Revenue (Notes)

9 Months Ended

Sep. 27, 2025

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 27, 2025 and September 28, 2024 (in thousands):

	Three Months Ended September 27, 2025
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	781,733	$	100,056	$	—	$	881,789
Europe	114,784		179,342		154,277		448,403
China	12,017		56,908		—		68,925
South America	116,737		30,501		—		147,238
Other	3,844		13,767		—		17,611
Total net sales	$	1,029,115	$	380,574	$	154,277	$	1,563,966
Major product types
Fats	$	428,415	$	44,331	$	—	$	472,746
Used cooking oil	125,900		—		—		125,900
Proteins	338,800		—		—		338,800
Bakery	46,900		—		—		46,900
Other rendering	76,900		—		—		76,900
Food ingredients	—		311,067		—		311,067
Bioenergy	—		—		154,277		154,277
Other	12,200		25,176		—		37,376
Total net sales	$	1,029,115	$	380,574	$	154,277	$	1,563,966

	Nine Months Ended September 27, 2025
	Feed Ingredients		Food Ingredients		Fuel Ingredients		Total
Geographic Area
North America	$	2,179,259	$	309,066	$	—	$	2,488,325
Europe	323,522		532,139		448,192		1,303,853
China	23,001		161,103		—		184,104
South America	325,110		78,238		—		403,348
Other	11,038		35,410		—		46,448
Total net sales	$	2,861,930	$	1,115,956	$	448,192	$	4,426,078
Major product types
Fats	$	1,159,930	$	133,381	$	—	$	1,293,311
Used cooking oil	290,100		—		—		290,100
Proteins	1,017,000		—		—		1,017,000
Bakery	149,100		—		—		149,100
Other rendering	209,900		—		—		209,900
Food ingredients	—		900,997		—		900,997
Bioenergy	—		—		448,192		448,192
Other	35,900		81,578		—		117,478
Total net sales	$	2,861,930	$	1,115,956	$	448,192	$	4,426,078

	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

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 2025 under these long-term supply contracts was approximately $100.9 million, with the remaining performance obligations to be recognized in future periods (generally three years) of approximately $630.5 million.