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Other Comprehensive Income (Tables) | 3 Months Ended
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Apr. 02, 2022
Equity [Abstract] |
Schedule of Comprehensive Income (Loss) | The components of other comprehensive income/(loss) and the related tax impacts for the three months ended April 2, 2022 and April 3, 2021 are as follows (in thousands):
| Three Months Ended
| Before-Tax | Tax (Expense) | Net-of-Tax
| Amount | or Benefit | Amount
| April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021 | April 2, 2022 | April 3, 2021
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service (cost)/benefit | 5 |  | 5 |  | (1) |  | (1) |  | 4 |  | 4 |
Amortization of actuarial loss | 570 |  | 1,052 |  | (145) |  | (264) |  | 425 |  | 788 |
Total defined benefit pension plans | 575 |  | 1,057 |  | (146) |  | (265) |  | 429 |  | 792 |
Soybean meal option derivatives |  |  |  |  |  |
Reclassified to earnings | (441) |  | (280) |  | 112 |  | 71 |  | (329) |  | (209) |
Activity recognized in other comprehensive income/(loss) | 120 |  | (64) |  | (31) |  | 16 |  | 89 |  | (48) |
Total soybean meal option derivatives | (321) |  | (344) |  | 81 |  | 87 |  | (240) |  | (257) |
Corn option derivatives |  |  |  |  |  |
Reclassified to earnings | 4,107 |  | 3,920 |  | (1,043) |  | (996) |  | 3,064 |  | 2,924 |
Activity recognized in other comprehensive income/(loss) | (10,885) |  | (4,993) |  | 2,765 |  | 1,269 |  | (8,120) |  | (3,724) |
Total corn option derivatives | (6,778) |  | (1,073) |  | 1,722 |  | 273 |  | (5,056) |  | (800) |
Heating oil derivatives |  |  |  |  |  |
Activity recognized in other comprehensive income/(loss) | (22,470) |  | 4,644 |  | 5,708 |  | (1,180) |  | (16,762) |  | 3,464 |
Total heating oil derivatives | (22,470) |  | 4,644 |  | 5,708 |  | (1,180) |  | (16,762) |  | 3,464 |
Foreign exchange derivatives |  |  |  |  |  |
Reclassified to earnings | (1,071) |  | 224 |  | 360 |  | (75) |  | (711) |  | 149 |
Activity recognized in other comprehensive income/(loss) | 45,422 |  | (10,457) |  | (15,276) |  | 3,502 |  | 30,146 |  | (6,955) |
Total foreign exchange derivatives | 44,351 |  | (10,233) |  | (14,916) |  | 3,427 |  | 29,435 |  | (6,806) |
Foreign currency translation | 2,661 |  | (39,737) |  | 721 |  | 1,515 |  | 3,382 |  | (38,222) |
Other comprehensive income/(loss) | $ | 18,018 |  | $ | (45,686) |  | $ | (6,830) |  | $ | 3,857 |  | $ | 11,188 |  | $ | (41,829) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three ended April 2, 2022 and April 3, 2021 as follows (in thousands):
| Three Months Ended |  |
| April 2, 2022 | April 3, 2021 |  |  | Statement of Operations Classification
Derivative instruments |  |  |  |  |
Soybean meal derivatives | $ | 441 |  | $ | 280 |  |  |  | Net sales
Foreign exchange contracts | 1,071 |  | (224) |  |  |  | Net sales
Corn option derivatives | (4,107) |  | (3,920) |  |  |  | Cost of sales and operating expenses
| (2,595) |  | (3,864) |  |  |  | Total before tax
| 571 |  | 1,000 |  |  |  | Income taxes
| (2,024) |  | (2,864) |  |  |  | Net of tax
Defined benefit pension plans |  |  |  |  |
Amortization of prior service cost | $ | (5) |  | $ | (5) |  |  |  | (a)
Amortization of actuarial loss | (570) |  | (1,052) |  |  |  | (a)
| (575) |  | (1,057) |  |  |  | Total before tax
| 146 |  | 265 |  |  |  | Income taxes
| (429) |  | (792) |  |  |  | Net of tax
Total reclassifications | $ | (2,453) |  | $ | (3,656) |  |  |  | Net of tax
(a)These items are included in the computation of net periodic pension cost. See Note 13 (Employee Benefit Plans) to the Company's Consolidated Financial Statement included herein for additional information.
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income/(loss) as of April 2, 2022 as follows (in thousands):
|  | Three Months Ended April 2, 2022
|  | Foreign Currency | Derivative | Defined Benefit |
|  | Translation | Instruments | Pension Plans | Total
Accumulated Other Comprehensive loss January 1, 2022, attributable to Darling, net of tax |  | $ | (289,586) |  | $ | (6,456) |  | $ | (25,648) |  | $ | (321,690) |
Other comprehensive loss before reclassifications |  | 3,382 |  | 5,353 |  | — |  | 8,735 |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 2,024 |  | 429 |  | 2,453 |
Net current-period other comprehensive income/(loss) |  | 3,382 |  | 7,377 |  | 429 |  | 11,188 |
Noncontrolling interest |  | 867 |  | — |  | — |  | 867 |
Accumulated Other Comprehensive loss April 2, 2022, attributable to Darling, net of tax |  | $ | (287,071) |  | $ | 921 |  | $ | (25,219) |  | $ | (311,369) |

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e526-108580 + Details
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