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Revenue (Notes) | 3 Months Ended
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Apr. 02, 2022
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 months ended April 2, 2022 and April 3, 2021 (in thousands):
| Three Months Ended April 2, 2022
| Feed Ingredients | Food Ingredients | Fuel Ingredients | Total
Geographic Area |  |  |  |
North America | $ | 755,838 |  | $ | 83,900 |  | $ | — |  | $ | 839,738 |
Europe | 114,463 |  | 182,010 |  | 132,082 |  | 428,555 |
China | 6,636 |  | 66,307 |  | — |  | 72,943 |
South America | — |  | 8,496 |  | — |  | 8,496 |
Other | 2,501 |  | 14,101 |  | — |  | 16,602 |
Net sales | $ | 879,438 |  | $ | 354,814 |  | $ | 132,082 |  | $ | 1,366,334 |
Major product types |  |  |  |
Fats | $ | 368,394 |  | $ | 52,264 |  | $ | — |  | $ | 420,658 |
Used cooking oil | 94,896 |  | — |  | — |  | 94,896 |
Proteins | 270,187 |  | — |  | — |  | 270,187 |
Bakery | 78,511 |  | — |  | — |  | 78,511 |
Other rendering | 57,544 |  | — |  | — |  | 57,544 |
Food ingredients | — |  | 270,516 |  | — |  | 270,516 |
Bioenergy | — |  | — |  | 132,082 |  | 132,082 |
Other | 9,906 |  | 32,034 |  | — |  | 41,940 |
Net sales | $ | 879,438 |  | $ | 354,814 |  | $ | 132,082 |  | $ | 1,366,334 |
| Three Months Ended April 3, 2021
| Feed Ingredients | Food Ingredients | Fuel Ingredients | Total
Geographic Area |  |  |  |
North America | $ | 549,015 |  | $ | 60,940 |  | $ | 3,350 |  | $ | 613,305 |
Europe | 97,645 |  | 155,363 |  | 93,857 |  | 346,865 |
China | 1,938 |  | 57,932 |  | — |  | 59,870 |
South America | — |  | 10,454 |  | — |  | 10,454 |
Other | 2,846 |  | 13,376 |  | — |  | 16,222 |
Net sales | $ | 651,444 |  | $ | 298,065 |  | $ | 97,207 |  | $ | 1,046,716 |
Major product types |  |  |  |
Fats | $ | 229,006 |  | $ | 41,433 |  | $ | — |  | $ | 270,439 |
Used cooking oil | 51,029 |  | — |  | — |  | 51,029 |
Proteins | 255,507 |  | — |  | — |  | 255,507 |
Bakery | 63,105 |  | — |  | — |  | 63,105 |
Other rendering | 42,957 |  | — |  | — |  | 42,957 |
Food ingredients | — |  | 229,542 |  | — |  | 229,542 |
Bioenergy | — |  | — |  | 93,857 |  | 93,857 |
Biofuels | — |  | — |  | 3,350 |  | 3,350 |
Other | 9,840 |  | 27,090 |  | — |  | 36,930 |
Net sales | $ | 651,444 |  | $ | 298,065 |  | $ | 97,207 |  | $ | 1,046,716 |
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 2022 under these long-term supply contracts was approximately $35.0 million, with the remaining performance obligations to be recognized in future periods (generally 5 years) of approximately $1.21 billion.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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