Other Comprehensive Income (Tables)

3 Months Ended

Apr. 03, 2021

The components of other comprehensive income/(loss) and the related tax impacts for the three months ended April 3, 2021 and March 28, 2020 are as follows (in thousands):


	Three Months Ended
	Before-Tax				Tax (Expense)				Net-of-Tax
	Amount				or Benefit				Amount
	April 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020
Defined benefit pension plans
Amortization of prior service (cost)/benefit	$	5	$	8	$	(1)	$	(2)	$	4	$	6
Amortization of actuarial loss	1,052		854		(264)		(212)		788		642

Total defined benefit pension plans	1,057		862		(265)		(214)		792		648




Soybean meal option derivatives
Reclassified to earnings	(280)		—		71		—		(209)		—
Activity recognized in other comprehensive income/(loss)	(64)		—		16		—		(48)		—
Total soybean meal option derivatives	(344)		—		87		—		(257)		—
Corn option derivatives
Reclassified to earnings	3,920		300		(996)		(75)		2,924		225
Activity recognized in other comprehensive income/(loss)	(4,993)		(119)		1,269		30		(3,724)		(89)
Total corn option derivatives	(1,073)		181		273		(45)		(800)		136
Heating oil derivatives
Activity recognized in other comprehensive income/(loss)	4,644		14,494		(1,180)		(3,624)		3,464		10,870
Total heating oil derivatives	4,644		14,494		(1,180)		(3,624)		3,464		10,870
Foreign exchange derivatives
Reclassified to earnings	224		(412)		(75)		129		149		(283)
Activity recognized in other comprehensive income/(loss)	(10,457)		(12,920)		3,502		4,052		(6,955)		(8,868)
Total foreign exchange derivatives	(10,233)		(13,332)		3,427		4,181		(6,806)		(9,151)

Foreign currency translation	(39,737)		(65,887)		1,515		651		(38,222)		(65,236)

Other comprehensive income/(loss)	$	(45,686)	$	(63,682)	$	3,857	$	949	$	(41,829)	$	(62,733)

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 months ended April 3, 2021 and March 28, 2020 as follows (in thousands):


	Three Months Ended
	April 3, 2021		March 28, 2020		Statement of Operations Classification
Derivative instruments
Soybean meal derivatives	$	280	$	—	Net sales
Foreign exchange contracts	(224)		412		Net sales

Corn option derivatives	(3,920)		(300)		Cost of sales and operating expenses
	(3,864)		112		Total before tax
	1,000		(54)		Income taxes
	(2,864)		58		Net of tax
Defined benefit pension plans
Amortization of prior service cost	$	(5)	$	(8)	(a)
Amortization of actuarial loss	(1,052)		(854)		(a)

	(1,057)		(862)		Total before tax
	265		214		Income taxes
	(792)		(648)		Net of tax
Total reclassifications	$	(3,656)	$	(590)	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 3, 2021 as follows (in thousands):


	Three Months Ended April 3, 2021
	Foreign Currency		Derivative		Defined Benefit
	Translation		Instruments		Pension Plans		Total
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax	$	(210,902)	$	(3,214)	$	(38,317)	$	(252,433)
Other comprehensive loss before reclassifications	(38,222)		(7,263)		—		(45,485)
Amounts reclassified from accumulated other comprehensive loss	—		2,864		792		3,656

Net current-period other comprehensive income/(loss)	(38,222)		(4,399)		792		(41,829)
Noncontrolling interest	1,534		—		—		1,534
Accumulated Other Comprehensive loss April 3, 2021, attributable to Darling, net of tax	(250,658)		$	(7,613)	$	(37,525)	$	(295,796)