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Summary of Significant Accounting Policies | 9 Months Ended
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Oct. 01, 2016
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 (loss) of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income/(loss) 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 significant 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 1, 2016, and include the 13 and 39 weeks ended October 1, 2016, and the 13 and 39 weeks ended October 3, 2015.
(c) | Revenue Recognition
The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. 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 the products have shipped and the customer takes ownership and assumes risk of loss. The Company recognizes service revenue in the fiscal month the service occurs.
(d) | Foreign Currency Translation and Remeasurement
Foreign currency translation is included as a component of accumulated other comprehensive income and reflects the adjustments resulting from translating the foreign currency denominated financial statements of foreign subsidiaries into U.S. dollars. The functional currency of the Company's foreign subsidiaries is the currency of the primary economic environment in which the entity operates, which is generally the local currency of the country. Accordingly, assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at fiscal period end exchange rates, including intercompany foreign currency transactions that are of long-term investment nature. Income and expense items are translated at average exchange rates occurring during the period. Changes in exchange rates that affect cash flows and the related receivables or payables are recognized as transaction gains and losses in determining net income. The Company incurred net foreign currency translation gains of approximately $46.2 million for the nine months ended October 1, 2016 and net foreign currency translation losses of approximately $131.8 million for the nine months ended October 3, 2015.
(e) | Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
(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 1, 2016 |  |  |  |  |  | October 3, 2015 |  |
| Income |  | Shares |  | Per Share |  | Loss |  | Shares |  | Per Share
Basic: |  |  |  |  |  |  |  |  |  |  |
Net Income/(loss) attributable to Darling | $ | 28,694 |  |  | 164,653 |  |  | $ | 0.17 |  |  | $ | (9,087 | ) |  | 165,195 |  |  | $ | (0.06 | )
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: Option shares in the money and dilutive effect of non-vested stock awards |  |  |  | 1,717 |  |  |  |  |  |  |  |  | — |  |  |  |
Less: Pro forma treasury shares |  |  |  | (934 | ) |  |  |  |  |  |  |  | — |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) attributable to Darling | $ | 28,694 |  |  | 165,436 |  |  | $ | 0.17 |  |  | $ | (9,087 | ) |  | 165,195 |  |  | $ | (0.06 | )
| Net Income per Common Share (in thousands, except per share data)
| Nine Months Ended
|  |  | October 1, 2016 |  |  |  |  |  | October 3, 2015 |  |
| Income |  | Shares |  | Per Share |  | Loss |  | Shares |  | Per Share
Basic: |  |  |  |  |  |  |  |  |  |  |
Net Income/(loss) attributable to Darling | $ | 61,772 |  |  | 164,574 |  |  | $ | 0.38 |  |  | $ | (5,898 | ) |  | 165,086 |  |  | $ | (0.04 | )
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: Option shares in the money and dilutive effect of non-vested stock awards |  |  |  | 1,222 |  |  |  |  |  |  |  |  | — |  |  |  |
Less: Pro forma treasury shares |  |  |  | (642 | ) |  |  |  |  |  |  |  | — |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) attributable to Darling | $ | 61,772 |  |  | 165,154 |  |  | $ | 0.37 |  |  | $ | (5,898 | ) |  | 165,086 |  |  | $ | (0.04 | )
For the three months ended October 1, 2016 and October 3, 2015, respectively, 1,228,334 and 905,903 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the three months ended October 1, 2016 and October 3, 2015, respectively, 887,413 and 646,813 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 1, 2016 and October 3, 2015, respectively, 1,122,165 and 947,095 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the nine months ended October 1, 2016 and October 3, 2015, respectively, 812,780 and 685,624 shares of non-vested stock and stock equivalents were excluded from diluted income per common share as the effect was antidilutive.

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