Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 30, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Gildan Activewear Inc. |
Entity Central Index Key | 1,061,894 |
Entity Current Reporting Status | Yes |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 30, 2018 |
Current Fiscal Year End Date | --12-30 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 206,736,233 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents (note 6) | $ 46,657 | $ 52,795 |
Trade accounts receivable (note 7) | 317,159 | 243,365 |
Income taxes receivable | 1,689 | 3,891 |
Inventories (note 8) | 940,029 | 945,738 |
Prepaid expenses, deposits and other current assets | 77,377 | 62,092 |
Total current assets | 1,382,911 | 1,307,881 |
Non-current assets: | ||
Property, plant and equipment (note 9) | 990,475 | 1,035,818 |
Intangible assets (note 10) | 393,573 | 401,605 |
Goodwill (note 10) | 227,362 | 226,571 |
Other non-current assets | 10,275 | 8,830 |
Total non-current assets | 1,621,685 | 1,672,824 |
Total assets | 3,004,596 | 2,980,705 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 346,985 | 258,476 |
Total current liabilities | 346,985 | 258,476 |
Non-current liabilities: | ||
Long-term debt (note 11) | 669,000 | 630,000 |
Deferred income taxes (note 18) | 12,623 | 3,713 |
Other non-current liabilities (note 12) | 39,916 | 37,141 |
Total non-current liabilities | 721,539 | 670,854 |
Total liabilities | 1,068,524 | 929,330 |
Equity (note 13): | ||
Share capital | 159,858 | 159,170 |
Contributed surplus | 32,490 | 25,208 |
Retained earnings | 1,740,342 | 1,853,457 |
Accumulated other comprehensive income | 3,382 | 13,540 |
Total equity attributable to shareholders of the Company | 1,936,072 | 2,051,375 |
Total liabilities and equity | $ 3,004,596 | $ 2,980,705 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | ||
Net sales (note 25) | $ 2,908,565 | $ 2,750,816 |
Cost of sales | 2,102,612 | 1,949,597 |
Gross profit | 805,953 | 801,219 |
Selling, general and administrative expenses (note 16(a)) | 368,546 | 377,323 |
Restructuring and acquisition-related costs (note 17) | 34,228 | 22,894 |
Operating income | 403,179 | 401,002 |
Financial expenses, net (note 14(c)) | 31,045 | 24,186 |
Earnings before income taxes | 372,134 | 376,816 |
Income tax expense (note 18) | 21,360 | 14,482 |
Net earnings | 350,774 | 362,334 |
Other comprehensive income (loss), net of related income taxes: | ||
Cash flow hedges (note 14(d)) | (10,158) | (27,071) |
Actuarial loss on employee benefit obligations (note 12(a)) | (1,694) | (64) |
Other comprehensive income | (11,852) | (27,135) |
Comprehensive income | $ 338,922 | $ 335,199 |
Earnings per share (note 19): | ||
Basic (in dollars per share) | $ 1.66 | $ 1.62 |
Diluted (in dollars per share) | $ 1.66 | $ 1.61 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share capital | Contributed surplus | Accumulated other comprehensive income (loss) | Retained earnings |
Balance (in shares) at Jan. 01, 2017 | 230,218,000 | ||||
Balance at Jan. 01, 2017 | $ 2,119,647 | $ 152,313 | $ 23,198 | $ 40,611 | $ 1,903,525 |
Changes in equity [abstract] | |||||
Share-based compensation | 15,706 | 15,706 | |||
Shares issued under employee share purchase plan (in shares) | 58,000 | ||||
Shares issued under employee share purchase plan | 1,671 | $ 1,671 | |||
Shares issued pursuant to exercise of stock options (in shares) | 269,000 | ||||
Shares issued pursuant to exercise of stock options | 3,390 | $ 5,304 | (1,914) | ||
Shares issued or distributed pursuant to vesting of restricted share units (in shares) | 364,000 | ||||
Shares issued or distributed pursuant to vesting of restricted share units | $ (4,520) | $ 7,709 | (12,229) | ||
Shares repurchased for cancellation (note 13(d)) (in shares) | (11,512,267) | (11,512,000) | |||
Shares repurchased for cancellation (note 13(d)) | $ (328,616) | $ (7,692) | (320,924) | ||
Share repurchases for settlement of non-Treasury RSUs (note 13(e)) (in shares) | (198,000) | ||||
Share repurchases for settlement of non-Treasury RSUs (note 13(e)) | (6,280) | $ (135) | (6,145) | ||
Dividends declared | (84,822) | 447 | (85,269) | ||
Transactions with shareholders of the Company recognized directly in equity (in shares) | (11,019,000) | ||||
Transactions with shareholders of the Company recognized directly in equity | (403,471) | $ 6,857 | 2,010 | (412,338) | |
Cash flow hedges (note 14(d)) | (27,071) | (27,071) | |||
Actuarial loss on employee benefit obligations (note 12(a)) | (64) | (64) | |||
Net earnings | 362,334 | 362,334 | |||
Comprehensive income | $ 335,199 | (27,071) | 362,270 | ||
Balance (in shares) at Dec. 31, 2017 | 219,198,989 | 219,199,000 | |||
Balance at Dec. 31, 2017 | $ 2,051,375 | $ 159,170 | 25,208 | 13,540 | 1,853,457 |
Changes in equity [abstract] | |||||
Share-based compensation | 19,351 | 19,351 | |||
Shares issued under employee share purchase plan (in shares) | 57,000 | ||||
Shares issued under employee share purchase plan | 1,722 | $ 1,722 | |||
Shares issued pursuant to exercise of stock options (in shares) | 110,000 | ||||
Shares issued pursuant to exercise of stock options | 1,683 | $ 2,412 | (729) | ||
Shares issued or distributed pursuant to vesting of restricted share units (in shares) | 226,000 | ||||
Shares issued or distributed pursuant to vesting of restricted share units | $ (6,142) | $ 5,952 | (12,094) | ||
Shares repurchased for cancellation (note 13(d)) (in shares) | (12,634,693) | (12,635,000) | |||
Shares repurchased for cancellation (note 13(d)) | $ (367,529) | $ (9,231) | (358,298) | ||
Share repurchases for settlement of non-Treasury RSUs (note 13(e)) (in shares) | (225,000) | ||||
Share repurchases for settlement of non-Treasury RSUs (note 13(e)) | (7,229) | $ (167) | (7,062) | ||
Dividends declared | (94,566) | 754 | (95,320) | ||
Transactions with shareholders of the Company recognized directly in equity (in shares) | (12,467,000) | ||||
Transactions with shareholders of the Company recognized directly in equity | (452,710) | $ 688 | 7,282 | (460,680) | |
Cash flow hedges (note 14(d)) | (10,158) | (10,158) | |||
Actuarial loss on employee benefit obligations (note 12(a)) | (1,694) | (1,694) | |||
Net earnings | 350,774 | 350,774 | |||
Comprehensive income | $ 338,922 | (10,158) | 349,080 | ||
Balance (in shares) at Dec. 30, 2018 | 206,732,436 | 206,732,000 | |||
Balance at Dec. 30, 2018 | $ 1,936,072 | $ 159,858 | $ 32,490 | $ 3,382 | $ 1,740,342 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flows from (used in) operating activities: | ||
Net earnings | $ 350,774 | $ 362,334 |
Adjustments to reconcile net earnings to cash flows from operating activities (note 21(a)) | 202,255 | 175,199 |
Cash flows from (used in) operations before changes in working capital | 553,029 | 537,533 |
Changes in non-cash working capital balances: | ||
Trade accounts receivable | (79,707) | 38,924 |
Income taxes | 2,115 | (5,424) |
Inventories | 2,182 | 27,102 |
Prepaid expenses, deposits and other current assets | (13,807) | (5,227) |
Accounts payable and accrued liabilities | 74,732 | 20,452 |
Cash flows from operating activities | 538,544 | 613,360 |
Cash flows from (used in) investing activities: | ||
Purchase of property, plant and equipment | (107,654) | (91,951) |
Purchase of intangible assets | (17,566) | (2,845) |
Business acquisitions (note 5) | (1,303) | (115,776) |
Proceeds on disposal of property, plant and equipment | 15,649 | 542 |
Cash flows used in investing activities | (110,874) | (210,030) |
Cash flows from (used in) financing activities: | ||
Increase in amounts drawn under revolving long-term bank credit facility | 39,000 | 30,000 |
Dividends paid | (94,566) | (84,822) |
Proceeds from the issuance of shares | 3,243 | 4,900 |
Repurchase and cancellation of shares (note 13(d)) | (367,529) | (328,616) |
Share repurchases for settlement of non-Treasury RSUs (note 13(e)) | (7,229) | (6,280) |
Withholding taxes paid pursuant to the settlement of non-Treasury RSUs | (6,142) | (4,520) |
Cash flows used in financing activities | (433,223) | (389,338) |
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies | (585) | 606 |
Net increase (decrease) in cash and cash equivalents during the fiscal year | (6,138) | 14,598 |
Cash and cash equivalents, beginning of fiscal year | 52,795 | 38,197 |
Cash and cash equivalents, end of fiscal year | 46,657 | 52,795 |
Cash paid (included in cash flows from operating activities): | ||
Interest | 25,530 | 16,658 |
Income taxes, net of refunds | $ 9,688 | $ 15,209 |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 30, 2018 | |
General Information About Financial Statements [Abstract] | |
REPORTING ENTITY | REPORTING ENTITY: Gildan Activewear Inc. (the "Company" or "Gildan") is domiciled in Canada and is incorporated under the Canada Business Corporations Act. Its principal business activity is the manufacture and sale of activewear, hosiery and underwear. The Company's fiscal year ends on the Sunday closest to December 31 of each year. The address of the Company’s registered office is 600 de Maisonneuve Boulevard West, Suite 3300, Montreal, Quebec. These consolidated financial statements are as at and for the fiscal years ended December 30, 2018 and December 31, 2017 and include the accounts of the Company and its subsidiaries. The Company is a publicly listed entity and its shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol GIL. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 30, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION: (a) Statement of compliance: These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements for the fiscal year ended December 30, 2018 were authorized for issuance by the Board of Directors of the Company on February 20, 2019 . (b) Basis of measurement: These consolidated financial statements have been prepared on the historical cost basis except for the following items in the consolidated statements of financial position: • Derivative financial instruments which are measured at fair value; • Employee benefit obligations related to defined benefit plans which are measured at the present value of the defined benefit obligations, net of advance payments made to employees thereon; • Liabilities for cash-settled share-based payment arrangements which are measured at fair value, and equity-classified share-based payment arrangements which are measured at fair value at grant date pursuant to IFRS 2, Share-based payment; • Provisions for decommissioning, site restoration costs, and onerous contracts which are measured at the present value of the expenditures expected to be required to settle the obligation; and • Identifiable assets acquired and liabilities assumed in connection with a business combination which are initially measured at fair value. These consolidated financial statements are presented in U.S. dollars, which is the Company's functional currency. (c) Operating segments: For the year ended December 31, 2017, the Company managed and reported its business under two operating segments, Printwear and Branded Apparel, each of which was a reportable segment for financial reporting purposes with its own management that was accountable and responsible for the segment’s operations, results, and financial performance. These segments were principally organized by the major customer markets they served. Effective January 1, 2018, the Company consolidated its organizational structure and implemented executive leadership changes as part of an internal reorganization. The Company combined its Printwear and Branded Apparel operating businesses into one consolidated divisional operating structure centralizing senior management, as well as marketing, merchandising, sales, distribution, and administrative functions to better position the Company to capitalize on growth opportunities within the evolving industry landscape. As a result, the Company has transitioned to a single reporting segment. 2. BASIS OF PREPARATION (continued): (d) Initial application of new or amended accounting standards: On January 1, 2018, the Company adopted the following new accounting standards: Revenue from Contracts with Customers IFRS 15, Revenue from Contracts with Customers, establishes principles for reporting and disclosing the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. IFRS 15 provides a single model in order to depict the transfer of promised goods or services to customers and supersedes IAS 11, Construction Contracts, IAS 18, Revenue, and a number of revenue-related interpretations (IFRIC 13, Customer Loyalty Programmes, IFRIC 15, Agreements for the Construction of Real Estate, IFRIC 18, Transfers of Assets from Customers, and SIC-31, Revenue - Barter Transactions Involving Advertising Services). The Company adopted the new standard on January 1, 2018 using the modified retrospective transition method, with the effect of initially applying this standard being recognized at January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented in accordance with IFRS 15, while the information presented for 2017 has not been restated and continues to be presented, as previously reported, in accordance with our historic accounting under IAS 18 and related interpretations. As of January 1, 2018, the Company recorded a net reduction to opening retained earnings of $0.7 million , net of tax, representing the gross margin on net sales of $2.1 million for which revenue recognition is delayed under the new standard. The impact of applying IFRS 15 resulted in a reduction of net sales of $0.5 million and a reduction in gross profit, operating income, and net earnings of $0.2 million for the fiscal year ended December 30, 2018 . There were no material impacts on the Company’s audited consolidated statements of financial position and cash flows as at and for the fiscal year ended December 30, 2018 . Financial Instruments IFRS 9 (2014), Financial Instruments, includes updated guidance on the classification, recognition, and measurement of financial assets and liabilities. IFRS 9 (2014) differs in some regards from IFRS 9 (2013), which the Company early adopted effective March 31, 2014. The final standard amends the impairment model by introducing a new expected credit loss (ECL) model for calculating impairment on financial assets. IFRS 9 (2014) requires the Company to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through profit and loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation of the asset’s original effective interest rate. For trade and other receivables, the Company has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Company has established a provision matrix that is based on the Company’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company adopted the new standard on January 1, 2018 and recorded a net reduction to opening retained earnings of $0.8 million , net of tax, reflecting additional allowance for expected credit losses from the new expected credit loss model. The classification for the Company’s financial assets and financial liabilities remain unchanged. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 30, 2018 | |
List Of Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES: The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. (a) Basis of consolidation: (i) Business combinations: Business combinations are accounted for using the acquisition method. Accordingly, the consideration transferred for the acquisition of a business is the fair value of the assets transferred and any debt and equity interests issued by the Company on the date control of the acquired company is obtained. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Contingent consideration classified as an asset or a liability that is a financial instrument is subsequently remeasured at fair value, with any resulting gain or loss recognized and included in restructuring and acquisition-related costs in the consolidated statement of earnings and comprehensive income. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred and are included in restructuring and acquisition-related costs in the consolidated statement of earnings and comprehensive income. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in an acquired company either at fair value or at the non-controlling interest’s proportionate share of the acquired company’s net identifiable assets. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred and non-controlling interest recognized is less than the fair value of the net assets of the business acquired, a purchase gain is recognized immediately in the consolidated statement of earnings and comprehensive income. (ii) Subsidiaries: Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries are aligned with the policies adopted by the Company. Intragroup transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. The Company’s principal subsidiaries, their jurisdiction of incorporation, and the Company’s percentage ownership share of each are as follows: Subsidiary Jurisdiction of Incorporation Ownership percentage Gildan Activewear SRL Barbados 100 % Gildan Yarns, LLC Delaware 100 % Gildan Branded Apparel SRL Barbados 100 % Gildan Honduras Properties, S. de R.L. Honduras 100 % Gildan Apparel (Canada) LP Ontario 100 % Gildan Activewear (UK) Limited United Kingdom 100 % Gildan Textiles de Sula, S. de R.L. Honduras 100 % G.A.B. Limited Bangladesh 100 % Gildan Activewear Honduras Textile Company, S. de R.L. Honduras 100 % Gildan Activewear (Eden) Inc. North Carolina 100 % Gildan Hosiery Rio Nance, S. de R.L. Honduras 100 % Gildan Mayan Textiles, S. de R.L. Honduras 100 % The Company has no other subsidiaries representing individually more than 10% of the total consolidated assets and 10% of the consolidated net sales of the Company, or in the aggregate more than 20% of the total consolidated assets and the consolidated net sales of the Company as at and for the fiscal year ended December 30, 2018 . 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (b) Foreign currency translation: Monetary assets and liabilities of the Company’s Canadian and foreign operations denominated in currencies other than the U.S. dollar are translated using exchange rates in effect at the reporting date. Non-monetary assets and liabilities denominated in currencies other than U.S. dollars are translated at the rates prevailing at the respective transaction dates. Income and expenses denominated in currencies other than U.S. dollars are translated at average rates prevailing during the year. Gains or losses on foreign exchange are recorded in net earnings, and presented in the statement of earnings and comprehensive income within financial expenses. (c) Cash and cash equivalents: The Company considers all liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. (d) Trade accounts receivable: Trade accounts receivable consist of amounts due from our normal business activities. An allowance for expected credit losses is maintained to reflect an impairment risk for trade accounts receivable based on an expected credit loss model which factors in changes in credit quality since the initial recognition of trade accounts receivable based on customer risk categories. Bad debts are also provided for based on collection history and specific risks identified on a customer-by-customer basis. Trade accounts receivable are recorded net of accrued sales discounts. The Company may continuously sell trade accounts receivables of certain designated customers to a third-party financial institution in exchange for a cash payment equal to the face value of the sold trade receivables less an applicable discount. The Company retains servicing responsibilities, including collection, for these trade accounts receivables but does not retain any credit risk with respect to any trade accounts receivables that have been sold. All trade accounts receivables sold under the receivables purchase agreement are removed from the consolidated statements of financial position, as the sale of the trade accounts receivables qualify for de-recognition. The net cash proceeds received by the Company are included as cash flows from operating activities in the consolidated statements of cash flows. The difference between the carrying amount of the trade accounts receivables sold under the agreement and the cash received at the time of transfer is recorded in the statement of earnings and comprehensive income within financial expenses. (e) Inventories: Inventories are stated at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle. Inventory costs include the purchase price and other costs directly related to the acquisition of raw materials and spare parts held for use in the manufacturing process, and the cost of purchased finished goods. Inventory costs also include the costs directly related to the conversion of materials to finished goods, such as direct labour, and a systematic allocation of fixed and variable production overhead, including manufacturing depreciation expense. The allocation of fixed production overhead to the cost of inventories is based on the normal capacity of the production facilities. Normal capacity is the average production expected to be achieved during the fiscal year, under normal circumstances. Net realizable value is the estimated selling price of finished goods in the ordinary course of business, less the estimated costs of completion and selling expenses. Raw materials, work in progress, and spare parts inventories are not written down if the finished products in which they will be incorporated are expected to be sold at or above cost. (f) Assets held for sale: Non-current assets which are classified as assets held for sale are reported in current assets in the statement of financial position, when their carrying amount is to be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. Assets held for sale are stated at the lower of their carrying amount and fair value less costs to sell. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (g) Property, plant and equipment: Property, plant and equipment are initially recorded at cost and are subsequently carried at cost less any accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment includes expenditures that are directly attributable to the acquisition or construction of an asset. The cost of self-constructed assets includes the cost of materials and direct labour, site preparation costs, initial delivery and handling costs, installation and assembly costs, and any other costs directly attributable to bringing the assets to the location and condition necessary for the assets to be capable of operating in the manner intended by management. The cost of property, plant and equipment also includes, when applicable, the initial present value estimate of the costs of decommissioning or dismantling and removing the asset and restoring the site on which it is located at the end of its useful life and any applicable borrowing costs and is amortized over the remaining life of the underlying asset. Purchased software that is integral to the functionality of the related equipment is capitalized as part of other equipment. Subsequent costs are included in an asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits are present and the cost of the item can be measured reliably. When property, plant and equipment are replaced they are fully written down. Gains and losses on the disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized in the statement of earnings and comprehensive income. Land is not depreciated. The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives: Asset Useful life Buildings and improvements 5 to 40 years Manufacturing equipment 2 to 10 years Other equipment 3 to 10 years Significant components of plant and equipment which are identified as having different useful lives are depreciated separately over their respective useful lives. Depreciation methods, useful lives and residual values, if applicable, are reviewed and adjusted, if appropriate, on a prospective basis at the end of each fiscal year. Assets not yet utilized in operations include expenditures incurred to date for plant constructions or expansions which are still in process and equipment not yet placed into service as at the reporting date. Depreciation on these assets commences when the assets are available for use. Borrowing costs Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of the asset. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. Capitalization of borrowing costs ceases when the asset is completed and available for use. All other borrowing costs are recognized as financial expenses in the consolidated statement of earnings and comprehensive income as incurred. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (h) Intangible assets: Definite life intangible assets are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets include identifiable intangible assets acquired and consist of customer contracts and customer relationships, license agreements, and trademarks. Intangible assets also include computer software that is not an integral part of the related hardware. Indefinite life intangible assets represent intangible assets which the Company controls which have no contractual or legal expiration date and therefore are not amortized as there is no foreseeable time limit to their useful economic life. An assessment of indefinite life intangible assets is performed annually to determine whether events and circumstances continue to support an indefinite useful life and any change in the useful life assessment from indefinite to finite is accounted for as a change in accounting estimate on a prospective basis. Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful-lives: Asset Useful life Customer contracts and customer relationships 7 to 20 years License agreements 3 to 10 years Computer software 4 to 7 years Trademarks with a finite life 5 years Non-compete agreements 2 years Most of the Company's trademarks are not amortized as they are considered to be indefinite life intangible assets. The costs of information technology projects that are directly attributable to the design and testing of identifiable and unique software products, including internally developed computer software, are recognized as intangible assets when the following criteria are met: • it is technically feasible to complete the software product so that it will be available for use; • management intends to complete the software product and use it; • there is an ability to use the software product; • it can be demonstrated how the software product will generate probable future economic benefits; • adequate technical, financial, and other resources to complete the development and to use the software product are available; and • the expenditures attributable to the software product during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as an expense in the consolidated statement of earnings and comprehensive income as incurred. (i) Goodwill: Goodwill is measured at cost less accumulated impairment losses, if any. Goodwill arises on business combinations and is measured as the excess of the consideration transferred and the recognized amount of the non-controlling interest in the acquired business, if any, over the fair value of identifiable assets acquired and liabilities assumed of an acquired business. (j) Impairment of non-financial assets: Non-financial assets that have an indefinite useful life such as goodwill and trademarks are not subject to amortization and are therefore tested annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Assets that are subject to amortization are assessed at the end of each reporting period as to whether there is any indication of impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s value in use and fair value less costs of disposal. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case assets are grouped at the lowest levels for which there are separately identifiable cash inflows (i.e. cash-generating units or "CGUs"). 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (j) Impairment of non-financial assets (continued): In assessing value in use, the estimated future cash flows expected to be derived from the asset or CGU by the Company are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset and or the CGU. In assessing a CGU’s fair value less costs of disposal, the Company uses the best information available to reflect the amount that the Company could obtain, at the time of the impairment test, from the disposal of the asset or CGU in an arm’s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. For the purpose of testing goodwill for impairment, goodwill acquired in a business combination is allocated to a CGU or a group of CGUs that is expected to benefit from the synergies of the combination, regardless of whether other assets or liabilities of the acquired company are assigned to those CGUs. Impairment losses recognized are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses are recognized in the statement of earnings and comprehensive income. Reversal of impairment losses A goodwill impairment loss is not reversed. Impairment losses on non-financial assets other than goodwill recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (k) Financial instruments: The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Company classifies its financial assets as subsequently measured at either amortized cost or fair value, depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Financial assets Financial assets are classified into the following categories and depend on the purpose for which the financial assets were acquired. Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. The Company currently classifies its cash and cash equivalents, trade accounts receivable, certain other current assets (excluding derivative financial instruments designated as effective hedging instruments), and long-term non-trade receivables as financial assets measured at amortized cost. The Company de-recognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets measured at fair value These assets are measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. However, for investments in equity instruments that are not held for trading, the Company may elect at initial recognition to present gains and losses in other comprehensive income. For such investments measured at fair value through other comprehensive income, gains and losses are never reclassified to profit or loss, and no impairment is recognized in profit or loss. Dividends earned from such investments are recognized in profit or loss, unless the dividend clearly represents a repayment of part of the cost of the investment. The Company currently has no significant financial assets measured at fair value 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (k) Financial instruments (continued): Fair value through other comprehensive income (FVOCI) A debt investment is measured at FVOCI if it is not designated as at fair value through profit or loss, is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (OCI). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investments fair value in OCI. This election is made on an investment by investment basis. These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. The Company currently has no financial assets measured at FVOCI. Financial liabilities Financial liabilities are classified into the following categories. Financial liabilities measured at amortized cost A financial liability is subsequently measured at amortized cost, using the effective interest method. The Company currently classifies accounts payable and accrued liabilities (excluding derivative financial instruments designated as effective hedging instruments), and long-term debt bearing interest at variable and fixed rates as financial liabilities measured at amortized cost. Financial liabilities measured at fair value Financial liabilities at fair value are initially recognized at fair value and are remeasured at each reporting date with any changes therein recognized in net earnings. The Company currently has no significant financial liabilities measured at fair value. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Fair value of financial instruments Financial instruments measured at fair value use the following fair value hierarchy to prioritize the inputs used in measuring fair value: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: inputs for the asset or liability that are not based on observable market data. Impairment of financial assets The Company recognizes loss allowances for expected credit losses on financial assets measured at amortized cost. The Company recognizes impairment and measures expected credit losses as lifetime expected credit losses for trade accounts receivable and other accounts receivable. The Company recognizes a loss allowance at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. Otherwise, the loss allowance for that financial instrument corresponds to an amount equal to twelve-month expected credit losses. The Company uses the simplified method to measure the loss allowance for trade receivables at lifetime expected losses. The Company uses historical trends of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. Losses are recognized in the consolidated statement of income and reflected in an allowance account against trade and other receivables. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (l) Derivative financial instruments and hedging relationships: The Company enters into derivative financial instruments to hedge its market risk exposures. On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net earnings. Derivatives are recognized initially at fair value, and attributable transaction costs are recognized in net earnings as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect net earnings, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and presented in accumulated other comprehensive income as part of equity. The amount recognized in other comprehensive income is removed and included in net earnings under the same line item in the consolidated statement of earnings and comprehensive income as the hedged item, in the same period that the hedged cash flows affect net earnings. When a hedged forecasted transaction subsequently results in the recognition of a non-financial asset or liability, the cash flow hedge reserve is removed from accumulated other comprehensive income and included in the initial cost or carrying amount of the asset or liability. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in net earnings. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income is recognized immediately in net earnings. Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in net earnings, together with any changes in the fair value of the hedged asset, liability or firm commitment that are attributable to the hedged risk. The change in fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognized in the statement of earnings and comprehensive income or in the statement of financial position caption relating to the hedged item. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. Embedded derivatives Embedded derivatives within a financial liability are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss. Other derivatives When a derivative financial instrument is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in net earnings. (m) Accounts payable and accrued liabilities: Accounts payable and accrued liabilities are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accounts payable and accrued liabilities are classified as current liabilities if payment is due within one year, otherwise, they are presented as non-current liabilities. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (n) Long-term debt: Long-term debt is recognized initially at fair value, and is subsequently carried at amortized cost. Initial facility fees are deferred and treated as an adjustment to the instrument's effective interest rate and recognized as an expense over the instrument's estimated life if it is probable that the facility will be drawn down. However, if it is not probable that a facility will be drawn down for its entire term, then the fees are considered service fees and are deferred and recognized as an expense on a straight-line basis over the commitment period. (o) Employee benefits: Short-term employee benefits Short-term employee benefits include wages, salaries, commissions, compensated absences and bonuses. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Short-term employee benefit obligations are included in accounts payable and accrued liabilities. Defined contribution plans The Company offers group defined contribution plans to eligible employees whereby the Company matches employees' contributions up to a fixed percentage of the employee's salary. Contributions by the Company to trustee-managed investment portfolios or employee associations are expensed as incurred. Benefits are also provided to employees through defined contribution plans administered by the governments in the countries in which the Company operates. The Company’s contributions to these plans are recognized in the period when services are rendered. Defined benefit plans The Company maintains a liability for statutory severance obligations for active employees located in the Caribbean Basin and Central America which is payable to the employees in a lump sum payment upon termination of employment. The liability is based on management’s best estimates of the ultimate costs to be incurred to settle the liability and is based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. Liabilities related to defined benefit plans are included in other non-current liabilities in the consolidated statement of financial position. Service costs, interest costs, and costs related to the impact of program changes are recognized in cost of sales in the consolidated statement of earnings. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized directly to other comprehensive income in the period in which they arise, and are immediately transferred to retained earnings without reclassification to net earnings in a subsequent period. (p) Provisions: Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial expense. Provisions are included in other non-current liabilities in the consolidated statement of financial position. Decommissioning and site restoration costs The Company recognizes decommissioning and site restoration obligations for future removal and site restoration costs associated with the restoration of |
NEW ACCOUNTING STANDARDS AND IN
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET APPLIED | 12 Months Ended |
Dec. 30, 2018 | |
Accounting policies, changes in accounting estimates and errors [Abstract] | |
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET APPLIED | NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET APPLIED: Leases In January 2016, the IASB issued IFRS 16, Leases, which specifies how an entity will recognize, measure, present, and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the Company elects to exclude leases when the lease term is twelve months or less, or the underlying asset has a low monetary value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted only if IFRS 15, Revenue from Contracts with Customers, has also been applied. The Company will adopt the new standard in the first quarter of fiscal 2019 using the modified retrospective transition method. The Company expects that the initial adoption of IFRS 16 will result in approximately $80 million of right-of-use assets and approximately $88 million of operating lease liabilities (primarily for the rental of premises) being recognized in the consolidated statement of financial position. Provisions related to lease exit costs are expected to be reduced by approximately $5 million , and deferred lease credits (relating to lease inducements) currently recorded in accounts payable and accrued liabilities are expected to be reduced by approximately $2 million , as a result of the adoption of IFRS 16. Accordingly, the Company expects to record an adjustment to reduce opening retained earnings by approximately $1 million from the initial adoption of IFRS 16. The Company also expects a decrease of its operating lease costs, offset by an increase of its depreciation and amortization and financial expenses resulting from the changes in the recognition, measurement, and presentation requirements. However, no significant impact on net earnings is expected at this time. The Company is completing the assessment of the overall impact on the Company’s disclosures and is addressing any system and process changes necessary to compile the information to meet the recognition and disclosure requirements of the new guidance starting in the first quarter of fiscal 2019. Uncertain Income Tax Treatments In June 2017, the IASB issued IFRIC 23, Uncertainty Over Income Tax Treatments, which clarifies how to apply the recognition and measurement requirements in IAS 12, Income Taxes, when there is uncertainty regarding income tax treatments. The Interpretation addresses whether an entity needs to consider uncertain tax treatments separately, the assumptions an entity should make about the examination of tax treatments by taxation authorities, how an entity should determine taxable profit and loss, tax bases, unused tax losses, unused tax credits, and tax rates, and how an entity considers changes in facts and circumstances in such determinations. IFRIC 23 applies to annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted. The Company does not expect any significant impacts from the adoption of IFRIC 23 on its consolidated financial statements. |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 30, 2018 | |
Business Combinations1 [Abstract] | |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS: Fiscal 2018 Acquisitions: There were no significant business acquisitions during fiscal 2018. Fiscal 2017 Acquisitions: American Apparel On February 8, 2017, the Company acquired the American Apparel® brand and certain assets from American Apparel, LLC, ("American Apparel"), which filed for Chapter 11 bankruptcy protection on November 14, 2016. The acquisition was effected through a court supervised auction during which Gildan emerged as the successful bidder with a final cash bid of $88.0 million . The Company also acquired inventory from American Apparel for approximately $10.5 million . The total consideration transferred for this acquisition was therefore $98.5 million (of which $91.9 million was paid in fiscal 2017 and $6.6 million was paid in the fourth quarter of fiscal 2016). The acquisition was financed by the utilization of the Company's long-term bank credit facilities. The American Apparel® brand is a highly recognized brand among consumers and within the North American imprintables channel and is a strong complementary addition to Gildan’s growing brand portfolio. The acquisition provides the opportunity to grow American Apparel® sales by leveraging the Company’s extensive imprintable distribution networks in North America and internationally to drive further share in the fashion basics category of these markets. Goodwill recorded in connection with this acquisition is fully deductible for tax purposes. Goodwill is primarily attributable to expected synergies, which were not recorded separately since they did not meet the recognition criteria for identifiable intangible assets. Other On July 17, 2017, the Company acquired substantially all of the assets of a ring-spun yarn manufacturer with two facilities located in Columbus, Georgia for cash consideration of $13.5 million , including a balance due of $1.3 million to be paid within eighteen months of closing. The transaction also resulted in the effective settlement of $1.2 million of trade accounts payable owed by Gildan to the manufacturer prior to the acquisition. Goodwill recorded in connection with this acquisition is fully deductible for tax purposes. Goodwill is attributable primarily to the assembled workforce and was not recorded separately since it did not meet the recognition criteria for identifiable intangible assets. On April 4, 2017, the Company acquired a 100% interest in an Australian based activewear distributor for cash consideration of $5.7 million . The transaction also resulted in the effective settlement of $2.9 million of trade accounts receivable due to Gildan prior to the acquisition. The Company accounted for its acquisitions using the acquisition method in accordance with IFRS 3, Business Combinations. The Company determined the fair value of the assets acquired based on management's best estimate of their fair values and taking into account all relevant information available at that time. The following table summarizes the amounts recognized for the assets acquired and liabilities assumed at the date of acquisition for the fiscal 2017 acquisitions: 5. BUSINESS ACQUISITIONS (continued): American Apparel Other Total Assets acquired: Trade accounts receivable $ — $ 1,893 $ 1,893 Income taxes receivable — 235 235 Inventories 11,052 7,235 18,287 Prepaid expenses, deposits and other current assets — 4,100 4,100 Property, plant and equipment 1,527 3,011 4,538 Intangible assets (1) 67,400 2,958 70,358 79,979 19,432 99,411 Liabilities assumed: Accounts payable and accrued liabilities — (3,822 ) (3,822 ) Goodwill 18,562 5,525 24,087 Net assets acquired at fair value $ 98,541 $ 21,135 $ 119,676 Cash consideration paid at closing, net of cash acquired 98,541 18,069 116,610 Settlement of pre-existing relationships — 1,766 1,766 Balance due — 1,300 1,300 $ 98,541 $ 21,135 $ 119,676 (1) The intangible assets acquired relating to American Apparel are comprised of trademarks in the amount of $51.4 million which are not being amortized as they are considered to be indefinite life intangible assets, and customer relationships in the amount of $16.0 million which are being amortized on a straight line basis over their estimated useful lives of ten years . The intangible assets acquired relating to other acquisitions is comprised of customer relationships in the amount $3.0 million which are being amortized on a straight line basis over their estimated useful lives of fifteen years . |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 30, 2018 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS: Cash and cash equivalents consisted entirely of bank balances as at December 30, 2018 and December 31, 2017 . |
TRADE ACCOUNTS RECEIVABLE
TRADE ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE ACCOUNTS RECEIVABLE | TRADE ACCOUNTS RECEIVABLE: December 30, 2018 December 31, 2017 Trade accounts receivable $ 324,706 $ 248,419 Allowance for expected credit losses (7,547 ) (5,054 ) $ 317,159 $ 243,365 As at December 30, 2018 , trade accounts receivables being serviced under a receivables purchase agreement amounted to $117.0 million ( December 31, 2017 - $92.8 million). The receivables purchase agreement, which allows for the sale of a maximum of $175 million of accounts receivables at any one time, expires on June 24, 2019, subject to annual extensions. The difference between the carrying amount of the receivables sold under the agreement and the cash received at the time of transfer was $2.6 million for fiscal 2018 ( 2017 - $1.7 million ), and was recorded in bank and other financial charges. The movement in the allowance for expected credit losses in respect of trade receivables was as follows: December 30, 2018 December 31, 2017 Balance, beginning of fiscal year $ (5,054 ) $ (5,589 ) Adjustment relating to adoption of new accounting standard (note 2(d)) (791 ) — Adjusted balance, beginning of fiscal year (5,845 ) (5,589 ) Bad debt expense (3,634 ) (3,689 ) Write-off of trade accounts receivable 1,932 4,224 Balance, end of fiscal year $ (7,547 ) $ (5,054 ) |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 30, 2018 | |
Inventories [Abstract] | |
INVENTORIES | INVENTORIES: December 30, 2018 December 31, 2017 Raw materials and spare parts inventories $ 151,600 $ 128,414 Work in progress 67,903 60,743 Finished goods 720,526 756,581 $ 940,029 $ 945,738 The amount of inventories recognized as an expense and included in cost of sales was $ 2,029.5 million for fiscal 2018 ( 2017 - $ 1,884.8 million), which included an expense of $ 11.2 million ( 2017 - $ 18.0 million) related to the write-down of inventory to net realizable value. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 30, 2018 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | ROPERTY, PLANT AND EQUIPMENT: Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2018 Cost Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Additions 1,051 9,650 49,560 3,065 47,406 110,732 Transfers — 33,932 31,735 1,498 (67,165 ) — Disposals (97 ) (5,095 ) (35,924 ) (21,002 ) — (62,118 ) Balance, December 30, 2018 $ 70,957 $ 550,885 $ 1,085,345 $ 159,201 $ 57,630 $ 1,924,018 Accumulated depreciation Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Depreciation — 24,781 91,081 9,935 — 125,797 Disposals — — (22,510 ) (9,330 ) — (31,840 ) Balance, December 30, 2018 $ — $ 181,821 $ 640,418 $ 111,304 $ — $ 933,543 Carrying amount, December 30, 2018 $ 70,957 $ 369,064 $ 444,927 $ 47,897 $ 57,630 $ 990,475 Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2017 Cost Balance, January 1, 2017 $ 69,373 $ 504,186 $ 997,993 $ 167,651 $ 50,607 $ 1,789,810 Additions 630 7,515 17,565 10,852 55,640 92,202 Additions through business acquisitions — 29 4,153 356 — 4,538 Transfers — 2,601 25,062 1,195 (28,858 ) — Disposals — (1,933 ) (4,799 ) (4,414 ) — (11,146 ) Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Accumulated depreciation Balance, January 1, 2017 $ — $ 132,976 $ 483,742 $ 96,209 $ — $ 712,927 Depreciation — 24,719 92,904 18,610 — 136,233 Disposals — (655 ) (4,799 ) (4,120 ) — (9,574 ) Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Carrying amount, December 31, 2017 $ 70,003 $ 355,358 $ 468,127 $ 64,941 $ 77,389 $ 1,035,818 Assets not yet utilized in operations include expenditures incurred to date for plant expansions which are still in process and equipment not yet placed into service as at the end of the reporting period. As at December 30, 2018 , there were contractual purchase obligations outstanding of approximately $ 24.8 million for the acquisition of property, plant and equipment compared to $ 46.2 million as of December 31, 2017 . |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 30, 2018 | |
Intangible assets [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL: Intangible assets: 2018 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Additions — — 10,102 9,363 — 19,465 Disposals — — — (879 ) (90 ) (969 ) Balance, December 30, 2018 $ 224,489 $ 226,172 $ 69,600 $ 58,255 $ 1,790 $ 580,306 Accumulated amortization Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Amortization 13,592 700 8,572 4,475 — 27,339 Disposals — — — (721 ) (90 ) (811 ) Balance, December 30, 2018 $ 89,064 $ 1,808 $ 57,606 $ 36,465 $ 1,790 $ 186,733 Carrying amount, December 30, 2018 $ 135,425 $ 224,364 $ 11,994 $ 21,790 $ — $ 393,573 2017 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, January 1, 2017 $ 205,531 $ 174,772 $ 59,498 $ 48,776 $ 1,880 $ 490,457 Additions — — — 2,852 — 2,852 Additions through business acquisitions 18,958 51,400 — — — 70,358 Disposals — — — (1,857 ) — (1,857 ) Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Accumulated amortization Balance, January 1, 2017 $ 62,185 $ 125 $ 42,586 $ 29,528 $ 1,812 $ 136,236 Amortization 13,287 983 6,448 4,808 68 25,594 Disposals — — — (1,625 ) — (1,625 ) Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Carrying amount, December 31, 2017 $ 149,017 $ 225,064 $ 10,464 $ 17,060 $ — $ 401,605 The carrying amount of internally-generated assets within computer software was $ 16.2 million as at December 30, 2018 and $ 11.7 million as at December 31, 2017 . Included in computer software as at December 30, 2018 is $ 5.9 million ( December 31, 2017 - $ 5.1 million) of assets not yet utilized in operations. 10. INTANGIBLE ASSETS AND GOODWILL (continued): Goodwill: December 30, 2018 December 31, 2017 Balance, beginning of fiscal year $ 226,571 $ 202,108 Goodwill acquired 692 24,087 Other 99 376 Balance, end of fiscal year $ 227,362 $ 226,571 Recoverability of cash-generating units: Goodwill acquired through business acquisitions and trademarks with indefinite useful lives have been allocated to the Company's CGUs as follows: December 30, 2018 Textile & Sewing: Goodwill $ 206,134 Indefinite life intangible assets 93,400 $ 299,534 Hosiery: Goodwill $ 21,228 Indefinite life intangible assets 129,272 $ 150,500 In assessing whether goodwill and indefinite life intangible assets are impaired, the carrying amounts of the CGUs (including goodwill and indefinite life intangible assets) are compared to their recoverable amounts. The recoverable amounts of CGUs are based on the higher of the value in use and fair value less costs of disposal. The Company performed the annual impairment review for goodwill and indefinite life intangible assets during fiscal 2018 , and the estimated recoverable amounts exceeded the carrying amounts of the CGUs and as a result, there was no impairment identified. Recoverable amount The Company determined the recoverable amounts of the Textile & Sewing and Hosiery CGU’s based on the fair value less costs of disposal method. The fair values of the Textile & Sewing and Hosiery CGU’s were based on a multiple applied to forecasted adjusted EBITDA for the next year, which takes into account financial forecasts approved by senior management. The key assumptions for the fair value less costs of disposal method include estimated sales volumes, selling prices, input costs, and SG&A expenses in determining future forecasted adjusted EBITDA, as well as the multiple applied to forecasted adjusted EBITDA. The adjusted EBITDA multiple was obtained by using market comparables as a reference. The values assigned to the key assumptions represent management’s assessment of future trends and have been based on historical data from external and internal sources. For the Textile & Sewing CGU, no reasonably possible change in the key assumptions used in determining the recoverable amount would result in any impairment of goodwill or indefinite life intangible assets. 10. INTANGIBLE ASSETS AND GOODWILL (continued): Hosiery CGU The key assumptions used in the estimation of the recoverable amount for the Hosiery CGU are the risk adjusted forecasted adjusted EBITDA for the next year and the adjusted EBITDA multiple of 11 . The most significant assumptions that form part of the risk adjusted forecasted adjusted EBITDA for the Hosiery CGU relate to continuing sales trends, expected gross margins and the reduction in SG&A expenses arising from the internal organizational realignment initiated in December 2017. Management has identified that a reasonably possible change in forecasted adjusted EBITDA or adjusted EBITDA multiple could cause the carrying amount of the Hosiery CGU to exceed its recoverable amount. A decrease in the risk adjusted forecasted adjusted EBITDA of 10% in the Hosiery CGU, combined with a decrease in the adjusted EBITDA multiple by a factor of 2 would result in the estimated recoverable amount being equal to the carrying amount. A further decrease in the risk adjusted forecasted adjusted EBITDA or the adjusted EBITDA multiple may result in the Company recording an impairment charge relating to the Hosiery CGU. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 30, 2018 | |
Financial Instruments [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: Effective interest rate (1) Principal amount Maturity date December 30, December 31, Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% (2) 3.4% $ 69,000 $ 30,000 April 2023 Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2%, payable monthly (3) 2.8% 300,000 300,000 April 2023 Notes payable, interest at fixed rate of 2.70%, payable semi-annually (4) 2.7% 100,000 100,000 August 2023 Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.53% payable quarterly (4) 2.7% 50,000 50,000 August 2023 Notes payable, interest at fixed rate of 2.91%, payable semi-annually (4) 2.9% 100,000 100,000 August 2026 Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.57% payable quarterly (4) 2.9% 50,000 50,000 August 2026 $ 669,000 $ 630,000 (1) Represents the annualized effective interest rate for the year ended December 30, 2018 , including the cash impact of interest rate swaps, where applicable. (2) The Company’s unsecured revolving long-term bank credit facility of $ 1 billion provides for an annual extension which is subject to the approval of the lenders. The spread added to the U.S. LIBOR-based variable interest rate is a function of the total net debt to EBITDA ratio (as defined in the credit facility agreement). In addition, an amount of $ 13.4 million ( December 31, 2017 - $ 14.6 million) has been committed against this facility to cover various letters of credit. (3) The unsecured term loan is non-revolving and can be prepaid in whole or in part at any time with no penalties. The spread added to the U.S. LIBOR-based variable interest rate is a function of the total net debt to EBITDA ratio (as defined in the term loan agreement). (4) The unsecured notes issued for a total aggregate principal amount of $ 300 million to accredited investors in the U.S. private placement market can be prepaid in whole or in part at any time, subject to the payment of a prepayment penalty as provided for in the Note Purchase Agreement. In March 2018, the Company amended its unsecured revolving long-term bank credit facility of $1 billion to extend the maturity date from April 2022 to April 2023, amended its unsecured term loan of $300 million to extend the maturity date from June 2021 to April 2023, and cancelled its unsecured revolving long-term bank credit facility of $300 million . Under the terms of the revolving facilities, term loan facility, and notes, the Company is required to comply with certain covenants, including maintenance of financial ratios. The Company was in compliance with all financial covenants at December 30, 2018 . |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES: December 30, 2018 December 31, 2017 Employee benefit obligation - Statutory severance and pre-notice $ 22,075 $ 16,096 Employee benefit obligation - Defined contribution plan 3,498 3,216 Provisions 14,343 17,829 $ 39,916 $ 37,141 (a) Statutory severance and pre-notice obligations: December 30, 2018 December 31, 2017 Obligation, beginning of fiscal year $ 16,096 $ 14,579 Service cost 13,500 12,424 Interest cost 6,478 6,171 Actuarial loss (1) 1,694 64 Foreign exchange gain (537 ) (389 ) Benefits paid (15,156 ) (16,753 ) Obligation, end of fiscal year $ 22,075 $ 16,096 (1) The actuarial loss is due to changes in the actuarial assumptions used to determine the statutory severance obligations. Significant assumptions for the calculation of the statutory severance obligations included the use of a discount rate of between 10.0% and 10.5% ( 2017 - between 9.2% and 9.7% ) and rates of compensation increases between 6.5% and 10.0% ( 2017 - between 8% and 10.0% ). A 1% increase in the discount rates would result in a corresponding decrease in the statutory severance obligations of $ 4.1 million, and a 1% decrease in the discount rates would result in a corresponding increase in the statutory severance obligations of $ 5.0 million. A 1% increase in the rates of compensation increases used would result in a corresponding increase in the statutory severance obligations of $ 5.0 million, and a 1% decrease in the rates of compensation increases used would result in a corresponding decrease in the statutory severance obligations of $ 4.3 million. The cumulative amount of actuarial losses recognized in other comprehensive income as at December 30, 2018 was $ 23.8 million ( December 31, 2017 - $ 22.1 million) which have been reclassified to retained earnings in the period in which they were recognized. (b) Defined contribution plan: During fiscal 2018 , defined contribution expenses were $ 6.2 million ( 2017 - $ 6.3 million). 12. OTHER NON-CURRENT LIABILITIES (continued): (c) Provisions: Decommissioning and site Lease exit restoration costs costs Total Balance, December 31, 2017 $ 16,572 $ 1,257 $ 17,829 Provisions made during the fiscal year — 3,509 3,509 Changes in estimates made during the fiscal year (2,147 ) — (2,147 ) Provisions utilized during the fiscal year — (147 ) (147 ) Accretion of interest 299 — 299 Other (1) (note 17) (5,000 ) — (5,000 ) Balance, December 30, 2018 $ 9,724 $ 4,619 $ 14,343 (1) Related to the reversal of an environmental liability for a U.S. distribution facility previously acquired through a business acquisition and sold in fiscal 2018 . Provisions include estimated future costs of decommissioning and site restoration for certain assets located at the Company’s textile and sock facilities for which the timing of settlement is uncertain, but has been estimated to be in excess of twenty years . The lease exit costs relate to a U.S. distribution center and an administrative office acquired in connection with a prior year business acquisition. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 30, 2018 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
EQUITY | EQUITY: (a) Shareholder rights plan: The Company has a shareholder rights plan which provides the Board of Directors and the shareholders with additional time to assess any unsolicited take-over bid for the Company and, where appropriate, pursue other alternatives for maximizing shareholder value. (b) Accumulated other comprehensive income (“AOCI”): Accumulated other comprehensive income includes the changes in the fair value of the effective portion of qualifying cash flow hedging instruments outstanding at the end of the fiscal year. (c) Share capital: Authorized: Common shares, authorized without limit as to number and without par value. First preferred shares, without limit as to number and without par value, issuable in series and non-voting. Second preferred shares, without limit as to number and without par value, issuable in series and non-voting. As at December 30, 2018 and December 31, 2017 , none of the first and second preferred shares were issued. Issued: As at December 30, 2018 , there were 206,732,436 common shares ( December 31, 2017 - 219,198,989 ) issued and outstanding, which are net of 3,797 common shares ( December 31, 2017 - 4,308 ) that have been purchased and are held in trust as described in note 13(e). (d) Normal course issuer bid: On February 23, 2017, the Company announced the renewal of a normal course issuer bid (previous NCIB) beginning February 27, 2017 and ending on February 26, 2018, to purchase for cancellation up to 11,512,267 common shares (representing approximately 5% of the Company’s issued and outstanding common shares of the Company). On November 1, 2017, the Company obtained approval from the Toronto Stock Exchange (TSX) to amend its previous NCIB program in order to increase the maximum number of common shares that may be repurchased from 11,512,267 common shares, to 16,117,175 common shares, representing approximately 7% of the Company’s issued and outstanding common shares. No other terms of the previous NCIB were amended. 13. EQUITY (continued): (d) Normal course issuer bid (continued): During the fiscal year ended December 31, 2017 , the Company repurchased for cancellation a total of 11,512,267 common shares under a previous NCIB for a total cost of $ 328.6 million, of which a total of 877,000 common shares were repurchased by way of private agreements with arm’s length third-party sellers. Of the total cost of $ 328.6 million, $ 7.7 million was charged to share capital and $ 320.9 million was charged to retained earnings. On February 21, 2018, the Board of Directors of the Company approved the initiation of a new NCIB commencing on February 27, 2018 and ending on February 26, 2019 to purchase for cancellation up to 10,960,391 common shares, representing approximately 5% of the Company’s issued and outstanding common shares. On August 1, 2018, the Company obtained approval from the TSX to amend its current NCIB program in order to increase the maximum number of common shares that may be repurchased from 10,960,391 common shares, or approximately 5% of the Company’s issued and outstanding common shares as at February 15, 2018 (the reference date for the NCIB), to 21,575,761 common shares, representing approximately 10% of the public float as at February 15, 2018. No other terms of the NCIB were amended. During the year ended December 30, 2018 , the Company repurchased for cancellation a total of 12,634,693 common shares under its NCIB program for a total cost of $ 367.5 million, of which a total of 175,732 common shares were repurchased under the previous NCIB. Of the total cost of $ 367.5 million, $ 9.2 million was charged to share capital and $ 358.3 million was charged to retained earnings. Gildan received approval from the TSX to renew its NCIB commencing on February 27, 2019 to purchase for cancellation up to 10,337,017 common shares, representing approximately 5% of the Gildan’s issued and outstanding common shares. As of February 14, 2019, Gildan had 206,740,357 common shares issued and outstanding. Gildan is authorized to make purchases under the NCIB until February 26, 2020 in accordance with the requirements of the TSX. Purchases will be made by means of open market transactions on both the TSX and the New York Stock Exchange, or alternative trading systems, if eligible, or by such other means as a securities regulatory authority may permit, including by private agreements under an issuer bid exemption order issued by securities regulatory authorities in Canada. Under the bid, Gildan may purchase up to a maximum of 136,754 Common Shares daily through TSX facilities, which represents 25% of the average daily trading volume on the TSX for the most recently completed six calendar months. The price to be paid by Gildan for any Common Shares will be the market price at the time of the acquisition, plus brokerage fees, and purchases made under an issuer bid exemption order will be at a discount to the prevailing market price in accordance with the terms of the order. (e) Common shares purchased as settlement for non-Treasury RSUs: The Company has established a trust for the purpose of settling the vesting of non-Treasury RSUs. For non-Treasury RSUs that are to be settled in common shares in lieu of cash, the Company directs the trustee to purchase common shares of the Company on the open market to be held in trust for and on behalf of the holders of non-Treasury RSUs until they are delivered for settlement, when the non-Treasury RSUs vest. For accounting purposes, the common shares are considered as held in treasury, and recorded as a temporary reduction of outstanding common shares and share capital. Upon delivery of the common shares for settlement of the non-Treasury RSUs, the number of common shares outstanding is increased, and the amount in contributed surplus is transferred to share capital. As at December 30, 2018 , a total of 3,797 common shares purchased as settlement for non-Treasury RSUs were considered as held in treasury, and recorded as a temporary reduction of outstanding common shares and share capital ( December 31, 2017 - 4,308 common shares). (f) Contributed surplus: The contributed surplus account is used to record the accumulated compensation expense related to equity-settled share based compensation transactions. Upon the exercise of stock options, the vesting of Treasury RSUs, and the delivery of common shares for settlement of vesting non-Treasury RSUs, the corresponding amounts previously credited to contributed surplus are transferred to share capital. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 30, 2018 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS: Disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk, foreign currency risk and interest rate risk, as well as risks arising from commodity prices, and how the Company manages those risks, are included in the section entitled “Financial risk management” of the Management’s Discussion and Analysis of the Company’s operations, financial performance and financial position as at December 30, 2018 and December 31, 2017 . Accordingly, these disclosures are incorporated into these consolidated financial statements by cross-reference. (a) Financial instruments - carrying amounts and fair values: The carrying amounts and fair values of financial assets and liabilities included in the consolidated statements of financial position are as follows: December 30, 2018 December 31, 2017 Financial assets Amortized cost: Cash and cash equivalents $ 46,657 $ 52,795 Trade accounts receivable 317,159 243,365 Financial assets included in prepaid expenses, deposits and other current assets 39,789 28,711 Long-term non-trade receivables included in other non-current assets 2,771 2,781 Derivative financial assets included in prepaid expenses, deposits and other current assets 17,792 16,920 Financial liabilities Amortized cost: Accounts payable and accrued liabilities (1) $ 332,543 $ 255,832 Long-term debt - bearing interest at variable rates 469,000 430,000 Long-term debt - bearing interest at fixed rates (2) 200,000 200,000 Derivative financial liabilities included in accounts payable and accrued liabilities 14,442 2,644 (1) Accounts payable and accrued liabilities include balances payable of $33.0 million ( December 31, 2017 - nil) under supply-chain financing arrangements (reverse factoring) with a financial institution, whereby receivables due from the Company to certain suppliers can be collected by the suppliers from a financial institution before their original due date. These balances are classified as accounts payable and accrued liabilities and the related payments as cash flows from operating activities, given the principal business purpose of the arrangement is to provide funding to the supplier and not the Company, the arrangement does not significantly extend the payment terms beyond the normal terms agreed with other suppliers, and no additional deferral or special guarantees to secure the payments are included in the arrangement. (2) The fair value of the long-term debt bearing interest at fixed rates was $ 189.5 million as at December 30, 2018 ( December 31, 2017 - $ 197.6 million ). Short-term financial assets and liabilities The Company has determined that the fair value of its short-term financial assets and liabilities approximates their respective carrying amounts as at the reporting dates due to the short-term maturities of these instruments, as they bear variable interest-rates or because the terms and conditions are comparable to current market terms and conditions for similar items. Non-current assets and long-term debt bearing interest at variable rates The fair values of the long-term non-trade receivables included in other non-current assets and the Company’s long-term debt bearing interest at variable rates also approximate their respective carrying amounts because the interest rates applied to measure their carrying amounts approximate current market interest rates. 14. FINANCIAL INSTRUMENTS (continued): (a) Financial instruments - carrying amounts and fair values (continued): Long-term debt bearing interest at fixed rates The fair value of the long-term debt bearing interest at fixed rates is determined using the discounted future cash flows method and at discount rates based on yield to maturities for similar issuances. The fair value of the long-term debt bearing interest at fixed rates was measured using Level 2 inputs in the fair value hierarchy. In determining the fair value of the long-term debt bearing interest at fixed rates, the Company takes into account its own credit risk and the credit risk of the counterparties. Derivatives Derivative financial instruments (most of which are designated as effective hedging instruments) consist of foreign exchange and commodity forward, option, and swap contracts, as well as floating-to-fixed interest rate swaps to fix the variable interest rates on a designated portion of borrowings under the term loan and unsecured notes. The fair value of the forward contracts is measured using a generally accepted valuation technique which is the discounted value of the difference between the contract’s value at maturity based on the rate set out in the contract and the contract’s value at maturity based on the rate that the counterparty would use if it were to renegotiate the same contract terms at the measurement date under current conditions. The fair value of the option contracts is measured using option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs, including volatility estimates and option adjusted credit spreads. The fair value of the interest rate swaps is determined based on market data, by measuring the difference between the fixed contracted rate and the forward curve for the applicable floating interest rates. The Company also has a total return swap (“TRS”) outstanding that is intended to reduce the variability of net earnings associated with deferred share units, which are settled in cash. The TRS is not designated as a hedging instrument and, therefore, the fair value adjustment at the end of each reporting period is recognized in selling, general and administrative expenses. The fair value of the TRS is measured by reference to the market price of the Company’s common shares, at each reporting date. The TRS has a one -year term, may be extended annually, and the contract allows for early termination at the option of the Company. As at December 30, 2018 , the notional amount of TRS outstanding was 259,897 shares. Derivative financial instruments were measured using Level 2 inputs in the fair value hierarchy. In determining the fair value of derivative financial instruments the Company takes into account its own credit risk and the credit risk of the counterparties. (b) Derivative financial instruments - hedge accounting: During fiscal 2018 , the Company entered into foreign exchange and commodity forward, option, and swap contracts in order to minimize the exposure of forecasted cash inflows and outflows in currencies other than the U.S. dollar and to manage its exposure to movements in commodity prices, as well as floating-to-fixed interest rate swaps to fix the variable interest rates on a designated portion of borrowings under the term loan and unsecured notes. The forward foreign exchange contracts were designated as cash flow hedges and qualified for hedge accounting. The forward foreign exchange contracts outstanding as at December 30, 2018 consisted primarily of contracts to reduce the exposure to fluctuations in Canadian dollars, Euros, Australian dollars, Pounds sterling, and Mexican pesos against the U.S. dollar. Most commodity forward, option, and swap contracts were designated as cash flow hedges and qualified for hedge accounting. The commodity contracts outstanding as at December 30, 2018 consisted primarily of forward, collar, and swap contracts to reduce the exposure to movements in commodity prices. The floating-to-fixed interest rate swaps were designated as cash flow hedges and qualified for hedge accounting. The floating-to-fixed interest rate swaps contracts outstanding as at December 30, 2018 served to fix the variable interest rates on the designated interest payments of a portion of the Company's long term debt. 14. FINANCIAL INSTRUMENTS (continued): (b) Derivative financial instruments - hedge accounting (continued): The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 30, 2018 : Carrying and fair value Maturity Notional foreign Average Notional Prepaid expenses, Accounts currency amount exchange U.S. $ deposits and other payable and 0 to 12 equivalent rate equivalent current assets accrued liabilities months Cash flow hedges: Forward foreign exchange contracts: Sell GBP/Buy USD 28,510 1.3224 $ 37,703 $ 1,366 $ — $ 1,366 Sell EUR/Buy USD 31,578 1.1892 37,551 1,004 (19 ) 985 Sell CAD/Buy USD 33,114 0.7784 25,776 1,369 — 1,369 Buy CAD/Sell USD 62,921 0.7583 47,712 — (1,180 ) (1,180 ) Sell AUD/Buy USD 7,941 0.7304 5,800 198 — 198 Buy MXN/Sell USD 79,275 0.0475 3,766 162 — 162 $ 158,308 $ 4,099 $ (1,199 ) $ 2,900 The following table summarizes the Company's commodity contracts outstanding as at December 30, 2018 : Carrying and fair value Maturity Prepaid expenses, Accounts Type of deposits and other payable and 0 to 12 commodity Notional amount (1) current assets accrued liabilities months Cash flow hedges: Forward contracts Cotton 76.0 million pounds $ 336 $ (3,173 ) $ (2,837 ) Swap contracts Synthetic fibres 147.7 million pounds — (5,516 ) (5,516 ) Swap & option contracts Energy 290,000 barrels 145 (2,469 ) (2,324 ) $ 481 $ (11,158 ) $ (10,677 ) (1) Notional amounts are not in thousands. The total notional amount of commodity contracts outstanding as at December 30, 2018 for which hedge accounting is not applied is 81.2 million pounds. The carrying and fair value of these contracts are recorded as prepaid expenses, deposits and other current assets ( $0.3 million ) and accounts payable and accrued liabilities ( $1.0 million ). 14. FINANCIAL INSTRUMENTS (continued): (b) Derivative financial instruments - hedge accounting (continued): The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding as at December 30, 2018 : Carrying and fair value Notional Prepaid expenses, Accounts amount of Maturity Fixed Floating deposits and other payable and borrowings date Pay / Receive rate rate current assets accrued liabilities Cash flow hedges: $ 150,000 June 17, 2021 Pay fixed rate / receive floating rate 0.96 % US LIBOR $ 5,500 $ — 75,000 April 30, 2023 Pay fixed rate / receive floating rate 2.85 % US LIBOR — (521 ) 50,000 August 25, 2023 Pay fixed rate / receive floating rate 1.18 % US LIBOR 3,070 — 50,000 August 25, 2026 Pay fixed rate / receive floating rate 1.34 % US LIBOR 4,382 — $ 12,952 $ (521 ) As the Company amended its unsecured term loan of $300 million to extend its maturity date from June 2021 to April 2023 in March 2018, it entered into new floating-to-fixed interest rate swap contracts which expire in April 30, 2023 relating to a $75 million portion of the notional borrowing, as an extension to the $150 million contract which matures on June 17, 2021. The following table summarizes the Company’s hedged items as at December 30, 2018 : Change in Carrying amount of value used for Cash flow the hedged item calculating hedge hedge reserve Assets Liabilities ineffectiveness (AOCI) Cash flow hedges: Foreign currency risk: Forecast sales $ — $ — $ 2,752 $ (2,752 ) Forecast expenses — — (897 ) 897 Commodity risk: Forecast purchases — — (10,677 ) 10,677 Interest rate risk: Forecast interest payments — — 12,204 (12,204 ) $ — $ — $ 3,382 $ (3,382 ) No ineffectiveness was recognized in net earnings as the change in value of the hedging instrument used for calculating ineffectiveness was the same or smaller as the change in value of the hedged items used for calculating the ineffectiveness. 14. FINANCIAL INSTRUMENTS (continued): (c) Financial expenses, net: 2018 2017 Interest expense on financial liabilities recorded at amortized cost (1) $ 24,757 $ 17,126 Bank and other financial charges 7,472 8,025 Interest accretion on discounted provisions 299 311 Foreign exchange gain (1,483 ) (1,276 ) $ 31,045 $ 24,186 (1) Net of capitalized borrowing costs of $ 0.7 million ( 2017 - $ 1.2 million). (d) Hedging components of other comprehensive income (“OCI”): 2018 2017 Net gain (loss) on derivatives designated as cash flow hedges: Foreign currency risk $ 6,740 $ (6,076 ) Commodity price risk 698 11,087 Interest rate risk 102 425 Income taxes (67 ) 60 Amounts reclassified from OCI to inventory, related to commodity price risk (13,303 ) (33,294 ) Amounts reclassified from OCI to net earnings, related to foreign currency risk, and included in: Net sales (1,864 ) 1,626 Cost of sales (307 ) (1,042 ) Selling, general and administrative expenses 51 (2,087 ) Financial expenses, net (2,224 ) 2,234 Income taxes 16 (4 ) Cash flow hedging loss $ (10,158 ) $ (27,071 ) The change in the time value element of option and swap contracts designated as cash flow hedges to reduce the exposure in movements of commodity prices was not significant for the years ended December 30, 2018 and December 31, 2017 . The change in the forward element of derivatives designated as cash flow hedges to reduce foreign currency risk was not significant for the years ended December 30, 2018 and December 31, 2017 . Approximately $ 1.4 million of net gains presented in accumulated other comprehensive income are expected to be reclassified to inventory or net earnings within the next twelve months. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 30, 2018 | |
Share-based Payment Arrangements [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION: (a) Employee share purchase plans: The Company has employee share purchase plans which allow eligible employees to authorize payroll deductions of up to 10% of their salary to purchase from Treasury, common shares of the Company at a price of 90% of the then current share price as defined in the plans. Employees purchasing shares under the plans subsequent to January 1, 2008 must hold the shares for a minimum of two years . The Company has reserved 5,000,000 common shares for issuance under the plans. As at December 30, 2018 , a total of 910,159 shares ( December 31, 2017 - 852,255 ) were issued under these plans. Included as compensation costs in selling, general and administrative expenses is $ 0.2 million ( 2017 - $ 0.2 million) relating to the employee share purchase plans. (b) Stock options and restricted share units: The Company’s Long-Term Incentive Plan (the "LTIP") includes stock options and restricted share units. The LTIP allows the Board of Directors to grant stock options, dilutive restricted share units ("Treasury RSUs") and non-dilutive restricted share units ("non-Treasury RSUs") to officers and other key employees of the Company and its subsidiaries. The number of common shares that are issuable pursuant to the exercise of stock options and the vesting of Treasury RSUs for the LTIP is fixed at 12,000,632 . As at December 30, 2018 , 1,524,965 common shares remained authorized for future issuance under this plan. The exercise price payable for each common share covered by a stock option is determined by the Board of Directors at the date of the grant, but may not be less than the closing price of the common shares of the Company on the trading day immediately preceding the effective date of the grant. Stock options granted since fiscal 2007 vest equally beginning on the second, third, fourth, and fifth anniversary of the grant date, with limited exceptions. Holders of Treasury RSUs, non-Treasury RSUs and deferred share units are entitled to dividends declared by the Company which are recognized in the form of additional equity awards equivalent in value to the dividends paid on common shares. The vesting conditions of the additional equity awards are subject to the same performance objectives and other terms and conditions as the underlying equity awards. The additional awards related to outstanding Treasury RSUs and non-Treasury RSUs expected to be settled in common shares are credited to contributed surplus when the dividends are declared. 15. SHARE-BASED COMPENSATION (continued): (b) Stock options and restricted share units (continued): Outstanding stock options were as follows: Stock options issued in Canadian dollars and to be exercised on the TSX: Number Weighted exercise price (CA$) Stock options outstanding, January 1, 2017 2,532 $ 31.18 Changes in outstanding stock options: Exercised (269 ) 16.43 Stock options outstanding, December 31, 2017 2,263 32.94 Changes in outstanding stock options: Exercised (110 ) 19.98 Forfeited (160 ) 33.58 Stock options outstanding, December 30, 2018 1,993 $ 33.60 Stock options issued in U.S. dollars and to be exercised on the NYSE: Number Weighted exercise price (US$) Stock options outstanding, January 1, 2017 — $ — Changes in outstanding stock options: Granted 759 29.01 Stock options outstanding, December 31, 2017 759 29.01 Changes in outstanding stock options: Forfeited (90 ) 29.01 Stock options outstanding, December 30, 2018 669 $ 29.01 As at December 30, 2018 , 915,628 outstanding options, all of which were issued in Canadian dollars and to be exercised on the TSX, were exercisable at the weighted average exercise price of CA$ 30.22 ( December 31, 2017 - 599,562 options at CA$ 26.68 ). For stock options exercised during fiscal 2018 , the weighted average share price at the date of exercise was CA$ 39.79 ( 2017 - CA$ 39.23 ). Based on the Black-Scholes option pricing model, the grant date weighted average fair value of options granted during fiscal 2017 was $ 5.15 . There were no options granted during fiscal 2018. The following table summarizes the assumptions used in the Black-Scholes option pricing model for the stock option grants for fiscal 2017 : 2017 Exercise price US$29.01 Risk-free interest rate 1.90% Expected volatility 20.78% Expected life 4.63 years Expected dividend yield 1.29% Expected volatilities are based on the historical volatility of Gildan’s share price. The risk-free rate used for stock options issued in Canadian dollars and to be exercised on the TSX is equal to the yield available on Government of Canada bonds at the date of grant with a term equal to the expected life of the options. The risk-free rate used for stock options issued in U.S. dollars and to be exercised on the NYSE is equal to the yield available on U.S Department of Treasury bonds at the date of grant with a term equal to the expected life of the options. 15. SHARE-BASED COMPENSATION (continued): (b) Stock options and restricted share units (continued): The following table summarizes information about stock options issued and outstanding and exercisable at December 30, 2018 : Options issued and outstanding Options exercisable Exercise prices Number Remaining contractual life (yrs) Number CA$15.59 71 1 71 CA$24.22 239 2 239 CA$30.46 254 3 191 CA$33.01 635 5 159 CA$38.01 511 4 256 CA$42.27 283 7 — 1,993 916 US$29.01 669 6 — 2,662 916 A Treasury RSU represents the right of an individual to receive one common share on the vesting date without any monetary consideration being paid to the Company. All Treasury RSUs awarded to date vest within a five -year vesting period. The vesting of at least 50% of each Treasury RSU grant is contingent on the achievement of performance conditions that are based on the Company’s average return on assets performance for the period as compared to the S&P/TSX Capped Consumer Discretionary Index, excluding income trusts. Outstanding Treasury RSUs were as follows: Number Weighted average fair value per unit Treasury RSUs outstanding, January 1, 2017 249 $ 20.70 Changes in outstanding Treasury RSUs: Granted for dividends declared 2 29.04 Settled through the issuance of common shares (149 ) 14.12 Treasury RSUs outstanding, December 31, 2017 102 30.46 Changes in outstanding Treasury RSUs: Granted 20 30.10 Granted for dividends declared 2 29.94 Forfeited (18 ) 27.93 Treasury RSUs outstanding, December 30, 2018 106 $ 30.82 As at December 30, 2018 and December 31, 2017 , none of the awarded and outstanding Treasury RSUs were vested. The compensation expense included in operating income for fiscal 2018 was $ 2.9 million ( 2017 - $ 3.8 million) in respect of the stock options and $ 0.5 million ( 2017 - $ 0.9 million) in respect of Treasury RSUs, and the counterpart has been recorded as contributed surplus. When the underlying shares are issued to the employees, the amounts previously credited to contributed surplus are transferred to share capital. 15. SHARE-BASED COMPENSATION (continued): (b) Stock options and restricted share units (continued): Outstanding non-Treasury RSUs were as follows: Number Weighted average fair value per unit Non-Treasury RSUs outstanding, January 1, 2017 1,047 $ 27.18 Changes in outstanding non-Treasury RSUs: Granted 471 29.38 Granted for performance 88 28.42 Granted for dividends declared 13 29.86 Settled - common shares (215 ) 28.34 Settled - payment of withholding taxes (142 ) 28.42 Forfeited (62 ) 27.66 Non-Treasury RSUs outstanding, December 31, 2017 1,200 27.79 Changes in outstanding non-Treasury RSUs: Granted 573 29.82 Granted for performance 109 28.46 Granted for dividends declared 24 29.81 Settled - common shares (226 ) 28.47 Settled - payment of withholding taxes (151 ) 28.47 Forfeited (155 ) 27.99 Non-Treasury RSUs outstanding, December 30, 2018 1,374 $ 28.52 Non-Treasury RSUs have the same features as Treasury RSUs, except that their vesting period is a maximum of three years and they can be settled in cash based on the Company’s share price on the vesting date, or through the delivery of common shares purchased on the open market, at the Company's option. Non-Treasury RSUs are settled in common shares purchased on the open market, and to the extent that the Company has an obligation under tax laws to withhold an amount for an employee’s tax obligation associated with the share-based payment the Company settles non-Treasury RSUs on a net basis. 100% of the non-Treasury RSUs awarded to executive officers have vesting conditions that are dependent upon the financial performance of the Company relative to a benchmark group of Canadian publicly listed companies, or other performance metrics. In addition, up to two times the actual number of non-Treasury RSUs awarded to executive officers can vest if exceptional financial performance is achieved. As at December 30, 2018 and December 31, 2017 , none of the outstanding non-Treasury RSUs were vested. The compensation expense included in operating income, in respect of the non-Treasury RSUs, for fiscal 2018 was $ 16.4 million ( 2017 - $ 11.2 million), and the counterpart has been recorded as contributed surplus. When the underlying common shares are delivered to employees for settlement upon vesting, the amounts previously credited to contributed surplus are transferred to share capital. 15. SHARE-BASED COMPENSATION (continued): (c) Deferred share unit plan: The Company has a deferred share unit plan for independent members of the Company’s Board of Directors who must receive at least 50% of their annual board retainers in the form of deferred share units ("DSUs"). The value of these DSUs is based on the Company’s share price at the time of payment of the retainers or fees. DSUs granted under the plan will be redeemable and the value thereof payable in cash only after the director ceases to act as a director of the Company. As at December 30, 2018 , there were 274,794 ( December 31, 2017 - 292,873 ) DSUs outstanding at a value of $ 8.3 million ( December 31, 2017 - $ 9.5 million). This amount is included in accounts payable and accrued liabilities based on a fair value per deferred share unit of $ 30.24 ( December 31, 2017 - $ 32.30 ). The DSU obligation is adjusted each quarter based on the market value of the Company’s common shares. The Company includes the cost of the DSU plan in selling, general and administrative expenses, which for fiscal 2018 was $ 1.7 million ( 2017 - $ 1.1 million). Changes in outstanding DSUs were as follows: 2018 2017 DSUs outstanding, beginning of fiscal year 293 255 Granted 54 35 Granted for dividends declared 4 3 Redeemed (76 ) — DSUs outstanding, end of fiscal year 275 293 |
SUPPLEMENTARY INFORMATION RELAT
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES | 12 Months Ended |
Dec. 30, 2018 | |
Analysis of income and expense [abstract] | |
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES | ) Selling, general and administrative expenses: 2018 2017 Selling expenses $ 108,363 $ 118,560 Administrative expenses 135,735 141,325 Distribution expenses 124,448 117,438 $ 368,546 $ 377,323 (b) Employee benefit expenses: 2018 2017 Salaries, wages and other short-term employee benefits $ 541,769 $ 504,366 Share-based payments 19,974 16,065 Post-employment benefits 31,922 30,376 $ 593,665 $ 550,807 16. SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (continued): (c) Lease expenses: During the year ended December 30, 2018 an amount of $ 35.8 million (including operating costs and short term leases) was recognized in the consolidated statement of earnings and comprehensive income relating to operating leases ( 2017 - $ 35.7 million). As at December 30, 2018 , the future minimum lease payments under non-cancellable leases were as follows: Within 1 year $ 21,795 Between 1 and 5 years 51,723 More than 5 years 39,769 $ 113,287 (d) Government assistance: During the year ended December 30, 2018 an amount of $ 10.1 million was recognized in the consolidated statement of earnings and comprehensive income relating to government assistance for yarn production ( 2017 - $ 10.2 million). |
RESTRUCTURING AND ACQUISITION-R
RESTRUCTURING AND ACQUISITION-RELATED COSTS | 12 Months Ended |
Dec. 30, 2018 | |
Analysis of income and expense [abstract] | |
RESTRUCTURING AND ACQUISITION-RELATED COSTS | RESTRUCTURING AND ACQUISITION-RELATED COSTS: Restructuring and acquisition-related costs are presented in the following table, and are comprised of costs directly related to the closure of business locations or the relocation of business activities, significant changes in management structure, as well as transaction, exit, and integration costs incurred pursuant to business acquisitions. 2018 2017 Employee termination and benefit costs $ 7,767 $ 3,958 Exit, relocation and other costs 13,620 13,805 Net loss on disposal of property, plant and equipment related to exit activities 12,394 930 Acquisition-related transaction costs 447 4,201 $ 34,228 $ 22,894 Restructuring and acquisition-related costs in fiscal 2018 related primarily to the following: $9.0 million for the closure of the AKH textile manufacturing facility which was acquired as part of the Anvil acquisition; $9.0 million for the consolidation of the Company's U.S. distribution centres pursuant to prior years' business acquisitions (net of a gain on disposal of $1.2 million and the $5.0 million reversal of an environmental liability for a distribution facility sold in fiscal 2018); $7.3 million for the Company's internal organizational realignment; $5.5 million for the consolidation of sock production manufacturing; and $3.4 million in other costs, including the consolidation of garment dyeing operations acquired in the Comfort Colors acquisition and information systems integration for prior year acquisitions. Restructuring and acquisition-related costs in fiscal 2017 related primarily to the following: $7.9 million of transaction and integration costs for the American Apparel business acquisition; $6.2 million for the rationalization of the Company's remaining retail store outlets; $4.4 million for the integration of prior years' business acquisitions, primarily for the integration of Alstyle and Peds; $2.7 million for the consolidation of the Company's West Coast distribution centres pursuant to the acquisitions of American Apparel and Alstyle; and $1.7 million for the Company's internal organizational realignment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 30, 2018 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES: The income tax provision differs from the amount computed by applying the combined Canadian federal and provincial tax rates to earnings before income taxes. The reasons for the difference and the related tax effects are as follows: 2018 2017 Earnings before income taxes $ 372,134 $ 376,816 Applicable tax rate 26.6 % 26.8 % Income taxes at applicable statutory rate 98,913 101,100 (Decrease) increase in income taxes resulting from: Effect of different tax rates on earnings of foreign subsidiaries (96,013 ) (89,722 ) Income tax recovery and other adjustments related to prior taxation years 979 (1,676 ) Effect of changes in tax rates 2,048 (1,633 ) Effect of revaluation of deferred income taxes on intangible assets — (62,228 ) Non-recognition of tax benefits related to tax losses and temporary differences 17,169 62,488 Effect of non-deductible expenses and other (1,736 ) 6,153 Total income tax expense $ 21,360 $ 14,482 Average effective tax rate 5.7 % 3.8 % The Company’s applicable statutory tax rate is the Canadian combined rate applicable in the jurisdictions in which the Company operates. The details of income tax expense are as follows: 2018 2017 Current income taxes, includes an expense of $3,535 (2017 - recovery of $1,368) relating to prior taxation years $ 12,488 $ 9,587 Deferred income taxes: Changes in tax rates 2,048 (1,633 ) Revaluation of deferred income taxes on intangible assets — (62,228 ) Origination and reversal of temporary differences (7,789 ) 6,576 Non-recognition of tax benefits related to tax losses and temporary differences 17,169 62,488 Recognition of tax benefits relating to prior taxation years (2,556 ) (308 ) 8,872 4,895 Total income tax expense $ 21,360 $ 14,482 During fiscal 2017, the Company revalued the net deferred tax liability position in its U.S. subsidiaries, to reflect the change in the statutory federal corporate income tax rate that took effect at the beginning of 2018, resulting in an income tax recovery of $1.6 million . In addition, the Company incurred a net deferred tax expense of $3.3 million in fiscal 2017 relating to an internal organizational realignment of its Branded Apparel business unit, consisting of a $56.5 million increase in the non-recognition of deferred income tax assets and a $9.0 million reduction in deferred income tax assets relating to the reversal of temporary differences, less a $62.2 million revaluation of deferred income tax liabilities. In fiscal 2018, pursuant to additional phases to the internal reorganization, the Company reassessed the recoverability of its deferred income tax assets in the respective jurisdictions affected, resulting in an increase in deferred tax expense of $6.1 million for assets that were no longer probable of being realized. The fiscal 2018 deferred income tax expense also included $2.0 million for the revaluation of deferred income tax assets and liabilities due to changes in statutory income tax rates. 18. INCOME TAXES (continued): Significant components of the Company’s deferred income tax assets and liabilities relate to the following temporary differences and unused tax losses: December 30, 2018 December 31, 2017 Deferred income tax assets: Non-capital losses $ 85,800 $ 75,433 Non-deductible reserves and accruals 11,395 5,712 Property, plant and equipment 9,227 9,629 Other items 6,039 6,609 112,461 97,383 Unrecognized deferred income tax assets (85,724 ) (67,152 ) Deferred income tax assets $ 26,737 $ 30,231 Deferred income tax liabilities: Property, plant and equipment $ (29,095 ) $ (24,239 ) Intangible assets (10,265 ) (9,705 ) Deferred income tax liabilities $ (39,360 ) $ (33,944 ) Deferred income taxes $ (12,623 ) $ (3,713 ) The details of changes to deferred income tax assets and liabilities were as follows: 2018 2017 Balance, beginning of fiscal year, net $ (3,713 ) $ 1,500 Recognized in the statements of earnings: Non-capital losses 10,367 31,202 Non-deductible reserves and accruals 5,683 (41,052 ) Property, plant and equipment (5,267 ) (3,062 ) Intangible assets 94 66,888 Other (532 ) 1,984 Changes in tax rates (2,048 ) 1,633 Unrecognized deferred income tax assets (17,169 ) (62,488 ) (8,872 ) (4,895 ) Other (38 ) (318 ) Balance, end of fiscal year, net $ (12,623 ) $ (3,713 ) As at December 30, 2018 , the Company has tax credits, capital and non-capital loss carryforwards, and other deductible temporary differences available to reduce future taxable income for tax purposes representing a tax benefit of approximately $ 85.7 million, for which no deferred tax asset has been recognized ( December 31, 2017 - $ 67.2 million), because the criteria for recognition of the tax asset was not met. The tax credits and capital and non-capital loss carryforwards expire between 2019 and 2038. The recognized deferred tax asset is supported by projections of future profitability of the Company. The Company has not recognized a deferred income tax liability for the undistributed profits of subsidiaries operating in foreign jurisdictions, as the Company currently has no intention to repatriate these profits. If expectations or intentions change in the future, the Company may be subject to an additional tax liability upon distribution of these earnings in the form of dividends or otherwise. As at December 30, 2018 , a deferred income tax liability of approximately $ 74 million would result from the recognition of the taxable temporary differences of approximately $ 343 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 30, 2018 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE: Reconciliation between basic and diluted earnings per share is as follows: 2018 2017 Net earnings - basic and diluted $ 350,774 $ 362,334 Basic earnings per share: Basic weighted average number of common shares outstanding 211,435 224,184 Basic earnings per share $ 1.66 $ 1.62 Diluted earnings per share: Basic weighted average number of common shares outstanding 211,435 224,184 Plus dilutive impact of stock options, Treasury RSUs and common shares held in trust 273 351 Diluted weighted average number of common shares outstanding 211,708 224,535 Diluted earnings per share $ 1.66 $ 1.61 Excluded from the above calculation for the year ended December 30, 2018 are 1,462,933 stock options ( 2017 - 1,903,101 ) and nil Treasury RSUs ( 2017 - nil ) which were deemed to be anti-dilutive. |
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION | 12 Months Ended |
Dec. 30, 2018 | |
Depreciation and amortisation expense [abstract] | |
DEPRECIATION AND AMORTIZATION | DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
SUPPLEMENTAL CASH FLOW DISCLOSU
SUPPLEMENTAL CASH FLOW DISCLOSURE | 12 Months Ended |
Dec. 30, 2018 | |
Cash flow statement [Abstract] | |
SUPPLEMENTAL CASH FLOW DISCLOSURE | SUPPLEMENTAL CASH FLOW DISCLOSURE: (a) Adjustments to reconcile net earnings to cash flows from operating activities: 2018 2017 Depreciation and amortization (note 20) $ 158,076 $ 162,150 Restructuring charges related to property, plant and equipment (note 17) 12,394 930 Loss on disposal of property, plant and equipment and intangible assets 1,124 368 Share-based compensation 19,513 15,867 Deferred income taxes (note 18) 8,872 4,895 Unrealized net (gain) loss on foreign exchange and financial derivatives 882 (863 ) Timing differences between settlement of financial derivatives and transfer of deferred gains and losses in accumulated OCI to inventory and net earnings — (10,070 ) Other non-current assets (1,445 ) (523 ) Other non-current liabilities 2,839 2,445 $ 202,255 $ 175,199 (b) Variations in non-cash transactions: 2018 2017 Additions to property, plant and equipment and intangible assets included in accounts payable and accrued liabilities $ 4,977 $ 258 Proceeds on disposal of property, plant and equipment included in other current assets (86 ) 36 Impact of adoption of new accounting standards (note 2(d)) (1,515 ) — Balance due on business acquisitions (note 5) — 2,700 Non-cash ascribed value credited to contributed surplus for dividends attributed to Treasury RSUs 754 447 Non-cash ascribed value credited to share capital from shares issued or distributed pursuant to vesting of restricted share units and exercise of stock options 6,681 9,623 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 30, 2018 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: Key management personnel compensation: Key management personnel includes those individuals that have authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, and is comprised of the members of the executive management team and the Board of Directors. The amount for compensation expense recognized in net earnings for key management personnel was as follows: 2018 2017 Short-term employee benefits $ 8,615 $ 9,446 Post-employment benefits 2,995 205 Share-based payments 12,592 10,932 $ 24,202 $ 20,583 The amounts in accounts payable and accrued liabilities for share-based compensation awards to key management personnel were as follows: December 30, 2018 December 31, 2017 DSUs $ 8,310 $ 9,460 Other: During fiscal 2018, the Company incurred expenses for airplane usage of $ 1.2 million ( 2017 - nil ), with a company controlled by the President and Chief Executive Officer of the Company. The payments made are in accordance with the terms of the agreement established and agreed to by the related parties. The amount in accounts payable and accrued liabilities related to the airplane usage was $ 0.3 million ( December 31, 2017 - nil ). |
COMMITMENTS, GUARANTEES AND CON
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 30, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES | COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES: (a) Claims and litigation The Company is a party to claims and litigation arising in the normal course of operations. The Company does not expect the resolution of these matters to have a material adverse effect on the financial position or results of operations of the Company. (b) Guarantees The Company, and some of its subsidiaries, have granted financial guarantees, irrevocable standby letters of credit, and surety bonds to third parties to indemnify them in the event the Company and some of its subsidiaries do not perform their contractual obligations. As at December 30, 2018 , the maximum potential liability under these guarantees was $ 55.4 million ( December 31, 2017 - $ 50.6 million), of which $ 11.1 million was for surety bonds and $ 44.3 million was for financial guarantees and standby letters of credit ( December 31, 2017 - $ 12.5 million and $ 38.1 million, respectively). As at December 30, 2018 , the Company has recorded no liability with respect to these guarantees, as the Company does not expect to make any payments for the aforementioned items. |
CAPITAL DISCLOSURES
CAPITAL DISCLOSURES | 12 Months Ended |
Dec. 30, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
CAPITAL DISCLOSURES | CAPITAL DISCLOSURES: The Company’s objective in managing capital is to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions, while maintaining a strong credit profile and a capital structure that reflects a target ratio of financial leverage as noted below. The Company’s capital is composed of net debt and shareholders’ equity. Net debt consists of interest-bearing debt less cash and cash equivalents. The Company’s use of capital is to finance working capital requirements, capital expenditures, business acquisition, payment of dividends, as well as share repurchases. The Company currently funds these requirements out of its internally-generated cash flows and with funds drawn from its long-term debt facilities. The primary measure used by the Company to monitor its financial leverage is its net debt leverage ratio. The Company’s net debt leverage ratio is defined as the ratio of net debt to earnings before financial expenses, income taxes, depreciation and amortization, and restructuring and acquisition-related costs (“adjusted EBITDA”) for the trailing twelve months, on a pro-forma basis to reflect business acquisitions made during the trailing twelve month period, as if they had occurred at the beginning of the trailing twelve month period. The Company has set a target net debt leverage ratio of one to two times adjusted EBITDA. As at December 30, 2018 , the Company’s net debt leverage ratio was 1.0 times. In order to maintain or adjust its capital structure, the Company, upon approval from its Board of Directors, may issue or repay long-term debt, issue shares, repurchase shares, pay dividends or undertake other activities as deemed appropriate under the specific circumstances. The Board of Directors will consider several factors when deciding to declare quarterly cash dividends, including the Company’s present and future earnings, cash flows, capital requirements and present and/or future regulatory and legal restrictions. There can be no assurance as to the declaration of future quarterly cash dividends. Although the Company’s revolving facilities, term loan facility, and notes require compliance with lending covenants in order to pay dividends, these covenants have not been and are not currently, a constraint to the payment of dividends under the Company’s dividend policy. The Company paid dividends of $ 94.6 million during the year ended December 30, 2018 , representing dividends declared per common share of $ 0.448 . On February 20, 2019 , the Board of Directors approved a 20% increase in the amount of the current quarterly dividend and declared a cash dividend of $ 0.134 per share for an expected aggregate payment of $ 27.7 million which will be paid on April 1, 2019 on all of the issued and outstanding common shares of the Company, rateably and proportionately to the holders of record on March 7, 2019 . This dividend is an “eligible dividend” for the purposes of the Income Tax Act (Canada) and any other applicable provincial legislation pertaining to eligible dividends. The Company is not subject to any capital requirements imposed by a regulator. |
DISAGGREGATION OF REVENUE
DISAGGREGATION OF REVENUE | 12 Months Ended |
Dec. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
DISAGGREGATION OF REVENUE | Net sales by major product group were as follows: 2018 2017 Activewear $ 2,321,395 $ 2,043,147 Hosiery and underwear 587,170 707,669 $ 2,908,565 $ 2,750,816 Net sales were derived from customers located in the following geographic areas: 2018 2017 United States $ 2,484,877 $ 2,381,193 Canada 120,764 131,061 International 302,924 238,562 $ 2,908,565 $ 2,750,816 |
ENTITY-WIDE DISCLOSURES
ENTITY-WIDE DISCLOSURES | 12 Months Ended |
Dec. 30, 2018 | |
Entity-wide disclosures [Abstract] | |
ENTITY-WIDE DISCLOSURES | ENTITY-WIDE DISCLOSURES: Property, plant and equipment, intangible assets, and goodwill, were allocated to geographic areas as follows: December 30, 2018 December 31, 2017 United States $ 455,491 $ 487,228 Canada 132,045 141,820 Honduras 387,301 386,348 Caribbean Basin 544,282 559,422 Other 92,291 89,176 $ 1,611,410 $ 1,663,994 Customers accounting for at least 10% of total net sales for the fiscal years ended December 30, 2018 and December 31, 2017 were as follows. 2018 2017 Customer A 19.0 % 16.5 % Customer B 10.0 % 7.6 % Customer C 7.6 % 11.9 % |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 30, 2018 | |
List Of Accounting Policies [Abstract] | |
Statement of compliance | These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). |
Basis of measurement | These consolidated financial statements have been prepared on the historical cost basis except for the following items in the consolidated statements of financial position: • Derivative financial instruments which are measured at fair value; • Employee benefit obligations related to defined benefit plans which are measured at the present value of the defined benefit obligations, net of advance payments made to employees thereon; • Liabilities for cash-settled share-based payment arrangements which are measured at fair value, and equity-classified share-based payment arrangements which are measured at fair value at grant date pursuant to IFRS 2, Share-based payment; • Provisions for decommissioning, site restoration costs, and onerous contracts which are measured at the present value of the expenditures expected to be required to settle the obligation; and • Identifiable assets acquired and liabilities assumed in connection with a business combination which are initially measured at fair value. These consolidated financial statements are presented in U.S. dollars, which is the Company's functional currency |
Business combinations | Business combinations are accounted for using the acquisition method. Accordingly, the consideration transferred for the acquisition of a business is the fair value of the assets transferred and any debt and equity interests issued by the Company on the date control of the acquired company is obtained. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Contingent consideration classified as an asset or a liability that is a financial instrument is subsequently remeasured at fair value, with any resulting gain or loss recognized and included in restructuring and acquisition-related costs in the consolidated statement of earnings and comprehensive income. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred and are included in restructuring and acquisition-related costs in the consolidated statement of earnings and comprehensive income. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in an acquired company either at fair value or at the non-controlling interest’s proportionate share of the acquired company’s net identifiable assets. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred and non-controlling interest recognized is less than the fair value of the net assets of the business acquired, a purchase gain is recognized immediately in the consolidated statement of earnings and comprehensive income. |
Subsidiaries | Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries are aligned with the policies adopted by the Company. Intragroup transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. |
Foreign currency translation | Monetary assets and liabilities of the Company’s Canadian and foreign operations denominated in currencies other than the U.S. dollar are translated using exchange rates in effect at the reporting date. Non-monetary assets and liabilities denominated in currencies other than U.S. dollars are translated at the rates prevailing at the respective transaction dates. Income and expenses denominated in currencies other than U.S. dollars are translated at average rates prevailing during the year. Gains or losses on foreign exchange are recorded in net earnings, and presented in the statement of earnings and comprehensive income within financial expenses. |
Cash and cash equivalents | The Company considers all liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. |
Trade accounts receivable | Trade accounts receivable consist of amounts due from our normal business activities. An allowance for expected credit losses is maintained to reflect an impairment risk for trade accounts receivable based on an expected credit loss model which factors in changes in credit quality since the initial recognition of trade accounts receivable based on customer risk categories. Bad debts are also provided for based on collection history and specific risks identified on a customer-by-customer basis. Trade accounts receivable are recorded net of accrued sales discounts. The Company may continuously sell trade accounts receivables of certain designated customers to a third-party financial institution in exchange for a cash payment equal to the face value of the sold trade receivables less an applicable discount. The Company retains servicing responsibilities, including collection, for these trade accounts receivables but does not retain any credit risk with respect to any trade accounts receivables that have been sold. All trade accounts receivables sold under the receivables purchase agreement are removed from the consolidated statements of financial position, as the sale of the trade accounts receivables qualify for de-recognition. The net cash proceeds received by the Company are included as cash flows from operating activities in the consolidated statements of cash flows. The difference between the carrying amount of the trade accounts receivables sold under the agreement and the cash received at the time of transfer is recorded |
Inventories | Inventories are stated at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle. Inventory costs include the purchase price and other costs directly related to the acquisition of raw materials and spare parts held for use in the manufacturing process, and the cost of purchased finished goods. Inventory costs also include the costs directly related to the conversion of materials to finished goods, such as direct labour, and a systematic allocation of fixed and variable production overhead, including manufacturing depreciation expense. The allocation of fixed production overhead to the cost of inventories is based on the normal capacity of the production facilities. Normal capacity is the average production expected to be achieved during the fiscal year, under normal circumstances. Net realizable value is the estimated selling price of finished goods in the ordinary course of business, less the estimated costs of completion and selling expenses. Raw materials, work in progress, and spare parts inventories are not written down if the finished products in which they will be incorporated are expected to be sold at or above cost. |
Assets held for sale | Non-current assets which are classified as assets held for sale are reported in current assets in the statement of financial position, when their carrying amount is to be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. Assets held for sale are stated at the lower of their carrying amount and fair value less costs to sell. |
Property, plant and equipment | Property, plant and equipment are initially recorded at cost and are subsequently carried at cost less any accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment includes expenditures that are directly attributable to the acquisition or construction of an asset. The cost of self-constructed assets includes the cost of materials and direct labour, site preparation costs, initial delivery and handling costs, installation and assembly costs, and any other costs directly attributable to bringing the assets to the location and condition necessary for the assets to be capable of operating in the manner intended by management. The cost of property, plant and equipment also includes, when applicable, the initial present value estimate of the costs of decommissioning or dismantling and removing the asset and restoring the site on which it is located at the end of its useful life and any applicable borrowing costs and is amortized over the remaining life of the underlying asset. Purchased software that is integral to the functionality of the related equipment is capitalized as part of other equipment. Subsequent costs are included in an asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits are present and the cost of the item can be measured reliably. When property, plant and equipment are replaced they are fully written down. Gains and losses on the disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized in the statement of earnings and comprehensive income. Land is not depreciated. The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives: Asset Useful life Buildings and improvements 5 to 40 years Manufacturing equipment 2 to 10 years Other equipment 3 to 10 years Significant components of plant and equipment which are identified as having different useful lives are depreciated separately over their respective useful lives. Depreciation methods, useful lives and residual values, if applicable, are reviewed and adjusted, if appropriate, on a prospective basis at the end of each fiscal year. Assets not yet utilized in operations include expenditures incurred to date for plant constructions or expansions which are still in process and equipment not yet placed into service as at the reporting date. Depreciation on these assets commences when the assets are available for use. |
Borrowing costs | Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of the asset. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. Capitalization of borrowing costs ceases when the asset is completed and available for use. All other borrowing costs are recognized as financial expenses in the consolidated statement of earnings and comprehensive income as incurred. |
Intangible assets | The costs of information technology projects that are directly attributable to the design and testing of identifiable and unique software products, including internally developed computer software, are recognized as intangible assets when the following criteria are met: • it is technically feasible to complete the software product so that it will be available for use; • management intends to complete the software product and use it; • there is an ability to use the software product; • it can be demonstrated how the software product will generate probable future economic benefits; • adequate technical, financial, and other resources to complete the development and to use the software product are available; and • the expenditures attributable to the software product during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as an expense in the consolidated statement of earnings and comprehensive income as incurred. |
Goodwill | Goodwill is measured at cost less accumulated impairment losses, if any. Goodwill arises on business combinations and is measured as the excess of the consideration transferred and the recognized amount of the non-controlling interest in the acquired business, if any, over the fair value of identifiable assets acquired and liabilities assumed of an acquired business. |
Impairment of non-financial assets | Non-financial assets that have an indefinite useful life such as goodwill and trademarks are not subject to amortization and are therefore tested annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Assets that are subject to amortization are assessed at the end of each reporting period as to whether there is any indication of impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s value in use and fair value less costs of disposal. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case assets are grouped at the lowest levels for which there are separately identifiable cash inflows (i.e. cash-generating units or "CGUs"). 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (j) Impairment of non-financial assets (continued): In assessing value in use, the estimated future cash flows expected to be derived from the asset or CGU by the Company are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset and or the CGU. In assessing a CGU’s fair value less costs of disposal, the Company uses the best information available to reflect the amount that the Company could obtain, at the time of the impairment test, from the disposal of the asset or CGU in an arm’s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. For the purpose of testing goodwill for impairment, goodwill acquired in a business combination is allocated to a CGU or a group of CGUs that is expected to benefit from the synergies of the combination, regardless of whether other assets or liabilities of the acquired company are assigned to those CGUs. Impairment losses recognized are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses are recognized in the statement of earnings and comprehensive income. Reversal of impairment losses A goodwill impairment loss is not reversed. Impairment losses on non-financial assets other than goodwill recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Financial instruments | he Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Company classifies its financial assets as subsequently measured at either amortized cost or fair value, depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. |
Financial assets | Financial assets are classified into the following categories and depend on the purpose for which the financial assets were acquired. Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. The Company currently classifies its cash and cash equivalents, trade accounts receivable, certain other current assets (excluding derivative financial instruments designated as effective hedging instruments), and long-term non-trade receivables as financial assets measured at amortized cost. The Company de-recognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets measured at fair value These assets are measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. However, for investments in equity instruments that are not held for trading, the Company may elect at initial recognition to present gains and losses in other comprehensive income. For such investments measured at fair value through other comprehensive income, gains and losses are never reclassified to profit or loss, and no impairment is recognized in profit or loss. Dividends earned from such investments are recognized in profit or loss, unless the dividend clearly represents a repayment of part of the cost of the investment. The Company currently has no significant financial assets measured at fair value |
Financial liabilities | Financial liabilities are classified into the following categories. Financial liabilities measured at amortized cost A financial liability is subsequently measured at amortized cost, using the effective interest method. The Company currently classifies accounts payable and accrued liabilities (excluding derivative financial instruments designated as effective hedging instruments), and long-term debt bearing interest at variable and fixed rates as financial liabilities measured at amortized cost. Financial liabilities measured at fair value Financial liabilities at fair value are initially recognized at fair value and are remeasured at each reporting date with any changes therein recognized in net earnings. The Company currently has no significant financial liabilities measured at fair value. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously |
Fair value of financial instruments | Financial instruments measured at fair value use the following fair value hierarchy to prioritize the inputs used in measuring fair value: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: inputs for the asset or liability that are not based on observable market data. Impairment of financial assets The Company recognizes loss allowances for expected credit losses on financial assets measured at amortized cost. The Company recognizes impairment and measures expected credit losses as lifetime expected credit losses for trade accounts receivable and other accounts receivable. The Company recognizes a loss allowance at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. Otherwise, the loss allowance for that financial instrument corresponds to an amount equal to twelve-month expected credit losses. The Company uses the simplified method to measure the loss allowance for trade receivables at lifetime expected losses. The Company uses historical trends of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. Losses are recognized in the consolidated statement of income and reflected in an allowance account against trade and other receivables. |
Derivative financial instruments and hedging relationships | The Company enters into derivative financial instruments to hedge its market risk exposures. On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net earnings. Derivatives are recognized initially at fair value, and attributable transaction costs are recognized in net earnings as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect net earnings, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and presented in accumulated other comprehensive income as part of equity. The amount recognized in other comprehensive income is removed and included in net earnings under the same line item in the consolidated statement of earnings and comprehensive income as the hedged item, in the same period that the hedged cash flows affect net earnings. When a hedged forecasted transaction subsequently results in the recognition of a non-financial asset or liability, the cash flow hedge reserve is removed from accumulated other comprehensive income and included in the initial cost or carrying amount of the asset or liability. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in net earnings. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income is recognized immediately in net earnings. Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in net earnings, together with any changes in the fair value of the hedged asset, liability or firm commitment that are attributable to the hedged risk. The change in fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognized in the statement of earnings and comprehensive income or in the statement of financial position caption relating to the hedged item. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. Embedded derivatives Embedded derivatives within a financial liability are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss. Other derivatives When a derivative financial instrument is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in net earnings |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accounts payable and accrued liabilities are classified as current liabilities if payment is due within one year, otherwise, they are presented as non-current liabilities |
Long-term debt | Long-term debt is recognized initially at fair value, and is subsequently carried at amortized cost. Initial facility fees are deferred and treated as an adjustment to the instrument's effective interest rate and recognized as an expense over the instrument's estimated life if it is probable that the facility will be drawn down. However, if it is not probable that a facility will be drawn down for its entire term, then the fees are considered service fees and are deferred and recognized as an expense on a straight-line basis over the commitment period |
Employee benefits | Short-term employee benefits Short-term employee benefits include wages, salaries, commissions, compensated absences and bonuses. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Short-term employee benefit obligations are included in accounts payable and accrued liabilities. Defined contribution plans The Company offers group defined contribution plans to eligible employees whereby the Company matches employees' contributions up to a fixed percentage of the employee's salary. Contributions by the Company to trustee-managed investment portfolios or employee associations are expensed as incurred. Benefits are also provided to employees through defined contribution plans administered by the governments in the countries in which the Company operates. The Company’s contributions to these plans are recognized in the period when services are rendered. Defined benefit plans The Company maintains a liability for statutory severance obligations for active employees located in the Caribbean Basin and Central America which is payable to the employees in a lump sum payment upon termination of employment. The liability is based on management’s best estimates of the ultimate costs to be incurred to settle the liability and is based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. Liabilities related to defined benefit plans are included in other non-current liabilities in the consolidated statement of financial position. Service costs, interest costs, and costs related to the impact of program changes are recognized in cost of sales in the consolidated statement of earnings. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized directly to other comprehensive income in the period in which they arise, and are immediately transferred to retained earnings without reclassification to net earnings in a subsequent period. |
Provisions | Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial expense. Provisions are included in other non-current liabilities in the consolidated statement of financial position. Decommissioning and site restoration costs The Company recognizes decommissioning and site restoration obligations for future removal and site restoration costs associated with the restoration of certain property and plant should it decide to discontinue some of its activities. Onerous contracts Provisions for onerous contracts are recognized if the unavoidable costs of meeting the obligations specified in a contractual arrangement exceed the economic benefits expected to be received from the contract. Provisions for onerous contracts are measured at the lower of the cost of fulfilling the contract and the expected cost of terminating the contract |
Share capital | Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares and stock options are recognized as a deduction from equity, net of any tax effects. When the Company repurchases its own shares, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. |
Dividends declared | Dividends declared to the Company’s shareholders are recognized as a liability in the consolidated statement of financial position in the period in which the dividends are approved by the Company’s Board of Directors |
Revenue recognition | The Company derives revenue from the sale of finished goods, which include activewear, hosiery, and underwear. The Company recognizes revenue at a point in time when it transfers control of the finished goods to a customer, which generally occurs upon shipment of the finished goods from the Company’s facilities. In certain arrangements, control is transferred and revenue is recognized upon delivery of the finished goods to the customer’s premises. Some arrangements for the sale of finished goods provide for customer price discounts, rights of return and/or volume rebates based on aggregate sales over a specified period, which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the sales program or arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, and other known factors. New sales incentive programs which relate to sales made in a prior period are recognized at the time the new program is introduced. Sales are recorded net of customer discounts, rebates, and estimated sales returns, and exclude sales taxes. A refund liability is recognized for expected returns in relation to sales made before the end of the reporting period. Consideration payable to a customer that is not considered a distinct good or service from the customer, such as one-time fees paid to customers for product placement or product introduction, is accounted for as a reduction of the transaction price, and the Company recognizes the reduction of revenue at the later of when Company recognizes revenue for the transfer of the related goods to the customer or when the Company pays or promises to pay the consideration. |
Cost of sales and gross profit | Cost of sales includes all raw material costs, manufacturing conversion costs, including manufacturing depreciation expense, sourcing costs, inbound freight and inter-facility transportation costs, and outbound freight to customers. Cost of sales also includes the cost of purchased finished goods, costs relating to purchasing, receiving and inspection activities, manufacturing administration, third-party manufacturing services, sales-based royalty costs, insurance, inventory write-downs, and customs and duties. Gross profit is the result of net sales less cost of sales. The Company’s gross profit may not be comparable to gross profit as reported by other companies, since some entities include warehousing and handling costs, and/or exclude depreciation expense, outbound freight to customers and royalty costs from cost of sales. |
Selling, general and administrative expenses | Selling, general and administrative (“SG&A”) expenses include warehousing and handling costs, selling and administrative personnel costs, advertising and marketing expenses, costs of leased non-manufacturing facilities and equipment, professional fees, non-manufacturing depreciation expense, and other general and administrative expenses. SG&A expenses also include bad debt expense and amortization of intangible assets |
Restructuring and acquisition-related costs | Restructuring and acquisition-related costs are expensed when incurred, or when a legal or constructive obligation exists. Restructuring and acquisition-related costs are comprised of costs directly related to the closure of business locations or the relocation of business activities, significant changes in management structure, as well as transaction and integration costs incurred pursuant to business acquisitions. The nature of expenses included in restructuring and acquisition-related costs may include: severance and termination benefits, including the termination of employee benefit plans; gains or losses from the remeasurement and disposal of assets held for sale; facility exit and closure costs, including the costs of physically transferring inventory and fixed assets to other facilities; costs of integrating the IT systems of an acquired 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (v) Restructuring and acquisition-related costs (continued): business to Gildan’s existing IT systems; legal, accounting and other professional fees (excluding costs of issuing debt or equity) directly incurred in connection with a business acquisition; purchase gains on business acquisitions; losses on business acquisitions achieved in stages; contingent amounts payable to selling shareholders under their employment agreements pursuant to a business acquisition; and the remeasurement of liabilities related to contingent consideration incurred in connection with a business acquisition |
Cotton and cotton-based yarn procurements | The Company contracts to buy cotton and cotton-based yarn with future delivery dates at fixed prices in order to reduce the effects of fluctuations in the prices of cotton used in the manufacture of its products. These contracts are not used for trading purposes and are not considered to be financial instruments as they are entered into for purchase and receipt in accordance with the Company’s expected usage requirements, and therefore are not measured at fair value. The Company commits to fixed prices on a percentage of its cotton and cotton-based yarn requirements up to eighteen months in the future. If the cost of committed prices for cotton and cotton-based yarn plus estimated costs to complete production exceed current selling prices, a loss is recognized for the excess as a charge to cost of sales |
Government assistance | Government assistance is recognized only when there is reasonable assurance the Company will comply with all related conditions for receipt of the assistance. Government assistance, including grants and tax credits, related to operating expenses is accounted for as a reduction to the related expenses. Government assistance, including monetary and non-monetary grants and tax credits related to the acquisition of property, plant and equipment, is accounted for as a reduction of the cost of the related property, plant and equipment, and is recognized in net earnings using the same methods, periods and rates as for the related property, plant and equipment |
Financial expenses (income) | Financial expenses (income) include: interest expense on borrowings, including realized gains and/or losses on interest rate swaps designated for hedge accounting; bank and other financial charges; amortization of debt facility fees, discount on the sales of trade accounts receivable; interest income on funds invested; accretion of interest on discounted provisions; net foreign currency losses and/or gains; and losses and/or gains on financial derivatives that do not meet the criteria for effective hedge accounting |
Income taxes | Income tax expense is comprised of current and deferred income taxes, and is included in net earnings except to the extent that it relates to a business acquisition, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax assets and liabilities are measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date, for all temporary differences caused when the tax bases of assets and liabilities differ from those reported in the financial statements. The Company recognizes deferred income tax assets for unused tax losses and deductible temporary differences only to the extent that, in management’s opinion, it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and are derecognized to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss at the time of the transaction; and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. In determining the amount of current and deferred income taxes, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. Provisions for uncertain tax positions are measured at the best estimate of the amounts expected to be paid upon ultimate resolution. The Company periodically reviews and adjusts its estimates and assumptions of income tax assets and liabilities as circumstances warrant, such as changes to tax laws, administrative guidance, change in management’s assessment of the technical merits of its positions due to new information, and the resolution of uncertainties through either the conclusion of tax audits or expiration of prescribed time limits within relevant statutes |
Earnings per share | Basic earnings per share are computed by dividing net earnings by the weighted average number of common shares outstanding for the year. Diluted earnings per share are computed using the weighted average number of common shares outstanding for the period adjusted to include the dilutive impact of stock options and restricted share units. The number of additional shares is calculated by assuming that all common shares held in trust for the purpose of settling non-treasury restricted share units have been delivered, all dilutive outstanding options are exercised and all dilutive outstanding Treasury restricted share units have vested, and that the proceeds from such exercises, as well as the amount of unrecognized share-based compensation which is considered to be assumed proceeds, are used to repurchase common shares at the average share price for the period. For Treasury restricted share units, only the unrecognized share-based compensation is considered assumed proceeds since there is no exercise price paid by the holder |
Share-based payments | Stock options, Treasury, and non-Treasury restricted share units Stock options, Treasury restricted share units, and non-Treasury restricted share units are equity settled share based payments, which are measured at fair value at the grant date. For stock options, the compensation cost is measured using the Black-Scholes option pricing model, and is expensed over the award's vesting period. For Treasury and non-Treasury restricted share units, compensation cost is measured at the fair value of the underlying common share at the grant date, and is expensed over the award's vesting period. Compensation expense is recognized in net earnings with a corresponding increase in contributed surplus. Any consideration paid by plan participants on the exercise of stock options is credited to share capital. Upon the exercise of stock options, the vesting of Treasury restricted share units, and upon delivery of the common shares for settlement of vesting non-Treasury restricted share units, the corresponding amounts previously credited to contributed surplus are transferred to share capital. The number of non-Treasury restricted share units remitted to the participants upon settlement is equal to the number of non-Treasury restricted share units awarded less units withheld to satisfy the participants' statutory withholding tax requirements. Stock options and Treasury restricted share units that are dilutive and meet non-market performance conditions as at the reporting date are considered in the calculation of diluted earnings per share, as per note 3(aa) to these consolidated financial statements. Estimates for forfeitures and performance conditions The measurement of compensation expense for stock options, Treasury restricted share units and non-Treasury restricted share units is net of estimated forfeitures. For the portion of Treasury restricted share units and non-Treasury restricted share units that are issuable based on non-market performance conditions, the amount recognized as an expense is adjusted to reflect the number of awards for which the related service and performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. Deferred share unit plan The Company has a deferred share unit plan for independent members of the Company’s Board of Directors, who receive a portion of their compensation in the form of deferred share units (“DSUs”). These DSUs are cash settled awards, and are initially recognized in net earnings based on fair value at the grant date. The DSU obligation is included in accounts payable and accrued liabilities and is remeasured at fair value, based on the market price of the Company’s common shares, at each reporting date. (bb) Share based payments (continued): Employee share purchase plans For employee share purchase plans, the Company's contribution, on the employee's behalf, is recognized as compensation expense with an offset to share capital, and consideration paid by employees on purchase of common shares is also recorded as an increase to share capital |
Leases | Leases in which a significant portion of the risks and rewards of ownership are not assumed by the Company are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to net earnings on a straight-line basis over the lease term. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (cc) Leases (continued): Leases of property, plant and equipment where the Company has substantially all of the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease’s commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset and the lease term. Determining whether an arrangement contains a lease At inception of an arrangement where the Company receives the right to use an asset, the Company determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfillment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Company the right to control the use of the underlying asset |
Use of estimates and judgments | The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Critical judgments in applying accounting policies : The following are critical judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements: Determination of cash generating units ("CGUs") The identification of CGUs and grouping of assets into the respective CGUs is based on currently available information about actual utilization experience and expected future business plans. Management has taken into consideration various factors in identifying its CGUs. These factors include how the Company manages and monitors its operations, the nature of each CGU’s operations, and the major customer markets they serve. As such, the Company has identified its CGUs for purposes of testing the recoverability and impairment of non-financial assets to be Textile & Sewing and Hosiery. Income taxes The Company’s income tax provisions and income tax assets and liabilities are based on interpretations of applicable tax laws, including income tax treaties between various countries in which the Company operates, as well as underlying rules and regulations with respect to transfer pricing. These interpretations involve judgments and estimates and may be challenged through government taxation audits that the Company is regularly subject to. New information may become available that causes the Company to change its judgment regarding the adequacy of existing income tax assets and liabilities; such changes will impact net earnings in the period that such a determination is made. Key sources of estimation uncertainty : Key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows: Allowance for expected credit losses The Company makes an assessment of whether accounts receivable are collectable, based on an expected credit loss model which factors in changes in credit quality since the initial recognition of trade accounts receivable based on customer risk categories. Credit quality is assessed by taking into account the financial condition and payment history of the Company's customers, and other factors. Furthermore, these estimates must be continuously evaluated and updated. The Company is not able to predict changes in the financial condition of its customers, and if circumstances related to its customers’ financial condition deteriorate, the estimates of the recoverability of trade accounts receivable could be materially affected and the Company could be required to record additional allowances. Alternatively, if the Company provides more allowances than needed, a reversal of a portion of such allowances in future periods may be required based on actual collection experience. 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (dd) Use of estimates and judgments (continued): Sales promotional programs In the normal course of business, certain incentives, including discounts and rebates, are granted to our customers. At the time of sale, estimates are made for customer price discounts and rebates based on the terms of existing programs. Accruals required for new programs, which relate to prior sales, are recorded at the time the new program is introduced. Sales are recorded net of these program costs and a provision for estimated sales returns, which is based on historical experience, current trends and other known factors. If actual price discounts, rebates, or returns differ from estimates, significant adjustments to net sales could be required in future periods. Inventory valuation The Company regularly reviews inventory quantities on hand and records a provision for those inventories no longer deemed fully recoverable. The cost of inventories may no longer be recoverable if those inventories are slow moving, discontinued, damaged, if they have become obsolete, or if their selling prices or estimated forecast of product demand decline. If actual market conditions are less favorable than previously projected or if liquidation of the inventory which is no longer deemed fully recoverable is more difficult than anticipated, additional provisions may be required. Business combinations Business combinations are accounted for in accordance with the acquisition method. On the date that control is obtained, the identifiable assets, liabilities, and contingent liabilities of the acquired company are measured at their fair value. Depending on the complexity of determining these valuations, the Company uses appropriate valuation techniques which are generally based on a forecast of the total expected future net discounted cash flows. These valuations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate applied as it would be assumed by a market participant. Recoverability and impairment of non-financial assets The calculation of fair value less costs of disposal or value in use for purposes of measuring the recoverable amount of non-financial assets involves the use of significant assumptions and estimates with respect to a variety of factors, including expected sales, gross margins, SG&A expenses, cash flows, capital expenditures, and the selection of an appropriate earnings multiple or discount rate, all of which are subject to inherent uncertainties and subjectivity. The assumptions are based on annual business plans and other forecasted results, earnings multiples obtained by using market comparables as references, and discount rates which are used to reflect market-based estimates of the risks associated with the projected cash flows, based on the best information available as of the date of the impairment test. Changes in circumstances, such as technological advances, adverse changes in third-party licensing arrangements, changes to the Company’s business strategy, and changes in economic and market conditions can result in actual useful lives and future cash flows that differ significantly from estimates and could result in increased charges for amortization or impairment. Revisions to the estimated useful lives of finite-life non-financial assets or future cash flows constitute a change in accounting estimate and are applied prospectively. There can be no assurance that the estimates and assumptions used in the impairment tests will prove to be accurate predictions of the future. If the future adversely differs from management’s best estimate of key economic assumptions and the associated cash flows materially decrease, the Company may be required to record material impairment charges related to its non-financial assets. Please refer to note 10 of the audited annual consolidated financial statements for the year ended December 30, 2018 for additional details on the recoverability of the Company’s cash-generating units. Valuation of statutory severance obligations and the related costs The valuation of the statutory severance obligations and the related costs requires economic assumptions, including discount rates and expected rates of compensation increases, and participant demographic assumptions. The actuarial assumptions used may differ materially from year to year due to changing market and economic conditions, resulting in significant increases or decreases in the obligations and related costs. Measurement of the estimate of expected costs for decommissioning and site restoration The measurement of the provision for decommissioning and site restoration costs requires assumptions including expected timing of the event which would result in the outflow of resources, the range of possible methods of decommissioning and site restoration, and the expected costs that would be incurred to settle any decommissioning and site restoration liabilities. The Company has measured the provision using the present value of the expected costs, which requires an assumed discount rate. Revisions to any of the assumptions and estimates used by management 3. SIGNIFICANT ACCOUNTING POLICIES (continued): (dd) Use of estimates and judgments (continued): may result in changes to the expected expenditures to settle the liability, which would require adjustments to the provision and which may have an impact on the operating results of the Company in the period the change occurs. Income taxes The Company has unused available tax losses and deductible temporary differences in certain jurisdictions. The Company recognizes deferred income tax assets for these unused tax losses and deductible temporary differences only to the extent that, in management’s opinion, it is probable that future taxable profit will be available against which these available tax losses and temporary differences can be utilized. The Company’s projections of future taxable profit involve the use of significant assumptions and estimates with respect to a variety of factors, including future sales and operating expenses. There can be no assurance that the estimates and assumptions used in our projections of future taxable income will prove to be accurate predictions of the future, and in the event that our assessment of the recoverability of these deferred tax assets changes in the future, a material reduction in the carrying value of these deferred tax assets could be required, with a corresponding charge to net earnings. |
New accounting standards and interpretations not yet applied | Leases In January 2016, the IASB issued IFRS 16, Leases, which specifies how an entity will recognize, measure, present, and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the Company elects to exclude leases when the lease term is twelve months or less, or the underlying asset has a low monetary value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted only if IFRS 15, Revenue from Contracts with Customers, has also been applied. The Company will adopt the new standard in the first quarter of fiscal 2019 using the modified retrospective transition method. The Company expects that the initial adoption of IFRS 16 will result in approximately $80 million of right-of-use assets and approximately $88 million of operating lease liabilities (primarily for the rental of premises) being recognized in the consolidated statement of financial position. Provisions related to lease exit costs are expected to be reduced by approximately $5 million , and deferred lease credits (relating to lease inducements) currently recorded in accounts payable and accrued liabilities are expected to be reduced by approximately $2 million , as a result of the adoption of IFRS 16. Accordingly, the Company expects to record an adjustment to reduce opening retained earnings by approximately $1 million from the initial adoption of IFRS 16. The Company also expects a decrease of its operating lease costs, offset by an increase of its depreciation and amortization and financial expenses resulting from the changes in the recognition, measurement, and presentation requirements. However, no significant impact on net earnings is expected at this time. The Company is completing the assessment of the overall impact on the Company’s disclosures and is addressing any system and process changes necessary to compile the information to meet the recognition and disclosure requirements of the new guidance starting in the first quarter of fiscal 2019. Uncertain Income Tax Treatments In June 2017, the IASB issued IFRIC 23, Uncertainty Over Income Tax Treatments, which clarifies how to apply the recognition and measurement requirements in IAS 12, Income Taxes, when there is uncertainty regarding income tax treatments. The Interpretation addresses whether an entity needs to consider uncertain tax treatments separately, the assumptions an entity should make about the examination of tax treatments by taxation authorities, how an entity should determine taxable profit and loss, tax bases, unused tax losses, unused tax credits, and tax rates, and how an entity considers changes in facts and circumstances in such determinations. IFRIC 23 applies to annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted. The Company does not expect any significant impacts from the adoption of IFRIC 23 on its consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
List Of Accounting Policies [Abstract] | |
Disclosure of interests in subsidiaries | The Company’s principal subsidiaries, their jurisdiction of incorporation, and the Company’s percentage ownership share of each are as follows: Subsidiary Jurisdiction of Incorporation Ownership percentage Gildan Activewear SRL Barbados 100 % Gildan Yarns, LLC Delaware 100 % Gildan Branded Apparel SRL Barbados 100 % Gildan Honduras Properties, S. de R.L. Honduras 100 % Gildan Apparel (Canada) LP Ontario 100 % Gildan Activewear (UK) Limited United Kingdom 100 % Gildan Textiles de Sula, S. de R.L. Honduras 100 % G.A.B. Limited Bangladesh 100 % Gildan Activewear Honduras Textile Company, S. de R.L. Honduras 100 % Gildan Activewear (Eden) Inc. North Carolina 100 % Gildan Hosiery Rio Nance, S. de R.L. Honduras 100 % Gildan Mayan Textiles, S. de R.L. Honduras 100 % |
Disclosure of detailed information about property, plant and equipment | The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives: Asset Useful life Buildings and improvements 5 to 40 years Manufacturing equipment 2 to 10 years Other equipment 3 to 10 years ROPERTY, PLANT AND EQUIPMENT: Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2018 Cost Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Additions 1,051 9,650 49,560 3,065 47,406 110,732 Transfers — 33,932 31,735 1,498 (67,165 ) — Disposals (97 ) (5,095 ) (35,924 ) (21,002 ) — (62,118 ) Balance, December 30, 2018 $ 70,957 $ 550,885 $ 1,085,345 $ 159,201 $ 57,630 $ 1,924,018 Accumulated depreciation Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Depreciation — 24,781 91,081 9,935 — 125,797 Disposals — — (22,510 ) (9,330 ) — (31,840 ) Balance, December 30, 2018 $ — $ 181,821 $ 640,418 $ 111,304 $ — $ 933,543 Carrying amount, December 30, 2018 $ 70,957 $ 369,064 $ 444,927 $ 47,897 $ 57,630 $ 990,475 Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2017 Cost Balance, January 1, 2017 $ 69,373 $ 504,186 $ 997,993 $ 167,651 $ 50,607 $ 1,789,810 Additions 630 7,515 17,565 10,852 55,640 92,202 Additions through business acquisitions — 29 4,153 356 — 4,538 Transfers — 2,601 25,062 1,195 (28,858 ) — Disposals — (1,933 ) (4,799 ) (4,414 ) — (11,146 ) Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Accumulated depreciation Balance, January 1, 2017 $ — $ 132,976 $ 483,742 $ 96,209 $ — $ 712,927 Depreciation — 24,719 92,904 18,610 — 136,233 Disposals — (655 ) (4,799 ) (4,120 ) — (9,574 ) Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Carrying amount, December 31, 2017 $ 70,003 $ 355,358 $ 468,127 $ 64,941 $ 77,389 $ 1,035,818 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
Disclosure of detailed information about intangible assets | Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful-lives: Asset Useful life Customer contracts and customer relationships 7 to 20 years License agreements 3 to 10 years Computer software 4 to 7 years Trademarks with a finite life 5 years Non-compete agreements 2 years Intangible assets: 2018 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Additions — — 10,102 9,363 — 19,465 Disposals — — — (879 ) (90 ) (969 ) Balance, December 30, 2018 $ 224,489 $ 226,172 $ 69,600 $ 58,255 $ 1,790 $ 580,306 Accumulated amortization Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Amortization 13,592 700 8,572 4,475 — 27,339 Disposals — — — (721 ) (90 ) (811 ) Balance, December 30, 2018 $ 89,064 $ 1,808 $ 57,606 $ 36,465 $ 1,790 $ 186,733 Carrying amount, December 30, 2018 $ 135,425 $ 224,364 $ 11,994 $ 21,790 $ — $ 393,573 2017 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, January 1, 2017 $ 205,531 $ 174,772 $ 59,498 $ 48,776 $ 1,880 $ 490,457 Additions — — — 2,852 — 2,852 Additions through business acquisitions 18,958 51,400 — — — 70,358 Disposals — — — (1,857 ) — (1,857 ) Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Accumulated amortization Balance, January 1, 2017 $ 62,185 $ 125 $ 42,586 $ 29,528 $ 1,812 $ 136,236 Amortization 13,287 983 6,448 4,808 68 25,594 Disposals — — — (1,625 ) — (1,625 ) Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Carrying amount, December 31, 2017 $ 149,017 $ 225,064 $ 10,464 $ 17,060 $ — $ 401,605 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Business Combinations1 [Abstract] | |
Disclosure of detailed information about business combinations | The following table summarizes the amounts recognized for the assets acquired and liabilities assumed at the date of acquisition for the fiscal 2017 acquisitions: 5. BUSINESS ACQUISITIONS (continued): American Apparel Other Total Assets acquired: Trade accounts receivable $ — $ 1,893 $ 1,893 Income taxes receivable — 235 235 Inventories 11,052 7,235 18,287 Prepaid expenses, deposits and other current assets — 4,100 4,100 Property, plant and equipment 1,527 3,011 4,538 Intangible assets (1) 67,400 2,958 70,358 79,979 19,432 99,411 Liabilities assumed: Accounts payable and accrued liabilities — (3,822 ) (3,822 ) Goodwill 18,562 5,525 24,087 Net assets acquired at fair value $ 98,541 $ 21,135 $ 119,676 Cash consideration paid at closing, net of cash acquired 98,541 18,069 116,610 Settlement of pre-existing relationships — 1,766 1,766 Balance due — 1,300 1,300 $ 98,541 $ 21,135 $ 119,676 (1) The intangible assets acquired relating to American Apparel are comprised of trademarks in the amount of $51.4 million which are not being amortized as they are considered to be indefinite life intangible assets, and customer relationships in the amount of $16.0 million which are being amortized on a straight line basis over their estimated useful lives of ten years . The intangible assets acquired relating to other acquisitions is comprised of customer relationships in the amount $3.0 million which are being amortized on a straight line basis over their estimated useful lives of fifteen years . |
TRADE ACCOUNTS RECEIVABLE (Tabl
TRADE ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade accounts receivable | TRADE ACCOUNTS RECEIVABLE: December 30, 2018 December 31, 2017 Trade accounts receivable $ 324,706 $ 248,419 Allowance for expected credit losses (7,547 ) (5,054 ) $ 317,159 $ 243,365 The movement in the allowance for expected credit losses in respect of trade receivables was as follows: December 30, 2018 December 31, 2017 Balance, beginning of fiscal year $ (5,054 ) $ (5,589 ) Adjustment relating to adoption of new accounting standard (note 2(d)) (791 ) — Adjusted balance, beginning of fiscal year (5,845 ) (5,589 ) Bad debt expense (3,634 ) (3,689 ) Write-off of trade accounts receivable 1,932 4,224 Balance, end of fiscal year $ (7,547 ) $ (5,054 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Inventories [Abstract] | |
Schedule of inventory current | INVENTORIES: December 30, 2018 December 31, 2017 Raw materials and spare parts inventories $ 151,600 $ 128,414 Work in progress 67,903 60,743 Finished goods 720,526 756,581 $ 940,029 $ 945,738 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives: Asset Useful life Buildings and improvements 5 to 40 years Manufacturing equipment 2 to 10 years Other equipment 3 to 10 years ROPERTY, PLANT AND EQUIPMENT: Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2018 Cost Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Additions 1,051 9,650 49,560 3,065 47,406 110,732 Transfers — 33,932 31,735 1,498 (67,165 ) — Disposals (97 ) (5,095 ) (35,924 ) (21,002 ) — (62,118 ) Balance, December 30, 2018 $ 70,957 $ 550,885 $ 1,085,345 $ 159,201 $ 57,630 $ 1,924,018 Accumulated depreciation Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Depreciation — 24,781 91,081 9,935 — 125,797 Disposals — — (22,510 ) (9,330 ) — (31,840 ) Balance, December 30, 2018 $ — $ 181,821 $ 640,418 $ 111,304 $ — $ 933,543 Carrying amount, December 30, 2018 $ 70,957 $ 369,064 $ 444,927 $ 47,897 $ 57,630 $ 990,475 Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2017 Cost Balance, January 1, 2017 $ 69,373 $ 504,186 $ 997,993 $ 167,651 $ 50,607 $ 1,789,810 Additions 630 7,515 17,565 10,852 55,640 92,202 Additions through business acquisitions — 29 4,153 356 — 4,538 Transfers — 2,601 25,062 1,195 (28,858 ) — Disposals — (1,933 ) (4,799 ) (4,414 ) — (11,146 ) Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Accumulated depreciation Balance, January 1, 2017 $ — $ 132,976 $ 483,742 $ 96,209 $ — $ 712,927 Depreciation — 24,719 92,904 18,610 — 136,233 Disposals — (655 ) (4,799 ) (4,120 ) — (9,574 ) Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Carrying amount, December 31, 2017 $ 70,003 $ 355,358 $ 468,127 $ 64,941 $ 77,389 $ 1,035,818 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Intangible assets [Abstract] | |
Disclosure of detailed information about intangible assets | Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful-lives: Asset Useful life Customer contracts and customer relationships 7 to 20 years License agreements 3 to 10 years Computer software 4 to 7 years Trademarks with a finite life 5 years Non-compete agreements 2 years Intangible assets: 2018 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Additions — — 10,102 9,363 — 19,465 Disposals — — — (879 ) (90 ) (969 ) Balance, December 30, 2018 $ 224,489 $ 226,172 $ 69,600 $ 58,255 $ 1,790 $ 580,306 Accumulated amortization Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Amortization 13,592 700 8,572 4,475 — 27,339 Disposals — — — (721 ) (90 ) (811 ) Balance, December 30, 2018 $ 89,064 $ 1,808 $ 57,606 $ 36,465 $ 1,790 $ 186,733 Carrying amount, December 30, 2018 $ 135,425 $ 224,364 $ 11,994 $ 21,790 $ — $ 393,573 2017 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, January 1, 2017 $ 205,531 $ 174,772 $ 59,498 $ 48,776 $ 1,880 $ 490,457 Additions — — — 2,852 — 2,852 Additions through business acquisitions 18,958 51,400 — — — 70,358 Disposals — — — (1,857 ) — (1,857 ) Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Accumulated amortization Balance, January 1, 2017 $ 62,185 $ 125 $ 42,586 $ 29,528 $ 1,812 $ 136,236 Amortization 13,287 983 6,448 4,808 68 25,594 Disposals — — — (1,625 ) — (1,625 ) Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Carrying amount, December 31, 2017 $ 149,017 $ 225,064 $ 10,464 $ 17,060 $ — $ 401,605 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
Disclosure of reconciliation of changes in intangible assets and goodwill | Goodwill: December 30, 2018 December 31, 2017 Balance, beginning of fiscal year $ 226,571 $ 202,108 Goodwill acquired 692 24,087 Other 99 376 Balance, end of fiscal year $ 227,362 $ 226,571 |
Disclosure of information for cash-generating units | Goodwill acquired through business acquisitions and trademarks with indefinite useful lives have been allocated to the Company's CGUs as follows: December 30, 2018 Textile & Sewing: Goodwill $ 206,134 Indefinite life intangible assets 93,400 $ 299,534 Hosiery: Goodwill $ 21,228 Indefinite life intangible assets 129,272 $ 150,500 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | LONG-TERM DEBT: Effective interest rate (1) Principal amount Maturity date December 30, December 31, Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% (2) 3.4% $ 69,000 $ 30,000 April 2023 Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2%, payable monthly (3) 2.8% 300,000 300,000 April 2023 Notes payable, interest at fixed rate of 2.70%, payable semi-annually (4) 2.7% 100,000 100,000 August 2023 Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.53% payable quarterly (4) 2.7% 50,000 50,000 August 2023 Notes payable, interest at fixed rate of 2.91%, payable semi-annually (4) 2.9% 100,000 100,000 August 2026 Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.57% payable quarterly (4) 2.9% 50,000 50,000 August 2026 $ 669,000 $ 630,000 (1) Represents the annualized effective interest rate for the year ended December 30, 2018 , including the cash impact of interest rate swaps, where applicable. (2) The Company’s unsecured revolving long-term bank credit facility of $ 1 billion provides for an annual extension which is subject to the approval of the lenders. The spread added to the U.S. LIBOR-based variable interest rate is a function of the total net debt to EBITDA ratio (as defined in the credit facility agreement). In addition, an amount of $ 13.4 million ( December 31, 2017 - $ 14.6 million) has been committed against this facility to cover various letters of credit. (3) The unsecured term loan is non-revolving and can be prepaid in whole or in part at any time with no penalties. The spread added to the U.S. LIBOR-based variable interest rate is a function of the total net debt to EBITDA ratio (as defined in the term loan agreement). (4) The unsecured notes issued for a total aggregate principal amount of $ 300 million to accredited investors in the U.S. private placement market can be prepaid in whole or in part at any time, subject to the payment of a prepayment penalty as provided for in the Note Purchase Agreement. |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other noncurrent liabilities | OTHER NON-CURRENT LIABILITIES: December 30, 2018 December 31, 2017 Employee benefit obligation - Statutory severance and pre-notice $ 22,075 $ 16,096 Employee benefit obligation - Defined contribution plan 3,498 3,216 Provisions 14,343 17,829 $ 39,916 $ 37,141 |
Disclosure of net defined benefit liability | Statutory severance and pre-notice obligations: December 30, 2018 December 31, 2017 Obligation, beginning of fiscal year $ 16,096 $ 14,579 Service cost 13,500 12,424 Interest cost 6,478 6,171 Actuarial loss (1) 1,694 64 Foreign exchange gain (537 ) (389 ) Benefits paid (15,156 ) (16,753 ) Obligation, end of fiscal year $ 22,075 $ 16,096 (1) The actuarial loss is due to changes in the actuarial assumptions used to determine the statutory severance obligations. |
Disclosure of other provisions | Provisions: Decommissioning and site Lease exit restoration costs costs Total Balance, December 31, 2017 $ 16,572 $ 1,257 $ 17,829 Provisions made during the fiscal year — 3,509 3,509 Changes in estimates made during the fiscal year (2,147 ) — (2,147 ) Provisions utilized during the fiscal year — (147 ) (147 ) Accretion of interest 299 — 299 Other (1) (note 17) (5,000 ) — (5,000 ) Balance, December 30, 2018 $ 9,724 $ 4,619 $ 14,343 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [text block] | Hedging components of other comprehensive income (“OCI”): 2018 2017 Net gain (loss) on derivatives designated as cash flow hedges: Foreign currency risk $ 6,740 $ (6,076 ) Commodity price risk 698 11,087 Interest rate risk 102 425 Income taxes (67 ) 60 Amounts reclassified from OCI to inventory, related to commodity price risk (13,303 ) (33,294 ) Amounts reclassified from OCI to net earnings, related to foreign currency risk, and included in: Net sales (1,864 ) 1,626 Cost of sales (307 ) (1,042 ) Selling, general and administrative expenses 51 (2,087 ) Financial expenses, net (2,224 ) 2,234 Income taxes 16 (4 ) Cash flow hedging loss $ (10,158 ) $ (27,071 ) |
Disclosure of detailed information about financial instruments | The carrying amounts and fair values of financial assets and liabilities included in the consolidated statements of financial position are as follows: December 30, 2018 December 31, 2017 Financial assets Amortized cost: Cash and cash equivalents $ 46,657 $ 52,795 Trade accounts receivable 317,159 243,365 Financial assets included in prepaid expenses, deposits and other current assets 39,789 28,711 Long-term non-trade receivables included in other non-current assets 2,771 2,781 Derivative financial assets included in prepaid expenses, deposits and other current assets 17,792 16,920 Financial liabilities Amortized cost: Accounts payable and accrued liabilities (1) $ 332,543 $ 255,832 Long-term debt - bearing interest at variable rates 469,000 430,000 Long-term debt - bearing interest at fixed rates (2) 200,000 200,000 Derivative financial liabilities included in accounts payable and accrued liabilities 14,442 2,644 (1) Accounts payable and accrued liabilities include balances payable of $33.0 million ( December 31, 2017 - nil) under supply-chain financing arrangements (reverse factoring) with a financial institution, whereby receivables due from the Company to certain suppliers can be collected by the suppliers from a financial institution before their original due date. These balances are classified as accounts payable and accrued liabilities and the related payments as cash flows from operating activities, given the principal business purpose of the arrangement is to provide funding to the supplier and not the Company, the arrangement does not significantly extend the payment terms beyond the normal terms agreed with other suppliers, and no additional deferral or special guarantees to secure the payments are included in the arrangement. (2) The fair value of the long-term debt bearing interest at fixed rates was $ 189.5 million as at December 30, 2018 ( December 31, 2017 - $ 197.6 million ). |
Disclosure of detailed information about hedging instruments | The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 30, 2018 : Carrying and fair value Maturity Notional foreign Average Notional Prepaid expenses, Accounts currency amount exchange U.S. $ deposits and other payable and 0 to 12 equivalent rate equivalent current assets accrued liabilities months Cash flow hedges: Forward foreign exchange contracts: Sell GBP/Buy USD 28,510 1.3224 $ 37,703 $ 1,366 $ — $ 1,366 Sell EUR/Buy USD 31,578 1.1892 37,551 1,004 (19 ) 985 Sell CAD/Buy USD 33,114 0.7784 25,776 1,369 — 1,369 Buy CAD/Sell USD 62,921 0.7583 47,712 — (1,180 ) (1,180 ) Sell AUD/Buy USD 7,941 0.7304 5,800 198 — 198 Buy MXN/Sell USD 79,275 0.0475 3,766 162 — 162 $ 158,308 $ 4,099 $ (1,199 ) $ 2,900 The following table summarizes the Company's commodity contracts outstanding as at December 30, 2018 : Carrying and fair value Maturity Prepaid expenses, Accounts Type of deposits and other payable and 0 to 12 commodity Notional amount (1) current assets accrued liabilities months Cash flow hedges: Forward contracts Cotton 76.0 million pounds $ 336 $ (3,173 ) $ (2,837 ) Swap contracts Synthetic fibres 147.7 million pounds — (5,516 ) (5,516 ) Swap & option contracts Energy 290,000 barrels 145 (2,469 ) (2,324 ) $ 481 $ (11,158 ) $ (10,677 ) (1) Notional amounts are not in thousands. The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding as at December 30, 2018 : Carrying and fair value Notional Prepaid expenses, Accounts amount of Maturity Fixed Floating deposits and other payable and borrowings date Pay / Receive rate rate current assets accrued liabilities Cash flow hedges: $ 150,000 June 17, 2021 Pay fixed rate / receive floating rate 0.96 % US LIBOR $ 5,500 $ — 75,000 April 30, 2023 Pay fixed rate / receive floating rate 2.85 % US LIBOR — (521 ) 50,000 August 25, 2023 Pay fixed rate / receive floating rate 1.18 % US LIBOR 3,070 — 50,000 August 25, 2026 Pay fixed rate / receive floating rate 1.34 % US LIBOR 4,382 — $ 12,952 $ (521 ) |
Disclosure of detailed information about financial expenses, net | Financial expenses, net: 2018 2017 Interest expense on financial liabilities recorded at amortized cost (1) $ 24,757 $ 17,126 Bank and other financial charges 7,472 8,025 Interest accretion on discounted provisions 299 311 Foreign exchange gain (1,483 ) (1,276 ) $ 31,045 $ 24,186 (1) Net of capitalized borrowing costs of $ 0.7 million ( 2017 - $ 1.2 million). |
Disclosure of detailed information about hedged items [text block] | The following table summarizes the Company’s hedged items as at December 30, 2018 : Change in Carrying amount of value used for Cash flow the hedged item calculating hedge hedge reserve Assets Liabilities ineffectiveness (AOCI) Cash flow hedges: Foreign currency risk: Forecast sales $ — $ — $ 2,752 $ (2,752 ) Forecast expenses — — (897 ) 897 Commodity risk: Forecast purchases — — (10,677 ) 10,677 Interest rate risk: Forecast interest payments — — 12,204 (12,204 ) $ — $ — $ 3,382 $ (3,382 ) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Share-based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of share options | Outstanding stock options were as follows: Stock options issued in Canadian dollars and to be exercised on the TSX: Number Weighted exercise price (CA$) Stock options outstanding, January 1, 2017 2,532 $ 31.18 Changes in outstanding stock options: Exercised (269 ) 16.43 Stock options outstanding, December 31, 2017 2,263 32.94 Changes in outstanding stock options: Exercised (110 ) 19.98 Forfeited (160 ) 33.58 Stock options outstanding, December 30, 2018 1,993 $ 33.60 Stock options issued in U.S. dollars and to be exercised on the NYSE: Number Weighted exercise price (US$) Stock options outstanding, January 1, 2017 — $ — Changes in outstanding stock options: Granted 759 29.01 Stock options outstanding, December 31, 2017 759 29.01 Changes in outstanding stock options: Forfeited (90 ) 29.01 Stock options outstanding, December 30, 2018 669 $ 29.01 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | The following table summarizes the assumptions used in the Black-Scholes option pricing model for the stock option grants for fiscal 2017 : 2017 Exercise price US$29.01 Risk-free interest rate 1.90% Expected volatility 20.78% Expected life 4.63 years Expected dividend yield 1.29% |
Disclosure of range of exercise prices of outstanding share options | The following table summarizes information about stock options issued and outstanding and exercisable at December 30, 2018 : Options issued and outstanding Options exercisable Exercise prices Number Remaining contractual life (yrs) Number CA$15.59 71 1 71 CA$24.22 239 2 239 CA$30.46 254 3 191 CA$33.01 635 5 159 CA$38.01 511 4 256 CA$42.27 283 7 — 1,993 916 US$29.01 669 6 — 2,662 916 |
Disclosure of number and weighted average exercise prices of other equity instruments | Outstanding Treasury RSUs were as follows: Number Weighted average fair value per unit Treasury RSUs outstanding, January 1, 2017 249 $ 20.70 Changes in outstanding Treasury RSUs: Granted for dividends declared 2 29.04 Settled through the issuance of common shares (149 ) 14.12 Treasury RSUs outstanding, December 31, 2017 102 30.46 Changes in outstanding Treasury RSUs: Granted 20 30.10 Granted for dividends declared 2 29.94 Forfeited (18 ) 27.93 Treasury RSUs outstanding, December 30, 2018 106 $ 30.82 Changes in outstanding DSUs were as follows: 2018 2017 DSUs outstanding, beginning of fiscal year 293 255 Granted 54 35 Granted for dividends declared 4 3 Redeemed (76 ) — DSUs outstanding, end of fiscal year 275 293 Outstanding non-Treasury RSUs were as follows: Number Weighted average fair value per unit Non-Treasury RSUs outstanding, January 1, 2017 1,047 $ 27.18 Changes in outstanding non-Treasury RSUs: Granted 471 29.38 Granted for performance 88 28.42 Granted for dividends declared 13 29.86 Settled - common shares (215 ) 28.34 Settled - payment of withholding taxes (142 ) 28.42 Forfeited (62 ) 27.66 Non-Treasury RSUs outstanding, December 31, 2017 1,200 27.79 Changes in outstanding non-Treasury RSUs: Granted 573 29.82 Granted for performance 109 28.46 Granted for dividends declared 24 29.81 Settled - common shares (226 ) 28.47 Settled - payment of withholding taxes (151 ) 28.47 Forfeited (155 ) 27.99 Non-Treasury RSUs outstanding, December 30, 2018 1,374 $ 28.52 |
Disclosure of number and weighted average remaining contractual life of outstanding share options | The following table summarizes information about stock options issued and outstanding and exercisable at December 30, 2018 : Options issued and outstanding Options exercisable Exercise prices Number Remaining contractual life (yrs) Number CA$15.59 71 1 71 CA$24.22 239 2 239 CA$30.46 254 3 191 CA$33.01 635 5 159 CA$38.01 511 4 256 CA$42.27 283 7 — 1,993 916 US$29.01 669 6 — 2,662 916 |
SUPPLEMENTARY INFORMATION REL_2
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Analysis of income and expense [abstract] | |
Disclosure of selling, general and administrative expense | Selling, general and administrative expenses: 2018 2017 Selling expenses $ 108,363 $ 118,560 Administrative expenses 135,735 141,325 Distribution expenses 124,448 117,438 $ 368,546 $ 377,323 |
Disclosure of classes of employee benefits expense | Employee benefit expenses: 2018 2017 Salaries, wages and other short-term employee benefits $ 541,769 $ 504,366 Share-based payments 19,974 16,065 Post-employment benefits 31,922 30,376 $ 593,665 $ 550,807 |
Disclosure of finance lease and operating lease by lessor | As at December 30, 2018 , the future minimum lease payments under non-cancellable leases were as follows: Within 1 year $ 21,795 Between 1 and 5 years 51,723 More than 5 years 39,769 $ 113,287 |
RESTRUCTURING AND ACQUISITION_2
RESTRUCTURING AND ACQUISITION-RELATED COSTS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Analysis of income and expense [abstract] | |
Restructuring and related costs and disclosure of transactions recognized separately from acquisition | Restructuring and acquisition-related costs are presented in the following table, and are comprised of costs directly related to the closure of business locations or the relocation of business activities, significant changes in management structure, as well as transaction, exit, and integration costs incurred pursuant to business acquisitions. 2018 2017 Employee termination and benefit costs $ 7,767 $ 3,958 Exit, relocation and other costs 13,620 13,805 Net loss on disposal of property, plant and equipment related to exit activities 12,394 930 Acquisition-related transaction costs 447 4,201 $ 34,228 $ 22,894 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Income Taxes [Abstract] | |
Reconciliation of accounting profit multiplied by applicable tax rates and average effective tax rate | The reasons for the difference and the related tax effects are as follows: 2018 2017 Earnings before income taxes $ 372,134 $ 376,816 Applicable tax rate 26.6 % 26.8 % Income taxes at applicable statutory rate 98,913 101,100 (Decrease) increase in income taxes resulting from: Effect of different tax rates on earnings of foreign subsidiaries (96,013 ) (89,722 ) Income tax recovery and other adjustments related to prior taxation years 979 (1,676 ) Effect of changes in tax rates 2,048 (1,633 ) Effect of revaluation of deferred income taxes on intangible assets — (62,228 ) Non-recognition of tax benefits related to tax losses and temporary differences 17,169 62,488 Effect of non-deductible expenses and other (1,736 ) 6,153 Total income tax expense $ 21,360 $ 14,482 Average effective tax rate 5.7 % 3.8 % |
Major components of tax expense (income) | The details of income tax expense are as follows: 2018 2017 Current income taxes, includes an expense of $3,535 (2017 - recovery of $1,368) relating to prior taxation years $ 12,488 $ 9,587 Deferred income taxes: Changes in tax rates 2,048 (1,633 ) Revaluation of deferred income taxes on intangible assets — (62,228 ) Origination and reversal of temporary differences (7,789 ) 6,576 Non-recognition of tax benefits related to tax losses and temporary differences 17,169 62,488 Recognition of tax benefits relating to prior taxation years (2,556 ) (308 ) 8,872 4,895 Total income tax expense $ 21,360 $ 14,482 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Significant components of the Company’s deferred income tax assets and liabilities relate to the following temporary differences and unused tax losses: December 30, 2018 December 31, 2017 Deferred income tax assets: Non-capital losses $ 85,800 $ 75,433 Non-deductible reserves and accruals 11,395 5,712 Property, plant and equipment 9,227 9,629 Other items 6,039 6,609 112,461 97,383 Unrecognized deferred income tax assets (85,724 ) (67,152 ) Deferred income tax assets $ 26,737 $ 30,231 Deferred income tax liabilities: Property, plant and equipment $ (29,095 ) $ (24,239 ) Intangible assets (10,265 ) (9,705 ) Deferred income tax liabilities $ (39,360 ) $ (33,944 ) Deferred income taxes $ (12,623 ) $ (3,713 ) The details of changes to deferred income tax assets and liabilities were as follows: 2018 2017 Balance, beginning of fiscal year, net $ (3,713 ) $ 1,500 Recognized in the statements of earnings: Non-capital losses 10,367 31,202 Non-deductible reserves and accruals 5,683 (41,052 ) Property, plant and equipment (5,267 ) (3,062 ) Intangible assets 94 66,888 Other (532 ) 1,984 Changes in tax rates (2,048 ) 1,633 Unrecognized deferred income tax assets (17,169 ) (62,488 ) (8,872 ) (4,895 ) Other (38 ) (318 ) Balance, end of fiscal year, net $ (12,623 ) $ (3,713 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Earnings per share [abstract] | |
Earnings per share | Reconciliation between basic and diluted earnings per share is as follows: 2018 2017 Net earnings - basic and diluted $ 350,774 $ 362,334 Basic earnings per share: Basic weighted average number of common shares outstanding 211,435 224,184 Basic earnings per share $ 1.66 $ 1.62 Diluted earnings per share: Basic weighted average number of common shares outstanding 211,435 224,184 Plus dilutive impact of stock options, Treasury RSUs and common shares held in trust 273 351 Diluted weighted average number of common shares outstanding 211,708 224,535 Diluted earnings per share $ 1.66 $ 1.61 |
DEPRECIATION AND AMORTIZATION (
DEPRECIATION AND AMORTIZATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Depreciation and amortisation expense [abstract] | |
Disclosure of detailed information about property, plant and equipment | The cost of property, plant and equipment less its residual value, if any, is depreciated on a straight-line basis over the following estimated useful lives: Asset Useful life Buildings and improvements 5 to 40 years Manufacturing equipment 2 to 10 years Other equipment 3 to 10 years ROPERTY, PLANT AND EQUIPMENT: Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2018 Cost Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Additions 1,051 9,650 49,560 3,065 47,406 110,732 Transfers — 33,932 31,735 1,498 (67,165 ) — Disposals (97 ) (5,095 ) (35,924 ) (21,002 ) — (62,118 ) Balance, December 30, 2018 $ 70,957 $ 550,885 $ 1,085,345 $ 159,201 $ 57,630 $ 1,924,018 Accumulated depreciation Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Depreciation — 24,781 91,081 9,935 — 125,797 Disposals — — (22,510 ) (9,330 ) — (31,840 ) Balance, December 30, 2018 $ — $ 181,821 $ 640,418 $ 111,304 $ — $ 933,543 Carrying amount, December 30, 2018 $ 70,957 $ 369,064 $ 444,927 $ 47,897 $ 57,630 $ 990,475 Land Buildings and improvements Manufacturing equipment Other equipment Assets not yet utilized in operations Total 2017 Cost Balance, January 1, 2017 $ 69,373 $ 504,186 $ 997,993 $ 167,651 $ 50,607 $ 1,789,810 Additions 630 7,515 17,565 10,852 55,640 92,202 Additions through business acquisitions — 29 4,153 356 — 4,538 Transfers — 2,601 25,062 1,195 (28,858 ) — Disposals — (1,933 ) (4,799 ) (4,414 ) — (11,146 ) Balance, December 31, 2017 $ 70,003 $ 512,398 $ 1,039,974 $ 175,640 $ 77,389 $ 1,875,404 Accumulated depreciation Balance, January 1, 2017 $ — $ 132,976 $ 483,742 $ 96,209 $ — $ 712,927 Depreciation — 24,719 92,904 18,610 — 136,233 Disposals — (655 ) (4,799 ) (4,120 ) — (9,574 ) Balance, December 31, 2017 $ — $ 157,040 $ 571,847 $ 110,699 $ — $ 839,586 Carrying amount, December 31, 2017 $ 70,003 $ 355,358 $ 468,127 $ 64,941 $ 77,389 $ 1,035,818 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
Disclosure of detailed information about intangible assets | Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful-lives: Asset Useful life Customer contracts and customer relationships 7 to 20 years License agreements 3 to 10 years Computer software 4 to 7 years Trademarks with a finite life 5 years Non-compete agreements 2 years Intangible assets: 2018 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Additions — — 10,102 9,363 — 19,465 Disposals — — — (879 ) (90 ) (969 ) Balance, December 30, 2018 $ 224,489 $ 226,172 $ 69,600 $ 58,255 $ 1,790 $ 580,306 Accumulated amortization Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Amortization 13,592 700 8,572 4,475 — 27,339 Disposals — — — (721 ) (90 ) (811 ) Balance, December 30, 2018 $ 89,064 $ 1,808 $ 57,606 $ 36,465 $ 1,790 $ 186,733 Carrying amount, December 30, 2018 $ 135,425 $ 224,364 $ 11,994 $ 21,790 $ — $ 393,573 2017 Customer contracts and customer relationships Trademarks License agreements Computer software Non-compete agreements Total Cost Balance, January 1, 2017 $ 205,531 $ 174,772 $ 59,498 $ 48,776 $ 1,880 $ 490,457 Additions — — — 2,852 — 2,852 Additions through business acquisitions 18,958 51,400 — — — 70,358 Disposals — — — (1,857 ) — (1,857 ) Balance, December 31, 2017 $ 224,489 $ 226,172 $ 59,498 $ 49,771 $ 1,880 $ 561,810 Accumulated amortization Balance, January 1, 2017 $ 62,185 $ 125 $ 42,586 $ 29,528 $ 1,812 $ 136,236 Amortization 13,287 983 6,448 4,808 68 25,594 Disposals — — — (1,625 ) — (1,625 ) Balance, December 31, 2017 $ 75,472 $ 1,108 $ 49,034 $ 32,711 $ 1,880 $ 160,205 Carrying amount, December 31, 2017 $ 149,017 $ 225,064 $ 10,464 $ 17,060 $ — $ 401,605 DEPRECIATION AND AMORTIZATION: 2018 2017 Depreciation of property, plant and equipment (note 9) $ 125,797 $ 136,233 Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year 4,940 323 Depreciation of property, plant and equipment included in net earnings 130,737 136,556 Amortization of intangible assets, excluding software (note 10) 22,864 20,786 Amortization of software (note 10) 4,475 4,808 Depreciation and amortization included in net earnings $ 158,076 $ 162,150 |
SUPPLEMENTAL CASH FLOW DISCLO_2
SUPPLEMENTAL CASH FLOW DISCLOSURE (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Cash flow statement [Abstract] | |
Disclosure of detailed information about adjustments to reconcile profit (loss) explanatory | Adjustments to reconcile net earnings to cash flows from operating activities: 2018 2017 Depreciation and amortization (note 20) $ 158,076 $ 162,150 Restructuring charges related to property, plant and equipment (note 17) 12,394 930 Loss on disposal of property, plant and equipment and intangible assets 1,124 368 Share-based compensation 19,513 15,867 Deferred income taxes (note 18) 8,872 4,895 Unrealized net (gain) loss on foreign exchange and financial derivatives 882 (863 ) Timing differences between settlement of financial derivatives and transfer of deferred gains and losses in accumulated OCI to inventory and net earnings — (10,070 ) Other non-current assets (1,445 ) (523 ) Other non-current liabilities 2,839 2,445 $ 202,255 $ 175,199 |
Disclosure of detailed information about variations in non-cash transactions explanatory | Variations in non-cash transactions: 2018 2017 Additions to property, plant and equipment and intangible assets included in accounts payable and accrued liabilities $ 4,977 $ 258 Proceeds on disposal of property, plant and equipment included in other current assets (86 ) 36 Impact of adoption of new accounting standards (note 2(d)) (1,515 ) — Balance due on business acquisitions (note 5) — 2,700 Non-cash ascribed value credited to contributed surplus for dividends attributed to Treasury RSUs 754 447 Non-cash ascribed value credited to share capital from shares issued or distributed pursuant to vesting of restricted share units and exercise of stock options 6,681 9,623 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The amount for compensation expense recognized in net earnings for key management personnel was as follows: 2018 2017 Short-term employee benefits $ 8,615 $ 9,446 Post-employment benefits 2,995 205 Share-based payments 12,592 10,932 $ 24,202 $ 20,583 The amounts in accounts payable and accrued liabilities for share-based compensation awards to key management personnel were as follows: December 30, 2018 December 31, 2017 DSUs $ 8,310 $ 9,460 |
DISAGGREGATION OF REVENUE (Tabl
DISAGGREGATION OF REVENUE (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | Net sales by major product group were as follows: 2018 2017 Activewear $ 2,321,395 $ 2,043,147 Hosiery and underwear 587,170 707,669 $ 2,908,565 $ 2,750,816 Net sales were derived from customers located in the following geographic areas: 2018 2017 United States $ 2,484,877 $ 2,381,193 Canada 120,764 131,061 International 302,924 238,562 $ 2,908,565 $ 2,750,816 |
ENTITY-WIDE DISCLOSURES ENTITY-
ENTITY-WIDE DISCLOSURES ENTITY-WIDE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Entity-wide disclosures [Abstract] | |
Disclosure of geographical areas | Property, plant and equipment, intangible assets, and goodwill, were allocated to geographic areas as follows: December 30, 2018 December 31, 2017 United States $ 455,491 $ 487,228 Canada 132,045 141,820 Honduras 387,301 386,348 Caribbean Basin 544,282 559,422 Other 92,291 89,176 $ 1,611,410 $ 1,663,994 |
Disclosure of major customers | ustomers accounting for at least 10% of total net sales for the fiscal years ended December 30, 2018 and December 31, 2017 were as follows. 2018 2017 Customer A 19.0 % 16.5 % Customer B 10.0 % 7.6 % Customer C 7.6 % 11.9 % |
BASIS OF PREPARATION BASIS OF P
BASIS OF PREPARATION BASIS OF PREPARATION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Jan. 01, 2018 | |
Disclosure of initial application of standards or interpretations [line items] | ||
Impact of initial application of new IFRS on retained earnings | $ (791) | |
IFRS 15 [Member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Impact of initial application of new IFRS on retained earnings | (700) | |
Impact of initial application of new IFRS on gross margin on net sales | (2,100) | |
Impact of initial application of new IFRS on revenue | $ (500) | |
Impact of initial application of new IFRS on gross profit | (200) | |
Impact of initial application of new IFRS on operating income | (200) | |
Impact of initial application of new IFRS on net earnings | $ (200) | |
IFRS 9 [Member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Impact of initial application of new IFRS on retained earnings | $ (800) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Ownership percentage of principal subsidiaries) (Details) | 12 Months Ended |
Dec. 30, 2018 | |
Gildan Activewear SRL | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Branded Apparel SRL | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Honduras Properties, S. de R.L. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Apparel (Canada) LP | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Activewear (UK) Limited | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Textiles de Sula, S. de R.L. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
G.A.B. Limited | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Activewear Honduras Textile Company, S. de R.L. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Activewear (Eden) Inc. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Hosiery Rio Nance, S. de R.L. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
Gildan Mayan Textiles, S. de R.L. | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Property, plant and equipment useful lives) (Details) | 12 Months Ended |
Dec. 30, 2018 | |
Buildings and improvements | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Buildings and improvements | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 40 years |
Manufacturing equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 3 years |
Manufacturing equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Other equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 2 years |
Other equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 25 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Intangible assets useful lives) (Details) | 12 Months Ended |
Dec. 30, 2018 | |
Customer contracts and customer relationships | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 7 years |
Customer contracts and customer relationships | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 20 years |
License agreements | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 7 years |
License agreements | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 10 years |
Computer software | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 4 years |
Computer software | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 7 years |
Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 5 years |
Non-compete agreements | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 2 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (Cotton and cotton-based yarn procurements) (Details) | 12 Months Ended |
Dec. 30, 2018 | |
List Of Accounting Policies [Abstract] | |
Cotton and cotton-based yarn procurements, commitment period | 18 months |
NEW ACCOUNTING STANDARDS AND _2
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET APPLIED (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jan. 01, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Impact of initial application of new IFRS on retained earnings | $ (791) | |
IFRS 16 [Member] | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use assets recognized in the consolidated statement of financial position | $ 80,000 | |
Operating lease liabilities recognized in the consolidated statement of financial position | 88,000 | |
Impact of initial application of new IFRS on accounts payable and accrued liabilities | (2,000) | |
Impact of initial application of new IFRS on other provisions related to lease exit costs | (5,000) | |
Impact of initial application of new IFRS on retained earnings | $ (1,000) |
BUSINESS ACQUISITIONS (American
BUSINESS ACQUISITIONS (American Apparel) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 08, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about business combination [line items] | ||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 1,303 | $ 115,776 | ||
American Apparel, LLC | ||||
Disclosure of detailed information about business combination [line items] | ||||
Final cash bid | $ 88,000 | |||
Cash consideration paid at closing, net of cash acquired | 98,541 | |||
Inventories | 11,052 | |||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 91,900 | |||
Deposit for business acquisition, held in other non-current assets | $ 6,600 |
BUSINESS ACQUISITIONS (Other) (
BUSINESS ACQUISITIONS (Other) (Details) $ in Thousands | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 17, 2017USD ($)facility | Apr. 04, 2017USD ($) |
Disclosure of detailed information about business combination [line items] | ||||
Balance due (paid in fiscal 2017) | $ 0 | $ (2,700) | ||
Ring-spun yarn manufacturer | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number Of Facilities Acquired | facility | 2 | |||
Cash transferred | $ 13,500 | |||
Settlement of pre-existing relationships | (1,200) | |||
Balance due (paid in fiscal 2017) | $ 1,300 | |||
Australian based activewear distributor | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash transferred | $ 5,700 | |||
Settlement of pre-existing relationships | $ 2,900 | |||
Percentage of voting equity interests acquired | 100.00% |
BUSINESS ACQUISITIONS (Provisio
BUSINESS ACQUISITIONS (Provisional amounts recognized for the assets acquired and liabilities assumed) (Details) - USD ($) $ in Thousands | Feb. 08, 2017 | Jul. 17, 2017 | Dec. 30, 2018 | Dec. 31, 2017 |
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Goodwill | $ 227,362 | $ 226,571 | ||
Balance due (paid in fiscal 2017) | $ 0 | (2,700) | ||
American Apparel, LLC | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Trade accounts receivable | $ 0 | |||
Income taxes receivable | 0 | |||
Inventories | 11,052 | |||
Prepaid expenses, deposits and other current assets | 0 | |||
Property, plant and equipment | 1,527 | |||
Intangible assets | 67,400 | |||
Assets acquired | 79,979 | |||
Accounts payable and accrued liabilities | 0 | |||
Goodwill | 18,562 | |||
Net assets acquired at fair value | 98,541 | |||
Cash consideration paid at closing, net of cash acquired | 98,541 | |||
Settlement of pre-existing relationships | 0 | |||
Balance due (paid in fiscal 2017) | 0 | |||
Consideration transferred | 98,541 | |||
Intangible assets acquired | 67,400 | |||
Other 2017 Acquisitions | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Trade accounts receivable | $ 1,893 | |||
Income taxes receivable | 235 | |||
Inventories | 7,235 | |||
Prepaid expenses, deposits and other current assets | 4,100 | |||
Property, plant and equipment | 3,011 | |||
Intangible assets | 2,958 | |||
Assets acquired | 19,432 | |||
Accounts payable and accrued liabilities | (3,822) | |||
Goodwill | 5,525 | |||
Net assets acquired at fair value | 21,135 | |||
Cash consideration paid at closing, net of cash acquired | 18,069 | |||
Settlement of pre-existing relationships | 1,766 | |||
Balance due (paid in fiscal 2017) | 1,300 | |||
Consideration transferred | 21,135 | |||
Intangible assets acquired | 2,958 | |||
American Apparel, LLC and Other 2017 Acquisitions | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Trade accounts receivable | 1,893 | |||
Income taxes receivable | 235 | |||
Inventories | 18,287 | |||
Prepaid expenses, deposits and other current assets | 4,100 | |||
Property, plant and equipment | 4,538 | |||
Intangible assets | 70,358 | |||
Assets acquired | 99,411 | |||
Accounts payable and accrued liabilities | (3,822) | |||
Goodwill | 24,087 | |||
Net assets acquired at fair value | 119,676 | |||
Cash consideration paid at closing, net of cash acquired | 116,610 | |||
Settlement of pre-existing relationships | 1,766 | |||
Balance due (paid in fiscal 2017) | 1,300 | |||
Consideration transferred | 119,676 | |||
Intangible assets acquired | $ 70,358 | |||
Trademarks | American Apparel, LLC | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Intangible assets | 51,400 | |||
Intangible assets acquired | 51,400 | |||
Customer contracts and customer relationships | American Apparel, LLC | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Intangible assets | 16,000 | |||
Intangible assets acquired | $ 16,000 | |||
Intangible assets acquired, useful life | 10 years | |||
Customer contracts and customer relationships | Other 2017 Acquisitions | ||||
Acquisition-date fair value of total consideration transferred [abstract] | ||||
Intangible assets | 3,000 | |||
Intangible assets acquired | $ 3,000 | |||
Intangible assets acquired, useful life | 15 years |
BUSINESS ACQUISITIONS (Peds Leg
BUSINESS ACQUISITIONS (Peds Legwear Narrative) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||
Balance due (paid in fiscal 2017) | $ 0 | $ (2,700) |
TRADE ACCOUNTS RECEIVABLE (Deta
TRADE ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure Of Trade Receivables [Line Items] | ||
Trade accounts receivable | $ 317,159 | $ 243,365 |
Gross carrying amount | ||
Disclosure Of Trade Receivables [Line Items] | ||
Trade accounts receivable | 324,706 | 248,419 |
Allowance for expected credit losses | ||
Disclosure Of Trade Receivables [Line Items] | ||
Trade accounts receivable | $ (7,547) | $ (5,054) |
TRADE ACCOUNTS RECEIVABLE (Narr
TRADE ACCOUNTS RECEIVABLE (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts receivables being serviced under a receivables purchase agreement | $ 117 | $ 92.8 |
Receivables purchase agreement, maximum of sale of accounts receivables | 175 | |
Receivables purchase agreement, difference between carrying amount of receivable sold and cash received | $ 2.6 | $ 1.7 |
TRADE ACCOUNTS RECEIVABLE (Allo
TRADE ACCOUNTS RECEIVABLE (Allowance for doubtful accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Disclosure Of Trade Receivables [Line Items] | |||
Impact of initial application of new IFRS on retained earnings | $ (791) | ||
Allowance for doubtful accounts | |||
Disclosure Of Trade Receivables [Line Items] | |||
Allowance Account For Credit Losses Of Financial Assets, Adjusted | $ (5,845) | ||
Changes in allowance account for credit losses of financial assets [abstract] | |||
Balance, beginning of fiscal year | $ (5,054) | (5,589) | |
Bad debt expense | (3,634) | (3,689) | |
Write-off of trade accounts receivable | 1,932 | 4,224 | |
Balance, end of fiscal year | $ (7,547) | $ (5,054) | |
IFRS 9 [Member] | |||
Disclosure Of Trade Receivables [Line Items] | |||
Impact of initial application of new IFRS on retained earnings | $ (800) |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Raw materials and spare parts inventories | $ 151,600 | $ 128,414 |
Work in progress | 67,903 | 60,743 |
Finished goods | 720,526 | 756,581 |
Inventories, total | $ 940,029 | $ 945,738 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Inventories [Abstract] | ||
Amount of inventories recognized as an expense | $ 2,029.5 | $ 1,884.8 |
Write-down of inventory to net realizable value | $ 11.2 | $ 18 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | $ 1,035,818 | |
Depreciation | 125,797 | $ 136,233 |
Balance, end of period | 990,475 | 1,035,818 |
Carrying amount | 1,035,818 | 1,035,818 |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 70,003 | |
Balance, end of period | 70,957 | 70,003 |
Carrying amount | 70,003 | 70,003 |
Buildings and improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 355,358 | |
Balance, end of period | 369,064 | 355,358 |
Carrying amount | 355,358 | 355,358 |
Manufacturing equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 468,127 | |
Balance, end of period | 444,927 | 468,127 |
Carrying amount | 468,127 | 468,127 |
Other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 64,941 | |
Balance, end of period | 47,897 | 64,941 |
Carrying amount | 64,941 | 64,941 |
Assets not yet utilized in operations | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 77,389 | |
Balance, end of period | 57,630 | 77,389 |
Carrying amount | 77,389 | 77,389 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 1,875,404 | 1,789,810 |
Additions | 110,732 | 92,202 |
Additions through business acquisitions | 4,538 | |
Transfers | 0 | 0 |
Disposals | (62,118) | (11,146) |
Balance, end of period | 1,924,018 | 1,875,404 |
Carrying amount | 1,875,404 | 1,789,810 |
Gross carrying amount | Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 70,003 | 69,373 |
Additions | 1,051 | 630 |
Additions through business acquisitions | 0 | |
Transfers | 0 | 0 |
Disposals | (97) | 0 |
Balance, end of period | 70,957 | 70,003 |
Carrying amount | 70,003 | 69,373 |
Gross carrying amount | Buildings and improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 512,398 | 504,186 |
Additions | 9,650 | 7,515 |
Additions through business acquisitions | 29 | |
Transfers | 33,932 | 2,601 |
Disposals | (5,095) | (1,933) |
Balance, end of period | 550,885 | 512,398 |
Carrying amount | 512,398 | 504,186 |
Gross carrying amount | Manufacturing equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 1,039,974 | 997,993 |
Additions | 49,560 | 17,565 |
Additions through business acquisitions | 4,153 | |
Transfers | 31,735 | 25,062 |
Disposals | (35,924) | (4,799) |
Balance, end of period | 1,085,345 | 1,039,974 |
Carrying amount | 1,039,974 | 997,993 |
Gross carrying amount | Other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 175,640 | 167,651 |
Additions | 3,065 | 10,852 |
Additions through business acquisitions | 356 | |
Transfers | 1,498 | 1,195 |
Disposals | (21,002) | (4,414) |
Balance, end of period | 159,201 | 175,640 |
Carrying amount | 175,640 | 167,651 |
Gross carrying amount | Assets not yet utilized in operations | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 77,389 | 50,607 |
Additions | 47,406 | 55,640 |
Additions through business acquisitions | 0 | |
Transfers | (67,165) | (28,858) |
Disposals | 0 | 0 |
Balance, end of period | 57,630 | 77,389 |
Carrying amount | 77,389 | 50,607 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (839,586) | (712,927) |
Depreciation | 125,797 | 136,233 |
Disposals | 31,840 | 9,574 |
Balance, end of period | (933,543) | (839,586) |
Carrying amount | (839,586) | (712,927) |
Accumulated depreciation | Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Balance, end of period | 0 | 0 |
Carrying amount | 0 | 0 |
Accumulated depreciation | Buildings and improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (157,040) | (132,976) |
Depreciation | 24,781 | 24,719 |
Disposals | 0 | 655 |
Balance, end of period | (181,821) | (157,040) |
Carrying amount | (157,040) | (132,976) |
Accumulated depreciation | Manufacturing equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (571,847) | (483,742) |
Depreciation | 91,081 | 92,904 |
Disposals | 22,510 | 4,799 |
Balance, end of period | (640,418) | (571,847) |
Carrying amount | (571,847) | (483,742) |
Accumulated depreciation | Other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (110,699) | (96,209) |
Depreciation | 9,935 | 18,610 |
Disposals | 9,330 | 4,120 |
Balance, end of period | (111,304) | (110,699) |
Carrying amount | (110,699) | (96,209) |
Accumulated depreciation | Assets not yet utilized in operations | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Balance, end of period | 0 | 0 |
Carrying amount | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | Dec. 30, 2018 | Dec. 31, 2017 |
Property, plant and equipment [abstract] | ||
Contractual purchase obligations outstanding | $ 24.8 | $ 46.2 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Intangible assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | $ 401,605 | $ 401,605 |
Balance, end of period | 393,573 | 401,605 |
Carrying amount | 401,605 | 401,605 |
Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 561,810 | 490,457 |
Additions | 19,465 | 2,852 |
Additions through business acquisitions | 70,358 | |
Balance, end of period | 580,306 | 561,810 |
Carrying amount | 561,810 | 490,457 |
Disposals, intangible assets other than goodwill | 969 | 1,857 |
Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (160,205) | (136,236) |
Amortization | 27,339 | 25,594 |
Balance, end of period | (186,733) | (160,205) |
Carrying amount | (160,205) | (136,236) |
Disposals, intangible assets other than goodwill | (811) | (1,625) |
Customer contracts and customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 149,017 | |
Balance, end of period | 135,425 | |
Carrying amount | 135,425 | 149,017 |
Customer contracts and customer relationships | Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 224,489 | 205,531 |
Additions | 0 | 0 |
Additions through business acquisitions | 18,958 | |
Balance, end of period | 224,489 | 224,489 |
Carrying amount | 224,489 | 205,531 |
Disposals, intangible assets other than goodwill | 0 | 0 |
Customer contracts and customer relationships | Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (75,472) | (62,185) |
Amortization | 13,592 | 13,287 |
Balance, end of period | (89,064) | (75,472) |
Carrying amount | (75,472) | (62,185) |
Disposals, intangible assets other than goodwill | 0 | 0 |
License agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 10,464 | |
Balance, end of period | 11,994 | |
Carrying amount | 11,994 | 10,464 |
License agreements | Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 59,498 | 59,498 |
Additions | 10,102 | 0 |
Additions through business acquisitions | 0 | |
Balance, end of period | 69,600 | 59,498 |
Carrying amount | 59,498 | 59,498 |
Disposals, intangible assets other than goodwill | 0 | 0 |
License agreements | Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (49,034) | (42,586) |
Amortization | 8,572 | 6,448 |
Balance, end of period | (57,606) | (49,034) |
Carrying amount | (49,034) | (42,586) |
Disposals, intangible assets other than goodwill | 0 | 0 |
Computer software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 17,060 | |
Balance, end of period | 21,790 | |
Carrying amount | 21,790 | 17,060 |
Computer software | Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 49,771 | 48,776 |
Additions | 9,363 | 2,852 |
Additions through business acquisitions | 0 | |
Balance, end of period | 58,255 | 49,771 |
Carrying amount | 49,771 | 48,776 |
Disposals, intangible assets other than goodwill | 879 | 1,857 |
Computer software | Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (32,711) | (29,528) |
Amortization | 4,475 | 4,808 |
Balance, end of period | (36,465) | (32,711) |
Carrying amount | (32,711) | (29,528) |
Disposals, intangible assets other than goodwill | (721) | (1,625) |
Non-compete agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 0 | |
Balance, end of period | 0 | |
Carrying amount | 0 | 0 |
Non-compete agreements | Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 1,880 | 1,880 |
Additions | 0 | 0 |
Additions through business acquisitions | 0 | |
Balance, end of period | 1,790 | 1,880 |
Carrying amount | 1,880 | 1,880 |
Disposals, intangible assets other than goodwill | 90 | 0 |
Non-compete agreements | Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (1,880) | (1,812) |
Amortization | 0 | 68 |
Balance, end of period | (1,790) | (1,880) |
Carrying amount | (1,880) | (1,812) |
Disposals, intangible assets other than goodwill | (90) | 0 |
Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 225,064 | |
Balance, end of period | 224,364 | |
Carrying amount | 224,364 | 225,064 |
Trademarks | Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | 226,172 | 174,772 |
Additions | 0 | 0 |
Additions through business acquisitions | 51,400 | |
Balance, end of period | 226,172 | 226,172 |
Carrying amount | 226,172 | 174,772 |
Disposals, intangible assets other than goodwill | 0 | 0 |
Trademarks | Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of period | (1,108) | (125) |
Amortization | 700 | 983 |
Balance, end of period | (1,808) | (1,108) |
Carrying amount | (1,108) | (125) |
Disposals, intangible assets other than goodwill | $ 0 | $ 0 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL (Narrative) (Details) | 12 Months Ended | ||
Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2017USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment identified | $ 0 | ||
Intangible assets | $ 393,573,000 | $ 401,605,000 | $ 401,605,000 |
Key assumption used in estimation of unit's recoverable amount, EBITDA multiple | 11 | ||
Computer software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 21,790,000 | $ 17,060,000 | |
Computer software | Internally-generated | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | |
Computer software, assets not yet utilized in operations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 5,900,000 | $ 5,100,000 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL (Goodwill) (Details) - Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Changes in intangible assets and goodwill [abstract] | ||
Balance, beginning of fiscal year | $ 226,571 | $ 202,108 |
Goodwill acquired | 692 | 24,087 |
Other | 99 | 376 |
Balance, end of fiscal year | $ 227,362 | $ 226,571 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL (Recoverability of cash-generating units) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 227,362 | $ 226,571 |
Cash-generating units | Branded Apparel | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 206,134 | |
Indefinite life intangible assets | 93,400 | |
Intangible assets and goodwill | 299,534 | |
Cash-generating units | Printwear | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 21,228 | |
Indefinite life intangible assets | 129,272 | |
Intangible assets and goodwill | $ 150,500 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 669,000 | $ 630,000 | ||
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | 69,000 | 30,000 | ||
Maximum borrowing capacity | 1,000,000 | $ 1,000,000 | ||
Amount committed against facility to cover various letters of credit | $ 13,400 | 14,600 | ||
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 3.40% | |||
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 1.00% | |||
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 2.00% | |||
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 300,000 | 300,000 | ||
Maximum borrowing capacity | $ 300,000 | |||
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.80% | |||
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Minimum | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 1.00% | |||
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 2.00% | |||
Notes payable, interest at fixed and variable rates | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 300,000 | |||
Notes payable, interest at fixed rate of 2.70%, payable semi-annually | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.70% | |||
Principal amount | $ 100,000 | 100,000 | ||
Notes payable, interest at fixed rate of 2.70%, payable semi-annually | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.70% | |||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.53% payable quarterly | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 50,000 | 50,000 | ||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.53% payable quarterly | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.70% | |||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.53% payable quarterly | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 1.53% | |||
Notes payable, interest at fixed rate of 2.91%, payable semi-annually | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.91% | |||
Principal amount | $ 100,000 | 100,000 | ||
Notes payable, interest at fixed rate of 2.91%, payable semi-annually | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.90% | |||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.57% payable quarterly | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 50,000 | $ 50,000 | ||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.57% payable quarterly | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 2.90% | |||
Notes payable, interest at variable U.S. LIBOR-based interest rate plus a spread of 1.57% payable quarterly | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Basis spread on variable rate | 1.57% |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Millions | Dec. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum borrowing capacity | $ 1,000 | $ 1,000 | |
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum borrowing capacity | $ 300 | ||
Revolving long-term bank credit facility, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 1.25% | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility cancelled | $ 300 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Other non-current liabilities) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2017 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Employee benefit obligation - Statutory severance and pre-notice | $ 22,075 | $ 16,096 | $ 14,579 |
Employee benefit obligation - Defined contribution plan | 3,498 | 3,216 | |
Provisions | 14,343 | 17,829 | |
Other non-current liabilities | $ 39,916 | $ 37,141 |
OTHER NON-CURRENT LIABILITIES_3
OTHER NON-CURRENT LIABILITIES (Statutory severance and pre-notice obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Changes in net defined benefit liability (asset) [abstract] | ||
Obligation, beginning of fiscal year | $ 16,096 | $ 14,579 |
Service cost | 13,500 | 12,424 |
Interest cost | 6,478 | 6,171 |
Actuarial loss | 1,694 | 64 |
Foreign exchange gain | (537) | (389) |
Benefits paid | (15,156) | (16,753) |
Obligation, end of fiscal year | $ 22,075 | $ 16,096 |
OTHER NON-CURRENT LIABILITIES_4
OTHER NON-CURRENT LIABILITIES (Statutory severance and pre-notice obligations Narrative) (Details) - USD ($) $ in Millions | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | ||
Cumulative amount of actuarial losses recognized in other comprehensive income | $ 23.8 | $ 22.1 |
Actuarial assumption of discount rate | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (4.1) | |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 5 | |
Actuarial assumption of expected rates of compensation increases | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 5 | |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (4.3) | |
Minimum | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial assumption of discount rates | 10.00% | 9.20% |
Actuarial assumption of expected rates of salary increases | 6.50% | 8.00% |
Maximum | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial assumption of discount rates | 10.50% | 9.65% |
Actuarial assumption of expected rates of salary increases | 10.00% | 10.00% |
OTHER NON-CURRENT LIABILITIES_5
OTHER NON-CURRENT LIABILITIES (Defined contribution plan Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Defined contribution expenses | $ 4.3 | $ 4.4 |
OTHER NON-CURRENT LIABILITIES_6
OTHER NON-CURRENT LIABILITIES (Provisions) (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Reconciliation of changes in other provisions [abstract] | |
Balance, January 1, 2018 | $ 17,829 |
Changes in estimates made during the fiscal year | (2,147) |
Provisions utilized during the fiscal year | (147) |
Accretion of interest | 299 |
Other (note 17) | (5,000) |
Balance, December 31, 2018 | $ 14,343 |
Expected Timing Of Outflows, Other Provisions | 20 years |
Decommissioning and site restoration costs | |
Reconciliation of changes in other provisions [abstract] | |
Balance, January 1, 2018 | $ 16,572 |
Changes in estimates made during the fiscal year | (2,147) |
Provisions utilized during the fiscal year | 0 |
Accretion of interest | 299 |
Other (note 17) | (5,000) |
Balance, December 31, 2018 | 9,724 |
Lease exit costs | |
Reconciliation of changes in other provisions [abstract] | |
Balance, January 1, 2018 | 1,257 |
Changes in estimates made during the fiscal year | 0 |
Provisions utilized during the fiscal year | (147) |
Accretion of interest | 0 |
Other (note 17) | 0 |
Balance, December 31, 2018 | $ 4,619 |
EQUITY (Share capital Narrative
EQUITY (Share capital Narrative) (Details) - shares | Feb. 20, 2019 | Jan. 31, 2019 | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of classes of share capital [line items] | ||||
Shares issued (in shares) | 206,740,357 | 206,732,436 | 219,198,989 | |
Shares outstanding (in shares) | 206,736,233 | 206,732,436 | 219,198,989 | |
Number of shares in entity held by entity or by its subsidiaries or associates | 3,797 | 4,308 | ||
First preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued (in shares) | 0 | 0 | ||
Second preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued (in shares) | 0 | 0 |
EQUITY (Normal course issuer bi
EQUITY (Normal course issuer bid Narrative) (Details) - USD ($) $ in Thousands | Feb. 20, 2019 | Aug. 01, 2018 | Feb. 21, 2018 | Nov. 01, 2017 | Feb. 17, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Feb. 23, 2017 |
Disclosure of classes of share capital [line items] | ||||||||
Number of shares authorized to be repurchased (in shares) | 10,337,017 | 21,575,761 | 10,960,391 | 16,117,175 | 11,512,267 | |||
Number of shares authorized to be repurchased as a percentage of issued and outstanding common shares | 5.00% | 10.00% | 5.00% | 7.00% | 5.00% | |||
Number of shares issued (in shares) | 206,740,357 | 206,732,436 | 219,198,989 | |||||
Shares repurchased for cancellation (in shares) | 12,634,693 | 11,512,267 | ||||||
Shares repurchased for cancellation | $ 367,529 | $ 328,616 | ||||||
TSX | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Maximum shares to be repurchased daily | 136,754 | |||||||
Average daily trading volume percentage for most recently completed six calendar months | 25.00% | |||||||
Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares repurchased for cancellation (in shares) | 12,635,000 | 11,512,000 | ||||||
Shares repurchased for cancellation | $ 9,231 | $ 7,692 | ||||||
Retained earnings | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares repurchased for cancellation | $ 358,298 | $ 320,924 | ||||||
Other related parties | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares repurchased for cancellation (in shares) | 176,000 | 877,000 |
FINANCIAL INSTRUMENTS (Carrying
FINANCIAL INSTRUMENTS (Carrying amounts and fair values) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financing arrangements | $ 33,000 | $ 0 |
Financial liabilities at amortised cost | Accounts payable and accrued liabilities (1) | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 332,543 | 255,832 |
Financial liabilities, fair value | 255,832 | 231,927 |
Financial liabilities at amortised cost | Long-term debt | Effective interest rate | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 469,000 | 430,000 |
Financial liabilities, fair value | 430,000 | 400,000 |
Financial liabilities at amortised cost | Long-term debt | Fixed interest rate | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 200,000 | 200,000 |
Financial liabilities, fair value | 189,500 | 197,600 |
Derivative financial liabilities included in accounts payable and accrued liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 14,442 | 2,644 |
Financial liabilities, fair value | 2,644 | 1,515 |
Derivative financial instruments included in accounts payable and accrued liabilities - total return swap | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities, fair value | 0 | 620 |
Financial assets at amortised cost | Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 46,657 | 52,795 |
Financial assets, fair value | 52,795 | 38,197 |
Financial assets at amortised cost | Trade accounts receivable | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 317,159 | 243,365 |
Financial assets, fair value | 243,365 | 277,733 |
Financial assets at amortised cost | Financial assets included in prepaid expenses, deposits and other current assets | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 39,789 | 28,711 |
Financial assets, fair value | 28,711 | 22,722 |
Financial assets at amortised cost | Long-term non-trade receivables included in other non-current assets | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 2,771 | 2,781 |
Financial assets, fair value | 2,781 | 476 |
Derivative financial assets included in prepaid expenses, deposits and other current assets | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 17,792 | 16,920 |
Financial assets, fair value | 15,688 | 32,572 |
Derivative financial instruments included in prepaid expenses, deposits and other current assets - total return swap | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets, fair value | $ 1,232 | $ 0 |
FINANCIAL INSTRUMENTS (Addition
FINANCIAL INSTRUMENTS (Additional Information) (Details) pound in Millions | 12 Months Ended | |
Dec. 30, 2018USD ($)sharespound | Mar. 31, 2018USD ($) | |
Disclosure of detailed information about hedged items [line items] | ||
Net gains in AOCI expected to be reclassified to inventory or net earnings within the next twelve months | $ 1,400,000 | |
Total Return Swap | ||
Disclosure of detailed information about hedged items [line items] | ||
Term of TRS | 1 year | |
Notional amount (in shares) | shares | 259,897 | |
Cash flow hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Ineffectiveness recognized in net earnings | $ 0 | |
Term loan, interest at variable U.S. LIBOR-based interest rate plus a spread ranging from 1% to 2% | ||
Disclosure of detailed information about hedged items [line items] | ||
Maximum borrowing capacity | $ 300,000,000 | |
Commodity risk | Financial assets included in prepaid expenses, deposits and other current assets | ||
Disclosure of detailed information about hedged items [line items] | ||
Notional amount (in shares) | pound | 81.2 | |
Financial assets | $ 300,000 | |
Commodity risk | Accounts payable and accrued liabilities (1) | ||
Disclosure of detailed information about hedged items [line items] | ||
Financial assets | $ 1,000,000 |
FINANCIAL INSTRUMENTS (Commitme
FINANCIAL INSTRUMENTS (Commitments to buy and sell foreign currencies) (Details) - 12 months ended Dec. 30, 2018 - Foreign currency risk - Cash flow hedges € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | USD ($) | CAD ($) | MXN ($) | EUR (€) | GBP (£) | AUD ($) |
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 158,308 | |||||
Financial assets, carrying value | 4,099 | |||||
Financial liabilities, carrying value | (1,199) | |||||
Net financial assets (liabilities) | $ 2,900 | |||||
Minimum | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Remaining maturity | 0 months | |||||
Maximum | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Remaining maturity | 12 months | |||||
Sell GBP/Buy USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 37,703 | £ 28,510 | ||||
Average exchange rate | 1.3224 | |||||
Financial assets, carrying value | $ 1,366 | |||||
Financial liabilities, carrying value | 0 | |||||
Net financial assets (liabilities) | 1,366 | |||||
Sell EUR/Buy USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 37,551 | € 31,578 | ||||
Average exchange rate | 1.1892 | |||||
Financial assets, carrying value | $ 1,004 | |||||
Financial liabilities, carrying value | (19) | |||||
Net financial assets (liabilities) | 985 | |||||
Sell CAD/Buy USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 25,776 | $ 33,114 | ||||
Average exchange rate | 0.7784 | |||||
Financial assets, carrying value | $ 1,369 | |||||
Financial liabilities, carrying value | 0 | |||||
Net financial assets (liabilities) | 1,369 | |||||
Buy CAD/Sell USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 47,712 | $ 62,921 | ||||
Average exchange rate | 0.7583 | |||||
Financial assets, carrying value | $ 0 | |||||
Financial liabilities, carrying value | (1,180) | |||||
Net financial assets (liabilities) | (1,180) | |||||
Sell AUD/Buy USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 5,800 | $ 7,941 | ||||
Average exchange rate | 0.7304 | |||||
Financial assets, carrying value | $ 198 | |||||
Financial liabilities, carrying value | 0 | |||||
Net financial assets (liabilities) | 198 | |||||
Buy MXN/Sell USD | ||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||
Notional amount | $ 3,766 | $ 79,275 | ||||
Average exchange rate | 0.0475 | |||||
Financial assets, carrying value | $ 162 | |||||
Financial liabilities, carrying value | 0 | |||||
Net financial assets (liabilities) | $ 162 |
FINANCIAL INSTRUMENTS (Commodit
FINANCIAL INSTRUMENTS (Commodity contracts outstanding) (Details) - Commodity risk - Cash flow hedges barrel in Thousands, $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($)poundbarrel | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, fair value | $ (10,677) |
Forward contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Nominal amount of hedging instrument | pound | 76,000 |
Financial assets, fair value | $ (2,837) |
Swap contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Nominal amount of hedging instrument | pound | 147,680 |
Financial assets, fair value | $ (5,516) |
Swap And Option Contract [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Nominal amount of hedging instrument | barrel | 0 |
Financial assets, fair value | $ (2,324) |
Minimum | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining maturity | 0 years |
Maximum | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining maturity | 12 years |
Accounts payable and accrued liabilities (1) | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | $ (11,158) |
Accounts payable and accrued liabilities (1) | Forward contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | (3,173) |
Accounts payable and accrued liabilities (1) | Swap contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | (5,516) |
Accounts payable and accrued liabilities (1) | Swap And Option Contract [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | (2,469) |
Financial assets included in prepaid expenses, deposits and other current assets | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 481 |
Financial assets included in prepaid expenses, deposits and other current assets | Forward contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 336 |
Financial assets included in prepaid expenses, deposits and other current assets | Swap contracts | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial assets included in prepaid expenses, deposits and other current assets | Swap And Option Contract [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | $ 145 |
FINANCIAL INSTRUMENTS (Floating
FINANCIAL INSTRUMENTS (Floating-to-fixed interest rate swap contracts outstanding) (Details) - Cash flow hedges - Interest rate risk | Dec. 30, 2018USD ($) |
Floating-to-fixed interest rate swap, maturing on June 17, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | $ 150,000,000 |
Floating-to-fixed interest rate swap, maturing on April 30, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | 75,000,000 |
Floating-to-fixed interest rate swap, maturing on August 25, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | 50,000,000 |
Floating-to-fixed interest rate swap, maturing on August 25, 2026 | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | $ 50,000,000 |
Fixed rate | Floating-to-fixed interest rate swap, maturing on June 17, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | |
Interest rate | 0.96% |
Fixed rate | Floating-to-fixed interest rate swap, maturing on April 30, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Interest rate | 2.85% |
Fixed rate | Floating-to-fixed interest rate swap, maturing on August 25, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Interest rate | 1.18% |
Fixed rate | Floating-to-fixed interest rate swap, maturing on August 25, 2026 | |
Disclosure of detailed information about hedging instruments [line items] | |
Interest rate | 1.34% |
Financial assets included in prepaid expenses, deposits and other current assets | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | $ 12,952,000 |
Financial assets included in prepaid expenses, deposits and other current assets | Floating-to-fixed interest rate swap, maturing on June 17, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 5,500,000 |
Financial assets included in prepaid expenses, deposits and other current assets | Floating-to-fixed interest rate swap, maturing on April 30, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial assets included in prepaid expenses, deposits and other current assets | Floating-to-fixed interest rate swap, maturing on August 25, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 3,070,000 |
Financial assets included in prepaid expenses, deposits and other current assets | Floating-to-fixed interest rate swap, maturing on August 25, 2026 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 4,382,000 |
Accounts payable and accrued liabilities (1) | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | (521,000) |
Accounts payable and accrued liabilities (1) | Floating-to-fixed interest rate swap, maturing on June 17, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Accounts payable and accrued liabilities (1) | Floating-to-fixed interest rate swap, maturing on April 30, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | (521,000) |
Accounts payable and accrued liabilities (1) | Floating-to-fixed interest rate swap, maturing on August 25, 2023 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Accounts payable and accrued liabilities (1) | Floating-to-fixed interest rate swap, maturing on August 25, 2026 | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | $ 0 |
FINANCIAL INSTRUMENTS (Summary
FINANCIAL INSTRUMENTS (Summary of hedged items) (Details) - Cash flow hedges $ in Thousands | Dec. 30, 2018USD ($) |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | $ 0 |
Financial liabilities, carrying value | 0 |
Change in value used for calculating hedge ineffectiveness | 3,382 |
Cash flow hedge reserve (AOCI) | (3,382) |
Foreign currency risk | Forecast sales | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial liabilities, carrying value | 0 |
Change in value used for calculating hedge ineffectiveness | 2,752 |
Cash flow hedge reserve (AOCI) | (2,752) |
Foreign currency risk | Forecast expenses | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial liabilities, carrying value | 0 |
Change in value used for calculating hedge ineffectiveness | (897) |
Cash flow hedge reserve (AOCI) | 897 |
Commodity risk | Forecast purchases | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial liabilities, carrying value | 0 |
Change in value used for calculating hedge ineffectiveness | (10,677) |
Cash flow hedge reserve (AOCI) | 10,677 |
Interest rate risk | |
Disclosure of detailed information about hedging instruments [line items] | |
Financial assets, carrying value | 0 |
Financial liabilities, carrying value | 0 |
Change in value used for calculating hedge ineffectiveness | 12,204 |
Cash flow hedge reserve (AOCI) | $ (12,204) |
FINANCIAL INSTRUMENTS (Financia
FINANCIAL INSTRUMENTS (Financial expenses, net) (Details) - USD ($) | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Financial Instruments [Abstract] | ||
Interest expense on financial liabilities recorded at amortized cost | $ 24,757,000 | $ 17,126,000 |
Bank and other financial charges | 7,472,000 | 8,025,000 |
Interest accretion on discounted provisions | 299,000 | 311,000 |
Foreign exchange gain | (1,483,000) | (1,276,000) |
Financial expenses, net (note 14(c)) | 31,045,000 | 24,186,000 |
Borrowing costs recognised as expense | $ 700,000 | $ 1,200,000 |
FINANCIAL INSTRUMENTS (Hedging
FINANCIAL INSTRUMENTS (Hedging components of other comprehensive income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedges [line items] | ||
Net gain (loss) on derivatives designated as cash flow hedges | $ (67) | $ 60 |
Cash flow hedges (note 14(d)) | (10,158) | (27,071) |
Foreign currency risk | ||
Disclosure of detailed information about hedges [line items] | ||
Gains (losses) on cash flow hedges, before tax | 6,740 | (6,076) |
Cash flow hedges (note 14(d)) | 16 | (4) |
Foreign currency risk | Net sales | ||
Disclosure of detailed information about hedges [line items] | ||
Reclassification adjustments on cash flow hedges, before tax | (1,864) | 1,626 |
Foreign currency risk | Cost of sales | ||
Disclosure of detailed information about hedges [line items] | ||
Reclassification adjustments on cash flow hedges, before tax | (307) | (1,042) |
Foreign currency risk | Selling, general and administrative expenses | ||
Disclosure of detailed information about hedges [line items] | ||
Reclassification adjustments on cash flow hedges, before tax | 51 | (2,087) |
Foreign currency risk | Financial expenses, net | ||
Disclosure of detailed information about hedges [line items] | ||
Reclassification adjustments on cash flow hedges, before tax | (2,224) | 2,234 |
Commodity risk | ||
Disclosure of detailed information about hedges [line items] | ||
Gains (losses) on cash flow hedges, before tax | 698 | 11,087 |
Commodity risk | Inventories | ||
Disclosure of detailed information about hedges [line items] | ||
Income Tax Relating To Reclassification Adjustments On Cash Flow Hedges, Before Tax | (13,303) | (33,294) |
Interest rate risk | ||
Disclosure of detailed information about hedges [line items] | ||
Gains (losses) on cash flow hedges, before tax | $ 102 | $ 425 |
SHARE-BASED COMPENSATION (Emplo
SHARE-BASED COMPENSATION (Employee share purchase plans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Compensation expense included in selling, general and administrative expenses | $ | $ 19,974 | $ 16,065 |
Employee share purchase plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of payroll deductions from salary to purchase from Treasury (up to) | 10.00% | |
Share price as a percentage of current share price | 90.00% | |
Service period for share-based compensation plan | 2 years | |
Common shares reserved for issuance under the plans (in shares) | shares | 5,000,000 | |
Number of shares issued (in shares) | shares | 910,159 | 852,255 |
Compensation expense included in selling, general and administrative expenses | $ | $ 200 | $ 200 |
SHARE-BASED COMPENSATION (Stock
SHARE-BASED COMPENSATION (Stock options and restricted share units Narrative) (Details) | 12 Months Ended | |||
Dec. 30, 2018USD ($)shares | Dec. 30, 2018CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of common shares issuable pursuant to the exercise of stock options and vesting of Treasury RSUs for the plan (in shares) | shares | 12,000,632 | |||
Number of shares remained authorized for future issuance under the plan (in shares) | shares | 1,524,965 | |||
Outstanding options exercisable (in shares) | shares | 915,628 | 599,562 | ||
Weighted average exercise price of outstanding options exercisable (in CAD per share) | $ 30.22 | $ 26.68 | ||
Weighted average share price at date of exercise (in CAD per share) | $ 39.79 | $ 39.23 | ||
Weighted average fair value of options granted (in dollars per share) | $ 5.15 | |||
Compensation expense included in selling, general and administrative expenses and cost of sales | $ 19,974,000 | $ 16,065,000 | ||
Treasury RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 5 years | 5 years | ||
Percentage of awards contingent on achievement of performance conditions | 50.00% | 50.00% | ||
Number of outstanding shares vested (in shares) | shares | 0 | 0 | 0 | 0 |
Compensation expense included in selling, general and administrative expenses and cost of sales | $ 500,000 | $ 900,000 | ||
Stock options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Compensation expense included in selling, general and administrative expenses and cost of sales | $ 2,900,000 | $ 3,800,000 | ||
Non-Treasury RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | 3 years | ||
Number of outstanding shares vested (in shares) | shares | 0 | 0 | 0 | 0 |
Compensation expense included in selling, general and administrative expenses and cost of sales | $ 16,400,000 | $ 11,200,000 | ||
Percentage of awards dependent on performance conditions | 100.00% | 100.00% | ||
Ratio of awards that can vest to the actual number of shares awarded | 2 | 2 | ||
USD | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares granted (in shares) | shares | 0 | 0 | 759,000 | 759,000 |
SHARE-BASED COMPENSATION (Outst
SHARE-BASED COMPENSATION (Outstanding stock options) (Details) | 12 Months Ended | |||
Dec. 30, 2018USD ($)shares | Dec. 30, 2018CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number, outstanding, end of fiscal period (in shares) | 2,662,000 | 2,662,000 | ||
CAD | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number, outstanding, beginning of fiscal period (in shares) | 2,263,000 | 2,263,000 | 2,532,000 | 2,532,000 |
Exercised (in shares) | (110,000) | (110,000) | (269,000) | (269,000) |
Forfeited (in shares) | (160,000) | (160,000) | ||
Number, outstanding, end of fiscal period (in shares) | 1,993,000 | 1,993,000 | 2,263,000 | 2,263,000 |
Weighted exercise price, outstanding, beginning of fiscal period (in CAD per share) | $ | $ 32.94 | $ 31.18 | ||
Exercised (in CAD per share) | $ | 19.98 | 16.43 | ||
Forfeited (in CAD per share) | $ | $ 33.58 | |||
Weighted exercise price, outstanding, end of fiscal period (in CAD per share) | $ | $ 33.60 | $ 32.94 | ||
USD | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number, outstanding, beginning of fiscal period (in shares) | 759,000 | 759,000 | 0 | 0 |
Granted (in shares) | 0 | 0 | 759,000 | 759,000 |
Forfeited (in shares) | (90,000) | (90,000) | ||
Number, outstanding, end of fiscal period (in shares) | 669,000 | 669,000 | 759,000 | 759,000 |
Weighted exercise price, outstanding, beginning of fiscal period (in CAD per share) | $ 29.01 | $ 0 | ||
Granted (in CAD per share) | $ | $ 29.01 | |||
Forfeited (in CAD per share) | $ | 29.01 | |||
Weighted exercise price, outstanding, end of fiscal period (in CAD per share) | $ | $ 29.01 | $ 29.01 |
SHARE-BASED COMPENSATION (Black
SHARE-BASED COMPENSATION (Black-Scholes option pricing model for the stock option grants) (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($)year | |
Share-based Payment Arrangements [Abstract] | |
Exercise price (in CAD per share) | $ | $ 29.01 |
Risk-free interest rate | 1.90% |
Expected volatility | 20.78% |
Expected life | year | 4.63 |
Expected dividend yield | 1.29% |
SHARE-BASED COMPENSATION SHARE-
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION (Stock options issued and outstanding and exercisable) (Details) | Dec. 30, 2018USD ($)sharesyear | Dec. 30, 2018CAD ($)sharesyear | Dec. 31, 2017shares | Jan. 01, 2017shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 2,662,000 | 2,662,000 | ||
Options exercisable, number (in shares) | 915,628 | 915,628 | 599,562 | |
$ 15.59 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | $ 15.59 | |||
$ 24.22 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | 24.22 | |||
$ 30.46 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | 30.46 | |||
$ 33.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | 33.01 | |||
$ 38.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | 38.01 | |||
$ 42.27 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | $ 42.27 | |||
$ 29.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in CAD and USD per share) | $ | $ 29.01 | |||
CAD | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 1,993,000 | 1,993,000 | 2,263,000 | 2,532,000 |
Options exercisable, number (in shares) | 916,000 | 916,000 | ||
CAD | $15.59 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 71,000 | 71,000 | ||
Options issued and outstanding, remaining contractual life | year | 1 | 1 | ||
Options exercisable, number (in shares) | 71,000 | 71,000 | ||
CAD | $24.22 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 239,000 | 239,000 | ||
Options issued and outstanding, remaining contractual life | year | 2 | 2 | ||
Options exercisable, number (in shares) | 239,000 | 239,000 | ||
CAD | $30.46 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 254,000 | 254,000 | ||
Options issued and outstanding, remaining contractual life | year | 3 | 3 | ||
Options exercisable, number (in shares) | 191,000 | 191,000 | ||
CAD | $33.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 635,000 | 635,000 | ||
Options issued and outstanding, remaining contractual life | year | 5 | 5 | ||
Options exercisable, number (in shares) | 159,000 | 159,000 | ||
CAD | $38.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 511,000 | 511,000 | ||
Options issued and outstanding, remaining contractual life | year | 4 | 4 | ||
Options exercisable, number (in shares) | 256,000 | 256,000 | ||
CAD | $42.27 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 283,000 | 283,000 | ||
Options issued and outstanding, remaining contractual life | year | 7 | 7 | ||
Options exercisable, number (in shares) | 0 | 0 | ||
USD | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 669,000 | 669,000 | 759,000 | 0 |
USD | $29.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options issued and outstanding, number (in shares) | 669,000 | 669,000 | ||
Options issued and outstanding, remaining contractual life | year | 6 | 6 | ||
Options exercisable, number (in shares) | 0 | 0 |
SHARE-BASED COMPENSATION (Out_2
SHARE-BASED COMPENSATION (Outstanding Treasury RSUs) (Details) - Treasury RSUs | 12 Months Ended | |
Dec. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number, outstanding, beginning of fiscal year (in shares) | shares | 102,000 | 249,000 |
Granted (in shares) | shares | 20,000 | |
Granted for dividends declared (in shares) | shares | 2,000 | 2,000 |
Settled through the issuance of common shares (in shares) | shares | (149,000) | |
Forfeited (in shares) | shares | (18,000) | |
Number, outstanding, end of fiscal year (in shares) | shares | 106,000 | 102,000 |
Weighted average fair value per unit, outstanding, beginning of fiscal year (in dollars per share) | $ | $ 30.46 | $ 20.70 |
Granted (in dollars per share) | $ | 30.10 | |
Granted for dividends declared (in dollars per share) | $ | 29.94 | 29.04 |
Settled through the issuance of common shares (in dollars per share) | $ | 14.12 | |
Forfeited (in dollars per shares) | $ | 27.93 | |
Weighted average fair value per unit, outstanding, end of fiscal year (in dollars per share) | $ | $ 30.82 | $ 30.46 |
SHARE-BASED COMPENSATION (Out_3
SHARE-BASED COMPENSATION (Outstanding Non-Treasury RSUs) (Details) - Non-Treasury RSUs | 12 Months Ended | |
Dec. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number, outstanding, beginning of fiscal year (in shares) | shares | 1,200,000 | 1,047,000 |
Granted, net of granted for performance and dividends declared (in shares) | shares | 573,000 | 471,000 |
Granted for performance (in shares) | shares | 109,000 | 88,000 |
Granted for dividends declared (in shares) | shares | 24,000 | 13,000 |
Settled - common shares (in shares) | shares | 226,000 | 215,000 |
Settled - payment of withholding taxes (in shares) | shares | 151,000 | 142,000 |
Forfeited (in shares) | shares | 155,000 | 62,000 |
Number, outstanding, end of fiscal year (in shares) | shares | 1,374,000 | 1,200,000 |
Weighted average fair value per unit, outstanding, beginning of fiscal year (in dollars per share) | $ | $ 27.79 | $ 27.18 |
Granted (in dollars per share) | $ | 29.82 | 29.38 |
Granted for performance (in dollars per share) | $ | 28.46 | 28.42 |
Granted for dividends declared (in dollars per share) | $ | 29.81 | 29.86 |
Settled - common shares (in dollars per share) | $ | 28.47 | 28.34 |
Settled - payment of withholding taxes (in dollars per share) | $ | 28.47 | 28.42 |
Forfeited (in dollars per shares) | $ | 27.99 | 27.66 |
Weighted average fair value per unit, outstanding, end of fiscal year (in dollars per share) | $ | $ 28.52 | $ 27.79 |
SHARE-BASED COMPENSATION (Defer
SHARE-BASED COMPENSATION (Deferred share unit plan Narrative) (Details) | 12 Months Ended | ||
Dec. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2017shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense included in selling, general and administrative expenses | $ 19,974,000 | $ 16,065,000 | |
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Minimum percentage of annual board retainer in the form of share-based payment arrangement | 50.00% | ||
Number of other equity instruments outstanding (in shares) | shares | 274,794 | 292,873 | 255,000 |
Other equity instruments outstanding amount | $ 8,300,000 | $ 9,500,000 | |
Fair value per unit outstanding (in dollars per share) | 30.24 | 32.30 | |
Compensation expense included in selling, general and administrative expenses | $ 0 | $ 0 |
SHARE-BASED COMPENSATION SHAR_2
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION (Outstanding DSUs) (Details) - DSUs - shares | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number, outstanding, beginning of fiscal year (in shares) | 292,873 | 255,000 |
Granted (in shares) | 54,000 | 35,000 |
Granted for dividends declared (in shares) | 4,000 | 3,000 |
Forfeited (in shares) | (76,000) | 0 |
Number, outstanding, end of fiscal year (in shares) | 274,794 | 292,873 |
SUPPLEMENTARY INFORMATION REL_3
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (Selling, general and administrative expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | ||
Selling expenses | $ 108,363 | $ 118,560 |
Administrative expenses | 135,735 | 141,325 |
Distribution expenses | 124,448 | 117,438 |
Selling, general and administrative expenses | $ 368,546 | $ 377,323 |
SUPPLEMENTARY INFORMATION REL_4
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (Employee benefit expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | ||
Salaries, wages and other short-term employee benefits | $ 541,769 | $ 504,366 |
Share-based payments | 19,974 | 16,065 |
Post-employment benefits | 31,922 | 30,376 |
Employee benefits expenses | $ 593,665 | $ 550,807 |
SUPPLEMENTARY INFORMATION REL_5
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (Lease expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Contingent rents recognised as income [abstract] | ||
Amount recognized in the consolidated statement or earnings and comprehensive income relating to operating leases | $ 35,800 | $ 35,700 |
Future minimum lease payments under non-cancellable leases | 113,287 | |
Within 1 year | ||
Contingent rents recognised as income [abstract] | ||
Future minimum lease payments under non-cancellable leases | 21,795 | |
Between 1 and 5 years | ||
Contingent rents recognised as income [abstract] | ||
Future minimum lease payments under non-cancellable leases | 51,723 | |
More than 5 years | ||
Contingent rents recognised as income [abstract] | ||
Future minimum lease payments under non-cancellable leases | $ 39,769 |
SUPPLEMENTARY INFORMATION REL_6
SUPPLEMENTARY INFORMATION RELATING TO THE NATURE OF EXPENSES (Government assistance) (Details) - USD ($) $ in Millions | Dec. 30, 2018 | Dec. 31, 2017 |
Analysis of income and expense [abstract] | ||
Government assistance | $ 10.1 | $ 10.2 |
RESTRUCTURING AND ACQUISITION_3
RESTRUCTURING AND ACQUISITION-RELATED COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Acquisition-related transaction costs | $ 447 | $ 4,201 |
Restructuring and acquisition-related costs | 34,228 | 22,894 |
Reversal of environmental liability for distribution facility sold | 5,000 | |
Employee termination and benefit costs | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring-related costs | 7,767 | 3,958 |
Exit, relocation and other costs | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring-related costs | 13,620 | 13,805 |
Net loss on disposal of property, plant and equipment related to exit activities | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring-related costs | 12,394 | 930 |
Gain on disposal | 1,200 | |
Closure of manufacturing facility | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 9,000 | |
Consolidation of distribution centres | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 9,000 | 2,700 |
Internal organization realignment | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 7,300 | 1,700 |
Consolidation of production manufacturing | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 5,500 | |
Other costs | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | $ 3,400 | |
Transaction and integration related costs | American Apparel, LLC | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 7,900 | |
Transaction and integration related costs | Peds Legwear, Inc. and Alstyle Apparel, LLC | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | 4,400 | |
Rationalization of remaining retail store outlets | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Restructuring and acquisition-related costs | $ 6,200 |
INCOME TAXES (Reasons for diffe
INCOME TAXES (Reasons for difference and related tax effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Earnings before income taxes | $ 372,134 | $ 376,816 | |
Applicable tax rate | 26.60% | 26.80% | |
Income taxes at applicable statutory rate | $ 98,913 | $ 101,100 | |
Effect of different tax rates on earnings of foreign subsidiaries | (96,013) | (89,722) | |
Income tax recovery and other adjustments related to prior taxation years | 979 | (1,676) | |
Tax effect from change in tax rate | $ (1,600) | 2,048 | (1,633) |
Tax Effect From Revaluation Of Deferred Tax Liabilities | 0 | (62,228) | |
Tax effect of tax losses | 17,169 | 62,488 | |
Effect of non-deductible expenses and other | (1,736) | 6,153 | |
Total income tax expense | $ 21,360 | $ 14,482 | |
Average effective tax rate | 5.70% | 3.80% |
INCOME TAXES (Details of income
INCOME TAXES (Details of income tax expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Current tax expense (income) and adjustments for current tax of prior periods [abstract] | ||
Current income taxes, includes a recovery of $2,725 (2015 - expense of $3,904) relating to prior taxation years | $ 12,488 | $ 9,587 |
Adjustments for recovery relating to prior taxation years | 3,535 | 1,368 |
Changes in tax rates | 2,048 | (1,633) |
Revaluation of deferred income taxes on intangible assets | 0 | (62,228) |
Origination and reversal of temporary differences | (7,789) | 6,576 |
Non-recognition of tax benefits related to tax losses and temporary differences | 17,169 | 62,488 |
Recognition of tax benefits relating to prior taxation years | (2,556) | (308) |
Deferred income taxes | 8,872 | 4,895 |
Total income tax expense | $ 21,360 | $ 14,482 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax effect from change in tax rate | $ (1,600) | $ 2,048 | $ (1,633) |
Net deferred tax expenses | 3,300 | ||
Increase in non-recognition of deferred income tax assets | 56,500 | ||
Tax effect from revaluation of deferred income tax liabilities | 0 | (62,228) | |
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense | $ 67,200 | 85,700 | 67,200 |
Non-deductible reserves and accruals | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Reduction in deferred income tax assets | $ 9,000 | ||
Pro forma | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Effect of different tax rates on earnings of foreign subsidiaries | 343,000 | ||
Pro forma | Unrealised foreign exchange gains (losses) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income taxes (note 18) | $ 74,000 |
INCOME TAXES (Significant compo
INCOME TAXES (Significant components of deferred income tax assets and liabilities) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred income tax assets | $ (85,700) | $ (67,200) | |
Deferred tax liabilities | (12,623) | (3,713) | |
Deferred income taxes | (12,623) | (3,713) | $ 1,500 |
Before Offset Amount [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred income tax assets | (85,724) | (67,152) | |
Net deferred tax assets | 26,737 | 30,231 | |
Deferred tax liabilities | (39,360) | (33,944) | |
Deferred income taxes | (12,623) | (3,713) | |
Before Offset Amount [Member] | Temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 112,461 | 97,383 | |
Before Offset Amount [Member] | Non-capital losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 85,800 | 75,433 | |
Before Offset Amount [Member] | Non-deductible reserves and accruals | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 11,395 | 5,712 | |
Before Offset Amount [Member] | Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 9,227 | 9,629 | |
Deferred tax liabilities | (29,095) | (24,239) | |
Before Offset Amount [Member] | Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,039 | 6,609 | |
Before Offset Amount [Member] | Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ (10,265) | $ (9,705) |
INCOME TAXES (Changes to deferr
INCOME TAXES (Changes to deferred income tax assets and liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Balance, beginning of fiscal year, net | $ (3,713) | $ 1,500 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | (8,872) | (4,895) |
Other | (38) | (318) |
Balance, end of fiscal year, net | (12,623) | (3,713) |
Non-capital losses | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | 10,367 | 31,202 |
Non-deductible reserves and accruals | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | 5,683 | (41,052) |
Property, plant and equipment | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | (5,267) | (3,062) |
Intangible assets | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | 94 | 66,888 |
Other | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | (532) | 1,984 |
Change In Tax Rate Related Temporary Differences [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | (2,048) | 1,633 |
Unrecognized deferred income tax assets | ||
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in the statements of earnings | $ (17,169) | $ (62,488) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | ||
Net earnings - basic and diluted | $ 350,774 | $ 362,334 |
Basic earnings per share: | ||
Basic weighted average number of common shares outstanding (in shares) | 211,435 | 224,184 |
Basic earnings per share (in dollars per share) | $ 1.66 | $ 1.62 |
Diluted earnings per share: | ||
Basic weighted average number of common shares outstanding (in shares) | 211,435 | 224,184 |
Plus dilutive impact of stock options, Treasury RSUs and common shares held in trust (in shares) | 273 | 351 |
Diluted weighted average number of common shares outstanding (in shares) | 211,708 | 224,535 |
Diluted earnings per share (in dollars per share) | $ 1.66 | $ 1.61 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Stock options | ||
Earnings per share [line items] | ||
Shares excluded from calculation of earnings per share (in shares) | 1,462,933 | 1,903,101 |
Treasury RSUs | ||
Earnings per share [line items] | ||
Shares excluded from calculation of earnings per share (in shares) | 0 | 0 |
DEPRECIATION AND AMORTIZATION_2
DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Depreciation and amortisation expense [abstract] | ||
Depreciation | $ 125,797 | $ 136,233 |
Adjustment for the variation of depreciation of property, plant and equipment included in inventories at the beginning and end of the year | 4,940 | 323 |
Depreciation of property, plant and equipment included in net earnings | 130,737 | 136,556 |
Amortization of intangible assets, excluding software (note 10) | 22,864 | 20,786 |
Amortization of software (note 10) | 4,475 | 4,808 |
Depreciation and amortization included in net earnings | $ 158,076 | $ 162,150 |
SUPPLEMENTAL CASH FLOW DISCLO_3
SUPPLEMENTAL CASH FLOW DISCLOSURE (Adjustments to reconcile net earnings to cash flows from operating activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flow statement [Abstract] | ||
Depreciation and amortization (note 20) | $ 158,076 | $ 162,150 |
Restructuring charges related to property, plant and equipment (note 17) | 12,394 | 930 |
Loss on disposal of property, plant and equipment and intangible assets | 1,124 | 368 |
Share-based compensation | 19,513 | 15,867 |
Deferred income taxes (note 18) | 8,872 | 4,895 |
Unrealized net (gain) loss on foreign exchange and financial derivatives | 882 | (863) |
Timing differences between settlement of financial derivatives and transfer of deferred gains and losses in accumulated OCI to inventory and net earnings | 0 | (10,070) |
Other non-current assets | (1,445) | (523) |
Other non-current liabilities | 2,839 | 2,445 |
Adjustments to reconcile net earnings to cash flows from operating activities (note 21(a)) | $ 202,255 | $ 175,199 |
SUPPLEMENTAL CASH FLOW DISCLO_4
SUPPLEMENTAL CASH FLOW DISCLOSURE (Variations in non-cash transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flow statement [Abstract] | ||
Additions to property, plant and equipment and intangible assets included in accounts payable and accrued liabilities | $ 4,977 | $ 258 |
Proceeds on disposal of property, plant and equipment included in other current assets | (86) | 36 |
Impact of adoption of new accounting standards (note 2(d)) | (1,515) | 0 |
Balance due on business acquisitions (note 5) | 0 | 2,700 |
Non-cash ascribed value credited to contributed surplus for dividends attributed to Treasury RSUs | 6,681 | 9,623 |
Non-cash ascribed value credited to share capital from shares issued or distributed pursuant to vesting of restricted share units and exercise of stock options | $ 754 | $ 447 |
RELATED PARTY TRANSACTIONS (Com
RELATED PARTY TRANSACTIONS (Compensation expense recognized for key management personnel) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Related Party [Abstract] | ||
Short-term employee benefits | $ 8,615 | $ 9,446 |
Post-employment benefits | 2,995 | 205 |
Share-based payments | 12,592 | 10,932 |
Key management personnel compensation | $ 24,202 | $ 20,583 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Expenses for airplane usage, related party transactions | $ 0 | |
Amount in account payable, related party transactions | 0 | |
Key management personnel | ||
Disclosure of transactions between related parties [line items] | ||
Expenses for airplane usage, related party transactions | $ 1.2 | |
Amount in account payable, related party transactions | 0.3 | |
DSUs | Key management personnel | ||
Disclosure of transactions between related parties [line items] | ||
Amount in account payable, related party transactions | $ 8,310,000 | $ 9,460,000 |
COMMITMENTS, GUARANTEES AND C_2
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES (Details) - Financial guarantees, maximum potential liability - USD ($) | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of contingent liabilities [line items] | ||
Maximum potential liability under guarantees | $ 55,400,000 | $ 50,600,000 |
Recorded liability with respect to guarantees | 0 | |
Surety bond | ||
Disclosure of contingent liabilities [line items] | ||
Maximum potential liability under guarantees | 11,100,000 | 12,500,000 |
Financial guarantees and standby letters of credit | ||
Disclosure of contingent liabilities [line items] | ||
Maximum potential liability under guarantees | $ 44,300,000 | $ 38,100,000 |
CAPITAL DISCLOSURES (Details)
CAPITAL DISCLOSURES (Details) $ / shares in Units, $ in Millions | Feb. 21, 2018USD ($)$ / shares | Dec. 30, 2018USD ($)$ / shares |
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Net debt leverage ratio | 1 | |
Dividends paid | $ | $ 94.6 | |
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.448 | |
Dividends declared before financial statements authorised for issue but not recognised as distribution to owners, percentage increase | 20.00% | |
Dividends declared before financial statements authorised for issue but not recognised as distribution to owners (in dollars per share) | $ / shares | $ 0.134 | |
Dividends declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 27.7 | |
Minimum | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Target net debt leverage ratio | 1 | |
Maximum | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Target net debt leverage ratio | 2 |
DISAGGREGATION OF REVENUE (Net
DISAGGREGATION OF REVENUE (Net Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 2,908,565 | $ 2,750,816 |
United States | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,484,877 | 2,381,193 |
Canada | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 120,764 | 131,061 |
International | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 302,924 | 238,562 |
Activewear | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,321,395 | 2,043,147 |
Hosiery and underwear | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 587,170 | $ 707,669 |
ENTITY-WIDE DISCLOSURES (Proper
ENTITY-WIDE DISCLOSURES (Property, plant and equipment, intangible assets, and goodwill by geographic area) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | $ 1,611,410 | $ 1,663,994 |
United States | ||
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | 455,491 | 487,228 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | 132,045 | 141,820 |
Honduras | ||
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | 387,301 | 386,348 |
Caribbean Basin | ||
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | 544,282 | 559,422 |
Other | ||
Disclosure of geographical areas [line items] | ||
Property plant and equipment, intangible assets, and goodwill | $ 92,291 | $ 89,176 |
ENTITY-WIDE DISCLOSURES (Major
ENTITY-WIDE DISCLOSURES (Major customers as a percentage of net sales) (Details) | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Customer A | ||
Disclosure of major customers [line items] | ||
Percentage of total net sales | 19.00% | 16.50% |
Customer B | ||
Disclosure of major customers [line items] | ||
Percentage of total net sales | 10.00% | 7.60% |