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Investment in Unconsolidated Subsidiary | 9 Months Ended
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Oct. 01, 2016
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 (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 (the “DGD Facility”), which is capable of processing approximately 12,000 barrels per day of input feedstock to produce renewable diesel fuel and certain other co-products, and is 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. On May 31, 2011, the DGD Joint Venture and Diamond Green Diesel LLC, a wholly-owned subsidiary of the DGD Joint Venture (“Opco”), entered into (i) a facility agreement (the “Facility Agreement”) with Diamond Alternative Energy, LLC, a wholly-owned subsidiary of Valero (the “Lender”), and (ii) a loan agreement (the “Loan Agreement”) with the Lender, which provided the DGD Joint Venture with a 14 year multiple advance term loan facility of approximately $221.3 million (the “JV Loan”) to support the design, engineering and construction of the DGD Facility, which is now in production. The Facility Agreement and the Loan Agreement prohibit the Lender from assigning all or any portion of the Facility Agreement or the Loan Agreement to unaffiliated third parties. Opco has also pledged substantially all of its assets to the Lender, and the DGD Joint Venture has pledged all of Opco's equity interests to the Lender, until the JV Loan has been paid in full and the JV Loan has terminated in accordance with its terms. In addition to the DGD Joint Venture, the Company has investments in other unconsolidated subsidiaries that are insignificant to the Company. Selected financial information for the Company's DGD Joint Venture is as follows (in thousands):
(in thousands) |  | September 30, 2016 | December 31, 2015
Assets: |  |  |
Total current assets |  | $ | 207,392 |  | $ | 261,444 |
Property, plant and equipment, net |  | 354,285 |  | 356,230 |
Other assets |  | 14,094 |  | 3,034 |
Total assets |  | $ | 575,771 |  | $ | 620,708 |
Liabilities and members' equity: |  |  |
Total current portion of long term debt |  | $ | 17,023 |  | $ | 62,023 |
Total other current liabilities |  | 24,093 |  | 19,935 |
Total long term debt |  | 58,009 |  | 86,819 |
Total other long term liabilities |  | 408 |  | 380 |
Total members' equity |  | 476,238 |  | 451,551 |
Total liabilities and member's equity |  | $ | 575,771 |  | $ | 620,708 |
|  | Three Months Ended |  | Nine Months Ended
(in thousands) |  | September 30, 2016 | September 30, 2015 |  | September 30, 2016 | September 30, 2015
Revenues: |  |  |  |  |  |
Operating revenues |  | $ | 141,656 |  | $ | 107,160 |  |  | $ | 345,650 |  | $ | 380,048 |
Expenses: |  |  |  |  |  |
Total costs and expenses less depreciation, amortization and accretion expense |  | 96,569 |  | 123,779 |  |  | 244,643 |  | 376,157 |
Depreciation, amortization and accretion expense |  | 7,445 |  | 4,959 |  |  | 20,370 |  | 14,924 |
Total costs and expenses |  | 104,014 |  | 128,738 |  |  | 265,013 |  | 391,081 |
Operating income |  | 37,642 |  | (21,578 | ) |  | 80,637 |  | (11,033 | )
Other income |  | 114 |  | 41 |  |  | 199 |  | 93 |
Interest and debt expense, net |  | (1,406 | ) | (3,122 | ) |  | (6,148 | ) | (10,629 | )
Net income/(loss) |  | $ | 36,350 |  | $ | (24,659 | ) |  | $ | 74,688 |  | $ | (21,569 | )
As of October 1, 2016 under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $238.1 million on the consolidated balance sheet and has recorded an equity net gain of approximately $37.3 million and an equity net loss of approximately $10.8 million for the nine months ended October 1, 2016 and October 3, 2015, respectively. In the second quarter of fiscal 2016, the DGD Joint Venture received $156.4 million of the 2015 calendar year blenders tax credits from the Internal Revenue Service, made a debt payment of approximately $54.7 million and made dividend distributions to each partner in the amount $25.0 million. Additionally, with Congress' extension of the biodiesel blenders tax credit in December 2015 through December 31, 2016, the DGD Joint Venture fiscal 2016 results include blenders tax credits, while no blenders tax credits are included in the same period in the prior year.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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