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Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2018
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidated Balance Sheet As of March 31, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 899 |  | $ | 1,436 |  | $ | 120,534 |  | $ | — |  | $ | 122,869 |
Restricted cash | 103 |  | — |  | 39 |  | — |  | 142 |
Accounts receivable | 37,894 |  | 513,155 |  | 455,774 |  | (593,164 | ) | 413,659 |
Inventories | 12,547 |  | 84,727 |  | 275,847 |  | — |  | 373,121 |
Income taxes refundable | 2,270 |  | — |  | 2,424 |  | — |  | 4,694 |
Prepaid expenses | 11,188 |  | 2,636 |  | 26,883 |  | — |  | 40,707 |
Other current assets | 3,066 |  | 71 |  | 12,751 |  | — |  | 15,888 |
Total current assets | 67,967 |  | 602,025 |  | 894,252 |  | (593,164 | ) | 971,080 |
Investment in subsidiaries | 4,879,498 |  | 1,167,246 |  | 844,044 |  | (6,890,788 | ) | — |
Property, plant and equipment, net | 282,431 |  | 503,200 |  | 871,978 |  | — |  | 1,657,609 |
Intangible assets, net | 16,041 |  | 250,400 |  | 393,414 |  | — |  | 659,855 |
Goodwill | 21,860 |  | 551,837 |  | 735,911 |  | — |  | 1,309,608 |
Investment in unconsolidated subsidiaries | 7,344 |  | — |  | 401,791 |  | — |  | 409,135 |
Other assets | 41,953 |  | 314,159 |  | 199,755 |  | (492,830 | ) | 63,037 |
Deferred taxes | — |  | — |  | 15,186 |  | — |  | 15,186 |
| $ | 5,317,094 |  | $ | 3,388,867 |  | $ | 4,356,331 |  | $ | (7,976,782 | ) | $ | 5,085,510 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 4,093 |  | $ | — |  | $ | 12,629 |  | $ | — |  | $ | 16,722 |
Accounts payable | 593,331 |  | 44,043 |  | 139,193 |  | (588,519 | ) | 188,048 |
Income taxes payable | (383 | ) | 373 |  | 11,300 |  | — |  | 11,290 |
Accrued expenses | 75,308 |  | 25,988 |  | 194,158 |  | (4,645 | ) | 290,809 |
Total current liabilities | 672,349 |  | 70,404 |  | 357,280 |  | (593,164 | ) | 506,869 |
Long-term debt, net of current portion | 1,060,777 |  | — |  | 1,196,476 |  | (492,830 | ) | 1,764,423 |
Other noncurrent liabilities | 69,169 |  | — |  | 37,434 |  | — |  | 106,603 |
Deferred income taxes | 105,029 |  | — |  | 163,347 |  | — |  | 268,376 |
Total liabilities | 1,907,324 |  | 70,404 |  | 1,754,537 |  | (1,085,994 | ) | 2,646,271 |
Total stockholders’ equity | 3,409,770 |  | 3,318,463 |  | 2,601,794 |  | (6,890,788 | ) | 2,439,239 |
| $ | 5,317,094 |  | $ | 3,388,867 |  | $ | 4,356,331 |  | $ | (7,976,782 | ) | $ | 5,085,510 |
Condensed Consolidated Balance Sheet As of December 30, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 1,724 |  | $ | 2,993 |  | $ | 102,057 |  | $ | — |  | $ | 106,774 |
Restricted cash | 103 |  | — |  | 39 |  | — |  | 142 |
Accounts receivable | 37,453 |  | 465,653 |  | 436,874 |  | (548,133 | ) | 391,847 |
Inventories | 18,049 |  | 84,805 |  | 255,329 |  | — |  | 358,183 |
Income taxes refundable | 1,591 |  | — |  | 2,918 |  | — |  | 4,509 |
Prepaid expenses | 10,787 |  | 3,141 |  | 24,398 |  | — |  | 38,326 |
Other current assets | 7,117 |  | 923 |  | 48,624 |  | — |  | 56,664 |
Total current assets | 76,824 |  | 557,515 |  | 870,239 |  | (548,133 | ) | 956,445 |
Investment in subsidiaries | 4,734,618 |  | 1,167,246 |  | 844,044 |  | (6,745,908 | ) | — |
Property, plant and equipment, net | 278,121 |  | 501,842 |  | 865,859 |  | — |  | 1,645,822 |
Intangible assets, net | 17,034 |  | 258,970 |  | 400,496 |  | — |  | 676,500 |
Goodwill | 21,860 |  | 551,837 |  | 727,396 |  | — |  | 1,301,093 |
Investment in unconsolidated subsidiary | 4,341 |  | — |  | 297,697 |  | — |  | 302,038 |
Other assets | 42,078 |  | 314,166 |  | 193,923 |  | (487,883 | ) | 62,284 |
Deferred income taxes | — |  | — |  | 14,043 |  | — |  | 14,043 |
| $ | 5,174,876 |  | $ | 3,351,576 |  | $ | 4,213,697 |  | $ | (7,781,924 | ) | $ | 4,958,225 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 115 |  | $ | — |  | $ | 16,028 |  | $ | — |  | $ | 16,143 |
Accounts payable | 555,894 |  | 37,466 |  | 169,033 |  | (544,976 | ) | 217,417 |
Income taxes payable | 32 |  | 373 |  | 11,895 |  | — |  | 12,300 |
Accrued expenses | 105,625 |  | 30,542 |  | 180,613 |  | (3,157 | ) | 313,623 |
Total current liabilities | 661,666 |  | 68,381 |  | 377,569 |  | (548,133 | ) | 559,483 |
Long-term debt, net of current portion | 1,030,736 |  | — |  | 1,155,197 |  | (487,883 | ) | 1,698,050 |
Other noncurrent liabilities | 69,711 |  | — |  | 36,576 |  | — |  | 106,287 |
Deferred income taxes | 106,543 |  | — |  | 160,165 |  | — |  | 266,708 |
Total liabilities | 1,868,656 |  | 68,381 |  | 1,729,507 |  | (1,036,016 | ) | 2,630,528 |
Total stockholders’ equity | 3,306,220 |  | 3,283,195 |  | 2,484,190 |  | (6,745,908 | ) | 2,327,697 |
| $ | 5,174,876 |  | $ | 3,351,576 |  | $ | 4,213,697 |  | $ | (7,781,924 | ) | $ | 4,958,225 |
Guarantor Financial Information Condensed Consolidating Statements Of Operations | Condensed Consolidated Statements of Operations For the three months ended March 31, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 119,625 |  | $ | 344,603 |  | $ | 467,808 |  | $ | (56,662 | ) | $ | 875,374 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 95,868 |  | 271,237 |  | 367,656 |  | (56,662 | ) | 678,099 |
Selling, general and administrative expenses | 43,778 |  | 12,837 |  | 30,287 |  | — |  | 86,902 |
Depreciation and amortization | 11,059 |  | 26,291 |  | 41,269 |  | — |  | 78,619 |
Total costs and expenses | 150,705 |  | 310,365 |  | 439,212 |  | (56,662 | ) | 843,620 |
Operating income/(loss) | (31,080 | ) | 34,238 |  | 28,596 |  | — |  | 31,754 |
Interest expense | (14,364 | ) | 3,763 |  | (12,523 | ) | — |  | (23,124 | )
Foreign currency gains/(losses) | (23 | ) | (63 | ) | (1,395 | ) | — |  | (1,481 | )
Other income/(expense), net | (3,410 | ) | (1,326 | ) | 2,220 |  | — |  | (2,516 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (498 | ) | — |  | 97,652 |  | — |  | 97,154 |
Earnings in investments in subsidiaries | 144,880 |  | — |  | — |  | (144,880 | ) | — |
Income/(loss) before taxes | 95,505 |  | 36,612 |  | 114,550 |  | (144,880 | ) | 101,787 |
Income taxes (benefit) | (1,800 | ) | 1,335 |  | 4,177 |  | — |  | 3,712 |
Net income attributable to noncontrolling interests | — |  | — |  | (770 | ) | — |  | (770 | )
Net income/(loss) attributable to Darling | $ | 97,305 |  | $ | 35,277 |  | $ | 109,603 |  | $ | (144,880 | ) | $ | 97,305 |
Condensed Consolidated 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 |  | $ | 439,788 |  | $ | (57,619 | ) | $ | 878,510 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 109,663 |  | 292,771 |  | 343,151 |  | (57,619 | ) | 687,966 |
Selling, general and administrative expenses | 38,969 |  | 14,177 |  | 33,777 |  | — |  | 86,923 |
Depreciation and amortization | 10,285 |  | 25,436 |  | 35,393 |  | — |  | 71,114 |
Total costs and expenses | 158,917 |  | 332,384 |  | 412,321 |  | (57,619 | ) | 846,003 |
Operating income/(loss) | (22,760 | ) | 27,800 |  | 27,467 |  | — |  | 32,507 |
Interest expense | (13,586 | ) | 4,023 |  | (12,117 | ) | — |  | (21,680 | )
Foreign currency gains/(losses) | (6 | ) | (25 | ) | (233 | ) | — |  | (264 | )
Other income/(expense), net | (3,748 | ) | 32 |  | 1,663 |  | — |  | (2,053 | )
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 | (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 |
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income/(Loss) | Condensed Consolidated Statements of Comprehensive Income/(Loss) For the three months ended March 31, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 98,075 |  | $ | 35,277 |  | $ | 109,603 |  | $ | (144,880 | ) | $ | 98,075 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | 17,295 |  | — |  | 17,295 |
Pension adjustments | 566 |  | — |  | 101 |  | — |  | 667 |
Natural gas swap derivative adjustments | 22 |  | — |  | — |  | — |  | 22 |
Corn option derivative adjustments | (1,605 | ) | — |  | — |  | — |  | (1,605 | )
Total other comprehensive income/(loss), net of tax | (1,017 | ) | — |  | 17,396 |  | — |  | 16,379 |
Total comprehensive income/(loss) | 97,058 |  | 35,277 |  | 126,999 |  | (144,880 | ) | 114,454 |
Total comprehensive loss attributable to noncontrolling interest | — |  | — |  | 1,287 |  | — |  | 1,287 |
Total comprehensive income/(loss) attributable to Darling | $ | 97,058 |  | $ | 35,277 |  | $ | 125,712 |  | $ | (144,880 | ) | $ | 113,167 |
Condensed Consolidated 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 |
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 98,075 |  | $ | 35,277 |  | $ | 109,603 |  | $ | (144,880 | ) | $ | 98,075 |
Earnings in investments in subsidiaries | (144,880 | ) | — |  | — |  | 144,880 |  | — |
Other operating cash flows | 30,782 |  | (24,262 | ) | (77,671 | ) | — |  | (71,151 | )
Net cash provided by operating activities | (16,023 | ) | 11,015 |  | 31,932 |  | — |  | 26,924 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (12,183 | ) | (13,396 | ) | (31,008 | ) | — |  | (56,587 | )
Investment in subsidiaries and affiliates | (3,500 | ) | — |  | — |  | — |  | (3,500 | )
Proceeds from sale of investment in subsidiary | — |  | — |  | 2,805 |  | — |  | 2,805 |
Gross proceeds from sale of property, plant and equipment and other assets | 828 |  | 321 |  | 330 |  | — |  | 1,479 |
Proceeds from insurance settlements | — |  | 503 |  | — |  | — |  | 503 |
Payments related to routes and other intangibles | — |  | — |  | (15 | ) | — |  | (15 | )
Net cash used in investing activities | (14,855 | ) | (12,572 | ) | (27,888 | ) | — |  | (55,315 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 3,876 |  | — |  | 3,876 |
Payments on long-term debt | (22 | ) | — |  | (9,600 | ) | — |  | (9,622 | )
Borrowings from revolving facilities | 62,000 |  | — |  | 73,184 |  | — |  | 135,184 |
Payments on revolving facilities | (29,000 | ) | — |  | (51,019 | ) | — |  | (80,019 | )
Net cash overdraft financing | — |  | — |  | (331 | ) | — |  | (331 | )
Deferred loan costs | (1,094 | ) | — |  | — |  | — |  | (1,094 | )
Issuances of common stock | 182 |  | — |  | — |  | — |  | 182 |
Minimum withholding taxes paid on stock awards | (2,013 | ) | — |  | (5 | ) | — |  | (2,018 | )
Net cash used in financing activities | 30,053 |  | — |  | 16,105 |  | — |  | 46,158 |
Effect of exchange rate changes on cash | — |  | — |  | (1,672 | ) | — |  | (1,672 | )
Net increase/(decrease) in cash, cash equivalents and restricted cash | (825 | ) | (1,557 | ) | 18,477 |  | — |  | 16,095 |
Cash, cash equivalents and restricted cash at beginning of period | 1,827 |  | 2,993 |  | 102,096 |  | — |  | 106,916 |
Cash, cash equivalents and restricted cash at end of period | $ | 1,002 |  | $ | 1,436 |  | $ | 120,573 |  | $ | — |  | $ | 123,011 |
Condensed Consolidated 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 | ) | 40,500 |  | — |  | 87,060 |
Net cash provided by operating activities | 25,316 |  | 15,875 |  | 53,267 |  | — |  | 94,458 |
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 credit facility | 47,000 |  | — |  | — |  | — |  | 47,000 |
Payments on revolving credit facility | (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, cash equivalents and restricted cash | 22 |  | (3,206 | ) | 27,489 |  | — |  | 24,305 |
Cash, cash equivalents and restricted cash at beginning of period | 1,573 |  | 5,754 |  | 107,530 |  | — |  | 114,857 |
Cash, cash equivalents and restricted cash at end of period | $ | 1,595 |  | $ | 2,548 |  | $ | 135,019 |  | $ | — |  | $ | 139,162 |

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