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Comprehensive Income | 12 Months Ended
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Dec. 30, 2023
Comprehensive Income [Abstract] |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME/(LOSS) The Company follows Financial Accounting Standards Board (“FASB”) authoritative guidance for reporting and presentation of comprehensive income or loss and its components. Other comprehensive income (loss) is derived from adjustments that reflect pension adjustments, natural gas swap adjustments, corn option adjustments, soybean meal forward adjustments, interest swap adjustments, foreign exchange forward and option adjustments, heating oil swap adjustments and foreign currency translation adjustments. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company’s DGD Joint Venture entered into heating oil derivatives that were deemed to be cash flow hedges. As a result, the Company has accrued the other comprehensive income/(loss) portion belonging to Darling with an offset to the investment in DGD as required by FASB ASC Topic 323. The components of other comprehensive income/(loss) and the related tax impacts for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 are as follows (in thousands):
| Before-Tax |  | Tax (Expense) |  | Net-of-Tax
| Amount |  | or Benefit |  | Amount
Year Ended January 1, 2022 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial gain/(loss) recognized | $ | 12,415 |  |  | $ | (3,185) |  |  | $ | 9,230 |
Amortization of actuarial gain/(loss) | 4,228 |  |  | (978) |  |  | 3,250 |
Amortization of prior service costs | 25 |  |  | (3) |  |  | 22 |
Amortization of settlement | 210 |  |  | (27) |  |  | 183 |
Other | (16) |  |  | — |  |  | (16) |
Total defined benefit pension plans | 16,862 |  |  | (4,193) |  |  | 12,669 |
Soybean meal option derivatives |  |  |  |  |
Reclassified to earnings | (274) |  |  | 70 |  |  | (204) |
Activity recognized in other comprehensive income (loss) | 85 |  |  | (22) |  |  | 63 |
Total soybean meal derivatives | (189) |  |  | 48 |  |  | (141) |
Heating oil swap derivatives |  |  |  |  |
Activity recognized in other comprehensive income (loss) | 1,199 |  |  | (305) |  |  | 894 |
Total heating oil derivatives | 1,199 |  |  | (305) |  |  | 894 |
Corn option derivatives |  |  |  |  |
Reclassified to earnings | 17,005 |  |  | (4,319) |  |  | 12,686 |
Activity recognized in other comprehensive income (loss) | (14,541) |  |  | 3,693 |  |  | (10,848) |
Total corn options | 2,464 |  |  | (626) |  |  | 1,838 |
Foreign exchange derivatives |  |  |  |  |
Reclassified to earnings | (2,333) |  |  | 826 |  |  | (1,507) |
Activity recognized in other comprehensive income (loss) | (6,694) |  |  | 2,368 |  |  | (4,326) |
Total foreign exchange derivatives | (9,027) |  |  | 3,194 |  |  | (5,833) |
Foreign currency translation | (77,287) |  |  | 3,068 |  |  | (74,219) |
Other comprehensive income/(loss) | $ | (65,978) |  |  | $ | 1,186 |  |  | $ | (64,792) |
Year Ended December 31, 2022 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial gain/(loss) recognized | $ | 9,884 |  |  | $ | (2,645) |  |  | $ | 7,239 |
Amortization of actuarial gain/(loss) | 2,235 |  |  | (584) |  |  | 1,651 |
Amortization of prior service costs | 22 |  |  | (5) |  |  | 17 |
Amortization of settlement | (22) |  |  | 5 |  |  | (17) |
Special termination benefits recognized | 38 |  |  | (10) |  |  | 28 |
Other | 48 |  |  | — |  |  | 48 |
Total defined benefit pension plans | 12,205 |  |  | (3,239) |  |  | 8,966 |
Soybean meal option derivatives |  |  |  |  |
Reclassified to earnings | (521) |  |  | 132 |  |  | (389) |
Activity recognized in other comprehensive income (loss) | 975 |  |  | (247) |  |  | 728 |
Total soybean meal derivatives | 454 |  |  | (115) |  |  | 339 |
Heating oil swap derivatives |  |  |  |  |
Activity recognized in other comprehensive income (loss) | (3,294) |  |  | 836 |  |  | (2,458) |
Total heating oil derivatives | (3,294) |  |  | 836 |  |  | (2,458) |
Corn option derivatives |  |  |  |  |
Reclassified to earnings | 15,408 |  |  | (3,914) |  |  | 11,494 |
Activity recognized in other comprehensive income (loss) | (10,653) |  |  | 2,706 |  |  | (7,947) |
Total corn options | 4,755 |  |  | (1,208) |  |  | 3,547 |
Foreign exchange derivatives |  |  |  |  |
Reclassified to earnings | (14,549) |  |  | 4,737 |  |  | (9,812) |
Activity recognized in other comprehensive income (loss) | 32,644 |  |  | (10,628) |  |  | 22,016 |
Total foreign exchange derivatives | 18,095 |  |  | (5,891) |  |  | 12,204 |
Foreign currency translation | (89,686) |  |  | 1,830 |  |  | (87,856) |
Other comprehensive income/(loss) | $ | (57,471) |  |  | $ | (7,787) |  |  | $ | (65,258) |
Year Ended December 30, 2023 |  |  |  |  |
Defined Benefit Pension Plans |  |  |  |  |
Actuarial gain/(loss) recognized | $ | 1,669 |  |  | $ | (650) |  |  | $ | 1,019 |
Amortization of actuarial gain/(loss) | 1,725 |  |  | (427) |  |  | 1,298 |
Amortization of prior service costs | (1) |  |  | — |  |  | (1) |
Amortization of settlement | (58) |  |  | 14 |  |  | (44) |
Other | 12 |  |  | — |  |  | 12 |
Total defined benefit pension plans | 3,347 |  |  | (1,063) |  |  | 2,284 |
Soybean meal option derivatives |  |  |  |  |
Reclassified to earnings | (627) |  |  | 159 |  |  | (468) |
Activity recognized in other comprehensive income (loss) | (3) |  |  | 1 |  |  | (2) |
Total soybean meal derivatives | (630) |  |  | 160 |  |  | (470) |
Heating oil swap derivatives |  |  |  |  |
Activity recognized in other comprehensive income (loss) | 45,268 |  |  | (11,053) |  |  | 34,215 |
Total heating oil derivatives | 45,268 |  |  | (11,053) |  |  | 34,215 |
Corn option derivatives |  |  |  |  |
Reclassified to earnings | (1,537) |  |  | 390 |  |  | (1,147) |
Activity recognized in other comprehensive income (loss) | 1,627 |  |  | (412) |  |  | 1,215 |
Total corn options | 90 |  |  | (22) |  |  | 68 |
Interest swap derivatives |  |  |  |  |
Reclassified to earnings | (1,843) |  |  | 448 |  |  | (1,395) |
Activity recognized in other comprehensive income (loss) | 5,818 |  |  | (1,414) |  |  | 4,404 |
Total interest swap derivatives | 3,975 |  |  | (966) |  |  | 3,009 |
Foreign exchange derivatives |  |  |  |  |
Reclassified to earnings | (34,491) |  |  | 11,822 |  |  | (22,669) |
Activity recognized in other comprehensive income (loss) | 40,170 |  |  | (13,769) |  |  | 26,401 |
Total foreign exchange derivatives | 5,679 |  |  | (1,947) |  |  | 3,732 |
Foreign currency translation | 140,618 |  |  | (967) |  |  | 139,651 |
Other comprehensive income/(loss) | $ | 198,347 |  |  | $ | (15,858) |  |  | $ | 182,489 |
| Fiscal Year Ended |
| December 30, 2023 | December 31, 2022 | January 1, 2022 | Statement of Operations Classification
Derivative instruments |  |  |  |
Soybean meal option derivatives | $ | 627 |  | $ | 521 |  | $ | 274 |  | Net sales
Foreign Exchange derivatives | 34,491 |  | 14,549 |  | 2,333 |  | Net sales
Corn option derivatives | 1,537 |  | (15,408) |  | (17,005) |  | Cost of sales and operating expenses
Interest rate swap derivatives | 1,843 |  | — |  | — |  | Foreign currency gain/(loss) and interest expense
| 38,498 |  | (338) |  | (14,398) |  | Total before tax
| (12,819) |  | (955) |  | 3,423 |  | Income taxes
| 25,679 |  | (1,293) |  | (10,975) |  | Net of tax
Defined benefit pension plans |  |  |  |
Amortization of prior service cost | $ | 1 |  | $ | (22) |  | $ | (25) |  | (a)
Amortization of actuarial loss | (1,725) |  | (2,235) |  | (4,228) |  | (a)
Amortization of settlement | 58 |  | 22 |  | (210) |  | (a)
Special termination benefits recognized | — |  | (38) |  | — |  | (a)
| (1,666) |  | (2,273) |  | (4,463) |  | Total before tax
| 413 |  | 594 |  | 1,008 |  | Income taxes
| (1,253) |  | (1,679) |  | (3,455) |  | Net of tax
Total reclassifications | $ | 24,426 |  | $ | (2,972) |  | $ | (14,430) |  | Net of tax
(a)These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information. The following table presents changes in each component of accumulated comprehensive loss as of December 30, 2023 as follows (in thousands):
|  | Fiscal Year Ended December 30, 2023
|  | Foreign Currency | Derivative | Defined Benefit |
|  | Translation | Instruments | Pension Plans | Total
Accumulated Other Comprehensive income/(loss) December 31, 2022, attributable to Darling, net of tax |  | $ | (374,368) |  | $ | 7,176 |  | $ | (16,682) |  | $ | (383,874) |
Other comprehensive income before reclassifications |  | 139,651 |  | 66,233 |  | 1,031 |  | 206,915 |
Amounts reclassified from accumulated other comprehensive income/(loss) |  | — |  | (25,679) |  | 1,253 |  | (24,426) |
Net current-period other comprehensive income/(loss) |  | 139,651 |  | 40,554 |  | 2,284 |  | 182,489 |
Noncontrolling interest |  | (3,039) |  | — |  | — |  | (3,039) |
Accumulated Other Comprehensive income/(loss) December 30, 2023, attributable to Darling, net of tax |  | $ | (231,678) |  | $ | 47,730 |  | $ | (14,398) |  | $ | (198,346) |

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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://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
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