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Investment in Unconsolidated Subsidiary | 9 Months Ended
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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.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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