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Other Comprehensive Income | 6 Months Ended
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Jul. 02, 2022
Equity [Abstract] |
Other Comprehensive Income | Other Comprehensive Income/(Loss) The components of other comprehensive income/(loss) and the related tax impacts for the three and six months ended July 2, 2022 and July 3, 2021 are as follows (in thousands):
| Three Months Ended
| Before-Tax | Tax (Expense) | Net-of-Tax
| Amount | or Benefit | Amount
| July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service (cost)/benefit | 6 |  | 6 |  | (2) |  | (2) |  | 4 |  | 4 |
Amortization of actuarial loss | 570 |  | 1,053 |  | (146) |  | (265) |  | 424 |  | 788 |
Total defined benefit pension plans | 576 |  | 1,059 |  | (148) |  | (267) |  | 428 |  | 792 |
Soybean meal option derivatives |  |  |  |  |  |
Reclassified to earnings | 124 |  | 32 |  | (31) |  | (8) |  | 93 |  | 24 |
Activity recognized in other comprehensive income/(loss) | (144) |  | (55) |  | 37 |  | 14 |  | (107) |  | (41) |
Total soybean meal option derivatives | (20) |  | (23) |  | 6 |  | 6 |  | (14) |  | (17) |
Corn option derivatives |  |  |  |  |  |
Reclassified to earnings | 7,238 |  | 6,743 |  | (1,839) |  | (1,712) |  | 5,399 |  | 5,031 |
Activity recognized in other comprehensive income/(loss) | 726 |  | (7,220) |  | (184) |  | 1,833 |  | 542 |  | (5,387) |
Total corn option derivatives | 7,964 |  | (477) |  | (2,023) |  | 121 |  | 5,941 |  | (356) |
Heating oil derivatives |  |  |  |  |  |
Activity recognized in other comprehensive income/(loss) | 24,847 |  | (3,094) |  | (6,312) |  | 786 |  | 18,535 |  | (2,308) |
Total heating oil derivatives | 24,847 |  | (3,094) |  | (6,312) |  | 786 |  | 18,535 |  | (2,308) |
Foreign exchange derivatives |  |  |  |  |  |
Reclassified to earnings | (6,280) |  | (838) |  | 2,055 |  | 394 |  | (4,225) |  | (444) |
Activity recognized in other comprehensive income/(loss) | (25,091) |  | 11,372 |  | 8,597 |  | (3,977) |  | (16,494) |  | 7,395 |
Total foreign exchange derivatives | (31,371) |  | 10,534 |  | 10,652 |  | (3,583) |  | (20,719) |  | 6,951 |
Foreign currency translation | (95,562) |  | 22,560 |  | 1,707 |  | (176) |  | (93,855) |  | 22,384 |
Other comprehensive income/(loss) | $ | (93,566) |  | $ | 30,559 |  | $ | 3,882 |  | $ | (3,113) |  | $ | (89,684) |  | $ | 27,446 |
| Six Months Ended
| Before-Tax | Tax (Expense) | Net-of-Tax
| Amount | or Benefit | Amount
| July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service (cost)/benefit | $ | 11 |  | $ | 11 |  | $ | (3) |  | $ | (3) |  | $ | 8 |  | $ | 8 |
Amortization of actuarial loss | 1,140 |  | 2,105 |  | (291) |  | (529) |  | 849 |  | 1,576 |
Total defined benefit pension plans | 1,151 |  | 2,116 |  | (294) |  | (532) |  | 857 |  | 1,584 |
Soybean meal option derivatives |  |  |  |  |  |
Reclassified to earnings | (317) |  | (248) |  | 81 |  | 63 |  | (236) |  | (185) |
Activity recognized in other comprehensive income/(loss) | (24) |  | (119) |  | 6 |  | 30 |  | (18) |  | (89) |
Total soybean meal option derivatives | (341) |  | (367) |  | 87 |  | 93 |  | (254) |  | (274) |
Corn option derivatives |  |  |  |  |  |
Reclassified to earnings | 11,345 |  | 10,663 |  | (2,882) |  | (2,708) |  | 8,463 |  | 7,955 |
Activity recognized in other comprehensive income/(loss) | (10,159) |  | (12,213) |  | 2,581 |  | 3,102 |  | (7,578) |  | (9,111) |
Total corn option derivatives | 1,186 |  | (1,550) |  | (301) |  | 394 |  | 885 |  | (1,156) |
Heating oil derivatives |  |  |  |  |  |
Activity recognized in other comprehensive income/(loss) | 2,377 |  | 1,550 |  | (604) |  | (394) |  | 1,773 |  | 1,156 |
Total heating oil derivatives | 2,377 |  | 1,550 |  | (604) |  | (394) |  | 1,773 |  | 1,156 |
Foreign exchange derivatives |  |  |  |  |  |
Reclassified to earnings | (7,351) |  | (614) |  | 2,415 |  | 319 |  | (4,936) |  | (295) |
Activity recognized in other comprehensive income/(loss) | 20,331 |  | 915 |  | (6,679) |  | (475) |  | 13,652 |  | 440 |
Total foreign exchange derivatives | 12,980 |  | 301 |  | (4,264) |  | (156) |  | 8,716 |  | 145 |
Foreign currency translation | (92,901) |  | (17,177) |  | 2,428 |  | 1,339 |  | (90,473) |  | (15,838) |
Other comprehensive income/(loss) | $ | (75,548) |  | $ | (15,127) |  | $ | (2,948) |  | $ | 744 |  | $ | (78,496) |  | $ | (14,383) |
The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three and six months ended July 2, 2022 and July 3, 2021 as follows (in thousands):
| Three Months Ended | Six Months Ended |
| July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | Statement of Operations Classification
Derivative instruments |  |  |  |  |
Soybean meal derivatives | $ | (124) |  | $ | (32) |  | $ | 317 |  | $ | 248 |  | Net sales
Foreign exchange contracts | 6,280 |  | 838 |  | 7,351 |  | 614 |  | Net sales
Corn option derivatives | (7,238) |  | (6,743) |  | (11,345) |  | (10,663) |  | Cost of sales and operating expenses
| (1,082) |  | (5,937) |  | (3,677) |  | (9,801) |  | Total before tax
| (185) |  | 1,326 |  | 386 |  | 2,326 |  | Income taxes
| (1,267) |  | (4,611) |  | (3,291) |  | (7,475) |  | Net of tax
Defined benefit pension plans |  |  |  |  |
Amortization of prior service cost | $ | (6) |  | $ | (6) |  | $ | (11) |  | $ | (11) |  | (a)
Amortization of actuarial loss | (570) |  | (1,053) |  | (1,140) |  | (2,105) |  | (a)
| (576) |  | (1,059) |  | (1,151) |  | (2,116) |  | Total before tax
| 148 |  | 267 |  | 294 |  | 532 |  | Income taxes
| (428) |  | (792) |  | (857) |  | (1,584) |  | Net of tax
Total reclassifications | $ | (1,695) |  | $ | (5,403) |  | $ | (4,148) |  | $ | (9,059) |  | 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. The following table presents changes in each component of accumulated other comprehensive income/(loss) as of July 2, 2022 as follows (in thousands):
|  | Six Months Ended July 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 |  | (90,473) |  | 7,829 |  | — |  | (82,644) |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | 3,291 |  | 857 |  | 4,148 |
Net current-period other comprehensive income/(loss) |  | (90,473) |  | 11,120 |  | 857 |  | (78,496) |
Noncontrolling interest |  | 721 |  | — |  | — |  | 721 |
Accumulated Other Comprehensive loss July 2, 2022, attributable to Darling, net of tax |  | $ | (380,780) |  | $ | 4,664 |  | $ | (24,791) |  | $ | (400,907) |

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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 https://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 https://asc.fasb.org/extlink&oid=126953954&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 https://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 https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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