XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.23.2

Other Comprehensive Income | 6 Months Ended
--- | ---
Jul. 01, 2023
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 1, 2023 and July 2, 2022 are as follows (in thousands):
| Three Months Ended
| Before-Tax | Tax (Expense) | Net-of-Tax
| Amount | or Benefit | Amount
| July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service (cost)/benefit | $ | — |  | $ | 6 |  | $ | — |  | $ | (2) |  | $ | — |  | $ | 4 |
Amortization of actuarial loss | 434 |  | 570 |  | (107) |  | (146) |  | 327 |  | 424 |
Total defined benefit pension plans | 434 |  | 576 |  | (107) |  | (148) |  | 327 |  | 428 |
Soybean meal option derivatives |  |  |  |  |  |
Reclassified to earnings | (166) |  | 124 |  | 42 |  | (31) |  | (124) |  | 93 |
Activity recognized in other comprehensive income/(loss) | (163) |  | (144) |  | 41 |  | 37 |  | (122) |  | (107) |
Total soybean meal option derivatives | (329) |  | (20) |  | 83 |  | 6 |  | (246) |  | (14) |
Corn option derivatives |  |  |  |  |  |
Reclassified to earnings | (653) |  | 7,238 |  | 165 |  | (1,839) |  | (488) |  | 5,399 |
Activity recognized in other comprehensive income/(loss) | 597 |  | 726 |  | (150) |  | (184) |  | 447 |  | 542 |
Total corn option derivatives | (56) |  | 7,964 |  | 15 |  | (2,023) |  | (41) |  | 5,941 |
Heating oil derivatives |  |  |  |  |  |
Activity recognized in other comprehensive income/(loss) | (23,292) |  | 24,847 |  | 5,917 |  | (6,312) |  | (17,375) |  | 18,535 |
Total heating oil derivatives | (23,292) |  | 24,847 |  | 5,917 |  | (6,312) |  | (17,375) |  | 18,535 |
Interest swap derivatives |  |  |  |  |  |
Reclassified to earnings | (990) |  | — |  | 251 |  | — |  | (739) |  | — |
Activity recognized in other comprehensive income/(loss) | 13,867 |  | — |  | (3,522) |  | — |  | 10,345 |  | — |
Total interest swap derivatives | 12,877 |  | — |  | (3,271) |  | — |  | 9,606 |  | — |
Foreign exchange derivatives |  |  |  |  |  |
Reclassified to earnings | (7,459) |  | (6,280) |  | 2,539 |  | 2,055 |  | (4,920) |  | (4,225) |
Activity recognized in other comprehensive income/(loss) | 21,515 |  | (25,091) |  | (7,324) |  | 8,597 |  | 14,191 |  | (16,494) |
Total foreign exchange derivatives | 14,056 |  | (31,371) |  | (4,785) |  | 10,652 |  | 9,271 |  | (20,719) |
Foreign currency translation | 82,696 |  | (95,562) |  | (104) |  | 1,707 |  | 82,592 |  | (93,855) |
Other comprehensive income/(loss) | $ | 86,386 |  | $ | (93,566) |  | $ | (2,252) |  | $ | 3,882 |  | $ | 84,134 |  | $ | (89,684) |
| Six Months Ended
| Before-Tax | Tax (Expense) | Net-of-Tax
| Amount | or Benefit | Amount
| July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service (cost)/benefit | $ | — |  | $ | 11 |  | $ | — |  | $ | (3) |  | $ | — |  | $ | 8 |
Amortization of actuarial loss | 868 |  | 1,140 |  | (214) |  | (291) |  | 654 |  | 849 |
Total defined benefit pension plans | 868 |  | 1,151 |  | (214) |  | (294) |  | 654 |  | 857 |
Soybean meal option derivatives |  |  |  |  |  |
Reclassified to earnings | (504) |  | (317) |  | 128 |  | 81 |  | (376) |  | (236) |
Activity recognized in other comprehensive income/(loss) | (87) |  | (24) |  | 22 |  | 6 |  | (65) |  | (18) |
Total soybean meal option derivatives | (591) |  | (341) |  | 150 |  | 87 |  | (441) |  | (254) |
Corn option derivatives |  |  |  |  |  |
Reclassified to earnings | (1,537) |  | 11,345 |  | 390 |  | (2,882) |  | (1,147) |  | 8,463 |
Activity recognized in other comprehensive income/(loss) | 1,627 |  | (10,159) |  | (412) |  | 2,581 |  | 1,215 |  | (7,578) |
Total corn option derivatives | 90 |  | 1,186 |  | (22) |  | (301) |  | 68 |  | 885 |
Heating oil derivatives |  |  |  |  |  |
Activity recognized in other comprehensive income/(loss) | 5,140 |  | 2,377 |  | (1,305) |  | (604) |  | 3,835 |  | 1,773 |
Total heating oil derivatives | 5,140 |  | 2,377 |  | (1,305) |  | (604) |  | 3,835 |  | 1,773 |
Interest swap derivatives |  |  |  |  |  |
Reclassified to earnings | 866 |  | — |  | (220) |  | — |  | 646 |  | — |
Activity recognized in other comprehensive income/(loss) | 12,976 |  | — |  | (3,296) |  | — |  | 9,680 |  | — |
Total interest swap derivatives | 13,842 |  | — |  | (3,516) |  | — |  | 10,326 |  | — |
Foreign exchange derivatives |  |  |  |  |  |
Reclassified to earnings | (12,273) |  | (7,351) |  | 4,176 |  | 2,415 |  | (8,097) |  | (4,936) |
Activity recognized in other comprehensive income/(loss) | 34,844 |  | 20,331 |  | (11,856) |  | (6,679) |  | 22,988 |  | 13,652 |
Total foreign exchange derivatives | 22,571 |  | 12,980 |  | (7,680) |  | (4,264) |  | 14,891 |  | 8,716 |
Foreign currency translation | 139,555 |  | (92,901) |  | (746) |  | 2,428 |  | 138,809 |  | (90,473) |
Other comprehensive income/(loss) | $ | 181,475 |  | $ | (75,548) |  | $ | (13,333) |  | $ | (2,948) |  | $ | 168,142 |  | $ | (78,496) |
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 1, 2023 and July 2, 2022 as follows (in thousands):
| Three Months Ended | Six Months Ended |
| July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | Statement of Operations Classification
Derivative instruments |  |  |  |  |
Soybean meal option derivatives | $ | 166 |  | $ | (124) |  | $ | 504 |  | $ | 317 |  | Net sales
Foreign exchange contracts | 7,459 |  | 6,280 |  | 12,273 |  | 7,351 |  | Net sales
Corn option derivatives | 653 |  | (7,238) |  | 1,537 |  | (11,345) |  | Cost of sales and operating expenses
Interest swaps | 990 |  | — |  | (866) |  | — |  | Foreign currency Gain/(loss) and interest expense
| 9,268 |  | (1,082) |  | 13,448 |  | (3,677) |  | Total before tax
| (2,997) |  | (185) |  | (4,474) |  | 386 |  | Income taxes
| 6,271 |  | (1,267) |  | 8,974 |  | (3,291) |  | Net of tax
Defined benefit pension plans |  |  |  |  |
Amortization of prior service cost | $ | — |  | $ | (6) |  | $ | — |  | $ | (11) |  | (a)
Amortization of actuarial loss | (434) |  | (570) |  | (868) |  | (1,140) |  | (a)
| (434) |  | (576) |  | (868) |  | (1,151) |  | Total before tax
| 107 |  | 148 |  | 214 |  | 294 |  | Income taxes
| (327) |  | (428) |  | (654) |  | (857) |  | Net of tax
Total reclassifications | $ | 5,944 |  | $ | (1,695) |  | $ | 8,320 |  | $ | (4,148) |  | Net of tax
(a)These items are included in the computation of net periodic pension cost. See Note 14 (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 1, 2023 as follows (in thousands):
|  | Six Months Ended July 1, 2023
|  | Foreign |  |  | Defined |
|  | Currency | Derivative |  | Benefit |
|  | Translation | Instruments |  | Pension Plans | Total
Accumulated Other Comprehensive loss December 31, 2022, attributable to Darling, net of tax |  | $ | (374,368) |  | $ | 7,176 |  |  | $ | (16,682) |  | $ | (383,874) |
Other comprehensive loss before reclassifications |  | 138,809 |  | 37,653 |  |  | — |  | 176,462 |
Amounts reclassified from accumulated other comprehensive loss |  | — |  | (8,974) |  |  | 654 |  | (8,320) |
Net current-period other comprehensive income |  | 138,809 |  | 28,679 |  |  | 654 |  | 168,142 |
Noncontrolling interest |  | (3,171) |  | — |  |  | — |  | (3,171) |
Accumulated Other Comprehensive loss July 1, 2023, attributable to Darling, net of tax |  | $ | (232,388) |  | $ | 35,855 |  |  | $ | (16,028) |  | $ | (212,561) |

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration