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Investment in Unconsolidated Subsidiary | 12 Months Ended
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Dec. 30, 2023
Investment in Affiliate [Abstract] |
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY | INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES The DGD Joint Venture is owned 50% / 50% with Valero. Selected financial information for the Company’s DGD Joint Venture is as follows:
(in thousands) |  | December 31, 2023 | December 31, 2022
Assets: |  |  |
Total current assets |  | $ | 1,877,430 |  | $ | 1,304,805 |
Property, plant and equipment, net |  | 3,838,800 |  | 3,866,854 |
Other assets |  | 89,697 |  | 61,665 |
Total assets |  | $ | 5,805,927 |  | $ | 5,233,324 |
Liabilities and members' equity: |  |  |
Total current portion of long term debt |  | $ | 278,639 |  | $ | 217,066 |
Total other current liabilities |  | 417,918 |  | 515,023 |
Total long term debt |  | 737,097 |  | 774,783 |
Total other long term liabilities |  | 16,996 |  | 17,249 |
Total members' equity |  | 4,355,277 |  | 3,709,203 |
Total liabilities and member's equity |  | $ | 5,805,927 |  | $ | 5,233,324 |
|  | Year Ended December 31,
(in thousands) |  | 2023 | 2022 | 2021
Revenues: |  |  |  |
Operating revenues |  | $ | 6,990,622 |  | $ | 5,501,166 |  | $ | 2,342,332 |
Expenses: |  |  |  |
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense |  | 5,925,778 |  | 4,614,192 |  | 1,575,494 |
Lower of cost or market (LCM) inventory valuation adjustment |  | 60,871 |  | — |  | — |
Depreciation, amortization and accretion expense |  | 230,921 |  | 125,656 |  | 58,326 |
Operating income |  | 773,052 |  | 761,318 |  | 708,512 |
Other income |  | 10,317 |  | 3,170 |  | 678 |
Interest and debt expense, net |  | (49,857) |  | (19,796) |  | (5,936) |
Income before income tax expense |  | $ | 733,512 |  | $ | 744,692 |  | $ | 703,254 |
Income tax expense |  | 752 |  | — |  | — |
Net income |  | $ | 732,760 |  | $ | 744,692 |  | $ | 703,254 |
As of December 30, 2023, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $2.2 billion on the consolidated balance sheet. The Company has recorded approximately $366.4 million, $372.3 million and $351.6 million in equity in net income of Diamond Green Diesel for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. In December 2019, the blender tax credit was extended for calendar years 2020, 2021 and 2022. Biodiesel blenders registered with the Internal Revenue Service are currently eligible for a tax incentive in the amount of $1.00 per gallon of renewable diesel blended with petroleum diesel to produce a mixture containing at least 0.1% diesel fuel. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act ( the “IR Act”). As part of the IR Act, the blender tax credit was extended until December 31, 2024. After 2024, the Clean Fuels Production Credit (the “CFPC”) becomes effective for 2025 through 2027. Under the CFPC, on-road transportation fuel receives a base credit of up to $1.00 per gallon of renewable diesel multiplied by the fuel's emission reduction percentage as long as it is produced at a qualifying facility and it meets prevailing wage requirements and apprenticeship requirements. In contrast to the blenders tax credits, the CFPC requires that production must take place in the United States. In fiscal 2023, fiscal 2022 and fiscal 2021, the DGD Joint Venture recorded approximately $1.2 billion, $761.1 million and $371.2 million, respectively, in blenders tax credits. The Company received approximately $163.6 million, $90.5 million and zero for each of the years ended December 30, 2023, December 31, 2022 and January 1, 2022, in dividend distributions from the DGD Joint Venture. In addition, during fiscal year 2023, 2022 and 2021, the Company made capital contributions to the DGD Joint Venture of approximately $75.0 million, $264.8 million and $189.0 million, respectively. As of December 30, 2023, the DGD Joint Venture has borrowings outstanding of $250.0 million under their unsecured revolving credit facility. In addition to the DGD Joint Venture, the Company has investments in other unconsolidated subsidiaries that are insignificant to the Company.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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