(Mark One) | ||||||||
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES | ||||||||
EXCHANGE ACT OF 1934 | ||||||||
For the fiscal year ended | ||||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES | ||||||||
EXCHANGE ACT OF 1934 | ||||||||
For the transition period from _______ to _______ |
(State or other jurisdiction | (I.R.S. Employer | ||||||||||||||||||||||
of incorporation or organization) | Identification Number) | ||||||||||||||||||||||
| |||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||
(“NYSE”) |
☒ | Accelerated filer | ☐ | ||||||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition | ||||||||||||||||||||||||||||||||
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of Exchange | ||||||||||||||||||||||||||||||||
Act. | ☐ |
Auditor Name: | | Auditor Location: | | Auditor Firm ID: |
Page No. | ||||||||
Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2019 | ||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Feed Ingredients | $ | 3,039,500 | 64.1 | % | $ | 2,072,104 | 58.0 | % | $ | 1,970,561 | 58.6 | % | ||||||||||||||
Food Ingredients | 1,271,629 | 26.8 | 1,185,701 | 33.2 | 1,119,085 | 33.3 | ||||||||||||||||||||
Fuel Ingredients | 430,240 | 9.1 | 314,118 | 8.8 | 274,259 | 8.1 | ||||||||||||||||||||
Total | $ | 4,741,369 | 100.0 | % | $ | 3,571,923 | 100.0 | % | $ | 3,363,905 | 100.0 | % |
LOCATION | DESCRIPTION | ||||
Feed Ingredients Segment | |||||
Albertville, Alabama, United States | Bakery Residuals | ||||
Bastrop, Texas, United States | Animal By-Products | ||||
Bellevue, Nebraska, United States | Animal By-Products | ||||
Berlin, Wisconsin, United States | Animal By-Products | ||||
Blue Earth, Minnesota, United States | Animal By-Products | ||||
Blue Island, Illinois, United States | Used Cooking Oil/Trap Processing | ||||
Boise, Idaho, United States | Animal By-Products | ||||
Bryan, Texas, United States | Bakery Residuals | ||||
Burgum, Netherlands | Animal By-Products | ||||
Butler, Kentucky, United States | Animal By-Products | ||||
Butler, Kentucky, United States | Bakery Residuals | ||||
Clinton, Iowa, United States | Animal By-Products | ||||
Coldwater, Michigan, United States | Animal By-Products | ||||
Collinsville, Oklahoma, United States | Animal By-Products | ||||
Dallas, Texas, United States | Animal By-Products | ||||
Denver, Colorado, United States | Animal By-Products | ||||
Des Moines, Iowa, United States | Animal By-Products | ||||
Doswell, Virginia, United States | Bakery Residuals | ||||
Dundas, Ontario, Canada | Animal By-Products | ||||
East Dublin, Georgia, United States | Animal By-Products | ||||
E. St. Louis, Illinois, United States | Animal By-Products | ||||
Ellenwood, Georgia, United States | Animal By-Products | ||||
Fresno, California, United States | Animal By-Products | ||||
Grapeland, Texas, United States | Animal By-Products | ||||
Hamilton, Michigan, United States | Animal By-Products | ||||
Henderson, Kentucky, United States | Fertilizer | ||||
Henderson, Kentucky, United States | Bakery Residuals | ||||
Hickson, Ontario, Canada | Animal By-Products | ||||
Honey Brook, Pennsylvania, United States | Bakery Residuals | ||||
Houston, Texas, United States | Animal By-Products |
Jackson, Mississippi, United States | Animal By-Products | ||||
Kansas City, Kansas, United States | Animal By-Products | ||||
Kansas City, Kansas, United States | Protein Refining | ||||
Lexington, Nebraska, United States | Animal By-Products | ||||
Lingen, Germany | Blood | ||||
Loenen, Netherlands | Animal By-Products | ||||
Los Angeles, California, United States | Animal By-Products | ||||
Luohe, China | Blood | ||||
Maquoketa, Iowa, United States | Blood | ||||
Marshville, North Carolina, United States | Bakery Residuals | ||||
Maryborough, Australia | Blood | ||||
Maysville, Kentucky, United States | Protein Refining | ||||
Maysville, Kentucky, United States | Bakery Residuals | ||||
Mason City, Illinois, United States | Animal By-Products | ||||
Mering, Germany | Blood | ||||
Moorefield, Ontario, Canada | Animal By-Products | ||||
Muscatine, Iowa, United States | Bakery Residuals | ||||
Newark, New Jersey, United States | Animal By-Products | ||||
Newberry, Indiana, United States | Animal By-Products | ||||
North Baltimore, Ohio, United States | Bakery Residuals | ||||
Omaha, Nebraska, United States | Protein Refining | ||||
Omaha, Nebraska, United States | Animal By-Products | ||||
Osetnica, Poland | Animal By-Products | ||||
Paducah, Kentucky, United States | Wet Pet Food | ||||
Pocahontas, Arkansas, United States * | Animal By-Products | ||||
Ravenna, Nebraska, United States | Wet Pet Food | ||||
Russellville, Kentucky, United State | Animal By-Products | ||||
Saint-Catherine, Quebec, Canada* | Used Cooking Oil | ||||
San Francisco, California, United States * | Animal By-Products | ||||
Sioux City, Iowa, United States | Animal By-Products | ||||
Smyrna, Georgia, United States | Trap Processing | ||||
Springdale, Arkansas, United States | Wet Pet Food | ||||
Son, Netherlands | Animal By-Products | ||||
Starke, Florida, United States | Animal By-Products | ||||
Suzhou, China | Blood | ||||
Tacoma, Washington, United States * | Animal By-Products | ||||
Tama, Iowa, United States | Animal By-Products | ||||
Tampa, Florida, United States | Animal By-Products | ||||
Truro, Novia Scotia, Canada | Used Cooking Oil | ||||
Turlock, California, United States | Animal By-Products | ||||
Turlock, California, United States | Fertilizer | ||||
Union City, Tennessee, United States | Animal By-Products | ||||
Usnice, Poland | Animal By-Products | ||||
Wahoo, Nebraska, United States | Animal By-Products | ||||
Watts, Oklahoma, United States | Bakery Residuals/Protein Refining | ||||
Wichita, Kansas, United States | Animal By-Products | ||||
Winesburg, Ohio, United States * | Animal By-Products | ||||
Winnipeg, Manitoba, Canada | Animal By-Products | ||||
Food Ingredients Segment | |||||
Almere, Netherlands | Casings | ||||
Amparo, Brazil | Collagen | ||||
Angouleme, France | Collagen | ||||
Da'an, China | Collagen | ||||
Dubuque, Iowa, United States | Collagen | ||||
Eindhoven, Netherlands | Fat | ||||
Elsholz, Germany | Fat | ||||
Erolzheim, Germany | Fat | ||||
Gent, Belgium | Collagen | ||||
Girona, Spain | Collagen | ||||
Harlingen, Netherlands | Fat | ||||
Ilse-Sur-La-Sorgue, France | Collagen | ||||
Kaiping, China | Collagen |
Lubien, Poland | Fat | ||||
Peabody, Massachusetts, United States | Collagen | ||||
Porto, Portugal | Casings | ||||
Presidente Epitacio, Brazil | Collagen | ||||
Stoke-on Trent, United Kingdom | Bone | ||||
Versmold, Germany | Fat | ||||
Vuren, Netherlands | Bone | ||||
Wenzhou, China | Collagen | ||||
Fuel Ingredients Segment | |||||
Belm-Icker, Germany | Bioenergy | ||||
Denderleeuw, Belgium | Bioenergy | ||||
Denderleeuw, Belgium | Digester | ||||
Jagel, Germany | Bioenergy | ||||
Rotenburg, Germany | Bioenergy | ||||
Son, Netherlands | Bioenergy | ||||
Son, Netherlands | Digester | ||||
* Leased |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plan or Programs at End of Period. (4) | ||||||||||||||||||||||
October 2021: | ||||||||||||||||||||||||||
October 3, 2021 through October 30, 2021 | 28,090 | 79.41 | — | $ | 102,105,660 | |||||||||||||||||||||
November 2021: | ||||||||||||||||||||||||||
October 31, 2021 through November 27, 2021 | 479 | 70.17 | — | 102,105,660 | ||||||||||||||||||||||
December 2021: | ||||||||||||||||||||||||||
November 28, 2021 through January 1, 2022 | 1,027,325 | (3) | 67.98 | 1,019,885 | 500,000,000 | |||||||||||||||||||||
Total | 1,055,894 | 71.27 | 1,019,885 | $ | 500,000,000 |
Avg. Price Fiscal Year 2021 | Avg. Price Fiscal Year 2020 | Increase/(Decrease) | % Increase/(Decrease) | |||||||||||
Jacobsen: | ||||||||||||||
MBM (Illinois) | $ 360.73/ton | $ 261.43/ton | $ 99.30/ton | 38.0 | % | |||||||||
Feed Grade PM (Mid-South) | $ 342.33/ton | $ 251.13/ton | $ 91.20/ton | 36.3 | % | |||||||||
Pet Food PM (Mid-South) | $ 749.82/ton | $ 633.61/ton | $ 116.21/ton | 18.3 | % | |||||||||
FM (Mid-South) | $ 482.98/ton | $ 314.20/ton | $ 168.78/ton | 53.7 | % | |||||||||
BFT (Chicago) | $ 58.98/cwt | $ 31.48/cwt | $ 27.50/cwt | 87.4 | % | |||||||||
YG (Illinois) | $ 41.48/cwt | $ 21.95/cwt | $ 19.53/cwt | 89.0 | % | |||||||||
Corn (Illinois) | $ 6.11/bushel | $ 3.75/bushel | $ 2.36/bushel | 62.9 | % | |||||||||
Reuters: | ||||||||||||||
Palm Oil (CIF Rotterdam) | $ 1,204.00/ton | $ 707.00/ton | $ 497.00/ton | 70.3 | % | |||||||||
Soy meal (CIF Rotterdam) | $ 485.00/ton | $ 394.00/ton | $ 91.00/ton | 23.1 | % |
Avg. Price 4th Quarter 2021 | Avg. Price 3rd Quarter 2021 | Increase/(Decrease) | % Increase/(Decrease) | |||||||||||
Jacobsen: | ||||||||||||||
MBM (Illinois) | $ 261.79/ton | $ 385.53/ton | $ (123.74)/ton | (32.1) | % | |||||||||
Feed Grade PM (Mid-South) | $ 335.07/ton | $ 337.15/ton | $ (2.08)/ton | (0.6) | % | |||||||||
Pet Food PM (Mid-South) | $ 650.25/ton | $ 680.77/ton | $ (30.52)/ton | (4.5) | % | |||||||||
FM (Mid-South) | $ 444.61/ton | $ 482.79/ton | $ (38.18)/ton | (7.9) | % | |||||||||
BFT (Chicago) | $ 66.15/cwt | $ 66.75/cwt | $ (0.60)/cwt | (0.9) | % | |||||||||
YG (Illinois) | $ 44.30/cwt | $ 44.70/cwt | $ (0.40)/cwt | (0.9) | % | |||||||||
Corn (Illinois) | $ 5.84/bushel | $ 6.20/bushel | $(0.36)/bushel | (5.8) | % | |||||||||
Reuters: | ||||||||||||||
Palm Oil (CIF Rotterdam) | $ 1,349.00/ton | $ 1,213.00/ton | $ 136.00/ton | 11.2 | % | |||||||||
Soy meal (CIF Rotterdam) | $ 466.00/ton | $ 469.00/ton | $ (3.00)/ton | (0.6) | % |
In thousands, except for percentages | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended January 1, 2022 | |||||||||||||||||
Net Sales | $ | 3,039,500 | $ | 1,271,629 | $ | 430,240 | $ | — | $ | 4,741,369 | |||||||
Cost of sales and operating expenses | 2,206,248 | 979,232 | 313,905 | — | 3,499,385 | ||||||||||||
Gross Margin | 833,252 | 292,397 | 116,335 | — | 1,241,984 | ||||||||||||
Gross Margin % | 27.4 | % | 23.0 | % | 27.0 | % | — | % | 26.2 | % | |||||||
Gain on sale of assets | (550) | (88) | (320) | — | (958) | ||||||||||||
Selling, general and administrative expense | 220,078 | 97,555 | 16,999 | 56,906 | 391,538 | ||||||||||||
Restructuring and asset impairment charges | — | — | 778 | — | 778 | ||||||||||||
Depreciation and amortization | 218,942 | 60,929 | 25,436 | 11,080 | 316,387 | ||||||||||||
Acquisition and integration costs | — | — | — | 1,396 | 1,396 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 351,627 | — | 351,627 | ||||||||||||
Segment operating income/ (loss) | 394,782 | 134,001 | 425,069 | (69,382) | 884,470 | ||||||||||||
Equity in net income of other unconsolidated subsidiaries | 5,753 | — | — | — | 5,753 | ||||||||||||
Segment income/(loss) | 400,535 | 134,001 | 425,069 | (69,382) | 890,223 |
In thousands, except for percentages | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended January 2, 2021 | |||||||||||||||||
Net Sales | $ | 2,072,104 | $ | 1,185,701 | $ | 314,118 | $ | — | $ | 3,571,923 | |||||||
Cost of sales and operating expenses | 1,544,524 | 920,682 | 223,609 | — | 2,688,815 | ||||||||||||
Gross Margin | 527,580 | 265,019 | 90,509 | — | 883,108 | ||||||||||||
Gross Margin % | 25.5 | % | 22.4 | % | 28.8 | % | — | % | 24.7 | % | |||||||
Loss/ (gain) on sale of assets | 19 | 482 | (75) | — | 426 | ||||||||||||
Selling, general and administrative expense | 209,748 | 97,406 | 16,014 | 55,328 | 378,496 | ||||||||||||
Restructuring and asset impairment charges | — | — | 38,167 | — | 38,167 | ||||||||||||
Depreciation and amortization | 221,187 | 83,752 | 34,218 | 11,021 | 350,178 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 315,095 | — | 315,095 | ||||||||||||
Segment operating income/(loss) | 96,626 | 83,379 | 317,280 | (66,349) | 430,936 | ||||||||||||
Equity in net income of other unconsolidated subsidiaries | 3,193 | — | — | — | 3,193 | ||||||||||||
Segment income/(loss) | 99,819 | 83,379 | 317,280 | (66,349) | 434,129 |
Fats | Proteins | Other Rendering | Total Rendering | Used Cooking Oil | Bakery | Other | Total | |||||||||||||||||||
Net sales year ended January 2, 2021 | $ | 661.7 | $ | 830.2 | $ | 178.6 | $ | 1,670.5 | $ | 176.7 | $ | 183.8 | $ | 41.1 | $ | 2,072.1 | ||||||||||
Increase/(decrease) in sales volumes | 6.4 | (9.7) | — | (3.3) | 8.5 | (2.8) | — | 2.4 | ||||||||||||||||||
Increase in finished product prices | 517.7 | 186.0 | — | 703.7 | 132.0 | 106.4 | — | 942.1 | ||||||||||||||||||
Increase due to currency exchange rates | 12.3 | 16.2 | 1.1 | 29.6 | 1.9 | — | — | 31.5 | ||||||||||||||||||
Other change | — | — | (6.3) | (6.3) | — | — | (2.3) | (8.6) | ||||||||||||||||||
Total change | 536.4 | 192.5 | (5.2) | 723.7 | 142.4 | 103.6 | (2.3) | 967.4 | ||||||||||||||||||
Net sales year ended January 1, 2022 | $ | 1,198.1 | $ | 1,022.7 | $ | 173.4 | $ | 2,394.2 | $ | 319.1 | $ | 287.4 | $ | 38.8 | $ | 3,039.5 |
Fiscal Year Ended | ||||||||
(dollars in thousands) | January 1, 2022 | January 2, 2021 | ||||||
Net income attributable to Darling | $ | 650,914 | $ | 296,819 | ||||
Depreciation and amortization | 316,387 | 350,178 | ||||||
Interest expense | 62,077 | 72,686 | ||||||
Income tax expense | 164,106 | 53,289 | ||||||
Restructuring and asset impairment charges | 778 | 38,167 | ||||||
Acquisition and integration costs | 1,396 | — | ||||||
Foreign currency losses | 2,199 | 2,290 | ||||||
Other expense, net | 4,551 | 5,534 | ||||||
Equity in net income of Diamond Green Diesel | (351,627) | (315,095) | ||||||
Equity in net income of other unconsolidated subsidiaries | (5,753) | (3,193) | ||||||
Net income attributable to noncontrolling interests | 6,376 | 3,511 | ||||||
Adjusted EBITDA (Non-GAAP) | $ | 851,404 | $ | 504,186 | ||||
Foreign currency exchange impact (1) | (18,888) | — | ||||||
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) | $ | 832,516 | $ | 504,186 | ||||
DGD Joint Venture Adjusted EBITDA (Darling's Share) | $ | 383,419 | $ | 337,348 | ||||
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA | $ | 1,234,823 | $ | 841,534 |
Senior Notes: | |||||
5.25 % Notes due 2027 | $ | 500,000 | |||
Less unamortized deferred loan costs | (4,959) | ||||
Carrying value of 5.25% Notes due 2027 | $ | 495,041 | |||
3.625 % Notes due 2026 - Denominated in euros | $ | 582,980 | |||
Less unamortized deferred loan costs | (5,031) | ||||
Carrying value of 3.625% Notes due 2026 | $ | 577,949 | |||
Amended Credit Agreement: | |||||
Term Loan B | $ | 200,000 | |||
Less unamortized deferred loan costs | (1,928) | ||||
Carrying value of Term Loan B | $ | 198,072 | |||
Revolving Credit Facility: | |||||
Maximum availability | $ | 1,500,000 | |||
Ancillary Facilities | 50,253 | ||||
Borrowings outstanding | 160,000 | ||||
Letters of credit issued | 3,849 | ||||
Availability | $ | 1,285,898 | |||
Other Debt | $ | 32,319 |
January 1, 2022 | Parent | Notes Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Current assets | $ | 162,069 | $ | 1,175,456 | $ | 1,179,401 | $ | (1,427,912) | $ | 1,089,014 | |||||||
Noncurrent assets | 7,336,507 | 2,389,090 | 4,379,565 | (9,060,448) | 5,044,714 | ||||||||||||
Current liabilities | 1,529,556 | 110,594 | 540,446 | (1,427,912) | 752,684 | ||||||||||||
Noncurrent liabilities | 1,515,962 | 32,389 | 767,908 | (283,000) | 2,033,259 | ||||||||||||
Stockholders' equity | 4,453,058 | 3,421,563 | 4,250,612 | (8,777,448) | 3,347,785 | ||||||||||||
January 2, 2021 | |||||||||||||||||
Current assets | $ | 103,728 | $ | 881,669 | $ | 1,177,869 | $ | (1,176,272) | 986,994 | ||||||||
Noncurrent assets | 6,476,886 | 2,465,785 | 3,753,644 | (8,069,978) | 4,626,337 | ||||||||||||
Current liabilities | 1,345,233 | 77,573 | 428,771 | (1,176,272) | 675,305 | ||||||||||||
Noncurrent liabilities | 1,254,518 | 19,755 | 826,157 | (116,613) | 1,983,817 | ||||||||||||
Stockholders' equity | 3,980,863 | 3,250,126 | 3,676,585 | (7,953,365) | 2,954,209 |
For the year ended January 1, 2022 | Parent | Notes Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 1,140,956 | $ | 1,811,290 | $ | 2,133,281 | $ | (344,158) | $ | 4,741,369 | |||||||
Total costs and expenses | 1,103,112 | 1,596,258 | 1,853,314 | (344,158) | 4,208,526 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 351,627 | — | 351,627 | ||||||||||||
Operating income | 37,844 | 215,032 | 631,594 | — | 884,470 | ||||||||||||
Net income allocable to Darling | 650,914 | 171,436 | 485,049 | (656,485) | 650,914 | ||||||||||||
For the year ended January 2, 2021 | |||||||||||||||||
Net sales | $ | 740,912 | $ | 1,301,933 | $ | 1,740,001 | $ | (210,923) | $ | 3,571,923 | |||||||
Total costs and expenses | 827,070 | 1,197,946 | 1,641,989 | (210,923) | 3,456,082 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 315,095 | — | 315,095 | ||||||||||||
Operating income (loss) | (86,158) | 103,987 | 413,107 | — | 430,936 | ||||||||||||
Net income allocable to Darling | 296,819 | 87,587 | 330,321 | (417,908) | 296,819 | ||||||||||||
For the year ended December 28, 2019 | |||||||||||||||||
Net sales | $ | 652,708 | $ | 1,305,464 | $ | 1,637,861 | $ | (232,128) | $ | 3,363,905 | |||||||
Total costs and expenses | 764,511 | 1,218,993 | 1,501,160 | (232,128) | 3,252,536 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 364,452 | — | 364,452 | ||||||||||||
Operating income (loss) | (111,803) | 86,471 | 501,153 | — | 475,821 | ||||||||||||
Net income allocable to Darling | 312,600 | 72,074 | 399,753 | (471,827) | 312,600 |
Other commercial commitments: | |||||
Standby letters of credit | $ | 3,849 | |||
Standby letters of credit (ancillary facility) | 27,400 | ||||
Foreign bank guarantees | 11,708 | ||||
Total other commercial commitments: | $ | 42,957 |
Functional Currency | Contract Currency | Range of | U.S. | ||||||||||||||||||||
Type | Amount | Type | Amount | Hedge rates | Equivalent | ||||||||||||||||||
Brazilian real | 66,425 | Euro | 11,548 | 5.63 - 6.56 | $ | 11,900 | |||||||||||||||||
Brazilian real | 3,057,673 | U.S. dollar | 730,000 | 3.35 - 6.63 | 730,000 | ||||||||||||||||||
Euro | 38,814 | U.S. dollar | 44,343 | 1.12 - 1.17 | 44,343 | ||||||||||||||||||
Euro | 24,442 | Polish zloty | 113,000 | 4.60 - 4.64 | 27,669 | ||||||||||||||||||
Euro | 5,231 | Japanese yen | 675,210 | 127.76 - 132.62 | 5,921 | ||||||||||||||||||
Euro | 15,724 | Chinese renminbi | 114,134 | 7.22 - 7.69 | 17,799 | ||||||||||||||||||
Euro | 15,269 | Australian dollar | 24,436 | 1.57 - 1.60 | 17,285 | ||||||||||||||||||
Euro | 3,045 | British pound | 2,600 | 0.85 | 3,447 | ||||||||||||||||||
Euro | 34 | Canadian dollar | 50 | 1.46 | 39 | ||||||||||||||||||
Polish zloty | 27,898 | Euro | 6,000 | 4.65 | 6,866 | ||||||||||||||||||
Polish zloty | 1,216 | U.S. dollar | 295 | 4.12 | 295 | ||||||||||||||||||
British pound | 233 | Euro | 273 | 0.85 | 314 | ||||||||||||||||||
British pound | 200 | U.S. dollar | 264 | 1.32 | 264 | ||||||||||||||||||
Japanese yen | 354,206 | U.S. dollar | 3,127 | 112.99 - 113.36 | 3,127 | ||||||||||||||||||
U.S. dollar | 476 | Japanese yen | 54,000 | 113.39 | 476 | ||||||||||||||||||
U.S. dollar | 282,173 | Euro | 250,000 | 1.13 | 282,173 | ||||||||||||||||||
Australian dollar | 1,508 | Euro | 953 | 1.58 - 1.59 | 1,093 | ||||||||||||||||||
$ | 1,153,011 |
Page | |||||
ASSETS | January 1, 2022 | January 2, 2021 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, less allowance for bad debts of $ at January 1, 2022 and $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Income taxes refundable | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Investment in unconsolidated subsidiaries | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Deferred income taxes | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable, principally trade | |||||||||||
Income taxes payable | |||||||||||
Current operating lease liabilities | |||||||||||
Accrued expenses | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current portion | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other noncurrent liabilities | |||||||||||
Deferred income taxes | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock, at cost; January 1, 2022 and January 2, 2021, respectively | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total Darling's stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity | |||||||||||
$ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Net sales | $ | $ | $ | ||||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales and operating expenses | |||||||||||||||||
Loss (gain) on sale of assets | ( | ( | |||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Acquisition and integration costs | |||||||||||||||||
Total costs and expenses | |||||||||||||||||
Equity in net income of Diamond Green Diesel | |||||||||||||||||
Operating income | |||||||||||||||||
Other expense: | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Debt extinguishment costs | ( | ||||||||||||||||
Foreign currency losses | ( | ( | ( | ||||||||||||||
Gain on disposal of subsidiaries | |||||||||||||||||
Other expense, net | ( | ( | ( | ||||||||||||||
Total other expense | ( | ( | ( | ||||||||||||||
Equity in net income of other unconsolidated subsidiaries | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Income tax expense | |||||||||||||||||
Net income | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
Net income attributable to Darling | $ | $ | $ | ||||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||
Pension adjustments | ( | ||||||||||||||||
Corn option derivative adjustments | ( | ||||||||||||||||
Soybean meal derivative adjustments | ( | ||||||||||||||||
Heating oil derivative adjustments | ( | ||||||||||||||||
Foreign exchange derivative adjustments | ( | ( | |||||||||||||||
Total other comprehensive income/(loss), net of tax | ( | ( | |||||||||||||||
Total comprehensive income | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||||||||
Comprehensive income attributable to Darling | $ | $ | $ |
Common Stock | |||||||||||||||||||||||||||||
Number of Outstanding Shares | $ | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Stockholders' equity attributable to Darling | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||||||||
Balances at December 29, 2018 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||
Distribution of noncontrolling interest earnings | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
Additions to noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Pension liability adjustments, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Heating oil derivative adjustment, net of tax | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||
Corn option derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign exchange derivative adjustment, net of tax | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||
Treasury stock | ( | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | |||||||||||||||||||||||||
Balances at December 28, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||
Distribution of noncontrolling interest earnings | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
Deductions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Pension liability adjustments, net of tax | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||
Heating oil derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Corn option derivative adjustment, net of tax | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||
Soybean meal derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign exchange derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | |||||||||||||||||||||||
Issuance of non-vested stock | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||
Treasury stock | ( | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | |||||||||||||||||||||||||
Balances at January 2, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||
Distribution of noncontrolling interest earnings | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
Pension liability adjustments, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Heating oil derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Corn option derivative adjustment, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Soybean meal derivative adjustment, net of tax | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||
Foreign exchange derivative adjustment, net of tax | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||
Issuance of non-vested stock | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||
Treasury stock | ( | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | |||||||||||||||||||||||||
Balances at January 1, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Loss/(gain) on sale of assets | ( | ( | |||||||||||||||
Gain on disposal of subsidiaries | ( | ||||||||||||||||
Asset impairment | |||||||||||||||||
Increase/(decrease) in long-term pension liability | ( | ( | |||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Debt extinguishment costs | |||||||||||||||||
Write-off deferred loan costs | |||||||||||||||||
Deferred loan cost amortization | |||||||||||||||||
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries | ( | ( | ( | ||||||||||||||
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries | |||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||
Accounts receivable | ( | ( | |||||||||||||||
Income taxes refundable/payable | |||||||||||||||||
Inventories and prepaid expenses | ( | ( | ( | ||||||||||||||
Accounts payable and accrued expenses | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
Acquisitions, net of cash acquired | ( | ( | ( | ||||||||||||||
Investment in Diamond Green Diesel | ( | ||||||||||||||||
Investment in other unconsolidated subsidiaries | ( | ( | |||||||||||||||
Loan to Diamond Green Diesel | ( | ||||||||||||||||
Proceeds from sale of investment in subsidiaries | |||||||||||||||||
Gross proceeds from sale of property, plant and equipment and other assets | |||||||||||||||||
Proceeds from insurance settlement | |||||||||||||||||
Payments related to routes and other intangibles | ( | ( | ( | ||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from long-term debt | |||||||||||||||||
Payments on long-term debt | ( | ( | ( | ||||||||||||||
Borrowings from revolving credit facility | |||||||||||||||||
Payments on revolving credit facility | ( | ( | ( | ||||||||||||||
Net cash overdraft financing | ( | ( | |||||||||||||||
Deferred loan costs | ( | ( | ( | ||||||||||||||
Issuance of common stock | |||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||
Minimum withholding taxes paid on stock awards | ( | ( | ( | ||||||||||||||
Acquisition of noncontrolling interest | ( | ||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ( | ||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Effect of exchange rate changes on cash flows | ( | ( | |||||||||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | $ | $ | $ | ||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Accrued capital expenditures | $ | $ | ( | $ | |||||||||||||
Cash paid during the year for: | |||||||||||||||||
Interest, net of capitalized interest | $ | $ | $ | ||||||||||||||
Income taxes, net of refunds | $ | $ | $ | ||||||||||||||
Non-cash operating activities | |||||||||||||||||
Operating lease right of use asset obtained in exchange for new lease liabilities | $ | $ | $ | ||||||||||||||
Non-cash financing activities | |||||||||||||||||
Debt issued for service contract assets | $ | $ | $ |
Net Income per Common Share (in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
January 1, | January 2, | December 28, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||||||||||||||||||||
Income | Shares | Per-Share | Income | Shares | Per-Share | Income | Shares | Per-Share | |||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income attributable to Darling | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||||
Add: Option shares in the money and dilutive effect of nonvested stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Less: Pro-forma treasury shares | — | ( | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income attributable to Darling | $ | $ | $ | $ | $ | $ |
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Assets: | |||||||||||
Total current assets | $ | $ | |||||||||
Property, plant and equipment, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and members' equity: | |||||||||||
Total current portion of long term debt | $ | $ | |||||||||
Total other current liabilities | |||||||||||
Total long term debt | |||||||||||
Total other long term liabilities | |||||||||||
Total members' equity | |||||||||||
Total liabilities and member's equity | $ | $ |
Year Ended December 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||
Revenues: | ||||||||||||||
Operating revenues | $ | $ | $ | |||||||||||
Expenses: | ||||||||||||||
Total costs and expenses less depreciation, amortization and accretion expense | ||||||||||||||
Depreciation, amortization and accretion expense | ||||||||||||||
Operating income | ||||||||||||||
Other income | ||||||||||||||
Interest and debt expense, net | ( | ( | ( | |||||||||||
Net income | $ | $ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Finished product | $ | $ | |||||||||
Work in process | |||||||||||
Raw material | |||||||||||
Supplies and other | |||||||||||
$ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Vehicles | |||||||||||
Aircraft | |||||||||||
Construction in process | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Indefinite Lived Intangible Assets | |||||||||||
Trade names | $ | $ | |||||||||
Finite Lived Intangible Assets: | |||||||||||
Routes | |||||||||||
Permits | |||||||||||
Non-compete agreements | |||||||||||
Trade names | |||||||||||
Royalty, product development, patents, consulting, land use rights and leasehold | |||||||||||
Accumulated Amortization: | |||||||||||
Routes | ( | ( | |||||||||
Permits | ( | ( | |||||||||
Non-compete agreements | ( | ( | |||||||||
Trade names | ( | ( | |||||||||
Royalty, product development, patents, consulting, land use rights and leasehold | ( | ( | |||||||||
( | ( | ||||||||||
Total Intangible assets, less accumulated amortization | $ | $ |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | |||||||||||
Balance at December 28, 2019 | ||||||||||||||
Goodwill | $ | $ | $ | $ | ||||||||||
Accumulated impairment losses | ( | ( | ( | |||||||||||
Goodwill acquired during year | ||||||||||||||
Goodwill impairment during year | ( | ( | ||||||||||||
Foreign currency translation | ||||||||||||||
Balance at January 2, 2021 | ||||||||||||||
Goodwill | ||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | ||||||||||
Goodwill acquired during year | ||||||||||||||
Foreign currency translation | ( | ( | ( | ( | ||||||||||
Balance at January 1, 2022 | ||||||||||||||
Goodwill | ||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | ||||||||||
$ | $ | $ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Compensation and benefits | $ | $ | |||||||||
Utilities and sewage | |||||||||||
Accrued ad valorem, and franchise taxes | |||||||||||
Reserve for self-insurance, litigation, environmental and tax matters (Note 20) | |||||||||||
Medical claims liability | |||||||||||
Accrued operating expenses | |||||||||||
Accrued interest payable | |||||||||||
Customer deposits | |||||||||||
Other accrued expense | |||||||||||
$ | $ |
Year Ended | |||||||||||
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||
Operating lease expense | $ | $ | $ | ||||||||
Short-term lease costs | |||||||||||
Total lease cost | $ | $ | $ |
Year Ended | |||||||||||
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||
Cash paid for amounts included in the measurement lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | $ | ||||||||
Operating right-of-use assets, net | $ | $ | |||||||||
Operating lease liabilities, current | $ | $ | |||||||||
Operating lease liabilities, non-current | |||||||||||
Total operating lease liabilities | $ | $ | |||||||||
Weighted average remaining lease term - operating leases | |||||||||||
Weighted average discount rate - operating leases | % | % |
Period Ending Fiscal | Operating Leases | |||||||
2022 | $ | $ | ||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Less amounts representing interest | ( | ( | ||||||
Lease obligations included in current and long-term liabilities |
January 1, 2022 | January 2, 2021 | ||||||||||
Amended Credit Agreement: | |||||||||||
Revolving Credit Facility | $ | $ | |||||||||
Term Loan B | |||||||||||
Less unamortized deferred loan costs | ( | ( | |||||||||
Carrying value Term Loan B | |||||||||||
Less unamortized deferred loan costs | ( | ( | |||||||||
Carrying value | |||||||||||
Less unamortized deferred loan costs - Denominated in euro | ( | ( | |||||||||
Carrying value | |||||||||||
Other Notes and Obligations | |||||||||||
Less Current Maturities | |||||||||||
$ | $ |
Contractual Debt Payment | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
thereafter | |||||
$ |
January 1, 2022 | January 2, 2021 | ||||||||||
Accrued pension liability (Note 15) | $ | $ | |||||||||
Reserve for self-insurance, litigation, environmental and tax matters (Note 20) | |||||||||||
Other | |||||||||||
$ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
United States | $ | $ | $ | ||||||||||||||
Foreign | |||||||||||||||||
Income before income taxes | $ | $ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | ( | $ | ( | $ | ( | |||||||||||
State | |||||||||||||||||
Foreign | |||||||||||||||||
Total current | |||||||||||||||||
Deferred: | |||||||||||||||||
Federal | |||||||||||||||||
State | |||||||||||||||||
Foreign | ( | ( | |||||||||||||||
Total deferred | |||||||||||||||||
$ | $ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Computed "expected" tax expense | $ | $ | $ | ||||||||||||||
Change in valuation allowance | ( | ( | |||||||||||||||
Non-deductible compensation expenses | |||||||||||||||||
Deferred tax on unremitted foreign earnings | ( | ||||||||||||||||
Foreign rate differential | |||||||||||||||||
Change in uncertain tax positions | ( | ||||||||||||||||
State income taxes, net of federal benefit | |||||||||||||||||
Biofuel tax incentives | ( | ( | ( | ||||||||||||||
Change in tax law | |||||||||||||||||
Equity compensation windfall | ( | ( | ( | ||||||||||||||
Other, net | ( | ||||||||||||||||
$ | $ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Deferred tax assets: | |||||||||||
Loss contingency reserves | $ | $ | |||||||||
Employee benefits | |||||||||||
Pension liability | |||||||||||
Tax loss carryforwards | |||||||||||
Tax credit carryforwards | |||||||||||
Operating lease liabilities | |||||||||||
Inventory | |||||||||||
Accrued liabilities and other | |||||||||||
Total gross deferred tax assets | |||||||||||
Less valuation allowance | ( | ( | |||||||||
Net deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Intangible assets amortization, including taxable goodwill | ( | ( | |||||||||
Property, plant and equipment depreciation | ( | ( | |||||||||
Investment in DGD Joint Venture | ( | ( | |||||||||
Operating lease assets | ( | ( | |||||||||
Tax on unremitted foreign earnings | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total gross deferred tax liabilities | ( | ( | |||||||||
Net deferred tax liability | $ | ( | $ | ( | |||||||
Amounts reported on Consolidated Balance Sheets: | |||||||||||
Non-current deferred tax asset | $ | $ | |||||||||
Non-current deferred tax liability | ( | ( | |||||||||
Net deferred tax liability | $ | ( | $ | ( |
January 1, 2022 | January 2, 2021 | ||||||||||
Balance at beginning of Year | $ | $ | |||||||||
Change in tax positions related to current year | |||||||||||
Change in tax positions related to prior years | ( | ( | |||||||||
Change in tax positions due to settlement with tax authorities | |||||||||||
Expiration of the Statute of Limitations | |||||||||||
Balance at end of year | $ | $ |
Number of shares | Weighted-avg. exercise price per share | Weighted-avg. remaining contractual life | |||||||||||||||
Options outstanding at December 29, 2018 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Exercised | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Expired | |||||||||||||||||
Options outstanding at December 28, 2019 | |||||||||||||||||
Granted | |||||||||||||||||
Exercised | ( | ||||||||||||||||
Forfeited | |||||||||||||||||
Expired | |||||||||||||||||
Options outstanding at January 2, 2021 | |||||||||||||||||
Granted | |||||||||||||||||
Exercised | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Expired | |||||||||||||||||
Options outstanding at January 1, 2022 | $ | ||||||||||||||||
Options exercisable at January 1, 2022 | $ |
Weighted Average | 2020 | 2019 | |||||||||
Expected dividend yield | |||||||||||
Risk-free interest rate | |||||||||||
Expected term | |||||||||||
Expected volatility | |||||||||||
Fair value of options granted | $ | $ |
Non-Vested, RSU and PSU Shares | Weighted Average Grant Date Fair Value | ||||||||||
Stock awards outstanding December 29, 2018 | $ | ||||||||||
Shares granted | |||||||||||
Shares vested | ( | ||||||||||
Shares forfeited | ( | ||||||||||
Stock awards outstanding December 28, 2019 | |||||||||||
Shares granted | |||||||||||
Shares vested | ( | ||||||||||
Shares forfeited | |||||||||||
Stock awards outstanding January 2, 2021 | |||||||||||
Shares granted | |||||||||||
Shares vested | ( | ||||||||||
Shares forfeited | ( | ||||||||||
Stock awards outstanding January 1, 2022 | $ |
Weighted Average | 2021 | 2020 | 2019 | |||||||||||
Expected dividend yield | ||||||||||||||
Risk-free interest rate | ||||||||||||||
Expected term | ||||||||||||||
Expected volatility |
LTIP PSU Shares | Weighted Average Grant Date Fair Value | ||||||||||
LTIP PSU awards outstanding December 29, 2018 | $ | ||||||||||
Granted | |||||||||||
Additional PSU awards vested from performance | |||||||||||
Stock issued for PSUs | ( | ||||||||||
Forfeited | ( | ||||||||||
LTIP PSU awards outstanding December 28, 2019 | $ | ||||||||||
Granted | |||||||||||
Additional PSU awards vested from performance | |||||||||||
Stock issued for PSUs | ( | ||||||||||
Forfeited | ( | ||||||||||
LTIP PSU awards outstanding January 2, 2021 | $ | ||||||||||
Granted | |||||||||||
Additional PSU awards vested from performance | |||||||||||
Stock issued for PSUs | ( | ||||||||||
Forfeited | ( | ||||||||||
LTIP PSU awards outstanding January 1, 2022 | $ |
Restricted stock and Restricted Stock Unit Shares | Weighted Average Grant Date Fair Value | ||||||||||
Stock awards outstanding December 29, 2018 | $ | ||||||||||
Restricted shares granted | |||||||||||
Restricted shares where the restriction lapsed | ( | ||||||||||
Restricted shares forfeited | |||||||||||
Stock awards outstanding December 28, 2019 | |||||||||||
Restricted shares granted | |||||||||||
Restricted shares where the restriction lapsed | ( | ||||||||||
Restricted shares forfeited | |||||||||||
Stock awards outstanding January 2, 2021 | |||||||||||
Restricted shares granted | |||||||||||
Restricted shares where the restriction lapsed | ( | ||||||||||
Restricted shares forfeited | |||||||||||
Stock awards outstanding January 1, 2022 | $ |
Before-Tax | Tax (Expense) | Net-of-Tax | |||||||||||||||
Amount | or Benefit | Amount | |||||||||||||||
Year Ended December 28, 2019 | |||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
Actuarial (loss)/gain recognized | $ | ( | $ | $ | ( | ||||||||||||
Amortization of actuarial gain/(loss) | ( | ||||||||||||||||
Actuarial prior service cost recognized | ( | ||||||||||||||||
Amortization of prior service costs | ( | ||||||||||||||||
Amortization of settlement | ( | ||||||||||||||||
Other | |||||||||||||||||
Total defined benefit pension plans | ( | ||||||||||||||||
Heating oil swap derivatives | |||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total heating oil derivatives | ( | ( | |||||||||||||||
Corn option derivatives | |||||||||||||||||
Reclassified to earnings | ( | ||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total corn options | ( | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||
Reclassified to earnings | ( | ||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total foreign exchange derivatives | ( | ( | |||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||
Other comprehensive income/(loss) | $ | ( | $ | $ | ( | ||||||||||||
Year Ended January 2, 2021 | |||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
Actuarial (loss)/gain recognized | $ | ( | $ | $ | ( |
Amortization of actuarial gain/(loss) | ( | ||||||||||||||||
Amortization of prior service costs | ( | ||||||||||||||||
Amortization of curtailment | ( | ||||||||||||||||
Amortization of settlement | ( | ( | |||||||||||||||
Other | |||||||||||||||||
Total defined benefit pension plans | ( | ( | |||||||||||||||
Soybean meal option derivatives | |||||||||||||||||
Reclassified to earnings | ( | ||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ||||||||||||||||
Total soybean meal derivatives | ( | ||||||||||||||||
Heating oil swap derivatives | |||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ||||||||||||||||
Total heating oil derivatives | ( | ||||||||||||||||
Corn option derivatives | |||||||||||||||||
Reclassified to earnings | ( | ||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total corn options | ( | ( | |||||||||||||||
Foreign exchange derivatives | |||||||||||||||||
Reclassified to earnings | ( | ( | |||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ||||||||||||||||
Total foreign exchange derivatives | ( | ||||||||||||||||
Foreign currency translation | ( | ||||||||||||||||
Other comprehensive income/(loss) | $ | $ | ( | $ | |||||||||||||
Year Ended January 1, 2022 | |||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
Actuarial gain/(loss) recognized | $ | $ | ( | $ | |||||||||||||
Amortization of actuarial gain/(loss) | ( | ||||||||||||||||
Amortization of prior service costs | ( | ||||||||||||||||
Amortization of settlement | ( | ||||||||||||||||
Other | ( | ( | |||||||||||||||
Total defined benefit pension plans | ( | ||||||||||||||||
Soybean meal option derivatives | |||||||||||||||||
Reclassified to earnings | ( | ( | |||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ||||||||||||||||
Total soybean meal derivatives | ( | ( | |||||||||||||||
Heating oil swap derivatives | |||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ||||||||||||||||
Total heating oil derivatives | ( | ||||||||||||||||
Corn option derivatives | |||||||||||||||||
Reclassified to earnings | ( | ||||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total corn options | ( | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||
Reclassified to earnings | ( | ( | |||||||||||||||
Activity recognized in other comprehensive income (loss) | ( | ( | |||||||||||||||
Total foreign exchange derivatives | ( | ( | |||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||
Other comprehensive income/(loss) | $ | ( | $ | $ | ( |
Fiscal Year Ended | ||||||||||||||
January 1, 2022 | January 2, 2021 | December 28, 2019 | Statement of Operations Classification | |||||||||||
Derivative instruments | ||||||||||||||
Soybean meal option derivatives | $ | $ | ( | $ | Net sales | |||||||||
Foreign Exchange derivatives | ( | Net sales | ||||||||||||
Corn option derivatives | ( | ( | ( | Cost of sales and operating expenses | ||||||||||
( | ( | Total before tax | ||||||||||||
( | Income taxes | |||||||||||||
( | ( | Net of tax | ||||||||||||
Defined benefit pension plans | ||||||||||||||
Amortization of prior service cost | $ | ( | $ | ( | $ | ( | (a) | |||||||
Amortization of actuarial loss | ( | ( | ( | (a) | ||||||||||
Amortization of curtailment | ( | (a) | ||||||||||||
Amortization of settlement | ( | ( | (a) | |||||||||||
( | ( | ( | Total before tax | |||||||||||
Income taxes | ||||||||||||||
( | ( | ( | Net of tax | |||||||||||
Total reclassifications | $ | ( | $ | $ | ( | Net of tax |
Fiscal Year Ended January 1, 2022 | |||||||||||||||||
Foreign Currency | Derivative | Defined Benefit | |||||||||||||||
Translation | Instruments | Pension Plans | Total | ||||||||||||||
Accumulated Other Comprehensive loss January 2, 2021, attributable to Darling, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net current-period other comprehensive income/(loss) | ( | ( | ( | ||||||||||||||
Noncontrolling interest | |||||||||||||||||
Accumulated Other Comprehensive loss January 1, 2022, attributable to Darling, net of tax | $ | ( | $ | ( | $ | ( | $ | ( |
January 1, 2022 | January 2, 2021 | ||||||||||
Change in projected benefit obligation: | |||||||||||
Projected benefit obligation at beginning of period | $ | $ | |||||||||
Service cost | |||||||||||
Interest cost | |||||||||||
Employee contributions | |||||||||||
Plan combinations | |||||||||||
Plan amendments | |||||||||||
Actuarial (gain) loss | ( | ||||||||||
Benefits paid | ( | ( | |||||||||
Effect of curtailment | ( | ||||||||||
Effect of settlement | ( | ( | |||||||||
Other | ( | ||||||||||
Projected benefit obligation at end of period | |||||||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of period | |||||||||||
Actual return on plan assets | |||||||||||
Employer contributions | |||||||||||
Employee contributions | |||||||||||
Plan combinations | |||||||||||
Benefits paid | ( | ( | |||||||||
Effect of settlement | ( | ( | |||||||||
Other | ( | ||||||||||
Fair value of plan assets at end of period | |||||||||||
Funded status | ( | ( | |||||||||
Net amount recognized | $ | ( | $ | ( | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||
Noncurrent assets | $ | $ | |||||||||
Current liability | ( | ( | |||||||||
Noncurrent liability | ( | ( | |||||||||
Net amount recognized | $ | ( | $ | ( | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||
Net actuarial loss | $ | $ | |||||||||
Prior service cost | |||||||||||
Net amount recognized (a) | $ | $ |
January 1, 2022 | January 2, 2021 | ||||||||||
Projected benefit obligation | $ | $ | |||||||||
Accumulated benefit obligation | |||||||||||
Fair value of plan assets |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Net amortization and deferral | |||||||||||||||||
Curtailment | ( | ( | |||||||||||||||
Settlement | ( | ||||||||||||||||
Net pension cost | $ | $ | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Discount rate | |||||||||||||||||
Rate of compensation increase |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Discount rate | |||||||||||||||||
Rate of increase in future compensation levels | |||||||||||||||||
Expected long-term rate of return on assets |
Fixed Income | |||||
Equities |
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
(In thousands of dollars) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Balances as of January 2, 2021 | |||||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||
Long Term | $ | $ | $ | $ | |||||||||||||||||||
Short Term | |||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||
Domestic equities | |||||||||||||||||||||||
International equities | |||||||||||||||||||||||
Insurance contracts | |||||||||||||||||||||||
Total categorized in fair value hierarchy | |||||||||||||||||||||||
Other investments measured at NAV | |||||||||||||||||||||||
Totals | $ | $ | $ | $ | |||||||||||||||||||
Balances as of January 1, 2022 | |||||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||
Long Term | $ | $ | $ | $ | |||||||||||||||||||
Short Term | |||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||
Domestic equities | |||||||||||||||||||||||
International equities | |||||||||||||||||||||||
Insurance contracts | |||||||||||||||||||||||
Total categorized in fair value hierarchy | |||||||||||||||||||||||
Other investments measured at NAV | |||||||||||||||||||||||
Totals | $ | $ | $ | $ |
Insurance | ||||||||
(in thousands of dollars) | Contracts | |||||||
Balance as of December 28, 2019 | $ | |||||||
Unrealized gains (losses) relating to instruments still held in the reporting period. | ||||||||
Purchases, sales, and settlements | ( | |||||||
Exchange rate changes | ||||||||
Balance as of January 2, 2021 | ||||||||
Unrealized gains (losses) relating to instruments still held in the reporting period. | ( | |||||||
Purchases, sales, and settlements | ||||||||
Exchange rate changes | ( | |||||||
Balance as of January 1, 2022 | $ |
Year Ending | Pension Benefits | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Years 2027 – 2031 |
Expiration | ||||||||||||||||||||||||||
Pension | EIN Pension | Pension Protection Act Zone Status | FIP/RP Status Pending/ | Contributions | Date of Collective Bargaining | |||||||||||||||||||||
Fund | Plan Number | 2021 | 2020 | Implemented | 2021 | 2020 | 2019 | Agreement | ||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | No | $ | $ | $ | April 2025 (b) | ||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Plan (a) | 36-6044243 / 001 | Red | Red | Yes | May 2023 (c) | |||||||||||||||||||||
All other multiemployer plans | ||||||||||||||||||||||||||
Total Company Contributions | $ | $ | $ |
Functional Currency | Contract Currency | |||||||||||||
Type | Amount | Type | Amount | |||||||||||
Brazilian real | Euro | |||||||||||||
Brazilian real | U.S. Dollar | |||||||||||||
Euro | U.S. Dollar | |||||||||||||
Euro | Polish zloty | |||||||||||||
Euro | Japanese yen | |||||||||||||
Euro | Chinese renminbi | |||||||||||||
Euro | Australian dollar | |||||||||||||
Euro | British pound | |||||||||||||
Euro | Canadian dollar | |||||||||||||
Polish zloty | Euro | |||||||||||||
Polish zloty | U.S. dollar | |||||||||||||
British pound | Euro | |||||||||||||
British pound | U.S. dollar | |||||||||||||
Japanese yen | U.S. dollar | |||||||||||||
U.S. dollar | Japanese yen | |||||||||||||
U.S. dollar | Euro | |||||||||||||
Australian dollar | Euro | |||||||||||||
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges | ||||||||||||||||||||
For The Year Ended | ||||||||||||||||||||
Derivatives not designated as hedging instruments | Location | January 1, 2022 | January 2, 2021 | December 28, 2019 | ||||||||||||||||
Foreign exchange | Foreign currency loss/(gain) | $ | $ | ( | $ | |||||||||||||||
Foreign exchange | Net sales | ( | ||||||||||||||||||
Foreign exchange | Cost of sales and operating expenses | ( | ( | ( | ||||||||||||||||
Foreign exchange | Selling, general and administrative expense | |||||||||||||||||||
Corn options and futures | Net sales | ( | ( | |||||||||||||||||
Corn options and futures | Cost of sales and operating expenses | ( | ( | |||||||||||||||||
Natural gas and heating oil swaps and options | Cost of sales and operating expenses | ( | ||||||||||||||||||
Heating oil swaps and options | Net sales | ( | ||||||||||||||||||
Total | $ | $ | ( | $ |
Fair Value Measurements at January 1, 2022 Using | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets | ||||||||||||||
Derivative assets | $ | $ | $ | $ | ||||||||||
Total Assets | ||||||||||||||
Liabilities | ||||||||||||||
Derivative liabilities | ||||||||||||||
5.25% Senior Notes | ||||||||||||||
3.625% Senior Notes | ||||||||||||||
Term Loan B | ||||||||||||||
Revolver | ||||||||||||||
Total Liabilities | $ | $ | $ | $ |
Fair Value Measurements at January 2, 2021 Using | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets | ||||||||||||||
Derivative assets | $ | $ | $ | $ | ||||||||||
Total Assets | ||||||||||||||
Liabilities | ||||||||||||||
Derivative liabilities | ||||||||||||||
5.25% Senior Notes | ||||||||||||||
3.625% Senior Notes | ||||||||||||||
Term Loan B | ||||||||||||||
Revolver | ||||||||||||||
Total Liabilities | $ | $ | $ | $ |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Fiscal Year Ended January 1, 2022 | |||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||
Cost of sales and operating expenses | |||||||||||||||||
Gross Margin | |||||||||||||||||
Gain on sale of assets | ( | ( | ( | ( | |||||||||||||
Selling, general and administrative expense | |||||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Acquisition and integration costs | |||||||||||||||||
Equity in net income of Diamond Green Diesel | |||||||||||||||||
Segment operating income/(loss) | ( | ||||||||||||||||
Equity in net income of other unconsolidated subsidiaries | |||||||||||||||||
Segment income/(loss) | ( | ||||||||||||||||
Total other expense | ( | ||||||||||||||||
Income before income taxes | $ | ||||||||||||||||
Segment assets at January 1, 2022 | $ | $ | $ | $ | $ |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Fiscal Year Ended January 2, 2021 | |||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||
Cost of sales and operating expenses | |||||||||||||||||
Gross Margin | |||||||||||||||||
Loss/(gain) on sale of assets | ( | ||||||||||||||||
Selling, general and administrative expense | |||||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Equity in net income of Diamond Green Diesel | |||||||||||||||||
Segment operating income/(loss) | ( | ||||||||||||||||
Equity in net income of other unconsolidated subsidiaries | |||||||||||||||||
Segment income/(loss) | ( | ||||||||||||||||
Total other expense | ( | ||||||||||||||||
Income before income taxes | $ | ||||||||||||||||
Segment assets at January 2, 2021 | $ | $ | $ | $ | $ |
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | |||||||||||||
Fiscal Year Ended December 28, 2019 | |||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||
Cost of sales and operating expenses | |||||||||||||||||
Gross Margin | |||||||||||||||||
Loss/(gain) on sale of assets | ( | ( | ( | ||||||||||||||
Selling, general and administrative expense | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Equity in net income of Diamond Green Diesel | |||||||||||||||||
Segment operating income/(loss) | ( | ||||||||||||||||
Equity in net income of other unconsolidated subsidiaries | |||||||||||||||||
Segment income/(loss) | ( | ||||||||||||||||
Total other expense | ( | ||||||||||||||||
Income before income taxes | $ |
January 1, 2022 | January 2, 2021 | December 28, 2019 | |||||||||||||||
Capital expenditures: | |||||||||||||||||
Feed Ingredients | $ | $ | $ | ||||||||||||||
Food Ingredients | |||||||||||||||||
Fuel Ingredients | |||||||||||||||||
Corporate Activities | |||||||||||||||||
Total (a) | $ | $ | $ |
FY 2021 | FY 2020 | |||||||
Long-Lived Assets | Long-Lived Assets | |||||||
North America | $ | $ | ||||||
Europe | ||||||||
China | ||||||||
South America | ||||||||
Other | ||||||||
Total | $ | $ |
Year Ended January 1, 2022 | ||||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | |||||||||||
Geographic Area | ||||||||||||||
North America | $ | $ | $ | $ | ||||||||||
Europe | ||||||||||||||
China | ||||||||||||||
South America | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Major product types | ||||||||||||||
Fats | $ | $ | $ | $ | ||||||||||
Used cooking oil | ||||||||||||||
Proteins | ||||||||||||||
Bakery | ||||||||||||||
Other rendering | ||||||||||||||
Food ingredients | ||||||||||||||
Bioenergy | ||||||||||||||
Biofuels | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ |
Year Ended January 2, 2021 | ||||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | |||||||||||
Geographic Area | ||||||||||||||
North America | $ | $ | $ | $ | ||||||||||
Europe | ||||||||||||||
China | ||||||||||||||
South America | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Major product types | ||||||||||||||
Fats | $ | $ | $ | $ | ||||||||||
Used cooking oil | ||||||||||||||
Proteins | ||||||||||||||
Bakery | ||||||||||||||
Other rendering | ||||||||||||||
Food ingredients | ||||||||||||||
Bioenergy | ||||||||||||||
Biofuels | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ |
Year Ended December 28, 2019 | ||||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | |||||||||||
Geographic Area Revenues | ||||||||||||||
North America | $ | $ | $ | $ | ||||||||||
Europe | ||||||||||||||
China | ||||||||||||||
South America | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Major product types | ||||||||||||||
Fats | $ | $ | $ | $ | ||||||||||
Used cooking oil | ||||||||||||||
Proteins | ||||||||||||||
Bakery | ||||||||||||||
Other rendering | ||||||||||||||
Food ingredients | ||||||||||||||
Bioenergy | ||||||||||||||
Biofuels | ||||||||||||||
Other | ||||||||||||||
Net sales | $ | $ | $ | $ |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||
Equity compensation plans approved by security holders | 4,821,101 | (1) | $19.33 | 10,552,120 | ||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||
Total | 4,821,101 | $19.33 | 10,552,120 |
Page | ||||||||
Exhibit No. | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 * | ||||||||
10.15 * | ||||||||
10.16 * | ||||||||
10.17 * | ||||||||
10.18 * | ||||||||
10.19 * | ||||||||
10.20 * | ||||||||
10.21 * | ||||||||
10.22 * | ||||||||
10.23 * | ||||||||
10.24 * | ||||||||
10.25 * | ||||||||
10.26 * | ||||||||
10.27 * | ||||||||
10.28 * | ||||||||
10.29 * | ||||||||
10.30 * | ||||||||
10.31 * | ||||||||
10.32 * | ||||||||
10.33 * | ||||||||
10.34 * | ||||||||
10.35 * | ||||||||
10.36 * | ||||||||
21 | ||||||||
23.1 | ||||||||
23.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
99.1 | ||||||||
101 | Interactive Data Files Pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of January 1, 2022 and January 2, 2021; (ii) Consolidated Statements of Operations for the years ended January 1, 2022, January 2, 2021 and December 28, 2019; (iii) Consolidated Statements of Comprehensive Income (loss) for the years ended January 1, 2022, January 2, 2021 and December 28, 2019; (iv) Consolidated Statements of Stockholders’ Equity for the years ended January 1, 2022, January 2, 2021 and December 28, 2019; (v) Consolidated Statements of Cash Flows for the years ended January 1, 2022, January 2, 2021 and December 28, 2019; (vi) Notes to the Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
The Exhibits are available upon request from the Company. | ||||||||
* | Management contract or compensatory plan or arrangement. |
DARLING INGREDIENTS INC. | |||||||||||
By: | /s/ Randall C. Stuewe | ||||||||||
Randall C. Stuewe | |||||||||||
Chairman of the Board and | |||||||||||
Chief Executive Officer | |||||||||||
Date: | March 1, 2022 |
Signature | Title | Date | ||||||||||||
/s/ Randall C. Stuewe | Chairman of the Board and | March 1, 2022 | ||||||||||||
Randall C. Stuewe | Chief Executive Officer | |||||||||||||
(Principal Executive Officer) | ||||||||||||||
/s/ Brad Phillips | Chief Financial Officer | March 1, 2022 | ||||||||||||
Brad Phillips | (Principal Financial Officer) | |||||||||||||
/s/ Joseph Manzi | Chief Accounting Officer | March 1, 2022 | ||||||||||||
Joseph Manzi | (Principal Accounting Officer) | |||||||||||||
/s/ Charles Adair | Director | March 1, 2022 | ||||||||||||
Charles Adair | ||||||||||||||
/s/ Beth Albright | Director | March 1, 2022 | ||||||||||||
Beth Albright | ||||||||||||||
/s/ Celeste A. Clark Goodspeed | Director | March 1, 2022 | ||||||||||||
Celeste A. Clark | ||||||||||||||
/s/ Linda Goodspeed | Director | March 1, 2022 | ||||||||||||
Linda Goodspeed | ||||||||||||||
/s/ Enderson Guimaraes | Director | March 1, 2022 | ||||||||||||
Enderson Guimaraes | ||||||||||||||
/s/ Dirk Kloosterboer | Director | March 1, 2022 | ||||||||||||
Dirk Kloosterboer | ||||||||||||||
/s/ Mary R. Korby | Director | March 1, 2022 | ||||||||||||
Mary R. Korby | ||||||||||||||
/s/ Gary W. Mize | Director | March 1, 2022 | ||||||||||||
Gary W. Mize | ||||||||||||||
/s/ Michael E. Rescoe | Director | March 1, 2022 | ||||||||||||
Michael E. Rescoe | ||||||||||||||
Name | Where Organized | |||||||
Griffin Industries LLC | Kentucky | |||||||
Craig Protein Division, Inc. | Georgia | |||||||
Darling National LLC | Delaware | |||||||
Darling Green Energy LLC | Delaware | |||||||
EV Acquisition LLC | Arkansas | |||||||
Darling Global Holdings Inc. | Delaware | |||||||
Darling International Netherlands B.V. | The Netherlands | |||||||
Darling International Canada Inc. | Canada | |||||||
Darling International NL Holdings B.V. | The Netherlands | |||||||
Darling Global Finance B.V. | The Netherlands | |||||||
Darling Insect Proteins LLC | Delaware | |||||||
Enviroflight Farms, LLC | Delaware | |||||||
Enviroflight, LLC | Delaware | |||||||
DarPro Storage Solutions LLC | Delaware | |||||||
Best Commodity Trade B.V. | The Netherlands | |||||||
BestHides GmbH (40%) | Germany | |||||||
B.V. CTH Groep | The Netherlands | |||||||
Capital on Wheels BV | Belgium | |||||||
Changchun Sonac Biotechnology Co. Ltd | China | |||||||
China Millers Ltd | United Kingdom | |||||||
Cobatech BV | Belgium | |||||||
Cominbel BV | Belgium | |||||||
CTH B.V. | The Netherlands | |||||||
CTH België BV | Belgium | |||||||
Triperia CTH Espana SL | Spain | |||||||
CTH GmbH | Germany | |||||||
CTH Porto - Industria Alimentar Unipessoal Lda | Portugal | |||||||
CTH US Inc. | Delaware | |||||||
Darling Ingredients Belgium Holding BV | Belgium | |||||||
Darling Ingredients Germany Holding GmbH | Germany | |||||||
Darling Ingredients International Holding B.V. | The Netherlands | |||||||
Darling Ingredients Nederland B.V. | The Netherlands | |||||||
Darling Ingredients Nederland Holding B.V. | The Netherlands | |||||||
Darling (Shanghai) Management Co. Ltd | China |
Ecoson B.V. | The Netherlands | |||||||
Ecoson Burgum BV | The Netherlands | |||||||
Ecoson Recycling BV | Belgium | |||||||
Darling Ingredients International Rendering and Specialties B.V. | The Netherlands | |||||||
Global Ceramic Materials Ltd | United Kingdom | |||||||
Harimex do Brazil Ltda | Brazil | |||||||
Haripro SpA (50%) | Italy | |||||||
Hepac B.V. | The Netherlands | |||||||
HR-Service Nederland B.V. | The Netherlands | |||||||
Hunan Teijsen Casings & Food Co. Ltd | China | |||||||
IT Services B.V. | The Netherlands | |||||||
LARU GmbH | Germany | |||||||
MD Entsorgungsges. für Schlachtnebenprodukte mbH | Germany | |||||||
Nevada Darmen- und Schlachtnebenprodukte Handels GmbH | Germany | |||||||
Olense Kippeverwerking BV | Belgium | |||||||
Qionglai Sonac Biotechnology Co. Ltd | China | |||||||
Rendac BV | Belgium | |||||||
Rendac CES SA | Luxemburg | |||||||
Rendac Icker GmbH & Co. KG | Germany | |||||||
Rendac Jagel GmbH | Germany | |||||||
Rendac Lingen GmbH | Germany | |||||||
Rendac Rotenburg GmbH | Germany | |||||||
Rendac Son B.V. | The Netherlands | |||||||
Rendac Transport BV | Belgium | |||||||
Rendac UDES BV | Belgium | |||||||
Rendac Udes Transport BV | Belgium | |||||||
Revada BV | Belgium | |||||||
Rousselot Argentina SA | Argentina | |||||||
Rousselot (Da'an) Gelatin Co. Ltd (75%) | China | |||||||
Rousselot (Guangdong) Gelatin Co. Ltd (75%) | China | |||||||
Rousselot (M) SDN.BHD | Malaysia | |||||||
Rousselot (Whenzou) Gelatin Co. Ltd (70%) | China | |||||||
Rousselot (Zhejiang) Gelatin Co. Ltd (70%) | China | |||||||
Rousselot Angouleme SAS | France | |||||||
Rousselot B.V. | The Netherlands | |||||||
Rousselot BV | Belgium | |||||||
Rousselot Dubuque Inc. | Delaware | |||||||
Rousselot Gelatin SL | Spain | |||||||
Rousselot Gelatinas do Brasil Ltda | Brazil | |||||||
Rousselot GmbH | Germany | |||||||
Rousselot Inc. | Delaware | |||||||
Rousselot Isle sur La Sorgue SAS | France | |||||||
Rousselot Japan KK | Japan | |||||||
Rousselot Peabody Inc. | Massachusetts |
Rousselot SAS | France | |||||||
Siping Sonac Biotechnology Co. Ltd | China | |||||||
SNP Handels- und Beteiligungs GmbH | Germany | |||||||
Sonac Lubien Kujawski spolka z ograniczona odpowiedzialnoscia (sp.z.o.o.) | Poland | |||||||
Sobel Luxembourg Sarl | Luxemburg | |||||||
Sonac Almere BV | The Netherlands | |||||||
Sonac (China) Biology Co. Ltd | China | |||||||
Sonac (Luohe) Biotechnology Co. Ltd | China | |||||||
Sonac Australia PTY, Ltd | Australia | |||||||
Sonac Bad Bramstedt GmbH | Germany | |||||||
Sonac België BV | Belgium | |||||||
Sonac Brünen GmbH | Germany | |||||||
Sonac Burgum B.V. | The Netherlands | |||||||
Sonac do Brasil Indústria e Comércio de Sub Produto Animal Ltda | Brazil | |||||||
Sonac Eindhoven B.V. | The Netherlands | |||||||
Sonac Elsholz GmbH | Germany | |||||||
Sonac Erolzheim GmbH | Germany | |||||||
Sonac Functional Products B.V. | The Netherlands | |||||||
Sonac Gent BV | Belgium | |||||||
Sonac (Guangdong) Biotechnology Co. Ltd | China | |||||||
Sonac Harlingen B.V. | The Netherlands | |||||||
Sonac Kiel GmbH | Germany | |||||||
Sonac Lingen GmbH | Germany | |||||||
Sonac Loenen B.V. | The Netherlands | |||||||
Sonac Mering GmbH | Germany | |||||||
Sonac Osetnica Sp.z o.o. | Poland | |||||||
Sonac Son B.V. | The Netherlands | |||||||
Sonac USA LLC | Delaware | |||||||
Sonac Usnice Sp.z o.o. | Poland | |||||||
Sonac Versmold GmbH | Germany | |||||||
Sonac Vuren B.V. | The Netherlands | |||||||
Treuhand SNP Icker GmbH | Germany | |||||||
Zhejiang Sonac Biotechnology Co. Ltd | China |
Date: | March 1, 2022 |
Date: | March 1, 2022 |
/s/ Randall C. Stuewe | /s/ Brad Phillips | ||||||||||
Randall C. Stuewe | Brad Phillips | ||||||||||
Chief Executive Officer | Chief Financial Officer | ||||||||||
Date: March 1, 2022 | Date: March 1, 2022 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash | $ | 21,071 | $ | 143,794 | ||||||||||
Receivables, net | 394,435 | 160,324 | ||||||||||||
Receivables – due from related party | 105,898 | 21,165 | ||||||||||||
Inventory | 136,826 | 50,618 | ||||||||||||
Prepaid expenses and other | 28,064 | 7,656 | ||||||||||||
Total current assets | 686,294 | 383,557 | ||||||||||||
Property, plant and equipment, at cost | 2,896,942 | 1,380,047 | ||||||||||||
Accumulated depreciation | (186,195) | (141,321) | ||||||||||||
Property, plant and equipment, net | 2,710,747 | 1,238,726 | ||||||||||||
Deferred charges and other assets, net | 51,514 | 36,082 | ||||||||||||
Total assets | $ | 3,448,555 | $ | 1,658,365 | ||||||||||
LIABILITIES AND MEMBERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion debt and finance lease obligations | $ | 112,832 | $ | 269 | ||||||||||
Current portion debt and finance lease obligations – due to related party | 52,260 | 248 | ||||||||||||
Accounts payable | 213,696 | 76,266 | ||||||||||||
Accounts payable – due to related party | 70,015 | 21,057 | ||||||||||||
Taxes other than income taxes | 7,426 | 1,450 | ||||||||||||
Other accrued expenses | 4,723 | 1,014 | ||||||||||||
Total current liabilities | 460,952 | 100,304 | ||||||||||||
Finance lease obligations, less current portion | 264,250 | 673 | ||||||||||||
Finance lease obligations, less current portion – due to related party | 80,059 | 8,032 | ||||||||||||
Other long-term liabilities | 17,531 | 3,758 | ||||||||||||
Commitments | ||||||||||||||
Members’ equity: | ||||||||||||||
Members’ capital | 601,378 | 223,378 | ||||||||||||
Retained earnings | 2,027,449 | 1,327,682 | ||||||||||||
Accumulated other comprehensive loss | (3,064) | (5,462) | ||||||||||||
Total members’ equity | 2,625,763 | 1,545,598 | ||||||||||||
Total liabilities and members’ equity | $ | 3,448,555 | $ | 1,658,365 |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues (a) | $ | 2,342,332 | $ | 1,267,477 | ||||||||||
Cost of sales: | ||||||||||||||
Cost of materials and other | 1,809,746 | 788,078 | ||||||||||||
Operating expenses (excluding depreciation, amortization and accretion expense reflected below) (b) | 131,609 | 90,912 | ||||||||||||
Depreciation, amortization and accretion expense | 58,326 | 44,882 | ||||||||||||
Blender’s tax credit | (371,164) | (287,913) | ||||||||||||
Total costs of sales | 1,628,517 | 635,959 | ||||||||||||
Other operating expenses | 3,211 | — | ||||||||||||
General and administrative expenses – related party | 2,092 | 1,704 | ||||||||||||
Operating income | 708,512 | 629,814 | ||||||||||||
Other income, net | 678 | 1,636 | ||||||||||||
Interest and debt expense | ||||||||||||||
Incurred (c) | (7,010) | (1,260) | ||||||||||||
Capitalized | 1,074 | — | ||||||||||||
Interest and debt expense, net | (5,936) | (1,260) | ||||||||||||
Net income | $ | 703,254 | $ | 630,190 |
Supplemental information – each income statement line item reflected below includes revenues and expenses provided by related party as follows: | ||||||||||||||||||||
(a) Revenues – related party | $ | 445,197 | $ | 212,577 | ||||||||||||||||
(b) Operating expenses (excluding depreciation, amortization and accretion expense) – related party | 40,478 | 30,213 | ||||||||||||||||||
(c) Interest and debt expense incurred – related party | (2,214) | (1,226) |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income | $ | 703,254 | $ | 630,190 | ||||||||||
Gain on cash flow hedges | 2,398 | 2,914 | ||||||||||||
Comprehensive income | $ | 705,652 | $ | 633,104 |
Diamond | Darling | Total | ||||||||||||||||||
Alternative | Green | Members’ | ||||||||||||||||||
Energy, LLC | Energy LLC | Equity | ||||||||||||||||||
Balances as of December 31, 2019 | $ | 661,459 | $ | 661,459 | $ | 1,322,918 | ||||||||||||||
Net income | 315,095 | 315,095 | 630,190 | |||||||||||||||||
Cash distributions to members | (205,212) | (205,212) | (410,424) | |||||||||||||||||
Other comprehensive income | 1,457 | 1,457 | 2,914 | |||||||||||||||||
Balances as of December 31, 2020 | 772,799 | 772,799 | 1,545,598 | |||||||||||||||||
Net income | 351,627 | 351,627 | 703,254 | |||||||||||||||||
Cash paid in excess of the carrying value of assets acquired from Valero Energy Corporation | (3,487) | — | (3,487) | |||||||||||||||||
Members’ contributions | 189,000 | 189,000 | 378,000 | |||||||||||||||||
Other comprehensive income | 1,199 | 1,199 | 2,398 | |||||||||||||||||
Balances as of December 31, 2021 | $ | 1,311,138 | $ | 1,314,625 | $ | 2,625,763 |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 703,254 | $ | 630,190 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation, amortization and accretion expense | 58,326 | 44,882 | ||||||||||||
Other noncash adjustment | 360 | — | ||||||||||||
(Increase) decrease in receivable, net | (231,713) | 354,280 | ||||||||||||
Increase in receivables – due from related party | (84,733) | (5,366) | ||||||||||||
Increase in inventory | (85,854) | (3,716) | ||||||||||||
(Increase) decrease in prepaid expenses and other | (20,408) | 1,372 | ||||||||||||
Increase in accounts payable | 42,599 | 757 | ||||||||||||
Increase (decrease) in accounts payable – due to related party | 48,416 | (3,377) | ||||||||||||
Increase (decrease) in taxes other than income taxes | 5,976 | (1,458) | ||||||||||||
Increase in other accrued expenses | 2,478 | 876 | ||||||||||||
Net cash provided by operating activities | 438,701 | 1,018,440 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (1,050,431) | (523,402) | ||||||||||||
Acquisitions from Valero Energy Corporation | (19,095) | — | ||||||||||||
Deferred turnaround and catalyst costs | (6,354) | (25,039) | ||||||||||||
Other investing activities | (3,214) | — | ||||||||||||
Net cash used in investing activities | (1,079,094) | (548,441) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from borrowings | 276,000 | — | ||||||||||||
Proceeds from borrowings - related party | 50,000 | — | ||||||||||||
Repayments of debt and finance lease obligations | (180,289) | (253) | ||||||||||||
Repayments of finance lease obligations - related party | (1,068) | (214) | ||||||||||||
Payments of debt issuance costs | (1,486) | — | ||||||||||||
Excess purchase price paid to Valero Energy Corporation, over the carrying value of acquired assets | (3,487) | — | ||||||||||||
Members’ contributions | 378,000 | — | ||||||||||||
Cash distributions to members | — | (410,424) | ||||||||||||
Net cash provided by (used in) financing activities | 517,670 | (410,891) | ||||||||||||
Net increase (decrease) in cash | (122,723) | 59,108 | ||||||||||||
Cash as of beginning of period | 143,794 | 84,686 | ||||||||||||
Cash as of end of period | $ | 21,071 | $ | 143,794 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash interest payments | $ | 6,382 | $ | 1,260 | ||||||||||
Noncash investing activities: | ||||||||||||||
Accrued capital expenditures | 156,955 | 60,777 | ||||||||||||
Accrued turnaround and catalyst expenditures | 247 | 1,051 | ||||||||||||
Operating and finance leases – see Note 5 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Receivables from contracts with customers | $ | 344,404 | $ | 133,740 | |||||||
Blender's tax credit receivable | 132,328 | 43,459 | |||||||||
Commodity derivative contract receivables (see Note 11) | 23,626 | 4,315 | |||||||||
Receivables before allowance for credit losses | 500,358 | 181,514 | |||||||||
Allowance for credit losses | (25) | (25) | |||||||||
Receivables after allowance for credit losses | 500,333 | 181,489 | |||||||||
Less receivables - due from related party | 105,898 | 21,165 | |||||||||
Receivables, net | $ | 394,435 | $ | 160,324 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Feedstocks | $ | 108,347 | $ | 29,843 | |||||||
Finished products | 26,953 | 20,172 | |||||||||
Supplies | 1,526 | 603 | |||||||||
Inventories | $ | 136,826 | $ | 50,618 |
Pipelines, | Feedstock | |||||||||||||||||||||||||||||||||||||||||||
Terminals, | Processing | Related | ||||||||||||||||||||||||||||||||||||||||||
and Tanks | Equipment | Real Estate | Total | Party | Others | Total | ||||||||||||||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of ROU assets | $ | 3,194 | $ | 398 | $ | 1,699 | $ | 5,291 | $ | 793 | $ | 4,498 | $ | 5,291 | ||||||||||||||||||||||||||||||
Interest on lease liabilities | 3,252 | 31 | 1,139 | 4,422 | 1,937 | 2,485 | 4,422 | |||||||||||||||||||||||||||||||||||||
Operating lease cost | — | 296 | 1,445 | 1,741 | 913 | 828 | 1,741 | |||||||||||||||||||||||||||||||||||||
Variable lease cost | (135) | 95 | 2 | (38) | (120) | 82 | (38) | |||||||||||||||||||||||||||||||||||||
Short-term lease cost | 682 | 677 | 159 | 1,518 | 159 | 1,359 | 1,518 | |||||||||||||||||||||||||||||||||||||
Total lease cost | $ | 6,993 | $ | 1,497 | $ | 4,444 | $ | 12,934 | $ | 3,682 | $ | 9,252 | $ | 12,934 | ||||||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of ROU assets | $ | 577 | $ | 270 | $ | — | $ | 847 | $ | 577 | $ | 270 | $ | 847 | ||||||||||||||||||||||||||||||
Interest on lease liabilities | 1,226 | 33 | — | 1,259 | 1,226 | 33 | 1,259 | |||||||||||||||||||||||||||||||||||||
Operating lease cost | — | 350 | 370 | 720 | 349 | 371 | 720 | |||||||||||||||||||||||||||||||||||||
Variable lease cost | — | 100 | — | 100 | — | 100 | 100 | |||||||||||||||||||||||||||||||||||||
Short-term lease cost | — | 319 | — | 319 | — | 319 | 319 | |||||||||||||||||||||||||||||||||||||
Total lease cost | $ | 1,803 | $ | 1,072 | $ | 370 | $ | 3,245 | $ | 2,152 | $ | 1,093 | $ | 3,245 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Operating | Finance | Operating | Finance | |||||||||||||||||||||||
Leases | Leases | Leases | Leases | |||||||||||||||||||||||
Supplemental balance sheet information: | ||||||||||||||||||||||||||
ROU assets, net reflected in the following balance sheet line items: | ||||||||||||||||||||||||||
Property, plant, and equipment, net | $ | — | $ | 358,501 | $ | — | $ | 8,156 | ||||||||||||||||||
Deferred charges and other assets, net | 18,170 | — | 3,855 | — | ||||||||||||||||||||||
Total ROU assets, net | $ | 18,170 | $ | 358,501 | $ | 3,855 | $ | 8,156 | ||||||||||||||||||
Current lease balance reflected in the following balance sheet line items: | ||||||||||||||||||||||||||
Current portion of finance lease obligations | $ | — | $ | 15,092 | $ | — | $ | 517 | ||||||||||||||||||
Accrued expenses | 1,756 | — | 498 | — | ||||||||||||||||||||||
Noncurrent lease liabilities reflected in the following balance sheet line items: | ||||||||||||||||||||||||||
Finance lease obligations, less current portion | — | 344,309 | — | 8,705 | ||||||||||||||||||||||
Other long-term liabilities | 16,601 | — | 3,435 | — | ||||||||||||||||||||||
Total lease liabilities | $ | 18,357 | $ | 359,401 | $ | 3,933 | $ | 9,222 | ||||||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows | $ | 1,178 | $ | 4,419 | $ | 465 | $ | 1,260 | ||||||||||||||||||
Investing cash flows | — | 188 | 259 | — | ||||||||||||||||||||||
Financing cash flows | — | 5,360 | — | 467 | ||||||||||||||||||||||
Changes in lease balances resulting from new and modified leases | 15,623 | 356,932 | 185 | 941 | ||||||||||||||||||||||
Other supplemental information: | ||||||||||||||||||||||||||
Weighted-average remaining lease term | 18.0 years | 19.3 years | 9.3 years | 12.1 years | ||||||||||||||||||||||
Weighted-average discount rate | 3.3 | % | 3.4 | % | 4.3 | % | 5.1 | % |
Operating Leases | Finance Leases | |||||||||||||||||||||||||||||||||||||
Related | Related | |||||||||||||||||||||||||||||||||||||
Party | Others | Total | Party | Others | Total | |||||||||||||||||||||||||||||||||
2022 | $ | 1,261 | $ | 1,061 | $ | 2,322 | $ | 4,941 | $ | 21,843 | $ | 26,784 | ||||||||||||||||||||||||||
2023 | 1,276 | 49 | 1,325 | 5,015 | 21,772 | 26,787 | ||||||||||||||||||||||||||||||||
2024 | 1,064 | 45 | 1,109 | 5,090 | 21,643 | 26,733 | ||||||||||||||||||||||||||||||||
2025 | 1,079 | — | 1,079 | 5,166 | 21,643 | 26,809 | ||||||||||||||||||||||||||||||||
2026 | 1,095 | — | 1,095 | 5,244 | 19,916 | 25,160 | ||||||||||||||||||||||||||||||||
Thereafter | 17,930 | — | 17,930 | 88,791 | 269,712 | 358,503 | ||||||||||||||||||||||||||||||||
Total undiscounted lease payments | 23,705 | 1,155 | 24,860 | $ | 114,247 | $ | 376,529 | $ | 490,776 | |||||||||||||||||||||||||||||
Less: Amount associated with discounting | 6,494 | 9 | 6,503 | 31,928 | 99,447 | 131,375 | ||||||||||||||||||||||||||||||||
Total lease liabilities | $ | 17,211 | $ | 1,146 | $ | 18,357 | $ | 82,319 | $ | 277,082 | $ | 359,401 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Processing units | $ | 1,751,558 | $ | 616,823 | |||||||
Administrative building | 42,496 | 2,933 | |||||||||
Precious metals | 42,294 | 9,942 | |||||||||
Capital spares | 5,685 | 1,638 | |||||||||
Computer hardware and software | 1,716 | 1,320 | |||||||||
Asset retirement obligation | 830 | 239 | |||||||||
Finance lease ROU assets (see Note 5) | 364,692 | 10,000 | |||||||||
Other | 457 | 529 | |||||||||
Construction in progress | 687,214 | 736,623 | |||||||||
Property, plant and equipment, at cost | 2,896,942 | 1,380,047 | |||||||||
Accumulated depreciation | (186,195) | (141,321) | |||||||||
Property, plant and equipment, net | $ | 2,710,747 | $ | 1,238,726 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Deferred turnaround and catalyst costs, net | $ | 22,326 | $ | 31,639 | |||||||
Operating lease ROU assets, net (see Note 5) | 18,170 | 3,855 | |||||||||
Intangible asset, net | 9,773 | 495 | |||||||||
Deferred debt issuance costs, net | 1,112 | — | |||||||||
Other | 133 | 93 | |||||||||
Deferred charges and other assets, net | $ | 51,514 | $ | 36,082 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Renewable diesel | $ | 2,262,379 | $ | 1,235,293 | |||||||
Recovered light ends liquid | 77,759 | 31,306 | |||||||||
Fuel gas | 2,194 | 878 | |||||||||
Total revenues | $ | 2,342,332 | $ | 1,267,477 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Effect of Cash Collateral Netting | Net Carrying Value on Balance Sheet | Cash Collateral Paid or Received Not Offset | ||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | $ | 3,214 | $ | — | $ | — | $ | 3,214 | $ | (3,214) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | 25,477 | — | — | 25,477 | (3,214) | (22,263) | — | (23,626) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Effect of Cash Collateral Netting | Net Carrying Value on Balance Sheet | Cash Collateral Paid or Received Not Offset | ||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | $ | 4,639 | $ | — | $ | — | $ | 4,639 | $ | (4,639) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts | 17,464 | — | — | 17,464 | (4,639) | (12,825) | — | (4,315) |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash | Level 1 | $ | 21,071 | $ | 21,071 | $ | 143,794 | $ | 143,794 | ||||||||||||||||||||
Finance liabilities: | |||||||||||||||||||||||||||||
Debt (excluding finance leases) | Level 2 | 150,000 | 150,000 | — | — | ||||||||||||||||||||||||
Notional Contract | ||||||||
Derivative Instrument | Volumes | |||||||
Ultra-low sulfur diesel: | ||||||||
Futures - long | 525 | |||||||
Futures - short | 3,385 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Balance Sheet Location | Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Commodity contracts | Receivables | $ | 3,214 | $ | 25,477 | $ | 4,639 | $ | 17,464 |
Derivatives in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Gain (loss) recognized in OCI on derivatives | N/A | $ | (44,064) | $ | 37,515 | |||||||||||||||
Gain (loss) reclassified from accumulated other comprehensive loss into income | Revenues | $ | (46,462) | $ | 34,601 |
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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jan. 02, 2021 |
---|---|---|
Assets [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 8,196 | $ 10,815 |
Stockholders’ equity: | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares, issued (in shares) | 171,734,603 | 169,880,238 |
Treasury stock (in shares) | 10,942,599 | 7,679,849 |
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands |
Total |
Parent [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Heating Oil [Member] |
Heating Oil [Member]
Parent [Member]
|
Heating Oil [Member]
AOCI Attributable to Parent [Member]
|
Corn Option [Member] |
Corn Option [Member]
Parent [Member]
|
Corn Option [Member]
AOCI Attributable to Parent [Member]
|
Foreign Exchange Contract [Member] |
Foreign Exchange Contract [Member]
Parent [Member]
|
Foreign Exchange Contract [Member]
AOCI Attributable to Parent [Member]
|
Soybean Meal [Member] |
Soybean Meal [Member]
Parent [Member]
|
Soybean Meal [Member]
AOCI Attributable to Parent [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 29, 2018 | 164,660,598 | |||||||||||||||||||
Stockholders' Equity, Beginning Balance at Dec. 29, 2018 | $ 2,335,821 | $ 2,273,048 | $ 1,681 | $ 1,536,157 | $ (47,756) | $ (304,539) | $ 1,087,505 | $ 62,773 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 320,967 | 312,600 | 312,600 | 8,367 | ||||||||||||||||
Distribution of noncontrolling interest earnings | (5,964) | (5,964) | ||||||||||||||||||
Additions to noncontrolling interests | 12,032 | 12,032 | ||||||||||||||||||
Pension liability adjustments, net of tax | 1,535 | 1,535 | 1,535 | |||||||||||||||||
Derivative adjustment | $ (3,141) | $ (3,141) | $ (3,141) | $ 278 | $ 278 | $ 278 | $ (3,723) | $ (3,723) | $ (3,723) | $ 0 | ||||||||||
Foreign currency translation adjustments | (11,934) | (12,257) | (12,257) | 323 | ||||||||||||||||
Stock-based compensation | 21,007 | 21,007 | 21,007 | |||||||||||||||||
Treasury stock (in shares) | (1,407,624) | |||||||||||||||||||
Treasury stock | (27,266) | (27,266) | (27,266) | |||||||||||||||||
Issuance of common stock (in shares) | 522,137 | |||||||||||||||||||
Issuance of common stock | 3,738 | 3,738 | $ 5 | 3,733 | ||||||||||||||||
Balance (in shares) at Dec. 28, 2019 | 163,775,111 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Dec. 28, 2019 | 2,643,350 | 2,565,819 | $ 1,686 | 1,560,897 | (75,022) | (321,847) | 1,400,105 | 77,531 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 300,330 | 296,819 | 296,819 | 3,511 | ||||||||||||||||
Distribution of noncontrolling interest earnings | (4,480) | (4,480) | ||||||||||||||||||
Additions to noncontrolling interests | (9,888) | 3,258 | 3,258 | (13,146) | ||||||||||||||||
Pension liability adjustments, net of tax | (4,313) | (4,313) | (4,313) | |||||||||||||||||
Derivative adjustment | 1,104 | 1,104 | 1,104 | (5,731) | (5,731) | (5,731) | 6,621 | 6,621 | 6,621 | 297 | $ 297 | $ 297 | ||||||||
Foreign currency translation adjustments | 70,320 | 71,436 | 71,436 | (1,116) | ||||||||||||||||
Stock-based compensation | 23,001 | 23,001 | 23,001 | |||||||||||||||||
Treasury stock (in shares) | (2,834,646) | |||||||||||||||||||
Treasury stock | (76,688) | (76,688) | (76,688) | |||||||||||||||||
Issuance of common stock (in shares) | 1,248,924 | |||||||||||||||||||
Issuance of common stock | 10,065 | 10,065 | $ 13 | 10,052 | ||||||||||||||||
Balance (in shares) at Jan. 02, 2021 | 162,200,389 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Jan. 02, 2021 | 2,954,209 | 2,891,909 | $ 1,699 | 1,597,429 | (151,710) | (252,433) | 1,696,924 | 62,300 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 11,000 | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 221 | 221 | 221 | |||||||||||||||||
Net income | 657,290 | 650,914 | 650,914 | 6,376 | ||||||||||||||||
Distribution of noncontrolling interest earnings | (6,316) | (6,316) | ||||||||||||||||||
Pension liability adjustments, net of tax | 12,669 | 12,669 | 12,669 | |||||||||||||||||
Derivative adjustment | $ 894 | $ 894 | $ 894 | $ 1,838 | $ 1,838 | $ 1,838 | $ (5,833) | $ (5,833) | $ (5,833) | $ (141) | $ (141) | $ (141) | ||||||||
Foreign currency translation adjustments | (74,219) | (78,684) | (78,684) | 4,465 | ||||||||||||||||
Stock-based compensation | 21,666 | 21,666 | 21,666 | |||||||||||||||||
Treasury stock (in shares) | (3,262,750) | |||||||||||||||||||
Treasury stock | (223,011) | (223,011) | (223,011) | |||||||||||||||||
Issuance of common stock (in shares) | 1,854,365 | |||||||||||||||||||
Issuance of common stock | 8,568 | 8,568 | $ 18 | 8,550 | ||||||||||||||||
Balance (in shares) at Jan. 01, 2022 | 160,792,004 | |||||||||||||||||||
Stockholders' Equity, Ending Balance at Jan. 01, 2022 | 3,347,785 | 3,280,960 | $ 1,717 | 1,627,816 | $ (374,721) | $ (321,690) | $ 2,347,838 | $ 66,825 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 171 | $ 171 | $ 171 |
Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares |
Jan. 01, 2022 |
Jan. 02, 2021 |
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Statement of Stockholders' Equity [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
General |
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General [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL | GENERAL (a) NATURE OF OPERATIONS Darling Ingredients Inc., a Delaware corporation (“Darling”, and together with its subsidiaries, the “Company” or “we”, “us” or “our”), is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries. The Company’s business operations are conducted through a global network of over 200 locations across five continents within three business segments, Feed Ingredients, Food Ingredients and Fuel Ingredients. Comparative segment revenues and related financial information are presented in Note 21 to the consolidated financial statements. (b)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) Basis of Presentation The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represents the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income attributable to noncontrolling interests”. In the Company's Consolidated Balance Sheets, noncontrolling interests represents the ownership interests in the Company consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All intercompany balances and transactions have been eliminated in consolidation. (2) Fiscal Year The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal years for the consolidated financial statements included herein are for the 52 weeks ended January 1, 2022, the 53 weeks ended January 2, 2021, and the 52 weeks ended December 28, 2019. (3) Cash and Cash Equivalents The Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. Cash balances are recorded net of book overdrafts when a bank right-of-offset exists. All other book overdrafts are recorded in accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statement of Cash Flows. In addition, the Company has bank overdrafts, which are considered a form of short-term financing with changes in the related balance reflected in financing activities in the Consolidated Statement of Cash Flows. Restricted cash represents amounts required to be set aside as collateral for environmental claims and are insignificant to the Company. (4) Accounts Receivable and Allowance for Doubtful Accounts The Company maintains allowances for doubtful accounts for estimated losses resulting from customers’ non-payment of trade accounts receivable owed to the Company. These trade receivables arise in the ordinary course of business from sales of raw material, finished product or services to the Company’s customers. The estimate of allowance for doubtful accounts is based upon the Company’s bad debt experience adjusted for differences in asset-specific risk characteristic, current economic conditions and forecast of future economic conditions. If the financial condition of the Company’s customers deteriorates, resulting in the customers’ inability to pay the Company’s receivables as they come due, additional allowances for doubtful accounts may be required. The Company has entered into agreements with third party banks to factor certain of the Company's trade receivables in order to enhance working capital by turning trade receivables into cash faster. Under these agreements, the Company will sell certain selected customers trade receivables to the third party banks without recourse for cash less a nominal fee. For the year ended January 1, 2022, January 2, 2021 and December 28, 2019, the Company sold approximately $443.6 million, $345.6 million and $204.1 million, respectively of its trade receivables and incurred approximately $1.1 million, $1.1 million and $1.2 million in fees, which are recorded as interest expense, respectively. (5) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is primarily determined using the first-in, first-out (FIFO) method for the Feed Ingredients and Fuel Ingredients segments. In the Food Ingredients segment cost is primarily determined based on the weighted average cost. (6) Long Lived Assets Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of assets: 1) Buildings and improvements, 15 to 30 years; 2) Machinery and equipment, 3 to 10 years; 3) Vehicles, 3 to 8 years; and 4) Aircraft, 7 to 10 years. Maintenance and repairs are charged to expense as incurred and expenditures for major renewals and improvements are capitalized. Intangible Assets Intangible assets with indefinite lives, and therefore, not subject to amortization, consist of trade names acquired in the acquisition of Griffin Industries Inc. on December 17, 2010 (which was subsequently converted to a limited liability company) and its subsidiaries (“Griffin”) and trade names acquired in the acquisition of its Darling Ingredients International business. Intangible assets subject to amortization consist of: 1) collection routes which are made up of groups of suppliers of raw materials in similar geographic areas from which the Company derives collection fees and a dependable source of raw materials for processing into finished products; 2) permits that represent licensing of operating plants that have been acquired, giving those plants the ability to operate; 3) non-compete agreements that represent contractual arrangements with former competitors whose businesses were acquired; 4) trade names; and 5) royalty, product development, consulting, land use rights and leasehold agreements. Amortization expense is calculated using the straight-line method over the estimated useful lives of the assets ranging from: 5 to 21 years for collection routes; 10 to 20 years for permits; 3 to 7 years for non-compete covenants; and 4 to 15 years for trade names. Royalty, product development, patents, consulting, land use rights and leasehold agreements are generally amortized over the term of the agreement. (7) Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of The Company reviews the carrying value of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset, or related asset group, may not be recoverable from estimated future undiscounted cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount for which the carrying amount of the asset exceeds the fair value of the asset. In fiscal 2021 and 2020, the Company recorded asset impairment charges related to its biodiesel long-lived assets of approximately $0.1 million and $6.2 million, respectively. See Note 18 to the consolidated financial statements. (8) Goodwill and Indefinite Lived Intangible Assets Goodwill and indefinite lived intangible assets are tested annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. When assessing the recoverability of goodwill and other indefinite lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an other indefinite lived intangible asset is less than its carrying amount. The qualitative evaluation is an assessment of multiple factors, including the current operating environment, financial performance and market considerations. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite lived intangible assets and perform a quantitative test, based on management's judgment. If the Company chooses to bypass the qualitative assessment, it performs the quantitative approach to impairment testing by comparing the fair value of the Company's reporting units to their respective carrying amounts and records an impairment charge for the amount by which the carrying amounts exceeds the fair value; however, the loss recognized if any will not exceed the total amount of goodwill allocated to that reporting unit. In fiscal 2021, the Company performed a qualitative impairment analysis for its annual goodwill and indefinite-lived intangible assets at October 30, 2021. Based on the Company's annual impairment testing at October 30, 2021, we concluded it is more likely than not that the fair values of the Company’s reporting units containing goodwill and indefinite lived intangible assets exceeded the related carrying value. In fiscal 2020 and fiscal 2019, the Company performed its annual goodwill and indefinite-lived intangible asset impairment testing using a quantitative impairment assessment. In fiscal 2020, the Company performed its annual goodwill and indefinite-lived intangible assets impairment assessments at October 24, 2020 and prior to finalizing the impairment testing a triggering event occurred, which due to unfavorable economics in the biodiesel industry, the Company made the decision to shut down processing operations at its biodiesel facilities located in the United States and Canada, and there are no current plans to resume biodiesel production at these facilities in the future. As a result, the Company recorded goodwill impairment charges in fiscal 2020. In fiscal 2019, the fair values of the Company’s reporting units containing goodwill exceeded the related carrying values. Goodwill was approximately $1.2 billion and $1.3 billion at January 1, 2022 and January 2, 2021, respectively. See Note 7 for further information on the Company’s goodwill. (9) Leases The Company accounts for leases in accordance with Accounting Standard Codification (“ASC”) Topic 842, Leases. The Company determines if an arrangement is a lease at inception for which the Company recognizes the right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. In determining the lease liability, the Company applies a discount rate to the minimum lease payments within each lease. ASC 842 requires the Company to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate the Company's incremental borrowing rate over various terms, a comparable market yield curve consistent with the Company's credit quality is determined. The lease term for all of the Company's leases include the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise or when a triggering event occurs. The Company has elected to not recognize a ROU asset and lease liability with an initial term of 12 months or less at lease commencement. Operating leases are included on the Company's balance sheet as a ROU asset, current operating lease liabilities and long-term operating lease liabilities. For finance leases, the lease liability is initially measured in the same manner and date as for the operating leases, and is subsequently measured at amortized cost using the effective interest method. Finance leases are included in property, plant and equipment, current portion of long-term debt and long-term debt, net of current portion, but are not significant to the Company. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of the lease incentives received. Some leases payments contain rent escalation clauses (including index-based escalations), initially measured using the index at the lease commencement date. The Company recognizes minimum rental expense on a straight-line basis based on the fixed components of the lease arrangement. The Company uses the long-lived assets impairment guidance in ASC subtopic 360-10, Property, Plant and Equipment - Overall, to determine whether the ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the Consolidated Statement of Operations. (10) Environmental Expenditures Environmental expenditures incurred to mitigate or prevent environmental impacts that have yet to occur and that otherwise may result from future operations are capitalized. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenues are expensed or charged against established environmental reserves. Reserves are established when environmental impacts have been identified which are probable to require mitigation and/or remediation and the costs are reasonably estimable. (11) Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for taxable income in future years. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authority. Adjustments are made to the reserves for uncertain tax positions when facts and circumstances change or additional information is available. Judgment is required to assess the impact of ongoing audits conducted by tax authorities in determining the Company’s consolidated income tax provision. The Company recognizes accrued interest and penalties on tax related matters as a component of income tax expense. (12) Earnings per Share Basic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares with participation rights outstanding during the period. Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method.
For fiscal 2021, 2020 and 2019, respectively, zero, 24,356 and 638,146 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For fiscal 2021, 2020 and 2019, respectively, 195,542, 392,909 and 611,187 shares of non-vested stock were excluded from diluted income per common share as the effect was antidilutive. (13) Stock Based Compensation The Company recognizes compensation expense ratably over the vesting period in an amount equal to the fair value of the share-based payments (e.g., stock options and non-vested and restricted stock) granted to employees and non-employee directors or by incurring liabilities to an employee or other supplier (a) in amounts based, at least in part, on the price of the entity’s shares or other equity instruments, or (b) that require or may require settlement by issuing the entity’s equity shares or other equity instruments. The Company's policy is to account for forfeitures in the period they occur, rather than estimating a forfeiture rate. The Company does not reclassify excess tax benefits from operating activities to financing activities in the Consolidated Statements of Cash Flows. Additionally, the Company excludes the excess tax benefits from the assumed proceeds available to repurchase shares of common stock in the computation of the Company's diluted earnings per share. The Company records tax benefit or expense within income tax expense for the year ended January 1, 2022, January 2, 2021 and December 28, 2019 related to the excess tax expense on stock options, nonvested stock, director restricted stock units, restricted stock units and performance units. Total stock-based compensation recognized in the Consolidated Statements of Operations for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 was approximately $21.8 million, $23.2 million and $21.0 million, respectively, which is included in selling, general and administrative expenses, and the related income tax benefit recognized was approximately $1.8 million, $1.9 million and $1.7 million, respectively. See Note 13 for further information on the Company’s stock-based compensation plans. (14) Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made. As a result of the current global coronavirus disease (“COVID-19”) pandemic, and related government imposed movement restrictions and initiatives implemented to reduce the global transmission of COVID-19, we have evaluated the potential impact to the Company's operations and for any indicators of potential triggering events that could indicate certain of the Company's assets may be impaired. As of January 1, 2022, the Company has not observed any impairments of the Company's assets or a significant change in their fair value due to the COVID-19 pandemic. (15) Financial Instruments The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments. The Company's 5.25% Senior Notes due 2027, 3.625% Senior Notes due 2026, term loan and revolver borrowings outstanding at January 1, 2022, as described in Note 10 have a fair value based on market valuation from third-party banks. The carrying amount for the Company’s other debt is not deemed to be significantly different than the fair value. See Note 17 for financial instruments' fair values. (16) Derivative Instruments The Company makes limited use of derivative instruments to manage cash flow risks related to natural gas usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Soybean meal options are entered into with the intent of managing the impact of changing prices for poultry meal sales. Corn options and future contracts are entered into with the intent of managing U.S. forecasted sales of BBP by reducing the impact of changing prices. Foreign currency forward and option contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. Entities are required to report all derivative instruments in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding the instrument. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair value, cash flows or foreign currencies. If the hedged exposure is a cash flow exposure, the gain or loss on the derivative instrument is reported initially as a component of other comprehensive income (outside of earnings) and is subsequently reclassified into earnings when the forecasted transaction affects earnings. Any amounts excluded from the assessment of hedge effectiveness is reported in earnings immediately. If the derivative instrument is not designated as a hedge, the gain or loss is recognized in earnings in the period of change. Hedge accounting treatment ceases if or when the hedge transaction is no longer probable of occurring or the hedge relationship correlation no longer qualifies for hedge accounting. (17) Revenue Recognition The Company recognizes revenue on sales when control of the promised finished product is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs. Certain customers may be required to prepay prior to shipment in order to maintain payment protection against certain foreign and domestic sales. These amounts are recorded as unearned revenue and recognized when control of the promised finished product is transferred to the Company's customer. See Note 22 to the consolidated financial statements. (18) Related Party Transactions The Company announced in January 2011 that a wholly-owned subsidiary of Darling entered into a limited liability company agreement with a wholly-owned subsidiary of Valero Energy Corporation (“Valero”) to form Diamond Green Diesel Holdings LLC (the “DGD Joint Venture”). The Company has related party sale transactions and loan transactions with the DGD Joint Venture. See Note 23 for further information on the Company's related party transactions. (19) Foreign Currency Translation and Remeasurement Foreign currency translation is included as a component of accumulated other comprehensive loss and reflects the adjustments resulting from translating the foreign currency denominated financial statements of foreign subsidiaries into U.S. dollars. The functional currency of the Company's foreign subsidiaries is the currency of the primary economic environment in which the entity operates, which is generally the local currency of the country. Accordingly, assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at fiscal year end exchange rates, including intercompany foreign currency transactions that are of long-term investment nature. Income and expense items are translated at average exchange rates occurring during the period. Changes in exchange rates that affect cash flows and the related receivables or payables are recognized as transaction gains/(losses) in determining net income. The Company incurred net foreign currency translation gains/(losses) of approximately $(78.7) million, $71.4 million and $(12.3) million in fiscal 2021, 2020 and 2019, respectively. (20) Reclassification Certain immaterial prior year amounts have been reclassified to conform to current year presentation. (21) Subsequent Events The Company evaluates subsequent events from the end of the most recent fiscal year through the date the consolidated financial statements are issued.
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Investment in Unconsolidated Subsidiary |
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Investment in Affiliate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY | INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES On January 21, 2011 a wholly-owned subsidiary of Darling entered into a limited liability company agreement with Valero to form the DGD Joint Venture. The DGD Joint Venture is owned 50% / 50% with Valero and was formed to design, engineer, construct and operate a renewable diesel plant located adjacent to Valero's refinery in Norco, Louisiana. The DGD Joint Venture reached mechanical completion and began the production of renewable diesel in late June 2013. Effective May 1, 2019, the limited liability company agreement was amended and restated for the purpose of updating the agreement in certain respects, including to remove certain provisions that were no longer relevant and to add new provisions relating to the expansion of the existing facility. Selected financial information for the Company's DGD Joint Venture is as follows:
As of January 1, 2022, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $1.3 billion on the consolidated balance sheet. The Company has recorded approximately $351.6 million, $315.1 million and $364.5 million in equity in net income of Diamond Green Diesel for the years ended January 1, 2022, January 2, 2021 and December 28, 2019, respectively. 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. In fiscal 2021 and fiscal 2020, the DGD Joint Venture recorded approximately $371.2 million and $287.9 million, respectively in blenders tax credits. In December 2019, the blenders tax credit was reinstated by the U.S. Congress retroactively for calendar year 2018 and 2019 and extended through calendar year 2022. In fiscal 2019, the DGD Joint Venture recorded approximately $274.7 million for 2019 blenders tax credits and approximately $155.9 million for 2018 blenders tax credits. The Company received $205.2 million and $67.5 million for each of the years ended January 2, 2021 and December 28, 2019, in dividend distributions from the DGD Joint Venture. In fiscal year 2021, the Company did not receive any dividend distributions from the DGD Joint Venture. In addition, during fiscal year 2021, the Company made capital contributions to the DGD Joint Venture of approximately $189.0 million. Subsequent to January 1, 2022, each joint venture partner made a capital contribution of approximately $24.75 million. 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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Acquisitions |
12 Months Ended |
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Jan. 01, 2022 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS AND DISPOSITIONS In December 2021, the Company announced that we entered into a definitive agreement to acquire all of the shares of Valley Proteins, Inc. for approximately $1.1 billion in cash, plus or minus various closing adjustments in accordance with the Stock Purchase Agreement. The closing of the transaction is subject to customary closing conditions, including the receipt of regulatory approval. In December 2020, the Company acquired substantially all the assets of Marengo Fabricated Steel Ltd (the “Marengo Acquisition”) a grease collection equipment manufacturer. The Company purchased the Marengo Acquisition for $10.8 million consisting of cash paid of approximately $10.5 million and a hold back amount of approximately $0.3 million, which was paid in fiscal 2021. The Company recorded assets and liabilities consisting of property, plant and equipment of approximately $3.6 million, goodwill of approximately $5.7 million and other net assets of approximately $1.5 million. In October 2020, a wholly-owned international subsidiary acquired all the shares of a Belgium privately owned group of companies (the “Belgium Group Acquisition”). The Company purchased the Belgium Group Acquisition for approximately $24.6 million after purchase price adjustments consisting of cash paid of approximately $19.3 million and a hold back amount of approximately $5.3 million, which approximately $1.7 million was paid in fiscal 2021. The Company recorded assets and liabilities consisting of property, plant and equipment of approximately $14.8 million, intangible assets of approximately $6.4 million, goodwill of approximately $9.1 million and net working capital liabilities of approximately $5.7 million. The identifiable intangibles have a weighted average life of 12 years. In December 2019, the Company began to consolidate EnviroFlight, LLC due to a loan issued by the Company, which resulted in more control by the Company based on variable interest entity literature. In January 2020, the Company acquired the other 50% minority interest in EnviroFlight, LLC from the other joint venture partner for approximately $8.8 million, along with the purchase of intellectual property of approximately $3.4 million for a total of approximately $12.2 million, thereby increasing the Company's ownership interest in EnviroFlight, LLC to 100%. Additionally, the Company made other immaterial acquisitions and dispositions in fiscal 2020 and fiscal 2019. On February 25, 2022, a wholly-owned international subsidiary entered into a definitive agreement and acquired all of the shares of Group Op de Beeck, a Belgium digester, organic and industrial waste processing company that will grow our Fuel Ingredients segment for a purchase price of approximately $92.0 million including assumed debt.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES A summary of inventories follows (in thousands):
The Company's work in process inventory represents inventory in the Food Ingredients segment that is in various stages of processing.
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment follows (in thousands):
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Intangbile assets |
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INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands):
Gross intangible routes, permits, trade names, non-compete agreements and other intangibles changed due to a decrease of approximately $59.7 million as a result of asset retirements and the remaining change is due to foreign exchange impact. Amortization expense for the three years ended January 1, 2022, January 2, 2021 and December 28, 2019, was approximately $67.4 million, $74.0 million and $73.6 million, respectively. Amortization expense for the next five fiscal years is estimated to be $64.7 million, $63.6 million, $43.3 million, $35.8 million and $25.4 million.
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Goodwill |
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GOODWILL [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL | GOODWILL Changes in the carrying amount of goodwill (in thousands):
The process of evaluating goodwill for impairment involves the determination of the fair value of the Company's reporting units. In fiscal 2021, the Company concluded it is more likely than not that the fair values of the reporting units containing goodwill exceeded the related carrying value pursuant to a qualitative assessment completed as of October 30, 2021. In fiscal 2020, the Company performed its annual goodwill and indefinite-lived intangible assets impairment assessments at October 24, 2020 pursuant to a quantitative assessment and prior to finalizing the impairment testing a triggering event occurred, which due to unfavorable economics in the biodiesel industry, the Company made the decision to shut down processing operations at its biodiesel facilities located in the United States and Canada, and there are no current plans to resume biodiesel production at these facilities in the future. As a result, the Company recorded goodwill impairment charges in fiscal 2020 of approximately $31.6 million. See Note 18 to the consolidated financial statements for further discussion on asset impairment. Based on the Company's annual impairment testing at October 24, 2020, the remaining reporting units fair value exceeded their carrying value. In fiscal 2019, the fair values of the Company’s reporting units containing goodwill exceeded the related carrying value pursuant to a quantitative assessment completed as of October 26, 2019.
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Accrued Expenses |
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ACCRUED EXPENSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consist of the following (in thousands):
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES The Company leases certain real and personal property under non-cancelable operating leases. In addition, the Company leases a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail. In addition, the Company's other variable lease payments are not significant. The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):
Other information (in thousands, except lease terms and discount rates):
Future annual minimum lease payments and finance lease commitments as of January 1, 2022 were as follows (in thousands):
As of January 1, 2022, the Company also has additional operating leases that have not yet commenced, primarily for machinery and equipment, with fixed payments over their noncancellable terms of approximately $0.3 million. These operating leases will commence in 2022 with noncancellable terms of 7 years. The Company's finance lease assets are included in property, plant and equipment and the finance lease obligations are included in the Company's current and long-term debt obligations on the consolidated balance sheet.
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Leases | LEASES The Company leases certain real and personal property under non-cancelable operating leases. In addition, the Company leases a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail. In addition, the Company's other variable lease payments are not significant. The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):
Other information (in thousands, except lease terms and discount rates):
Future annual minimum lease payments and finance lease commitments as of January 1, 2022 were as follows (in thousands):
As of January 1, 2022, the Company also has additional operating leases that have not yet commenced, primarily for machinery and equipment, with fixed payments over their noncancellable terms of approximately $0.3 million. These operating leases will commence in 2022 with noncancellable terms of 7 years. The Company's finance lease assets are included in property, plant and equipment and the finance lease obligations are included in the Company's current and long-term debt obligations on the consolidated balance sheet.
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Debt |
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Debt | DEBT Debt consists of the following (in thousands):
As of January 1, 2022, the Company had outstanding debt under the Company's 3.625% Senior Notes due 2026 denominated in euros of €515.0 million. See below for discussion relating to the Company's debt agreements. In addition, at January 1, 2022, the Company had finance lease obligations denominated in euros of approximately €2.3 million. As of January 1, 2022, the Company had other notes and obligations that consist of a China working capital line of credit of approximately $21.4 million and other debt of approximately $10.9 million. Senior Secured Credit Facilities. On January 6, 2014, Darling, Darling International Canada Inc. (“Darling Canada”) and Darling International NL Holdings B.V. (“Darling NL”) entered into a Second Amended and Restated Credit Agreement (as subsequently amended, the “Amended Credit Agreement”), restating its then existing Amended and Restated Credit Agreement dated September 27, 2013, with the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents from time to time party thereto. Effective December 9, 2021, the Company, and certain of its subsidiaries entered into an amendment (the "Seventh Amendment") with its lenders to the Amended Credit Agreement. Among other things, the Seventh Amendment (a) increased the maximum aggregate principal amount of the revolving credit facility from $1.0 billion to $1.5 billion, under which loans will or will continue to be made, as applicable, in U.S. dollars or alternative currencies, to the Company and certain of the Company’s subsidiaries as borrowers under the Amended Credit Agreement, (b) extended the stated maturity date of the revolving credit facility from September 18, 2025 to December 9, 2026, (c) obtained a delayed draw term loan commitment, and incurred new term loans pursuant thereto, in an aggregate principal amount of up to $400.0 million, which will be made available to the Company and have a term of years, (d) joined Darling Ingredients Germany Holding GmbH (“Darling GmbH”) and Darling Ingredients Belgium Holding B.V. (“Darling Belgium”), each of which are indirect subsidiaries of the Company, and Guarantors under the Amended Credit Agreement, as “Borrowers” under the Amended Credit Agreement and (e) updated and modified certain other terms and provisions of the Amended Credit Agreement, including to reflect alternative reference rates based on the secured overnight financing rate for U.S. dollar loans, the sterling overnight index average for pound sterling loans and the euro short term rate for euro swingline loans. The Amended Credit Agreement provides for senior secured credit facilities in the aggregate principal amount of $2.425 billion comprised of (i) the Company's $525.0 million term loan B facility, (ii) the Company's $400.0 million delayed draw term A loan and (iii) the Company's $1.5 billion five-year revolving loan facility (up to $150.0 million of which will be available for a letter of credit sub-limit and $50.0 million of which will be available for a swingline sub-limit) (collectively, the “Senior Secured Credit Facilities”). The Amended Credit Agreement also permits Darling and the other borrowers thereunder to incur ancillary facilities provided by any revolving lender party to the Senior Secured Credit Facilities (with certain restrictions). Up to $1.46 billion of the revolving loan facility is available to be borrowed by Darling, Darling Canada, Darling NL, Darling Ingredients International Holding B.V. (“Darling BV”), Darling GmbH, and Darling Belgium in U.S. dollars, Canadian dollars, euros, Sterling and other currencies to be agreed and available to each applicable lender. The remaining $40.0 million must be borrowed in U.S. dollars only by Darling. The revolving loan facility will mature on December 9, 2026. The revolving credit facility will be used for working capital needs, general corporate purposes and other purposes not prohibited by the Amended Credit Agreement. The interest rate applicable to any borrowings under the revolving loan facility will equal the adjusted term secured overnight financing rate (SOFR) for U.S. dollar borrowings or the adjusted euro interbank rate (EURIBOR) for euro borrowings or the adjusted daily simple Sterling overnight index average (SONIA) for British pound borrowings or CDOR for Canadian dollar borrowings plus 1.25% per annum or base rate or the adjusted term SOFR for U.S. dollar borrowings or Canadian prime rate for Canadian dollar borrowings or the adjusted daily simple European short term rate (ESTR) for euro borrowings or the adjusted daily SONIA rate for British pound borrowings plus 0.25% per annum subject to certain step-ups or step-downs based on the Company's total leverage ratio. The interest rate applicable to any borrowing under the delayed draw term loan A will equal the adjusted term SOFR plus a minimum of 1.50% per annum subject to certain step-ups based on the Company's total leverage ratio. The interest rate applicable to any borrowings under the term loan B facility will equal the base rate plus 1.00% or LIBOR plus 2.00%. As of January 1, 2022, the Company had $60.0 million outstanding under the revolver at base rate plus a margin of 0.25% per annum for a total of 3.50% per annum and $100.0 million outstanding under the revolver at SOFR plus a margin of 1.25% per annum for a total of 1.4053% per annum. The Company had $200.0 million outstanding under the term loan B facility at LIBOR plus a margin of 2.00% per annum for a total of 2.10% per annum. As of January 1, 2022, the Company had revolving loan facility availability of $1.286 billion and a delayed draw term A loan availability of $400.0 million under the Amended Credit Agreement taking into account amounts borrowed, ancillary facilities of $50.3 million and letters of credit issued of $3.8 million. The Company also has foreign bank guarantees that are not part of the Company's Amended Credit Agreement in the amount of approximately $11.7 million at January 1, 2022. The Company capitalized approximately $4.2 million of deferred loan costs in the year ended January 1, 2022 in connection with the Seventh Amendment. The Amended Credit Agreement contains various customary representations and warranties by the Company, which include customary use of materiality, material adverse effect and knowledge qualifiers. The Amended Credit Agreement also contains (a) certain affirmative covenants that impose certain reporting and/or performance obligations on Darling and its restricted subsidiaries, (b) certain negative covenants that generally prohibit, subject to various exceptions, Darling and its restricted subsidiaries from taking certain actions, including, without limitation, incurring indebtedness, making investments, incurring liens, paying dividends and engaging in mergers and consolidations, sale and leasebacks and asset dispositions, (c) financial covenants, which include a maximum total leverage ratio and a minimum interest coverage ratio and (d) customary events of default (including a change of control) for financings of this type. Obligations under the Senior Secured Credit Facilities may be declared due and payable upon the occurrence and during the continuance of customary events of default. 3.625% Senior Notes due 2026. On May 2, 2018, Darling Global Finance B.V. (the “3.625% Issuer”), a wholly-owned subsidiary of Darling, issued and sold €515.0 million aggregate principal amount of 3.625% Senior Notes due 2026 (the “3.625% Notes”). The 3.625% Notes, which were offered in a private offering, were issued pursuant to a Senior Notes Indenture, dated as of May 2, 2018 (the “3.625% Indenture”), among Darling Global Finance B.V., Darling, the subsidiary guarantors party thereto from time to time, Citibank, N.A., London Branch, as trustee and principal paying agent, and Citigroup Global Markets Deutschland AG, as principal registrar. The gross proceeds of the offering, together with borrowings under the Company’s revolving credit facility, were used to refinance all of the Company's previous 4.75% Notes by cash tender offer and redemption of those notes and to pay any applicable premiums for the refinancing, to pay the commission of the initial purchasers of the 3.625% Notes and to pay the other fees and expenses related to the offering. The 3.625% Notes will mature on May 15, 2026. The 3.625% Issuer will pay interest on the 3.625% Notes on May 15 and November 15 of each year, commencing on November 15, 2018. Interest on the 3.625% Notes accrues from May 2, 2018 at a rate of 3.625% per annum and is payable in cash. The 3.625% Notes are guaranteed on a senior unsecured basis by Darling and all of Darling's restricted subsidiaries (other than any foreign subsidiary or any receivable entity) that guarantee the Senior Secured Credit Facilities (collectively, the “3.625% Guarantors”). The 3.625% Notes and the guarantees thereof are senior unsecured obligations of the 3.625% Issuer and the 3.625% Guarantors and rank equally in right of payment to all of the 3.625% Issuer's and the 3.625% Guarantors' existing and future senior unsecured indebtedness. The 3.625% Indenture contains covenants limiting Darling's ability and the ability of its restricted subsidiaries (including the 3.625% Issuer) to, among other things: incur additional indebtedness or issue preferred stock; pay dividends on or make other distributions or repurchases of Darling's capital stock or make other restricted payments; create restrictions on the payment of dividends or certain other amounts from Darling's restricted subsidiaries to Darling or Darling's other restricted subsidiaries; make loans or investments; enter into certain transactions with affiliates; create liens; designate Darling's subsidiaries as unrestricted subsidiaries; and sell certain assets or merge with or into other companies or otherwise dispose of all of substantially all of Darling's assets. Other than for extraordinary events such as change of control and defined assets sales, the 3.625% Issuer is not required to make mandatory redemption or sinking fund payments on the 3.625% Notes. The 3.625% Notes are redeemable, in whole or in part, at any time on or after May 15, 2021 at the redemption prices specified in the 3.625% Indenture. 5.25% Senior Notes due 2027. On April 3, 2019, Darling issued and sold $500.0 million aggregate principal amount of 5.25% Senior Notes due 2027 (the “5.25% Notes”). The 5.25% Notes, which were offered in a private offering, were issued pursuant to a Senior Notes Indenture, dated as of April 3, 2019 (the “5.25% Indenture”), among Darling, the subsidiary guarantors party thereto from time to time, and Regions Bank, as trustee. The gross proceeds from the sale of the Notes, together with cash on hand, were used to refinance all of the Company's previous 5.375% Notes by cash tender offer for and redemption of those notes, to pay the discount of the initial purchasers and to pay the other fees and expenses related to the offering. The 5.25% Notes will mature on April 15, 2027. Darling will pay interest on the 5.25% Notes on April 15 and October 15 of each year, commencing on October 15, 2019. Interest on the 5.25% Notes accrues from April 3, 2019 at a rate of 5.25% per annum and is payable in cash. The 5.25% Notes are guaranteed on a senior unsecured basis by Darling and all of Darling's restricted subsidiaries (other than foreign subsidiaries) that are borrowers under or that guarantee the Senior Secured Credit Facilities (collectively, the “5.25% Guarantors”). The 5.25% Notes and the guarantees thereof are senior unsecured obligations of Darling and the 5.25% Guarantors and rank equally in right of payment to all of the Darling's and the 5.25% Guarantors' existing and future senior unsecured indebtedness. The 5.25% Indenture contains covenants limiting Darling's ability and the ability of its restricted subsidiaries to, grant liens to secure indebtedness and merge with or into other companies or otherwise dispose of all or substantially all of Darling's assets. Other than for extraordinary events such as change of control and defined assets sales, Darling is not required to make mandatory redemption or sinking fund payments on the 5.25% Notes. The 5.25% Notes are redeemable, in whole or in part, at any time on or after April 15, 2022 at the redemption prices specified in the 5.25% Indenture. Darling may redeem some or all of the 5.25% Notes at any time prior to April 15, 2022, at a redemption price equal to 100% of the principal amount of the 5.25% Notes redeemed, plus accrued and unpaid interest to the redemption date and an Applicable Premium as specified in the 5.25% Indenture and all additional amounts (if any) then due or which will become due on the redemption date as a result of the redemption or otherwise (subject to the rights of holders on the relevant record dates to receive interest due on the relevant interest payment date and additional amounts (if any) in respect thereof). As of January 1, 2022, the Company believes it is in compliance with all financial covenants under the Amended Credit Agreement, as well as all of the other covenants contained in the Amended Credit Agreement, the 5.25% Indenture and the 3.625% Indenture. Maturities of long-term debt at January 1, 2022 follow (in thousands):
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Other Noncurrent Liabilities |
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OTHER NONCURRENT LIABILITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NONCURRENT LIABILITIES | OTHER NONCURRENT LIABILITIES Other noncurrent liabilities consist of the following (in thousands):
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES U.S. and foreign income before income taxes are as follows (in thousands):
Income tax expense attributable to income before income taxes consists of the following (in thousands):
Income tax expense for the years ended January 1, 2022, January 2, 2021 and December 28, 2019, differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands):
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 1, 2022 and January 2, 2021 are presented below (in thousands):
At January 1, 2022, the Company had net operating loss carryforwards for federal income tax purposes of approximately $381.4 million, $14.5 million of which expire in 2036 and $366.9 million of which can be carried forward indefinitely. The Company had a capital loss carry forward for federal income tax purposes of approximately $21.1 million, which expires in 2023 and can only be used in future years in which the Company recognizes capital gains. The Company had approximately $233.4 million of net operating loss carryforwards for state income tax purposes, $174.3 million of which expire in 2022 through 2041 and $59.1 million of which can be carried forward indefinitely. The Company had foreign net operating loss carryforwards of about $96.6 million, $21.4 million of which expire in 2022 through 2038 and $75.2 million of which can be carried forward indefinitely. Also at January 1, 2022, the Company had U.S. federal and state tax credit carryforwards of approximately $1.0 million, and tax credit carryforwards with respect to its foreign tax jurisdictions of approximately $3.3 million. As of January 1, 2022, the Company had a valuation allowance of $5.5 million due to uncertainties in respect to its ability to utilize its U.S. (federal and state) net operating loss, capital loss and tax credit carryforwards. The Company also had a valuation allowance of $12.2 million due to uncertainties in its ability to utilize foreign net operating loss carryforwards, tax credit carryforwards and other foreign deferred tax assets. At January 1, 2022, the Company had unrecognized tax benefits of approximately $10.5 million. All of the unrecognized tax benefits would favorably impact the Company's effective tax rate if recognized. The Company believes it is reasonably possible that unrecognized tax benefits could change by $0.6 million in the next twelve months. The possible change in unrecognized tax benefits relates to expiration of certain statutes of limitation. The Company recognizes accrued interest and penalties, as appropriate, related to unrecognized tax benefits as a component of income tax expense. As of January 1, 2022, interest and penalties related to unrecognized tax benefits were $1.1 million. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
In fiscal 2021, the Company's major taxing jurisdictions are U.S. (federal and state), Belgium, Brazil, Canada, China, France, Germany and the Netherlands. The Company is subject to regular examination by various tax authorities. Although the final outcome of these examinations is not yet determinable, the Company does not anticipate that any of the examinations will have a significant impact on the Company's results of operations or financial position. The statute of limitations for the Company's major jurisdictions is open for varying periods, but is generally closed through the 2013 tax year. The Company expects to have access to its offshore earnings with minimal to no additional U.S. tax impact. Therefore, the Company does not consider these earnings to be permanently reinvested offshore. As of January 1, 2022, a deferred tax liability of approximately $10.4 million has been recorded for any incremental taxes, including foreign withholding taxes, that are estimated to be incurred when those earnings are distributed to the U.S. in future years.
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Stockholders' Equity and Stock-Based Compensation |
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Stockholders' Equity and Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATIONOn December 9, 2021, the Company’s Board of Directors approved the extension for an additional two years of its previously announced share repurchase program and refreshed and increased the amount of the program up to an aggregate of $500.0 million of the Company's Common Stock depending on market conditions. During fiscal 2021, fiscal 2020 and fiscal 2019, the Company repurchased approximately $167.7 million, $55.0 million and $19.3 million, including commissions, of its common stock in the open market, respectively. As of January 1, 2022, the Company has approximately $500.0 million remaining under the share repurchase program initially approved in August 2017 and subsequently extended to August 13, 2024. Subsequent to January 1, 2022, the Company repurchased approximately $11.2 million, including commissions, of its common stock in the open market. On May 9, 2017, the shareholders approved the Company's 2017 Omnibus Incentive Plan (the “2017 Omnibus Plan”). The 2017 Omnibus Plan replaced the Company's 2012 Omnibus Incentive Plan (the “2012 Omnibus Plan”) for future grants. Under the 2017 Omnibus Plan, the Company can grant stock options, stock appreciation rights, non-vested and restricted stock (including performance stock), restricted stock units (including performance units), other stock-based awards, non-employee director awards, dividend equivalents and cash-based awards. There are up to 20,166,500 common shares available under the 2017 Omnibus Plan which may be granted to participants in any plan year (as such term is defined in the 2017 Omnibus Plan). Some of those shares are subject to outstanding awards as detailed in the tables below. To the extent these outstanding awards are forfeited or expire without exercise, the shares will be returned to and available for future grants under the 2017 Omnibus Plan. The 2017 Omnibus Plan’s purpose is to attract, retain and motivate employees, directors and third party service providers of the Company and to encourage them to have a financial interest in the Company. The 2017 Omnibus Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors. The Committee has the authority to select plan participants, grant awards, and determine the terms and conditions of such awards as provided in the 2017 Omnibus Plan. For each of fiscal 2021, 2020 and 2019, the Committee adopted an executive compensation program that includes a long-term incentive component (the “LTIP”) for the Company's key employees, as a subplan under the terms of the 2017 Omnibus Plan. For the fiscal 2021 LTIP, participants received (i) performance share units (“PSUs”) tied to a three-year, forward looking performance metric and (ii) restricted stock units (“RSUs”) that vest 33.33% on the first, second and third anniversaries of grant. For each of the fiscal 2020 and 2019 LTIPs, participants received (i) PSUs tied to a three-year, forward looking performance metric and (ii) stock options that vest 33.33% on the first, second and third anniversaries of grant. The principal purpose of the LTIP is to encourage the participants to enhance the value of the Company and, hence, the price of the Company’s stock and the stockholders' return. In addition, the LTIP is designed to create retention incentives for the individual and to provide an opportunity for increased equity ownership by participants. See “Stock Option Awards”, “Fiscal 2021 LTIP PSU and RSU Awards”, “Fiscal 2020 LTIP PSU Awards” and “Fiscal 2019 LTIP PSU Awards” below for more information regarding the stock option, PSU and RSU awards under the 2021 LTIP, 2020 LTIP and 2019 LTIP. At January 1, 2022, the number of common shares available for issuance under the 2017 Omnibus Plan was 10,552,120. At January 1, 2022, $7.6 million of total future equity-based compensation expense (determined using the Black-Scholes option pricing model and Monte Carlo model for non-vested stock grants with performance based incentives) related to outstanding non-vested options and stock awards is expected to be recognized over a weighted average period of 1.2 years. The following is a summary of stock-based compensation awards granted during the years ended January 1, 2022, January 2, 2021 and December 28, 2019. Stock Option Awards. Stock options to purchase shares of Darling common stock were granted by the Committee to certain of the Company's employees as part of the Company's LTIPs in effect for each of fiscal 2020 and 2019. For the options granted under the fiscal 2020 LTIP and 2019 LTIP, the exercise price was equal to the closing price of Darling common stock on the date of grant, which was January 6, 2020 and January 25, 2019, respectively, and such options vest 33.33% on the first, second and third anniversaries of the grant date. The Company granted 550,941 stock options under the 2020 LTIP and 610,953 stock options under the 2019 LTIP. During fiscal 2020 and 2019, only nonqualified stock options were issued and none of the options were incentive stock options. The Company’s stock options granted under the LTIPs generally terminate 10 years after the date of grant. A summary of all stock option activity as of January 1, 2022 and changes during the year ended is as follows:
The fair value of each stock option grant under the LTIPs was estimated on the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions and results for fiscal 2020 and 2019.
The expected life of options granted in fiscal 2020 were computed using the Company's historical data based on exercised and cancelled options. The expected lives for options granted during fiscal 2019 were computed using the simplified method since the option plans historical exercise data did not provided a reasonable basis for estimating the expected term for the option grants. For the year ended January 1, 2022, the amount of cash received from the exercise of options was approximately $0.1 million and the related tax benefit was $4.5 million. For the year ended January 2, 2021, the amount of cash received from the exercise of options was approximately $0.1 million and the related tax benefit was approximately $2.4 million. For the year ended December 28, 2019, the amount of cash received from the exercise of options was less than $0.1 million and the related tax benefit was approximately $0.4 million. The total intrinsic value of options exercised for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 was approximately $29.5 million, $19.5 million and $4.7 million, respectively. The fair value of shares vested for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 was approximately $19.9 million, $17.4 million and $15.5 million, respectively. At January 1, 2022, the aggregate intrinsic value of options outstanding was approximately $163.2 million and the aggregate intrinsic value of options exercisable was approximately $140.1 million. Non-Vested Stock, Restricted Stock Unit and Performance Share Unit Awards. Prior to fiscal 2016, the Company granted non-vested stock and RSUs to participants in the LTIP. Starting in fiscal 2016, the Committee made changes to the LTIP and instead of non-vested stock and RSUs, the Company began to grant PSUs and stock options as part of the LTIP. In fiscal 2021, the Committee replaced the stock option component of the LTIP with RSUs and granted 90,689 RSU's on January 4, 2021 under the Company's 2021 LTIP. In addition, the Company has granted individual non-vested stock and RSU awards to key employees from time to time at the discretion of the Committee. In such cases, non-vested stock is generally granted to U.S. based employees, while RSUs are generally granted to foreign based employees, with each RSU equivalent to one share of common stock and payable upon vesting in an equivalent number of shares of Darling common stock. For grants made under the 2017 Omnibus Plan, all non-vested stock and RSU awards generally vest on the first three anniversary dates of the grant. Generally, upon voluntary termination of employment or termination for cause, non-vested stock and RSU awards that have not vested are forfeited; whereas, upon, death, disability, qualifying retirement or termination without cause, a pro-rata portion of the unvested non-vested stock and RSU awards will vest and be payable. A summary of the Company’s non-vested stock, RSU and PSU awards as of January 1, 2022, and changes during the year ended is as follows:
Fiscal 2021 LTIP PSU Awards. On January 4, 2021, the Committee granted 126,711 PSUs under the Company's 2021 LTIP. The PSUs are tied to a three-year forward-looking performance period and will be earned based on the Company's average return on gross investment (ROGI), as calculated in accordance with the terms of the award agreement, relative to the average ROGI of the Company's performance peer group companies, with the earned award to be determined in the first quarter of fiscal 2024, after the final results for the relevant performance period are determined. Fiscal 2020 LTIP PSU Awards. On January 6, 2020, the Committee granted 224,481 PSUs under the Company's 2020 LTIP. The PSUs are tied to a three-year forward-looking performance period and will be earned based on the Company's average return on capital employed (ROCE), as calculated in accordance with the terms of the award agreement, relative to the average ROCE of the Company's performance peer group companies over the same performance period, with the earned award to be determined in the first quarter of fiscal 2023, after the final results for the relevant performance period are determined. Fiscal 2019 LTIP PSU Awards. On January 25, 2019, the Committee granted 305,195 PSUs under the Company's 2019 LTIP. The PSUs are tied to a three-year forward-looking performance period and will be earned based on the Company's average ROCE, as calculated in accordance with the terms of the award agreement, relative to the average ROCE of the Company's performance peer group companies over the same performance period, with the earned award to be determined in the first quarter of fiscal 2022, after the final results for the relevant performance period are determined. Under the 2021 LTIP, 2020 LTIP and 2019 LTIP, PSUs were granted at target level; however, actual awards may vary between 0% and 225% of the target number of PSUs, depending on the performance level achieved. In addition, the number of PSUs earned may be reduced (up to 30%) or increased (capped at the maximum payout) based on the Company's total shareholder return (TSR) over the performance period. The fair value of each PSU award under the Company's 2021 LTIP, 2020 LTIP and 2019 LTIP was estimated on the date of grant using a Monte Carlo model with the following weighted average assumptions for fiscal 2021, fiscal 2020 and fiscal 2019.
A summary of the Company’s 2021, 2020 and 2019 LTIP PSU awards as of January 1, 2022, and changes during the year ended is as follows:
Nonemployee Director Restricted Stock and Restricted Stock Unit Awards. The Company has historically paid a portion of the annual compensation package provided to its non-employee directors in equity, which since fiscal 2014 has been in the form of restricted stock units. During fiscal 2021, each non-employee director received $135,000 of restricted stock units, with directors appointed after the annual meeting receiving a prorated portion of such amount. The number of restricted stock units issued is calculated using the closing price of the Company’s stock on the date of grant. The award vests (and is no longer subject to forfeiture) on the first to occur of (i) the first anniversary of the grant date, (ii) the grantee’s separation from service as a result of death or disability, or (iii) a change of control. The award will become “payable” in shares of the Company’s stock in a single lump sum payment as soon as possible following a grantee’s separation from service, subject to a grantee’s right to elect earlier distributions under certain circumstances. If a grantee ceases to be a director for any reason other than death or disability prior to vesting, the grantee will receive a prorated amount of the award up to the date of separation. Beginning in fiscal 2022, non-employee directors may also elect to receive all or a portion of their cash fees in the form of deferred stock units which are payable in shares of the Company's common stock. A summary of the Company’s non-employee director restricted stock and restricted stock unit awards as of January 1, 2022, and changes during the year ended is as follows:
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Comprehensive Income |
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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, foreign exchange forward and option adjustments, heating oil swap adjustments and foreign currency translation adjustments. In fiscal 2021, fiscal 2020 and fiscal 2019, 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 January 1, 2022, January 2, 2021 and December 28, 2019 are as follows (in thousands):
(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 January 1, 2022 as follows (in thousands):
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Employee Benefit Plans |
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Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company has retirement and pension plans covering a substantial number of its domestic and foreign employees. Most retirement benefits are provided by the Company under separate final-pay noncontributory and contributory defined benefit and defined contribution plans for all salaried and hourly employees (excluding those covered by union-sponsored plans) who meet service and age requirements. Although various defined benefit formulas exist for employees, generally these are based on length of service and earnings patterns during employment. Effective January 1, 2012, the Company's Board of Directors authorized the Company to proceed with the restructuring of its domestic retirement benefit program to include the closing of Darling's domestic salaried and hourly defined benefit plans to new participants as well as the freezing of service and wage accruals thereunder effective December 31, 2011 (a curtailment of these plans for financial reporting purposes) and the enhancing of benefits under the Company's domestic defined contribution plans. The Company-sponsored domestic hourly union plan has not been curtailed; however, several locations of the Company-sponsored domestic hourly union plan have been curtailed as a result of collective bargaining renewals for those sites. The Company maintains defined contribution plans both domestically and at its foreign entities. The Company's matching portion and annual employer contributions to the Company's domestic defined contribution plans for fiscal 2021, 2020 and 2019 were approximately $10.9 million, $11.3 million and $10.6 million, respectively. The Company's matching portion and annual employer contributions to the Company's foreign defined contribution plans for fiscal 2021, 2020 and 2019 were approximately $9.6 million, $8.5 million and $8.4 million, respectively. The Company recognizes the over-funded or under-funded status of the Company's defined benefit post-retirement plans as an asset or liability in the Company's balance sheet, with changes in the funded status recognized through comprehensive income (loss) in the year in which they occur. The Company uses the month-end date of December 31 as the measurement date for all of the Company's defined benefit plans, which is the closest month-end to the Company's fiscal year-end. The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's Consolidated Balance Sheets based on the measurement date (December 31, 2021 and December 31, 2020) (in thousands):
(a) Amounts do not include deferred taxes of $8.8 million and $13.0 million at January 1, 2022 and January 2, 2021, respectively. The amounts included in “Other” in the above table reflect the impact of foreign exchange translation for plans in Brazil, Belgium, Canada, France, Germany, Japan, Netherlands and United Kingdom. The Company's domestic pension plan benefits comprise approximately 70% and 71% of the projected benefit obligation for fiscal 2021 and fiscal 2020, respectively. Additionally, the Company has made required and tax deductible discretionary contributions to its domestic pension plans in fiscal 2021 and fiscal 2020 of approximately $0.2 million and $7.5 million, respectively. The Company made required and tax deductible discretionary contributions to its foreign pension plans in fiscal 2021 and fiscal 2020 of approximately $3.7 million and $4.0 million, respectively. A significant component of the overall decrease in the Company's benefit obligation for the fiscal year ended January 1, 2022 was from the change in the weighted-average discount rates at the measurement dates, which increased from 2.10% at December 31, 2020 to 2.40% at December 31, 2021. Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows (in thousands):
The Company's service cost component of net periodic pension cost is included in compensation costs while all components of net periodic pension cost other than the service cost component are included in the line item “Other expense, net” in the Company's Consolidated Statements of Operations. Net pension cost includes the following components (in thousands):
Weighted average assumptions used to determine benefit obligations were:
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
Consideration was made to the long-term time horizon for the (U.S. and Canada's) plans' benefit obligations as well as the related asset class mix in determining the expected long-term rate of return. Historical returns are also considered, over the long-term time horizon, in determining the expected return. Considering the overall asset mix of approximately 50% equity and 50% fixed income with equity exposure on a declining trend since the implementation of the glide path for the U.S. plans, the Company believes it is reasonable to expect a long-term rate of return of 5.9% for the (U.S. and Canada's) plans' investments as a whole. The remaining foreign plans' assets are principally invested under insurance contracts arrangements which have weighted average expected long-term rate of returns of 1.9%. The investment objectives have been established in conjunction with a comprehensive review of the current and projected financial requirements. The primary investment objectives are: 1) to have the ability to pay all benefit and expense obligations when due; 2) to maximize investment returns within reasonable and prudent levels of risk in order to minimize contributions; and 3) to maintain flexibility in determining the future level of contributions. Investment results and changing discount rates are the most critical elements in achieving funding objectives; however, contributions are used as a supplemental source of funding as deemed appropriate. The investment guidelines are based upon an investment horizon of greater than ten years; therefore, interim fluctuations are viewed with this perspective. The strategic asset allocation is based on this long-term perspective and the plans' funded status. However, because the participants’ average age is somewhat older than the typical average plan age, consideration is given to retaining some short-term liquidity. Analysis of the cash flow projections of the plans indicates that benefit payments will continue to exceed contributions. The results of a thorough asset-liability study completed during 2012 established a dynamic asset allocation glide path (the “Glide Path”) by which the U.S. plans' asset allocations are determined. The Glide Path designates intervals based on funded status which contain a corresponding allocation to equities/real assets and fixed income. As the U.S. plans' funded status improves, the allocations become more conservative, and the opposite is true when the funded status declines.
The equity allocation is invested in stocks traded on one of the U.S. stock exchanges or in foreign companies whose stock is traded outside the U.S. and/or companies that conduct the major portion of their business outside the U.S. Securities convertible into such stocks, convertible bonds and preferred stock, may also be purchased. The portfolio may invest in American Depository Receipts (“ADR”). The majority of the equities are invested in mutual funds that are well-diversified among growth and value stocks, as well as large, mid, and small cap assets. This mix is balanced based on the understanding that large cap stocks are historically less volatile than small cap stocks: however, smaller cap stocks have historically outperformed larger cap stocks. The emerging markets portion of the equity allocation is held below 10% due to greater volatility in the asset class. Risk adjusted returns are the primary driver of allocation choices within these asset classes. The portfolio is well-diversified in terms of companies, industries and countries. The diversified asset portion of the allocation will invest in securities with a goal to outpace inflation and preserve their value. The securities in this allocation may consist of inflation-indexed bonds, securities of real estate companies, commodity index-linked notes, fixed-income securities, securities of natural resource companies, master limited partnerships, publicly-listed infrastructure companies, and floating rate debt. All investment objectives are expected to be achieved over a market cycle anticipated to be a period of to seven years. Reallocations are performed on a monthly basis to retain target allocation ranges. On a quarterly basis the plans' funded status will be recalculated to determine which Glide Path interval allocation is appropriate. The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):
The majority of the U.S. and Canada plan pension assets are invested in mutual funds; however, some assets are invested in pooled separate accounts (“PSA”) which have similar mutual fund counterparts. PSA accounts are generally used to access lower fund management expenses when compared to their mutual fund counterparts. The mutual funds are generally invested in institutional shares, retirement shares, or A-shares with no loads. The fair value of each mutual fund and PSA is based on the market value of the underlying investments. The U.S. pension plans PSA for fiscal 2021 and fiscal 2020 utilized net asset value (“NAV”) per share (or its equivalent) to measure its investments, as a practical expedient in accordance with ASC Topic 820, Fair Value Measurements and have not been classified in the fair value hierarchy in the above table. The majority of the foreign pension assets are held under insurance contracts where the investment risk for the accumulated benefit obligation rests with the insurer, which the Company has no specific detailed asset information. The fair value measurement of plan assets using significant unobservable inputs (level 3) changed due to the following:
Contributions The Company's funding policy for employee benefit pension plans is to contribute annually not less than the minimum amount required nor more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. Based on current actuarial estimates, the Company expects to make payments of approximately $3.9 million to meet funding requirements for its domestic and foreign pension plans in fiscal 2022. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):
Multiemployer Pension Plans The Company participates in various multiemployer pension plans which provide defined benefits to certain employees covered by labor contracts in the United States. These plans are not administered by the Company and contributions are determined in accordance with provisions of negotiated labor contracts to meet their pension benefit obligations to their participants. The FASB issued guidance requiring companies to provide additional disclosures related to individually significant multiemployer pension plans. The Company's contributions to each individual multiemployer plan represent less than 5% of the total contributions to each such plan. Based on the most currently available information, the Company has determined that, if a withdrawal were to occur, withdrawal liabilities on two of the plans in which the Company currently participates could be material to the Company. The following table provides more detail on these significant multiemployer plans (contributions in thousands):
(a) In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension. (b) The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. The agreements have expiration dates through April 1, 2025. (c) The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2023. With respect to the other multiemployer pension plans in which the Company participates and which are not individually significant, five plans have certified as critical or red zone and two plans have certified as endangered or yellow zone, as defined by the Pension Protection Act of 2006. The Company's portion of contributions to all plans amounted to $3.2 million, $3.2 million and $3.6 million for the years ended January 1, 2022, January 2, 2021 and December 28, 2019, respectively. The Company has withdrawal liabilities recorded on four U.S. multiemployer plans in which it participated. During fiscal 2021, the Company was notified by one of these multiemployer plans that the Company's withdrawal liability has increased and as a result the Company recorded an additional liability of approximately $1.3 million. As of January 1, 2022, the Company has an aggregate accrued liability of approximately $3.8 million representing the present value of scheduled withdrawal liability payments on the remaining multiemployer plans that have given notices of withdrawals. While the Company has no ability to calculate a possible current liability for under-funded multiemployer plans that could terminate or could require additional funding under the Pension Protection Act of 2006, the amounts could be material.
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Derivatives |
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DERIVATIVES | DERIVATIVES The Company’s operations are exposed to market risks relating to commodity prices that affect the Company’s cost of raw materials, finished product prices and energy costs and the risk of changes in interest rates and foreign currency exchange rates. The Company makes limited use of derivative instruments to manage cash flow risks related to natural gas usage, diesel fuel usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. At January 1, 2022, the Company had foreign currency option and forward contracts, soybean meal forward contracts and corn option contracts outstanding that qualified and were designated for hedge accounting as well as corn forward contracts and foreign currency forward contracts that did not qualify and were not designated for hedge accounting. Cash Flow Hedges In fiscal 2021, fiscal 2020 and fiscal 2019, the Company entered into foreign exchange option and forward contracts that are considered cash flow hedges. Under the terms of the foreign exchange contracts, the Company hedged a portion of its forecasted collagen sales in currencies other than the functional currency through the fourth quarter of fiscal 2023. At January 1, 2022 and January 2, 2021, the aggregate fair value of these foreign exchange contracts was approximately $0.6 million and $11.6 million, respectively. The amounts are included in other current assets, other noncurrent assets and accrued expenses on the balance sheet, with an offset recorded in accumulated other comprehensive loss. In fiscal 2021, fiscal 2020 and fiscal 2019, the Company entered into corn option contracts that are considered cash flow hedges. Under the terms of the corn option contracts the Company hedged a portion of its forecasted sales of BBP into the fourth quarter of fiscal 2022. At January 1, 2022 and January 2, 2021, the aggregate fair value of the corn contracts was $2.8 million and $6.8 million, respectively. The amounts are included in accrued expenses on the balance sheet. In fiscal 2021 and fiscal 2020, the Company entered into soybean meal forward contracts to hedge a portion of its forecasted poultry meal sales into the first quarter of fiscal 2022. At January 1, 2022 and January 2, 2021, the aggregate fair value of the soybean meal contracts was $0.1 million and $0.4 million, respectively. The amounts are included in other current assets on the balance sheet. At January 1, 2022, the Company had the following outstanding forward contract amounts that were entered into to hedge the future payments of intercompany note transactions, foreign currency transactions in currencies other than the functional currency and forecasted transactions in currencies other than the functional currency (in thousands):
The above foreign currency contracts had an aggregate fair value of approximately $1.9 million and are included in other current assets, noncurrent assets and accrued expenses at January 1, 2022. The Company estimates the amount that will be reclassified from accumulated other comprehensive loss at January 1, 2022 into earnings over the next 12 months will be approximately $8.5 million. As of January 1, 2022, no amounts have been reclassified into earnings as a result of the discontinuance of cash flow hedges. The table below summarizes the effect of derivatives not designated as hedges on the Company's consolidated statements of operations for the year ended January 1, 2022, January 2, 2021 and December 28, 2019 (in thousands):
At January 1, 2022, the Company had forward purchase agreements in place for purchases of approximately $135.1 million of natural gas and diesel fuel. The Company intends to take physical delivery of the commodities under the forward purchase agreements and accordingly, these contracts are not subject to the requirements of fair value accounting because they qualify as normal purchases.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT FASB authoritative guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements including guidance related to nonrecurring measurements of nonfinancial assets and liabilities. The following tables presents the Company's financial instruments that are measured at fair value on a recurring and nonrecurring basis as of January 1, 2022 and January 2, 2021 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.
Derivative assets and liabilities consist of the Company's corn option and future contracts, foreign currency forward and option contracts and soybean meal forward contracts which represent the difference between the observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap rate considering the instrument’s term, notional amount and credit risk. See Note 16 Derivatives for discussion on the Company's derivatives. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments and as such have been excluded from the table above. The carrying amount for the Company's other debt is not deemed to be significantly different than the fair value and all other instruments have been recorded at fair value. The fair value of the senior notes, term loan B and revolver debt is based on market quotation from third-party banks.
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Asset Impairment, Exit and Restructuring Costs |
12 Months Ended |
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Jan. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment, Exit and Restructuring Costs | RESTRUCTURING AND ASSET IMPAIRMENT CHARGESIn December 2020, due to unfavorable economics in the biodiesel industry, the Company made the decision to shut down processing operations at its biodiesel facilities located in the United States and Canada, and there are no current plans to resume biodiesel production at these facilities in the future. In fiscal 2020, the Company incurred restructuring and asset impairment charges of approximately $38.2 million, which included asset impairment charges of approximately $37.8 million and other factory and operational restructuring charges of approximately $0.4 million. Employee termination costs were not incurred for the year ended January 2, 2021 due to all U.S. employees being transferred to other U.S. plants and the employees in Canada were not given their notifications until after January 2, 2021. In addition to charges incurred in fiscal 2020, the Company has incurred additional restructuring and asset impairment charges in fiscal 2021 related to the biodiesel facilities of approximately $0.8 million, with approximately $0.4 million of this amount being employee termination costs in Canada and the remainder representing charges to long-lived assets and other charges. |
Concentration of Credit Risk |
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Jan. 01, 2022 | |
CONCENTRATION OF CREDIT RISK [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISKConcentration of credit risk is generally limited due to the Company's diversified customer base and the fact that the Company sells commodities. During fiscal year 2021, approximately 11% of our total net sales were to the DGD Joint Venture. See Note 23 for additional discussion of the Company's transactions with the DGD Joint Venture. No single customer accounted for more than 10% of the Company’s net sales in fiscal years 2020 and 2019. |
Contingencies |
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Jan. 01, 2022 | |
Contingencies [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is a party to various lawsuits, claims and loss contingencies arising in the ordinary course of its business, including insured worker's compensation, auto, and general liability claims, assertions by certain regulatory and governmental agencies related to permitting requirements and environmental matters, including air, wastewater and storm water discharges from the Company's processing facilities, litigation involving tort, contract, statutory, labor, employment, and other claims, and tax matters. The Company’s workers compensation, auto and general liability policies contain significant deductibles or self-insured retentions. The Company estimates and accrues its expected ultimate claim costs related to accidents occurring during each fiscal year under these insurance policies and carries this accrual as a reserve until these claims are paid by the Company. As a result of the matters discussed above, the Company has established loss reserves for insurance, environmental, litigation and tax contingencies. At January 1, 2022 and January 2, 2021, the reserves for insurance, environmental, litigation and tax contingencies reflected on the balance sheet in accrued expenses and other non-current liabilities were approximately $78.4 million and $66.2 million, respectively. The Company has insurance recovery receivables of approximately $31.8 million and $27.0 million, as of January 1, 2022 and January 2, 2021, related to the insurance contingencies. The Company's management believes these reserves for contingencies are reasonable and sufficient based upon present governmental regulations and information currently available to management; however, there can be no assurance that final costs related to these contingencies will not exceed current estimates. The Company believes that the likelihood is remote that any additional liability from the lawsuits and claims that may not be covered by insurance would have a material effect on the Company's financial position, results of operations or cash flows. Lower Passaic River Area. In December 2009, the Company, along with numerous other entities, received notice from the United States Environmental Protection Agency (“EPA”) that the Company (as alleged successor-in-interest to The Standard Tallow Corporation) is considered a potentially responsible party (a “PRP”) with respect to alleged contamination in the lower 17-mile area of the Passaic River which is part of the Diamond Alkali Superfund Site located in Newark, New Jersey. The Company’s designation as a PRP is based upon the operation of former plant sites located in Newark and Kearny, New Jersey by The Standard Tallow Corporation, an entity that the Company acquired in 1996. In March 2016, the Company received another letter from EPA notifying the Company that it had issued a Record of Decision the (“ROD”) selecting a remedy for the lower 8.3 miles of the lower Passaic River area at an estimated cost of $1.38 billion. The EPA letter makes no demand on the Company and laid out a framework for remedial design/remedial action implementation in which the EPA will first seek funding from major PRPs. The letter indicates that the EPA has sent the letter to over 100 parties, which include large chemical and refining companies, manufacturing companies, foundries, plastic companies, pharmaceutical companies and food and consumer product companies. The Company asserts that it is not responsible for any liabilities of its former subsidiary The Standard Tallow Corporation, which was legally dissolved in 2000, and that, in any event, the Standard Tallow Corporation did not discharge any of the eight contaminants of concern identified in the ROD (the “COCs”). Subsequently, the EPA conducted a settlement analysis using a third-party allocator and offered early cash out settlements to those PRPs for whom the third-party allocator determined did not discharge any of the COCs. The Company participated in this allocation process, and in November 2019, received a cash out settlement offer from the EPA in the amount of $0.6 million ($0.3 million for each of the former plant sites in question) for liabilities relating to the lower 8.3 miles of the lower Passaic River area. The Company accepted this settlement offer, and the settlement became effective on April 16, 2021 following the completion of the EPA's administrative approval process. On September 30, 2016, Occidental Chemical Corporation (“OCC”) entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the Passaic River. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking cost recovery or contribution for costs under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) relating to various investigations and cleanups OCC has conducted or is conducting in connection with the Passaic River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost to complete the remedial design for the cleanup plan for the lower 8.3 miles of the Passaic River. OCC is also seeking a declaratory judgment to hold the defendants liable for their proper shares of future response costs, including the remedial action for the lower 8.3 miles of the Passaic River. The Company, along with 40 of the other defendants, had previously received a release from OCC of its CERCLA contribution claim of $165 million associated with the costs to design the remedy for the lower 8.3 miles of the Passaic River. Furthermore, the Company's settlement with the EPA described above could preclude certain of the claims alleged by OCC against the Company. The Company's ultimate liability, if any, for investigatory costs, remedial costs and/or natural resource damages in connection with the lower Passaic River area cannot be determined at this time; however, as of the date of this report, the Company has found no definitive evidence that the former Standard Tallow Corporation plant sites contributed any of the COCs to the Passaic River and, therefore, there is nothing that leads the Company to believe that this matter will have a material effect on the Company's financial position, results of operations or cash flows.
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS The Company sells its products domestically and internationally and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. The measure of segment profit (loss) includes all revenues, operating expenses (excluding certain amortization of intangibles), and selling, general and administrative expenses incurred at all operating locations and excludes general corporate expenses. Included in corporate activities are general corporate expenses and the amortization of intangibles. Assets of corporate activities include cash, unallocated prepaid expenses, deferred tax assets, prepaid pension, and miscellaneous other assets. Feed Ingredients Feed Ingredients consists principally of (i) the Company's U.S. ingredients business, including the Company's fats and proteins, used cooking oil, trap grease, the Company's Canada ingredients business, and the ingredients and specialty products businesses conducted by Darling Ingredients International under the Sonac name (proteins, fats, and blood products) and (ii) the Company's bakery residuals business. Feed Ingredients operations process animal by-products and used cooking oil into fats, proteins and hides. Food Ingredients Food Ingredients consists principally of (i) the collagen business conducted by Darling Ingredients International under the Rousselot name, (ii) the natural casings and meat-by-products business conducted by Darling Ingredients International under the CTH name and (iii) certain specialty products businesses conducted by Darling Ingredients International under the Sonac name. Fuel Ingredients The Company's Fuel Ingredients segment consists of (i) the Company's investment in the DGD Joint Venture and (ii) the bioenergy business conducted by Darling Ingredients International under the Ecoson and Rendac names. Business Segments (in thousands):
Business Segment Property, Plant and Equipment (in thousands):
(a) Excludes capital assets acquired by acquisition in fiscal 2020 of approximately $18.4 million. Long-lived assets related to the Company's operations in North America, Europe, China, South American and other were as follows (in thousands):
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Revenue (Notes) |
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Revenue | REVENUEThe Company extends payment terms to its customers based on commercially acceptable practices. The term between invoicing and payment due date is not significant. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring finished products or performing services, which is generally based on executed agreement or purchase order. Most of the Company's products are shipped based on the customer specifications. Customer returns are infrequent and not material to the Company. Adjustments to net sales for sales deductions are generally recognized in the same period as the sale or when known. Customers in certain industries or countries may be required to prepay prior to shipment in order to maintain payment protection. These represent short-term prepayment from customers and are not material to the Company. The Company elected to treat shipping and handling as fulfillment costs, which will result in billed freight recorded in cost of sales and netted against freight costs. Sales, value-add, and other taxes collected concurrently with revenue-producing activities are excluded from revenue and booked on a net basis. The following tables present the Company revenues disaggregated by geographic area and major product types by reportable segment for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 (in thousands):
Revenue from Contracts with Customers The Company has two primary revenue streams. Finished product revenues are recognized when control of the promised finished product is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized in net sales when the service occurs. Fats and Proteins. Fats and Proteins include the Company's global activities related to the collection and processing of beef, poultry and pork animal by-products into finished products of non-food grade oils, food grade fats and protein meal. Fats and proteins net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Used Cooking Oil. Used cooking oil includes collection and processing of used cooking oil into finished products of non-food grade fats. Used cooking oil net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Bakery. Bakery includes collection and processing of bakery residuals into finished product including Cookie Meal®, an animal feed ingredient primarily used in poultry and swine rations. Bakery net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Other Rendering. Other rendering include hides, pet food products, and service charges. Hides and pet food net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Service revenues are recognized in net sales when the service has occurred. Food Ingredients. Food ingredients includes collection and processing of pigskin, hide, bone and fish into finished product. It also includes harvesting, sorting and selling of hog and sheep casings as well as harvesting, purchasing and processing of hog, sheep and beef meat for pet food industry. Collagen and CTH meat and casings net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Bioenergy. Bioenergy includes Ecoson, which converts organic sludge and food waste into biogas and Rendac, which collects fallen stock and animal waste for a fee and processes these materials into fats and meals that can only be used as low grade energy or fuel for boilers and cement kilns. Net sales are recognized when the finished product is shipped to the customer and control has been transferred. Service revenues are recognized in net sales when the service has occurred. Biofuels. Biofuels includes the North American processing of rendered animal fats, recycled cooking oils and third party additives to produce diesel fuel. Biofuel net sales are recognized when the finished product is shipped to the customer and control has been transferred. Other. Other includes grease trap collection and environmental services to food processors in the Feed Ingredients segment and Sonac Bone and Sonac Heparin in the Food Ingredients segment. Net sales are recognized when the Company ships the finished product to the customer and control has been transferred. Service revenues are recognized in net sales when the service has occurred. Long-Term Performance Obligations. The Company from time to time enters into long-term contracts to supply certain volumes of finished products to certain customers. Revenue recognized in fiscal 2021, 2020 and 2019 under these long-term supply contracts was approximately $95.3 million, $54.0 million and $41.0 million, respectively, with the remaining performance obligations to be recognized in future periods (generally 5 years) of approximately $1.16 billion.
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Related Party Transactions |
12 Months Ended |
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Jan. 01, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Raw Material Agreement The Company entered into a Raw Material Agreement with the DGD Joint Venture in May 2011 pursuant to which the Company will offer to supply certain animal fats and used cooking oil at market prices, but the DGD Joint Venture is not obligated to purchase the raw material offered by the Company. Additionally, the Company may offer other feedstocks to the DGD Joint Venture, such as inedible corn oil, purchased on a resale basis. For the years ended January 1, 2022, January 2, 2021 and December 28, 2019, the Company has recorded sales to the DGD Joint Venture of approximately $521.7 million, $264.1 million and $208.7 million, respectively. At January 1, 2022 and January 2, 2021, the Company has approximately $43.8 million and $14.2 million in outstanding receivables due from the DGD Joint Venture, respectively. In addition, the Company has eliminated additional sales of approximately $24.0 million, $7.4 million and $5.1 million for the years ended January 1, 2022, January 2, 2021 and December 28, 2019, respectively to the DGD Joint Venture and deferred the Company's portion of profit on those sales relating to inventory assets still remaining on the DGD Joint Venture's balance sheet at January 1, 2022, January 2, 2021 and December 28, 2019 of approximately $6.0 million, $1.4 million and $0.8 million, respectively. Revolving Loan Agreement On May 1, 2019, Darling through its wholly owned subsidiary Darling Green Energy LLC, (“Darling Green”), and a third party Diamond Alternative Energy, LLC (“Diamond Alternative” and together with Darling Green, the “DGD Lenders”) entered into a revolving loan agreement (the “DGD Loan Agreement”) with the DGD Joint Venture. The DGD Lenders have committed to make loans available to the DGD Joint Venture in the total amount of $50.0 million with each lender committed to $25.0 million of the total commitment. Any borrowings by the DGD Joint Venture under the DGD Loan Agreement are at the applicable annum rate equal to the sum of (a) the LIBO Rate (meaning Reuters BBA Libor Rates Page 3750) on such day plus (b) 2.50%. The DGD Loan Agreement matures on April 29, 2022. The DGD Loan Agreement replaces a similar agreement with lower commitment levels that expired on December 31, 2018. During the fourth quarter of fiscal 2021, the DGD Joint Venture borrowed all $50.0 million available under the DGD Loan Agreement, including the Company's full $25.0 million commitment and paid interest to the Company of approximately $0.1 million. As of January 1, 2022, $25.0 million was owed to Darling Green under the DGD Loan Agreement. This note receivable amount is included in other current assets on the balance sheet and is included in investing activities on the cash flow statement. Guarantee Agreements In February 2020, in connection with the DGD Joint Venture’s expansion project at its Norco, LA facility, the Company entered into two agreements (the “IMTT Terminaling Agreements”) with International-Matex Tank Terminals (“IMTT”), pursuant to which the DGD Joint Venture will move raw material and finished product to and from the IMTT terminal facility by pipeline, thereby providing better logistical capabilities. As a condition to entering into the IMTT Terminaling Agreements, IMTT required that the Company and Valero guarantee their proportionate share, up to $50 million each, of the DGD Joint Venture’s obligations under the IMTT Terminaling Agreements (the “Guarantee”), subject to the conditions provided for in the IMTT Terminaling Agreements. The Company has not recorded any liability as a result of the guarantee, as the Company believes the likelihood of having to make any payments under the guarantee is remote. In April 2021, in connection with the DGD Joint Venture’s expansion project at its Port Arthur, TX facility, the Company entered into two agreements (the “GTL Terminaling Agreements”) with GT Logistics, LLC (“GTL”), pursuant to which the DGD Joint Venture will move raw material and finished product to and from the GTL terminal facility by pipeline, thereby providing better logistical capabilities. As a condition to entering into the GTL Terminaling Agreements, GLT required that the Company and Valero guarantee their proportionate share, up to a maximum of approximately $160 million each, of the DGD Joint Venture’s obligations under the GTL Terminaling Agreements (the “GTL Guarantee”), subject to the conditions provided for in the GTL Terminaling Agreements. The maximum amount of the GTL Guarantee is reduced over the 20-year initial term of the GTL Terminaling Agreements as the termination fee under such agreements declines. The Company has not recorded any liability as a result of the GTL Guarantee, as the Company believes the likelihood of having to make any payments under the GTL Guarantee is remote.
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New Accounting Pronoucements |
12 Months Ended |
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Jan. 01, 2022 | |
New Accounting Pronoucements [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTSIn December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. This ASU amends Topic 740 Income Taxes, which eliminates certain exceptions in accounting for income taxes, improves consistency in application and clarifies existing guidance. The standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this ASU in the first quarter of fiscal 2021 did not have a material impact on the Company's consolidated financial statements. |
General (Summary of Significant Accounting Policies) (Policies) |
12 Months Ended |
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Jan. 01, 2022 | |
General [Abstract] | |
Basis of Presentation | Basis of PresentationThe consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represents the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income attributable to noncontrolling interests”. In the Company's Consolidated Balance Sheets, noncontrolling interests represents the ownership interests in the Company consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All intercompany balances and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal years for the consolidated financial statements included herein are for the 52 weeks ended January 1, 2022, the 53 weeks ended January 2, 2021, and the 52 weeks ended December 28, 2019. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. Cash balances are recorded net of book overdrafts when a bank right-of-offset exists. All other book overdrafts are recorded in accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statement of Cash Flows. In addition, the Company has bank overdrafts, which are considered a form of short-term financing with changes in the related balance reflected in financing activities in the Consolidated Statement of Cash Flows. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful AccountsThe Company maintains allowances for doubtful accounts for estimated losses resulting from customers’ non-payment of trade accounts receivable owed to the Company. These trade receivables arise in the ordinary course of business from sales of raw material, finished product or services to the Company’s customers. The estimate of allowance for doubtful accounts is based upon the Company’s bad debt experience adjusted for differences in asset-specific risk characteristic, current economic conditions and forecast of future economic conditions. If the financial condition of the Company’s customers deteriorates, resulting in the customers’ inability to pay the Company’s receivables as they come due, additional allowances for doubtful accounts may be required. |
Inventories | InventoriesInventories are stated at the lower of cost or net realizable value. Cost is primarily determined using the first-in, first-out (FIFO) method for the Feed Ingredients and Fuel Ingredients segments. In the Food Ingredients segment cost is primarily determined based on the weighted average cost. |
Long Lived Assets | Long Lived Assets Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of assets: 1) Buildings and improvements, 15 to 30 years; 2) Machinery and equipment, 3 to 10 years; 3) Vehicles, 3 to 8 years; and 4) Aircraft, 7 to 10 years. Maintenance and repairs are charged to expense as incurred and expenditures for major renewals and improvements are capitalized. Intangible Assets Intangible assets with indefinite lives, and therefore, not subject to amortization, consist of trade names acquired in the acquisition of Griffin Industries Inc. on December 17, 2010 (which was subsequently converted to a limited liability company) and its subsidiaries (“Griffin”) and trade names acquired in the acquisition of its Darling Ingredients International business. Intangible assets subject to amortization consist of: 1) collection routes which are made up of groups of suppliers of raw materials in similar geographic areas from which the Company derives collection fees and a dependable source of raw materials for processing into finished products; 2) permits that represent licensing of operating plants that have been acquired, giving those plants the ability to operate; 3) non-compete agreements that represent contractual arrangements with former competitors whose businesses were acquired; 4) trade names; and 5) royalty, product development, consulting, land use rights and leasehold agreements. Amortization expense is calculated using the straight-line method over the estimated useful lives of the assets ranging from: 5 to 21 years for collection routes; 10 to 20 years for permits; 3 to 7 years for non-compete covenants; and 4 to 15 years for trade names. Royalty, product development, patents, consulting, land use rights and leasehold agreements are generally amortized over the term of the agreement.
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Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of | Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed ofThe Company reviews the carrying value of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset, or related asset group, may not be recoverable from estimated future undiscounted cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount for which the carrying amount of the asset exceeds the fair value of the asset. |
Goodwill | Goodwill and Indefinite Lived Intangible AssetsGoodwill and indefinite lived intangible assets are tested annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. When assessing the recoverability of goodwill and other indefinite lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an other indefinite lived intangible asset is less than its carrying amount. The qualitative evaluation is an assessment of multiple factors, including the current operating environment, financial performance and market considerations. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite lived intangible assets and perform a quantitative test, based on management's judgment. If the Company chooses to bypass the qualitative assessment, it performs the quantitative approach to impairment testing by comparing the fair value of the Company's reporting units to their respective carrying amounts and records an impairment charge for the amount by which the carrying amounts exceeds the fair value; however, the loss recognized if any will not exceed the total amount of goodwill allocated to that reporting unit. |
Lessee, Leases [Policy Text Block] | The Company accounts for leases in accordance with Accounting Standard Codification (“ASC”) Topic 842, Leases. The Company determines if an arrangement is a lease at inception for which the Company recognizes the right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. In determining the lease liability, the Company applies a discount rate to the minimum lease payments within each lease. ASC 842 requires the Company to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate the Company's incremental borrowing rate over various terms, a comparable market yield curve consistent with the Company's credit quality is determined. The lease term for all of the Company's leases include the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise or when a triggering event occurs. The Company has elected to not recognize a ROU asset and lease liability with an initial term of 12 months or less at lease commencement. Operating leases are included on the Company's balance sheet as a ROU asset, current operating lease liabilities and long-term operating lease liabilities. For finance leases, the lease liability is initially measured in the same manner and date as for the operating leases, and is subsequently measured at amortized cost using the effective interest method. Finance leases are included in property, plant and equipment, current portion of long-term debt and long-term debt, net of current portion, but are not significant to the Company. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of the lease incentives received. Some leases payments contain rent escalation clauses (including index-based escalations), initially measured using the index at the lease commencement date. The Company recognizes minimum rental expense on a straight-line basis based on the fixed components of the lease arrangement. The Company uses the long-lived assets impairment guidance in ASC subtopic 360-10, Property, Plant and Equipment - Overall, to determine whether the ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the Consolidated Statement of Operations.
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Environmental Expenditures | Environmental ExpendituresEnvironmental expenditures incurred to mitigate or prevent environmental impacts that have yet to occur and that otherwise may result from future operations are capitalized. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenues are expensed or charged against established environmental reserves. Reserves are established when environmental impacts have been identified which are probable to require mitigation and/or remediation and the costs are reasonably estimable. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for taxable income in future years. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authority. Adjustments are made to the reserves for uncertain tax positions when facts and circumstances change or additional information is available. Judgment is required to assess the impact of ongoing audits conducted by tax authorities in determining the Company’s consolidated income tax provision. The Company recognizes accrued interest and penalties on tax related matters as a component of income tax expense.
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Earnings Per Share | Earnings per ShareBasic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares with participation rights outstanding during the period. Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. |
Stock Based Compensation | Stock Based CompensationThe Company recognizes compensation expense ratably over the vesting period in an amount equal to the fair value of the share-based payments (e.g., stock options and non-vested and restricted stock) granted to employees and non-employee directors or by incurring liabilities to an employee or other supplier (a) in amounts based, at least in part, on the price of the entity’s shares or other equity instruments, or (b) that require or may require settlement by issuing the entity’s equity shares or other equity instruments. The Company's policy is to account for forfeitures in the period they occur, rather than estimating a forfeiture rate. The Company does not reclassify excess tax benefits from operating activities to financing activities in the Consolidated Statements of Cash Flows. Additionally, the Company excludes the excess tax benefits from the assumed proceeds available to repurchase shares of common stock in the computation of the Company's diluted earnings per share. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made.
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Derivative Instruments | Derivative Instruments The Company makes limited use of derivative instruments to manage cash flow risks related to natural gas usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Soybean meal options are entered into with the intent of managing the impact of changing prices for poultry meal sales. Corn options and future contracts are entered into with the intent of managing U.S. forecasted sales of BBP by reducing the impact of changing prices. Foreign currency forward and option contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. Entities are required to report all derivative instruments in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding the instrument. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair value, cash flows or foreign currencies. If the hedged exposure is a cash flow exposure, the gain or loss on the derivative instrument is reported initially as a component of other comprehensive income (outside of earnings) and is subsequently reclassified into earnings when the forecasted transaction affects earnings. Any amounts excluded from the assessment of hedge effectiveness is reported in earnings immediately. If the derivative instrument is not designated as a hedge, the gain or loss is recognized in earnings in the period of change. Hedge accounting treatment ceases if or when the hedge transaction is no longer probable of occurring or the hedge relationship correlation no longer qualifies for hedge accounting.
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Revenue Recognition | Revenue RecognitionThe Company recognizes revenue on sales when control of the promised finished product is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs. Certain customers may be required to prepay prior to shipment in order to maintain payment protection against certain foreign and domestic sales. These amounts are recorded as unearned revenue and recognized when control of the promised finished product is transferred to the Company's customer. See Note 22 to the consolidated financial statements. |
Foreign Currency Transactions and Remeasurement | Foreign Currency Translation and RemeasurementForeign currency translation is included as a component of accumulated other comprehensive loss and reflects the adjustments resulting from translating the foreign currency denominated financial statements of foreign subsidiaries into U.S. dollars. The functional currency of the Company's foreign subsidiaries is the currency of the primary economic environment in which the entity operates, which is generally the local currency of the country. Accordingly, assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at fiscal year end exchange rates, including intercompany foreign currency transactions that are of long-term investment nature. Income and expense items are translated at average exchange rates occurring during the period. Changes in exchange rates that affect cash flows and the related receivables or payables are recognized as transaction gains/(losses) in determining net income. |
Subsequent Events | Subsequent EventsThe Company evaluates subsequent events from the end of the most recent fiscal year through the date the consolidated financial statements are issued. |
Reclassification, Comparability Adjustment | ReclassificationCertain immaterial prior year amounts have been reclassified to conform to current year presentation. |
General (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share [Table Text Block] |
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Investment in Unconsolidated Subsidiary (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Affiliate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Selected financial information for the Company's DGD Joint Venture is as follows:
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Inventories (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | A summary of inventories follows (in thousands):
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | A summary of property, plant and equipment follows (in thousands):
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Intangbile assets (Tables) |
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INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands):
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Goodwill (Tables) |
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Jan. 01, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill (in thousands):
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Accrued Expenses (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accrued expenses consist of the following (in thousands):
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(Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):
Other information (in thousands, except lease terms and discount rates):
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Maturities of Operating Lease Liabilities | Future annual minimum lease payments and finance lease commitments as of January 1, 2022 were as follows (in thousands):
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Maturities of Financing Lease Liabilities | Future annual minimum lease payments and finance lease commitments as of January 1, 2022 were as follows (in thousands):
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt consists of the following (in thousands):
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Schedule of Maturities of Long-term Debt | Maturities of long-term debt at January 1, 2022 follow (in thousands):
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Other Noncurrent Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NONCURRENT LIABILITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Liabilities, Noncurrent | Other noncurrent liabilities consist of the following (in thousands):
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Income Taxes Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and foreign income before income taxes are as follows (in thousands):
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to income before income taxes consists of the following (in thousands):
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
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Schedule of Effective Income Tax Rate Reconciliation | Income tax expense for the years ended January 1, 2022, January 2, 2021 and December 28, 2019, differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands):
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 1, 2022 and January 2, 2021 are presented below (in thousands):
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Stockholders' Equity and Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of all stock option activity as of January 1, 2022 and changes during the year ended is as follows:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each stock option grant under the LTIPs was estimated on the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions and results for fiscal 2020 and 2019.
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Schedule of Nonvested Share Activity | A summary of the Company’s non-vested stock, RSU and PSU awards as of January 1, 2022, and changes during the year ended is as follows:
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Schedule of Share-based Payment Award, Equity Instruments Other than Options, Valuation Assumptions | The fair value of each PSU award under the Company's 2021 LTIP, 2020 LTIP and 2019 LTIP was estimated on the date of grant using a Monte Carlo model with the following weighted average assumptions for fiscal 2021, fiscal 2020 and fiscal 2019.
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s non-employee director restricted stock and restricted stock unit awards as of January 1, 2022, and changes during the year ended is as follows:
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Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | A summary of the Company’s 2021, 2020 and 2019 LTIP PSU awards as of January 1, 2022, and changes during the year ended is as follows:
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Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | The components of other comprehensive income/(loss) and the related tax impacts for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 are as follows (in thousands):
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Reclassification out of Accumulated Other Comprehensive Income |
(a)These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information.
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated comprehensive loss as of January 1, 2022 as follows (in thousands):
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's Consolidated Balance Sheets based on the measurement date (December 31, 2021 and December 31, 2020) (in thousands):
(a) Amounts do not include deferred taxes of $8.8 million and $13.0 million at January 1, 2022 and January 2, 2021, respectively.
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Schedule of Accumulated and Projected Benefit Obligations | Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows (in thousands):
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Schedule of Defined Benefit Plans Disclosures | Net pension cost includes the following components (in thousands):
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were:
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
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Schedule of Target Allocation of Plan Assets |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):
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Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):
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Multiemployer plans | The following table provides more detail on these significant multiemployer plans (contributions in thousands):
(a) In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension. (b) The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. The agreements have expiration dates through April 1, 2025. (c) The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2023.
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The fair value measurement of plan assets using significant unobservable inputs (level 3) changed due to the following:
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | (in thousands):
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below summarizes the effect of derivatives not designated as hedges on the Company's consolidated statements of operations for the year ended January 1, 2022, January 2, 2021 and December 28, 2019 (in thousands):
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Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables presents the Company's financial instruments that are measured at fair value on a recurring and nonrecurring basis as of January 1, 2022 and January 2, 2021 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Profit/(Loss) | Business Segments (in thousands):
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Business Segment Property, Plant and Equipment | Business Segment Property, Plant and Equipment (in thousands):
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Geographic Area Net Trade Revenues | Long-lived assets related to the Company's operations in North America, Europe, China, South American and other were as follows (in thousands):
|
Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present the Company revenues disaggregated by geographic area and major product types by reportable segment for the years ended January 1, 2022, January 2, 2021 and December 28, 2019 (in thousands):
|
Inventories (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jan. 02, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished product | $ 272,995 | $ 233,044 |
Work in process | 81,158 | 87,223 |
Inventory, Raw Materials, Net of Reserves | 48,186 | 36,746 |
Supplies and other | 55,126 | 48,909 |
Inventories | $ 457,465 | $ 405,922 |
Intangbile assets Textuals (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 59.7 | ||
Amortization of Intangible Assets | 67.4 | $ 74.0 | $ 73.6 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 64.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 63.6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 43.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 35.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 25.4 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jan. 02, 2021 |
---|---|---|
ACCRUED EXPENSES [Abstract] | ||
Compensation and benefits | $ 123,180 | $ 121,497 |
Utilities and sewage | 27,659 | 18,902 |
Accrued ad valorem, and franchise taxes | 20,140 | 39,167 |
Reserve for self-insurance, litigation, environmental and tax matters (Note 20) | 10,917 | 11,460 |
Medical claims liability | 11,281 | 8,855 |
Accrued operating expenses | 81,200 | 62,601 |
Accrued interest payable | 9,443 | 9,197 |
Customer Deposits, Current | 15,872 | 14,443 |
Other accrued expense | 50,989 | 49,349 |
Accrued expenses | $ 350,681 | $ 335,471 |
- Components of Lease Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Leases [Abstract] | |||
Operating lease cost | $ 48,049 | $ 45,362 | $ 48,858 |
Short-term Lease, Cost | 25,141 | 25,868 | 18,163 |
Total lease costs | $ 73,190 | $ 71,230 | $ 67,021 |
- Other Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 50,258 | $ 52,055 | $ 47,691 |
Operating right-of-use assets, net | 155,464 | 146,563 | |
Operating lease liability, current | 38,168 | 39,459 | |
Operating lease liability, non-current | 120,314 | 109,707 | |
Lease obligations included in current and long-term liabilities | $ 158,482 | $ 149,166 | |
Weighted average remaining lease term - operating leases | 6 years 2 months 12 days | 6 years 3 months 18 days | |
Weighted average discount rate - operating leases | 3.57% | 4.22% | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 7 years | ||
Operating Lease, Lease Not Yet Commenced | $ 300 |
- Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands, € in Millions |
Jan. 01, 2022
USD ($)
|
Jan. 01, 2022
EUR (€)
|
Jan. 02, 2021
USD ($)
|
---|---|---|---|
Operating Leases | |||
2022 | $ 42,431 | ||
2023 | 37,823 | ||
2024 | 30,406 | ||
2025 | 21,735 | ||
2026 | 12,783 | ||
Thereafter | 27,609 | ||
Operating lease, obligations | 172,787 | ||
Less amounts representing interest | (14,305) | ||
Lease obligations included in current and long-term liabilities | 158,482 | $ 149,166 | |
Finance Leases | |||
2022 | 852 | ||
2023 | 638 | ||
2024 | 458 | ||
2025 | 320 | ||
2026 | 319 | ||
Thereafter | 235 | ||
Finance lease, obligations | 2,822 | ||
Less amounts representing interest | (88) | ||
Lease obligations included in current and long-term liabilities | $ 2,734 | € 2.3 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt, net of current portion | Long-term debt, net of current portion |
Debt Debt Maturiities (Details) $ in Thousands |
Jan. 01, 2022
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 | $ 24,407 |
2022 | 6,225 |
2023 | 200,491 |
2024 | 358 |
2025 | 743,332 |
thereafter | 500,486 |
Long-term Debt | $ 1,475,299 |
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jan. 02, 2021 |
---|---|---|
OTHER NONCURRENT LIABILITIES [Abstract] | ||
Accrued pension liability (Note 15) | $ 36,268 | $ 55,757 |
Reserve for self-insurance, litigation, environmental and tax matters (Note 20) | 71,140 | 59,111 |
Other | 3,621 | 2,503 |
Total other noncurrent liabilities | $ 111,029 | $ 117,371 |
Income Taxes - Income From Operations Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 545,861 | $ 265,950 | $ 260,867 |
Foreign | 275,535 | 87,669 | 119,567 |
Income before income taxes | $ 821,396 | $ 353,619 | $ 380,434 |
Income Taxes - Expense Benefit (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Current: | |||
Federal | $ (31) | $ (72) | $ (162) |
State | 8,442 | 1,595 | 341 |
Foreign | 60,730 | 36,453 | 37,117 |
Total current | 69,141 | 37,976 | 37,296 |
Deferred: | |||
Federal | 66,883 | 20,827 | 13,465 |
State | 19,495 | 840 | 11,804 |
Foreign | 8,587 | (6,354) | (3,098) |
Total deferred | 94,965 | 15,313 | 22,171 |
Income Tax Expense (Benefit) | $ 164,106 | $ 53,289 | $ 59,467 |
Income Taxes Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed "expected" tax expense | $ 172,493 | $ 74,260 | $ 79,891 |
Change in valuation allowance | (4,996) | (522) | 38 |
Non-deductible compensation expenses | 4,324 | 4,723 | 3,950 |
Deferred tax on unremitted foreign earnings | 3,415 | (548) | 1,505 |
Foreign rate differential | 14,748 | 7,077 | 7,246 |
Change in uncertain tax positions | 6,809 | (4,650) | 1,736 |
State income taxes, net of federal benefit | 18,205 | 2,702 | 5,686 |
Biofuel tax incentives | (38,778) | (31,725) | (46,007) |
Change in tax law | 1,869 | 3,699 | 1,352 |
Equity compensation windfall | (11,046) | (2,897) | (686) |
Other, net | (2,937) | 1,170 | 4,756 |
Income Tax Expense (Benefit) | $ 164,106 | $ 53,289 | $ 59,467 |
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of Year | $ 5,039 | $ 7,810 |
Change in tax positions related to current year | 5,940 | 9 |
Change in tax positions related to prior years | (471) | (2,780) |
Change in tax positions due to settlement with tax authorities | 0 | 0 |
Expiration of the Statute of Limitations | 0 | 0 |
Balance at end of year | $ 10,508 | $ 5,039 |
Stockholders' Equity and Stock-Based Compensation Weighted Average Assumptions (Details) - $ / shares |
12 Months Ended | |
---|---|---|
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Stockholders' Equity and Stock-Based Compensation [Abstract] | ||
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.65% | 2.61% |
Expected term | 5 years 11 months 8 days | 6 years |
Expected volatility | 27.40% | 29.60% |
Fair value of options granted (in usd per share) | $ 8.64 | $ 7.16 |
Stockholders' Equity and Stock-Based Compensation Non-Vested Stock, Restricted Stock Unit and Performance Share Unit Awards (Details) - shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 04, 2021 |
Jan. 06, 2020 |
Jan. 25, 2019 |
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual vesting after initial cliff | 33.33% | |||||
Shares granted (in shares) | 126,711 | 224,481 | 305,195 | 126,711 | 224,481 | 305,195 |
Performance period two | 3 years | 3 years | 3 years | |||
Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (in shares) | 90,689 | 11,000 | 0 | |||
Shares vested (in shares) | (11,545) | (375) | (126,511) | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual vesting after initial cliff | 33.33% | |||||
Common stock equivalent (in shares) | 1 | |||||
Shares granted (in shares) | 90,689 |
Stockholders' Equity and Stock-Based Compensation Fiscal 2019 and Fiscal 2021 LTIP PSU Awards (Details) - Performance Shares [Member] - shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 04, 2021 |
Jan. 06, 2020 |
Jan. 25, 2019 |
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (in shares) | 126,711 | 224,481 | 305,195 | 126,711 | 224,481 | 305,195 |
Performance period two | 3 years | 3 years | 3 years | |||
PSUs earned may be reduced | 30.00% | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target percentage | 0.00% | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target percentage | 225.00% |
Stockholders' Equity and Stock-Based Compensation Summary of Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | |
Risk-free interest rate | 1.65% | 2.61% | |
Expected term | 5 years 11 months 8 days | 6 years | |
Expected volatility | 27.40% | 29.60% | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.16% | 1.55% | 2.58% |
Expected term | 3 years | 2 years 11 months 26 days | 2 years 11 months 4 days |
Expected volatility | 39.90% | 25.80% | 30.70% |
Stockholders' Equity and Stock-Based Compensation Nonemployee Director Restricted Stock and Restricted Stock Unit Awards (Details) $ in Thousands |
Jan. 02, 2016
USD ($)
|
---|---|
Director Restricted Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock available for grant per employee | $ 135 |
Comprehensive Income AOCI (Details) $ in Thousands |
12 Months Ended |
---|---|
Jan. 01, 2022
USD ($)
| |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | $ (252,433) |
Other comprehensive gain before reclassifications | (79,222) |
Amounts reclassified from accumulated other comprehensive income/(loss) | 14,430 |
Net current-period other comprehensive income | (64,792) |
Noncontrolling interest | 4,465 |
Ending balance | (321,690) |
Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (210,902) |
Other comprehensive gain before reclassifications | (74,219) |
Amounts reclassified from accumulated other comprehensive income/(loss) | 0 |
Net current-period other comprehensive income | (74,219) |
Noncontrolling interest | 4,465 |
Ending balance | (289,586) |
Derivative Instruments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (3,214) |
Other comprehensive gain before reclassifications | (14,217) |
Amounts reclassified from accumulated other comprehensive income/(loss) | 10,975 |
Net current-period other comprehensive income | (3,242) |
Noncontrolling interest | 0 |
Ending balance | (6,456) |
Defined Benefit Pension Plans | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (38,317) |
Other comprehensive gain before reclassifications | 9,214 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 3,455 |
Net current-period other comprehensive income | 12,669 |
Noncontrolling interest | 0 |
Ending balance | $ (25,648) |
Employee Benefit Plans (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2005 |
Jan. 01, 2022
USD ($)
plan
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
|||||||||
Fair Value Measurement [Domain] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | $ 178,978 | |||||||||||
Fair value of plan assets at end of period | 188,718 | $ 178,978 | ||||||||||
Fair Value Measurement [Domain] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 114,143 | |||||||||||
Fair value of plan assets at end of period | 110,463 | 114,143 | ||||||||||
Fair Value Measurement [Domain] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 11,088 | |||||||||||
Fair value of plan assets at end of period | 14,937 | 11,088 | ||||||||||
Fair Value Measurement [Domain] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 3,249 | |||||||||||
Fair value of plan assets at end of period | 2,982 | 3,249 | ||||||||||
Projected benefit obligation at beginning of period | 235,977 | 212,265 | ||||||||||
Service cost | 3,127 | 3,060 | $ 2,696 | |||||||||
Interest cost | 4,816 | 5,721 | 6,828 | |||||||||
Employee contributions | 335 | 360 | ||||||||||
Plan combinations | 5,783 | 5,362 | ||||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 40 | 0 | ||||||||||
Employee contributions | 335 | 360 | ||||||||||
Actuarial (gain) loss | (9,031) | 16,427 | ||||||||||
Benefits paid | (9,801) | (8,274) | ||||||||||
Effect of curtailment | 0 | (747) | ||||||||||
Effect of settlement | (1,572) | (2,208) | ||||||||||
Other | (3,866) | 4,011 | ||||||||||
Projected benefit obligation at end of period | 225,808 | 235,977 | 212,265 | |||||||||
Fair value of plan assets at beginning of period | 178,978 | 155,702 | ||||||||||
Actual return on plan assets | 13,139 | 16,029 | ||||||||||
Employer contributions | 3,878 | 11,460 | ||||||||||
Plan combinations | 5,510 | 4,537 | ||||||||||
Benefits paid | (9,801) | (8,274) | ||||||||||
Effect of settlement | (1,572) | (2,208) | ||||||||||
Other | (1,749) | 1,372 | ||||||||||
Fair value of plan assets at end of period | 188,718 | 178,978 | 155,702 | |||||||||
Funded status | (37,090) | (56,999) | ||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||
Current liability | (936) | (1,242) | ||||||||||
Noncurrent liability | (36,268) | (55,757) | ||||||||||
Net amount recognized | (37,090) | (56,999) | ||||||||||
Assets for Plan Benefits, Defined Benefit Plan | 114 | 0 | ||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||
Net actuarial loss | 34,304 | 51,145 | ||||||||||
Prior service cost | 176 | 194 | ||||||||||
Net amount recognized | [1] | 34,480 | 51,339 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 8,800 | 13,000 | ||||||||||
Net pension cost includes the following components: | ||||||||||||
Service cost | 3,127 | 3,060 | 2,696 | |||||||||
Interest cost | 4,816 | 5,721 | 6,828 | |||||||||
Expected return on plan assets | (9,287) | (8,161) | (7,270) | |||||||||
Net amortization and deferral | 4,253 | 3,438 | 4,605 | |||||||||
Curtailment | 0 | (678) | (33) | |||||||||
Settlement | 210 | (22) | 66 | |||||||||
Net pension cost | $ 3,119 | $ 3,358 | $ 6,892 | |||||||||
Weighted average assumptions used to determine benefit obligations: | ||||||||||||
Discount rate | 2.40% | 2.10% | 2.77% | |||||||||
Rate of compensation increase | 0.50% | 0.45% | 0.40% | |||||||||
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans: | ||||||||||||
Discount rate | 1.32% | 2.13% | 3.33% | |||||||||
Rate of increase in future compensation levels | 0.52% | 0.41% | 0.42% | |||||||||
Expected long-term rate of return on assets | 5.40% | 5.92% | 6.13% | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||||||||||
2022 | $ 11,219 | |||||||||||
2023 | 10,715 | |||||||||||
2024 | 11,797 | |||||||||||
2025 | 12,948 | |||||||||||
2026 | 12,634 | |||||||||||
Years 2027 – 2031 | 66,930 | |||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Contributions | $ 3,212 | $ 3,229 | $ 3,626 | |||||||||
Number Of Multiemployer Plans, Withdrawal Obligation | plan | 4 | |||||||||||
Multiemployer Plans, Withdrawal Obligation | $ 3,800 | |||||||||||
Investment Horizon of Greater Than | 10 years | |||||||||||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 182,644 | 235,977 | ||||||||||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 180,303 | 221,238 | ||||||||||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 147,663 | 178,978 | ||||||||||
Foreign Plan [Member] | ||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans: | ||||||||||||
Expected long-term rate of return on assets | 1.90% | |||||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | $ 3,249 | 4,474 | ||||||||||
Fair value of plan assets at end of period | 2,982 | 3,249 | 4,474 | |||||||||
Western Conference Of Teamsters Pension Plan [Member] | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Contributions | [2] | 1,294 | 1,429 | 1,514 | ||||||||
Central States, Southeast and Southwest Areas Pension Plan [Member] | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Contributions | [3],[4] | 811 | 886 | 916 | ||||||||
Multiemployer Plans, IRS Extended Amortization Period | 10 years | |||||||||||
Other Multiemployer Plans [Member] | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Contributions | $ 1,107 | 914 | $ 1,196 | |||||||||
Maximum [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Multiemployer Plan, Contributions To Individual Plan, Percent | 5.00% | |||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Investment Objectives Achievement Period | 7 years | |||||||||||
Maximum [Member] | Equity Securities [Member] | UNITED STATES | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 65 | |||||||||||
Maximum [Member] | Fixed Income Securities [Member] | UNITED STATES | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 80 | |||||||||||
Minimum [Member] | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Investment Objectives Achievement Period | 5 years | |||||||||||
Minimum [Member] | Equity Securities [Member] | UNITED STATES | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 20 | |||||||||||
Minimum [Member] | Fixed Income Securities [Member] | UNITED STATES | ||||||||||||
Multiemployer Plans [Abstract] | ||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 35 | |||||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | $ 128,480 | |||||||||||
Fair value of plan assets at end of period | 128,382 | 128,480 | ||||||||||
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 114,143 | |||||||||||
Fair value of plan assets at end of period | 110,463 | 114,143 | ||||||||||
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 11,088 | |||||||||||
Fair value of plan assets at end of period | 14,937 | 11,088 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 3,249 | |||||||||||
Fair value of plan assets at end of period | 2,982 | 3,249 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Long Term [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 20,082 | |||||||||||
Fair value of plan assets at end of period | 29,180 | 20,082 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Long Term [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 20,082 | |||||||||||
Fair value of plan assets at end of period | 29,180 | 20,082 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Long Term [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Long Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Short Term [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 3,585 | |||||||||||
Fair value of plan assets at end of period | 3,951 | 3,585 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Short Term [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 3,585 | |||||||||||
Fair value of plan assets at end of period | 3,951 | 3,585 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Short Term [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Short Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, Domestic [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 55,454 | |||||||||||
Fair value of plan assets at end of period | 45,783 | 55,454 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, Domestic [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 55,454 | |||||||||||
Fair value of plan assets at end of period | 45,783 | 55,454 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, Domestic [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, Domestic [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, International [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 35,022 | |||||||||||
Fair value of plan assets at end of period | 31,549 | 35,022 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 35,022 | |||||||||||
Fair value of plan assets at end of period | 31,549 | 35,022 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, International [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Equity Securities, International [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Insurance Contracts [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 14,337 | |||||||||||
Fair value of plan assets at end of period | 17,919 | 14,337 | ||||||||||
Estimate of Fair Value Measurement [Member] | Insurance Contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 0 | |||||||||||
Fair value of plan assets at end of period | 0 | 0 | ||||||||||
Estimate of Fair Value Measurement [Member] | Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 11,088 | |||||||||||
Fair value of plan assets at end of period | 14,937 | 11,088 | ||||||||||
Estimate of Fair Value Measurement [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 3,249 | |||||||||||
Fair value of plan assets at end of period | 2,982 | 3,249 | ||||||||||
Portion at Other than Fair Value Measurement [Member] | ||||||||||||
Change in plan assets: | ||||||||||||
Fair value of plan assets at beginning of period | 50,498 | |||||||||||
Fair value of plan assets at end of period | $ 60,336 | $ 50,498 | ||||||||||
|
Employee Benefit Plans Employee Benefit Plans Narrative 1 (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2005 |
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Employee Benefit Plans [Line Items] | ||||
Investment Horizon of Greater Than | 10 years | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ 8.8 | $ 13.0 | ||
Domestic Pension Plan Benefits Percentage Of The Projected Benefit Obligation | 70.00% | 71.00% | ||
Domestic Defined Benefit Plan Cash Contributions By Employer | $ 0.2 | $ 7.5 | ||
Foreign Defined Benefit Plan Cash Contributions By Employer | $ 3.7 | 4.0 | ||
Maximum [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Multiemployer Plan, Contributions To Individual Plan, Percent | 5.00% | |||
Investment Objectives Achievement Period | 7 years | |||
Minimum [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Investment Objectives Achievement Period | 5 years | |||
Central States, Southeast and Southwest Areas Pension Plan [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Multiemployer Plans, IRS Extended Amortization Period | 10 years | |||
Foreign Plan [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Contribution Plan, Employer Contribution Amount | $ 9.6 | 8.5 | $ 8.4 | |
UNITED STATES | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Contribution Plan, Employer Contribution Amount | $ 10.9 | $ 11.3 | $ 10.6 | |
UNITED STATES | Maximum [Member] | Equity Securities [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 65 | |||
UNITED STATES | Maximum [Member] | Fixed Income Securities [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 80 | |||
UNITED STATES | Minimum [Member] | Equity Securities [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 20 | |||
UNITED STATES | Minimum [Member] | Fixed Income Securities [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum (Deprecated 2017-01-31) | 35 |
Employee Benefit Plans Employee Benefit Plans Narrative 2 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Employee Benefit Plans [Line Items] | |||
Expected long-term rate of return on assets | 5.40% | 5.92% | 6.13% |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 3.9 | ||
Equity Funds [Member] | |||
Employee Benefit Plans [Line Items] | |||
Equity Securities | 50.00% | ||
Fixed Income Funds [Member] | |||
Employee Benefit Plans [Line Items] | |||
Equity Securities | 50.00% | ||
UNITED STATE AND CANADA [Member] | |||
Employee Benefit Plans [Line Items] | |||
Expected long-term rate of return on assets | 5.90% | ||
Foreign Plan [Member] | |||
Employee Benefit Plans [Line Items] | |||
Expected long-term rate of return on assets | 1.90% |
Employee Benefit Plans Employee Benefit Plans Narrative 3 (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022
USD ($)
plan
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
|
Employee Benefit Plans [Abstract] | |||
Number of Multiemployer Plans, Certified Red Zone | plan | 5 | ||
Number of Multiemployer Plans, Certified Yellow Zone | plan | 2 | ||
Multiemployer Plans, Withdrawal Obligation | $ 3,800 | ||
Contributions | 3,212 | $ 3,229 | $ 3,626 |
Additional Liability, Defined Benefit Pension Plan | $ 1,300 |
Employee Benefit Plans Employee Benefit Plans Level 3 (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of period | $ 178,978 | $ 155,702 |
Fair value of plan assets at end of period | 188,718 | 178,978 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of period | 3,249 | 4,474 |
Unrealized gains (losses) relating to instruments still held in the reporting period. | (16) | 400 |
Purchases, sales, and settlements | 0 | (1,956) |
Exchange rate changes | (251) | 331 |
Fair value of plan assets at end of period | $ 2,982 | $ 3,249 |
Derivatives (Details) € in Thousands, £ in Thousands, zł in Thousands, $ in Thousands, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 01, 2022
USD ($)
month
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
Jan. 01, 2022
EUR (€)
|
Jan. 01, 2022
PLN (zł)
|
Jan. 01, 2022
GBP (£)
|
Jan. 01, 2022
CAD ($)
|
|
Derivatives, Fair Value [Line Items] | |||||||
Number of months cash flow hedge gain (loss) reclassified over | month | 12 | ||||||
Amount reclassified from accumulated other comprehensive loss into earnings over next 12 months | $ 8,500 | ||||||
Net income | 657,290 | $ 300,330 | $ 320,967 | ||||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives Fair Value | 600 | 11,600 | |||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives Fair Value | 1,900 | ||||||
Corn Option [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | (2,800) | (6,800) | |||||
Commodity Contract [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Forward purchase amount | 135,100 | ||||||
Soybean Meal [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives Fair Value | 100 | $ 400 | |||||
Cash Flow Hedging [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net income | 0 | ||||||
Short [Member] | EUR/GBP [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | € | € 3,045 | ||||||
Short [Member] | EUR/CAD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | € | 34 | ||||||
Short [Member] | PLN/EUR [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | zł | zł 27,898 | ||||||
Short [Member] | PLN/USD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | zł | zł 1,216 | ||||||
Short [Member] | GBPEUR [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | £ | £ 233 | ||||||
Short [Member] | GBP/USD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | £ | 200 | ||||||
Long [Member] | EUR/GBP [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | £ | £ 2,600 | ||||||
Long [Member] | EUR/CAD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 50 | ||||||
Long [Member] | PLN/EUR [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | € | 6,000 | ||||||
Long [Member] | PLN/USD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 295 | ||||||
Long [Member] | GBPEUR [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | € | € 273 | ||||||
Long [Member] | GBP/USD | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 264 |
Derivatives Derivative Effect of Derivatives Not Designated As Hedges (Details) - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, zł in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2022
USD ($)
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
Jan. 01, 2022
BRL (R$)
|
Jan. 01, 2022
EUR (€)
|
Jan. 01, 2022
PLN (zł)
|
Jan. 01, 2022
JPY (¥)
|
Jan. 01, 2022
CNY (¥)
|
Jan. 01, 2022
AUD ($)
|
Jan. 01, 2022
GBP (£)
|
|
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 27,542 | $ (1,485) | $ 2,193 | |||||||
Foreign Exchange Contract [Member] | Foreign Currency Gain (Loss) [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 21,698 | (3,840) | 1,565 | |||||||
Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 3,405 | 4,976 | 1,649 | |||||||
Foreign Exchange Contract [Member] | Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 1,178 | (778) | 903 | |||||||
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | (844) | (664) | (452) | |||||||
BRI/EUR 1 [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | R$ | R$ 66,425 | |||||||||
BRI/EUR 1 [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | € 11,548 | |||||||||
BRI/EUR 2 [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | R$ | R$ 3,057,673 | |||||||||
BRI/EUR 2 [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 730,000 | |||||||||
EUR/USD [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 282,173 | 38,814 | ||||||||
EUR/USD [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 44,343 | 250,000 | ||||||||
EUR/PLN [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | 24,442 | |||||||||
EUR/PLN [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | zł | zł 113,000 | |||||||||
EUR/JPN [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | 5,231 | |||||||||
EUR/JPN [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | ¥ | ¥ 675,210 | |||||||||
EUR/CNY [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | 15,724 | |||||||||
EUR/CNY [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | ¥ | ¥ 114,134 | |||||||||
EUR/AUD [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 15,269 | $ 1,508 | ||||||||
EUR/AUD [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 953 | $ 24,436 | ||||||||
EUR/GBP [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | 3,045 | |||||||||
EUR/GBP [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | £ | £ 2,600 | |||||||||
PLN/EUR [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | zł | zł 27,898 | |||||||||
PLN/EUR [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | 6,000 | |||||||||
GBPEUR [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | £ | £ 233 | |||||||||
GBPEUR [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | € | € 273 | |||||||||
JPN/USD [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | ¥ | 354,206 | |||||||||
JPN/USD [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 3,127 | |||||||||
Corn options and futures [Member] | Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | (3,564) | (1,091) | 670 | |||||||
Corn options and futures [Member] | Cost of Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 5,669 | (50) | (1,636) | |||||||
Heating Oil Swaps And Options [Member] | Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (38) | 0 | |||||||
Heating Oil Swaps And Options [Member] | Cost of Sales [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | $ 0 | $ (506) | |||||||
USD/JPN1 [Member] | Short [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | $ 476 | |||||||||
USD/JPN1 [Member] | Long [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | ¥ | ¥ 54,000 |
Fair Value Measurement (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jan. 02, 2021 |
---|---|---|
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 5,031 | $ 17,358 |
Total Assets | 5,031 | 17,358 |
Derivative liabilities | 7,173 | 9,778 |
Total Liabilities | 1,472,373 | 1,540,076 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Total Assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,031 | 17,358 |
Total Assets | 5,031 | 17,358 |
Derivative liabilities | 7,173 | 9,778 |
Total Liabilities | 1,472,373 | 1,540,076 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Total Assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Term Loan B Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 200,000 | 298,500 |
Fair Value, Recurring [Member] | Term Loan B Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Term Loan B Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 200,000 | 298,500 |
Fair Value, Recurring [Member] | Term Loan B Facility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 158,400 | 54,175 |
Fair Value, Recurring [Member] | Revolving Credit Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Revolving Credit Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 158,400 | 54,175 |
Fair Value, Recurring [Member] | Revolving Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 515,600 | 531,300 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 515,600 | 531,300 |
Senior Notes 5.25% Due 2027 [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 591,200 | 646,323 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 591,200 | 646,323 |
Senior Notes 3.625% Due 2026 [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 0 | $ 0 |
Asset Impairment, Exit and Restructuring Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs and Asset Impairment Charges | $ 778 | $ 38,167 | $ 0 |
Asset impairment | 138 | 37,802 | $ 0 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 400 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 400 |
Concentration of Credit Risk (Details) - Customer Concentration Risk [Member] - customer |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Concentration Risk [Line Items] | |||
Number Of Customers Accounted For More Than 10 Percent Of Entity's Net Sales | 0 | 0 | |
Revenue Benchmark | Corporate Joint Venture | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Maximum [Member] | Revenue Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Contingencies (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
Party
|
Nov. 30, 2019
USD ($)
|
Mar. 31, 2016
Party
mi
|
Jan. 01, 2022
USD ($)
contaminant
|
Jan. 02, 2021
USD ($)
|
|
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss, Area of Land | mi | 8.3 | ||||
Loss Contingency, Estimate of Possible Loss | $ 1,380.0 | ||||
Loss Contingency, Number of Parties | Party | 100 | 100 | |||
Number of Contaminants | contaminant | 8 | ||||
Gain (Loss) Related to Litigation Settlement | $ 0.6 | ||||
Insurance Environmental and Litigation Matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserves for insurance, environmental and litigation contingencies | $ 78.4 | $ 66.2 | |||
Insurance Settlements Receivable, Noncurrent | 31.8 | $ 27.0 | |||
Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 165.0 | ||||
Loss Contingency, Number of Parties | Party | 40 | ||||
Plant, One [Member] | |||||
Loss Contingencies [Line Items] | |||||
Gain (Loss) Related to Litigation Settlement | 0.3 | ||||
Plant, Two [Member] | |||||
Loss Contingencies [Line Items] | |||||
Gain (Loss) Related to Litigation Settlement | $ 0.3 |
Business Segments (Narrative) (Details) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2022
USD ($)
segment
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
|||
Segment Reporting Information [Line Items] | |||||
Number of Business Segments | segment | 3 | ||||
Capital expenditures: | [1] | $ 274,126 | $ 280,115 | $ 359,498 | |
Fuel Ingredients [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures: | $ 26,078 | $ 30,638 | $ 23,964 | ||
|
Business Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 4,741,369 | $ 3,571,923 | $ 3,363,905 | ||
Cost of sales and operating expenses | 3,499,385 | 2,688,815 | 2,589,085 | ||
Loss/(gain) on sale of assets | 958 | (426) | 20,582 | ||
Selling, general and administrative expense | 391,538 | 378,496 | 358,523 | ||
Restructuring Costs and Asset Impairment Charges | 778 | 38,167 | 0 | ||
Depreciation and amortization | 316,387 | 350,178 | 325,510 | ||
Acquisition and integration costs | 1,396 | 0 | 0 | ||
Equity In net income of Diamond Green Diesel | 351,627 | 315,095 | 364,452 | ||
Segment operating income/(loss) | 884,470 | 430,936 | 475,821 | ||
Equity in net income of other unconsolidated subsidiaries | 5,753 | 3,193 | 428 | ||
Total other expense | (68,827) | (80,510) | (95,815) | ||
Income before income taxes | 821,396 | 353,619 | 380,434 | ||
Total assets | 6,133,728 | 5,613,331 | |||
Capital expenditures: | [1] | 274,126 | 280,115 | 359,498 | |
Capital assets | 18,400 | ||||
Long-Lived Assets | 5,044,714 | 4,626,337 | |||
North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,867,934 | 1,960,503 | 1,889,573 | ||
Long-Lived Assets | 3,564,765 | 3,056,047 | |||
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,521,031 | 1,296,668 | 1,153,787 | ||
Long-Lived Assets | 1,259,018 | 1,357,070 | |||
China | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 253,212 | 202,093 | 194,625 | ||
Long-Lived Assets | 129,767 | 127,549 | |||
South America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 31,446 | 38,238 | 51,168 | ||
Long-Lived Assets | 77,758 | 74,720 | |||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | 13,406 | 10,951 | |||
Feed Ingredients [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,039,500 | 2,072,104 | 1,970,561 | ||
Cost of sales and operating expenses | 2,206,248 | 1,544,524 | 1,519,596 | ||
Gross Margin | 833,252 | 527,580 | 450,965 | ||
Loss/(gain) on sale of assets | (550) | 19 | (7,720) | ||
Selling, general and administrative expense | 220,078 | 209,748 | 200,487 | ||
Restructuring Costs and Asset Impairment Charges | 0 | 0 | |||
Depreciation and amortization | 218,942 | 221,187 | 203,456 | ||
Acquisition and integration costs | 0 | ||||
Equity In net income of Diamond Green Diesel | 0 | 0 | 0 | ||
Segment operating income/(loss) | 394,782 | 96,626 | 54,742 | ||
Equity in net income of other unconsolidated subsidiaries | 5,753 | 3,193 | 428 | ||
Segment income/(loss) | 400,535 | 99,819 | 55,170 | ||
Total assets | 2,714,528 | 2,708,922 | |||
Capital expenditures: | 187,445 | 176,530 | 229,415 | ||
Feed Ingredients [Member] | North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,577,705 | 1,694,705 | 1,635,382 | ||
Feed Ingredients [Member] | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 430,549 | 352,748 | 309,097 | ||
Feed Ingredients [Member] | China | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 19,446 | 13,676 | 16,342 | ||
Feed Ingredients [Member] | South America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | ||
Food Ingredients [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,271,629 | 1,185,701 | 1,119,085 | ||
Cost of sales and operating expenses | 979,232 | 920,682 | 864,618 | ||
Gross Margin | 292,397 | 265,019 | 254,467 | ||
Loss/(gain) on sale of assets | (88) | 482 | (13,175) | ||
Selling, general and administrative expense | 97,555 | 97,406 | 97,363 | ||
Restructuring Costs and Asset Impairment Charges | 0 | 0 | |||
Depreciation and amortization | 60,929 | 83,752 | 79,671 | ||
Acquisition and integration costs | 0 | ||||
Equity In net income of Diamond Green Diesel | 0 | 0 | 0 | ||
Segment operating income/(loss) | 134,001 | 83,379 | 90,608 | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | ||
Segment income/(loss) | 134,001 | 83,379 | 90,608 | ||
Total assets | 1,205,217 | 1,335,769 | |||
Capital expenditures: | 54,799 | 68,250 | 85,501 | ||
Food Ingredients [Member] | North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 286,852 | 244,929 | 214,623 | ||
Food Ingredients [Member] | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 663,619 | 650,671 | 609,999 | ||
Food Ingredients [Member] | China | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 233,766 | 188,417 | 178,283 | ||
Food Ingredients [Member] | South America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 31,446 | 38,238 | 51,168 | ||
Fuel Ingredients [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 430,240 | 314,118 | 274,259 | ||
Cost of sales and operating expenses | 313,905 | 223,609 | 204,871 | ||
Gross Margin | 116,335 | 90,509 | 69,388 | ||
Loss/(gain) on sale of assets | (320) | (75) | 313 | ||
Selling, general and administrative expense | 16,999 | 16,014 | 2,762 | ||
Restructuring Costs and Asset Impairment Charges | 778 | 38,167 | |||
Depreciation and amortization | 25,436 | 34,218 | 31,946 | ||
Acquisition and integration costs | 0 | ||||
Equity In net income of Diamond Green Diesel | 351,627 | 315,095 | 364,452 | ||
Segment operating income/(loss) | 425,069 | 317,280 | 398,819 | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | ||
Segment income/(loss) | 425,069 | 317,280 | 398,819 | ||
Total assets | 1,658,892 | 1,160,132 | |||
Capital expenditures: | 26,078 | 30,638 | 23,964 | ||
Fuel Ingredients [Member] | North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,377 | 20,869 | 39,568 | ||
Fuel Ingredients [Member] | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 426,863 | 293,249 | 234,691 | ||
Fuel Ingredients [Member] | China | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | ||
Fuel Ingredients [Member] | South America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | ||
Cost of sales and operating expenses | 0 | 0 | 0 | ||
Gross Margin | 0 | 0 | 0 | ||
Loss/(gain) on sale of assets | 0 | 0 | 0 | ||
Selling, general and administrative expense | 56,906 | 55,328 | 57,911 | ||
Restructuring Costs and Asset Impairment Charges | 0 | 0 | |||
Depreciation and amortization | 11,080 | 11,021 | 10,437 | ||
Acquisition and integration costs | 1,396 | ||||
Equity In net income of Diamond Green Diesel | 0 | 0 | 0 | ||
Segment operating income/(loss) | (69,382) | (66,349) | (68,348) | ||
Equity in net income of other unconsolidated subsidiaries | 0 | 0 | 0 | ||
Segment income/(loss) | (69,382) | (66,349) | (68,348) | ||
Total assets | 555,091 | 408,508 | |||
Capital expenditures: | 5,804 | 4,697 | 20,618 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 4,741,369 | 3,571,923 | 3,363,905 | ||
Cost of sales and operating expenses | 3,499,385 | 2,688,815 | 2,589,085 | ||
Gross Margin | 1,241,984 | 883,108 | 774,820 | ||
Loss/(gain) on sale of assets | (958) | 426 | (20,582) | ||
Selling, general and administrative expense | 391,538 | 378,496 | 358,523 | ||
Restructuring Costs and Asset Impairment Charges | 778 | 38,167 | |||
Depreciation and amortization | 316,387 | 350,178 | 325,510 | ||
Acquisition and integration costs | 1,396 | ||||
Equity In net income of Diamond Green Diesel | 351,627 | 315,095 | 364,452 | ||
Segment operating income/(loss) | 884,470 | 430,936 | 475,821 | ||
Equity in net income of other unconsolidated subsidiaries | 5,753 | 3,193 | 428 | ||
Segment income/(loss) | 890,223 | 434,129 | $ 476,249 | ||
Total assets | $ 6,133,728 | $ 5,613,331 | |||
|
Revenue (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022
USD ($)
source
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
|
Revenue from Contract with Customer [Abstract] | |||
Number of Revenue Sources | source | 2 | ||
Revenue recognized | $ | $ 95.3 | $ 54.0 | $ 41.0 |
Revenue Disaggregation of revenues (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 4,741,369 | $ 3,571,923 | $ 3,363,905 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,867,934 | 1,960,503 | 1,889,573 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,521,031 | 1,296,668 | 1,153,787 |
China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 253,212 | 202,093 | 194,625 |
South America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 31,446 | 38,238 | 51,168 |
Other Geographical Areas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 67,746 | 74,421 | 74,752 |
Fats [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,380,796 | 804,737 | 718,234 |
Used Cooking Oil [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 319,145 | 176,691 | 185,705 |
Proteins [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,022,694 | 830,195 | 791,284 |
Bakery [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 287,424 | 183,759 | 191,551 |
Other Rendering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 173,405 | 178,601 | 167,870 |
Food Ingredients, Products and Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 961,617 | 947,928 | 894,761 |
Bioenergy [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 426,863 | 293,249 | 234,691 |
Biofuels [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,377 | 20,869 | 39,568 |
Other, Products And Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 166,048 | 135,894 | 140,241 |
Food Ingredients [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,271,629 | 1,185,701 | 1,119,085 |
Food Ingredients [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 286,852 | 244,929 | 214,623 |
Food Ingredients [Member] | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 663,619 | 650,671 | 609,999 |
Food Ingredients [Member] | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 233,766 | 188,417 | 178,283 |
Food Ingredients [Member] | South America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 31,446 | 38,238 | 51,168 |
Food Ingredients [Member] | Other Geographical Areas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 55,946 | 63,446 | 65,012 |
Food Ingredients [Member] | Fats [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 182,674 | 142,963 | 133,898 |
Food Ingredients [Member] | Used Cooking Oil [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Proteins [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Bakery [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Other Rendering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Food Ingredients, Products and Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 961,617 | 947,928 | 894,761 |
Food Ingredients [Member] | Bioenergy [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Biofuels [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Food Ingredients [Member] | Other, Products And Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 127,338 | 94,810 | 90,426 |
Fuel Ingredients [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 430,240 | 314,118 | 274,259 |
Fuel Ingredients [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,377 | 20,869 | 39,568 |
Fuel Ingredients [Member] | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 426,863 | 293,249 | 234,691 |
Fuel Ingredients [Member] | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | South America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Other Geographical Areas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Fats [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Used Cooking Oil [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Proteins [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Bakery [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Other Rendering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Food Ingredients, Products and Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Fuel Ingredients [Member] | Bioenergy [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 426,863 | 293,249 | 234,691 |
Fuel Ingredients [Member] | Biofuels [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,377 | 20,869 | 39,568 |
Fuel Ingredients [Member] | Other, Products And Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Feed Ingredients [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,039,500 | 2,072,104 | 1,970,561 |
Feed Ingredients [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,577,705 | 1,694,705 | 1,635,382 |
Feed Ingredients [Member] | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 430,549 | 352,748 | 309,097 |
Feed Ingredients [Member] | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 19,446 | 13,676 | 16,342 |
Feed Ingredients [Member] | South America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Feed Ingredients [Member] | Other Geographical Areas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 11,800 | 10,975 | 9,740 |
Feed Ingredients [Member] | Fats [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,198,122 | 661,774 | 584,336 |
Feed Ingredients [Member] | Used Cooking Oil [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 319,145 | 176,691 | 185,705 |
Feed Ingredients [Member] | Proteins [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,022,694 | 830,195 | 791,284 |
Feed Ingredients [Member] | Bakery [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 287,424 | 183,759 | 191,551 |
Feed Ingredients [Member] | Other Rendering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 173,405 | 178,601 | 167,870 |
Feed Ingredients [Member] | Food Ingredients, Products and Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Feed Ingredients [Member] | Bioenergy [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Feed Ingredients [Member] | Biofuels [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Feed Ingredients [Member] | Other, Products And Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 38,710 | $ 41,084 | $ 49,815 |
Revenue Long-Term Performance Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2022 |
Jan. 02, 2021 |
Dec. 28, 2019 |
|
Revenue from Contract with Customer [Abstract] | |||
Revenue recognized | $ 95.3 | $ 54.0 | $ 41.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected timing of satisfaction | 5 years | ||
Remaining performance obligation | $ 1,160.0 |
Related Party Transactions (Details) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 01, 2021
USD ($)
agreement
|
May 01, 2019
USD ($)
|
Jan. 01, 2022
USD ($)
|
Jan. 02, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
|
Feb. 25, 2020
USD ($)
agreement
|
|
Related Party Transaction [Line Items] | ||||||
Number Of Terminaling Agreements | agreement | 2 | |||||
Related Party, Unrecorded Unconditional Guarantee | $ 50,000,000 | |||||
GTL Terminaling Agreements [Domain] | ||||||
Related Party Transaction [Line Items] | ||||||
Number Of Terminaling Agreements | agreement | 2 | |||||
Related Party, Unrecorded Unconditional Guarantee | $ 160,000,000 | |||||
Related Party, Initial Agreement Term | 20 years | |||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from Related Parties | $ 521,700,000 | $ 264,100,000 | $ 208,700,000 | |||
Accounts Receivable, Related Parties, Current | 43,800,000 | 14,200,000 | ||||
Related Party, Sales Eliminated | 24,000,000 | 7,400,000 | 5,100,000 | |||
Deferred Revenue, Additions | 6,000,000 | $ 1,400,000 | $ 800,000 | |||
Revolving Credit Facility [Member] | Revolving Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 25,000,000 | |||||
Line of Credit Facility, Amount Borrowed | 50,000,000 | |||||
Interest Expense, Long-term Debt | 100,000 | |||||
Lender One [Member] | Revolving Credit Facility [Member] | Revolving Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||
Line of Credit Facility, Amount Borrowed | $ 25,000,000 | |||||
LIBO Rate [Member] | Revolving Credit Facility [Member] | Revolving Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% |
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