Other Comprehensive Income (Tables)

3 Months Ended

Apr. 02, 2022

The components of other comprehensive income/(loss) and the related tax impacts for the three months ended April 2, 2022 and April 3, 2021 are as follows (in thousands):


	Three Months Ended
	Before-Tax				Tax (Expense)				Net-of-Tax
	Amount				or Benefit				Amount
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Defined benefit pension plans

Amortization of prior service (cost)/benefit	5		5		(1)		(1)		4		4
Amortization of actuarial loss	570		1,052		(145)		(264)		425		788

Total defined benefit pension plans	575		1,057		(146)		(265)		429		792




Soybean meal option derivatives
Reclassified to earnings	(441)		(280)		112		71		(329)		(209)
Activity recognized in other comprehensive income/(loss)	120		(64)		(31)		16		89		(48)
Total soybean meal option derivatives	(321)		(344)		81		87		(240)		(257)
Corn option derivatives
Reclassified to earnings	4,107		3,920		(1,043)		(996)		3,064		2,924
Activity recognized in other comprehensive income/(loss)	(10,885)		(4,993)		2,765		1,269		(8,120)		(3,724)
Total corn option derivatives	(6,778)		(1,073)		1,722		273		(5,056)		(800)
Heating oil derivatives
Activity recognized in other comprehensive income/(loss)	(22,470)		4,644		5,708		(1,180)		(16,762)		3,464
Total heating oil derivatives	(22,470)		4,644		5,708		(1,180)		(16,762)		3,464
Foreign exchange derivatives
Reclassified to earnings	(1,071)		224		360		(75)		(711)		149
Activity recognized in other comprehensive income/(loss)	45,422		(10,457)		(15,276)		3,502		30,146		(6,955)
Total foreign exchange derivatives	44,351		(10,233)		(14,916)		3,427		29,435		(6,806)

Foreign currency translation	2,661		(39,737)		721		1,515		3,382		(38,222)

Other comprehensive income/(loss)	$	18,018	$	(45,686)	$	(6,830)	$	3,857	$	11,188	$	(41,829)

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three ended April 2, 2022 and April 3, 2021 as follows (in thousands):


	Three Months Ended
	April 2, 2022		April 3, 2021		Statement of Operations Classification
Derivative instruments
Soybean meal derivatives	$	441	$	280	Net sales
Foreign exchange contracts	1,071		(224)		Net sales

Corn option derivatives	(4,107)		(3,920)		Cost of sales and operating expenses
	(2,595)		(3,864)		Total before tax
	571		1,000		Income taxes
	(2,024)		(2,864)		Net of tax
Defined benefit pension plans
Amortization of prior service cost	$	(5)	$	(5)	(a)
Amortization of actuarial loss	(570)		(1,052)		(a)

	(575)		(1,057)		Total before tax
	146		265		Income taxes
	(429)		(792)		Net of tax
Total reclassifications	$	(2,453)	$	(3,656)	Net of tax

(a)These items are included in the computation of net periodic pension cost. See Note 13 (Employee Benefit Plans) to the Company's Consolidated Financial Statement included herein for additional information.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in each component of accumulated other comprehensive income/(loss) as of April 2, 2022 as follows (in thousands):


	Three Months Ended April 2, 2022
	Foreign Currency		Derivative		Defined Benefit
	Translation		Instruments		Pension Plans		Total
Accumulated Other Comprehensive loss January 1, 2022, attributable to Darling, net of tax	$	(289,586)	$	(6,456)	$	(25,648)	$	(321,690)
Other comprehensive loss before reclassifications	3,382		5,353		—		8,735
Amounts reclassified from accumulated other comprehensive loss	—		2,024		429		2,453

Net current-period other comprehensive income/(loss)	3,382		7,377		429		11,188
Noncontrolling interest	867		—		—		867
Accumulated Other Comprehensive loss April 2, 2022, attributable to Darling, net of tax	$	(287,071)	$	921	$	(25,219)	$	(311,369)