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Guarantor Financial Information | 12 Months Ended
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Dec. 29, 2018
Guarantor Financial Information [Abstract] |
GUARANTOR FINANCIAL INFORMATION | GUARANTOR FINANCIAL INFORMATION The Company's 5.375% Notes and 3.625% Notes (see Note 10) are guaranteed on a senior unsecured basis by the following Notes Guarantors, each of which is a 100% directly or indirectly owned subsidiary of Darling and which constitute all of Darling's existing restricted subsidiaries that are Credit Agreement Guarantors (other than Darling's foreign subsidiaries, Darling Global Finance B.V., which issued the 3.625% Notes and is discussed further below, or any receivables entity): Darling National, Griffin and its subsidiary Craig Protein, Darling AWS LLC, Darling Global Holdings Inc., Darling Northstar LLC, EV Acquisition LLC, Rousselot Inc., Rousselot Dubuque Inc., Sonac USA LLC and Rousselot Peabody Inc. In addition, the 3.625% Notes, which were issued by Darling Global Finance B.V., a wholly-owned indirect subsidiary of Darling, are guaranteed on a senior unsecured basis by Darling. The Notes Guarantors, and Darling in the case of the 3.625% Notes, fully and unconditionally guaranteed the 5.375% Notes and 3.625% Notes on a joint and several basis. The following financial statements present condensed consolidating financial data for (i) Darling, (ii) the combined Notes Guarantors, (iii) the combined other subsidiaries of the Company that did not guarantee the 5.375% Notes or the 3.625% Notes (the “Non-guarantors”), and (iv) eliminations necessary to arrive at the Company's consolidated financial statements, which include condensed consolidated balance sheets as of December 29, 2018 and December 30, 2017, and the condensed consolidating statements of operations, the condensed consolidating statements of comprehensive income and the condensed consolidating statements of cash flows for the years ended December 29, 2018, December 30, 2017 and December 31, 2016. Separate financial information is not presented for Darling Global Finance B.V. since it was formed as a special purpose finance subsidiary for the purpose of issuing euro-denominated notes such as the 3.625% Notes and therefore does not have any substantial operations or assets. Condensed Consolidating Balance Sheet As of December 29, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 995 |  | $ | 32 |  | $ | 106,235 |  | $ | — |  | $ | 107,262 |
Restricted cash | 103 |  | — |  | 4 |  | — |  | 107 |
Accounts receivable | 56,113 |  | 619,628 |  | 461,005 |  | (751,009 | ) | 385,737 |
Inventories | 23,752 |  | 83,261 |  | 234,015 |  | — |  | 341,028 |
Income taxes refundable | 2,851 |  | — |  | 3,611 |  | — |  | 6,462 |
Prepaid expenses | 12,890 |  | 2,936 |  | 19,421 |  | — |  | 35,247 |
Other current assets | 2,680 |  | (1,418 | ) | 20,837 |  | — |  | 22,099 |
Total current assets | 99,384 |  | 704,439 |  | 845,128 |  | (751,009 | ) | 897,942 |
Investment in subsidiaries | 4,880,193 |  | 1,366,126 |  | 844,044 |  | (7,090,363 | ) | — |
Property, plant and equipment, net | 375,824 |  | 503,130 |  | 808,904 |  | — |  | 1,687,858 |
Intangible assets, net | 50,132 |  | 200,936 |  | 344,794 |  | — |  | 595,862 |
Goodwill | 49,506 |  | 490,748 |  | 688,905 |  | — |  | 1,229,159 |
Investment in unconsolidated subsidiaries | 13,969 |  | — |  | 396,208 |  | — |  | 410,177 |
Other assets | 39,395 |  | 138 |  | 13,842 |  | — |  | 53,375 |
Deferred income taxes | — |  | — |  | 14,981 |  | — |  | 14,981 |
| $ | 5,508,403 |  | $ | 3,265,517 |  | $ | 3,956,806 |  | $ | (7,841,372 | ) | $ | 4,889,354 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 3,558 |  | $ | 5 |  | $ | 3,929 |  | $ | — |  | $ | 7,492 |
Accounts payable | 783,406 |  | 24,388 |  | 162,678 |  | (750,993 | ) | 219,479 |
Income taxes payable | (10 | ) | — |  | 4,053 |  | — |  | 4,043 |
Accrued expenses | 107,572 |  | 33,387 |  | 168,541 |  | (16 | ) | 309,484 |
Total current liabilities | 894,526 |  | 57,780 |  | 339,201 |  | (751,009 | ) | 540,498 |
Long-term debt, net of current portion | 1,019,130 |  | 18 |  | 647,792 |  | — |  | 1,666,940 |
Other noncurrent liabilities | 78,589 |  | — |  | 36,443 |  | — |  | 115,032 |
Deferred income taxes | 95,710 |  | — |  | 135,353 |  | — |  | 231,063 |
Total liabilities | 2,087,955 |  | 57,798 |  | 1,158,789 |  | (751,009 | ) | 2,553,533 |
Total stockholders' equity | 3,420,448 |  | 3,207,719 |  | 2,798,017 |  | (7,090,363 | ) | 2,335,821 |
| $ | 5,508,403 |  | $ | 3,265,517 |  | $ | 3,956,806 |  | $ | (7,841,372 | ) | $ | 4,889,354 |
Condensed Consolidating 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 tax 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 |
Condensed Consolidating Statements of Operations For the year ended December 29, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 541,499 |  | $ | 1,338,376 |  | $ | 1,738,427 |  | $ | (230,576 | ) | $ | 3,387,726 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 421,942 |  | 1,080,236 |  | 1,375,481 |  | (230,576 | ) | 2,647,083 |
Selling, general and administrative expenses | 149,715 |  | 46,199 |  | 113,350 |  | — |  | 309,264 |
Restructuring and impairments charges | — |  | — |  | 14,965 |  | — |  | 14,965 |
Depreciation and amortization | 48,941 |  | 107,581 |  | 164,670 |  | — |  | 321,192 |
Total costs and expenses | 620,598 |  | 1,234,016 |  | 1,668,466 |  | (230,576 | ) | 3,292,504 |
Operating income/(loss) | (79,099 | ) | 104,360 |  | 69,961 |  | — |  | 95,222 |
Interest expense | (56,832 | ) | 7,397 |  | (36,994 | ) | — |  | (86,429 | )
Debt extinguishment costs | (15,635 | ) | — |  | (7,874 | ) | — |  | (23,509 | )
Foreign currency gains/(losses) | (431 | ) | (103 | ) | (5,897 | ) | — |  | (6,431 | )
Loss on disposal of subsidiaries | (15,583 | ) | — |  | 3,038 |  | — |  | (12,545 | )
Other income/(expense), net | (18,487 | ) | (1,019 | ) | 11,944 |  | — |  | (7,562 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (2,622 | ) | — |  | 161,851 |  | — |  | 159,229 |
Earnings in investments in subsidiaries | 270,943 |  | — |  | — |  | (270,943 | ) | — |
Income/(loss) from operations before taxes | 82,254 |  | 110,635 |  | 196,029 |  | (270,943 | ) | 117,975 |
Income taxes (benefit) | (19,242 | ) | 11,282 |  | 19,991 |  | — |  | 12,031 |
Net (income)/loss attributable to noncontrolling interests | — |  | — |  | (4,448 | ) | — |  | (4,448 | )
Net income/(loss) attributable to Darling | $ | 101,496 |  | $ | 99,353 |  | $ | 171,590 |  | $ | (270,943 | ) | $ | 101,496 |
Condensed Consolidating Statements of Operations For the year ended December 30, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 545,699 |  | $ | 1,464,920 |  | $ | 1,893,304 |  | $ | (241,672 | ) | $ | 3,662,251 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 429,681 |  | 1,198,271 |  | 1,489,163 |  | (241,672 | ) | 2,875,443 |
Selling, general and administrative expenses | 150,880 |  | 55,053 |  | 137,569 |  | — |  | 343,502 |
Depreciation and amortization | 42,366 |  | 106,406 |  | 153,328 |  | — |  | 302,100 |
Acquisition and integration costs | — |  | — |  | — |  | — |  | — |
Total costs and expenses | 622,927 |  | 1,359,730 |  | 1,780,060 |  | (241,672 | ) | 3,521,045 |
Operating income/(loss) | (77,228 | ) | 105,190 |  | 113,244 |  | — |  | 141,206 |
Interest expense | (55,336 | ) | 15,818 |  | (49,408 | ) | — |  | (88,926 | )
Foreign currency gains/(losses) | (234 | ) | 114 |  | (6,778 | ) | — |  | (6,898 | )
Loss on sale of subsidiaries | — |  | — |  | (885 | ) | — |  | (885 | )
Other income/(expense), net | (14,651 | ) | 37 |  | 5,813 |  | — |  | (8,801 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (1,847 | ) | — |  | 30,351 |  | — |  | 28,504 |
Earnings in investments in subsidiaries | 438,580 |  | — |  | — |  | (438,580 | ) | — |
Income/(loss) from operations before taxes | 289,284 |  | 121,159 |  | 92,337 |  | (438,580 | ) | 64,200 |
Income taxes (benefit) | 160,816 |  | (130,508 | ) | (99,462 | ) | — |  | (69,154 | )
Net (income)/loss attributable to noncontrolling interests | — |  | — |  | (4,886 | ) | — |  | (4,886 | )
Net income/(loss) attributable to Darling | $ | 128,468 |  | $ | 251,667 |  | $ | 186,913 |  | $ | (438,580 | ) | $ | 128,468 |
Condensed Consolidating Statements of Operations For the year ended December 31, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 501,856 |  | $ | 1,341,925 |  | $ | 1,746,657 |  | $ | (198,510 | ) | $ | 3,391,928 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 392,876 |  | 1,085,582 |  | 1,355,385 |  | (198,510 | ) | 2,635,333 |
Selling, general and administrative expenses | 129,612 |  | 49,697 |  | 132,243 |  | — |  | 311,552 |
Depreciation and amortization | 41,106 |  | 105,261 |  | 143,541 |  | — |  | 289,908 |
Acquisition costs | — |  | — |  | 401 |  | — |  | 401 |
Total costs and expenses | 563,594 |  | 1,240,540 |  | 1,631,570 |  | (198,510 | ) | 3,237,194 |
Operating income/(loss) | (61,738 | ) | 101,385 |  | 115,087 |  | — |  | 154,734 |
Interest expense | (60,971 | ) | 17,492 |  | (50,708 | ) | — |  | (94,187 | )
Foreign currency gains/(losses) | 122 |  | (283 | ) | (1,693 | ) | — |  | (1,854 | )
Other income/(expense), net | (14,499 | ) | (1,226 | ) | 9,192 |  | — |  | (6,533 | )
Equity in net income/(loss) of unconsolidated subsidiary | (1,236 | ) | — |  | 71,615 |  | — |  | 70,379 |
Earnings in investments in subsidiaries | 223,347 |  | — |  | — |  | (223,347 | ) | — |
Income/(loss) from operations before taxes | 85,025 |  | 117,368 |  | 143,493 |  | (223,347 | ) | 122,539 |
Income taxes (benefit) | (17,288 | ) | 14,669 |  | 17,934 |  | — |  | 15,315 |
Net (income)/loss attributable to noncontrolling interests | — |  | — |  | (4,911 | ) | — |  | (4,911 | )
Net income/(loss) attributable to Darling | $ | 102,313 |  | $ | 102,699 |  | $ | 120,648 |  | $ | (223,347 | ) | $ | 102,313 |
Condensed Consolidating Statements of Comprehensive Income/(Loss) For the year ended December 29, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income | $ | 105,944 |  | $ | 99,353 |  | $ | 171,590 |  | $ | (270,943 | ) | $ | 105,944 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | 1,724 |  | (53,387 | ) | (35,811 | ) | — |  | (87,474 | )
Pension adjustments | (4,184 | ) | — |  | 1,454 |  | — |  | (2,730 | )
Natural gas swap derivative adjustments | 23 |  | — |  | — |  | — |  | 23 |
Corn option derivative adjustments | (1,687 | ) | — |  | — |  | — |  | (1,687 | )
Foreign exchange derivative adjustments | — |  | — |  | 1,081 |  | — |  | 1,081 |
Total other comprehensive income/(loss), net of tax | (4,124 | ) | (53,387 | ) | (33,276 | ) | — |  | (90,787 | )
Total comprehensive income/(loss) | 101,820 |  | 45,966 |  | 138,314 |  | (270,943 | ) | 15,157 |
Comprehensive income attributable to noncontrolling interests | — |  | — |  | 3,894 |  | — |  | $ | 3,894 |
Comprehensive income/(loss) attributable to Darling | $ | 101,820 |  | $ | 45,966 |  | $ | 134,420 |  | $ | (270,943 | ) | $ | 11,263 |
Condensed Consolidating Statements of Comprehensive Income/(Loss) For the year ended December 30, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income | $ | 133,354 |  | $ | 251,667 |  | $ | 186,913 |  | $ | (438,580 | ) | $ | 133,354 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | 121,810 |  | — |  | 121,810 |
Pension adjustments | 4,797 |  | — |  | 1,032 |  | — |  | 5,829 |
Natural gas swap derivative adjustments | (18 | ) | — |  | — |  | — |  | (18 | )
Corn option derivative adjustments | (1,078 | ) | — |  | — |  | — |  | (1,078 | )
Total other comprehensive income, net of tax | 3,701 |  | — |  | 122,842 |  | — |  | 126,543 |
Total comprehensive income/(loss) | $ | 137,055 |  | $ | 251,667 |  | $ | 309,755 |  | $ | (438,580 | ) | $ | 259,897 |
Comprehensive income attributable to noncontrolling interests | — |  | — |  | 947 |  | — |  | 947 |
Comprehensive income/(loss) attributable to Darling | $ | 137,055 |  | $ | 251,667 |  | $ | 308,808 |  | $ | (438,580 | ) | $ | 258,950 |
Condensed Consolidating Statements of Comprehensive Income/(Loss) For the year ended December 31, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income | $ | 107,224 |  | $ | 102,699 |  | $ | 120,648 |  | $ | (223,347 | ) | $ | 107,224 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | — |  | — |  | (5,593 | ) | — |  | (5,593 | )
Pension adjustments | 1,766 |  | — |  | (2,782 | ) | — |  | (1,016 | )
Corn option derivative adjustments | 625 |  | — |  | — |  | — |  | 625 |
Total other comprehensive income/(loss), net of tax | 2,391 |  | — |  | (8,375 | ) | — |  | (5,984 | )
Total comprehensive income/(loss) | $ | 109,615 |  | $ | 102,699 |  | $ | 112,273 |  | $ | (223,347 | ) | $ | 101,240 |
Comprehensive income attributable to noncontrolling interests | — |  | — |  | 3,015 |  | — |  | 3,015 |
Comprehensive income/(loss) attributable to Darling | $ | 109,615 |  | $ | 102,699 |  | $ | 109,258 |  | $ | (223,347 | ) | $ | 98,225 |
Condensed Consolidating Statements of Cash Flows For the year ended December 29, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 105,944 |  | $ | 99,353 |  | $ | 171,590 |  | $ | (270,943 | ) | $ | 105,944 |
Earnings in investments in subsidiaries | (270,943 | ) | — |  | — |  | 270,943 |  | — |
Other operating cash flows | 323,903 |  | (81,561 | ) | 50,329 |  | — |  | 292,671 |
Net cash provided/(used) by operating activities | 158,904 |  | 17,792 |  | 221,919 |  | — |  | 398,615 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (115,004 | ) | (90,402 | ) | (116,490 | ) | — |  | (321,896 | )
Acquisitions, net of cash acquired | (100,500 | ) | — |  | (7,227 | ) | — |  | (107,727 | )
Investment in subsidiaries and affiliates | (12,250 | ) | (198,880 | ) | — |  | 198,880 |  | (12,250 | )
Proceeds from sale of investment in subsidiary | 79,955 |  | — |  | 2,805 |  | — |  | 82,760 |
Note receivable from affiliates | — |  | 266,880 |  | (266,880 | ) | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 2,125 |  | 1,146 |  | 16,057 |  | — |  | 19,328 |
Proceeds from insurance settlements | 750 |  | 503 |  | — |  | — |  | 1,253 |
Payments related to routes and other intangibles | (299 | ) | — |  | (3,584 | ) | — |  | (3,883 | )
Net cash provide/(used) in investing activities | (145,223 | ) | (20,753 | ) | (375,319 | ) | 198,880 |  | (342,415 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from long-term debt | — |  | — |  | 624,620 |  | — |  | 624,620 |
Payments on long-term debt | (15,116 | ) | — |  | (671,512 | ) | — |  | (686,628 | )
Borrowings from revolving credit facility | 351,000 |  | — |  | 192,898 |  | — |  | 543,898 |
Payments on revolving credit facility | (351,000 | ) | — |  | (159,974 | ) | — |  | (510,974 | )
Net overdraft financing | 3,558 |  | — |  | (98 | ) | — |  | 3,460 |
Deferred loan costs | (824 | ) | — |  | (8,844 | ) | — |  | (9,668 | )
Issuance of common stock | 182 |  | — |  | — |  | — |  | 182 |
Contributions from parent | — |  | — |  | 198,880 |  | (198,880 | ) | — |
Minimum withholding taxes paid on stock awards | (2,210 | ) | — |  | (5 | ) | — |  | (2,215 | )
Distributions to noncontrolling interests | — |  | — |  | (10,257 | ) | — |  | (10,257 | )
Net cash provided/(used) in financing activities | (14,410 | ) | — |  | 165,708 |  | (198,880 | ) | (47,582 | )
Effect of exchange rate changes on cash and cash equivalent | — |  | — |  | (8,165 | ) | — |  | (8,165 | )
Net increase/(decrease) in cash, cash equivalents and restricted cash | (729 | ) | (2,961 | ) | 4,143 |  | — |  | 453 |
Cash, cash equivalents and restricted cash at beginning of year | 1,827 |  | 2,993 |  | 102,096 |  | — |  | 106,916 |
Cash, cash equivalents and restricted cash at end of year | $ | 1,098 |  | $ | 32 |  | $ | 106,239 |  | $ | — |  | $ | 107,369 |
Condensed Consolidating Statements of Cash Flows For the year ended December 30, 2017 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 133,354 |  | $ | 251,667 |  | $ | 186,913 |  | $ | (438,580 | ) | $ | 133,354 |
Earnings in investments in subsidiaries | (438,580 | ) | — |  | — |  | 438,580 |  | — |
Other operating cash flows | 489,302 |  | (240,494 | ) | 28,274 |  | — |  | 277,082 |
Net cash provided by operating activities | 184,076 |  | 11,173 |  | 215,187 |  | — |  | 410,436 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (83,520 | ) | (74,384 | ) | (116,264 | ) | — |  | (274,168 | )
Acquisitions, net of cash acquired | — |  | (12,144 | ) | — |  | — |  | (12,144 | )
Investment in subsidiaries and affiliates | (6,309 | ) | (13,386 | ) | — |  | 14,945 |  | (4,750 | )
Note receivable from affiliates | — |  | 82,000 |  | (82,000 | ) | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 2,577 |  | 3,980 |  | 1,533 |  | — |  | 8,090 |
Proceeds from insurance settlements | — |  | — |  | 6,054 |  | — |  | 6,054 |
Payments related to routes and other intangibles | (7,135 | ) | — |  | — |  | — |  | (7,135 | )
Net cash provided/(used) in investing activities | (94,387 | ) | (13,934 | ) | (190,677 | ) | 14,945 |  | (284,053 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from long-term debt | — |  | — |  | 33,401 |  | — |  | 33,401 |
Payments on long-term debt | (79,706 | ) | — |  | (69,917 | ) | — |  | (149,623 | )
Borrowings from revolving credit facility | 170,000 |  | — |  | 29,495 |  | — |  | 199,495 |
Payments on revolving credit facility | (170,000 | ) | — |  | (34,935 | ) | — |  | (204,935 | )
Net overdraft financing | — |  | — |  | (714 | ) | — |  | (714 | )
Deferred loan costs | (6,717 | ) | — |  | — |  | — |  | (6,717 | )
Issuances of common stock | 22 |  | — |  | — |  | — |  | 22 |
Contributions from parent | — |  | — |  | 14,945 |  | (14,945 | ) | — |
Minimum withholding taxes paid on stock awards | (3,034 | ) | — |  | (15 | ) | — |  | (3,049 | )
Distributions to noncontrolling interest | — |  | — |  | (5,281 | ) | — |  | (5,281 | )
Deductions to noncontrolling interests | — |  | — |  | (17,451 | ) | — |  | (17,451 | )
Net cash provided/(used) in financing activities | (89,435 | ) | — |  | (50,472 | ) | (14,945 | ) | (154,852 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | 20,528 |  | — |  | 20,528 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 254 |  | (2,761 | ) | (5,434 | ) | — |  | (7,941 | )
Cash, cash equivalents and restricted cash at beginning of year | 1,573 |  | 5,754 |  | 107,530 |  | — |  | 114,857 |
Cash, cash equivalents and restricted cash at end of year | $ | 1,827 |  | $ | 2,993 |  | $ | 102,096 |  | $ | — |  | $ | 106,916 |
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2016 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 107,224 |  | $ | 102,699 |  | $ | 120,648 |  | $ | (223,347 | ) | $ | 107,224 |
Earnings in investments in subsidiaries | (223,347 | ) | — |  | — |  | 223,347 |  | — |
Other operating cash flows | 317,041 |  | (100,970 | ) | 67,703 |  | — |  | 283,774 |
Net cash provided/(used) by operating activities | 200,918 |  | 1,729 |  | 188,351 |  | — |  | 390,998 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (51,330 | ) | (91,340 | ) | (100,853 | ) | — |  | (243,523 | )
Acquisitions, net of cash acquired | — |  | — |  | (8,511 | ) | — |  | (8,511 | )
Investment in subsidiaries and affiliates | — |  | (12,754 | ) | — |  | 12,754 |  | — |
Note receivable from affiliates | — |  | 103,056 |  | (103,056 | ) | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 2,784 |  | 1,070 |  | 3,475 |  | — |  | 7,329 |
Proceeds from insurance settlements | — |  | — |  | 1,537 |  | — |  | 1,537 |
Payments related to routes and other intangibles | — |  | — |  | (23 | ) | — |  | (23 | )
Net cash provided/(used) in investing activities | (48,546 | ) | 32 |  | (207,431 | ) | 12,754 |  | (243,191 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds from long-term debt | — |  | — |  | 36,327 |  | — |  | 36,327 |
Payments on long-term debt | (143,935 | ) | — |  | (60,493 | ) | — |  | (204,428 | )
Borrowing from revolving credit facility | 94,000 |  | — |  | 5,276 |  | — |  | 99,276 |
Payments on revolving credit facility | (94,000 | ) | — |  | (10,028 | ) | — |  | (104,028 | )
Net overdraft financing | — |  | — |  | 1,071 |  | — |  | 1,071 |
Deferred loan costs | (3,879 | ) | — |  | — |  | — |  | (3,879 | )
Issuances of common stock | 188 |  | — |  | — |  | — |  | 188 |
Repurchase of common stock | (5,000 | ) | — |  | — |  | — |  | (5,000 | )
Contributions from parent | — |  | — |  | 12,754 |  | (12,754 | ) | — |
Minimum withholding taxes paid on stock awards | (1,718 | ) | — |  | (125 | ) | — |  | (1,843 | )
Deductions to noncontrolling interest | — |  | — |  | — |  | — |  | — |
Distributions to noncontrolling interests | — |  | — |  | (1,552 | ) | — |  | (1,552 | )
Net cash provided/(used) in financing activities | (154,344 | ) | — |  | (16,770 | ) | (12,754 | ) | (183,868 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | (6,297 | ) | — |  | (6,297 | )
Net increase/(decrease) in cash, cash equivalents and restricted cash | (1,972 | ) | 1,761 |  | (42,147 | ) | — |  | (42,358 | )
Cash, cash equivalents and restricted cash at beginning of year | 3,545 |  | 3,993 |  | 149,677 |  | — |  | 157,215 |
Cash, cash equivalents and restricted cash at end of year | $ | 1,573 |  | $ | 5,754 |  | $ | 107,530 |  | $ | — |  | $ | 114,857 |

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