuing operations before income taxes are shown below: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Canada (14,700 ) (11,295 ) (13,408 ) U.S. (34,521 ) (5,548 ) (126,042 ) Other (821 ) 662 (1,586 ) Loss from continuing operations before income taxes (50,042 ) (16,181 ) (141,036 ) The components of the provision for (recovery of) income taxes are shown below: January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Current income tax provision (recovery): Canada (154 ) (1,023 ) (1,334 ) U.S. (14,148 ) (3,424 ) (5,303 ) Other 589 532 321 (13,713 ) (3,915 ) (6,316 ) Deferred income tax provision (recovery): Canada (291 ) 33 547 U.S. 10,442 731 (7,880 ) Other 822 50 83 10,973 814 (7,250 ) Recovery of income taxes (2,740 ) (3,101 ) (13,566 ) |
Schedule of deferred tax assets and liabilities [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Differences in property, plant and equipment and intangible assets (55,105 ) (54,541 ) Capital and non-capital losses 14,388 26,540 Interest expense limitation (163j) 11,069 19,118 Tax benefit of scientific research expenditures 2,699 1,506 Inventory basis differences 1,303 2,248 Other accrued reserves 4,522 2,308 (21,124 ) (2,821 ) Less: valuation allowance 4,284 6,219 Deferred income tax liability (25,408 ) (9,040 ) |
Schedule of deferred tax assets and liabilities by geographic segment [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Canada (26 ) (223 ) U.S. (25,150 ) (8,446 ) Other (232 ) (371 ) Deferred income tax liability (25,408 ) (9,040 ) |
Schedule Of Deferred Income Tax Valuation Allowance [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Balance, beginning of year 6,219 5,445 Increase (decrease) in valuation allowance (1,935 ) 774 Balance, end of year 4,284 6,219 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 Basic Earnings (Loss) Per Share Numerator for basic earnings (loss) per share: Loss from continuing operations $ (47,302) $ (13,080) $ (127,470) Less: dividends and accretion on Series A Preferred Stock (8,319) (8,022) (7,909) Less: dividends and accretion on Series B-1 Preferred Stock (2,009) — — Loss from continuing operations attributable to common shareholders (57,630) (21,102) (135,379) Earnings from discontinued operations 124,820 12,322 18,265 Earnings (loss) attributable to common shareholders $ 67,190 $ (8,780) $ (117,114) Denominator for basic earnings (loss) per share: Basic weighted-average number of shares outstanding 89,234 87,787 87,082 Basic earnings (loss) per share: From continuing operations $ (0.65) $ (0.24) $ (1.55) From discontinued operations 1.40 0.14 0.21 Basic earnings (loss) per share $ 0.75 $ (0.10) $ (1.34) Diluted Earnings (Loss) Per Share Numerator for diluted earnings (loss) per share: Loss from continuing operations $ (47,302) $ (13,080) $ (127,470) Less: dividends and accretion on Series A Preferred Stock (8,319) (8,022) (7,909) Less: dividends and accretion on Series B-1 Preferred Stock (2,009) — — Loss from continuing operations attributable to common shareholders (57,630) (21,102) (135,379) Earnings from discontinued operations 124,820 12,322 18,265 Earnings (loss) attributable to common shareholders $ 67,190 $ (8,780) $ (117,114) Denominator for diluted earnings (loss) per share: Basic weighted-average number of shares outstanding 89,234 87,787 87,082 Dilutive effect of the following: Stock options and restricted stock units (1) — — — Series B-1 Preferred Stock (2) — — — Series A Preferred Stock (3) — — — Diluted weighted-average number of shares outstanding 89,234 87,787 87,082 Diluted earnings (loss) per share: From continuing operations $ (0.65) $ (0.24) $ (1.55) From discontinued operations 1.40 0.14 0.21 Diluted earnings (loss) per share $ 0.75 $ (0.10) $ (1.34) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Changes in Operating Assets and Liabilities, Net of Businesses Sold Accounts receivable (746 ) 4,013 1,085 Inventories 6,133 7,097 23,394 Income tax recoverable/payable 1,555 (91 ) 4,744 Prepaid expenses and other current assets (1,133) (4,427 ) (290 ) Accounts payable and accrued liabilities 11,322 (5,861 ) (9,564) 17,131 731 19,369 Non-Cash Investing and Financing Activities Accrued costs to sell related to Tradin Organic divestiture (see note 13) 13,380 — — Accrued cash dividends preferred stock (see note 13) 2,378 1,700 1,700 Accrued debt issuance costs (see note 13) 1,690 — — Dividends paid in kind on preferred stock (see note 15) 3,881 — — Cash Paid Interest 30,740 30,399 30,219 Income taxes 935 410 760 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Transactions Purchases of raw materials and other (1) 14,961 29,743 20,012 Sales of agronomy products (2) — 115 1,136 Balances Grower loans (3) 2,000 3,100 1,500 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Segment revenues from external customers Plant-Based Foods and Beverages 415,164 361,398 314,076 Fruit-Based Foods and Beverages 374,049 349,852 365,469 Global Ingredients — 10,346 104,427 Total revenues from external customers 789,213 721,596 783,972 Segment operating income (loss) Plant-Based Foods and Beverages 50,780 29,476 10,766 Fruit-Based Foods and Beverages (7,321 ) (26,873 ) (16,029 ) Global Ingredients — (187 ) 2,245 Corporate Services (31,151 ) (26,471 ) (18,433 ) Total segment operating income 12,308 (24,055 ) (21,451 ) Other income (expense), net (see note 18) (23,393 ) 40,639 (5,242 ) Goodwill impairment (see note 11) — — (81,222 ) Interest expense, net (see note 14) (30,042 ) (32,765 ) (33,121 ) Loss on retirement of debt (see note 14) (8,915 ) — — Loss from continuing operations before income taxes (50,042 ) (16,181 ) (141,036 ) |
Schedule of Assets from Segment to Consolidated [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Segment Assets Plant-Based Foods and Beverages 191,580 189,013 Fruit-Based Foods and Beverages 329,151 342,099 Corporate Services 64,884 96,300 Assets held for sale — 295,947 Total assets 585,615 923,359 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Segment Capital Expenditures Plant-Based Foods and Beverages 11,323 15,289 12,241 Fruit-Based Foods and Beverages 10,378 9,689 5,586 Global Ingredients — 92 655 Corporate Services 3,053 3,317 8,385 Total capital expenditures 24,754 28,387 26,867 Segment Depreciation and Amortization Plant-Based Foods and Beverages 9,457 7,799 6,468 Fruit-Based Foods and Beverages 16,304 16,702 16,871 Global Ingredients — 129 847 Corporate Services 4,547 4,636 3,973 Total depreciation and amortization 30,308 29,266 28,159 |
Schedule of Segment Revenue from External Customers by Segment [Table Text Block] | January 2, 2021 December 28, 2019 December 29, 2018 $ $ $ Revenues from External Customers U.S. 752,000 691,838 749,528 Canada 12,481 9,418 14,712 Other 24,732 20,340 19,732 Total revenues from external customers 789,213 721,596 783,972 |
Schedule of Segment Long-lived Assets by Geographic Areas [Table Text Block] | January 2, 2021 December 28, 2019 $ $ Long-Lived Assets U.S. 144,555 146,217 Mexico 11,511 11,057 Canada 1,982 2,401 Total long-lived assets 158,048 159,675 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of consolidated results of operations for all periods [Table Text Block] | Fiscal 2020 First Second Third Fourth Quarter Quarter Quarter Quarter $ $ $ $ Revenues 207,597 184,401 191,659 205,556 Gross profit 27,173 23,259 26,838 31,807 Loss from continuing operations (3,964 ) (5,133 ) (3,875 ) (34,330) (1) Earnings from discontinued operations 7,325 6,140 3,964 107,391 (2) Net earnings 3,361 1,007 89 73,061 Earnings (loss) attributable to common shareholders 1,336 (1,597 ) (2,755 ) 70,206 Basic earnings (loss) per share: From continuing operations (0.07 ) (0.09 ) (0.07 ) (0.41 ) From discontinued operations 0.08 0.07 0.04 1.19 Basic earnings (loss) per share 0.02 (0.02 ) (0.03 ) 0.78 Diluted earnings (loss) per share: From continuing operations (0.07) (0.09) (0.07) (0.41 ) From discontinued operations 0.08 0.07 0.04 1.19 Diluted earnings (loss) per share 0.02 (0.02 ) (0.03 ) 0.78 Fiscal 2019 First Second Third Fourth Quarter Quarter Quarter Quarter $ $ $ $ Revenues 180,779 172,112 182,585 186,120 Gross profit 13,706 15,250 14,350 22,197 Earnings (loss) from continuing operations 19,757 (3) (12,380 ) (13,714 ) (6,743 ) Earnings from discontinued operations 5,892 3,325 1,965 1,140 Net earnings (loss) 25,649 (9,055 ) (11,749 ) (5,603 ) Earnings (loss) attributable to common shareholders 23,654 (11,056 ) (13,758 ) (7,620 ) Basic earnings (loss) per share: From continuing operations 0.20 (0.16 ) (0.18 ) (0.10 ) From discontinued operations 0.07 0.04 0.02 0.01 Basic earnings (loss) per share 0.27 (0.13 ) (0.16 ) (0.09 ) Diluted earnings (loss) per share: From continuing operations 0.20 (0.16 ) (0.18 ) (0.10 ) From discontinued operations 0.06 0.04 0.02 0.01 Diluted earnings (loss) per share 0.26 (0.13 ) (0.16 ) (0.09 ) (1) (2) (3) |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Jan. 02, 2021 | |
Significant Accounting Policies [Line Items] | |
Operating cycle | The fiscal year of the Company consists of a 52- or 53-week period ending on the Saturday closest to December 31. Fiscal year 2020 was a 53-week period ending on January 2, 2021. Fiscal years 2019 and 2018 were each 52-week periods ending on December 28, 2019 and December 29, 2018, respectively. Fiscal year 2021 will be a 52-week period ending on January 1, 2022, with quarterly periods ending on April 3, 2021, July 3, 2021, and October 2, 2021. |
Description of trade receivable balance | As at January 2, 2021, two long-term customers represented 17% and 11%, respectively, of the Company's consolidated trade receivables balance |
Description of threshold limit of income tax positions | for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the related tax authority |
Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Useful Life for Property Plant and Equipment) (Details) | 12 Months Ended |
Jan. 02, 2021 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 20 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 40 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 20 years |
Enterprise software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Enterprise software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 7 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 7 years |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | $ 205,556 | $ 191,659 | $ 184,401 | $ 207,597 | $ 186,120 | $ 182,585 | $ 172,112 | $ 180,779 | $ 789,213 | $ 721,596 | $ 783,972 |
Plant-Based Foods and Beverages [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 415,164 | 361,398 | 314,076 | ||||||||
Plant-Based Foods and Beverages [Member] | Beverages and broths [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 332,390 | 286,381 | 244,888 | ||||||||
Plant-Based Foods and Beverages [Member] | Plant-based ingredients [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 28,156 | 22,944 | 14,788 | ||||||||
Plant-Based Foods and Beverages [Member] | Sunflower and roasted snacks [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 54,618 | 52,073 | 51,297 | ||||||||
Plant-Based Foods and Beverages [Member] | Flexible Resealable Pouch And Nutrition Bar Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 0 | 0 | 3,103 | ||||||||
Fruit Based Foods and Beverages [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 374,049 | 349,852 | 365,469 | ||||||||
Fruit Based Foods and Beverages [Member] | Frozen Fruit [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 284,559 | 258,298 | 271,417 | ||||||||
Fruit Based Foods and Beverages [Member] | Fruit-based ingredients [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 40,543 | 47,762 | 50,830 | ||||||||
Fruit Based Foods and Beverages [Member] | Fruit snacks [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 48,947 | 43,792 | 43,222 | ||||||||
Global Ingredients [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | 0 | 10,346 | 104,427 | ||||||||
Global Ingredients [Member] | Soy And Corn [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Segment revenues from external customers | $ 0 | $ 10,346 | $ 104,427 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 30, 2020USD ($) | Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2020EUR (€) | Dec. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss on foreign currency forward contract | $ 12,658 | $ 0 | $ 0 | ||||
Tradin Organic [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued operation, nature of activities having continuing involvement after disposal | In connection with the Transaction, the Company and the Purchaser entered into a Supply Agreement as of the Closing Date, whereby the Company may continue to purchase specified organic ingredients from Tradin Organic for use in the Company's plant-based and fruit-based operations. The initial term of Supply Agreement is for five years and is renewable for one-year periods thereafter. The products are to be supplied at competitive market prices based on the landed cost to Tradin Organic of the underlying commodities. The Supply Agreement does not impose any minimum purchase commitments on the Company but does require the Company to purchase substantially all of its requirements for the specified products from Tradin Organic, which totaled approximately $20 million during the year ended January 2, 2021. | ||||||
Cash consideration | € 305.1 | $ 373,709 | |||||
Loss on foreign currency forward contract | $ 12,700 | ||||||
Dutch Sub Facility Global Credit Facility [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Repayment of outstanding borrowings | $ 72,000 | ||||||
Senior Secured Second Lien Notes [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Early repayment of subordinated debt | 233,300 | ||||||
Accrued interest and premium paid on redemption | 9,800 | ||||||
Global Credit Facility [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Repayment of outstanding borrowings | $ 60,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of major classes of assets and liabilities of discontinued operations (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 30, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Assets | |||||
Cash and cash equivalents | $ 0 | $ 1,370 | $ 2,501 | $ 2,251 | |
Total current assets | 236,408 | ||||
Total long-term assets | 59,539 | ||||
Liabilities | |||||
Total current liabilities | 51,644 | ||||
Total long-term liabilities | 8,743 | ||||
Tradin Organic [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 6,037 | 1,370 | |||
Accounts receivable | 50,025 | 49,627 | |||
Inventories | 155,829 | 169,984 | |||
Other current assets | 15,424 | 15,427 | |||
Total current assets | 227,315 | 236,408 | |||
Property, plant and equipment | 25,787 | 24,875 | |||
Goodwill | 25,320 | 24,424 | |||
Intangible assets | 6,291 | 7,746 | |||
Other long-term assets | 2,566 | 2,494 | |||
Total long-term assets | 59,964 | 59,539 | |||
Total assets | 287,279 | 295,947 | |||
Liabilities | |||||
Bank indebtedness | 296 | 3,870 | |||
Accounts payable and accrued liabilities | 39,218 | 44,430 | |||
Other current liabilities | 2,239 | 3,344 | |||
Total current liabilities | 41,753 | 51,644 | |||
Long-term debt | 6,087 | 6,364 | |||
Other long-term liabilities | 1,869 | 2,379 | |||
Total long-term liabilities | 7,956 | 8,743 | |||
Total liabilities | $ 49,709 | $ 60,387 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of pre-tax gain on sale in discontinued operations (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 30, 2020USD ($) | Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2020EUR (€) | Dec. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Add: accumulated other comprehensive loss | $ 10,229 | $ 0 | $ 0 | |||
Tradin Organic [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash consideration | € 305.1 | $ 373,709 | ||||
Less: costs to sell | 15,636 | |||||
Net proceeds | 358,073 | |||||
Total assets sold | 295,947 | 287,279 | ||||
Total liabilities sold | (60,387) | (49,709) | ||||
Net assets sold | 237,570 | |||||
Less: non-controlling interests | $ (1,544) | |||||
Add: accumulated other comprehensive loss | 10,229 | |||||
Carrying amount of net assets sold | $ 246,255 | |||||
Pre-tax gain on sale | $ 111,818 | $ 111,818 | $ 0 | $ 0 |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of reconciles major components of discontinued operations in consolidated statements of operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Earnings from discontinued operations | $ 107,391 | $ 3,964 | $ 6,140 | $ 7,325 | $ 1,140 | $ 1,965 | $ 3,325 | $ 5,892 | $ 124,820 | $ 12,322 | $ 18,265 | |
Tradin Organic [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenues | 503,036 | 468,426 | 476,880 | |||||||||
Cost of goods sold | 441,277 | 418,676 | 423,941 | |||||||||
Selling, general and administrative expenses | 26,953 | 27,737 | 25,731 | |||||||||
Intangible asset amortization | 1,451 | 1,859 | 1,887 | |||||||||
Other expense (income), net | (782) | 591 | (2,417) | |||||||||
Foreign exchange loss (gain) | 3,142 | (1,147) | (62) | |||||||||
Interest Expense | 2,409 | 1,912 | 1,285 | |||||||||
Earnings before gain of sale | 28,586 | 18,798 | 26,515 | |||||||||
Pre-tax gain on sale | $ 111,818 | 111,818 | 0 | 0 | ||||||||
Earnings from discontinued operations before income taxes | 140,404 | 18,798 | 26,515 | |||||||||
Provision for income taxes | 15,885 | 6,322 | 8,188 | |||||||||
Earnings (loss) attributable to non-controlling interests | (301) | 154 | 62 | |||||||||
Earnings from discontinued operations | $ 124,820 | $ 12,322 | $ 18,265 |
Sale of Soy and Corn Business_2
Sale of Soy and Corn Business (Narrative) (Details) - Sunopta Grains And Foods Inc [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 22, 2019 | Dec. 29, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale of business | $ 66.5 | |
Revenues | 10.3 | $ 104.4 |
Earnings (loss) before income taxes | $ (0.2) | $ 2.3 |
Sale of Soy and Corn Business_3
Sale of Soy and Corn Business (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets | $ 236,408 | |
Current liabilities | $ (51,644) | |
Sunopta Grains And Foods Inc [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash consideration | $ 66,500 | |
Less: post-closing adjustments | (1,348) | |
Less: costs to sell | (1,828) | |
Net proceeds | 63,324 | |
Current assets | 22,810 | |
Property, plant and equipment | 8,423 | |
Goodwill | 1,526 | |
Current liabilities | (13,462) | |
Net assets sold | 19,297 | |
Pre-tax gain on sale | $ 44,027 |
Value Creation Plan (Narrative)
Value Creation Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Reversal of previously recognized stock-based compensation related to forfeited awards of terminated employees | $ 0.9 | $ 4.1 | |
Santa Maria Facility [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional exit costs | 1.5 | ||
Plant-Based Foods and Beverages [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other expense | 0.2 | 0.5 | $ 1.4 |
Fruit Based Foods and Beverages [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other expense | 8.4 | 1 | 0.1 |
Corporate Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other expense | $ (0.3) | $ 4.3 | $ 0.2 |
Value Creation Plan (Disclosure
Value Creation Plan (Disclosure of costs incurred under the Value Creation Plan) (Details) - Value Creation Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | 51 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Jan. 02, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Balance payable (receivable), beginning of year | $ 4,227 | $ 913 | $ 3,727 | |
Costs incurred and charged to expense | 10,680 | 9,649 | 2,374 | $ 90,941 |
Cash receipts (payments), net | (7,469) | (10,466) | (3,933) | (63,560) |
Non-cash adjustments | (5,396) | 4,131 | (1,255) | (25,339) |
Balance payable (receivable), end of year | 2,042 | 4,227 | 913 | 2,042 |
Asset impairments and facility closure costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance payable (receivable), beginning of year | 201 | 477 | (700) | |
Costs incurred and charged to expense | 6,732 | 308 | 1,364 | 41,692 |
Cash receipts (payments), net | (643) | (584) | 1,068 | (10,905) |
Non-cash adjustments | (6,290) | 0 | (1,255) | 30,787 |
Balance payable (receivable), end of year | 0 | 201 | 477 | 0 |
Employee recruitment, retention and termination costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance payable (receivable), beginning of year | 4,026 | 436 | 4,427 | |
Costs incurred and charged to expense | 2,944 | 7,988 | 600 | 25,913 |
Cash receipts (payments), net | (5,822) | (8,529) | (4,591) | (29,319) |
Non-cash adjustments | 894 | 4,131 | 0 | 5,448 |
Balance payable (receivable), end of year | 2,042 | 4,026 | 436 | 2,042 |
Consulting fees and temporary labor costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance payable (receivable), beginning of year | 0 | 0 | 0 | |
Costs incurred and charged to expense | 1,004 | 1,353 | 410 | 23,336 |
Cash receipts (payments), net | (1,004) | (1,353) | (410) | (23,336) |
Non-cash adjustments | 0 | 0 | 0 | 0 |
Balance payable (receivable), end of year | $ 0 | $ 0 | $ 0 | $ 0 |
Value Creation Plan (Disclosu_2
Value Creation Plan (Disclosure of costs incurred since the inception of the Value Creation Plan) (Details) - Value Creation Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | 51 Months Ended | |||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Jan. 02, 2021 | Dec. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Costs incurred and charged to expense | $ 10,680 | $ 9,649 | $ 2,374 | $ 90,941 | |
Cash payments, net | (7,469) | (10,466) | (3,933) | (63,560) | |
Non-cash adjustments | (5,396) | 4,131 | (1,255) | (25,339) | |
Balance payable, end of period | 2,042 | 4,227 | 913 | 2,042 | $ 3,727 |
Asset impairments and facility closure costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Costs incurred and charged to expense | 6,732 | 308 | 1,364 | 41,692 | |
Cash payments, net | (643) | (584) | 1,068 | (10,905) | |
Non-cash adjustments | (6,290) | 0 | (1,255) | 30,787 | |
Balance payable, end of period | 0 | 201 | 477 | 0 | (700) |
Employee recruitment, retention and termination costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Costs incurred and charged to expense | 2,944 | 7,988 | 600 | 25,913 | |
Cash payments, net | (5,822) | (8,529) | (4,591) | (29,319) | |
Non-cash adjustments | 894 | 4,131 | 0 | 5,448 | |
Balance payable, end of period | 2,042 | 4,026 | 436 | 2,042 | 4,427 |
Consulting fees and temporary labor costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Costs incurred and charged to expense | 1,004 | 1,353 | 410 | 23,336 | |
Cash payments, net | (1,004) | (1,353) | (410) | (23,336) | |
Non-cash adjustments | 0 | 0 | 0 | 0 | |
Balance payable, end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Value Creation Plan (Disclosu_3
Value Creation Plan (Disclosure of costs incurred and charged to expense in Value Creation Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 51 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Jan. 02, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Cost of goods sold | $ 680,136 | $ 656,093 | $ 713,441 | |||||||||
Selling, general and administrative expenses | 89,463 | 80,603 | 82,517 | |||||||||
Earnings from discontinued operations | $ 107,391 | $ 3,964 | $ 6,140 | $ 7,325 | $ 1,140 | $ 1,965 | $ 3,325 | $ 5,892 | 124,820 | 12,322 | 18,265 | |
Value Creation Plan [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Cost of goods sold | 0 | 0 | 100 | |||||||||
Selling, general and administrative expenses | 1,649 | 3,556 | 613 | |||||||||
Other expense | 8,248 | 5,856 | 1,661 | |||||||||
Earnings from discontinued operations | 783 | 237 | 0 | |||||||||
Restructuring Charges | $ 10,680 | $ 9,649 | $ 2,374 | $ 90,941 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | |
Derivative [Line Items] | |||
Unrealized gain (loss) on derivative contracts | $ (12,658) | $ 0 | $ 0 |
Not designated as hedging instruments [Member] | Foreign currency put and call option contracts (a zero-cost collar) [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 11,800 | ||
Collar ceiling rate of Mexican pesos to US dollar | 24 | ||
Floor rate of Mexican pesos to US dollar | 21.14 | ||
Unrealized gain (loss) on derivative contracts | $ 800 | ||
Realized gains on derivative contracts | $ 1,400 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Receivables [Abstract] | ||
Trade receivables | $ 73,981 | $ 70,027 |
Product recall-related insurance recoveries | 0 | 2,421 |
Allowance for doubtful accounts | (1,257) | (630) |
Total | $ 72,724 | $ 71,818 |
Accounts receivable (Allowance
Accounts receivable (Allowance for doubtful accounts rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Receivables [Abstract] | ||
Balance, beginning of year | $ 630 | $ 1,209 |
Net addition (reduction) to provision | 627 | (84) |
Accounts receivable written off, net of recoveries | 0 | (495) |
Balance, end of year | $ 1,257 | $ 630 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | |||
Raw materials and work-in-process | $ 78,210 | $ 89,562 | |
Finished goods | 75,280 | 72,135 | |
Inventory reserves | (5,742) | (8,135) | $ (7,654) |
Total Inventory, Net | $ 147,748 | $ 153,562 |
Inventories (Change in the inve
Inventories (Change in the inventory reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Inventories [Roll Forward] | ||
Balance, beginning of year | $ 8,135 | $ 7,654 |
Additions to reserve during the year | 3,081 | 10,011 |
Reserves applied and inventories written off during the year | (5,474) | (9,530) |
Balance, end of year | $ 5,742 | $ 8,135 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 308,506 | $ 288,434 | |
Property, plant and equipment, net | 158,048 | 159,675 | |
Depreciation | 21,400 | 20,200 | $ 19,000 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 191,831 | 183,175 | |
Property, plant and equipment, net | 88,739 | 94,154 | |
Inventory, parts and components, net of reserves | 5,600 | 5,600 | |
Machinery and Equipment [Member] | Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 23,700 | 12,100 | |
Machinery and Equipment [Member] | Finance Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 24,500 | 18,900 | |
Property, plant and equipment, net | $ 18,700 | $ 15,700 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 308,506 | $ 288,434 |
Accumulated depreciation | 150,458 | 128,759 |
Net book value | 158,048 | 159,675 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 7,009 | 7,070 |
Accumulated depreciation | 0 | 0 |
Net book value | 7,009 | 7,070 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 75,308 | 65,888 |
Accumulated depreciation | 23,587 | 20,149 |
Net book value | 51,721 | 45,739 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 191,831 | 183,175 |
Accumulated depreciation | 103,092 | 89,021 |
Net book value | 88,739 | 94,154 |
Enterprise software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 25,250 | 23,217 |
Accumulated depreciation | 16,009 | 12,386 |
Net book value | 9,241 | 10,831 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 7,258 | 7,196 |
Accumulated depreciation | 6,157 | 5,706 |
Net book value | 1,101 | 1,490 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,850 | 1,888 |
Accumulated depreciation | 1,613 | 1,497 |
Net book value | $ 237 | $ 391 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Jan. 02, 2021USD ($) | |
Operating Leased Assets [Line Items] | |
Commitments under certain master lease agreements | $ 45 |
Right-of-Use Asset for which lease had not commenced | As at January 2, 2021, approximately $40 million of the related finance leases had not commenced, and no amount of right-of-use assets, or lease liabilities, were recognized related to these leases on the consolidated balance sheet as of that date. |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Real estate operating leases | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Renewal Term | 10 years |
Lease, Cost (Details)
Lease, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Lease Costs | ||
Operating lease cost | $ 16,647 | $ 18,192 |
Finance lease cost, Depreciation of right-of-use assets | 2,647 | 1,439 |
Finance lease cost, Interest on lease liabilities | 675 | 267 |
Sublease income | (504) | (476) |
Net lease cost | $ 19,465 | $ 19,422 |
Leases, Balance Sheet Classific
Leases, Balance Sheet Classification (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Operating leases | ||
Operating lease right-of-use assets | $ 35,172 | $ 65,939 |
Current portion of operating lease liabilities | 12,750 | 16,084 |
Operating lease liabilities | 24,582 | 50,657 |
Total operating lease liabilities | 37,332 | 66,741 |
Finance leases | ||
Property, plant and equipment, gross | 308,506 | 288,434 |
Accumulated depreciation | (150,458) | (128,759) |
Property, plant and equipment, net | 158,048 | 159,675 |
Current portion of long-term debt | 3,146 | 2,493 |
Long-term debt | 15,667 | 13,730 |
Total finance lease liabilities | 18,813 | 16,223 |
Finance Leases [Member] | ||
Finance leases | ||
Property, plant and equipment, gross | 24,534 | 18,870 |
Accumulated depreciation | (5,787) | (3,136) |
Property, plant and equipment, net | $ 18,747 | $ 15,734 |
Leases, Cash Flow Information (
Leases, Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Cash Flow Information | ||
Operating cash flows from operating leases | $ 16,741 | $ 18,405 |
Operating cash flows from finance leases | 675 | 267 |
Financing cash flows from finance leases | 2,587 | 1,123 |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | 5,962 | 2,760 |
Finance Leases | 5,179 | 14,549 |
Termination of operating lease right-of-use assets and lease liabilities | (23,667) | 0 |
Impairment of operating lease right-of-use assets | $ (1,538) | $ 0 |
Leases, Other Information (Deta
Leases, Other Information (Details) | Jan. 02, 2021 | Dec. 28, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years), Operating leases | 3 years 4 months 24 days | 6 years 1 month 6 days |
Weighted-average remaining lease term (years), Finance leases | 5 years 3 months 18 days | 5 years 10 months 24 days |
Weighted-average discount rate, Operating leases | 6.60% | 9.20% |
Weighted-average discount rate, Finance leases | 5.40% | 4.50% |
Leases - Lessee, Operating Leas
Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Operating leases | ||
2021 | $ 13,084 | |
2022 | 11,057 | |
2023 | 7,038 | |
2024 | 5,147 | |
2025 | 3,042 | |
Thereafter | 3,613 | |
Total lease payments | 42,981 | |
Less: imputed interest | (5,649) | |
Total operating lease liabilities | 37,332 | $ 66,741 |
Finance leases | ||
2021 | 4,089 | |
2022 | 4,294 | |
2023 | 3,697 | |
2024 | 3,578 | |
2025 | 4,272 | |
Thereafter | 1,839 | |
Total lease payments | 21,769 | |
Less: imputed interest | (2,956) | |
Total lease liabilities | $ 18,813 | $ 16,223 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill [Line Items] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 81,222 |
Fruit Based Foods and Beverages [Member] | |||
Goodwill [Line Items] | |||
Goodwill, impairment loss | 81,200 | ||
Net goodwill balance reallocated | $ 196,200 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Goodwill [Roll Forward] | ||
Balance at December 29, 2018, before accumulated impairment losses | $ 241,721 | |
Less accumulated impairment losses | (213,762) | |
Goodwill Opening | $ 28,422 | 27,959 |
Foreign exchange | 896 | (185) |
Acquisition | 2,174 | |
Sale | (25,320) | (1,526) |
Goodwill Ending | 3,998 | 28,422 |
Plant-Based Foods and Beverages [Member] | ||
Goodwill [Roll Forward] | ||
Balance at December 29, 2018, before accumulated impairment losses | 17,540 | |
Less accumulated impairment losses | (17,540) | |
Goodwill Opening | 0 | 0 |
Foreign exchange | 0 | 0 |
Acquisition | 0 | |
Sale | 0 | 0 |
Goodwill Ending | 0 | 0 |
Fruit Based Foods and Beverages [Member] | ||
Goodwill [Roll Forward] | ||
Balance at December 29, 2018, before accumulated impairment losses | 200,220 | |
Less accumulated impairment losses | (196,222) | |
Goodwill Opening | 3,998 | 3,998 |
Foreign exchange | 0 | 0 |
Acquisition | 0 | |
Sale | 0 | 0 |
Goodwill Ending | 3,998 | 3,998 |
Global Ingredients [Member] | ||
Goodwill [Roll Forward] | ||
Balance at December 29, 2018, before accumulated impairment losses | 23,961 | |
Less accumulated impairment losses | 0 | |
Goodwill Opening | 24,424 | 23,961 |
Foreign exchange | 896 | (185) |
Acquisition | 2,174 | |
Sale | (25,320) | (1,526) |
Goodwill Ending | $ 0 | $ 24,424 |
Intangible assets (Major Compon
Intangible assets (Major Components) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 191,326 | $ 191,326 |
Accumulated amortization | 58,009 | 49,063 |
Net book value | 133,317 | 142,263 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 189,407 | 189,407 |
Accumulated amortization | 56,090 | 47,169 |
Net book value | 133,317 | 142,238 |
Patents, trademarks and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,919 | 1,919 |
Accumulated amortization | 1,919 | 1,894 |
Net book value | $ 0 | $ 25 |
Intangible assets (Future Amort
Intangible assets (Future Amortization) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 8,777 | |
2021 | 8,777 | |
2022 | 8,777 | |
2023 | 8,777 | |
2024 | 8,777 | |
Thereafter | 89,432 | |
Total | $ 133,317 | $ 142,263 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 73,204 | $ 63,737 |
Payroll and commissions | 25,423 | 13,725 |
Accrued costs to sell related to Tradin Organic divestiture | 13,380 | 0 |
Dividends payable on preferred stock | 2,378 | 1,700 |
Accrued debt issuance costs | 1,690 | 0 |
Accrued interest | 41 | 4,817 |
Accrued product recall-related costs | 0 | 3,213 |
Other accruals | 2,476 | 1,944 |
Accounts Payable and Accrued Liabilities | $ 118,592 | $ 89,136 |
Bank Indebtedness and Long-Te_3
Bank Indebtedness and Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 5,094 | |||
Loss on the retirement of note | $ 8,915 | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||
Line of Credit Facility, Interest Rate Description | Borrowings under the Facilities bear interest based on various reference rates including LIBOR plus an applicable margin. With respect to loans under the Revolving Credit Facility, the applicable margin will be set quarterly based on average borrowing availability for the preceding fiscal quarter and will range from 0.50% to 1.00% for base rate borrowings and from 1.50% to 2.00% for eurocurrency rate, bankers' acceptance rate and European base rate borrowings, with a reduction of 0.25% when the Company's total leverage ratio is less than a specific threshold on or after the one year anniversary of the closing date of the Facilities. With respect to loans under the Term Loan Facility, the applicable margin will be set quarterly based on average borrowing availability for the preceding fiscal quarter and will range from 1.25% to 1.75% for base rate borrowings and from 2.25% to 2.75% for eurocurrency rate, bankers' acceptance rate and European base rate borrowings. In addition to paying interest on outstanding principal under the Facilities, the Company is required to pay commitment fees quarterly, in arrears, equal to (i) 0.25% of the average daily undrawn portion of the Revolving Credit Facility and (ii) 0.375% of the undrawn portion of the Term Loan Facility. As at January 2, 2021, the weighted-average interest rate on all borrowings under the Revolving Credit Facility was 2.42%. | |||
Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||
Line of Credit Facility, Covenant Terms | Subject to (i) certain adjustments to baskets and thresholds and (ii) the addition of a maximum senior funded leverage ratio covenant with respect to the Term Loan Facility, the Facilities are subject to a number of covenants that, among other things, restrict the Company's ability to create liens on assets; sell assets and enter in sale and leaseback transactions; pay dividends, prepay junior lien and unsecured indebtedness and make other restricted payments; incur additional indebtedness, including finance lease obligations in excess of $150 million, and make guarantees; make investments, loans or advances, including acquisitions; and engage in mergers or consolidations. In addition, the Company and its restricted subsidiaries are required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 if excess availability is less than the greater of (i) $15.0 million or (ii) 10% of the lesser of (x) the aggregate commitments under the Revolving Credit Facility and (y) the aggregate borrowing base. | |||
Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | 4,100 | |||
Unamortized debt issuance costs | 1,500 | |||
Dutch Sub Facility Global Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of outstanding borrowings | 72,000 | |||
Global Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of outstanding borrowings | $ 60,000 | |||
Senior Secured Second Lien Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 102.375% | |||
Debt redeemed and retired, amount | $ 223,500 | |||
Accrued and unpaid interest | 4,500 | |||
Loss on the retirement of note | 8,900 | |||
Premium paid on on retirement of note | 5,300 | |||
Write-off of unamortized debt issuance costs | $ 3,600 |
Bank Indebtedness and Long-Te_4
Bank Indebtedness and Long-Term Debt (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Line of Credit Facility [Line Items] | ||
Senior Secured Second Lien Notes, net of unamortized debt issuance costs | $ 0 | $ 218,404 |
Finance lease liabilities | 18,813 | 16,223 |
Other | 3,633 | 3,705 |
Total Long-term and Current Term Debt | 69,723 | 238,332 |
Less: current portion | 3,478 | 2,492 |
Long-term Debt, Excluding Current Maturities, Total | 66,245 | 235,840 |
Unamortized debt issuance costs | 5,094 | |
Global Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | 241,666 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 47,277 | $ 0 |
Bank Indebtedness and Long-Te_5
Bank Indebtedness and Long-Term Debt (Principal repayments of long-term debt) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 4,219 | |
2022 | 7,797 | |
2023 | 3,697 | |
2024 | 3,578 | |
2025 | 51,549 | |
Thereafter | 1,839 | |
Total gross repayments | 72,679 | |
Less: imputed interest | (2,956) | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 69,723 | $ 238,332 |
Bank Indebtedness and Long-Te_6
Bank Indebtedness and Long-Term Debt (Components of interest expense, net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 26,816 | $ 30,950 | $ 30,870 |
Amortization of debt issuance costs | 4,078 | 2,721 | 2,536 |
Interest income | (852) | (906) | (285) |
Interest expense, net | $ 30,042 | $ 32,765 | $ 33,121 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Feb. 22, 2021 | Apr. 24, 2020 | Apr. 15, 2020 | Oct. 07, 2016 | |
Temporary Equity [Line Items] | |||||||
Dividends, Preferred Stock, Paid-in-kind | $ 3,881 | $ 0 | $ 0 | ||||
Preferred stock accretion to redemption value | 1,692 | 1,222 | 1,109 | ||||
Series A Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Payment of cash dividends | $ 1,800 | ||||||
Series A Preferred Stock [Member] | Oaktree Organics, L.P. and Oaktree Huntington Investment Fund II, L.P. | |||||||
Temporary Equity [Line Items] | |||||||
Preferred Stock, Shares Issued | 85,000 | ||||||
Preferred Stock, Value, Issued | $ 85,000 | ||||||
Preferred Stock Issuance Costs | $ 6,000 | ||||||
Preferred Stock, Dividend Preference or Restrictions | In connection with the Series A Subscription Agreement, the Company agreed to, among other things (i) ensure SunOpta Foods has sufficient funds to pay its obligations under the terms of the Series A Preferred Stock and (ii) grant each holder of Series A Preferred Stock the right to exchange the Series A Preferred Stock for shares of common stock of the Company (the "Common Shares"). The Series A Preferred Stock is non-participating with the Common Shares in dividends and undistributed earnings of the Company. | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,040 | $ 1,000 | |||||
Preferred Stock Annualized Rate | 8.00% | ||||||
Increase in Preferred Stock Liquidation Preference Value | $ 3,400 | ||||||
Preferred Stock, Liquidation Preference, Value | $ 88,400 | ||||||
Preferred Stock, Dividend Payment Terms | Cumulative preferred dividends accrue daily on the Series A Preferred Stock at an annualized rate of 8.0% of the Series A Liquidation Preference prior to October 5, 2025, and 12.5% of the liquidation preference thereafter (subject to an increase of 1.0% per quarter, up to a maximum rate of 5.0% per quarter on the occurrence of certain events of non-compliance). Prior to October 5, 2025, SunOpta Foods may pay dividends in cash or elect, in lieu of paying cash, to add the amount that would have been paid to the Series A Liquidation Preference. After October 5, 2025, the failure to pay dividends in cash will be an event of non-compliance. | ||||||
Accrued Unpaid Dividends | $ 1,800 | ||||||
Preferred stock accretion to redemption value | $ 1,300 | $ 1,200 | $ 1,100 | ||||
Preferred Stock, Voting Rights | In connection with the Series A Subscription Agreement, the Company issued 11,333,333 Special Shares, Series 1 to Oaktree, which entitles Oaktree to one vote per Special Share, Series 1 on all matters submitted to a vote of the holders of Common Shares, together as a single class, subject to certain exceptions. Additional Special Shares, Series 1 will be issued, or existing Special Shares, Series 1 will be redeemed, as necessary to ensure that the aggregate number of Special Shares, Series 1 outstanding is equal to the number of shares of Series A Preferred Stock outstanding from time to time multiplied by the Series A Exchange Rate in effect at such time. | ||||||
Preferred Stock, Participation Rights | For so long as Oaktree beneficially owns or controls at least 50% of the Series A Preferred Stock issued on October 7, 2016, including any corresponding Common Shares into which such Series A Preferred Stock are exchanged, Oaktree will be entitled to (i) participation rights with respect to future equity offerings of the Company, and (ii) governance rights, including the right to approve certain actions proposed to be taken by the Company and its subsidiaries. | ||||||
Special Voting Shares, issued and outstanding | 12,633,427 | 11,333,333 | |||||
Series A Preferred Stock [Member] | Oaktree Organics, L.P. and Oaktree Huntington Investment Fund II, L.P. | Subsequent Event [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Preferred stock, convertible shares issuable | 12,633,427 | ||||||
Series B-1 Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Payment of cash dividends | $ 600 | ||||||
Series B-1 Preferred Stock [Member] | Stock issued to each recipient [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Preferred Stock, Shares Issued | 15,000 | ||||||
Series B-1 Preferred Stock [Member] | Oaktree Organics, L.P. and Oaktree Huntington Investment Fund II, L.P. | |||||||
Temporary Equity [Line Items] | |||||||
Special Voting Shares, issued and outstanding | 6,089,333 | ||||||
Series B-1 Preferred Stock [Member] | Oaktree and Engaged [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Preferred Stock, Shares Issued | 30,000 | ||||||
Preferred Stock, Value, Issued | $ 30,000 | ||||||
Preferred Stock Issuance Costs | $ 3,200 | ||||||
Preferred Stock, Redemption Amount | $ 300 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,015 | $ 1,000 | |||||
Increase in Preferred Stock Liquidation Preference Value | $ 400 | ||||||
Preferred Stock, Liquidation Preference, Value | $ 30,400 | ||||||
Preferred Stock, Dividend Payment Terms | Cumulative preferred dividends accrue daily on the Series B-1 Preferred Stock at an annualized rate of 8.0% of the Series B-1 Liquidation Preference prior to September 30, 2029, and 10.0% of the liquidation preference thereafter (subject to an increase of 1.0% per quarter, up to a maximum rate of 5.0% per quarter on the occurrence of certain events of non-compliance). | ||||||
Accrued Unpaid Dividends | $ 600 | ||||||
Convertible Preferred Stock, Terms of Conversion | At any time, the Series B-1 Preferred Stock may be exchanged, in whole or in part, into the number of Common Shares equal to, per share of Series B-1 Preferred Stock, the quotient of the Series B-1 Liquidation Preference divided by $2.50 (such price, the "Series B-1 Exchange Price" and such quotient, the "Series B-1 Exchange Rate"). | ||||||
Preferred Stock, Voting Rights | Oaktree and Engaged will be entitled to vote the Series B-1 Preferred Stock with the Common Shares on an as-exchanged basis, subject to a permanent 19.99% voting cap. As a result of the voting cap, each of Oaktree and Engaged will only be able to vote its Series B-1 Preferred Stock to the extent that, when taken together with any other voting securities each investor controls, such votes do not exceed 19.99% of the votes eligible to be cast by all security holders of the Company. On April 24, 2020, the Company designated Special Shares, Series 2 to serve as the mechanism for attaching exchanged voting to the Series B-1 Preferred Stock. The Special Shares, Series 2 entitle the holder thereof to one vote per Special Share, Series 2 on all matters submitted to a vote of the holders of Common Shares, voting together as a single class, subject to certain exceptions. The Special Shares, Series 2 are not transferrable, and the voting rights associated with the Special Shares, Series 2 will terminate upon the transfer of the shares of Series B-1 Preferred Stock to a third party, other than an affiliate of Oaktree or Engaged, as applicable. | ||||||
Preferred stock, convertible shares issuable | 12,178,667 | ||||||
Preferred stock exchange, description of exchange price | The Series B-1 Exchange Price is subject to certain anti-dilution adjustments, including a weighted-average adjustment for issuances of Common Shares below the Series B-1 Exchange Price, provided that the Series B-1 Exchange Price may not be lower than $2.00 (subject to adjustment in certain circumstances). |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 03, 2019 | Apr. 01, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Feb. 11, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Gross stock-based compensation expense | $ 13,100 | $ 11,600 | $ 7,900 | |||
Reversal of previously recognized stock-based compensation expense related to forfeited awards | 900 | 4,100 | ||||
Intrinsic value of stock options exercised | 300 | |||||
Employee stock purchase plan | $ 462 | $ 475 | $ 630 | |||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 555,092 | |||||
Exercise price of stock option to purchase one common share | $ 4.64 | |||||
Weighted-average grant-date fair value of options | $ 2.52 | $ 1.70 | $ 3.31 | |||
Compensation costs related to awards not yet recognized | $ 1,100 | |||||
Vesting period | 3 years | 3 years | 2 years 4 months 24 days | |||
Expiration period | 10 years | 10 years | ||||
Trading price | $ 4.64 | $ 3.57 | $ 7.56 | |||
Expected life (in years) | 6 years | 5 years 9 months 18 days | 6 years | |||
Employee stock purchase plan | $ 500 | $ 500 | $ 600 | |||
Employee stock purchase plan (in shares) | 113,581 | 185,415 | 112,158 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 700,916 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 3,084,107 | |||||
Weighted-average grant-date fair value of options | $ 0.79 | $ 3.54 | $ 3.42 | |||
Weighted-average grant-date fair value of equity instruments other than options | $ 1.77 | |||||
Compensation costs related to awards not yet recognized | $ 4,400 | |||||
Vesting period | 9 months 18 days | |||||
Intrinsic value | $ 2,100 | |||||
Trading price | 2.38 | 3.36 | ||||
Restricted stock units ("RSUs") [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 647,565 | |||||
Weighted-average grant-date fair value of options | 1.18 | 1.68 | $ 3.20 | $ 3.33 | $ 7.65 | |
Compensation costs related to awards not yet recognized | $ 1,400 | |||||
Vesting period | 1 year 10 months 24 days | |||||
Intrinsic value | $ 1,600 | |||||
Trading price | $ 2.45 | $ 3.46 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
Mr. Ennen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate grant-date fair value of stock awards | $ 8,000 | |||||
Compensation costs related to awards not yet recognized | $ 3,100 | |||||
Vesting period | 1 year 7 months 6 days | |||||
Mr. Ennen [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 960,061 | |||||
Exercise price of stock option to purchase one common share | $ 3.36 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Trading price | $ 3.36 | |||||
Expected life (in years) | 6 years 6 months | |||||
Mr. Ennen [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,785,714 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 892,857 | |||||
Intrinsic value | $ 5,200 | $ 4,900 | ||||
Trading price | $ 3.36 | |||||
Expected life (in years) | 1 year 9 months 18 days | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Fiscal Years 2019 Through 2022 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 892,857 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $43 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Original EBITDA threshold | $ 80,000 | |||||
Adjusted EBITDA threshold | $ 43,000 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $65 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Original EBITDA threshold | $ 110,000 | |||||
Adjusted EBITDA threshold | $ 65,000 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $87 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Original EBITDA threshold | $ 140,000 | |||||
Adjusted EBITDA threshold | $ 87,000 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $5.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of consecutive trading days | 20 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Trading price | $ 5 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $9.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Trading price | $ 9 | |||||
Mr. Ennen [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $14.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,619 | |||||
Trading price | $ 14 | |||||
Mr. Ennen [Member] | Restricted stock units ("RSUs") [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 512,619 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 170,873,000 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued In Period | 215,000 | |||||
Mr. Huckins [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate grant-date fair value of stock awards | $ 1,700 | |||||
Compensation costs related to awards not yet recognized | $ 900 | |||||
Vesting period | 1 year 9 months 18 days | |||||
Mr. Huckins [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 262,182 | |||||
Exercise price of stock option to purchase one common share | $ 2.38 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Trading price | $ 2.38 | |||||
Expected life (in years) | 6 years 6 months | |||||
Mr. Huckins [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 346,638 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 173,319 | |||||
Intrinsic value | $ 1,700 | $ 1,000 | ||||
Trading price | $ 2.38 | |||||
Expected life (in years) | 2 years 1 month 6 days | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Fiscal Years 2019 Through 2022 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 173,319 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $43 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Original EBITDA threshold | $ 80,000 | |||||
Adjusted EBITDA threshold | $ 43,000 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $65 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Original EBITDA threshold | $ 110,000 | |||||
Adjusted EBITDA threshold | $ 65,000 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon the Company achieving annual adjusted EBITDA of $87 million | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Original EBITDA threshold | $ 140,000 | |||||
Adjusted EBITDA threshold | $ 87,000 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $5.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of consecutive trading days | 20 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Trading price | $ 5 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $9.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Trading price | $ 9 | |||||
Mr. Huckins [Member] | Performance Shares [Member] | Vest upon achieving a trading price of $14.00 per share [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,773 | |||||
Trading price | $ 14 | |||||
Mr. Huckins [Member] | Restricted stock units ("RSUs") [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 327,819 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 109,273,000 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued In Period | 154,500 | |||||
2013 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of securities available for issuance under the Plan | 4,987,863 | |||||
2019 Short-Term Incentive Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares issued | 773,875 | |||||
Shares withheld for tax withholding obligation | 368,938 | |||||
2020 Short-Term Incentive Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,751,251 | |||||
Aggregate grant-date fair value | $ 9,400 | |||||
Long-Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate grant-date fair value | $ 3,200 | |||||
Long-Term Incentive Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, Granted | 484,944 | |||||
Long-Term Incentive Plan [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 253,424 | |||||
Long-Term Incentive Plan [Member] | Restricted stock units ("RSUs") [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 129,017 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of stock-based compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 12,216 | $ 7,485 | $ 7,939 |
Selling, general and administrative expenses [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 12,570 | 10,471 | 6,773 |
Other income [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | (894) | (4,131) | 0 |
Earnings from discontinued operations [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 540 | $ 1,145 | $ 1,166 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of stock option activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 02, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options Outstanding, Exercisable, end of year | shares | 1,615,793 |
Stock options Exercisable, Weighted-average exercise price end of year | $ / shares | $ 7.72 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options, Outstanding, beginning of year | shares | 1,949,888 |
Stock options, Granted | shares | 555,092 |
Stock options, Exercised | shares | (214,854) |
Stock options, Forfeited | shares | (119,346) |
Stock options Outstanding, Outstanding, end of year | shares | 2,170,780 |
Stock options Outstanding, Exercisable, end of year | shares | 1,615,793 |
Stock options Outstanding, Weighted- average exercise price beginning of year | $ / shares | $ 7.57 |
Stock options, Granted, Weighted- average exercise price | $ / shares | 4.64 |
Stock options, Exercised, Weighted- average exercise price | $ / shares | 5.80 |
Stock options, Forfeited, Weighted- average exercise price | $ / shares | 8.31 |
Stock options Outstanding, Weighted-average exercise price end of year | $ / shares | 6.95 |
Stock options Exercisable, Weighted-average exercise price end of year | $ / shares | $ 7.72 |
Stock options, Outstanding, Weighted- average remaining contractual term (years) | 5 years 10 months 20 days |
Stock options, Exercisable, Weighted- average remaining contractual term (years) | 4 years 7 months 28 days |
Stock options, Outstanding, Aggregate intrinsic value | $ | $ 10,270 |
Stock options, Exercisable, Aggregate intrinsic value | $ | $ 6,410 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of non-vested stock option activity (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning of year | 579,700 | ||
Granted | 555,092 | ||
Vested | (505,330) | ||
Forfeited | (74,475) | ||
Non-vested, end of year | 554,987 | 579,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, beginning of year | $ 4.14 | ||
Granted | 2.52 | $ 1.70 | $ 3.31 |
Vested | 4.17 | ||
Forfeited | 3.77 | ||
Non-vested, end of year | $ 2.54 | $ 4.14 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of weighted-average assumptions to determine fair value of stock options granted (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant-date stock price | $ 4.64 | $ 3.57 | $ 7.56 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 60.00% | 48.60% | 41.10% |
Risk-free interest rate | 0.40% | 2.30% | 2.90% |
Expected life (in years) | 6 years | 5 years 9 months 18 days | 6 years |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of stock options outstanding and exercisable (Details) | 12 Months Ended |
Jan. 02, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding options | shares | 2,170,780 |
Weighted- average remaining contractual life (years) | 5 years 10 months 20 days |
Weighted-average exercise price | $ 6.95 |
Exercisable options | shares | 1,615,793 |
Weighted- average exercise price | $ 7.72 |
Exercise Price Range 1 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range Low | 3.25 |
Exercise price range High | $ 4.72 |
Outstanding options | shares | 232,232 |
Weighted- average remaining contractual life (years) | 6 years 4 months 17 days |
Weighted-average exercise price | $ 3.40 |
Exercisable options | shares | 177,524 |
Weighted- average exercise price | $ 3.28 |
Exercise Price Range 2 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range Low | 4.73 |
Exercise price range High | $ 4.94 |
Outstanding options | shares | 484,944 |
Weighted- average remaining contractual life (years) | 9 years 6 months 7 days |
Weighted-average exercise price | $ 4.73 |
Exercisable options | shares | 0 |
Weighted- average exercise price | $ 0 |
Exercise Price Range 3 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range Low | 4.95 |
Exercise price range High | $ 7.09 |
Outstanding options | shares | 486,955 |
Weighted- average remaining contractual life (years) | 3 years 9 months 3 days |
Weighted-average exercise price | $ 6.12 |
Exercisable options | shares | 483,955 |
Weighted- average exercise price | $ 6.12 |
Exercise Price Range 4 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range Low | 7.10 |
Exercise price range High | $ 9.48 |
Outstanding options | shares | 317,967 |
Weighted- average remaining contractual life (years) | 4 years 2 months 19 days |
Weighted-average exercise price | $ 7.98 |
Exercisable options | shares | 305,632 |
Weighted- average exercise price | $ 7.99 |
Exercise Price Range 5 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range Low | 9.49 |
Exercise price range High | $ 13.86 |
Outstanding options | shares | 648,682 |
Weighted- average remaining contractual life (years) | 5 years 4 months 28 days |
Weighted-average exercise price | $ 9.99 |
Exercisable options | shares | 648,682 |
Weighted- average exercise price | $ 9.99 |
Stock-Based Compensation - Sc_6
Stock-Based Compensation - Schedule of non-vested RSU activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Sep. 03, 2019 | Apr. 01, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested, beginning of year | 413,013 | ||||
Granted | 647,565 | ||||
Vested | (361,579) | ||||
Forfeited | (51,700) | ||||
Non-vested, end of year | 647,299 | 413,013 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Non-vested, beginning of year | $ 5.64 | ||||
Granted | $ 1.18 | $ 1.68 | 3.20 | $ 3.33 | $ 7.65 |
Vested | 5.50 | ||||
Forfeited | 4.28 | ||||
Non-vested, end of year | $ 3.39 | $ 5.64 |
Stock-Based Compensation - Sc_7
Stock-Based Compensation - Schedule of non-vested PSU activity (Details) - Performance Shares [Member] - $ / shares | Sep. 03, 2019 | Jan. 02, 2021 | Dec. 28, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning of year | 2,936,115 | ||
Granted | 3,084,107 | ||
Vested | (1,142,813) | ||
Forfeited | (1,872,734) | ||
Non-vested, end of year | 3,004,675 | 2,936,115 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, beginning of year | $ 4.08 | ||
Granted | $ 0.79 | 3.54 | $ 3.42 |
Vested | 3.42 | ||
Forfeited | 4.43 | ||
Non-vested, end of year | $ 3.56 | $ 4.08 |
Stock-Based Compensation - Sc_8
Stock-Based Compensation - Schedule of valuation assumptions of RSUs and PSUs of Chief Executive Officer (Details) - $ / shares | 12 Months Ended | ||||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Sep. 03, 2019 | Apr. 01, 2019 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 4.64 | $ 3.57 | $ 7.56 | ||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Expected volatility | 60.00% | 48.60% | 41.10% | ||
Risk-free interest rate | 0.40% | 2.30% | 2.90% | ||
Expected life (in years) | 6 years | 5 years 9 months 18 days | 6 years | ||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 2.38 | $ 3.36 | |||
Mr. Ennen [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 3.36 | ||||
Exercise price | $ 3.36 | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 47.90% | ||||
Risk-free interest rate | 2.40% | ||||
Expected life (in years) | 6 years 6 months | ||||
Mr. Ennen [Member] | Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 3.36 | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 55.70% | ||||
Risk-free interest rate | 2.30% | ||||
Expected life (in years) | 1 year 9 months 18 days |
Stock-Based Compensation - Sc_9
Stock-Based Compensation - Schedule of Mr. Ennens non-vested equity awards (Details) - Mr. Ennen [Member] shares in Thousands | 12 Months Ended |
Jan. 02, 2021shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 960,061 |
Vested | 0 |
Non-vested, end of year | 960,061 |
Restricted stock units ("RSUs") [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 512,619 |
Vested | (170,873) |
Non-vested, end of year | 341,746 |
Adjusted EBITDA performance PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 892,857 |
Vested | 0 |
Non-vested, end of year | 892,857 |
Stock price performance PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 892,857 |
Vested | (595,238) |
Non-vested, end of year | 297,619 |
Stock-Based Compensation - S_10
Stock-Based Compensation - Schedule of valuation assumption for PSUs of Chief Financial Officer (Details) - $ / shares | 12 Months Ended | ||||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Sep. 03, 2019 | Apr. 01, 2019 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 4.64 | $ 3.57 | $ 7.56 | ||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Expected volatility | 60.00% | 48.60% | 41.10% | ||
Risk-free interest rate | 0.40% | 2.30% | 2.90% | ||
Expected life (in years) | 6 years | 5 years 9 months 18 days | 6 years | ||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 2.38 | $ 3.36 | |||
Mr. Huckins [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 2.38 | ||||
Exercise price | $ 2.38 | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 49.70% | ||||
Risk-free interest rate | 1.40% | ||||
Expected life (in years) | 6 years 6 months | ||||
Mr. Huckins [Member] | Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant-date stock price | $ 2.38 | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 55.90% | ||||
Risk-free interest rate | 1.40% | ||||
Expected life (in years) | 2 years 1 month 6 days |
Stock-Based Compensation - S_11
Stock-Based Compensation - Schedule of Mr. Huckins non-vested equity awards (Details) - Mr. Huckins [Member] shares in Thousands | 12 Months Ended |
Jan. 02, 2021shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 262,182 |
Vested | 0 |
Non-vested, end of year | 262,182 |
Restricted stock units ("RSUs") [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 327,819 |
Vested | (109,273) |
Non-vested, end of year | 218,546 |
Adjusted EBITDA performance PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 173,319 |
Vested | 0 |
Non-vested, end of year | 173,319 |
Stock price performance PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, beginning of year | 173,319 |
Vested | (115,546) |
Non-vested, end of year | 57,773 |
Other Expense (Income), Net (Na
Other Expense (Income), Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Other Income and Expenses [Abstract] | ||
Facility closure costs | $ 6.3 | |
Write-down of operating lease right-of-use and owned assets | 2.7 | |
Employee termination and recruitment costs in connection with Value Creation Plan | 2.8 | $ 8.4 |
Reversal of previously recognized stock-based compensation expense related to forfeited awards | 0.9 | $ 4.1 |
Loss on settlement of customer claim | 2.4 | |
Payment for cash settlement | 4.4 | |
Gain on settlement of an unrelated legal matter | $ 2.2 |
Other Expense (Income), Net (De
Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other Income and Expenses [Abstract] | |||
Loss on foreign currency forward contract | $ 12,658 | $ 0 | $ 0 |
Long-lived asset impairments and facility closure costs | 9,045 | 308 | 1,264 |
Employee termination and recruitment costs | 1,881 | 5,548 | 397 |
Gain on sale of soy and corn business | 0 | (44,027) | 0 |
Product withdrawal and recall cost (recovery) | (322) | 260 | 1,470 |
Settlement loss (gain) | 179 | (3,065) | 0 |
Reserve for notes receivable | 0 | 0 | 2,232 |
Other | (48) | 337 | (121) |
Total Other Expense, net | $ 23,393 | $ (40,639) | $ 5,242 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 |
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 4,284 | $ 6,219 | $ 5,445 |
U.S. [Member] | Scientific research investment tax credits [Member] | Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, amount | 1,500 | 600 | |
U.S. [Member] | Research and development tax credits [Member] | State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, amount | 900 | 900 | |
U.S. [Member] | Capital loss carryforward [Member] | Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 37,100 | 78,000 | |
U.S. [Member] | Capital loss carryforward [Member] | State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 8,700 | 14,400 | |
Canada [Member] | Capital loss carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 27,900 | $ 28,900 |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |||
Loss from continuing operations | $ (50,042) | $ (16,181) | $ (141,036) |
Canadian statutory rate | 26.50% | 26.50% | 26.50% |
Income tax recovery at statutory rate | $ (13,261) | $ (4,288) | $ (37,375) |
Stock-based compensation | 3,169 | 1,975 | 2,019 |
Disallowed executive compensation | 2,801 | 0 | 0 |
CARES Act | 2,472 | 0 | 0 |
Change in valuation allowance | 560 | (113) | (4,082) |
Change in enacted tax rates | 250 | (549) | 1,976 |
Foreign tax rate differential | (105) | 126 | 2,576 |
Goodwill impairment loss | 0 | 0 | 22,239 |
Other | 1,374 | (252) | (919) |
Recovery of income taxes | $ (2,740) | $ (3,101) | $ (13,566) |
Income Taxes (Components of ear
Income Taxes (Components of earnings (loss) before income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Disclosure [Line Items] | |||
Loss from continuing operations before income taxes | $ (50,042) | $ (16,181) | $ (141,036) |
Canada [Member] | |||
Income Tax Disclosure [Line Items] | |||
Loss from continuing operations before income taxes | (14,700) | (11,295) | (13,408) |
U.S. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Loss from continuing operations before income taxes | (34,521) | (5,548) | (126,042) |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Loss from continuing operations before income taxes | $ (821) | $ 662 | $ (1,586) |
Income Taxes (Components of pro
Income Taxes (Components of provision for (recovery of) income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Disclosure [Line Items] | |||
Current income tax provision (recovery) | $ (13,713) | $ (3,915) | $ (6,316) |
Deferred income tax provision (recovery) | 10,973 | 814 | (7,250) |
Provision for (recovery of) income taxes | (2,740) | (3,101) | (13,566) |
Canada [Member] | |||
Income Tax Disclosure [Line Items] | |||
Current income tax provision (recovery) | (154) | (1,023) | (1,334) |
Deferred income tax provision (recovery) | (291) | 33 | 547 |
U.S. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Current income tax provision (recovery) | (14,148) | (3,424) | (5,303) |
Deferred income tax provision (recovery) | 10,442 | 731 | (7,880) |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Current income tax provision (recovery) | 589 | 532 | 321 |
Deferred income tax provision (recovery) | $ 822 | $ 50 | $ 83 |
Income Taxes (Deferred income t
Income Taxes (Deferred income taxes) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 |
Income Tax Disclosure [Abstract] | |||
Differences in property, plant and equipment and intangible assets | $ (55,105) | $ (54,541) | |
Capital and non-capital losses | 14,388 | 26,540 | |
Interest expense limitation | 11,069 | 19,118 | |
Tax benefit of scientific research expenditures | 2,699 | 1,506 | |
Inventory basis differences | 1,303 | 2,248 | |
Other accrued reserves | 4,522 | 2,308 | |
Gross deferred income tax liability | (21,124) | (2,821) | |
Less: valuation allowance | 4,284 | 6,219 | $ 5,445 |
Net deferred income tax liability | $ (25,408) | $ (9,040) |
Income Taxes (Components of net
Income Taxes (Components of net deferred income tax liability) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Income Tax Disclosure [Line Items] | ||
Net deferred income tax liability | $ (25,408) | $ (9,040) |
Canada [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net deferred income tax liability | (26) | (223) |
U.S. [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net deferred income tax liability | (25,150) | (8,446) |
Other [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net deferred income tax liability | $ (232) | $ (371) |
Income Taxes (Components of def
Income Taxes (Components of deferred income tax valuation allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of year | $ 6,219 | $ 5,445 |
Increase (decrease) in valuation allowance | (1,935) | 774 |
Balance, end of year | $ 4,284 | $ 6,219 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Feb. 22, 2021 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Stock Options [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,913,751 | 3,528,899 | 2,384,249 | |
Stock Options And Restricted Stock Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 2,305,630 | 370,670 | 452,316 | |
Series A Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Common shares issuable on an if-converted basis adjusted to diluted EPS | 12,633,427 | 11,333,333 | 11,333,333 | |
Series A Preferred Stock [Member] | Oaktree Capital Management L.P. [Member] | Subsequent Event [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Series A Preferred Stock exchanged for common shares | 12,633,427 | |||
Percentage of issued and outstanding common shares on a post-exchange basis | 12.30% | |||
Series B Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Common shares issuable on an if-converted basis adjusted to diluted EPS | 12,178,667 |
Earnings (Loss) Per Share (Basi
Earnings (Loss) Per Share (Basic and diluted loss per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Numerator for basic loss per share | |||||||||||
Loss from continuing operations | $ (47,302) | $ (13,080) | $ (127,470) | ||||||||
Less: dividends and accretion on Series A Preferred Stock | (10,328) | (8,022) | (7,909) | ||||||||
Loss from continuing operations attributable to common shareholders | (57,630) | (21,102) | (135,379) | ||||||||
Earnings from discontinued operations | 124,820 | 12,322 | 18,265 | ||||||||
Earnings (loss) attributable to common shareholders | $ 70,206 | $ (2,755) | $ (1,597) | $ 1,336 | $ (7,620) | $ (13,758) | $ (11,056) | $ 23,654 | $ 67,190 | $ (8,780) | $ (117,114) |
Denominator for basic loss per share | |||||||||||
Basic weighted-average number of shares outstanding | 89,234 | 87,787 | 87,082 | ||||||||
From continuing operations | $ (0.41) | $ (0.07) | $ (0.09) | $ (0.07) | $ (0.10) | $ (0.18) | $ (0.16) | $ 0.20 | $ (0.65) | $ (0.24) | $ (1.55) |
From discontinued operations | 1.19 | 0.04 | 0.07 | 0.08 | 0.01 | 0.02 | 0.04 | 0.07 | 1.40 | 0.14 | 0.21 |
Basic earnings (loss) per share | 0.78 | (0.03) | (0.02) | 0.02 | (0.09) | (0.16) | (0.13) | 0.27 | $ 0.75 | $ (0.10) | $ (1.34) |
Numerator for diluted loss per share | |||||||||||
Loss from continuing operations | $ (47,302) | $ (13,080) | $ (127,470) | ||||||||
Loss from continuing operations attributable to common shareholders | (57,630) | (21,102) | (135,379) | ||||||||
Earnings from discontinued operations | 124,820 | 12,322 | 18,265 | ||||||||
Earnings (loss) attributable to common shareholders | $ 67,190 | $ (8,780) | $ (117,114) | ||||||||
Denominator for diluted loss per share | |||||||||||
Basic weighted-average number of shares outstanding | 89,234 | 87,787 | 87,082 | ||||||||
Dilutive effect of the following: | |||||||||||
Diluted weighted-average number of shares outstandin | 89,234 | 87,787 | 87,082 | ||||||||
From continuing operations | (0.41) | (0.07) | (0.09) | (0.07) | (0.10) | (0.18) | (0.16) | 0.20 | $ (0.65) | $ (0.24) | $ (1.55) |
From discontinued operations | 1.19 | 0.04 | 0.07 | 0.08 | 0.01 | 0.02 | 0.04 | 0.06 | 1.40 | 0.14 | 0.21 |
Diluted earnings (loss) per share | $ 0.78 | $ (0.03) | $ (0.02) | $ 0.02 | $ (0.09) | $ (0.16) | $ (0.13) | $ 0.26 | $ 0.75 | $ (0.10) | $ (1.34) |
Series A Preferred Stock [Member] | |||||||||||
Numerator for basic loss per share | |||||||||||
Less: dividends and accretion on Series A Preferred Stock | $ (8,319) | $ (8,022) | $ (7,909) | ||||||||
Numerator for diluted loss per share | |||||||||||
Less: dividends and accretion on Preferred Stock | $ (8,319) | $ (8,022) | $ (7,909) | ||||||||
Dilutive effect of the following: | |||||||||||
Diluted weighted-average number of shares outstandin | 0 | 0 | 0 | ||||||||
Series B Preferred Stock [Member] | |||||||||||
Numerator for basic loss per share | |||||||||||
Less: dividends and accretion on Series A Preferred Stock | $ (2,009) | $ 0 | $ 0 | ||||||||
Numerator for diluted loss per share | |||||||||||
Less: dividends and accretion on Preferred Stock | $ (2,009) | $ 0 | $ 0 | ||||||||
Dilutive effect of the following: | |||||||||||
Diluted weighted-average number of shares outstandin | 0 | 0 | 0 | ||||||||
Stock Options And Restricted Stock Units [Member] | |||||||||||
Dilutive effect of the following: | |||||||||||
Diluted weighted-average number of shares outstandin | 0 | 0 | 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Changes in Operating Assets and Liabilities, Net of Businesses Sold | |||
Accounts receivable | $ (746) | $ 4,013 | $ 1,085 |
Inventories | 6,133 | 7,097 | 23,394 |
Income tax recoverable/payable | 1,555 | (91) | 4,744 |
Prepaid expenses and other current assets | (1,133) | (4,427) | (290) |
Accounts payable and accrued liabilities | 11,322 | (5,861) | (9,564) |
Changes in Non-Cash Working Capital, Net of Businesses Acquired or Sold, Total | 17,131 | 731 | 19,369 |
Non-Cash Investing and Financing Activities | |||
Accrued costs to sell related to Tradin Organic divestiture | 13,380 | 0 | 0 |
Accrued cash dividends preferred stock | 2,378 | 1,700 | 1,700 |
Accrued debt issuance costs | 1,690 | 0 | 0 |
Dividends paid in kind on preferred stock | 3,881 | 0 | 0 |
Cash Paid | |||
Interest | 30,740 | 30,399 | 30,219 |
Income taxes | $ 935 | $ 410 | $ 760 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 |
Grower loans [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate loans made to former Managing Director | $ 2,000 | $ 3,100 | $ 1,500 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Related Party Transaction [Line Items] | |||
Related party transaction, purchases from related party | $ 14,961 | $ 29,743 | $ 20,012 |
Sales of agronomy products [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 0 | 115 | 1,136 |
Grower loans [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | $ 2,000 | $ 3,100 | $ 1,500 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 10.3 | $ 10.7 |
Payment for cash settlement | $ 4.4 | |
Product Recall [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Damages Sought | On November 20, 2017, TreeHouse Foods, Inc., several of its related entities, and its insurer filed a lawsuit against the Company in the Circuit Court of Cook County, Illinois, titled TreeHouse Foods, Inc. et al. ("TreeHouse") v. SunOpta Grains and Food, Inc. The Company was served with the Summons and Complaint on January 24, 2018. After the Company removed the case to the United States District Court for the Northern District of Illinois, the plaintiffs filed an Amended Complaint on April 23, 2018, and a second Amended Complaint on October 12, 2018. The plaintiffs alleged economic damages resulting from the Company's 2016 voluntary recall of certain roasted sunflower kernel products due to the potential for listeria monocytogenes contamination. The plaintiffs brought claims for breach of contract, express and implied warranties and product guarantees, negligence, strict liability, negligent misrepresentation, and indemnity seeking $16.2 million in damages. There were no allegations of personal injury. On March 29, 2019, the court dismissed the plaintiffs' claims for negligence, strict liability, negligent misrepresentation, and common law indemnity. On May 31, 2020, the court granted summary judgment to the Company on TreeHouse's claims for breach of contract and breach of product guarantees but denied summary judgment on TreeHouse's claims for breach of express and implied warranties. On the remaining claims, the court limited TreeHouse's damages to the purchase price of the product the Company sold to TreeHouse. On September 14, 2020, the Company entered into a Confidential Settlement Agreement and Mutual Release (the "Settlement Agreement") with TreeHouse. The Settlement Agreement resolved the disputed issues among the parties in connection with the litigation filed by TreeHouse against the Company, as described above. Pursuant to the terms of the Settlement Agreement, the Company paid TreeHouse $4.4 million. On September 18, 2020, the parties filed a Stipulation of Dismissal with prejudice and the court entered a corresponding order dismissing the litigation with prejudice. | |
Loss Contingency Damages Sought Value | $ 16.2 | |
Payment for cash settlement | $ 4.4 |
Segmented Information (Narrativ
Segmented Information (Narrative) (Details) | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Customer Of Plant Based Foods And Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 18.00% | 16.00% |
Customer Of Fruit Based And Plant Based Foods And Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 11.00% | 10.00% |
Segmented Information (Segment
Segmented Information (Segment Revenues and Operating Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment revenues from external customers | $ 205,556 | $ 191,659 | $ 184,401 | $ 207,597 | $ 186,120 | $ 182,585 | $ 172,112 | $ 180,779 | $ 789,213 | $ 721,596 | $ 783,972 |
Segment operating income (loss) | 12,308 | (24,055) | (21,451) | ||||||||
Other income (expense), net | (23,393) | 40,639 | (5,242) | ||||||||
Goodwill impairment | 0 | 0 | (81,222) | ||||||||
Interest expense, net | (30,042) | (32,765) | (33,121) | ||||||||
Loss on retirement of debt | (8,915) | 0 | 0 | ||||||||
Loss from continuing operations before income taxes | (50,042) | (16,181) | (141,036) | ||||||||
Plant-Based Foods and Beverages [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment revenues from external customers | 415,164 | 361,398 | 314,076 | ||||||||
Segment operating income (loss) | 50,780 | 29,476 | 10,766 | ||||||||
Fruit Based Foods and Beverages [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment revenues from external customers | 374,049 | 349,852 | 365,469 | ||||||||
Segment operating income (loss) | (7,321) | (26,873) | (16,029) | ||||||||
Goodwill impairment | (81,200) | ||||||||||
Global Ingredients [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment revenues from external customers | 0 | 10,346 | 104,427 | ||||||||
Segment operating income (loss) | 0 | (187) | 2,245 | ||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment operating income (loss) | $ (31,151) | $ (26,471) | $ (18,433) |
Segmented Information (Segmen_2
Segmented Information (Segment Assets) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Segment Reporting Information [Line Items] | ||
Assets held for sale | $ 0 | $ 295,947 |
Assets | 585,615 | 923,359 |
Plant-Based Foods and Beverages [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 191,580 | 189,013 |
Fruit Based Foods and Beverages [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 329,151 | 342,099 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 64,884 | $ 96,300 |
Segmented Information (Segmen_3
Segmented Information (Segment Capital Expenditures, Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 24,754 | $ 28,387 | $ 26,867 |
Total depreciation and amortization | 30,308 | 29,266 | 28,159 |
Plant-Based Foods and Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 11,323 | 15,289 | 12,241 |
Total depreciation and amortization | 9,457 | 7,799 | 6,468 |
Fruit Based Foods and Beverages [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 10,378 | 9,689 | 5,586 |
Total depreciation and amortization | 16,304 | 16,702 | 16,871 |
Global Ingredients [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 0 | 92 | 655 |
Total depreciation and amortization | 0 | 129 | 847 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 3,053 | 3,317 | 8,385 |
Total depreciation and amortization | $ 4,547 | $ 4,636 | $ 3,973 |
Segmented Information (Revenues
Segmented Information (Revenues from External Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 205,556 | $ 191,659 | $ 184,401 | $ 207,597 | $ 186,120 | $ 182,585 | $ 172,112 | $ 180,779 | $ 789,213 | $ 721,596 | $ 783,972 |
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 752,000 | 691,838 | 749,528 | ||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 12,481 | 9,418 | 14,712 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 24,732 | $ 20,340 | $ 19,732 |
Segmented Information (Long-Liv
Segmented Information (Long-Lived Assets) (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 158,048 | $ 159,675 |
U.S. [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 144,555 | 146,217 |
Mexico [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 11,511 | 11,057 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 1,982 | $ 2,401 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - Oaktree Capital Management L P [Member] - Series A Preferred Stock [Member] | 1 Months Ended |
Feb. 22, 2021shares | |
Subsequent Event [Line Items] | |
Series A Preferred Stock exchanged for common shares | 12,633,427 |
Subsequent Event, Description | On February 22, 2021, Oaktree exchanged all of their shares of Series A Preferred Stock for 12,633,427 Common Shares, representing 12.3% of the Company's issued and outstanding Common Shares on a post-exchange basis. The shares of Series A Preferred Stock were exchangeable into Common Shares at an exchange price of $7.00 and paid a cumulative dividend of 8% per year. Both prior to and after the exchange, Oaktree beneficially owns or controls shares equal to 19.0% of the total outstanding voting shares of the Company. Oaktree's shares of Series B-1 Preferred Stock remain subject to permanent exchange and voting caps. Oaktree continues to have the right to designate two nominees for election to the Company's Board of Directors and to other governance rights previously held. Following the exchange, the Company will no longer be required to pay the 8.0% per annum dividend on the Series A Preferred Stock. |
Quarterly Results of Operatio_3
Quarterly Results of Operations (unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 30, 2020 | Dec. 30, 2020 | Jan. 02, 2021 | Mar. 28, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Tradin Organic [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Loss on foreign currency economic hedge of euro-denominated cash consideration | $ 12,700 | ||||||
Loss on early redemption and retirement of senior secured second lien notes | $ 8,900 | ||||||
Senior secured second lien notes, interest rate | 9.50% | 9.50% | |||||
Pre-tax gain on sale | $ 111,818 | $ 111,818 | $ 0 | $ 0 | |||
Soy and Corn Business [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Pre-tax gain on sale | $ 45,600 |
Quarterly Results of Operatio_4
Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 205,556 | $ 191,659 | $ 184,401 | $ 207,597 | $ 186,120 | $ 182,585 | $ 172,112 | $ 180,779 | $ 789,213 | $ 721,596 | $ 783,972 |
Gross profit | 31,807 | 26,838 | 23,259 | 27,173 | 22,197 | 14,350 | 15,250 | 13,706 | 109,077 | 65,503 | 70,531 |
Loss from continuing operations | (34,330) | (3,875) | (5,133) | (3,964) | (6,743) | (13,714) | (12,380) | 19,757 | (47,302) | (13,080) | (127,470) |
Earnings from discontinued operations | 107,391 | 3,964 | 6,140 | 7,325 | 1,140 | 1,965 | 3,325 | 5,892 | 124,820 | 12,322 | 18,265 |
Net earnings | 73,061 | 89 | 1,007 | 3,361 | (5,603) | (11,749) | (9,055) | 25,649 | |||
Earnings (loss) attributable to common shareholders | $ 70,206 | $ (2,755) | $ (1,597) | $ 1,336 | $ (7,620) | $ (13,758) | $ (11,056) | $ 23,654 | $ 67,190 | $ (8,780) | $ (117,114) |
Basic earnings (loss) per share: | |||||||||||
From continuing operations | $ (0.41) | $ (0.07) | $ (0.09) | $ (0.07) | $ (0.10) | $ (0.18) | $ (0.16) | $ 0.20 | $ (0.65) | $ (0.24) | $ (1.55) |
From discontinued operations | 1.19 | 0.04 | 0.07 | 0.08 | 0.01 | 0.02 | 0.04 | 0.07 | 1.40 | 0.14 | 0.21 |
Basic earnings (loss) per share | 0.78 | (0.03) | (0.02) | 0.02 | (0.09) | (0.16) | (0.13) | 0.27 | 0.75 | (0.10) | (1.34) |
Diluted earnings (loss) per share: | |||||||||||
From continuing operations | (0.41) | (0.07) | (0.09) | (0.07) | (0.10) | (0.18) | (0.16) | 0.20 | (0.65) | (0.24) | (1.55) |
From discontinued operations | 1.19 | 0.04 | 0.07 | 0.08 | 0.01 | 0.02 | 0.04 | 0.06 | 1.40 | 0.14 | 0.21 |
Diluted earnings (loss) per share | $ 0.78 | $ (0.03) | $ (0.02) | $ 0.02 | $ (0.09) | $ (0.16) | $ (0.13) | $ 0.26 | $ 0.75 | $ (0.10) | $ (1.34) |