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Comprehensive Income | 12 Months Ended
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Jan. 02, 2021
Comprehensive Income [Abstract] |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME/(LOSS) The Company follows FASB authoritative guidance for reporting and presentation of comprehensive income or loss and its components. Other comprehensive income (loss) is derived from adjustments that reflect pension adjustments, natural gas swap adjustments, corn option adjustments, soybean meal forward adjustments, foreign exchange forward and option adjustments, heating oil swap adjustments and foreign currency translation adjustments. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU amends Topic 220, Income Statement - Reporting Comprehensive Income, which allowed for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The ASU is effective for fiscal years beginning after December 15, 2018; however, the Company elected to early adopt ASU No. 2018-02 during the quarter ended March 31, 2018. The adoption resulted in a $4.8 million reclassification from accumulated other comprehensive loss to retained earnings resulting from the Tax Cuts and Jobs Act. In fiscal 2020 and fiscal 2019, the Company's DGD Joint Venture entered into heating oil derivatives that were deemed to be cash flow hedges. As a result, the Company has accrued the other comprehensive income/(loss) portion belonging to Darling with an offset to the investment in DGD as required by FASB ASC Topic 323. The components of other comprehensive income/(loss) and the related tax impacts for the years ended January 2, 2021, December 28, 2019 and December 29, 2018 are as follows (in thousands):
| Before-Tax |  | Tax (Expense) |  | Net-of-Tax
| Amount |  | or Benefit |  | Amount
Year Ended December 29, 2018 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial (loss)/gain recognized | $ | (7,901) |  |  | $ | 2,015 |  |  | $ | (5,886) |
Amortization of actuarial loss | 3,543 |  |  | (910) |  |  | 2,633 |
Actuarial prior service cost recognized | (11) |  |  | 3 |  |  | (8) |
Amortization of prior service costs | 35 |  |  | (9) |  |  | 26 |
Amortization of curtailment | 498 |  |  | — |  |  | 498 |
Amortization of settlement | (3) |  |  | 1 |  |  | (2) |
Other | 9 |  |  | — |  |  | 9 |
Total defined benefit pension plans | (3,830) |  |  | 1,100 |  |  | (2,730) |
Natural gas swap derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | 14 |  |  | (3) |  |  | 11 |
Gain/(loss) recognized in other comprehensive income (loss) | 16 |  |  | (4) |  |  | 12 |
Total natural gas derivatives | 30 |  |  | (7) |  |  | 23 |
Soybean meal option derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | (8) |  |  | 2 |  |  | (6) |
Gain/(loss) recognized in other comprehensive income (loss) | 8 |  |  | (2) |  |  | 6 |
Total soybean meal derivatives | 0 |  | 0 |  | 0
Corn option derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | (1,912) |  |  | 493 |  |  | (1,419) |
Gain/(loss) recognized in other comprehensive income (loss) | (361) |  |  | 93 |  |  | (268) |
Total corn options | (2,273) |  |  | 586 |  |  | (1,687) |
Foreign exchange derivatives |  |  |  |  |
Gain/(loss) recognized in other comprehensive income | 1,637 |  |  | (556) |  |  | 1,081 |
Total foreign exchange derivatives | 1,637 |  |  | (556) |  |  | 1,081 |
Foreign currency translation | (89,198) |  |  | 1,724 |  |  | (87,474) |
Other comprehensive income/(loss) | $ | (93,634) |  |  | $ | 2,847 |  |  | $ | (90,787) |
Year Ended December 28, 2019 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial (loss)/gain recognized | $ | (2,202) |  |  | $ | 211 |  |  | $ | (1,991) |
Amortization of actuarial loss | 4,571 |  |  | (1,143) |  |  | 3,428 |
Actuarial prior service cost recognized | 9 |  |  | (2) |  |  | 7 |
Amortization of prior service costs | 34 |  |  | (9) |  |  | 25 |
Amortization of settlement | 66 |  |  | (16) |  |  | 50 |
Other | 16 |  |  | — |  |  | 16 |
Total defined benefit pension plans | 2,494 |  |  | (959) |  |  | 1,535 |
Heating oil swap derivatives |  |  |  |  |
Gain/(loss) recognized in other comprehensive income (loss) | (4,188) |  |  | 1,047 |  |  | (3,141) |
Total heating oil derivatives | (4,188) |  |  | 1,047 |  |  | (3,141) |
Corn option derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | 422 |  |  | (106) |  |  | 316 |
Gain/(loss) recognized in other comprehensive income (loss) | (51) |  |  | 13 |  |  | (38) |
Total corn options | 371 |  |  | (93) |  |  | 278 |
Foreign exchange derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | 1,345 |  |  | (442) |  |  | 903 |
Gain/(loss) recognized in other comprehensive income (loss) | (6,887) |  |  | 2,261 |  |  | (4,626) |
Total foreign exchange derivatives | (5,542) |  |  | 1,819 |  |  | (3,723) |
Foreign currency translation | (12,771) |  |  | 837 |  |  | (11,934) |
Other comprehensive income/(loss) | $ | (19,636) |  |  | $ | 2,651 |  |  | $ | (16,985) |
Year Ended January 2, 2021 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial (loss)/gain recognized | $ | (9,470) |  |  | $ | 2,547 |  |  | $ | (6,923) |
Amortization of actuarial loss | 3,405 |  |  | (862) |  |  | 2,543 |
Amortization of prior service costs | 33 |  |  | (8) |  |  | 25 |
Amortization of curtailment | 69 |  |  | (15) |  |  | 54 |
Amortization of settlement | (30) |  |  | 7 |  |  | (23) |
Other | 11 |  |  | — |  |  | 11 |
Total defined benefit pension plans | (5,982) |  |  | 1,669 |  |  | (4,313) |
Heating oil swap derivatives |  |  |  |  |
Gain/(loss) recognized in other comprehensive income (loss) | 1,457 |  |  | (353) |  |  | 1,104 |
Total heating oil derivatives | 1,457 |  |  | (353) |  |  | 1,104 |
Soybean meal option derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | 49 |  |  | (12) |  |  | 37 |
Gain/(loss) recognized in other comprehensive income (loss) | 349 |  |  | (89) |  |  | 260 |
Total soybean meal derivatives | 398 |  |  | (101) |  |  | 297 |
Corn option derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | 123 |  |  | (31) |  |  | 92 |
Gain/(loss) recognized in other comprehensive income (loss) | (7,803) |  |  | 1,980 |  |  | (5,823) |
Total corn options | (7,680) |  |  | 1,949 |  |  | (5,731) |
Foreign exchange derivatives |  |  |  |  |
Gain/(loss) reclassified to net income | (13,809) |  |  | 5,114 |  |  | (8,695) |
Gain/(loss) recognized in other comprehensive income (loss) | 24,325 |  |  | (9,009) |  |  | 15,316 |
Total foreign exchange derivatives | 10,516 |  |  | (3,895) |  |  | 6,621 |
Foreign currency translation | 73,845 |  |  | (3,525) |  |  | 70,320 |
Other comprehensive income/(loss) | $ | 72,554 |  |  | $ | (4,256) |  |  | $ | 68,298 |
| Fiscal Year Ended |
| January 2, 2021 | December 28, 2019 | December 29, 2018 | Statement of Operations Classification
Derivative instruments |  |  |  |
Soybean meal option derivatives | $ | (49) |  | $ | — |  | $ | 8 |  | Net sales
Foreign Exchange derivatives | 13,809 |  | (1,345) |  | — |  | Net sales
Natural gas swap derivatives | — |  | — |  | (14) |  | Cost of sales and operating expenses
Corn option derivatives | (123) |  | (422) |  | 1,912 |  | Cost of sales and operating expenses
| 13,637 |  | (1,767) |  | 1,906 |  | Total before tax
| (5,071) |  | 548 |  | (492) |  | Income taxes
| 8,566 |  | (1,219) |  | 1,414 |  | Net of tax
Defined benefit pension plans |  |  |  |
Amortization of prior service cost | $ | (33) |  | $ | (34) |  | $ | (35) |  | (a)
Amortization of actuarial loss | (3,405) |  | (4,571) |  | (3,543) |  | (a)
Amortization of curtailment | (69) |  | — |  | (498) |  | (a)
Amortization of settlement | 30 |  | (66) |  | 3 |  | (a)
| (3,477) |  | (4,671) |  | (4,073) |  | Total before tax
| 878 |  | 1,168 |  | 918 |  | Income taxes
| (2,599) |  | (3,503) |  | (3,155) |  | Net of tax
Total reclassifications | $ | 5,967 |  | $ | (4,722) |  | $ | (1,741) |  | Net of tax
(a)These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information. The following table presents changes in each component of accumulated comprehensive loss as of January 2, 2021 as follows (in thousands):
|  | Fiscal Year Ended January 2, 2021
|  | Foreign Currency | Derivative | Defined Benefit |
|  | Translation | Instruments | Pension Plans | Total
Accumulated Other Comprehensive loss December 28, 2019, attributable to Darling, net of tax |  | $ | (282,338) |  | $ | (5,505) |  | $ | (34,004) |  | $ | (321,847) |
Other comprehensive loss before reclassifications |  | 70,320 |  | 10,857 |  | (6,912) |  | 74,265 |
Amounts reclassified from accumulated other comprehensive income |  | — |  | (8,566) |  | 2,599 |  | (5,967) |
Net current-period other comprehensive income/(loss) |  | 70,320 |  | 2,291 |  | (4,313) |  | 68,298 |
Noncontrolling interest |  | (1,116) |  | — |  | — |  | (1,116) |
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax |  | $ | (210,902) |  | $ | (3,214) |  | $ | (38,317) |  | $ | (252,433) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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