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Guarantor Financial Information (Tables) | 3 Months Ended
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Apr. 04, 2015
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of April 4, 2015 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 2,372 |  | $ | 4,838 |  | $ | 104,921 |  | $ | — |  | $ | 112,131 |
Restricted cash | 103 |  | — |  | 250 |  | — |  | 353 |
Accounts receivable | 27,773 |  | 635,317 |  | 270,699 |  | (556,821 | ) | 376,968 |
Inventories | 11,822 |  | 110,901 |  | 275,456 |  | — |  | 398,179 |
Income taxes refundable | 21,857 |  | — |  | 3,674 |  | — |  | 25,531 |
Prepaid expenses | 12,111 |  | 5,233 |  | 37,504 |  | — |  | 54,848 |
Other current assets | 1,617 |  | 25 |  | 34,113 |  | (5,113 | ) | 30,642 |
Deferred income taxes | 42,321 |  | — |  | 2,818 |  | — |  | 45,139 |
Total current assets | 119,976 |  | 756,314 |  | 729,435 |  | (561,934 | ) | 1,043,791 |
Investment in subsidiaries | 3,891,931 |  | 1,126,082 |  | 836,638 |  | (5,854,651 | ) | — |
Property, plant and equipment, net | 210,924 |  | 453,591 |  | 843,110 |  | — |  | 1,507,625 |
Intangible assets, net | 20,871 |  | 356,216 |  | 492,713 |  | — |  | 869,800 |
Goodwill | 21,860 |  | 549,950 |  | 683,295 |  | — |  | 1,255,105 |
Investment in unconsolidated subsidiaries | — |  | — |  | 198,639 |  | — |  | 198,639 |
Other assets | 54,247 |  | 524,869 |  | 323,099 |  | (835,192 | ) | 67,023 |
Deferred taxes | — |  | — |  | 15,832 |  | — |  | 15,832 |
| $ | 4,319,809 |  | $ | 3,767,022 |  | $ | 4,122,761 |  | $ | (7,251,777 | ) | $ | 4,957,815 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 17,267 |  | $ | 35 |  | $ | 69,006 |  | $ | (5,113 | ) | $ | 81,195 |
Accounts payable | 593,373 |  | 16,248 |  | 97,126 |  | (544,894 | ) | 161,853 |
Income taxes payable | 115 |  | 373 |  | 5,650 |  | — |  | 6,138 |
Accrued expenses | 62,859 |  | 30,026 |  | 143,886 |  | (11,926 | ) | 224,845 |
Deferred income taxes | — |  | — |  | 1,540 |  | — |  | 1,540 |
Total current liabilities | $ | 673,614 |  | $ | 46,682 |  | $ | 317,208 |  | $ | (561,933 | ) | $ | 475,571 |
Long-term debt, net of current portion | 1,309,306 |  | — |  | 1,535,421 |  | (835,192 | ) | 2,009,535 |
Other noncurrent liabilities | 56,171 |  | 2,046 |  | 54,137 |  | — |  | 112,354 |
Deferred income taxes | 180,479 |  | — |  | 221,935 |  | — |  | 402,414 |
Total liabilities | 2,219,570 |  | 48,728 |  | 2,128,701 |  | (1,397,125 | ) | 2,999,874 |
Total stockholders’ equity | 2,100,239 |  | 3,718,294 |  | 1,994,060 |  | (5,854,652 | ) | 1,957,941 |
| $ | 4,319,809 |  | $ | 3,767,022 |  | $ | 4,122,761 |  | $ | (7,251,777 | ) | $ | 4,957,815 |
Condensed Consolidating Balance Sheet As of January 3, 2015 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 10,447 |  | $ | 14,460 |  | $ | 83,877 |  | $ | — |  | $ | 108,784 |
Restricted cash | 103 |  | — |  | 240 |  | — |  | 343 |
Accounts receivable | 30,237 |  | 604,486 |  | 320,040 |  | (544,984 | ) | 409,779 |
Inventories | 19,762 |  | 93,253 |  | 288,598 |  | — |  | 401,613 |
Income taxes refundable | 18,647 |  | — |  | 3,493 |  | — |  | 22,140 |
Prepaid expenses | 11,513 |  | 1,792 |  | 31,324 |  | — |  | 44,629 |
Other current assets | 1,894 |  | 14 |  | 206,338 |  | (186,922 | ) | 21,324 |
Deferred income taxes | 42,497 |  | — |  | 2,504 |  | — |  | 45,001 |
Total current assets | 135,100 |  | 714,005 |  | 936,414 |  | (731,906 | ) | 1,053,613 |
Investment in subsidiaries | 3,874,466 |  | 1,096,541 |  | 837,605 |  | (5,808,612 | ) | — |
Property, plant and equipment, net | 205,895 |  | 445,301 |  | 922,920 |  | — |  | 1,574,116 |
Intangible assets, net | 21,903 |  | 366,315 |  | 544,195 |  | — |  | 932,413 |
Goodwill | 21,860 |  | 549,950 |  | 748,609 |  | — |  | 1,320,419 |
Investment in unconsolidated subsidiary | — |  | — |  | 202,712 |  | — |  | 202,712 |
Other assets | 56,404 |  | 575,656 |  | 538,460 |  | (1,099,511 | ) | 71,009 |
Deferred income taxes | — |  | — |  | 16,431 |  | — |  | 16,431 |
| $ | 4,315,628 |  | $ | 3,747,768 |  | $ | 4,747,346 |  | $ | (7,640,029 | ) | $ | 5,170,713 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 16,017 |  | $ | 55 |  | $ | 225,252 |  | $ | (186,923 | ) | $ | 54,401 |
Accounts payable | 540,784 |  | 11,349 |  | 127,994 |  | (511,609 | ) | 168,518 |
Income taxes payable | — |  | — |  | 4,363 |  | — |  | 4,363 |
Accrued expenses | 88,840 |  | 34,842 |  | 165,812 |  | (33,375 | ) | 256,119 |
Deferred income taxes | — |  | — |  | 642 |  | — |  | 642 |
Total current liabilities | 645,641 |  | 46,246 |  | 524,063 |  | (731,907 | ) | 484,043 |
Long-term debt, net of current portion | 1,334,556 |  | — |  | 1,862,994 |  | (1,099,511 | ) | 2,098,039 |
Other noncurrent liabilities | 56,849 |  | 1,979 |  | 55,872 |  | — |  | 114,700 |
Deferred income taxes | 176,745 |  | — |  | 246,052 |  | — |  | 422,797 |
Total liabilities | 2,213,791 |  | 48,225 |  | 2,688,981 |  | (1,831,418 | ) | 3,119,579 |
Total stockholders’ equity | 2,101,837 |  | 3,699,543 |  | 2,058,365 |  | (5,808,611 | ) | 2,051,134 |
| $ | 4,315,628 |  | $ | 3,747,768 |  | $ | 4,747,346 |  | $ | (7,640,029 | ) | $ | 5,170,713 |
Guarantor Financial Information Condensed Consolidating Statements Of Operations | Condensed Consolidating Statements of Operations For the three months ended April 4, 2015 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 125,794 |  | $ | 358,707 |  | $ | 448,843 |  | $ | (58,650 | ) | $ | 874,694 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 103,616 |  | 284,503 |  | 355,052 |  | (58,650 | ) | 684,521 |
Selling, general and administrative expenses | 33,130 |  | 14,868 |  | 38,633 |  | — |  | 86,631 |
Acquisition and integration costs | 1,973 |  | — |  | 3,346 |  | — |  | 5,319 |
Depreciation and amortization | 8,171 |  | 23,599 |  | 34,628 |  | — |  | 66,398 |
Total costs and expenses | 146,890 |  | 322,970 |  | 431,659 |  | (58,650 | ) | 842,869 |
Operating income | (21,096 | ) | 35,737 |  | 17,184 |  | — |  | 31,825 |
Interest expense | (15,160 | ) | 4,848 |  | (12,797 | ) | — |  | (23,109 | )
Foreign currency gains/(losses) | (11 | ) | (304 | ) | (2,145 | ) | — |  | (2,460 | )
Other, net | (1,181 | ) | 211 |  | 461 |  | — |  | (509 | )
Equity in net income/(loss) of unconsolidated subsidiaries | — |  | — |  | (1,808 | ) | — |  | (1,808 | )
Earnings in investments in subsidiaries | 17,449 |  | — |  | — |  | (17,449 | ) | — |
Income/(loss) before taxes | (19,999 | ) | 40,492 |  | 895 |  | (17,449 | ) | 3,939 |
Income taxes (benefit) | (20,108 | ) | 21,742 |  | 481 |  | — |  | 2,115 |
Net (income)/loss attributable to noncontrolling interests | — |  | — |  | (1,715 | ) | — |  | (1,715 | )
Net income/(loss) attributable to Darling | $ | 109 |  | $ | 18,750 |  | $ | (1,301 | ) | $ | (17,449 | ) | $ | 109 |
Condensed Consolidating Statements of Operations For the three months ended March 29, 2014 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 154,437 |  | $ | 402,988 |  | $ | 481,409 |  | $ | (92,542 | ) | $ | 946,292 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 118,176 |  | 326,889 |  | 422,683 |  | (92,542 | ) | 775,206 |
Selling, general and administrative expenses | 37,552 |  | 13,876 |  | 38,605 |  | — |  | 90,033 |
Acquisition and integration costs | 14,381 |  | — |  | 1,567 |  | — |  | 15,948 |
Depreciation and amortization | 7,518 |  | 19,511 |  | 38,640 |  | — |  | 65,669 |
Total costs and expenses | 177,627 |  | 360,276 |  | 501,495 |  | (92,542 | ) | 946,856 |
Operating income | (23,190 | ) | 42,712 |  | (20,086 | ) | — |  | (564 | )
Interest expense | (50,301 | ) | 5,225 |  | (13,781 | ) | — |  | (58,857 | )
Foreign currency gains/(losses) | (12,228 | ) | (92 | ) | (1,494 | ) | — |  | (13,814 | )
Other, net | (1,453 | ) | (797 | ) | 1,112 |  | — |  | (1,138 | )
Equity in net income of unconsolidated subsidiaries | — |  | — |  | 5,077 |  | — |  | 5,077 |
Earnings in investments in subsidiaries | 11,361 |  | — |  | — |  | (11,361 | ) | — |
Income/(loss) before taxes | (75,811 | ) | 47,048 |  | (29,172 | ) | (11,361 | ) | (69,296 | )
Income taxes (benefit) | (23,008 | ) | 12,418 |  | (7,700 | ) | — |  | (18,290 | )
Net (income)/loss attributable to noncontrolling interests | — |  | — |  | (1,797 | ) | — |  | (1,797 | )
Net income/(loss) attributable to Darling | $ | (52,803 | ) | $ | 34,630 |  | $ | (23,269 | ) | $ | (11,361 | ) | $ | (52,803 | )
Condensed
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income/(Loss) For the three months ended April 4, 2015 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 1,824 |  | $ | 18,750 |  | $ | (1,301 | ) | $ | (17,449 | ) | $ | 1,824 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | (98,642 | ) | — |  | (98,642 | )
Pension adjustments | 729 |  | — |  | 40 |  | — |  | 769 |
Natural gas swap derivative adjustments | — |  | — |  | — |  | — |  | — |
Corn option derivative adjustments | 38 |  | — |  | — |  | — |  | 38 |
Total other comprehensive income, net of tax | 767 |  | — |  | (98,602 | ) | — |  | (97,835 | )
Total comprehensive income/(loss) | 2,591 |  | 18,750 |  | (99,903 | ) | (17,449 | ) | (96,011 | )
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | 7,042 |  | — |  | 7,042 |
Total comprehensive income/(loss) attributable to Darling | $ | 2,591 |  | $ | 18,750 |  | $ | (106,945 | ) | $ | (17,449 | ) | $ | (103,053 | )
Condensed Consolidating Statements of Comprehensive Income/(Loss) For the three months ended March 29, 2014 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | (51,006 | ) | $ | 34,630 |  | $ | (23,269 | ) | $ | (11,361 | ) | $ | (51,006 | )
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | 20,615 |  | — |  | 20,615 |
Pension adjustments | 320 |  | — |  | — |  | — |  | 320 |
Natural gas swap derivative adjustments | (113 | ) | — |  | — |  | — |  | (113 | )
Corn option derivative adjustments | (1,598 | ) | — |  | — |  | — |  | (1,598 | )
Total other comprehensive income, net of tax | (1,391 | ) | — |  | 20,615 |  | — |  | 19,224 |
Total comprehensive income/(loss) | (52,397 | ) | 34,630 |  | (2,654 | ) | (11,361 | ) | (31,782 | )
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | 868 |  | — |  | 868 |
Total comprehensive income/(loss) attributable to Darling | $ | (52,397 | ) | $ | 34,630 |  | $ | (3,522 | ) | $ | (11,361 | ) | $ | (32,650 | )
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidating Statements of Cash Flows For the three months ended April 4, 2015 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 1,824 |  | $ | 18,750 |  | $ | (1,301 | ) | $ | (17,449 | ) | $ | 1,824 |
Earnings in investments in subsidiaries | (17,449 | ) | — |  | — |  | 17,449 |  | — |
Other operating cash flows | 48,023 |  | (30,966 | ) | 40,359 |  | — |  | 57,416 |
Net cash provided by operating activities | 32,398 |  | (12,216 | ) | 39,058 |  | — |  | 59,240 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (12,243 | ) | (19,393 | ) | (19,202 | ) | — |  | (50,838 | )
Acquisitions | — |  | — |  | — |  | — |  | — |
Investment in subsidiaries and affiliates | (20 | ) | (29,541 | ) | 29,541 |  | 20 |  | — |
Note receivable from affiliates | — |  | 51,019 |  | (51,019 | ) | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 142 |  | 259 |  | 133 |  | — |  | 534 |
Proceeds from insurance settlements | 71 |  | 270 |  | — |  | — |  | 341 |
Payments related to routes and other intangibles | — |  | — |  | (753 | ) | — |  | (753 | )
Net cash used in investing activities | (12,050 | ) | 2,614 |  | (41,300 | ) | 20 |  | (50,716 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 5,943 |  | — |  | 5,943 |
Payments on long-term debt | (4,000 | ) | (20 | ) | (9,582 | ) | — |  | (13,602 | )
Borrowings from revolving facilities | 5,000 |  | — |  | 22,428 |  | — |  | 27,428 |
Payments on revolving facilities | (25,000 | ) | — |  | (12,943 | ) | — |  | (37,943 | )
Net cash overdraft financing | — |  | — |  | 31,162 |  | — |  | 31,162 |
Deferred loan costs | — |  | — |  | — |  | — |  | — |
Issuances of common stock | 81 |  | — |  | — |  | — |  | 81 |
Contributions from parent | — |  | — |  | 20 |  | (20 | ) | — |
Minimum withholding taxes paid on stock awards | (4,469 | ) | — |  | — |  | — |  | (4,469 | )
Excess tax benefits from stock-based compensation | (35 | ) | — |  | — |  | — |  | (35 | )
Distributions to noncontrolling interests | — |  | — |  | (38 | ) | — |  | (38 | )
Net cash used in financing activities | (28,423 | ) | (20 | ) | 36,990 |  | (20 | ) | 8,527 |
Effect of exchange rate changes on cash | — |  | — |  | (13,704 | ) | — |  | (13,704 | )
Net increase/(decrease) in cash and cash equivalents | (8,075 | ) | (9,622 | ) | 21,044 |  | — |  | 3,347 |
Cash and cash equivalents at beginning of year | 10,447 |  | 14,460 |  | 83,877 |  | — |  | 108,784 |
Cash and cash equivalents at end of year | $ | 2,372 |  | $ | 4,838 |  | $ | 104,921 |  | $ | — |  | $ | 112,131 |
Condensed Consolidating Statements of Cash Flows For the three months ended March 29, 2014 (in thousands)
| Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | (51,006 | ) | $ | 34,630 |  | $ | (23,269 | ) | $ | (11,361 | ) | $ | (51,006 | )
Earnings in investments in subsidiaries | (11,361 | ) | — |  | — |  | 11,361 |  | — |
Other operating cash flows | 35,205 |  | (11,156 | ) | (3,547 | ) | — |  | 20,502 |
Net cash provided by operating activities | (27,162 | ) | 23,474 |  | (26,816 | ) | — |  | (30,504 | )
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (14,754 | ) | (16,332 | ) | (20,274 | ) | — |  | (51,360 | )
Acquisitions | — |  | (645 | ) | (2,081,045 | ) | — |  | (2,081,690 | )
Investment in subsidiaries and affiliates | (1,483,007 | ) | (2,217,686 | ) | (7,688,504 | ) | 11,389,197 |  | — |
Note receivable from affiliates | — |  | (204,074 | ) | 204,074 |  | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 298 |  | 857 |  | 169 |  | — |  | 1,324 |
Proceeds from insurance settlements | — |  | — |  | — |  | — |  | — |
Payments related to routes and other intangibles | (6,812 | ) | — |  | — |  | — |  | (6,812 | )
Net cash used in investing activities | (1,504,275 | ) | (2,437,880 | ) | (9,585,580 | ) | 11,389,197 |  | (2,138,538 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | 1,100,000 |  | — |  | 697,509 |  | — |  | 1,797,509 |
Payments on long-term debt | (250,000 | ) | (22 | ) | (13,949 | ) | — |  | (263,971 | )
Borrowings from revolving credit facility | 122,445 |  | — |  | 100,865 |  | — |  | 223,310 |
Payments on revolving credit facility | (207,445 | ) | — |  | (66,029 | ) | — |  | (273,474 | )
Deferred loan costs | (35,292 | ) | — |  | (3,494 | ) | — |  | (38,786 | )
Issuances of common stock | 2,504 |  | — |  | — |  | — |  | 2,504 |
Contributions from parent | — |  | 2,421,762 |  | 8,967,435 |  | (11,389,197 | ) | — |
Minimum withholding taxes paid on stock awards | (4,709 | ) | — |  | — |  | — |  | (4,709 | )
Excess tax benefits from stock-based compensation | 960 |  | — |  | — |  | — |  | 960 |
Net cash used in financing activities | 728,463 |  | 2,421,740 |  | 9,682,337 |  | (11,389,197 | ) | 1,443,343 |
Effect of exchange rate changes on cash | — |  | — |  | (1,736 | ) | — |  | (1,736 | )
Net increase/(decrease) in cash and cash equivalents | (802,974 | ) | 7,334 |  | 68,205 |  | — |  | (727,435 | )
Cash and cash equivalents at beginning of year | 857,267 |  | 6,117 |  | 7,473 |  | — |  | 870,857 |
Cash and cash equivalents at end of year | $ | 54,293 |  | $ | 13,451 |  | $ | 75,678 |  | $ | — |  | $ | 143,422 |

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