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Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Schedule of Comprehensive Income (Loss)
The components of other comprehensive income/(loss) and the related tax impacts for the three and six months ended June 29, 2024 and July 1, 2023 are as follows (in thousands):

Three Months Ended
Before-TaxTax (Expense)Net-of-Tax
Amountor BenefitAmount
June 29, 2024July 1, 2023June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Defined benefit pension plans
Amortization of prior service (cost)/benefit
$(6)$— $2 $— $(4)$— 
Amortization of actuarial loss349 434 (83)(107)266 327 
Total defined benefit pension plans343 434 (81)(107)262 327 
Soybean meal option derivatives
Reclassified to earnings— (166)— 42 — (124)
Activity recognized in other comprehensive income/(loss)— (163)— 41 — (122)
Total soybean meal option derivatives— (329)— 83 — (246)
Corn option derivatives
Reclassified to earnings— (653)— 165 — (488)
Activity recognized in other comprehensive income/(loss)1,404 597 (341)(150)1,063 447 
Total corn option derivatives1,404 (56)(341)15 1,063 (41)
Heating oil derivatives at DGD (Note 15)
Activity recognized in other comprehensive income/(loss)(4,507)(23,292)1,095 5,917 (3,412)(17,375)
Total heating oil derivatives(4,507)(23,292)1,095 5,917 (3,412)(17,375)
Interest swap derivatives
Reclassified to earnings(9,305)(990)2,261 251 (7,044)(739)
Activity recognized in other comprehensive income/(loss)5,026 13,867 (1,222)(3,522)3,804 10,345 
Total interest swap derivatives(4,279)12,877 1,039 (3,271)(3,240)9,606 
Foreign exchange derivatives
Reclassified to earnings(1,399)(7,459)462 2,539 (937)(4,920)
Activity recognized in other comprehensive income/(loss)(27,004)21,515 9,152 (7,324)(17,852)14,191 
Total foreign exchange derivatives(28,403)14,056 9,614 (4,785)(18,789)9,271 
Foreign currency translation(168,285)82,696 247 (104)(168,038)82,592 
Other comprehensive income/(loss)$(203,727)$86,386 $11,573 $(2,252)$(192,154)$84,134 
Six Months Ended
Before-TaxTax (Expense)Net-of-Tax
Amountor BenefitAmount
June 29, 2024July 1, 2023June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Defined benefit pension plans
Amortization of prior service (cost)/benefit
$(12)$— $5 $— $(7)$— 
Amortization of actuarial loss698 868 (167)(214)531 654 
Total defined benefit pension plans686 868 (162)(214)524 654 
Soybean meal option derivatives
Reclassified to earnings(33)(504)8 128 (25)(376)
Activity recognized in other comprehensive income/(loss)— (87)— 22 — (65)
Total soybean meal option derivatives(33)(591)8 150 (25)(441)
Corn option derivatives
Reclassified to earnings— (1,537)— 390 — (1,147)
Activity recognized in other comprehensive income/(loss)1,404 1,627 (341)(412)1,063 1,215 
Total corn option derivatives1,404 90 (341)(22)1,063 68 
Heating oil derivatives at DGD (Note 15)
Activity recognized in other comprehensive income/(loss)(46,426)5,140 11,281 (1,305)(35,145)3,835 
Total heating oil derivatives(46,426)5,140 11,281 (1,305)(35,145)3,835 
Interest swap derivatives
Reclassified to earnings(26,785)866 6,509 (220)(20,276)646 
Activity recognized in other comprehensive income/(loss)27,891 12,976 (6,778)(3,296)21,113 9,680 
Total interest swap derivatives1,106 13,842 (269)(3,516)837 10,326 
Foreign exchange derivatives
Reclassified to earnings(7,395)(12,273)2,508 4,176 (4,887)(8,097)
Activity recognized in other comprehensive income/(loss)(31,419)34,844 10,658 (11,856)(20,761)22,988 
Total foreign exchange derivatives(38,814)22,571 13,166 (7,680)(25,648)14,891 
Foreign currency translation(233,628)139,555 920 (746)(232,708)138,809 
Other comprehensive income/(loss)$(315,705)$181,475 $24,603 $(13,333)$(291,102)$168,142 
Reclassification out of Accumulated Other Comprehensive Income (Loss)
The following table presents the amounts reclassified out of each component of other comprehensive income/(loss), net of tax for the three and six months ended June 29, 2024 and July 1, 2023 as follows (in thousands):
Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023Statement of Operations Classification
Derivative instruments
Soybean meal option derivatives$— $166 $33 $504 Net sales
Foreign exchange contracts1,399 7,459 7,395 12,273 Net sales
Corn option derivatives— 653 — 1,537 Cost of sales and operating expenses
Interest swaps9,305 990 26,785 (866)Foreign currency gain/(loss) and interest expense
10,704 9,268 34,213 13,448 Total before tax
(2,723)(2,997)(9,025)(4,474)Income taxes
7,981 6,271 25,188 8,974 Net of tax
Defined benefit pension plans
Amortization of prior service cost
$6 $— $12 $— (a)
Amortization of actuarial loss
(349)(434)(698)(868)(a)
(343)(434)(686)(868)Total before tax
81 107 162 214 Income taxes
(262)(327)(524)(654)Net of tax
Total reclassifications$7,719 $5,944 $24,664 $8,320 Net of tax

(a)These items are included in the computation of net periodic pension cost. See Note 14 (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 June 29, 2024 as follows (in thousands):
Six Months Ended June 29, 2024
ForeignDefined
CurrencyDerivativeBenefit
TranslationInstrumentsPension PlansTotal
Accumulated Other Comprehensive income/ (loss) December 30, 2023, attributable to Darling, net of tax$(231,678)$47,730 $(14,398)$(198,346)
Other comprehensive income/ (loss) before reclassifications(232,708)(33,730)— (266,438)
Amounts reclassified from accumulated other comprehensive income/ (loss)— (25,188)524 (24,664)
Net current-period other comprehensive income/ (loss)(232,708)(58,918)524 (291,102)
Noncontrolling interest
1,224 — — 1,224 
Accumulated Other Comprehensive income/ (loss) June 29, 2024, attributable to Darling, net of tax$(465,610)$(11,188)$(13,874)$(490,672)