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Guarantor Financial Information (Tables) | 3 Months Ended
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Apr. 01, 2017
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of April 1, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 1,492 |  | $ | 2,548 |  | $ | 134,840 |  | $ | — |  | $ | 138,880 |
Restricted cash | 103 |  | — |  | 179 |  | — |  | 282 |
Accounts receivable | 37,683 |  | 132,374 |  | 374,206 |  | (154,399 | ) | 389,864 |
Inventories | 15,485 |  | 86,262 |  | 240,367 |  | — |  | 342,114 |
Income taxes refundable | 3,035 |  | — |  | 3,943 |  | — |  | 6,978 |
Prepaid expenses | 12,066 |  | 2,210 |  | 18,576 |  | — |  | 32,852 |
Other current assets | 4,861 |  | 2,568 |  | 10,060 |  | (1,158 | ) | 16,331 |
Total current assets | 74,725 |  | 225,962 |  | 782,171 |  | (155,557 | ) | 927,301 |
Investment in subsidiaries | 4,334,518 |  | 1,154,398 |  | 909,263 |  | (6,398,179 | ) | — |
Property, plant and equipment, net | 240,775 |  | 497,348 |  | 794,460 |  | — |  | 1,532,583 |
Intangible assets, net | 12,935 |  | 283,060 |  | 401,825 |  | — |  | 697,820 |
Goodwill | 21,860 |  | 549,956 |  | 661,455 |  | — |  | 1,233,271 |
Investment in unconsolidated subsidiaries | 3,315 |  | — |  | 267,606 |  | — |  | 270,921 |
Other assets | 34,987 |  | 396,174 |  | 161,982 |  | (551,005 | ) | 42,138 |
Deferred taxes | — |  | — |  | 15,627 |  | — |  | 15,627 |
| $ | 4,723,115 |  | $ | 3,106,898 |  | $ | 3,994,389 |  | $ | (7,104,741 | ) | $ | 4,719,661 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 5,712 |  | $ | — |  | $ | 20,411 |  | $ | (1,158 | ) | $ | 24,965 |
Accounts payable | 174,121 |  | 22,212 |  | 134,387 |  | (149,281 | ) | 181,439 |
Income taxes payable | 2,140 |  | 373 |  | 9,553 |  | — |  | 12,066 |
Accrued expenses | 64,391 |  | 26,697 |  | 147,354 |  | (5,118 | ) | 233,324 |
Total current liabilities | 246,364 |  | 49,282 |  | 311,705 |  | (155,557 | ) | 451,794 |
Long-term debt, net of current portion | 1,107,240 |  | — |  | 1,171,260 |  | (551,004 | ) | 1,727,496 |
Other noncurrent liabilities | 62,795 |  | — |  | 32,925 |  | — |  | 95,720 |
Deferred income taxes | 135,404 |  | — |  | 205,410 |  | — |  | 340,814 |
Total liabilities | 1,551,803 |  | 49,282 |  | 1,721,300 |  | (706,561 | ) | 2,615,824 |
Total stockholders’ equity | 3,171,312 |  | 3,057,616 |  | 2,273,089 |  | (6,398,180 | ) | 2,103,837 |
| $ | 4,723,115 |  | $ | 3,106,898 |  | $ | 3,994,389 |  | $ | (7,104,741 | ) | $ | 4,719,661 |
Condensed Consolidating Balance Sheet As of December 31, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 1,470 |  | $ | 5,754 |  | $ | 107,340 |  | $ | — |  | $ | 114,564 |
Restricted cash | 103 |  | — |  | 190 |  | — |  | 293 |
Accounts receivable | 39,209 |  | 97,220 |  | 339,251 |  | (87,283 | ) | 388,397 |
Inventories | 16,573 |  | 85,890 |  | 228,352 |  | — |  | 330,815 |
Income taxes refundable | 3,566 |  | — |  | 3,913 |  | — |  | 7,479 |
Prepaid expenses | 11,152 |  | 2,769 |  | 16,063 |  | — |  | 29,984 |
Other current assets | 5,859 |  | 3,165 |  | 19,221 |  | (6,475 | ) | 21,770 |
Total current assets | 77,932 |  | 194,798 |  | 714,330 |  | (93,758 | ) | 893,302 |
Investment in subsidiaries | 4,296,200 |  | 1,154,398 |  | 909,263 |  | (6,359,861 | ) | — |
Property, plant and equipment, net | 233,456 |  | 497,312 |  | 784,807 |  | — |  | 1,515,575 |
Intangible assets, net | 13,746 |  | 291,724 |  | 406,457 |  | — |  | 711,927 |
Goodwill | 21,860 |  | 549,960 |  | 654,073 |  | — |  | 1,225,893 |
Investment in unconsolidated subsidiary | 1,438 |  | — |  | 291,279 |  | — |  | 292,717 |
Other assets | 36,063 |  | 396,222 |  | 160,505 |  | (549,177 | ) | 43,613 |
Deferred income taxes | — |  | — |  | 14,990 |  | — |  | 14,990 |
| $ | 4,680,695 |  | $ | 3,084,414 |  | $ | 3,935,704 |  | $ | (7,002,796 | ) | $ | 4,698,017 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 4,220 |  | $ | — |  | $ | 25,502 |  | $ | (6,475 | ) | $ | 23,247 |
Accounts payable | 116,075 |  | 18,142 |  | 130,718 |  | (84,040 | ) | 180,895 |
Income taxes payable | (383 | ) | 373 |  | 4,923 |  | — |  | 4,913 |
Accrued expenses | 86,581 |  | 33,834 |  | 125,624 |  | (3,243 | ) | 242,796 |
Total current liabilities | 206,493 |  | 52,349 |  | 286,767 |  | (93,758 | ) | 451,851 |
Long-term debt, net of current portion | 1,109,523 |  | — |  | 1,167,349 |  | (549,176 | ) | 1,727,696 |
Other noncurrent liabilities | 63,072 |  | — |  | 33,042 |  | — |  | 96,114 |
Deferred income taxes | 140,543 |  | — |  | 205,591 |  | — |  | 346,134 |
Total liabilities | 1,519,631 |  | 52,349 |  | 1,692,749 |  | (642,934 | ) | 2,621,795 |
Total stockholders’ equity | 3,161,064 |  | 3,032,065 |  | 2,242,955 |  | (6,359,862 | ) | 2,076,222 |
| $ | 4,680,695 |  | $ | 3,084,414 |  | $ | 3,935,704 |  | $ | (7,002,796 | ) | $ | 4,698,017 |
Guarantor Financial Information Condensed Consolidating Statements Of Operations | Condensed Consolidating Statements of Operations For the three months ended April 1, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 136,157 |  | $ | 360,184 |  | $ | 441,350 |  | $ | (57,619 | ) | $ | 880,072 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 109,663 |  | 292,771 |  | 344,812 |  | (57,619 | ) | 689,627 |
Selling, general and administrative expenses | 39,816 |  | 14,177 |  | 33,924 |  | — |  | 87,917 |
Acquisition and integration costs | — |  | — |  | — |  | — |  | — |
Depreciation and amortization | 10,285 |  | 25,436 |  | 35,393 |  | — |  | 71,114 |
Total costs and expenses | 159,764 |  | 332,384 |  | 414,129 |  | (57,619 | ) | 848,658 |
Operating income/(loss) | (23,607 | ) | 27,800 |  | 27,221 |  | — |  | 31,414 |
Interest expense | (13,586 | ) | 4,023 |  | (12,117 | ) | — |  | (21,680 | )
Foreign currency gains/(losses) | (6 | ) | (25 | ) | (233 | ) | — |  | (264 | )
Other expense, net | (2,901 | ) | 32 |  | 1,909 |  | — |  | (960 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (373 | ) | — |  | 1,079 |  | — |  | 706 |
Earnings in investments in subsidiaries | 38,318 |  | — |  | — |  | (38,318 | ) | — |
Income/(loss) before taxes | (2,155 | ) | 31,830 |  | 17,859 |  | (38,318 | ) | 9,216 |
Income taxes (benefit) | (7,984 | ) | 6,279 |  | 3,523 |  | — |  | 1,818 |
Net income attributable to noncontrolling interests | — |  | — |  | (1,569 | ) | — |  | (1,569 | )
Net income/(loss) attributable to Darling | $ | 5,829 |  | $ | 25,551 |  | $ | 12,767 |  | $ | (38,318 | ) | $ | 5,829 |
Condensed Consolidating Statements of Operations For the three months ended April 2, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 108,371 |  | $ | 303,765 |  | $ | 411,037 |  | $ | (43,532 | ) | $ | 779,641 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 89,483 |  | 236,336 |  | 316,606 |  | (43,532 | ) | 598,893 |
Selling, general and administrative expenses | 35,893 |  | 13,136 |  | 32,440 |  | — |  | 81,469 |
Acquisition and integration costs | — |  | — |  | 331 |  | — |  | 331 |
Depreciation and amortization | 11,425 |  | 26,808 |  | 34,023 |  | — |  | 72,256 |
Total costs and expenses | 136,801 |  | 276,280 |  | 383,400 |  | (43,532 | ) | 752,949 |
Operating income/(loss) | (28,430 | ) | 27,485 |  | 27,637 |  | — |  | 26,692 |
Interest expense | (15,522 | ) | 4,377 |  | (12,756 | ) | — |  | (23,901 | )
Foreign currency gains/(losses) | (31 | ) | 165 |  | (2,737 | ) | — |  | (2,603 | )
Other expense, net | (3,325 | ) | (5 | ) | 2,025 |  | — |  | (1,305 | )
Equity in net loss of unconsolidated subsidiaries | (97 | ) | — |  | 5,740 |  | — |  | 5,643 |
Earnings in investments in subsidiaries | 28,971 |  | — |  | — |  | (28,971 | ) | — |
Income/(loss) before taxes | (18,434 | ) | 32,022 |  | 19,909 |  | (28,971 | ) | 4,526 |
Income taxes (benefit) | (19,513 | ) | 13,181 |  | 8,195 |  | — |  | 1,863 |
Net income attributable to noncontrolling interests | — |  | — |  | (1,584 | ) | — |  | (1,584 | )
Net income/(loss) attributable to Darling | $ | 1,079 |  | $ | 18,841 |  | $ | 10,130 |  | $ | (28,971 | ) | $ | 1,079 |
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income/(Loss) For the three months ended April 1, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 7,398 |  | $ | 25,551 |  | $ | 12,767 |  | $ | (38,318 | ) | $ | 7,398 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | 15,679 |  | — |  | 15,679 |
Pension adjustments | 641 |  | — |  | 118 |  | — |  | 759 |
Corn option derivative adjustments | (1,102 | ) | — |  | — |  | — |  | (1,102 | )
Total other comprehensive income/(loss), net of tax | (461 | ) | — |  | 15,797 |  | — |  | 15,336 |
Total comprehensive income/(loss) | 6,937 |  | 25,551 |  | 28,564 |  | (38,318 | ) | 22,734 |
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | 1,247 |  | — |  | 1,247 |
Total comprehensive income/(loss) attributable to Darling | $ | 6,937 |  | $ | 25,551 |  | $ | 27,317 |  | $ | (38,318 | ) | $ | 21,487 |
Condensed Consolidating Statements of Comprehensive Income/(Loss) For the three months ended April 2, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 2,663 |  | $ | 18,841 |  | $ | 10,130 |  | $ | (28,971 | ) | $ | 2,663 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | 57,531 |  | — |  | 57,531 |
Pension adjustments | 658 |  | — |  | 68 |  | — |  | 726 |
Corn option derivative adjustments | (706 | ) | — |  | — |  | — |  | (706 | )
Total other comprehensive income/(loss), net of tax | (48 | ) | — |  | 57,599 |  | — |  | 57,551 |
Total comprehensive income/(loss) | 2,615 |  | 18,841 |  | 67,729 |  | (28,971 | ) | 60,214 |
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | (420 | ) | — |  | (420 | )
Total comprehensive income/(loss) attributable to Darling | $ | 2,615 |  | $ | 18,841 |  | $ | 68,149 |  | $ | (28,971 | ) | $ | 60,634 |
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidating Statements of Cash Flows For the three months ended April 1, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 7,398 |  | $ | 25,551 |  | $ | 12,767 |  | $ | (38,318 | ) | $ | 7,398 |
Earnings in investments in subsidiaries | (38,318 | ) | — |  | — |  | 38,318 |  | — |
Other operating cash flows | 56,236 |  | (9,676 | ) | 40,511 |  | — |  | 87,071 |
Net cash provided by operating activities | 25,316 |  | 15,875 |  | 53,278 |  | — |  | 94,469 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (18,732 | ) | (19,689 | ) | (23,871 | ) | — |  | (62,292 | )
Investment in subsidiaries and affiliates | (2,250 | ) | — |  | — |  | — |  | (2,250 | )
Gross proceeds from sale of property, plant and equipment and other assets | 304 |  | 608 |  | 428 |  | — |  | 1,340 |
Proceeds from insurance settlements | — |  | — |  | 3,301 |  | — |  | 3,301 |
Net cash used in investing activities | (20,678 | ) | (19,081 | ) | (20,142 | ) | — |  | (59,901 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 8,649 |  | — |  | 8,649 |
Payments on long-term debt | (1,522 | ) | — |  | (7,743 | ) | — |  | (9,265 | )
Borrowings from revolving facilities | 47,000 |  | — |  | — |  | — |  | 47,000 |
Payments on revolving facilities | (47,000 | ) | — |  | (5,327 | ) | — |  | (52,327 | )
Net cash overdraft financing | — |  | — |  | (1,077 | ) | — |  | (1,077 | )
Deferred loan costs | (1,135 | ) | — |  | — |  | — |  | (1,135 | )
Issuances of common stock | 22 |  | — |  | — |  | — |  | 22 |
Minimum withholding taxes paid on stock awards | (1,981 | ) | — |  | (14 | ) | — |  | (1,995 | )
Distributions to noncontrolling interests | — |  | — |  | (433 | ) | — |  | (433 | )
Net cash used in financing activities | (4,616 | ) | — |  | (5,945 | ) | — |  | (10,561 | )
Effect of exchange rate changes on cash | — |  | — |  | 309 |  | — |  | 309 |
Net increase/(decrease) in cash and cash equivalents | 22 |  | (3,206 | ) | 27,500 |  | — |  | 24,316 |
Cash and cash equivalents at beginning of year | 1,470 |  | 5,754 |  | 107,340 |  | — |  | 114,564 |
Cash and cash equivalents at end of year | $ | 1,492 |  | $ | 2,548 |  | $ | 134,840 |  | $ | — |  | $ | 138,880 |
Condensed Consolidating Statements of Cash Flows For the three months ended April 2, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 2,663 |  | $ | 18,841 |  | $ | 10,130 |  | $ | (28,971 | ) | $ | 2,663 |
Earnings in investments in subsidiaries | (28,971 | ) | — |  | — |  | 28,971 |  | — |
Other operating cash flows | 34,573 |  | (4,953 | ) | 12,760 |  | — |  | 42,380 |
Net cash provided by operating activities | 8,265 |  | 13,888 |  | 22,890 |  | — |  | 45,043 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (11,065 | ) | (21,764 | ) | (20,546 | ) | — |  | (53,375 | )
Acquisitions | — |  | — |  | (8,511 | ) | — |  | (8,511 | )
Note receivable from affiliates | — |  | — |  | (5,963 | ) | 5,963 |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 945 |  | — |  | 479 |  | — |  | 1,424 |
Proceeds from insurance settlements | — |  | — |  | 1,181 |  | — |  | 1,181 |
Net cash used in investing activities | (10,120 | ) | (21,764 | ) | (33,360 | ) | 5,963 |  | (59,281 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 8,760 |  | — |  | 8,760 |
Payments on long-term debt | (5,291 | ) | — |  | (10,916 | ) | — |  | (16,207 | )
Borrowings from revolving credit facility | 33,000 |  | — |  | — |  | — |  | 33,000 |
Payments on revolving credit facility | (21,000 | ) | — |  | — |  | — |  | (21,000 | )
Borrowings from affiliates | — |  | 5,963 |  | — |  | (5,963 | ) | — |
Issuances of common stock | 45 |  | — |  | — |  | — |  | 45 |
Repurchase of treasury stock | (5,000 | ) | — |  | — |  | — |  | (5,000 | )
Minimum withholding taxes paid on stock awards | (1,663 | ) | — |  | (125 | ) | — |  | (1,788 | )
Excess tax benefits from stock-based compensation | (446 | ) | — |  | — |  | — |  | (446 | )
Net cash used in financing activities | (355 | ) | 5,963 |  | (2,281 | ) | (5,963 | ) | (2,636 | )
Effect of exchange rate changes on cash | — |  | — |  | 7,316 |  | — |  | 7,316 |
Net increase/(decrease) in cash and cash equivalents | (2,210 | ) | (1,913 | ) | (5,435 | ) | — |  | (9,558 | )
Cash and cash equivalents at beginning of year | 3,443 |  | 3,993 |  | 149,448 |  | — |  | 156,884 |
Cash and cash equivalents at end of year | $ | 1,233 |  | $ | 2,080 |  | $ | 144,013 |  | $ | — |  | $ | 147,326 |

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