| Schedule of Comprehensive Income (Loss) |
The components of other comprehensive income/(loss) and the related tax impacts for the three months ended March 29, 2025 and March 30, 2024 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Before-Tax | Tax (Expense) | Net-of-Tax | | Amount | or Benefit | Amount | | March 29, 2025 | March 30, 2024 | March 29, 2025 | March 30, 2024 | March 29, 2025 | March 30, 2024 | | Defined benefit pension plans | | | | | | | | | | | | | | | Amortization of prior service (cost)/benefit | $ | (2) | | $ | (6) | | $ | 1 | | $ | 3 | | $ | (1) | | $ | (3) | | | Amortization of actuarial loss | 249 | | 349 | | (59) | | (84) | | 190 | | 265 | | | | | | | | | | Total defined benefit pension plans | 247 | | 343 | | (58) | | (81) | | 189 | | 262 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Soybean meal option derivatives | | | | | | | | Reclassified to earnings | — | | (33) | | — | | 8 | | — | | (25) | | | | | | | | | | Total soybean meal option derivatives | — | | (33) | | — | | 8 | | — | | (25) | | | Corn option derivatives | | | | | | | | Reclassified to earnings | 367 | | — | | (89) | | — | | 278 | | — | | | Activity recognized in other comprehensive income/(loss) | (253) | | — | | 61 | | — | | (192) | | — | | | Total corn option derivatives | 114 | | — | | (28) | | — | | 86 | | — | | | Heating oil derivatives at DGD (Note 15) | | | | | | | | Activity recognized in other comprehensive income/(loss) | 1,400 | | (41,919) | | (341) | | 10,186 | | 1,059 | | (31,733) | | | Total heating oil derivatives | 1,400 | | (41,919) | | (341) | | 10,186 | | 1,059 | | (31,733) | | | Interest swap derivatives | | | | | | | | Reclassified to earnings | 17,693 | | (17,480) | | (4,299) | | 4,248 | | 13,394 | | (13,232) | | | Activity recognized in other comprehensive income/(loss) | (19,324) | | 22,865 | | 4,695 | | (5,556) | | (14,629) | | 17,309 | | | Total interest swap derivatives | (1,631) | | 5,385 | | 396 | | (1,308) | | (1,235) | | 4,077 | | | Foreign exchange derivatives | | | | | | | | Reclassified to earnings | (3,662) | | (5,996) | | 1,232 | | 2,046 | | (2,430) | | (3,950) | | | Activity recognized in other comprehensive income/(loss) | 33,159 | | (4,415) | | (11,155) | | 1,506 | | 22,004 | | (2,909) | | | Total foreign exchange derivatives | 29,497 | | (10,411) | | (9,923) | | 3,552 | | 19,574 | | (6,859) | | | | | | | | | | Foreign currency translation | 121,094 | | (65,343) | | (1,762) | | 673 | | 119,332 | | (64,670) | | | | | | | | | | Other comprehensive income/(loss) | $ | 150,721 | | $ | (111,978) | | $ | (11,716) | | $ | 13,030 | | $ | 139,005 | | $ | (98,948) | |
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| 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 months ended March 29, 2025 and March 30, 2024 as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | | | March 29, 2025 | March 30, 2024 | | | Statement of Operations Classification | | Derivative instruments | | | | | | | Soybean meal option derivatives | $ | — | | $ | 33 | | | | Net sales | | Foreign exchange contracts | 3,662 | | 5,996 | | | | Net sales | | | | | | | | Corn option derivatives | (367) | | — | | | | Cost of sales and operating expenses | | Interest swaps | (17,693) | | 17,480 | | | | Foreign currency gain/(loss) and interest expense | | (14,398) | | 23,509 | | | | Total before tax | | 3,156 | | (6,302) | | | | Income taxes | | (11,242) | | 17,207 | | | | Net of tax | | Defined benefit pension plans | | | | | | | Amortization of prior service cost | $ | 2 | | $ | 6 | | | | (a) | | Amortization of actuarial loss | (249) | | (349) | | | | (a) | | | | | | | | (247) | | (343) | | | | Total before tax | | 58 | | 81 | | | | Income taxes | | (189) | | (262) | | | | Net of tax | | Total reclassifications | $ | (11,431) | | $ | 16,945 | | | | 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 Statements included herein for additional information.
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents changes in each component of accumulated other comprehensive income/(loss) as of March 29, 2025 as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 29, 2025 | | | Foreign | | | Defined | | | | Currency | Derivative | | Benefit | | | | Translation | Instruments | | Pension Plans | Total | | Accumulated Other Comprehensive income/ (loss) December 28, 2024, attributable to Darling, net of tax | | $ | (648,827) | | $ | (23,825) | | | $ | (11,589) | | $ | (684,241) | | | Other comprehensive loss before reclassifications | | 119,332 | | 8,242 | | | — | | 127,574 | | | Amounts reclassified from accumulated other comprehensive income/ (loss) | | — | | 11,242 | | | 189 | | 11,431 | | | | | | | | | | Net current-period other comprehensive income/ (loss) | | 119,332 | | 19,484 | | | 189 | | 139,005 | | Noncontrolling interest | | (1,486) | | — | | | — | | (1,486) | | | Accumulated Other Comprehensive income/ (loss) March 29, 2025, attributable to Darling, net of tax | | $ | (528,009) | | $ | (4,341) | | | $ | (11,400) | | $ | (543,750) | |
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