Investment in Unconsolidated Subsidiary (Tables)

9 Months Ended

Sep. 28, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Selected financial information for the Company’s DGD Joint Venture is as follows:

(in thousands)	September 30, 2024		December 31, 2023
Assets:
Cash	$	195,666	$	236,794
Total other current assets	1,472,709		1,640,636
Property, plant and equipment, net	3,886,783		3,838,800
Other assets	104,317		89,697
Total assets	$	5,659,475	$	5,805,927
Liabilities and members' equity:
Revolver	$	—	$	250,000
Total other current portion of long term debt	29,496		28,639
Total other current liabilities	384,496		417,918
Total long term debt	714,783		737,097
Total other long term liabilities	17,043		16,996
Total members' equity	4,513,657		4,355,277
Total liabilities and members' equity	$	5,659,475	$	5,805,927

	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues:
Operating revenues	$	1,224,679	$	1,430,666	$	3,819,870	$	5,356,827
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense	1,126,200		1,257,766		3,300,483		4,430,485
Lower of cost or market (LCM) inventory valuation adjustment	20,310		—		57,814		—
Depreciation, amortization and accretion expense	68,303		55,118		195,503		172,040
Total costs and expenses	1,214,813		1,312,884		3,553,800		4,602,525
Operating income	9,866		117,782		266,070		754,302
Other income	5,058		2,701		14,336		6,863
Interest and debt expense, net	(10,093)		(11,705)		(30,372)		(37,785)
Income before income tax expense	4,831		108,778		$	250,034	$	723,380
Income tax benefit	(29)		—		(58)		—
Net income	$	4,860	$	108,778	$	250,092	$	723,380