Segment Information

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Segment Information [Text Block]

13. Segment Information

The composition of the Company's operating and reportable segments is as follows:

• Plant-Based Foods and Beverages includes plant-based beverages and liquid and powder ingredients, utilizing oat, almond, soy, coconut, rice, hemp, and other bases, as well as broths, teas, and nutritional beverages. In addition, the sunflower business, which packaged dry- and oil-roasted inshell sunflower and sunflower kernels and processed raw sunflower inshell and kernel for food and feed applications, was part of this segment until it was divested on October 11, 2022.

• Fruit-Based Foods and Beverages includes individually quick frozen ("IQF") fruit for retail, including strawberries, blueberries, mango, pineapple, and other berries and blends, and IQF and bulk frozen fruit for foodservice, including toppings, purées, and smoothies. In addition, Fruit-Based Foods and Beverages includes fruit snacks, including bars, twists, ropes, and bite-sized varieties, and fruit smoothie bowls.

Corporate Services provides a variety of management, financial, information technology, treasury, and administration services to each of the Company's operating segments.

When reviewing the operating results of the Company's operating segments, management uses segment revenues from external customers and segment operating income/loss to assess performance and allocate resources. Total segment operating income/loss includes general and administrative expenses incurred by Corporate Services and excludes other income/expense items. In addition, interest on corporate debt and income taxes are not allocated to the operating segments.

Segment Revenues and Operating Income

Operating segment results for the quarters ended April 1, 2023 and April 2, 2022 were as follows:

	Quarter ended
	April 1, 2023		April 2, 2022
	$		$
Revenues from external customers
Plant-Based Foods and Beverages	129,350		135,511
Fruit-Based Foods and Beverages	94,530		104,662
Total revenues from external customers	223,880		240,173
Segment operating income (loss)
Plant-Based Foods and Beverages	8,277		8,461
Fruit-Based Foods and Beverages	1,785		784
Corporate Services	(7,524	)	(5,239	)
Total segment operating income	2,538		4,006
Other expense, net	(35	)	(287	)
Interest expense, net	(5,812	)	(2,530	)
Earnings (loss) from continuing operations before income taxes	(3,309	)	1,189

Disaggregation of Revenue

The following table presents a disaggregation of revenues by operating segment based on categories used by the Company to evaluate sales performance:

	Quarter ended
	April 1, 2023	April 2, 2022
	$	$
Plant-Based Foods and Beverages
Beverages and broths	127,319	108,622
Plant-based ingredients	2,031	9,726
Sunflower and roasted snacks(1)	-	17,163
Total Plant-Based Foods and Beverages	129,350	135,511
Fruit-Based Foods and Beverages
Frozen fruit and fruit-based ingredients	68,911	83,493
Fruit snacks and smoothie bowls	25,619	21,169
Total Fruit-Based Foods and Beverages	94,530	104,662
Total revenues	223,880	240,173

(1) Reflects revenues of the Company's former sunflower business and related roasted snacks operations, which were sold on October 11, 2022.

Segment Assets

Total assets by operating segment as at April 1, 2023 and December 31, 2022 were as follows:

	April 1, 2023	December 31, 2022
	$	$
Plant-Based Foods and Beverages	402,763	384,507
Fruit-Based Foods and Beverages	349,654	347,678
Corporate Services	125,708	123,667
Total assets	878,125	855,852

Segment Depreciation and Amortization

Depreciation and amortization by operating segment for the quarters ended April 1, 2023 and April 2, 2022 was as follows:

	Quarter ended
	April 1, 2023	April 2, 2022
	$	$
Plant-Based Foods and Beverages	5,440	4,434
Fruit-Based Foods and Beverages	3,216	3,681
Corporate Services	1,342	1,298
Total depreciation and amortization	9,998	9,413