Business Segments (Tables)

9 Months Ended

Sep. 27, 2025

Business Segments (in thousands):


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate (a)		Total
Three Months Ended September 27, 2025
Total net sales	$	1,029,115	$	380,574	$	154,277	$	—	$	1,563,966
Cost of sales and operating expenses	779,306		275,751		121,900		—		1,176,957
Gross margin	249,809		104,823		32,377		—		387,009

Gain on sale of assets	(125)		(65)		(185)		—		(375)
Selling, general and administrative expenses	75,938		33,250		8,077		22,329		139,594

Acquisition and integration costs	—		—		—		6,156		6,156

Depreciation and amortization	83,590		29,839		9,129		1,506		124,064
Equity in net loss of Diamond Green Diesel	—		—		(45,844)		—		(45,844)
Segment operating income/(loss)	90,406		41,799		(30,488)		(29,991)		71,726

Equity in net income of other unconsolidated subsidiaries	3,277		—		—		—		3,277
Segment income/(loss)	93,683		41,799		(30,488)		(29,991)		75,003

Total other expense (b)									(55,196)
Income before income taxes									$	19,807

(a) Included in corporate activities are general corporate expenses.

(b) Total other expense includes interest expense, loss on early retirement of debt, foreign currency gain (loss) and other income (expense). Interest expense, loss on early retirement of debt and foreign currency gain (loss) are separately disclosed on our Consolidated Statements of Operations. Other income/(expense) consists of interest income of approximately $1.3 million, casualty loss of approximately $(0.2) million, other pension expense excluding service cost of approximately $(0.2) million, gain on the sale of a portion of a small international subsidiary of approximately $1.7 million and other expense of approximately $(1.9) million.


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Three Months Ended September 28, 2024
Total net sales	$	927,457	$	357,292	$	137,142	$	—	$	1,421,891
Cost of sales and operating expenses	727,642		271,861		108,816		—		1,108,319
Gross margin	199,815		85,431		28,326		—		313,572

Loss/(gain) on sale of assets	204		49		(2)		—		251
Selling, general and administrative expenses	67,445		28,351		7,757		12,164		115,717

Acquisition and integration costs	—		—		—		218		218
Change in fair value of contingent consideration	16,156		—		—		—		16,156
Depreciation and amortization	85,480		26,743		9,297		2,033		123,553
Equity in net income of Diamond Green Diesel	—		—		2,430		—		2,430
Segment operating income/(loss)	30,530		30,288		13,704		(14,415)		60,107

Equity in net income of other unconsolidated subsidiaries	3,782		—		—		—		3,782
Segment income/(loss)	34,312		30,288		13,704		(14,415)		63,889

Total other expense (c)									(62,245)
Income before income taxes									$	1,644

(c) Total other expense includes interest expense, loss on early retirement of debt, foreign currency gain (loss) and other income (expense). Interest expense, loss on early retirement of debt and foreign currency gain (loss) are separately disclosed on our Consolidated Statements of Operations. Other income/(expense) consists of interest income of approximately $3.6 million, casualty gain of approximately $3.8 million, other pension expense excluding service cost of approximately $(0.4) million and other expense of approximately $(2.3) million.


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Nine Months Ended September 27, 2025
Total net sales	$	2,861,930	$	1,115,956	$	448,192	$	—	$	4,426,078
Cost of sales and operating expenses	2,215,402		804,765		361,634		—		3,381,801
Gross margin	646,528		311,191		86,558		—		1,044,277

Loss/(gain) on sale of assets	1,075		(34)		(402)		—		639
Selling, general and administrative expenses	224,973		98,709		25,645		49,892		399,219

Acquisition and integration costs	—		—		—		11,073		11,073
Change in fair value of contingent consideration	18,024		—		—		—		18,024
Depreciation and amortization	251,139		86,792		26,481		4,549		368,961
Equity in net loss of Diamond Green Diesel	—		—		(70,367)		—		(70,367)
Segment operating income/(loss)	151,317		125,724		(35,533)		(65,514)		175,994

Equity in net income of other unconsolidated subsidiaries	8,431		—		—		—		8,431
Segment income/(loss)	159,748		125,724		(35,533)		(65,514)		184,425

Total other expense (d)									(171,256)
Loss before income taxes									$	13,169

(d) Total other expense includes interest expense, loss on early retirement of debt, foreign currency gain (loss) and other income (expense). Interest expense, loss on early retirement of debt and foreign currency gain (loss) are separately disclosed on our Consolidated Statements of Operations. Other income/(expense) consists of interest income of approximately $11.9 million, casualty loss of approximately $(1.7) million, other pension expense excluding service cost of approximately $(6.9) million, gain on the sale of a portion of a small international subsidiary of approximately $1.7 million and other expense of approximately $(7.5) million.


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Nine Months Ended September 28, 2024
Total net sales	$	2,751,452	$	1,127,415	$	418,615	$	—	$	4,297,482
Cost of sales and operating expenses	2,171,282		846,766		335,358		—		3,353,406
Gross margin	580,170		280,649		83,257		—		944,076

Loss/(gain) on sale of assets	541		(208)		(434)		—		(101)
Selling, general and administrative expenses	218,598		88,939		24,911		52,143		384,591

Acquisition and integration costs	—		—		—		5,402		5,402
Change in fair value of contingent consideration	(42,215)		—		—		—		(42,215)
Depreciation and amortization	259,493		82,983		26,687		6,504		375,667
Equity in net income of Diamond Green Diesel	—		—		125,046		—		125,046
Segment operating income/(loss)	143,753		108,935		157,139		(64,049)		345,778

Equity in net income of other unconsolidated subsidiaries	9,109		—		—		—		9,109
Segment income/(loss)	152,862		108,935		157,139		(64,049)		354,887

Total other expense (e)									(185,609)
Income before income taxes									$	169,278

(e) Total other expense includes interest expense, loss on early retirement of debt, foreign currency gain (loss) and other income (expense). Interest expense, loss on early retirement of debt and foreign currency gain (loss) are separately disclosed on our Consolidated Statements of Operations. Other income/(expense) consists of interest income of approximately $12.1 million, casualty gain of approximately $11.6 million, other pension expense excluding service cost of approximately $(1.3) million and other expense of approximately $(9.6) million.