Revenue (Notes)

9 Months Ended

Sep. 28, 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. 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 and nine months ended September 28, 2024 and September 30, 2023 (in thousands):

	Three Months Ended September 28, 2024
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	720,381	$	97,658	$	—	$	818,039
Europe	95,625		161,630		137,142		394,397
China	8,910		53,506		—		62,416
South America	98,980		32,189		—		131,169
Other	3,561		12,309		—		15,870
Total net sales	$	927,457	$	357,292	$	137,142	$	1,421,891
Major product types
Fats	$	346,870	$	40,982	$	—	$	387,852
Used cooking oil	81,674		—		—		81,674
Proteins	369,544		—		—		369,544
Bakery	47,696		—		—		47,696
Other rendering	69,658		—		—		69,658
Food ingredients	—		289,311		—		289,311
Bioenergy	—		—		137,142		137,142
Other	12,015		26,999		—		39,014
Total net sales	$	927,457	$	357,292	$	137,142	$	1,421,891

	Nine Months Ended September 28, 2024
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	2,132,009	$	305,283	$	—	$	2,437,292
Europe	304,195		497,186		418,615		1,219,996
China	21,747		176,901		—		198,648
South America	282,733		109,636		—		392,369
Other	10,768		38,409		—		49,177
Total net sales	$	2,751,452	$	1,127,415	$	418,615	$	4,297,482
Major product types
Fats	$	972,792	$	117,346	$	—	$	1,090,138
Used cooking oil	253,600		—		—		253,600
Proteins	1,119,700		—		—		1,119,700
Bakery	141,100		—		—		141,100
Other rendering	225,900		—		—		225,900
Food ingredients	—		935,659		—		935,659
Bioenergy	—		—		418,615		418,615
Other	38,360		74,410		—		112,770
Total net sales	$	2,751,452	$	1,127,415	$	418,615	$	4,297,482

	Three Months Ended September 30, 2023
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	872,493	$	122,594	$	—	$	995,087
Europe	86,007		194,168		121,664		401,839
China	9,748		69,125		—		78,873
South America	75,801		51,639		—		127,440
Other	3,747		18,218		—		21,965
Total net sales	$	1,047,796	$	455,744	$	121,664	$	1,625,204
Major product types
Fats	$	417,856	$	38,242	$	—	$	456,098
Used cooking oil	103,135		—		—		103,135
Proteins	405,411		—		—		405,411
Bakery	63,192		—		—		63,192
Other rendering	42,659		—		—		42,659
Food ingredients	—		390,695		—		390,695
Bioenergy	—		—		121,664		121,664
Other	15,543		26,807		—		42,350
Total net sales	$	1,047,796	$	455,744	$	121,664	$	1,625,204

	Nine Months Ended September 30, 2023
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	2,844,350	$	323,333	$	—	$	3,167,683
Europe	292,323		611,634		418,818		1,322,775
China	21,251		217,910		—		239,161
South America	259,633		116,916		—		376,549
Other	9,393		58,436		—		67,829
Total net sales	$	3,426,950	$	1,328,229	$	418,818	$	5,173,997
Major product types
Fats	$	1,313,461	$	121,437	$	—	$	1,434,898
Used cooking oil	387,103		—		—		387,103
Proteins	1,288,514		—		—		1,288,514
Bakery	205,388		—		—		205,388
Other rendering	182,738		—		—		182,738
Food ingredients	—		1,122,143		—		1,122,143
Bioenergy	—		—		418,818		418,818
Other	49,746		84,649		—		134,395
Total net sales	$	3,426,950	$	1,328,229	$	418,818	$	5,173,997

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 $118.6 million, with the remaining performance obligations to be recognized in future periods (generally four years) of approximately $650.1 million.