Revenue (Notes)

3 Months Ended

Mar. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The 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 an 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 three months ended March 30, 2024 and April 1, 2023 (in thousands):

	Three Months Ended March 30, 2024
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	691,846	$	107,064	$	—	$	798,910
Europe	100,793		169,453		139,169		409,415
China	4,778		61,469		—		66,247
South America	88,845		40,273		—		129,118
Other	3,586		13,023		—		16,609
Net sales	$	889,848	$	391,282	$	139,169	$	1,420,299
Major product types
Fats	$	311,247	$	38,290	$	—	$	349,537
Used cooking oil	75,800		—		—		75,800
Proteins	367,600		—		—		367,600
Bakery	44,900		—		—		44,900
Other rendering	76,701		—		—		76,701
Food ingredients	—		331,031		—		331,031
Bioenergy	—		—		139,169		139,169
Other	13,600		21,961		—		35,561
Net sales	$	889,848	$	391,282	$	139,169	$	1,420,299

	Three Months Ended April 1, 2023
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	1,025,757	$	99,351	$	—	$	1,125,108
Europe	110,252		190,273		157,286		457,811
China	5,343		77,371		—		82,714
South America	93,539		10,784		—		104,323
Other	2,603		18,613		—		21,216
Net sales	$	1,237,494	$	396,392	$	157,286	$	1,791,172
Major product types
Fats	$	490,318	$	44,988	$	—	$	535,306
Used cooking oil	137,693		—		—		137,693
Proteins	447,147		—		—		447,147
Bakery	74,933		—		—		74,933
Other rendering	69,814		—		—		69,814
Food ingredients	—		319,141		—		319,141
Bioenergy	—		—		157,286		157,286
Other	17,589		32,263		—		49,852
Net sales	$	1,237,494	$	396,392	$	157,286	$	1,791,172

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 to date in 2024 under these long-term supply contracts was approximately $39.8 million, with the remaining performance obligations to be recognized in future periods (generally four years) of approximately $759.3 million.