Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Oct. 02, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Entity File Number | 001-13323 | |
Title of 12(b) Security | Common stock $0.01 par value per share | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Entity Registrant Name | DARLING INGREDIENTS INC. | |
Entity Central Index Key | 0000916540 | |
Current Fiscal Year End Date | --01-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 2, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 161,808,213 | |
Document Transition Report | false | |
Entity Tax Identification Number | 36-2495346 | |
Trading Symbol | DAR | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | 5601 N MacArthur Blvd. | |
Entity Address, City or Town | Irving | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75038 | |
City Area Code | 972 | |
Local Phone Number | 717-0300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 67,188 | $ 81,617 |
Restricted cash | 172 | 103 |
Accounts receivable, less allowance for bad debts of $10,107 at October 2, 2021 and $10,815 at January 2, 2021 | 479,575 | 405,387 |
Inventories | 476,295 | 405,922 |
Prepaid expenses | 63,633 | 47,793 |
Income taxes refundable | 3,060 | 3,883 |
Other current assets | 13,721 | 42,289 |
Total current assets | 1,103,644 | 986,994 |
Property, plant and equipment, less accumulated depreciation of $1,821,115 at October 2, 2021 and $1,702,123 at January 2, 2021 | 1,834,670 | 1,863,814 |
Intangible assets, less accumulated amortization of $552,288 at October 2, 2021 and $568,086 at January 2, 2021 | 417,409 | 473,680 |
Goodwill | 1,232,179 | 1,260,240 |
Investment in unconsolidated subsidiaries | 1,107,834 | 804,682 |
Operating Lease, Right-of-Use Asset | 160,660 | 146,563 |
Other assets | 53,887 | 60,682 |
Deferred income taxes | 15,437 | 16,676 |
Total assets | 5,925,720 | 5,613,331 |
Current liabilities: | ||
Current portion of long-term debt | 55,138 | 27,538 |
Accounts payable, principally trade | 272,844 | 255,340 |
Income taxes payable | 34,623 | 17,497 |
Operating Lease, Liability, Current | 40,182 | 39,459 |
Accrued expenses | 353,410 | 335,471 |
Total current liabilities | 756,197 | 675,305 |
Long-term debt, net of current portion | 1,325,736 | 1,480,531 |
Operating Lease, Liability, Noncurrent | 123,169 | 109,707 |
Other non-current liabilities | 115,815 | 117,371 |
Deferred income taxes | 335,566 | 276,208 |
Total liabilities | 2,656,483 | 2,659,122 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 250,000,000 shares authorized; 171,665,336 and 169,880,238 shares issued at October 2, 2021 and January 2, 2021, respectively | 1,717 | 1,699 |
Additional paid-in capital | 1,623,264 | 1,597,429 |
Treasury stock, at cost; 9,886,705 and 7,679,849 shares at October 2, 2021 and January 2, 2021, respectively | (302,188) | (151,710) |
Accumulated other comprehensive loss | (309,353) | (252,433) |
Retained earnings | 2,192,084 | 1,696,924 |
Total Darling's stockholders’ equity | 3,205,524 | 2,891,909 |
Noncontrolling interests | 63,713 | 62,300 |
Total stockholders' equity | 3,269,237 | 2,954,209 |
Total liabilities and stockholders' equity | $ 5,925,720 | $ 5,613,331 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Assets: | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 10,107 | $ 10,815 |
Property, plant and equipment, accumulated depreciation | 1,821,115 | 1,702,123 |
Intangible assets, accumulated amortization | $ 552,288 | $ 568,086 |
Stockholders’ equity: | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 171,665,336 | 169,880,238 |
Treasury stock, shares | 9,886,705 | 7,679,849 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,185,916 | $ 850,569 | $ 3,431,301 | $ 2,552,084 |
Costs and expenses: | ||||
Cost of sales and operating expenses | 859,604 | 638,368 | 2,510,461 | 1,917,623 |
Loss (gain) on disposal of property, plant, equipment and other assets | (501) | 122 | (793) | 210 |
Selling, general and administrative expenses | 97,275 | 89,993 | 293,805 | 276,379 |
Restructuring and asset impairment charges | 0 | 0 | 778 | 0 |
Depreciation and amortization | 77,826 | 85,730 | 235,582 | 253,711 |
Total costs and expenses | 1,034,204 | 814,213 | 3,039,833 | 2,447,923 |
Equity in net income of Diamond Green Diesel | 53,951 | 91,099 | 281,964 | 252,411 |
Operating income | 205,663 | 127,455 | 673,432 | 356,572 |
Other expense: | ||||
Interest expense | (15,409) | (18,793) | (47,105) | (55,803) |
Foreign currency loss | (205) | (1,239) | (1,299) | (709) |
Other expense, net | (853) | (1,912) | (3,210) | (5,278) |
Total other expense | (16,467) | (21,944) | (51,614) | (61,790) |
Equity in net income of other unconsolidated subsidiaries | 1,647 | 906 | 4,199 | 2,467 |
Income before income taxes | 190,843 | 106,417 | 626,017 | 297,249 |
Income tax expense | 42,637 | 4,812 | 126,324 | 43,058 |
Net income | 148,206 | 101,605 | 499,693 | 254,191 |
Net income attributable to noncontrolling interests | (1,394) | (480) | (4,533) | (2,117) |
Net income attributable to Darling | $ 146,812 | $ 101,125 | $ 495,160 | $ 252,074 |
Basic income per share (in dollars per share) | $ 0.91 | $ 0.62 | $ 3.04 | $ 1.55 |
Diluted income per share (in dollars per share) | $ 0.88 | $ 0.61 | $ 2.96 | $ 1.51 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Net income | $ 148,206 | $ 101,605 | $ 499,693 | $ 254,191 |
Other comprehensive income/(loss), net of tax: | ||||
Foreign currency translation | (32,903) | 37,854 | (48,741) | (7,243) |
Pension adjustments | 791 | 648 | 2,375 | 1,943 |
Total other comprehensive income/(loss), net of tax | (39,661) | 38,890 | (54,044) | (4,514) |
Total comprehensive income | 108,545 | 140,495 | 445,649 | 249,677 |
Comprehensive income attributable to noncontrolling interests | 2,332 | 456 | 7,409 | 1,364 |
Comprehensive income attributable to Darling | 106,213 | 140,039 | 438,240 | 248,313 |
Soybean Meal | ||||
Other comprehensive income/(loss), net of tax: | ||||
Derivative adjustments | (23) | 0 | (297) | 0 |
Corn Option | ||||
Other comprehensive income/(loss), net of tax: | ||||
Derivative adjustments | 3,628 | (2,518) | 2,472 | (578) |
Heating Oil Swaps And Options | ||||
Other comprehensive income/(loss), net of tax: | ||||
Derivative adjustments | (6,490) | 1,494 | (5,334) | 3,424 |
Foreign Exchange Contract | ||||
Other comprehensive income/(loss), net of tax: | ||||
Derivative adjustments | $ (4,664) | $ 1,412 | $ (4,519) | $ (2,060) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Heating Oil | Corn Option | Soybean Meal | Foreign Exchange Contract | Stockholders' equity attributable to Darling | Stockholders' equity attributable to DarlingHeating Oil | Stockholders' equity attributable to DarlingCorn Option | Stockholders' equity attributable to DarlingSoybean Meal | Stockholders' equity attributable to DarlingForeign Exchange Contract | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossHeating Oil | Accumulated Other Comprehensive LossCorn Option | Accumulated Other Comprehensive LossSoybean Meal | Accumulated Other Comprehensive LossForeign Exchange Contract | Retained Earnings | Non-controlling Interests |
Balance (in shares) at Dec. 28, 2019 | 163,775,111 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Dec. 28, 2019 | $ 2,643,350 | $ 2,565,819 | $ 1,686 | $ 1,560,897 | $ (75,022) | $ (321,847) | $ 1,400,105 | $ 77,531 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 86,091 | 85,510 | 85,510 | 581 | ||||||||||||||||
Deductions to noncontrolling interests | (9,875) | 3,271 | 3,271 | (13,146) | ||||||||||||||||
Pension liability adjustments, net of tax | 648 | 648 | 648 | |||||||||||||||||
Derivative adjustments | $ 10,870 | $ 136 | $ (9,151) | $ 10,870 | $ 136 | $ (9,151) | $ 10,870 | $ 136 | $ (9,151) | |||||||||||
Foreign currency translation | (65,236) | (65,147) | (65,147) | (89) | ||||||||||||||||
Issuance of non-vested stock (in shares) | 8,000 | |||||||||||||||||||
Issuance of non-vested stock | 40 | 40 | 40 | |||||||||||||||||
Stock-based compensation | 10,778 | 10,778 | 10,778 | |||||||||||||||||
Treasury stock (in shares) | (2,372,876) | |||||||||||||||||||
Treasury stock | (60,082) | (60,082) | (60,082) | |||||||||||||||||
Issuance of common stock (in shares) | 447,729 | |||||||||||||||||||
Issuance of common stock | 873 | 873 | $ 5 | 868 | ||||||||||||||||
Balance (in shares) at Mar. 28, 2020 | 161,857,964 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Mar. 28, 2020 | 2,608,442 | 2,543,565 | $ 1,691 | 1,575,854 | (135,104) | (384,491) | 1,485,615 | 64,877 | ||||||||||||
Balance (in shares) at Dec. 28, 2019 | 163,775,111 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Dec. 28, 2019 | 2,643,350 | 2,565,819 | $ 1,686 | 1,560,897 | (75,022) | (321,847) | 1,400,105 | 77,531 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 254,191 | |||||||||||||||||||
Derivative adjustments | (578) | $ 0 | (2,060) | |||||||||||||||||
Foreign currency translation | (7,243) | |||||||||||||||||||
Balance (in shares) at Sep. 26, 2020 | 162,067,099 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Sep. 26, 2020 | 2,835,189 | 2,773,920 | $ 1,696 | 1,589,479 | (143,826) | (325,608) | 1,652,179 | 61,269 | ||||||||||||
Balance (in shares) at Mar. 28, 2020 | 161,857,964 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Mar. 28, 2020 | 2,608,442 | 2,543,565 | $ 1,691 | 1,575,854 | (135,104) | (384,491) | 1,485,615 | 64,877 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 66,495 | 65,439 | 65,439 | 1,056 | ||||||||||||||||
Deductions to noncontrolling interests | (299) | (299) | ||||||||||||||||||
Pension liability adjustments, net of tax | 647 | 647 | 647 | |||||||||||||||||
Derivative adjustments | (8,940) | 1,804 | 5,679 | (8,940) | 1,804 | 5,679 | (8,940) | 1,804 | 5,679 | |||||||||||
Foreign currency translation | 20,139 | 20,779 | 20,779 | (640) | ||||||||||||||||
Issuance of non-vested stock | 55 | 55 | 55 | |||||||||||||||||
Stock-based compensation | 4,693 | 4,693 | 4,693 | |||||||||||||||||
Treasury stock (in shares) | (72,540) | |||||||||||||||||||
Treasury stock | (1,572) | (1,572) | (1,572) | |||||||||||||||||
Issuance of common stock (in shares) | 172,852 | |||||||||||||||||||
Issuance of common stock | 1,211 | 1,211 | $ 1 | 1,210 | ||||||||||||||||
Balance (in shares) at Jun. 27, 2020 | 161,958,276 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Jun. 27, 2020 | 2,698,354 | 2,633,360 | $ 1,692 | 1,581,812 | (136,676) | (364,522) | 1,551,054 | 64,994 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 101,605 | 101,125 | 101,125 | 480 | ||||||||||||||||
Deductions to noncontrolling interests | (4,181) | (4,181) | ||||||||||||||||||
Pension liability adjustments, net of tax | 648 | 648 | 648 | |||||||||||||||||
Derivative adjustments | 1,494 | (2,518) | 0 | 1,412 | 1,494 | (2,518) | 1,412 | 1,494 | (2,518) | 1,412 | ||||||||||
Foreign currency translation | 37,854 | 37,878 | 37,878 | (24) | ||||||||||||||||
Issuance of non-vested stock | 56 | 56 | 56 | |||||||||||||||||
Stock-based compensation | 3,580 | 3,580 | 3,580 | |||||||||||||||||
Treasury stock (in shares) | (220,652) | |||||||||||||||||||
Treasury stock | (7,150) | (7,150) | (7,150) | |||||||||||||||||
Issuance of common stock (in shares) | 329,475 | |||||||||||||||||||
Issuance of common stock | 4,035 | 4,035 | $ 4 | 4,031 | ||||||||||||||||
Balance (in shares) at Sep. 26, 2020 | 162,067,099 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Sep. 26, 2020 | 2,835,189 | 2,773,920 | $ 1,696 | 1,589,479 | (143,826) | (325,608) | 1,652,179 | 61,269 | ||||||||||||
Balance (in shares) at Jan. 02, 2021 | 162,200,389 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Jan. 02, 2021 | 2,954,209 | 2,891,909 | $ 1,699 | 1,597,429 | (151,710) | (252,433) | 1,696,924 | 62,300 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 153,418 | 151,766 | 151,766 | 1,652 | ||||||||||||||||
Distribution of noncontrolling interest earnings | (2,143) | (2,143) | ||||||||||||||||||
Pension liability adjustments, net of tax | 792 | 792 | 792 | |||||||||||||||||
Derivative adjustments | 3,464 | (800) | (257) | (6,806) | 3,464 | (800) | $ (257) | (6,806) | 3,464 | (800) | $ (257) | (6,806) | ||||||||
Foreign currency translation | (38,222) | (39,756) | (39,756) | 1,534 | ||||||||||||||||
Issuance of non-vested stock | 58 | 58 | 58 | |||||||||||||||||
Stock-based compensation | 8,357 | 8,357 | 8,357 | |||||||||||||||||
Treasury stock (in shares) | (684,674) | |||||||||||||||||||
Treasury stock | (48,141) | (48,141) | (48,141) | |||||||||||||||||
Issuance of common stock (in shares) | 1,639,151 | |||||||||||||||||||
Issuance of common stock | 6,017 | 6,017 | $ 16 | 6,001 | ||||||||||||||||
Balance (in shares) at Apr. 03, 2021 | 163,154,866 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Apr. 03, 2021 | 3,029,946 | 2,966,603 | $ 1,715 | 1,611,845 | (199,851) | (295,796) | 1,848,690 | 63,343 | ||||||||||||
Balance (in shares) at Jan. 02, 2021 | 162,200,389 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Jan. 02, 2021 | 2,954,209 | 2,891,909 | $ 1,699 | 1,597,429 | (151,710) | (252,433) | 1,696,924 | 62,300 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 499,693 | |||||||||||||||||||
Derivative adjustments | 2,472 | (297) | (4,519) | |||||||||||||||||
Foreign currency translation | (48,741) | |||||||||||||||||||
Balance (in shares) at Oct. 02, 2021 | 161,778,631 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Oct. 02, 2021 | 3,269,237 | 3,205,524 | $ 1,717 | 1,623,264 | (302,188) | (309,353) | 2,192,084 | 63,713 | ||||||||||||
Balance (in shares) at Apr. 03, 2021 | 163,154,866 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Apr. 03, 2021 | 3,029,946 | 2,966,603 | $ 1,715 | 1,611,845 | (199,851) | (295,796) | 1,848,690 | 63,343 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 198,069 | 196,582 | 196,582 | 1,487 | ||||||||||||||||
Pension liability adjustments, net of tax | 792 | 792 | 792 | |||||||||||||||||
Derivative adjustments | (2,308) | (356) | (17) | 6,951 | (2,308) | (356) | (17) | 6,951 | (2,308) | (356) | (17) | 6,951 | ||||||||
Foreign currency translation | 22,384 | 21,980 | 21,980 | 404 | ||||||||||||||||
Issuance of non-vested stock | 41 | 41 | 41 | |||||||||||||||||
Stock-based compensation | 5,555 | 5,555 | 5,555 | |||||||||||||||||
Treasury stock (in shares) | (1,171,630) | |||||||||||||||||||
Treasury stock | (77,760) | (77,760) | (77,760) | |||||||||||||||||
Issuance of common stock (in shares) | 67,634 | |||||||||||||||||||
Issuance of common stock | 513 | 513 | $ 1 | 512 | ||||||||||||||||
Balance (in shares) at Jul. 03, 2021 | 162,050,870 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Jul. 03, 2021 | 3,183,810 | 3,118,576 | $ 1,716 | 1,617,953 | (277,611) | (268,754) | 2,045,272 | 65,234 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 148,206 | 146,812 | 146,812 | 1,394 | ||||||||||||||||
Distribution of noncontrolling interest earnings | (3,853) | (3,853) | ||||||||||||||||||
Pension liability adjustments, net of tax | 791 | 791 | 791 | |||||||||||||||||
Derivative adjustments | $ (6,490) | $ 3,628 | $ (23) | $ (4,664) | $ (6,490) | $ 3,628 | $ (23) | $ (4,664) | $ (6,490) | $ 3,628 | $ (23) | $ (4,664) | ||||||||
Foreign currency translation | (32,903) | (33,841) | (33,841) | 938 | ||||||||||||||||
Issuance of non-vested stock | 41 | 41 | 41 | |||||||||||||||||
Stock-based compensation | 4,361 | 4,361 | 4,361 | |||||||||||||||||
Treasury stock (in shares) | (350,552) | |||||||||||||||||||
Treasury stock | (24,577) | (24,577) | (24,577) | |||||||||||||||||
Issuance of common stock (in shares) | 78,313 | |||||||||||||||||||
Issuance of common stock | 910 | 910 | $ 1 | 909 | ||||||||||||||||
Balance (in shares) at Oct. 02, 2021 | 161,778,631 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Oct. 02, 2021 | $ 3,269,237 | $ 3,205,524 | $ 1,717 | $ 1,623,264 | $ (302,188) | $ (309,353) | $ 2,192,084 | $ 63,713 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares | Oct. 02, 2021 | Jan. 02, 2021 | Sep. 26, 2020 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 499,693 | $ 254,191 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 235,582 | 253,711 |
Loss (gain) on disposal of property, plant, equipment and other assets | (793) | 210 |
Asset impairment | 138 | 0 |
Deferred taxes | 67,272 | 13,362 |
Decrease in long-term pension liability | (1,118) | (7,960) |
Stock-based compensation expense | 18,413 | 19,202 |
Write-off deferred loan costs | 1,130 | 2,419 |
Deferred loan cost amortization | 3,044 | 4,242 |
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries | (286,163) | (254,878) |
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries | 3,322 | 207,165 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (85,822) | 36,083 |
Income taxes refundable/payable | 18,688 | 8,282 |
Inventories and prepaid expenses | (97,531) | (43,980) |
Accounts payable and accrued expenses | 46,912 | (10,832) |
Other | 29,282 | (10,804) |
Net cash provided by operating activities | 452,049 | 470,413 |
Cash flows from investing activities: | ||
Capital expenditures | (191,738) | (184,919) |
Acquisitions, net of cash acquired | (2,059) | 0 |
Investment in Diamond Green Diesel | (25,000) | 0 |
Investment in other unconsolidated subsidiaries | (4,449) | 0 |
Gross proceeds from disposal of property, plant and equipment and other assets | 3,805 | 1,291 |
Payments related to routes and other intangibles | (274) | (3,712) |
Net cash used by investing activities | (219,715) | (187,340) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 31,088 | 24,085 |
Repayments of Senior Debt | (131,224) | (171,640) |
Borrowings from revolving credit facility | 287,000 | 390,971 |
Payments on revolving credit facility | (309,000) | (415,800) |
Net cash overdraft financing | 29,034 | (33,385) |
Deferred loan costs | 0 | (3,688) |
Issuance of common stock | 50 | 67 |
Repurchase of common stock | (97,924) | (55,044) |
Minimum withholding taxes paid on stock awards | (45,260) | (7,980) |
Payments to Noncontrolling Interests | 0 | (8,784) |
Payments of Ordinary Dividends, Noncontrolling Interest | (3,853) | (6,253) |
Net cash used by financing activities | (240,089) | (287,451) |
Effect of exchange rate changes on cash | (6,605) | (2,712) |
Net decrease in cash, cash equivalents and restricted cash | (14,360) | (7,090) |
Cash, cash equivalents and restricted cash at beginning of period | 81,720 | 73,045 |
Cash, cash equivalents and restricted cash at end of period | 67,360 | 65,955 |
Supplemental disclosure of cash flow information: | ||
Accrued capital expenditures | 3,008 | (2,202) |
Cash paid during the period for: | ||
Interest, net of capitalized interest | 32,430 | 39,481 |
Income taxes, net of refunds | 36,709 | 24,868 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 50,883 | 44,479 |
Debt issued for assets | $ 66 | $ 21 |
General
General | 9 Months Ended |
Oct. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GeneralThe accompanying consolidated financial statements for the three and nine month periods ended October 2, 2021 and September 26, 2020, have been prepared by Darling Ingredients Inc., a Delaware corporation (“Darling”, and together with its subsidiaries, the “Company” or “we”, “us” or “our”) in accordance with generally accepted accounting principles in the United States (“GAAP”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting only of normal recurring accruals) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Form 10-K for the fiscal year ended January 2, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income attributable to noncontrolling interests.” In the Company's Consolidated Balance Sheets, noncontrolling interests represent the ownership interests in the Company consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All intercompany balances and transactions have been eliminated in consolidation. (b) Fiscal Periods The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal periods for the consolidated financial statements included herein are as of October 2, 2021, and include the 13 and 39 weeks ended October 2, 2021, and the 13 and 39 weeks ended September 26, 2020. (c) Accounts Receivable Factoring The Company has entered into agreements with third party banks to factor certain of the Company's trade receivables in order to enhance working capital by turning trade receivables into cash faster. Under these agreements, the Company sells certain selected customers’ trade receivables to third party banks without recourse for cash less a nominal fee. For the three months ended October 2, 2021 and September 26, 2020, the Company sold approximately $106.6 million and $76.2 million of its trade receivables and incurred approximately $0.3 million and $0.2 million in fees, which are recorded as interest expense, respectively. For the nine months ended October 2, 2021 and September 26, 2020, the Company sold approximately $319.8 million and $247.0 million of its trade receivables and incurred approximately $0.8 million and $0.9 million in fees, which are recorded as interest expense, respectively. (d) Revenue Recognition The Company recognizes revenue on sales when control of the promised finished product is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs. Certain customers may be required to prepay prior to shipment in order to maintain payment protection related to certain foreign and domestic sales. These amounts are recorded as unearned revenue and recognized when control of the promised finished product is transferred to the Company's customer. See Note 18 (Revenue) to the Company's Consolidated Financial Statements included herein. (e) Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made. As a result of the current global COVID-19 pandemic, and related government imposed movement restrictions and initiatives implemented to reduce the global transmission of COVID-19, we have evaluated the potential impact to the Company's operations and for any indicators of potential triggering events that could indicate certain of the Company's assets may be impaired. Through the nine months ended October 2, 2021, the Company has not observed any impairments of the Company's assets or a significant change in their fair value due to the COVID-19 pandemic. (f) Earnings Per Share Basic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares outstanding during the period. Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. Net Income per Common Share (in thousands, except per share data) Three Months Ended October 2, 2021 September 26, 2020 Income Shares Per Share Income Shares Per Share Basic: Net Income attributable to Darling $ 146,812 162,166 $ 0.91 $ 101,125 162,264 $ 0.62 Diluted: Effect of dilutive securities: Add: Option shares in the money and dilutive effect of non-vested stock awards 5,403 6,543 Less: Pro forma treasury shares (799) (1,810) Diluted: Net income attributable to Darling $ 146,812 166,770 $ 0.88 $ 101,125 166,997 $ 0.61 Net Income per Common Share (in thousands, except per share data) Nine Months Ended October 2, 2021 September 26, 2020 Income Shares Per Share Income Shares Per Share Basic: Net Income attributable to Darling $ 495,160 162,707 $ 3.04 $ 252,074 162,631 $ 1.55 Diluted: Effect of dilutive securities: Add: Option shares in the money and dilutive effect of non-vested stock awards 5,512 6,391 Less: Pro forma treasury shares (845) (2,048) Diluted: Net income attributable to Darling $ 495,160 167,374 $ 2.96 $ 252,074 166,974 $ 1.51 For the three months ended October 2, 2021 and September 26, 2020, respectively, zero and 550,934 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the three months ended October 2, 2021 and September 26, 2020, respectively, 187,484 and 342,003 shares of non-vested stock and stock equivalents were excluded from diluted income per common share as the effect was antidilutive. For the nine months ended October 2, 2021 and September 26, 2020, respectively, zero and 550,934 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the nine months ended October 2, 2021 and September 26, 2020, respectively, 216,622 and 474,520 shares of non-vested stock and stock equivalents were excluded from diluted income per common share as the effect was antidilutive. |
Investment in Unconsolidated Su
Investment in Unconsolidated Subsidiary | 9 Months Ended |
Oct. 02, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Subsidiary | Investment in Unconsolidated Subsidiaries On January 21, 2011, a wholly-owned subsidiary of Darling entered into a limited liability company agreement with a wholly-owned subsidiary of Valero Energy Corporation (“Valero”) to form Diamond Green Diesel Holdings LLC (“DGD” or the “DGD Joint Venture”). The DGD Joint Venture is owned 50% / 50% with Valero and was formed to design, engineer, construct and operate a renewable diesel plant located adjacent to Valero's refinery in Norco, Louisiana. The DGD Joint Venture reached mechanical completion and began the production of renewable diesel in late June 2013. Effective May 1, 2019, the limited liability company agreement was amended and restated for the purpose of updating the agreement in certain respects, including to remove certain provisions that were no longer relevant and to add new provisions relating to the expansion of the existing facility. Selected financial information for the Company's DGD Joint Venture is as follows (in thousands): (in thousands) September 30, 2021 December 31, 2020 Assets: Total current assets $ 365,354 $ 383,557 Property, plant and equipment, net 2,192,808 1,238,726 Other assets 44,657 36,082 Total assets $ 2,602,819 $ 1,658,365 Liabilities and members' equity: Total current portion of long term debt $ 106,423 $ 517 Total other current liabilities 228,657 99,787 Total long term debt 108,952 8,705 Total other long term liabilities 17,048 3,758 Total members' equity 2,141,739 1,545,598 Total liabilities and members' equity $ 2,602,819 $ 1,658,365 Three Months Ended Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Revenues: Operating revenues $ 401,900 $ 346,276 $ 1,405,392 $ 1,000,717 Expenses: Total costs and expenses less depreciation, amortization and accretion expense 281,848 153,406 804,939 462,364 Depreciation, amortization and accretion expense 10,991 10,772 34,673 33,660 Total costs and expenses 292,839 164,178 839,612 496,024 Operating income 109,061 182,098 565,780 504,693 Other income 113 415 524 1,076 Interest and debt expense, net (1,272) (315) (2,376) (947) Net income $ 107,902 $ 182,198 $ 563,928 $ 504,822 As of October 2, 2021, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $1,072.6 million on the consolidated balance sheet. The Company has recorded equity in net income from the DGD Joint Venture of approximately $54.0 million and $91.1 million for the three months ended October 2, 2021 and September 26, 2020, respectively. The Company has recorded equity in net income from the DGD Joint Venture of approximately $282.0 million and $252.4 million for the nine months ended October 2, 2021 and September 26, 2020, respectively. In December 2019, the blender tax credits for calendar year 2018 and 2019 were retroactively reinstated by the U.S. Congress. In addition, blenders tax credits were extended for calendar years 2020, 2021 and 2022. For the three months ended September 30, 2021 and September 30, 2020, the DGD Joint Venture recorded approximately $61.7 million and $79.9 million of blenders tax credits, respectively. For the nine months ended September 30, 2021 and September 30, 2020, the DGD Joint Venture recorded approximately $224.6 million and $232.1 million of blenders tax credits, respectively. The blenders tax credits are recorded as a reduction of cost of sales by the DGD Joint Venture. In the three months ended October 2, 2021, the Company made a $25.0 million capital contribution to the DGD Joint Venture. In the three and nine months ended October 2, 2021, the Company did not receive any dividend distributions from the DGD Joint Venture. Subsequent to October 2, 2021, each partner made a capital contribution of approximately $37.75 million. In addition to the DGD Joint Venture, the Company has investments in other unconsolidated subsidiaries that are insignificant to the Company. |
Inventories
Inventories | 9 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories A summary of inventories follows (in thousands): October 2, 2021 January 2, 2021 Finished product $ 294,220 $ 233,044 Work in process 83,940 87,223 Raw material 45,917 36,746 Supplies and other 52,218 48,909 $ 476,295 $ 405,922 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Oct. 02, 2021 | |
Intangible Asset Disclosure Text Block [Abstract] | |
Intangible Assets | Intangible Assets The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands): October 2, 2021 January 2, 2021 Indefinite Lived Intangible Assets Trade names $ 53,778 $ 55,349 53,778 55,349 Finite Lived Intangible Assets: Routes 342,822 397,342 Permits 480,976 494,191 Non-compete agreements 645 3,300 Trade names 65,675 65,675 Royalty, consulting, land use rights and leasehold 25,801 25,909 915,919 986,417 Accumulated Amortization: Routes (168,227) (203,392) Permits (331,509) (315,246) Non-compete agreements (412) (2,981) Trade names (44,394) (39,491) Royalty, consulting, land use rights and leasehold (7,746) (6,976) (552,288) (568,086) Total Intangible assets, less accumulated amortization $ 417,409 $ 473,680 Gross intangible routes, permits, trade names, non-compete agreements and other intangibles decreased in fiscal 2021 as a result of approximately $54.5 million of fully amortized asset retirements and a decrease from foreign currency translation. Amortization expense for the three months ended October 2, 2021 and September 26, 2020, was approximately $16.8 million and $18.4 million, respectively, and for the nine months ended October 2, 2021 and September 26, 2020 was $50.8 million and $54.5 million, respectively. |
Goodwill
Goodwill | 9 Months Ended |
Oct. 02, 2021 | |
Intangible Asset Disclosure Text Block [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill (in thousands): Feed Ingredients Food Ingredients Fuel Ingredients Total Balance at January 2, 2021 Goodwill $ 830,321 $ 351,296 $ 126,578 $ 1,308,195 Accumulated impairment losses (15,914) (461) (31,580) (47,955) 814,407 350,835 94,998 1,260,240 Goodwill acquired during year 40 — 161 201 Foreign currency translation (9,959) (13,061) (5,242) (28,262) Balance at October 2, 2021 Goodwill 820,402 338,235 121,497 1,280,134 Accumulated impairment losses (15,914) (461) (31,580) (47,955) $ 804,488 $ 337,774 $ 89,917 $ 1,232,179 |
Accrued Expense Accrued Expense
Accrued Expense Accrued Expenses | 9 Months Ended |
Oct. 02, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands): October 2, 2021 January 2, 2021 Compensation and benefits $ 112,841 $ 121,497 Accrued ad valorem, and franchise taxes 21,175 39,167 Accrued operating expenses 83,343 62,601 Other accrued expense 136,051 112,206 $ 353,410 $ 335,471 |
Debt
Debt | 9 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following (in thousands): October 2, 2021 January 2, 2021 Amended Credit Agreement: Revolving Credit Facility $ 33,000 $ 55,000 Term Loan B 200,000 300,000 Less unamortized deferred loan costs (2,081) (3,798) Carrying value Term Loan B 197,919 296,202 5.25% Senior Notes due 2027 with effective interest of 5.47% 500,000 500,000 Less unamortized deferred loan costs (5,159) (5,747) Carrying value 5.25% Senior Notes due 2027 494,841 494,253 3.625% Senior Notes due 2026 - Denominated in euro with effective interest of 3.83% 597,297 632,163 Less unamortized deferred loan costs - Denominated in euro (5,423) (6,586) Carrying value 3.625% Senior Notes due 2026 591,874 625,577 Other Notes and Obligations 63,240 37,037 1,380,874 1,508,069 Less Current Maturities 55,138 27,538 $ 1,325,736 $ 1,480,531 As of October 2, 2021, the Company had outstanding debt under the Company's 3.625% Senior Notes due 2026 denominated in euros of €515.0 million. In addition, at October 2, 2021, the Company had finance lease obligations denominated in euros of approximately €2.5 million. As of October 2, 2021, the Company had other notes and obligations of $63.2 million that consist of various overdraft facilities of approximately $32.9 million, a China working capital line of credit of approximately $19.2 million and other debt of approximately $11.1 million. The interest rate applicable to any borrowings under the revolving credit facility is equal to either LIBOR/euro interbank offered rate/CDOR plus 1.50% per annum or base rate/Canadian prime rate plus 0.50% per annum, subject to certain step-ups or step-downs based on the Company's total leverage ratio. The interest rate applicable to any borrowings under the term loan B facility is equal to the base rate plus 1.00% or LIBOR plus 2.00%. As of October 2, 2021, the Company had $33.0 million outstanding under the revolver at base rate plus a margin of 0.50% per annum for a total of 3.75% per annum. The Company had $200.0 million outstanding under the term loan B facility at LIBOR plus a margin of 2.00% per annum for a total of 2.09% per annum. As of October 2, 2021, the Company had availability of $912.6 million under the Amended Credit Agreement taking into account amounts borrowed, ancillary facilities and letters of credit issued of $4.1 million. The Company also has foreign bank guarantees that are not part of the Company's Amended Credit Agreement in the amount of approximately $11.8 million at October 2, 2021. As of October 2, 2021, the Company believes it is in compliance with all of the financial covenants under the Amended Credit Agreement, as well as all of the other covenants contained in the Amended Credit Agreement, the 5.25% Senior Notes due 2027 and the 3.625% Senior Notes due 2026. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has provided income taxes for the three and nine month periods ended October 2, 2021 and September 26, 2020, based on its estimate of the effective tax rate for the entire 2021 and 2020 fiscal years. The Company’s estimated annual effective tax rate is based on forecasts of income by jurisdiction, permanent differences between book and tax income, the relative proportion of income and losses by jurisdiction, and statutory income tax rates. Discrete events such as the assessment of the ultimate outcome of tax audits, audit settlements, recognizing previously unrecognized tax benefits due to the lapsing of statutes of limitation, recognizing or derecognizing deferred tax assets due to projections of income or loss and changes in tax laws are recognized in the period in which they occur. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. As of October 2, 2021, the Company had $6.6 million of gross unrecognized tax benefits and $0.6 million of related accrued interest and penalties. The Company's gross unrecognized tax benefits are not expected to decrease within the next twelve months. The Company’s major taxing jurisdictions include the United States (federal and state), Canada, the Netherlands, Belgium, Brazil, Germany, France and China. The Company is subject to regular examination by various tax authorities and although the final outcome of these examinations is not yet determinable, the Company does not anticipate that any of the examinations will have a significant impact on the Company's results of operations or financial position. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Oct. 02, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income/(Loss) The components of other comprehensive income/(loss) and the related tax impacts for the three and nine months ended October 2, 2021 and September 26, 2020 are as follows (in thousands): Three Months Ended Before-Tax Tax (Expense) Net-of-Tax Amount or Benefit Amount October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Defined benefit pension plans Amortization of prior service (cost)/benefit $ 5 $ 9 $ (1) $ (2) $ 4 $ 7 Amortization of actuarial loss 1,052 854 (265) (213) 787 641 Total defined benefit pension plans 1,057 863 (266) (215) 791 648 Soybean meal option derivatives Reclassified to earnings (19) — 5 — (14) — Activity recognized in other comprehensive income/(loss) (12) — 3 — (9) — Total soybean meal option derivatives (31) — 8 — (23) — Corn option derivatives Reclassified to earnings 4,217 229 (1,072) (57) 3,145 172 Activity recognized in other comprehensive income/(loss) 647 (3,588) (164) 898 483 (2,690) Total corn option derivatives 4,864 (3,359) (1,236) 841 3,628 (2,518) Heating oil derivatives Activity recognized in other comprehensive income/(loss) (8,699) 1,992 2,209 (498) (6,490) 1,494 Total heating oil derivatives (8,699) 1,992 2,209 (498) (6,490) 1,494 Foreign exchange derivatives Reclassified to earnings (1,889) (5,317) 565 385 (1,324) (4,932) Activity recognized in other comprehensive income/(loss) (5,397) 7,486 2,057 (1,142) (3,340) 6,344 Total foreign exchange derivatives (7,286) 2,169 2,622 (757) (4,664) 1,412 Foreign currency translation (33,689) 39,237 786 (1,383) (32,903) 37,854 Other comprehensive income/(loss) $ (43,784) $ 40,902 $ 4,123 $ (2,012) $ (39,661) $ 38,890 Nine Months Ended Before-Tax Tax (Expense) Net-of-Tax Amount or Benefit Amount October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Defined benefit pension plans Amortization of prior service (cost)/benefit $ 16 $ 25 $ (4) $ (6) $ 12 $ 19 Amortization of actuarial loss 3,157 2,562 (794) (638) 2,363 1,924 Total defined benefit pension plans 3,173 2,587 (798) (644) 2,375 1,943 Soybean meal option derivatives Reclassified to earnings (267) — 68 — (199) — Activity recognized in other comprehensive income/(loss) (131) — 33 — (98) — Total soybean meal option derivatives (398) — 101 — (297) — Corn option derivatives Reclassified to earnings 14,880 1,168 (3,780) (292) 11,100 876 Activity recognized in other comprehensive income/(loss) (11,566) (1,939) 2,938 485 (8,628) (1,454) Total corn option derivatives 3,314 (771) (842) 193 2,472 (578) Heating oil derivatives Activity recognized in other comprehensive income/(loss) (7,149) 4,565 1,815 (1,141) (5,334) 3,424 Total heating oil derivatives (7,149) 4,565 1,815 (1,141) (5,334) 3,424 Foreign exchange derivatives Reclassified to earnings (2,503) (10,564) 884 1,690 (1,619) (8,874) Activity recognized in other comprehensive income/(loss) (4,482) 8,112 1,582 (1,298) (2,900) 6,814 Total foreign exchange derivatives (6,985) (2,452) 2,466 392 (4,519) (2,060) Foreign currency translation (50,866) (5,798) 2,125 (1,445) (48,741) (7,243) Other comprehensive income/(loss) $ (58,911) $ (1,869) $ 4,867 $ (2,645) $ (54,044) $ (4,514) The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three and nine months ended October 2, 2021 and September 26, 2020 as follows (in thousands): Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Statement of Operations Classification Derivative instruments Soybean meal derivatives $ 19 $ — $ 267 $ — Net sales Foreign exchange contracts 1,889 5,317 2,503 10,564 Net sales Corn option derivatives (4,217) (229) (14,880) (1,168) Cost of sales and operating expenses (2,309) 5,088 (12,110) 9,396 Total before tax 502 (328) 2,828 (1,398) Income taxes (1,807) 4,760 (9,282) 7,998 Net of tax Defined benefit pension plans Amortization of prior service cost $ (5) $ (9) $ (16) $ (25) (a) Amortization of actuarial loss (1,052) (854) (3,157) (2,562) (a) (1,057) (863) (3,173) (2,587) Total before tax 266 215 798 644 Income taxes (791) (648) (2,375) (1,943) Net of tax Total reclassifications $ (2,598) $ 4,112 $ (11,657) $ 6,055 Net of tax (a) These items are included in the computation of net periodic pension cost. See Note 12 (Employee Benefit Plans) to the Company's Consolidated Financial Statement included herein for additional information. The following table presents changes in each component of accumulated other comprehensive income/(loss) as of October 2, 2021 as follows (in thousands): Nine Months Ended October 2, 2021 Foreign Currency Derivative Defined Benefit Translation Instruments Pension Plans Total Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax $ (210,902) $ (3,214) $ (38,317) $ (252,433) Other comprehensive loss before reclassifications (48,741) (16,960) — (65,701) Amounts reclassified from accumulated other comprehensive loss — 9,282 2,375 11,657 Net current-period other comprehensive income/(loss) (48,741) (7,678) 2,375 (54,044) Noncontrolling interest 2,876 — — 2,876 Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax $ (262,519) $ (10,892) $ (35,942) $ (309,353) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Oct. 02, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Fiscal 2021 Long-Term Incentive Opportunity Awards (2021 LTIP) . On January 4, 2021, the Compensation Committee (the “Committee”) of the Company's Board of Directors adopted the 2021 LTIP pursuant to which they awarded certain of the Company's key employees, 90,689 restricted stock units and 126,711 performance share units (the “PSUs”) under the Company's 2017 Omnibus Incentive Plan. The restricted stock units vest 33.33% on the first, second and third anniversaries of the grant date. The PSUs are tied to a three-year forward-looking performance period and will be earned based on the Company's average return on gross investment (“ROGI”), as calculated in accordance with the terms of the award agreement, relative to the average ROGI of the Company's performance peer group companies, with the earned award to be determined in the first quarter of fiscal 2024, after the final results for the relevant performance period are determined. The PSUs were granted at a target of 100%, but each PSU will reduce or increase (up to 225%) depending on the Company's ROGI relative to that of the performance peer group companies and is also subject to the application of a total shareholder return (“TSR”) cap/collar modifier depending on the Company's TSR during the performance period relative to that of the performance peer group companies. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net pension cost for the three and nine months ended October 2, 2021 and September 26, 2020 includes the following components (in thousands): Pension Benefits Pension Benefits Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Service cost $ 778 $ 764 $ 2,359 $ 2,268 Interest cost 1,203 1,425 3,616 4,283 Expected return on plan assets (2,320) (2,042) (6,969) (6,113) Amortization of prior service cost 5 9 16 25 Amortization of actuarial loss 1,052 854 3,157 2,562 Net pension cost $ 718 $ 1,010 $ 2,179 $ 3,025 Based on actuarial estimates at October 2, 2021, the Company expects to contribute approximately $3.7 million to its pension plans to meet funding requirements during the next twelve months. Additionally, the Company has made tax deductible discretionary and required contributions to its pension plans for the nine months ended October 2, 2021 and September 26, 2020 of approximately $2.8 million and $10.3 million, respectively. The Company participates in various multiemployer pension plans which provide defined benefits to certain employees covered by labor contracts. These plans are not administered by the Company and contributions are determined in accordance with provisions of negotiated labor contracts to meet their pension benefit obligations to their participants. The Company's contributions to each multiemployer plan represent less than 5% of the total contributions to each plan. Based on the most currently available information, the Company has determined that, if a withdrawal were to occur, withdrawal liabilities on two of the plans in which the Company currently participates could be material to the Company, with one of these material plans certified as critical or red zone. With respect to the other multiemployer pension plans in which the Company participates and which are not individually significant, five plans have certified as critical or red zone and two plans have certified as endangered or yellow zone as defined by the Pension Protection Act of 2006. The Company currently has withdrawal liabilities recorded on four U.S. multiemployer plans in which it participated. During the first nine months of fiscal 2021, the Company was notified by one of these multiemployer plans that the Company's withdrawal liability has increased and as a result the Company recorded an additional liability of approximately $1.3 million. As of October 2, 2021, the Company has an aggregate accrued liability of approximately $3.9 million representing the present value of scheduled withdrawal liability payments on the multiemployer plans that have given notice of withdrawal. While the Company has no ability to calculate a possible current liability for under-funded multiemployer plans that could terminate or could require additional funding under the Pension Protection Act of 2006, the amounts could be material. |
Derivatives
Derivatives | 9 Months Ended |
Oct. 02, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s operations are exposed to market risks relating to commodity prices that affect the Company’s cost of raw materials, finished product prices and energy costs and the risk of changes in interest rates and foreign currency exchange rates. The Company makes limited use of derivative instruments to manage cash flow risks related to natural gas usage, diesel fuel usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Soybean meal options are entered into with the intent of managing the impact of changing prices for poultry meal sales. Corn options and future contracts are entered into with the intent of managing U.S. forecasted sales of bakery by-products (“BBP”) by reducing the impact of changing prices. Foreign currency forward and option contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. At October 2, 2021, the Company had corn option contracts and foreign exchange forward and option contracts outstanding that qualified and were designated for hedge accounting as well as corn forward contracts and foreign currency forward contracts that did not qualify and were not designated for hedge accounting. Cash Flow Hedges In fiscal 2020 and fiscal 2021, the Company entered into corn option contracts on the Chicago Board of Trade that are designated as cash flow hedges. Under the terms of the corn option contracts, the Company hedged a portion of its U.S. forecasted sales of BBP into the fourth quarter of fiscal 2022. At October 2, 2021 and January 2, 2021, the aggregate fair value of these corn option contracts was approximately $2.2 million and $6.8 million, respectively. These amounts are included in other current assets, accrued expenses and noncurrent liabilities on the balance sheet, with an offset recorded in accumulated other comprehensive loss. The Company may enter into corn option contracts in the future from time to time. In fiscal 2020 and fiscal 2021, the Company entered into foreign exchange forward and option contracts that are designated as cash flow hedges. Under the terms of the foreign exchange contracts, the Company hedged a portion of its forecasted collagen sales in currencies other than the functional currency through the fourth quarter of fiscal 2022. At October 2, 2021 and January 2, 2021, the aggregate fair value of these foreign exchange contracts was approximately $2.5 million and $11.6 million, respectively. These amounts are included in other current assets, accrued expense and noncurrent assets on the balance sheet, with an offset recorded in accumulated other comprehensive loss. In fiscal 2020 and fiscal 2021, the Company entered into soybean meal forward contracts to hedge a portion of its forecasted poultry meal sales into the third quarter of fiscal 2021. At October 2, 2021 and January 2, 2021, the aggregate fair value of the soybean meal contracts was zero and $0.4 million, respectively. These amounts are included in other current assets on the balance sheet, with an offset recorded in accumulated other comprehensive loss. As of October 2, 2021, the Company had the following designated and non-designated outstanding forward and option contract amounts that were entered into to hedge foreign currency transactions in currencies other than the functional currency and forecasted transactions in currencies other than the functional currency (in thousands): Functional Currency Contract Currency Type Amount Type Amount Brazilian real 22,978 Euro 3,536 Brazilian real 1,116,635 U.S. dollar 237,950 Euro 33,298 U.S. dollar 39,070 Euro 24,960 Polish zloty 114,000 Euro 7,160 Japanese yen 929,960 Euro 20,692 Chinese renminbi 157,474 Euro 13,670 Australian dollar 21,850 Euro 2,810 British pound 2,400 Euro 34 Canadian dollar 50 Polish zloty 2,057 U.S. dollar 524 Polish zloty 20,589 Euro 4,483 British pound 179 Euro 210 Japanese yen 228,482 U.S. dollar 2,070 U.S. dollar 514 Japanese yen 57,000 U.S. dollar 293,089 Euro 250,000 The Company estimates the amount that will be reclassified from accumulated other comprehensive loss at October 2, 2021 into earnings over the next 12 months will be approximately $14.3 million. As of October 2, 2021, no amounts have been reclassified into earnings as a result of the discontinuance of cash flow hedges. The table below summarizes the effect of derivatives not designated as hedges on the Company's consolidated statements of operations for the three and nine months ended October 2, 2021 and September 26, 2020 (in thousands): Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges Three Months Ended Nine Months Ended Derivatives not designated as hedging instruments Location October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Foreign exchange Foreign currency loss $ 5,656 $ (1,957) $ 13,626 $ (1,995) Foreign exchange Net sales 323 (566) 895 57 Foreign exchange Cost of sales and operating expenses (98) 111 (524) (946) Foreign exchange Selling, general and administrative expenses 2,732 1,187 2,001 8,091 Corn options and futures Net sales 753 (914) (2,724) 876 Corn options and futures Cost of sales and operating expenses (1,871) 754 3,683 (2,332) Heating oil swaps and options Net sales — — — (38) Total $ 7,495 $ (1,385) $ 16,957 $ 3,713 At October 2, 2021, the Company had forward purchase agreements in place for purchases of approximately $118.8 million of natural gas and diesel fuel. The Company intends to take physical delivery of the commodities under the forward purchase agreements and accordingly, these contracts are not subject to the requirements of fair value accounting because they qualify as normal purchases. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Oct. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB authoritative guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The following table presents the Company’s financial instruments that are measured at fair value on a recurring and nonrecurring basis as of October 2, 2021 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Fair Value Measurements at October 2, 2021 Using Quoted Prices in Significant Other Significant (In thousands of dollars) Total (Level 1) (Level 2) (Level 3) Assets: Derivative instruments $ 5,645 $ — $ 5,645 $ — Total Assets $ 5,645 $ — $ 5,645 $ — Liabilities: Derivative instruments $ 8,516 $ — $ 8,516 $ — 5.25% Senior notes 520,000 — 520,000 — 3.625% Senior notes 606,854 — 606,854 — Term loan B 200,000 — 200,000 — Revolver debt 32,505 — 32,505 — Total Liabilities $ 1,367,875 $ — $ 1,367,875 $ — Fair Value Measurements at January 2, 2021 Using Quoted Prices in Significant Other Significant (In thousands of dollars) Total (Level 1) (Level 2) (Level 3) Assets: Derivative instruments $ 17,358 $ — $ 17,358 $ — Total Assets $ 17,358 $ — $ 17,358 $ — Liabilities: Derivative instruments $ 9,778 $ — $ 9,778 $ — 5.25% Senior notes 531,300 — 531,300 — 3.625% Senior notes 646,323 — 646,323 — Term loan B 298,500 — 298,500 — Revolver debt 54,175 — 54,175 — Total Liabilities $ 1,540,076 $ — $ 1,540,076 $ — Derivative assets and liabilities consist of the Company’s corn option and future contracts, foreign currency forward and option contracts and soybean meal forward contracts which represent the difference between observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap rate considering the instruments term, notional amount and credit risk. See Note 13 (Derivatives) to the Company's Consolidated Financial Statements included herein for discussion on the Company's derivatives. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments and as such have been excluded from the table above. The carrying amount of the Company's other debt is not deemed to be significantly different from the fair value and all other instruments have been recorded at fair value. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 9 Months Ended |
Oct. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Asset Impairment Charges | Restructuring and Asset Impairment Charges |
Contingencies
Contingencies | 9 Months Ended |
Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is a party to various lawsuits, claims and loss contingencies arising in the ordinary course of its business, including insured worker's compensation, auto, and general liability claims, assertions by certain regulatory and governmental agencies related to permitting requirements and environmental matters, including air, wastewater and storm water discharges from the Company’s processing facilities, litigation involving tort, contract, statutory, labor, employment, and other claims, and tax matters. The Company’s workers compensation, auto and general liability policies contain significant deductibles or self-insured retentions. The Company estimates and accrues its expected ultimate claim costs related to accidents occurring during each fiscal year under these insurance policies and carries this accrual as a reserve until these claims are paid by the Company. As a result of the matters discussed above, the Company has established loss reserves for insurance, environmental, litigation and tax contingencies. At October 2, 2021 and January 2, 2021, the reserves for insurance, environmental, litigation and tax contingencies reflected on the balance sheet in accrued expenses and other non-current liabilities were approximately $70.8 million and $66.2 million, respectively. The Company has insurance recovery receivables of approximately $27.0 million as of October 2, 2021 and January 2, 2021, related to the insurance contingencies. The Company's management believes these reserves for contingencies are reasonable and sufficient based upon present governmental regulations and information currently available to management; however, there can be no assurance that final costs related to these contingencies will not exceed current estimates. The Company believes that the likelihood is remote that any additional liability from the lawsuits and claims that may not be covered by insurance would have a material effect on the Company's financial position, results of operations or cash flows. Lower Passaic River Area . In December 2009, the Company, along with numerous other entities, received notice from the United States Environmental Protection Agency (“EPA”) that the Company (as alleged successor-in-interest to The Standard Tallow Corporation) is considered a potentially responsible party (a “PRP”) with respect to alleged contamination in the lower 17-mile area of the Passaic River which is part of the Diamond Alkali Superfund Site located in Newark, New Jersey. The Company’s designation as a PRP is based upon the operation of former plant sites located in Newark and Kearny, New Jersey by The Standard Tallow Corporation, an entity that the Company acquired in 1996. In March 2016, the Company received another letter from EPA notifying the Company that it had issued a Record of Decision (the “ROD”) selecting a remedy for the lower 8.3 miles of the lower Passaic River area at an estimated cost of $1.38 billion. The EPA letter made no demand on the Company and laid out a framework for remedial design/remedial action implementation in which the EPA will first seek funding from major PRPs. The letter indicates that the EPA has sent the letter to over 100 parties, which include large chemical and refining companies, manufacturing companies, foundries, plastic companies, pharmaceutical companies and food and consumer product companies. The Company asserts that it is not responsible for any liabilities of its former subsidiary The Standard Tallow Corporation, which was legally dissolved in 2000, and that, in any event, The Standard Tallow Corporation did not discharge any of the eight contaminants of concern identified in the ROD (the “COCs”). Subsequently, the EPA conducted a settlement analysis using a third-party allocator and offered early cash out settlements to those PRPs for whom the third-party allocator determined did not discharge any of the COCs. The Company participated in this allocation process, and in November 2019, received a cash out settlement offer from the EPA in the amount of $0.6 million ($0.3 million for each of the former plant sites in question) for liabilities relating to the lower 8.3 miles of the lower Passaic River area. The Company accepted this settlement offer, and the settlement became effective on April 16, 2021 following the completion of the EPA's administrative approval process. On September 30, 2016, Occidental Chemical Corporation (“OCC”) entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the Passaic River. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking cost recovery or contribution for costs under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) relating to various investigations and cleanups OCC has conducted or is conducting in connection with the Passaic River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost to complete the remedial design for the cleanup plan for the lower 8.3 miles of the Passaic River. OCC is also seeking |
Business Segments
Business Segments | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company sells its products domestically and internationally, operating within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. The measure of segment income (loss) includes all revenues, operating expenses (excluding certain amortization of intangibles), and selling, general and administrative expenses incurred at all operating locations and excludes corporate activities. Included in corporate activities are general corporate expenses and the amortization of certain intangibles. Assets of corporate activities include cash, unallocated prepaid expenses, deferred tax assets, prepaid pension, and miscellaneous other assets. Feed Ingredients Feed Ingredients consists principally of (i) the Company's U.S. ingredients business, including the Company's fats and proteins, used cooking oil, trap grease, the Rothsay ingredients business, and the ingredients and specialty products businesses conducted by Darling Ingredients International under the Sonac name (proteins, fats, and blood products) and (ii) the Company's bakery residuals business. Feed Ingredients operations process animal by-products and used cooking oil into fats, proteins and hides. Food Ingredients Food Ingredients consists principally of (i) the collagen business conducted by Darling Ingredients International under the Rousselot name, (ii) the natural casings and meat-by-products business conducted by Darling Ingredients International under the CTH name and (iii) certain specialty products businesses conducted by Darling Ingredients International under the Sonac name. Fuel Ingredients The Company's Fuel Ingredients segment consists of (i) the Company's investment in the DGD Joint Venture and (ii) the bioenergy business conducted by Darling Ingredients International under the Ecoson and Rendac names. Business Segments (in thousands): Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Three Months Ended October 2, 2021 Net Sales $ 769,626 $ 311,856 $ 104,434 $ — $ 1,185,916 Cost of sales and operating expenses 553,662 241,308 64,634 — 859,604 Gross Margin 215,964 70,548 39,800 — 326,312 Gain on sale of assets (229) (8) (264) — (501) Selling, general and administrative expenses 54,997 24,417 4,481 13,380 97,275 Depreciation and amortization 53,824 14,933 6,361 2,708 77,826 Equity in net income of Diamond Green Diesel — — 53,951 — 53,951 Segment operating income/(loss) 107,372 31,206 83,173 (16,088) 205,663 Equity in net income of other unconsolidated subsidiaries 1,647 — — — 1,647 Segment income/(loss) 109,019 31,206 83,173 (16,088) 207,310 Total other expense (16,467) Income before income taxes $ 190,843 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Three Months Ended September 26, 2020 Net Sales $ 483,025 $ 291,842 $ 75,702 $ — $ 850,569 Cost of sales and operating expenses 361,576 226,745 50,047 — 638,368 Gross Margin 121,449 65,097 25,655 — 212,201 Loss/(gain) on sale of assets 167 16 (61) — 122 Selling, general and administrative expenses 49,028 23,366 5,038 12,561 89,993 Depreciation and amortization 53,764 20,648 8,633 2,685 85,730 Equity in net income of Diamond Green Diesel — — 91,099 — 91,099 Segment operating income/(loss) 18,490 21,067 103,144 (15,246) 127,455 Equity in net income of other unconsolidated subsidiaries 906 — — — 906 Segment income/(loss) 19,396 21,067 103,144 (15,246) 128,361 Total other expense (21,944) Income before income taxes $ 106,417 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Nine Months Ended October 2, 2021 Net Sales $ 2,193,002 $ 926,952 $ 311,347 $ — $ 3,431,301 Cost of sales and operating expenses 1,584,667 706,260 219,534 — 2,510,461 Gross Margin 608,335 220,692 91,813 — 920,840 Gain on sale of assets (490) (1) (302) — (793) Selling, general and administrative expenses 162,594 75,150 13,822 42,239 293,805 Restructuring and asset impairment charges — — 778 — 778 Depreciation and amortization 162,404 45,666 19,214 8,298 235,582 Equity in net income of Diamond Green Diesel — — 281,964 — 281,964 Segment operating income/(loss) 283,827 99,877 340,265 (50,537) 673,432 Equity in net income of other unconsolidated subsidiaries 4,199 — — — 4,199 Segment income/(loss) 288,026 99,877 340,265 (50,537) 677,631 Total other expense (51,614) Income before income taxes $ 626,017 Segment assets at October 2, 2021 $ 2,787,376 $ 1,213,831 $ 1,413,049 $ 511,464 $ 5,925,720 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Nine Months Ended September 26, 2020 Net Sales $ 1,499,340 $ 841,070 $ 211,674 $ — $ 2,552,084 Cost of sales and operating expenses 1,117,931 652,334 147,358 — 1,917,623 Gross Margin 381,409 188,736 64,316 — 634,461 Loss/(gain) on sale of assets 293 (30) (53) — 210 Selling, general and administrative expenses 153,459 71,406 10,645 40,869 276,379 Depreciation and amortization 159,968 60,925 24,705 8,113 253,711 Equity in net income of Diamond Green Diesel — — 252,411 — 252,411 Segment operating income/(loss) 67,689 56,435 281,430 (48,982) 356,572 Equity in net income of other unconsolidated subsidiaries 2,467 — — — 2,467 Segment income/(loss) 70,156 56,435 281,430 (48,982) 359,039 Total other expense (61,790) Income before income taxes $ 297,249 Segment assets at January 2, 2021 $ 2,708,922 $ 1,335,769 $ 1,160,132 $ 408,508 $ 5,613,331 |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company extends payment terms to its customers based on commercially acceptable practices. The term between invoicing and payment due date is not significant. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring finished products or performing services, which is generally based on an executed agreement or purchase order. Most of the Company's products are shipped based on the customer specifications. Customer returns are infrequent and not material to the Company. Adjustments to net sales for sales deductions are generally recognized in the same period as the sale or when known. Customers in certain industries or countries may be required to prepay prior to shipment in order to maintain payment protection. These represent short-term prepayment from customers and are not material to the Company. The Company elected to treat shipping and handling as fulfilment costs, which will result in billed freight recorded in cost of sales and netted against freight costs. Sales, value-add, and other taxes collected concurrently with revenue-producing activities are excluded from revenue and booked on a net basis. The following tables present the Company revenues disaggregated by geographic area and major product types by reportable segment for the three and nine months ended October 2, 2021 and September 26, 2020 (in thousands): Three Months Ended October 2, 2021 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 647,114 $ 66,995 $ 2 $ 714,111 Europe 114,762 166,039 104,432 385,233 China 4,910 55,856 — 60,766 South America — 8,943 — 8,943 Other 2,840 14,023 — 16,863 Net sales $ 769,626 $ 311,856 $ 104,434 $ 1,185,916 Major product types Fats $ 307,929 $ 48,579 $ — $ 356,508 Used cooking oil 69,859 — — 69,859 Proteins 257,991 — — 257,991 Bakery 80,543 — — 80,543 Other rendering 43,741 — — 43,741 Food ingredients — 231,645 — 231,645 Bioenergy — — 104,432 104,432 Biofuels — — 2 2 Other 9,563 31,632 — 41,195 Net sales $ 769,626 $ 311,856 $ 104,434 $ 1,185,916 Nine Months Ended October 2, 2021 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 1,856,642 $ 207,100 $ 3,376 $ 2,067,118 Europe 316,804 487,056 307,971 1,111,831 China 10,594 165,880 — 176,474 South America — 24,987 — 24,987 Other 8,962 41,929 — 50,891 Net sales $ 2,193,002 $ 926,952 $ 311,347 $ 3,431,301 Major product types Fats $ 829,494 $ 131,123 $ — $ 960,617 Used cooking oil 207,325 — — 207,325 Proteins 771,889 — — 771,889 Bakery 222,850 — — 222,850 Other rendering 132,150 — — 132,150 Food ingredients — 700,809 — 700,809 Bioenergy — — 307,971 307,971 Biofuels — — 3,376 3,376 Other 29,294 95,020 — 124,314 Net sales $ 2,193,002 $ 926,952 $ 311,347 $ 3,431,301 Three Months Ended September 26, 2020 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 390,182 $ 66,554 $ 5,678 $ 462,414 Europe 85,803 152,372 70,024 308,199 China 4,310 43,491 — 47,801 South America — 11,711 — 11,711 Other 2,730 17,714 — 20,444 Net sales $ 483,025 $ 291,842 $ 75,702 $ 850,569 Major product types Fats $ 153,496 $ 35,108 $ — $ 188,604 Used cooking oil 45,659 — — 45,659 Proteins 190,663 — — 190,663 Bakery 44,402 — — 44,402 Other rendering 39,041 — — 39,041 Food ingredients — 238,651 — 238,651 Bioenergy — — 70,024 70,024 Biofuels — — 5,678 5,678 Other 9,764 18,083 — 27,847 Net sales $ 483,025 $ 291,842 $ 75,702 $ 850,569 Nine Months Ended September 26, 2020 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 1,236,963 $ 171,517 $ 12,069 $ 1,420,549 Europe 244,712 468,285 199,605 912,602 China 10,087 128,490 — 138,577 South America — 24,377 — 24,377 Other 7,578 48,401 — 55,979 Net sales $ 1,499,340 $ 841,070 $ 211,674 $ 2,552,084 Major product types Fats $ 484,287 $ 100,423 $ — $ 584,710 Used cooking oil 132,274 — — 132,274 Proteins 596,784 — — 596,784 Bakery 129,467 — — 129,467 Other rendering 125,669 — — 125,669 Food ingredients — 676,970 — 676,970 Bioenergy — — 199,605 199,605 Biofuels — — 12,069 12,069 Other 30,859 63,677 — 94,536 Net sales $ 1,499,340 $ 841,070 $ 211,674 $ 2,552,084 Long-Term Performance Obligations . The Company from time to time enters into long-term contracts to supply certain volumes of finished products to certain customers. Revenue recognized to date in 2021 under these long-term supply contracts was approximately $62.4 million, with the remaining performance obligations to be recognized in future periods (generally 2 years) of approximately $143.4 million. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 02, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Raw Material Agreement The Company entered into a Raw Material Agreement with the DGD Joint Venture in May 2011 pursuant to which the Company will offer to supply certain animal fats and used cooking oil at market prices, but the DGD Joint Venture is not obligated to purchase the raw material offered by the Company. Additionally, the Company may offer other feedstocks to the DGD Joint Venture, such as inedible corn oil, purchased on a resale basis. For the three months ended October 2, 2021 and September 26, 2020, the Company has recorded sales to the DGD Joint Venture of approximately $102.9 million and $69.0 million, respectively. For the nine months ended October 2, 2021 and September 26, 2020, the Company has recorded sales to the DGD Joint Venture of approximately $301.7 million and $203.4 million, respectively. At October 2, 2021 and January 2, 2021, the Company has $18.7 million and $14.2 million in outstanding receivables due from the DGD Joint Venture, respectively. In addition, the Company has eliminated approximately $21.6 million and $4.2 million of additional sales for the three months ended October 2, 2021 and September 26, 2020, respectively to defer the Company's portion of profit of approximately $5.5 million and $0.8 million on those sales relating to inventory assets remaining on the DGD Joint Venture's balance sheet at October 2, 2021 and September 26, 2020, respectively. Revolving Loan Agreement On May 1, 2019, Darling through its wholly owned subsidiary Darling Green Energy LLC, (“Darling Green”), and Diamond Alternative Energy, LLC, a wholly owned subsidiary of Valero (“Diamond Alternative” and together with Darling Green, the “DGD Lenders”), entered into a revolving loan agreement (the “DGD Loan Agreement”) with the DGD Joint Venture. The DGD Lenders have committed to making loans available to the DGD Joint Venture in the total amount of $50.0 million with each lender committed to $25.0 million of the total commitment. Any borrowings by the DGD Joint Venture under the DGD Loan Agreement are at the applicable annum rate equal to the sum of (a) the LIBO Rate (meaning Reuters BBA Libor Rates Page 3750) on such day plus (b) 2.50%. The DGD Loan Agreement matures on April 29, 2022, unless extended by agreement of the parties. As of October 2, 2021, no amounts were owed to Darling Green under the DGD Loan Agreement. Subsequent to October 2, 2021, the DGD Joint Venture borrowed all $50.0 million available under the DGD Loan Agreement, including the Company's full $25.0 million commitment. Guarantee Agreements In February 2020, in connection with the DGD Joint Venture’s expansion project at its Norco, LA facility, it entered into two agreements (the “IMTT Terminaling Agreements”) with International-Matex Tank Terminals (“IMTT”), pursuant to which the DGD Joint Venture will move raw material and finished product to and from the IMTT terminal facility by pipeline, thereby providing better logistical capabilities. As a condition to entering into the IMTT Terminaling Agreements, IMTT required that the Company and Valero guarantee their proportionate share, up to a maximum of approximately $50 million each, of the DGD Joint Venture’s obligations under the IMTT Terminaling Agreements (the “IMTT Guarantee”), subject to the conditions provided for in the IMTT Terminaling Agreements. The Company has not recorded any liability as a result of the IMTT Guarantee, as the Company believes the likelihood of having to make any payments under the IMTT Guarantee is remote. In April 2021, in connection with the DGD Joint Venture’s expansion project at its Port Arthur, TX facility, it entered into two agreements (the “GTL Terminaling Agreements”) with GT Logistics, LLC (“GTL”), pursuant to which the DGD Joint Venture will move raw material and finished product to and from the GTL terminal facility by pipeline, thereby providing better logistical capabilities. As a condition to entering into the GTL Terminaling Agreements, GLT required that the Company and Valero guarantee their proportionate share, up to a maximum of approximately $160 million each, of the DGD Joint Venture’s obligations under the GTL Terminaling Agreements (the “ GTL Guarantee ”), subject to the conditions provided for in the GTL Terminaling Agreements. The maximum amount of the GTL Guarantee is reduced over the 20-year initial term of the GTL Terminaling Agreements as the termination fee under such agreements declines. The Company has not recorded any liability as a result of the GTL Guarantee, as the Company believes the likelihood of having to make any payments under the GTL Guarantee is remote. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Oct. 02, 2021 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | New Accounting PronouncementsIn December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. This ASU amends Topic 740 Income Taxes, which eliminates certain exceptions in accounting for income taxes, improves consistency in application and clarifies existing guidance. The standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this ASU in the first quarter of fiscal 2021 did not have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income attributable to noncontrolling interests.” In the Company's Consolidated Balance Sheets, noncontrolling interests represent the ownership interests in the Company consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All intercompany balances and transactions have been eliminated in consolidation. |
Fiscal Periods | Fiscal PeriodsThe Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal periods for the consolidated financial statements included herein are as of October 2, 2021, and include the 13 and 39 weeks ended October 2, 2021, and the 13 and 39 weeks ended September 26, 2020. |
Revenue Recognition | Revenue RecognitionThe Company recognizes revenue on sales when control of the promised finished product is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs. Certain customers may be required to prepay prior to shipment in order to maintain payment protection related to certain foreign and domestic sales. These amounts are recorded as unearned revenue and recognized when control of the promised finished product is transferred to the Company's customer. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made. |
Earnings Per Share | Earnings Per ShareBasic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares outstanding during the period. Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. |
Income Taxes | The Company has provided income taxes for the three and nine month periods ended October 2, 2021 and September 26, 2020, based on its estimate of the effective tax rate for the entire 2021 and 2020 fiscal years. The Company’s estimated annual effective tax rate is based on forecasts of income by jurisdiction, permanent differences between book and tax income, the relative proportion of income and losses by jurisdiction, and statutory income tax rates. Discrete events such as the assessment of the ultimate outcome of tax audits, audit settlements, recognizing previously unrecognized tax benefits due to the lapsing of statutes of limitation, recognizing or derecognizing deferred tax assets due to projections of income or loss and changes in tax laws are recognized in the period in which they occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
Net Income per Common Share | Basic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares outstanding during the period. Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. Net Income per Common Share (in thousands, except per share data) Three Months Ended October 2, 2021 September 26, 2020 Income Shares Per Share Income Shares Per Share Basic: Net Income attributable to Darling $ 146,812 162,166 $ 0.91 $ 101,125 162,264 $ 0.62 Diluted: Effect of dilutive securities: Add: Option shares in the money and dilutive effect of non-vested stock awards 5,403 6,543 Less: Pro forma treasury shares (799) (1,810) Diluted: Net income attributable to Darling $ 146,812 166,770 $ 0.88 $ 101,125 166,997 $ 0.61 Net Income per Common Share (in thousands, except per share data) Nine Months Ended October 2, 2021 September 26, 2020 Income Shares Per Share Income Shares Per Share Basic: Net Income attributable to Darling $ 495,160 162,707 $ 3.04 $ 252,074 162,631 $ 1.55 Diluted: Effect of dilutive securities: Add: Option shares in the money and dilutive effect of non-vested stock awards 5,512 6,391 Less: Pro forma treasury shares (845) (2,048) Diluted: Net income attributable to Darling $ 495,160 167,374 $ 2.96 $ 252,074 166,974 $ 1.51 |
Investment in Unconsolidated _2
Investment in Unconsolidated Subsidiary (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Selected financial information for the Company's DGD Joint Venture is as follows (in thousands): (in thousands) September 30, 2021 December 31, 2020 Assets: Total current assets $ 365,354 $ 383,557 Property, plant and equipment, net 2,192,808 1,238,726 Other assets 44,657 36,082 Total assets $ 2,602,819 $ 1,658,365 Liabilities and members' equity: Total current portion of long term debt $ 106,423 $ 517 Total other current liabilities 228,657 99,787 Total long term debt 108,952 8,705 Total other long term liabilities 17,048 3,758 Total members' equity 2,141,739 1,545,598 Total liabilities and members' equity $ 2,602,819 $ 1,658,365 Three Months Ended Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Revenues: Operating revenues $ 401,900 $ 346,276 $ 1,405,392 $ 1,000,717 Expenses: Total costs and expenses less depreciation, amortization and accretion expense 281,848 153,406 804,939 462,364 Depreciation, amortization and accretion expense 10,991 10,772 34,673 33,660 Total costs and expenses 292,839 164,178 839,612 496,024 Operating income 109,061 182,098 565,780 504,693 Other income 113 415 524 1,076 Interest and debt expense, net (1,272) (315) (2,376) (947) Net income $ 107,902 $ 182,198 $ 563,928 $ 504,822 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | A summary of inventories follows (in thousands): October 2, 2021 January 2, 2021 Finished product $ 294,220 $ 233,044 Work in process 83,940 87,223 Raw material 45,917 36,746 Supplies and other 52,218 48,909 $ 476,295 $ 405,922 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Intangible Asset Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets | The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands): October 2, 2021 January 2, 2021 Indefinite Lived Intangible Assets Trade names $ 53,778 $ 55,349 53,778 55,349 Finite Lived Intangible Assets: Routes 342,822 397,342 Permits 480,976 494,191 Non-compete agreements 645 3,300 Trade names 65,675 65,675 Royalty, consulting, land use rights and leasehold 25,801 25,909 915,919 986,417 Accumulated Amortization: Routes (168,227) (203,392) Permits (331,509) (315,246) Non-compete agreements (412) (2,981) Trade names (44,394) (39,491) Royalty, consulting, land use rights and leasehold (7,746) (6,976) (552,288) (568,086) Total Intangible assets, less accumulated amortization $ 417,409 $ 473,680 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Intangible Asset Disclosure Text Block [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill (in thousands): Feed Ingredients Food Ingredients Fuel Ingredients Total Balance at January 2, 2021 Goodwill $ 830,321 $ 351,296 $ 126,578 $ 1,308,195 Accumulated impairment losses (15,914) (461) (31,580) (47,955) 814,407 350,835 94,998 1,260,240 Goodwill acquired during year 40 — 161 201 Foreign currency translation (9,959) (13,061) (5,242) (28,262) Balance at October 2, 2021 Goodwill 820,402 338,235 121,497 1,280,134 Accumulated impairment losses (15,914) (461) (31,580) (47,955) $ 804,488 $ 337,774 $ 89,917 $ 1,232,179 |
Accrued Expense (Tables)
Accrued Expense (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): October 2, 2021 January 2, 2021 Compensation and benefits $ 112,841 $ 121,497 Accrued ad valorem, and franchise taxes 21,175 39,167 Accrued operating expenses 83,343 62,601 Other accrued expense 136,051 112,206 $ 353,410 $ 335,471 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consists of the following (in thousands): October 2, 2021 January 2, 2021 Amended Credit Agreement: Revolving Credit Facility $ 33,000 $ 55,000 Term Loan B 200,000 300,000 Less unamortized deferred loan costs (2,081) (3,798) Carrying value Term Loan B 197,919 296,202 5.25% Senior Notes due 2027 with effective interest of 5.47% 500,000 500,000 Less unamortized deferred loan costs (5,159) (5,747) Carrying value 5.25% Senior Notes due 2027 494,841 494,253 3.625% Senior Notes due 2026 - Denominated in euro with effective interest of 3.83% 597,297 632,163 Less unamortized deferred loan costs - Denominated in euro (5,423) (6,586) Carrying value 3.625% Senior Notes due 2026 591,874 625,577 Other Notes and Obligations 63,240 37,037 1,380,874 1,508,069 Less Current Maturities 55,138 27,538 $ 1,325,736 $ 1,480,531 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Equity [Abstract] | |
Schedule of Comprehensive Income (Loss) | The components of other comprehensive income/(loss) and the related tax impacts for the three and nine months ended October 2, 2021 and September 26, 2020 are as follows (in thousands): Three Months Ended Before-Tax Tax (Expense) Net-of-Tax Amount or Benefit Amount October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Defined benefit pension plans Amortization of prior service (cost)/benefit $ 5 $ 9 $ (1) $ (2) $ 4 $ 7 Amortization of actuarial loss 1,052 854 (265) (213) 787 641 Total defined benefit pension plans 1,057 863 (266) (215) 791 648 Soybean meal option derivatives Reclassified to earnings (19) — 5 — (14) — Activity recognized in other comprehensive income/(loss) (12) — 3 — (9) — Total soybean meal option derivatives (31) — 8 — (23) — Corn option derivatives Reclassified to earnings 4,217 229 (1,072) (57) 3,145 172 Activity recognized in other comprehensive income/(loss) 647 (3,588) (164) 898 483 (2,690) Total corn option derivatives 4,864 (3,359) (1,236) 841 3,628 (2,518) Heating oil derivatives Activity recognized in other comprehensive income/(loss) (8,699) 1,992 2,209 (498) (6,490) 1,494 Total heating oil derivatives (8,699) 1,992 2,209 (498) (6,490) 1,494 Foreign exchange derivatives Reclassified to earnings (1,889) (5,317) 565 385 (1,324) (4,932) Activity recognized in other comprehensive income/(loss) (5,397) 7,486 2,057 (1,142) (3,340) 6,344 Total foreign exchange derivatives (7,286) 2,169 2,622 (757) (4,664) 1,412 Foreign currency translation (33,689) 39,237 786 (1,383) (32,903) 37,854 Other comprehensive income/(loss) $ (43,784) $ 40,902 $ 4,123 $ (2,012) $ (39,661) $ 38,890 Nine Months Ended Before-Tax Tax (Expense) Net-of-Tax Amount or Benefit Amount October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Defined benefit pension plans Amortization of prior service (cost)/benefit $ 16 $ 25 $ (4) $ (6) $ 12 $ 19 Amortization of actuarial loss 3,157 2,562 (794) (638) 2,363 1,924 Total defined benefit pension plans 3,173 2,587 (798) (644) 2,375 1,943 Soybean meal option derivatives Reclassified to earnings (267) — 68 — (199) — Activity recognized in other comprehensive income/(loss) (131) — 33 — (98) — Total soybean meal option derivatives (398) — 101 — (297) — Corn option derivatives Reclassified to earnings 14,880 1,168 (3,780) (292) 11,100 876 Activity recognized in other comprehensive income/(loss) (11,566) (1,939) 2,938 485 (8,628) (1,454) Total corn option derivatives 3,314 (771) (842) 193 2,472 (578) Heating oil derivatives Activity recognized in other comprehensive income/(loss) (7,149) 4,565 1,815 (1,141) (5,334) 3,424 Total heating oil derivatives (7,149) 4,565 1,815 (1,141) (5,334) 3,424 Foreign exchange derivatives Reclassified to earnings (2,503) (10,564) 884 1,690 (1,619) (8,874) Activity recognized in other comprehensive income/(loss) (4,482) 8,112 1,582 (1,298) (2,900) 6,814 Total foreign exchange derivatives (6,985) (2,452) 2,466 392 (4,519) (2,060) Foreign currency translation (50,866) (5,798) 2,125 (1,445) (48,741) (7,243) Other comprehensive income/(loss) $ (58,911) $ (1,869) $ 4,867 $ (2,645) $ (54,044) $ (4,514) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three and nine months ended October 2, 2021 and September 26, 2020 as follows (in thousands): Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Statement of Operations Classification Derivative instruments Soybean meal derivatives $ 19 $ — $ 267 $ — Net sales Foreign exchange contracts 1,889 5,317 2,503 10,564 Net sales Corn option derivatives (4,217) (229) (14,880) (1,168) Cost of sales and operating expenses (2,309) 5,088 (12,110) 9,396 Total before tax 502 (328) 2,828 (1,398) Income taxes (1,807) 4,760 (9,282) 7,998 Net of tax Defined benefit pension plans Amortization of prior service cost $ (5) $ (9) $ (16) $ (25) (a) Amortization of actuarial loss (1,052) (854) (3,157) (2,562) (a) (1,057) (863) (3,173) (2,587) Total before tax 266 215 798 644 Income taxes (791) (648) (2,375) (1,943) Net of tax Total reclassifications $ (2,598) $ 4,112 $ (11,657) $ 6,055 Net of tax (a) These items are included in the computation of net periodic pension cost. See Note 12 (Employee Benefit Plans) to the Company's Consolidated Financial Statement included herein for additional information. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income/(loss) as of October 2, 2021 as follows (in thousands): Nine Months Ended October 2, 2021 Foreign Currency Derivative Defined Benefit Translation Instruments Pension Plans Total Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax $ (210,902) $ (3,214) $ (38,317) $ (252,433) Other comprehensive loss before reclassifications (48,741) (16,960) — (65,701) Amounts reclassified from accumulated other comprehensive loss — 9,282 2,375 11,657 Net current-period other comprehensive income/(loss) (48,741) (7,678) 2,375 (54,044) Noncontrolling interest 2,876 — — 2,876 Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax $ (262,519) $ (10,892) $ (35,942) $ (309,353) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
Net pension cost | Net pension cost for the three and nine months ended October 2, 2021 and September 26, 2020 includes the following components (in thousands): Pension Benefits Pension Benefits Three Months Ended Nine Months Ended October 2, September 26, October 2, September 26, Service cost $ 778 $ 764 $ 2,359 $ 2,268 Interest cost 1,203 1,425 3,616 4,283 Expected return on plan assets (2,320) (2,042) (6,969) (6,113) Amortization of prior service cost 5 9 16 25 Amortization of actuarial loss 1,052 854 3,157 2,562 Net pension cost $ 718 $ 1,010 $ 2,179 $ 3,025 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (in thousands): Functional Currency Contract Currency Type Amount Type Amount Brazilian real 22,978 Euro 3,536 Brazilian real 1,116,635 U.S. dollar 237,950 Euro 33,298 U.S. dollar 39,070 Euro 24,960 Polish zloty 114,000 Euro 7,160 Japanese yen 929,960 Euro 20,692 Chinese renminbi 157,474 Euro 13,670 Australian dollar 21,850 Euro 2,810 British pound 2,400 Euro 34 Canadian dollar 50 Polish zloty 2,057 U.S. dollar 524 Polish zloty 20,589 Euro 4,483 British pound 179 Euro 210 Japanese yen 228,482 U.S. dollar 2,070 U.S. dollar 514 Japanese yen 57,000 U.S. dollar 293,089 Euro 250,000 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below summarizes the effect of derivatives not designated as hedges on the Company's consolidated statements of operations for the three and nine months ended October 2, 2021 and September 26, 2020 (in thousands): Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges Three Months Ended Nine Months Ended Derivatives not designated as hedging instruments Location October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Foreign exchange Foreign currency loss $ 5,656 $ (1,957) $ 13,626 $ (1,995) Foreign exchange Net sales 323 (566) 895 57 Foreign exchange Cost of sales and operating expenses (98) 111 (524) (946) Foreign exchange Selling, general and administrative expenses 2,732 1,187 2,001 8,091 Corn options and futures Net sales 753 (914) (2,724) 876 Corn options and futures Cost of sales and operating expenses (1,871) 754 3,683 (2,332) Heating oil swaps and options Net sales — — — (38) Total $ 7,495 $ (1,385) $ 16,957 $ 3,713 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Fair Value Measurements at October 2, 2021 Using Quoted Prices in Significant Other Significant (In thousands of dollars) Total (Level 1) (Level 2) (Level 3) Assets: Derivative instruments $ 5,645 $ — $ 5,645 $ — Total Assets $ 5,645 $ — $ 5,645 $ — Liabilities: Derivative instruments $ 8,516 $ — $ 8,516 $ — 5.25% Senior notes 520,000 — 520,000 — 3.625% Senior notes 606,854 — 606,854 — Term loan B 200,000 — 200,000 — Revolver debt 32,505 — 32,505 — Total Liabilities $ 1,367,875 $ — $ 1,367,875 $ — Fair Value Measurements at January 2, 2021 Using Quoted Prices in Significant Other Significant (In thousands of dollars) Total (Level 1) (Level 2) (Level 3) Assets: Derivative instruments $ 17,358 $ — $ 17,358 $ — Total Assets $ 17,358 $ — $ 17,358 $ — Liabilities: Derivative instruments $ 9,778 $ — $ 9,778 $ — 5.25% Senior notes 531,300 — 531,300 — 3.625% Senior notes 646,323 — 646,323 — Term loan B 298,500 — 298,500 — Revolver debt 54,175 — 54,175 — Total Liabilities $ 1,540,076 $ — $ 1,540,076 $ — |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments (in thousands): Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Three Months Ended October 2, 2021 Net Sales $ 769,626 $ 311,856 $ 104,434 $ — $ 1,185,916 Cost of sales and operating expenses 553,662 241,308 64,634 — 859,604 Gross Margin 215,964 70,548 39,800 — 326,312 Gain on sale of assets (229) (8) (264) — (501) Selling, general and administrative expenses 54,997 24,417 4,481 13,380 97,275 Depreciation and amortization 53,824 14,933 6,361 2,708 77,826 Equity in net income of Diamond Green Diesel — — 53,951 — 53,951 Segment operating income/(loss) 107,372 31,206 83,173 (16,088) 205,663 Equity in net income of other unconsolidated subsidiaries 1,647 — — — 1,647 Segment income/(loss) 109,019 31,206 83,173 (16,088) 207,310 Total other expense (16,467) Income before income taxes $ 190,843 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Three Months Ended September 26, 2020 Net Sales $ 483,025 $ 291,842 $ 75,702 $ — $ 850,569 Cost of sales and operating expenses 361,576 226,745 50,047 — 638,368 Gross Margin 121,449 65,097 25,655 — 212,201 Loss/(gain) on sale of assets 167 16 (61) — 122 Selling, general and administrative expenses 49,028 23,366 5,038 12,561 89,993 Depreciation and amortization 53,764 20,648 8,633 2,685 85,730 Equity in net income of Diamond Green Diesel — — 91,099 — 91,099 Segment operating income/(loss) 18,490 21,067 103,144 (15,246) 127,455 Equity in net income of other unconsolidated subsidiaries 906 — — — 906 Segment income/(loss) 19,396 21,067 103,144 (15,246) 128,361 Total other expense (21,944) Income before income taxes $ 106,417 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Nine Months Ended October 2, 2021 Net Sales $ 2,193,002 $ 926,952 $ 311,347 $ — $ 3,431,301 Cost of sales and operating expenses 1,584,667 706,260 219,534 — 2,510,461 Gross Margin 608,335 220,692 91,813 — 920,840 Gain on sale of assets (490) (1) (302) — (793) Selling, general and administrative expenses 162,594 75,150 13,822 42,239 293,805 Restructuring and asset impairment charges — — 778 — 778 Depreciation and amortization 162,404 45,666 19,214 8,298 235,582 Equity in net income of Diamond Green Diesel — — 281,964 — 281,964 Segment operating income/(loss) 283,827 99,877 340,265 (50,537) 673,432 Equity in net income of other unconsolidated subsidiaries 4,199 — — — 4,199 Segment income/(loss) 288,026 99,877 340,265 (50,537) 677,631 Total other expense (51,614) Income before income taxes $ 626,017 Segment assets at October 2, 2021 $ 2,787,376 $ 1,213,831 $ 1,413,049 $ 511,464 $ 5,925,720 Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total Nine Months Ended September 26, 2020 Net Sales $ 1,499,340 $ 841,070 $ 211,674 $ — $ 2,552,084 Cost of sales and operating expenses 1,117,931 652,334 147,358 — 1,917,623 Gross Margin 381,409 188,736 64,316 — 634,461 Loss/(gain) on sale of assets 293 (30) (53) — 210 Selling, general and administrative expenses 153,459 71,406 10,645 40,869 276,379 Depreciation and amortization 159,968 60,925 24,705 8,113 253,711 Equity in net income of Diamond Green Diesel — — 252,411 — 252,411 Segment operating income/(loss) 67,689 56,435 281,430 (48,982) 356,572 Equity in net income of other unconsolidated subsidiaries 2,467 — — — 2,467 Segment income/(loss) 70,156 56,435 281,430 (48,982) 359,039 Total other expense (61,790) Income before income taxes $ 297,249 Segment assets at January 2, 2021 $ 2,708,922 $ 1,335,769 $ 1,160,132 $ 408,508 $ 5,613,331 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present the Company revenues disaggregated by geographic area and major product types by reportable segment for the three and nine months ended October 2, 2021 and September 26, 2020 (in thousands): Three Months Ended October 2, 2021 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 647,114 $ 66,995 $ 2 $ 714,111 Europe 114,762 166,039 104,432 385,233 China 4,910 55,856 — 60,766 South America — 8,943 — 8,943 Other 2,840 14,023 — 16,863 Net sales $ 769,626 $ 311,856 $ 104,434 $ 1,185,916 Major product types Fats $ 307,929 $ 48,579 $ — $ 356,508 Used cooking oil 69,859 — — 69,859 Proteins 257,991 — — 257,991 Bakery 80,543 — — 80,543 Other rendering 43,741 — — 43,741 Food ingredients — 231,645 — 231,645 Bioenergy — — 104,432 104,432 Biofuels — — 2 2 Other 9,563 31,632 — 41,195 Net sales $ 769,626 $ 311,856 $ 104,434 $ 1,185,916 Nine Months Ended October 2, 2021 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 1,856,642 $ 207,100 $ 3,376 $ 2,067,118 Europe 316,804 487,056 307,971 1,111,831 China 10,594 165,880 — 176,474 South America — 24,987 — 24,987 Other 8,962 41,929 — 50,891 Net sales $ 2,193,002 $ 926,952 $ 311,347 $ 3,431,301 Major product types Fats $ 829,494 $ 131,123 $ — $ 960,617 Used cooking oil 207,325 — — 207,325 Proteins 771,889 — — 771,889 Bakery 222,850 — — 222,850 Other rendering 132,150 — — 132,150 Food ingredients — 700,809 — 700,809 Bioenergy — — 307,971 307,971 Biofuels — — 3,376 3,376 Other 29,294 95,020 — 124,314 Net sales $ 2,193,002 $ 926,952 $ 311,347 $ 3,431,301 Three Months Ended September 26, 2020 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 390,182 $ 66,554 $ 5,678 $ 462,414 Europe 85,803 152,372 70,024 308,199 China 4,310 43,491 — 47,801 South America — 11,711 — 11,711 Other 2,730 17,714 — 20,444 Net sales $ 483,025 $ 291,842 $ 75,702 $ 850,569 Major product types Fats $ 153,496 $ 35,108 $ — $ 188,604 Used cooking oil 45,659 — — 45,659 Proteins 190,663 — — 190,663 Bakery 44,402 — — 44,402 Other rendering 39,041 — — 39,041 Food ingredients — 238,651 — 238,651 Bioenergy — — 70,024 70,024 Biofuels — — 5,678 5,678 Other 9,764 18,083 — 27,847 Net sales $ 483,025 $ 291,842 $ 75,702 $ 850,569 Nine Months Ended September 26, 2020 Feed Ingredients Food Ingredients Fuel Ingredients Total Geographic Area North America $ 1,236,963 $ 171,517 $ 12,069 $ 1,420,549 Europe 244,712 468,285 199,605 912,602 China 10,087 128,490 — 138,577 South America — 24,377 — 24,377 Other 7,578 48,401 — 55,979 Net sales $ 1,499,340 $ 841,070 $ 211,674 $ 2,552,084 Major product types Fats $ 484,287 $ 100,423 $ — $ 584,710 Used cooking oil 132,274 — — 132,274 Proteins 596,784 — — 596,784 Bakery 129,467 — — 129,467 Other rendering 125,669 — — 125,669 Food ingredients — 676,970 — 676,970 Bioenergy — — 199,605 199,605 Biofuels — — 12,069 12,069 Other 30,859 63,677 — 94,536 Net sales $ 1,499,340 $ 841,070 $ 211,674 $ 2,552,084 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Financing Receivable, Sale | $ 106,600 | $ 76,200 | $ 319,800 | $ 247,000 |
Financing Receivable, Significant Sales, Transaction Fees | 300 | 200 | 800 | 900 |
Basic: | ||||
Net income | $ 146,812 | $ 101,125 | $ 495,160 | $ 252,074 |
Shares (in shares) | 162,166,000 | 162,264,000 | 162,707,000 | 162,631,000 |
Per Share (in usd per share) | $ 0.91 | $ 0.62 | $ 3.04 | $ 1.55 |
Effect of dilutive securities: [Abstract] | ||||
Add: Option shares in the money and dilutive effect of non-vested stock (in shares) | 5,403,000 | 6,543,000 | 5,512,000 | 6,391,000 |
Less: Pro forma treasury shares (in shares) | (799,000) | (1,810,000) | (845,000) | (2,048,000) |
Diluted: | ||||
Net Income | $ 146,812 | $ 101,125 | $ 495,160 | $ 252,074 |
Shares (in shares) | 166,770,000 | 166,997,000 | 167,374,000 | 166,974,000 |
Per Share (in usd per share) | $ 0.88 | $ 0.61 | $ 2.96 | $ 1.51 |
Stock Options [Member] | ||||
Antidilutive Securities [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 550,934 | 0 | 550,934 |
Non Vested Stock [Member] | ||||
Antidilutive Securities [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 187,484 | 342,003 | 216,622 | 474,520 |
Investment in Unconsolidated _3
Investment in Unconsolidated Subsidiary (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 08, 2021 | Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | Jan. 21, 2011 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in the joint venture | $ 1,107,834 | $ 1,107,834 | $ 804,682 | ||||
Income (loss) from equity method investments | 1,647 | $ 906 | 4,199 | $ 2,467 | |||
Capital contribution | 25,000 | 0 | |||||
Subsequent Event | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Capital contribution | $ 37,750 | ||||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Investment in the joint venture | 1,072,600 | 1,072,600 | |||||
Income (loss) from equity method investments | 54,000 | 91,100 | 282,000 | 252,400 | |||
Income Tax Credits and Adjustments | 61,700 | $ 79,900 | $ 224,600 | $ 232,100 | |||
Capital contribution | $ 25,000 | ||||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | Valero Energy Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% |
Investment in Unconsolidated _4
Investment in Unconsolidated Subsidiary (Assets, Liabilities and members' equity) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Sep. 30, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Jan. 02, 2021 | Dec. 31, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 |
ASSETS | ||||||||||
Assets, Current | $ 1,103,644 | $ 986,994 | ||||||||
Property, Plant and Equipment, Net | 1,834,670 | 1,863,814 | ||||||||
Other assets | 53,887 | 60,682 | ||||||||
Segment Assets | 5,925,720 | 5,613,331 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
Current portion of long-term debt | 55,138 | 27,538 | ||||||||
Other non-current liabilities | 115,815 | 117,371 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,269,237 | $ 3,183,810 | $ 3,029,946 | 2,954,209 | $ 2,835,189 | $ 2,698,354 | $ 2,608,442 | $ 2,643,350 | ||
Liabilities and Equity | $ 5,925,720 | $ 5,613,331 | ||||||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||||
ASSETS | ||||||||||
Assets, Current | $ 365,354 | $ 383,557 | ||||||||
Property, Plant and Equipment, Net | 2,192,808 | 1,238,726 | ||||||||
Other assets | 44,657 | 36,082 | ||||||||
Segment Assets | 2,602,819 | 1,658,365 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
Current portion of long-term debt | 106,423 | 517 | ||||||||
Other Liabilities, Current | 228,657 | 99,787 | ||||||||
Long-term Debt, Excluding Current Maturities | 108,952 | 8,705 | ||||||||
Other non-current liabilities | 17,048 | 3,758 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,141,739 | 1,545,598 | ||||||||
Liabilities and Equity | $ 2,602,819 | $ 1,658,365 |
Investment in Unconsolidated _5
Investment in Unconsolidated Subsidiary (Revenues and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 02, 2021 | Sep. 30, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Sep. 30, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Oct. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 26, 2020 | |
Revenues: | ||||||||||||
Operating revenues | $ 1,185,916 | $ 850,569 | $ 3,431,301 | $ 2,552,084 | ||||||||
Expenses: | ||||||||||||
Cost of sales and operating expenses | 859,604 | 638,368 | 2,510,461 | 1,917,623 | ||||||||
Total costs and expenses | 1,034,204 | 814,213 | 3,039,833 | 2,447,923 | ||||||||
Operating income | 205,663 | 127,455 | 673,432 | 356,572 | ||||||||
Net income | $ 148,206 | $ 198,069 | $ 153,418 | $ 101,605 | $ 66,495 | $ 86,091 | $ 499,693 | $ 254,191 | ||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||||||
Revenues: | ||||||||||||
Operating revenues | $ 401,900 | $ 346,276 | $ 1,405,392 | $ 1,000,717 | ||||||||
Expenses: | ||||||||||||
Cost of sales and operating expenses | 281,848 | 153,406 | 804,939 | 462,364 | ||||||||
Depreciation, amortization and accretion expense | 10,991 | 10,772 | 34,673 | 33,660 | ||||||||
Total costs and expenses | 292,839 | 164,178 | 839,612 | 496,024 | ||||||||
Operating income | 109,061 | 182,098 | 565,780 | 504,693 | ||||||||
Other income | 113 | 415 | 524 | 1,076 | ||||||||
Interest and debt expense, net | (1,272) | (315) | (2,376) | (947) | ||||||||
Net income | $ 107,902 | $ 182,198 | $ 563,928 | $ 504,822 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Inventory Disclosure [Abstract] | ||
Finished product | $ 294,220 | $ 233,044 |
Work in process | 83,940 | 87,223 |
Raw Material | 45,917 | 36,746 |
Supplies and other | 52,218 | 48,909 |
Inventories | $ 476,295 | $ 405,922 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Intangible Assets [Line Items] | |||||
Indefinite Lived Intangible Assets | $ 53,778 | $ 53,778 | $ 55,349 | ||
Finite Lived Intangible Assets: | 915,919 | 915,919 | 986,417 | ||
Accumulated Amortization: | (552,288) | (552,288) | (568,086) | ||
Intangible Assets, Net (Excluding Goodwill) | 417,409 | 417,409 | 473,680 | ||
Intangible assets, period decrease | 54,500 | ||||
Amortization of Intangible Assets | 16,800 | $ 18,400 | 50,800 | $ 54,500 | |
Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite Lived Intangible Assets | 53,778 | 53,778 | 55,349 | ||
Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets: | 65,675 | 65,675 | 65,675 | ||
Accumulated Amortization: | (44,394) | (44,394) | (39,491) | ||
Collection Routes [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets: | 342,822 | 342,822 | 397,342 | ||
Accumulated Amortization: | (168,227) | (168,227) | (203,392) | ||
Royalty, consulting land use and leasehold [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets: | 25,801 | 25,801 | 25,909 | ||
Accumulated Amortization: | (7,746) | (7,746) | (6,976) | ||
Permits [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets: | 480,976 | 480,976 | 494,191 | ||
Accumulated Amortization: | (331,509) | (331,509) | (315,246) | ||
Noncompete Agreements [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets: | 645 | 645 | 3,300 | ||
Accumulated Amortization: | $ (412) | $ (412) | $ (2,981) |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended |
Oct. 02, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 1,308,195 |
Accumulated impairment losses | (47,955) |
Goodwill | 1,260,240 |
Goodwill, Acquired During Period | 201 |
Foreign currency translation | (28,262) |
Goodwill | 1,280,134 |
Accumulated impairment losses | (47,955) |
Goodwill | 1,232,179 |
Feed Ingredients | |
Goodwill [Roll Forward] | |
Goodwill | 830,321 |
Accumulated impairment losses | (15,914) |
Goodwill | 814,407 |
Goodwill, Acquired During Period | 40 |
Foreign currency translation | (9,959) |
Goodwill | 820,402 |
Accumulated impairment losses | (15,914) |
Goodwill | 804,488 |
Fuel Ingredients | |
Goodwill [Roll Forward] | |
Goodwill | 126,578 |
Accumulated impairment losses | (31,580) |
Goodwill | 94,998 |
Goodwill, Acquired During Period | 161 |
Foreign currency translation | (5,242) |
Goodwill | 121,497 |
Accumulated impairment losses | (31,580) |
Goodwill | 89,917 |
Food Ingredients | |
Goodwill [Roll Forward] | |
Goodwill | 351,296 |
Accumulated impairment losses | (461) |
Goodwill | 350,835 |
Goodwill, Acquired During Period | 0 |
Foreign currency translation | (13,061) |
Goodwill | 338,235 |
Accumulated impairment losses | (461) |
Goodwill | $ 337,774 |
Accrued Expense (Details)
Accrued Expense (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 112,841 | $ 121,497 |
Accrued ad valorem, and franchise taxes | 21,175 | 39,167 |
Accrued operating expenses | 83,343 | 62,601 |
Other accrued expense | 136,051 | 112,206 |
Accrued expenses | $ 353,410 | $ 335,471 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) $ in Thousands, € in Millions | 9 Months Ended | ||
Oct. 02, 2021USD ($) | Oct. 02, 2021EUR (€) | Jan. 02, 2021USD ($) | |
Debt Instrument [Line Items] | |||
Debt and Lease Obligation | $ 1,380,874 | $ 1,508,069 | |
Current portion of long-term debt | 55,138 | 27,538 | |
Long-term debt, net of current portion | 1,325,736 | 1,480,531 | |
Finance lease obligations | € | € 2.5 | ||
Term Loan B Facility [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 197,919 | 296,202 | |
Long-term Debt, Gross | 200,000 | 300,000 | |
Unamortized Debt Issuance Expense | (2,081) | (3,798) | |
Senior Notes [Member] | Senior Notes 5.25% Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 494,841 | 494,253 | |
Long-term Debt, Gross | 500,000 | 500,000 | |
Unamortized Debt Issuance Expense | $ (5,159) | (5,747) | |
Stated interest rate | 5.25% | 5.25% | |
Debt instrument, interest rate, effective percentage | 5.47% | 5.47% | |
Senior Notes [Member] | Senior Notes 3.625% Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 591,874 | 625,577 | |
Long-term Debt, Gross | 597,297 | 632,163 | |
Unamortized Debt Issuance Expense | $ (5,423) | (6,586) | |
Line of credit outstanding | € | € 515 | ||
Stated interest rate | 3.625% | 3.625% | |
Debt instrument, interest rate, effective percentage | 3.83% | 3.83% | |
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 63,240 | 37,037 | |
Notes Payable, Other Payables [Member] | Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 11,100 | ||
Notes Payable, Other Payables [Member] | Bank Overdrafts [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 32,900 | ||
Foreign Line of Credit [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | 11,800 | ||
Foreign Line of Credit [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | 19,200 | ||
Letter of Credit [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | 4,100 | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 33,000 | $ 55,000 | |
U.S. dollar | Term Loan B Facility [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | $ 200,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | U.S. dollar | Term Loan B Facility [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
Interest rate | 2.09% | 2.09% | |
Base Rate [Member] | U.S. dollar | Secured Debt [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Interest rate | 3.75% | 3.75% | |
Base Rate [Member] | U.S. dollar | Revolving Credit Facility [Member] | Senior Secured Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | $ 33,000 |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facilities) (Details) - Senior Secured Facilities [Member] $ in Millions | 9 Months Ended |
Oct. 02, 2021USD ($) | |
Secured Debt [Member] | Base Rate [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Interest rate | 3.75% |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Company availability under revolving loan facility | $ 912.6 |
Revolving Credit Facility [Member] | Base Rate [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Line of credit outstanding | 33 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit outstanding | 4.1 |
Term Loan B Facility [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Line of credit outstanding | $ 200 |
Term Loan B Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.00% |
Interest rate | 2.09% |
Foreign Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit outstanding | $ 11.8 |
Secured Debt [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Secured Debt [Member] | Revolving Credit Facility [Member] | Canadian Prime Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Secured Debt [Member] | Term Loan B Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.00% |
Secured Debt [Member] | Term Loan B Facility [Member] | Base Rate [Member] | U.S. dollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
Debt Debt (Senior Notes Due 202
Debt Debt (Senior Notes Due 2026) (Details) | Oct. 02, 2021 |
Senior Notes [Member] | Senior Notes 3.625% Due 2026 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.625% |
Debt Debt (Senior Notes Due 2_2
Debt Debt (Senior Notes Due 2027) (Details) | Oct. 02, 2021 |
Senior Notes [Member] | Senior Notes 5.25% Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate | 5.25% |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Oct. 02, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 6.6 |
Income tax penalties and interest accrued | $ 0.6 |
Other Comprehensive Income (Sch
Other Comprehensive Income (Schedule of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Before-Tax Amount: | ||||||||
Amortization of prior service cost | $ 5 | $ 9 | $ 16 | $ 25 | ||||
Amortization of actuarial loss | 1,052 | 854 | 3,157 | 2,562 | ||||
Total defined benefit pension plans | 1,057 | 863 | 3,173 | 2,587 | ||||
Foreign currency translation | (33,689) | 39,237 | (50,866) | (5,798) | ||||
Other comprehensive income (loss) | (43,784) | 40,902 | (58,911) | (1,869) | ||||
Tax (Expense) or Benefit: | ||||||||
Amortization of prior service cost | (1) | (2) | (4) | (6) | ||||
Amortization of actuarial loss | (265) | (213) | (794) | (638) | ||||
Total defined benefit pension plans | (266) | (215) | (798) | (644) | ||||
Foreign currency translation | 786 | (1,383) | 2,125 | (1,445) | ||||
Other comprehensive income (loss) | 4,123 | (2,012) | 4,867 | (2,645) | ||||
Net-of-Tax Amount: | ||||||||
Amortization of prior service cost | 4 | 7 | 12 | 19 | ||||
Amortization of actuarial loss | 787 | 641 | 2,363 | 1,924 | ||||
Total defined benefit pension plans | 791 | 648 | 2,375 | 1,943 | ||||
Foreign currency translation | (32,903) | $ 22,384 | $ (38,222) | 37,854 | $ 20,139 | $ (65,236) | (48,741) | (7,243) |
Total other comprehensive income/(loss), net of tax | (39,661) | 38,890 | (54,044) | (4,514) | ||||
Soybean Meal | ||||||||
Before-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | (19) | 0 | (267) | 0 | ||||
Gain (loss) activity recognized in other comprehensive loss | (12) | 0 | (131) | 0 | ||||
Total swap derivatives | (31) | 0 | (398) | 0 | ||||
Tax (Expense) or Benefit: | ||||||||
Loss (gain) reclassified to net income | 5 | 0 | 68 | 0 | ||||
Gain (loss) activity recognized in other comprehensive loss | 3 | 0 | 33 | 0 | ||||
Total swap derivatives | 8 | 0 | 101 | 0 | ||||
Net-of-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | (14) | 0 | (199) | 0 | ||||
Gain (loss) activity recognized in other comprehensive loss | (9) | 0 | (98) | 0 | ||||
Total swap derivatives | (23) | (17) | (257) | 0 | (297) | 0 | ||
Corn Option | ||||||||
Before-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | 4,217 | 229 | 14,880 | 1,168 | ||||
Gain (loss) activity recognized in other comprehensive loss | 647 | (3,588) | (11,566) | (1,939) | ||||
Total swap derivatives | 4,864 | (3,359) | 3,314 | (771) | ||||
Tax (Expense) or Benefit: | ||||||||
Loss (gain) reclassified to net income | (1,072) | (57) | (3,780) | (292) | ||||
Gain (loss) activity recognized in other comprehensive loss | (164) | 898 | 2,938 | 485 | ||||
Total swap derivatives | (1,236) | 841 | (842) | 193 | ||||
Net-of-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | 3,145 | 172 | 11,100 | 876 | ||||
Gain (loss) activity recognized in other comprehensive loss | 483 | (2,690) | (8,628) | (1,454) | ||||
Total swap derivatives | 3,628 | (356) | (800) | (2,518) | 1,804 | 136 | 2,472 | (578) |
Heating Oil Swaps And Options | ||||||||
Before-Tax Amount: | ||||||||
Gain (loss) activity recognized in other comprehensive loss | (8,699) | 1,992 | (7,149) | 4,565 | ||||
Total swap derivatives | (8,699) | 1,992 | (7,149) | 4,565 | ||||
Tax (Expense) or Benefit: | ||||||||
Gain (loss) activity recognized in other comprehensive loss | 2,209 | (498) | 1,815 | (1,141) | ||||
Total swap derivatives | 2,209 | (498) | 1,815 | (1,141) | ||||
Net-of-Tax Amount: | ||||||||
Gain (loss) activity recognized in other comprehensive loss | (6,490) | 1,494 | (5,334) | 3,424 | ||||
Total swap derivatives | (6,490) | 1,494 | (5,334) | 3,424 | ||||
Foreign Exchange Contract | ||||||||
Before-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | (1,889) | (5,317) | (2,503) | (10,564) | ||||
Gain (loss) activity recognized in other comprehensive loss | (5,397) | 7,486 | (4,482) | 8,112 | ||||
Total swap derivatives | (7,286) | 2,169 | (6,985) | (2,452) | ||||
Tax (Expense) or Benefit: | ||||||||
Loss (gain) reclassified to net income | 565 | 385 | 884 | 1,690 | ||||
Gain (loss) activity recognized in other comprehensive loss | 2,057 | (1,142) | 1,582 | (1,298) | ||||
Total swap derivatives | 2,622 | (757) | 2,466 | 392 | ||||
Net-of-Tax Amount: | ||||||||
Loss (gain) reclassified to net income | (1,324) | (4,932) | (1,619) | (8,874) | ||||
Gain (loss) activity recognized in other comprehensive loss | (3,340) | 6,344 | (2,900) | 6,814 | ||||
Total swap derivatives | $ (4,664) | $ 6,951 | $ (6,806) | $ 1,412 | $ 5,679 | $ (9,151) | $ (4,519) | $ (2,060) |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | $ 1,185,916 | $ 850,569 | $ 3,431,301 | $ 2,552,084 |
Cost of sales and operating expenses | 859,604 | 638,368 | 2,510,461 | 1,917,623 |
Income taxes | (42,637) | (4,812) | (126,324) | (43,058) |
Amortization of prior service cost | 5 | 9 | 16 | 25 |
Amortization of actuarial loss | 1,052 | 854 | 3,157 | 2,562 |
Net income attributable to Darling | 146,812 | 101,125 | 495,160 | 252,074 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income attributable to Darling | (2,598) | 4,112 | (11,657) | 6,055 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (2,309) | 5,088 | (12,110) | 9,396 |
Income taxes | 502 | (328) | 2,828 | (1,398) |
Net income attributable to Darling | (1,807) | 4,760 | (9,282) | 7,998 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | Foreign Exchange Contract | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | 1,889 | 5,317 | 2,503 | 10,564 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | Corn Option | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales and operating expenses | (4,217) | (229) | (14,880) | (1,168) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | Soybean Meal | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | 19 | 0 | 267 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (1,057) | (863) | (3,173) | (2,587) |
Income taxes | 266 | 215 | 798 | 644 |
Amortization of prior service cost | (5) | (9) | (16) | (25) |
Amortization of actuarial loss | (1,052) | (854) | (3,157) | (2,562) |
Net income attributable to Darling | $ (791) | $ (648) | $ (2,375) | $ (1,943) |
Other Comprehensive Income (S_2
Other Comprehensive Income (Schedule of AOCI) (Details) $ in Thousands | 9 Months Ended |
Oct. 02, 2021USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax | $ (252,433) |
Other comprehensive loss before reclassifications | (65,701) |
Amounts reclassified from accumulated other comprehensive loss | 11,657 |
Net current-period other comprehensive income/(loss) | (54,044) |
Noncontrolling interest | 2,876 |
Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax | (309,353) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax | (210,902) |
Other comprehensive loss before reclassifications | (48,741) |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Net current-period other comprehensive income/(loss) | (48,741) |
Noncontrolling interest | 2,876 |
Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax | (262,519) |
Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax | (3,214) |
Other comprehensive loss before reclassifications | (16,960) |
Amounts reclassified from accumulated other comprehensive loss | 9,282 |
Net current-period other comprehensive income/(loss) | (7,678) |
Noncontrolling interest | 0 |
Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax | (10,892) |
Defined Benefit Pension Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax | (38,317) |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss | 2,375 |
Net current-period other comprehensive income/(loss) | 2,375 |
Noncontrolling interest | 0 |
Accumulated Other Comprehensive loss October 2, 2021, attributable to Darling, net of tax | $ (35,942) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Jan. 04, 2021 | Aug. 03, 2020 | Oct. 02, 2021 | Sep. 26, 2020 |
Class of Stock [Line Items] | ||||
Grants in Period (in shares) | 90,689 | |||
Grants in period (in shares) | 126,711 | |||
Annual vesting after initial cliff | 33.33% | |||
Performance period two | 3 years | |||
Target percentage | 100.00% | |||
Increase (decrease) in target percentage | 225.00% | |||
Repurchase of common stock | $ 97,924,000 | $ 55,044,000 | ||
Remaining authorized repurchase amount | $ 102,100,000 | |||
Stock repurchase program, period | 2 years | |||
Stock repurchase program, authorized amount | $ 200,000,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021USD ($)plan | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($)plan | Sep. 26, 2020USD ($) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Amount Company expects to contribute to its pension plans | $ 3,700 | $ 3,700 | ||
Payment for pension benefits | $ 2,800 | $ 10,300 | ||
Defined Benefit Plan, Additional Information [Abstract] | ||||
Number Of Multiemployer Plans, Withdrawal Obligation Could Be Material | plan | 2 | 2 | ||
Number Of Multiemployer Plans Withdrawal Obligation Could Be Material Certified Red Zone | plan | 1 | 1 | ||
Number of Multiemployer Plans, Certified Red Zone | plan | 5 | 5 | ||
Number of Multiemployer Plans, Certified Yellow Zone | plan | 2 | 2 | ||
Number Of Multiemployer Plans, Withdrawal Obligation | plan | 4 | 4 | ||
Additional Liability, Defined Benefit Pension Plan | $ 1,300 | $ 1,300 | ||
Accrued liability representing the present value of scheduled withdrawal liability payments for under-funded multi-employer plan | 3,900 | $ 3,900 | ||
Maximum [Member] | ||||
Defined Benefit Plan, Additional Information [Abstract] | ||||
Multiemployer Plan, Contributions To Individual Plan, Percent | 5.00% | |||
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 778 | $ 764 | $ 2,359 | 2,268 |
Interest cost | 1,203 | 1,425 | 3,616 | 4,283 |
Expected return on plan assets | (2,320) | (2,042) | (6,969) | (6,113) |
Amortization of prior service cost | 5 | 9 | 16 | 25 |
Amortization of actuarial loss | 1,052 | 854 | 3,157 | 2,562 |
Net pension cost | $ 718 | $ 1,010 | $ 2,179 | $ 3,025 |
Derivatives (Forward Contracts
Derivatives (Forward Contracts Not Designated as Hedging Instruments) (Details) - Oct. 02, 2021 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, zł in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | BRL (R$) | EUR (€) | USD ($) | PLN (zł) | JPY (¥) | CNY (¥) | AUD ($) | GBP (£) | CAD ($) |
BRI/EUR 1 [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | R$ | R$ 22978 | ||||||||
BRI/EUR 1 [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | € 3,536 | ||||||||
BRI/USD [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | R$ | R$ 1116635 | ||||||||
BRI/USD [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | $ 237,950 | ||||||||
EUR/USD [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 33,298 | ||||||||
EUR/USD [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | 39,070 | ||||||||
EUR/PLN [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 24,960 | ||||||||
EUR/PLN [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | zł | zł 114,000 | ||||||||
EUR/JPN [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 7,160 | ||||||||
EUR/JPN [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | ¥ | ¥ 929,960 | ||||||||
EUR/CNY [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 20,692 | ||||||||
EUR/CNY [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | ¥ | ¥ 157,474 | ||||||||
EUR/AUD [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 13,670 | ||||||||
EUR/AUD [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | $ 21,850 | ||||||||
EUR/GBP [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 2,810 | ||||||||
EUR/GBP [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | £ | £ 2,400 | ||||||||
EUR/CAD | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 34 | ||||||||
EUR/CAD | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | $ 50 | ||||||||
PLN/EUR [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | zł | 20,589 | ||||||||
PLN/EUR [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 4,483 | ||||||||
GBP/EUR | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | £ | £ 179 | ||||||||
GBP/EUR | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | 210 | ||||||||
JPN/USD [Member] | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | ¥ | 228,482 | ||||||||
JPN/USD [Member] | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | 2,070 | ||||||||
USD/JPN | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | 514 | ||||||||
USD/JPN | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | ¥ | ¥ 57,000 | ||||||||
USD/EUR | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | 293,089 | ||||||||
USD/EUR | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | € 250,000 | ||||||||
PLN/USD | Short [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | zł | zł 2,057 | ||||||||
PLN/USD | Long [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ | $ 524 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Derivative [Line Items] | |||||||||
Net income | $ 148,206,000 | $ 198,069,000 | $ 153,418,000 | $ 101,605,000 | $ 66,495,000 | $ 86,091,000 | $ 499,693,000 | $ 254,191,000 | |
Commodity Contract [Member] | |||||||||
Derivative [Line Items] | |||||||||
Forward purchase amount | 118,800,000 | 118,800,000 | |||||||
Cash Flow Hedging [Member] | |||||||||
Derivative [Line Items] | |||||||||
Cash flow hedge gain (loss) to be reclassified within 12 months | 14,300,000 | ||||||||
Net income | 0 | ||||||||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Contract | |||||||||
Derivative [Line Items] | |||||||||
Asset Derivatives Fair Value | 2,500,000 | 2,500,000 | $ 11,600,000 | ||||||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Corn Option | |||||||||
Derivative [Line Items] | |||||||||
Asset Derivatives Fair Value | (2,200,000) | (2,200,000) | (6,800,000) | ||||||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Soybean Meal | |||||||||
Derivative [Line Items] | |||||||||
Asset Derivatives Fair Value | $ 0 | $ 0 | $ 400,000 |
Derivatives Derivative Effect o
Derivatives Derivative Effect of Derivatives Not Designated As Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | $ 7,495 | $ (1,385) | $ 16,957 | $ 3,713 |
Foreign Exchange Contract | Foreign Currency Gain (Loss) [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | 5,656 | (1,957) | 13,626 | (1,995) |
Foreign Exchange Contract | Selling, General and Administrative Expenses [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | 2,732 | 1,187 | 2,001 | 8,091 |
Foreign Exchange Contract | Sales [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | 323 | (566) | 895 | 57 |
Foreign Exchange Contract | Cost of Sales [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | (98) | 111 | (524) | (946) |
Corn options and futures [Member] | Sales [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | 753 | (914) | (2,724) | 876 |
Corn options and futures [Member] | Cost of Sales [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | (1,871) | 754 | 3,683 | (2,332) |
Heating Oil Swaps And Options | Sales [Member] | ||||
Derivative [Line Items] | ||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | $ 0 | $ 0 | $ 0 | $ (38) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 5,645 | $ 17,358 |
Total Assets | 5,645 | 17,358 |
Derivative instruments | 8,516 | 9,778 |
Total Liabilities | 1,367,875 | 1,540,076 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total Assets | 0 | 0 |
Derivative instruments | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 5,645 | 17,358 |
Total Assets | 5,645 | 17,358 |
Derivative instruments | 8,516 | 9,778 |
Total Liabilities | 1,367,875 | 1,540,076 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total Assets | 0 | 0 |
Derivative instruments | 0 | 0 |
Total Liabilities | 0 | 0 |
Term Loan B Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 200,000 | 298,500 |
Term Loan B Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Term Loan B Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 200,000 | 298,500 |
Term Loan B Facility [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 32,505 | 54,175 |
Revolving Credit Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Revolving Credit Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 32,505 | 54,175 |
Revolving Credit Facility [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 520,000 | 531,300 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 520,000 | 531,300 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 606,854 | 646,323 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 0 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 606,854 | 646,323 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 0 | $ 0 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset impairment charges | $ 0 | $ 800 | $ 0 | $ 778 | $ 0 |
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset impairment charges | $ 400 |
Contingencies (Details)
Contingencies (Details) $ in Millions | Jun. 30, 2018Party | Nov. 30, 2019USD ($) | Mar. 31, 2016Partymi | Oct. 02, 2021USD ($) | Jan. 02, 2021USD ($) |
Loss Contingencies [Line Items] | |||||
Area of land | mi | 8.3 | ||||
Estimate of possible loss | $ 1,380 | ||||
Number of parties | Party | 100 | 100 | |||
Loss related to litigation settlement | $ 0.6 | ||||
Insurance Environmental and Litigation Matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserves for insurance, environmental and litigation contingencies | 70.8 | $ 66.2 | |||
Insurance settlements receivable | 27 | $ 27 | |||
Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 165 | ||||
Number of parties | Party | 40 | ||||
Plant, One [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 0.3 | ||||
Plant, Two [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 0.3 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | Oct. 02, 2021segment |
Segment Reporting [Abstract] | |
Number of Business Segments | 3 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | $ 1,185,916 | $ 850,569 | $ 3,431,301 | $ 2,552,084 | ||
Cost of sales and operating expenses | 859,604 | 638,368 | 2,510,461 | 1,917,623 | ||
Gain on sale of assets | 501 | (122) | 793 | (210) | ||
Selling, general and administrative expenses | 97,275 | 89,993 | 293,805 | 276,379 | ||
Restructuring and asset impairment charges | 0 | $ 800 | 0 | 778 | 0 | |
Depreciation and amortization | 77,826 | 85,730 | 235,582 | 253,711 | ||
Equity in net income of Diamond Green Diesel | 53,951 | 91,099 | 281,964 | 252,411 | ||
Operating income | 205,663 | 127,455 | 673,432 | 356,572 | ||
Equity in net income of other unconsolidated subsidiaries | 1,647 | 906 | 4,199 | 2,467 | ||
Total other expense | (16,467) | (21,944) | (51,614) | (61,790) | ||
Income before income taxes | 190,843 | 106,417 | 626,017 | 297,249 | ||
Segment Assets | 5,925,720 | 5,925,720 | $ 5,613,331 | |||
Feed Ingredients | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | 769,626 | 483,025 | 2,193,002 | 1,499,340 | ||
Cost of sales and operating expenses | 553,662 | 361,576 | 1,584,667 | 1,117,931 | ||
Gross Margin | 215,964 | 121,449 | 608,335 | 381,409 | ||
Gain on sale of assets | (229) | 167 | (490) | 293 | ||
Selling, general and administrative expenses | 54,997 | 49,028 | 162,594 | 153,459 | ||
Restructuring and asset impairment charges | 0 | |||||
Depreciation and amortization | 53,824 | 53,764 | 162,404 | 159,968 | ||
Equity in net income of Diamond Green Diesel | 0 | 0 | 0 | 0 | ||
Operating income | 107,372 | 18,490 | 283,827 | 67,689 | ||
Equity in net income of other unconsolidated subsidiaries | 1,647 | 906 | 4,199 | 2,467 | ||
Segment income/(loss) | 109,019 | 19,396 | 288,026 | 70,156 | ||
Segment Assets | 2,787,376 | 2,787,376 | 2,708,922 | |||
Food Ingredients | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | 311,856 | 291,842 | 926,952 | 841,070 | ||
Cost of sales and operating expenses | 241,308 | 226,745 | 706,260 | 652,334 | ||
Gross Margin | 70,548 | 65,097 | 220,692 | 188,736 | ||
Gain on sale of assets | (8) | 16 | (1) | (30) | ||
Selling, general and administrative expenses | 24,417 | 23,366 | 75,150 | 71,406 | ||
Restructuring and asset impairment charges | 0 | |||||
Depreciation and amortization | 14,933 | 20,648 | 45,666 | 60,925 | ||
Equity in net income of Diamond Green Diesel | 0 | 0 | 0 | 0 | ||
Operating income | 31,206 | 21,067 | 99,877 | 56,435 | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | 0 | ||
Segment income/(loss) | 31,206 | 21,067 | 99,877 | 56,435 | ||
Segment Assets | 1,213,831 | 1,213,831 | 1,335,769 | |||
Fuel Ingredients | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | 104,434 | 75,702 | 311,347 | 211,674 | ||
Cost of sales and operating expenses | 64,634 | 50,047 | 219,534 | 147,358 | ||
Gross Margin | 39,800 | 25,655 | 91,813 | 64,316 | ||
Gain on sale of assets | (264) | (61) | (302) | (53) | ||
Selling, general and administrative expenses | 4,481 | 5,038 | 13,822 | 10,645 | ||
Restructuring and asset impairment charges | 778 | |||||
Depreciation and amortization | 6,361 | 8,633 | 19,214 | 24,705 | ||
Equity in net income of Diamond Green Diesel | 53,951 | 91,099 | 281,964 | 252,411 | ||
Operating income | 83,173 | 103,144 | 340,265 | 281,430 | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | 0 | ||
Segment income/(loss) | 83,173 | 103,144 | 340,265 | 281,430 | ||
Segment Assets | 1,413,049 | 1,413,049 | 1,160,132 | |||
Corporate | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of sales and operating expenses | 0 | 0 | 0 | 0 | ||
Gross Margin | 0 | 0 | 0 | 0 | ||
Gain on sale of assets | 0 | 0 | 0 | 0 | ||
Selling, general and administrative expenses | 13,380 | 12,561 | 42,239 | 40,869 | ||
Restructuring and asset impairment charges | 0 | |||||
Depreciation and amortization | 2,708 | 2,685 | 8,298 | 8,113 | ||
Equity in net income of Diamond Green Diesel | 0 | 0 | 0 | 0 | ||
Operating income | (16,088) | (15,246) | (50,537) | (48,982) | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | 0 | ||
Segment income/(loss) | (16,088) | (15,246) | (50,537) | (48,982) | ||
Segment Assets | 511,464 | 511,464 | 408,508 | |||
Total | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net sales | 1,185,916 | 850,569 | 3,431,301 | 2,552,084 | ||
Cost of sales and operating expenses | 859,604 | 638,368 | 2,510,461 | 1,917,623 | ||
Gross Margin | 326,312 | 212,201 | 920,840 | 634,461 | ||
Gain on sale of assets | (501) | 122 | (793) | 210 | ||
Selling, general and administrative expenses | 97,275 | 89,993 | 293,805 | 276,379 | ||
Restructuring and asset impairment charges | 778 | |||||
Depreciation and amortization | 77,826 | 85,730 | 235,582 | 253,711 | ||
Equity in net income of Diamond Green Diesel | 53,951 | 91,099 | 281,964 | 252,411 | ||
Operating income | 205,663 | 127,455 | 673,432 | 356,572 | ||
Equity in net income of other unconsolidated subsidiaries | 1,647 | 906 | 4,199 | 2,467 | ||
Segment income/(loss) | 207,310 | $ 128,361 | 677,631 | $ 359,039 | ||
Segment Assets | $ 5,925,720 | $ 5,925,720 | $ 5,613,331 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | $ 1,185,916 | $ 850,569 | $ 3,431,301 | $ 2,552,084 |
Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 769,626 | 483,025 | 2,193,002 | 1,499,340 |
Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 311,856 | 291,842 | 926,952 | 841,070 |
Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 104,434 | 75,702 | 311,347 | 211,674 |
North America | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 714,111 | 462,414 | 2,067,118 | 1,420,549 |
North America | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 647,114 | 390,182 | 1,856,642 | 1,236,963 |
North America | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 66,995 | 66,554 | 207,100 | 171,517 |
North America | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 2 | 5,678 | 3,376 | 12,069 |
Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 385,233 | 308,199 | 1,111,831 | 912,602 |
Europe | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 114,762 | 85,803 | 316,804 | 244,712 |
Europe | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 166,039 | 152,372 | 487,056 | 468,285 |
Europe | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 104,432 | 70,024 | 307,971 | 199,605 |
China | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 60,766 | 47,801 | 176,474 | 138,577 |
China | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 4,910 | 4,310 | 10,594 | 10,087 |
China | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 55,856 | 43,491 | 165,880 | 128,490 |
China | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
South America | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 8,943 | 11,711 | 24,987 | 24,377 |
South America | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
South America | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 8,943 | 11,711 | 24,987 | 24,377 |
South America | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 16,863 | 20,444 | 50,891 | 55,979 |
Other | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 2,840 | 2,730 | 8,962 | 7,578 |
Other | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 14,023 | 17,714 | 41,929 | 48,401 |
Other | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Fats | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 356,508 | 188,604 | 960,617 | 584,710 |
Fats | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 307,929 | 153,496 | 829,494 | 484,287 |
Fats | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 48,579 | 35,108 | 131,123 | 100,423 |
Fats | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Used cooking oil | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 69,859 | 45,659 | 207,325 | 132,274 |
Used cooking oil | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 69,859 | 45,659 | 207,325 | 132,274 |
Used cooking oil | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Used cooking oil | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Proteins | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 257,991 | 190,663 | 771,889 | 596,784 |
Proteins | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 257,991 | 190,663 | 771,889 | 596,784 |
Proteins | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Proteins | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Bakery | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 80,543 | 44,402 | 222,850 | 129,467 |
Bakery | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 80,543 | 44,402 | 222,850 | 129,467 |
Bakery | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Bakery | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other rendering | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 43,741 | 39,041 | 132,150 | 125,669 |
Other rendering | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 43,741 | 39,041 | 132,150 | 125,669 |
Other rendering | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other rendering | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Food ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 231,645 | 238,651 | 700,809 | 676,970 |
Food ingredients | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Food ingredients | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 231,645 | 238,651 | 700,809 | 676,970 |
Food ingredients | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Bioenergy | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 104,432 | 70,024 | 307,971 | 199,605 |
Bioenergy | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Bioenergy | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Bioenergy | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 104,432 | 70,024 | 307,971 | 199,605 |
Biofuels | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 2 | 5,678 | 3,376 | 12,069 |
Biofuels | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Biofuels | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Biofuels | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 2 | 5,678 | 3,376 | 12,069 |
Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 41,195 | 27,847 | 124,314 | 94,536 |
Other | Feed Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 9,563 | 9,764 | 29,294 | 30,859 |
Other | Food Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 31,632 | 18,083 | 95,020 | 63,677 |
Other | Fuel Ingredients | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Revenue from Long-term
Revenue Revenue from Long-term Performance Obligations, Narrative (Details) $ in Millions | 9 Months Ended |
Oct. 02, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized | $ 62.4 |
Revenue Revenue from Long-ter_2
Revenue Revenue from Long-term Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 $ in Millions | Oct. 02, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction | 2 years |
Remaining performance obligation | $ 143.4 |
Related Party Transactions (Det
Related Party Transactions (Details) | Apr. 01, 2021USD ($)agreement | Mar. 30, 2019 | Nov. 08, 2021USD ($) | Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Jan. 02, 2021USD ($) | Feb. 29, 2020USD ($)agreement | May 01, 2019USD ($) |
IMTT Terminaling Agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number Of Terminaling Agreements | agreement | 2 | |||||||||
Related Party, Unrecorded Unconditional Guarantee | $ 50,000,000 | |||||||||
GTL Terminaling Agreements | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number Of Terminaling Agreements | agreement | 2 | |||||||||
Related Party, Unrecorded Unconditional Guarantee | $ 160,000,000 | |||||||||
Related Party, Initial Agreement Term | 20 years | |||||||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | $ 102,900,000 | $ 69,000,000 | $ 301,700,000 | $ 203,400,000 | ||||||
Accounts Receivable, Related Parties, Current | 18,700,000 | 18,700,000 | $ 14,200,000 | |||||||
Related Party Sales Eliminated | 21,600,000 | 4,200,000 | ||||||||
Deferred Revenue, Additions | 5,500,000 | $ 800,000 | ||||||||
Revolving Loan Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revolving Loan Agreement, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||
Revolving Loan Agreement, Fair Value of Amount Outstanding | $ 0 | $ 0 | ||||||||
Revolving Loan Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Line Of Credit Facility, Amount Borrowed | $ 50,000,000 | |||||||||
Revolving Loan Agreement [Member] | Lender One [Member] | Revolving Credit Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revolving Loan Agreement, Maximum Borrowing Capacity | $ 25,000,000 | |||||||||
Revolving Loan Agreement [Member] | Lender One [Member] | Revolving Credit Facility [Member] | Subsequent Event | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Line Of Credit Facility, Amount Borrowed | $ 25,000,000 | |||||||||
LIBO Rate [Member] | Revolving Loan Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% |