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Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 30, 2019
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidated Balance Sheet As of March 30, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 987 |  | $ | 33 |  | $ | 94,696 |  | $ | — |  | $ | 95,716 |
Restricted cash | 103 |  | — |  | 4 |  | — |  | 107 |
Accounts receivable | 43,885 |  | 640,838 |  | 468,164 |  | (781,548 | ) | 371,339 |
Inventories | 19,211 |  | 85,113 |  | 235,558 |  | — |  | 339,882 |
Income taxes refundable | 1,426 |  | — |  | 2,676 |  | — |  | 4,102 |
Prepaid expenses | 12,155 |  | 2,508 |  | 24,407 |  | — |  | 39,070 |
Other current assets | 3,355 |  | (1,980 | ) | 19,584 |  | — |  | 20,959 |
Total current assets | 81,122 |  | 726,512 |  | 845,089 |  | (781,548 | ) | 871,175 |
Investment in subsidiaries | 4,934,820 |  | 1,366,126 |  | 844,044 |  | (7,144,990 | ) | — |
Property, plant and equipment, net | 392,718 |  | 503,739 |  | 795,101 |  | — |  | 1,691,558 |
Intangible assets, net | 48,619 |  | 193,338 |  | 337,356 |  | — |  | 579,313 |
Goodwill | 49,902 |  | 490,748 |  | 681,732 |  | — |  | 1,222,382 |
Investment in unconsolidated subsidiaries | 13,078 |  | — |  | 420,303 |  | — |  | 433,381 |
Operating lease right-of-use asset | 75,150 |  | 34,974 |  | 19,597 |  | — |  | 129,721 |
Other assets | 38,490 |  | 140 |  | 14,857 |  | — |  | 53,487 |
Deferred taxes | — |  | — |  | 14,037 |  | — |  | 14,037 |
| $ | 5,633,899 |  | $ | 3,315,577 |  | $ | 3,972,116 |  | $ | (7,926,538 | ) | $ | 4,995,054 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 11,908 |  | $ | 5 |  | $ | 11,780 |  | $ | — |  | $ | 23,693 |
Accounts payable | 807,675 |  | 27,833 |  | 138,539 |  | (781,536 | ) | 192,511 |
Income taxes payable | 300 |  | — |  | 8,561 |  | — |  | 8,861 |
Current operating lease liability | 21,546 |  | 10,673 |  | 7,557 |  | — |  | 39,776 |
Accrued expenses | 85,734 |  | 27,109 |  | 168,500 |  | (12 | ) | 281,331 |
Total current liabilities | 927,163 |  | 65,620 |  | 334,937 |  | (781,548 | ) | 546,172 |
Long-term debt, net of current portion | 1,032,803 |  | 16 |  | 630,944 |  | — |  | 1,663,763 |
Long-term operating lease liability | 53,587 |  | 23,701 |  | 11,812 |  | — |  | 89,100 |
Other noncurrent liabilities | 78,220 |  | — |  | 35,764 |  | — |  | 113,984 |
Deferred income taxes | 95,191 |  | — |  | 130,145 |  | — |  | 225,336 |
Total liabilities | 2,186,964 |  | 89,337 |  | 1,143,602 |  | (781,548 | ) | 2,638,355 |
Total stockholders’ equity | 3,446,935 |  | 3,226,240 |  | 2,828,514 |  | (7,144,990 | ) | 2,356,699 |
| $ | 5,633,899 |  | $ | 3,315,577 |  | $ | 3,972,116 |  | $ | (7,926,538 | ) | $ | 4,995,054 |
Condensed Consolidated 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 subsidiary | 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 |
Guarantor Financial Information Condensed Consolidating Statements Of Operations | Condensed Consolidated Statements of Operations For the three months ended March 30, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 160,230 |  | $ | 329,991 |  | $ | 403,911 |  | $ | (59,028 | ) | $ | 835,104 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 128,392 |  | 267,194 |  | 310,105 |  | (59,028 | ) | 646,663 |
Selling, general and administrative expenses | 47,423 |  | 11,947 |  | 25,633 |  | — |  | 85,003 |
Depreciation and amortization | 14,373 |  | 26,112 |  | 38,679 |  | — |  | 79,164 |
Total costs and expenses | 190,188 |  | 305,253 |  | 374,417 |  | (59,028 | ) | 810,830 |
Operating income/(loss) | (29,958 | ) | 24,738 |  | 29,494 |  | — |  | 24,274 |
Interest expense | (14,027 | ) | (32 | ) | (5,817 | ) | — |  | (19,876 | )
Foreign currency losses | (4 | ) | — |  | (728 | ) | — |  | (732 | )
Gain on disposal of subsidiary | — |  | — |  | — |  | — |  | — |
Other expense, net | (1,567 | ) | (1,212 | ) | 254 |  | — |  | (2,525 | )
Equity in net loss of unconsolidated subsidiaries | (891 | ) | — |  | 24,664 |  | — |  | 23,773 |
Earnings in investments in subsidiaries | 54,627 |  | — |  | — |  | (54,627 | ) | — |
Income/(loss) before taxes | 8,180 |  | 23,494 |  | 47,867 |  | (54,627 | ) | 24,914 |
Income tax expense/(benefit) | (9,832 | ) | 4,973 |  | 10,133 |  | — |  | 5,274 |
Net income attributable to noncontrolling interests | — |  | — |  | (1,628 | ) | — |  | (1,628 | )
Net income/(loss) attributable to Darling | $ | 18,012 |  | $ | 18,521 |  | $ | 36,106 |  | $ | (54,627 | ) | $ | 18,012 |
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 tax expense/(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 |
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income/(Loss) | Condensed Consolidated Statements of Comprehensive Income/(Loss) For the three months ended March 30, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 19,640 |  | $ | 18,521 |  | $ | 36,106 |  | $ | (54,627 | ) | $ | 19,640 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | 507 |  | — |  | (5,393 | ) | — |  | (4,886 | )
Pension adjustments | 767 |  | — |  | 91 |  | — |  | 858 |
Foreign exchange derivative adjustments | — |  | — |  | (1,937 | ) | — |  | (1,937 | )
Total other comprehensive income/(loss), net of tax | 1,274 |  | — |  | (7,239 | ) | — |  | (5,965 | )
Total comprehensive income/(loss) | 20,914 |  | 18,521 |  | 28,867 |  | (54,627 | ) | 13,675 |
Total comprehensive loss attributable to noncontrolling interest | — |  | — |  | 3,387 |  | — |  | 3,387 |
Total comprehensive income/(loss) attributable to Darling | $ | 20,914 |  | $ | 18,521 |  | $ | 25,480 |  | $ | (54,627 | ) | $ | 10,288 |
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 income 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 |
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidated Statements of Cash Flows For the three months ended March 30, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 19,640 |  | $ | 18,521 |  | $ | 36,106 |  | $ | (54,627 | ) | $ | 19,640 |
Earnings in investments in subsidiaries | (54,627 | ) | — |  | — |  | 54,627 |  | — |
Other operating cash flows | 52,135 |  | (2,881 | ) | (20,293 | ) | — |  | 28,961 |
Net cash provided by operating activities | 17,148 |  | 15,640 |  | 15,813 |  | — |  | 48,601 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (34,303 | ) | (23,498 | ) | (26,468 | ) | — |  | (84,269 | )
Acquisitions | (1,157 | ) | — |  | (274 | ) | — |  | (1,431 | )
Gross proceeds from sale of property, plant and equipment and other assets | 132 |  | 7,016 |  | 720 |  | — |  | 7,868 |
Proceeds from insurance settlements | — |  | 845 |  | — |  | — |  | 845 |
Payments related to routes and other intangibles | — |  | — |  | (2,778 | ) | — |  | (2,778 | )
Net cash used in investing activities | (35,328 | ) | (15,637 | ) | (28,800 | ) | — |  | (79,765 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 2,138 |  | — |  | 2,138 |
Payments on long-term debt | — |  | (2 | ) | (10,972 | ) | — |  | (10,974 | )
Borrowings from revolving facilities | 50,000 |  | — |  | 106,829 |  | — |  | 156,829 |
Payments on revolving facilities | (37,000 | ) | — |  | (101,147 | ) | — |  | (138,147 | )
Net cash overdraft financing | 8,350 |  | — |  | 6,175 |  | — |  | 14,525 |
Issuances of common stock | 12 |  | — |  | — |  | — |  | 12 |
Minimum withholding taxes paid on stock awards | (3,190 | ) | — |  | — |  | — |  | (3,190 | )
Net cash provided/(used) in financing activities | 18,172 |  | (2 | ) | 3,023 |  | — |  | 21,193 |
Effect of exchange rate changes on cash | — |  | — |  | (1,575 | ) | — |  | (1,575 | )
Net decrease in cash, cash equivalents and restricted cash | (8 | ) | 1 |  | (11,539 | ) | — |  | (11,546 | )
Cash, cash equivalents and restricted cash at beginning of period | 1,098 |  | 32 |  | 106,239 |  | — |  | 107,369 |
Cash, cash equivalents and restricted cash at end of period | $ | 1,090 |  | $ | 33 |  | $ | 94,700 |  | $ | — |  | $ | 95,823 |
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/(used) 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 credit facility | 62,000 |  | — |  | 73,184 |  | — |  | 135,184 |
Payments on revolving credit facility | (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 provided by financing activities | 30,053 |  | — |  | 16,105 |  | — |  | 46,158 |
Effect of exchange rate changes on cash | — |  | — |  | (1,672 | ) | — |  | (1,672 | )
Net 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 |

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