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Guarantor Financial Information (Tables) | 6 Months Ended
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Jun. 29, 2019
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidated Balance Sheet As of June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 3,562 |  | $ | 32 |  | $ | 83,417 |  | $ | — |  | $ | 87,011 |
Restricted cash | 103 |  | — |  | — |  | — |  | 103 |
Accounts receivable | 41,248 |  | 663,987 |  | 465,807 |  | (813,371 | ) | 357,671 |
Inventories | 19,391 |  | 89,246 |  | 239,672 |  | — |  | 348,309 |
Income taxes refundable | 1,550 |  | — |  | 4,004 |  | — |  | 5,554 |
Prepaid expenses | 16,597 |  | 2,161 |  | 25,605 |  | — |  | 44,363 |
Other current assets | 3,156 |  | (1,557 | ) | 22,528 |  | — |  | 24,127 |
Total current assets | 85,607 |  | 753,869 |  | 841,033 |  | (813,371 | ) | 867,138 |
Investment in subsidiaries | 5,003,892 |  | 1,366,517 |  | 844,043 |  | (7,214,452 | ) | — |
Property, plant and equipment, net | 409,543 |  | 507,120 |  | 805,633 |  | — |  | 1,722,296 |
Intangible assets, net | 47,238 |  | 185,741 |  | 332,997 |  | — |  | 565,976 |
Goodwill | 49,902 |  | 490,748 |  | 692,836 |  | — |  | 1,233,486 |
Investment in unconsolidated subsidiaries | 13,051 |  | — |  | 444,981 |  | — |  | 458,032 |
Operating lease right-of-use asset | 70,324 |  | 32,625 |  | 18,001 |  | — |  | 120,950 |
Other assets | 39,312 |  | 139 |  | 14,902 |  | — |  | 54,353 |
Deferred taxes | — |  | — |  | 14,365 |  | — |  | 14,365 |
| $ | 5,718,869 |  | $ | 3,336,759 |  | $ | 4,008,791 |  | $ | (8,027,823 | ) | $ | 5,036,596 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 18,068 |  | $ | 5 |  | $ | 17,804 |  | $ | — |  | $ | 35,877 |
Accounts payable | 839,937 |  | 32,804 |  | 149,511 |  | (813,351 | ) | 208,901 |
Income taxes payable | (855 | ) | — |  | 11,146 |  | — |  | 10,291 |
Current operating lease liability | 20,201 |  | 10,351 |  | 6,151 |  | — |  | 36,703 |
Accrued expenses | 92,882 |  | 28,356 |  | 153,315 |  | (19 | ) | 274,534 |
Total current liabilities | 970,233 |  | 71,516 |  | 337,927 |  | (813,370 | ) | 566,306 |
Long-term debt, net of current portion | 1,045,820 |  | 15 |  | 594,221 |  | — |  | 1,640,056 |
Long-term operating lease liability | 50,800 |  | 21,776 |  | 10,864 |  | — |  | 83,440 |
Other noncurrent liabilities | 77,323 |  | — |  | 35,763 |  | — |  | 113,086 |
Deferred income taxes | 97,185 |  | — |  | 129,888 |  | — |  | 227,073 |
Total liabilities | 2,241,361 |  | 93,307 |  | 1,108,663 |  | (813,370 | ) | 2,629,961 |
Total stockholders’ equity | 3,477,508 |  | 3,243,452 |  | 2,900,128 |  | (7,214,453 | ) | 2,406,635 |
| $ | 5,718,869 |  | $ | 3,336,759 |  | $ | 4,008,791 |  | $ | (8,027,823 | ) | $ | 5,036,596 |
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 June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 156,927 |  | $ | 325,744 |  | $ | 399,339 |  | $ | (54,686 | ) | $ | 827,324 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 125,586 |  | 268,582 |  | 305,234 |  | (54,686 | ) | 644,716 |
Loss (gain) on sale of assets | (26 | ) | (511 | ) | (13,389 | ) | — |  | (13,926 | )
Selling, general and administrative expenses | 40,570 |  | 10,776 |  | 29,671 |  | — |  | 81,017 |
Depreciation and amortization | 14,224 |  | 25,165 |  | 40,097 |  | — |  | 79,486 |
Total costs and expenses | 180,354 |  | 304,012 |  | 361,613 |  | (54,686 | ) | 791,293 |
Operating income/(loss) | (23,427 | ) | 21,732 |  | 37,726 |  | — |  | 36,031 |
Interest expense | (15,078 | ) | (24 | ) | (5,751 | ) | — |  | (20,853 | )
Debt extinguishment costs | (12,126 | ) | — |  | — |  | — |  | (12,126 | )
Foreign currency losses | 3 |  | 1 |  | (392 | ) | — |  | (388 | )
Other expense, net | (1,285 | ) | (764 | ) | 30 |  | — |  | (2,019 | )
Equity in net loss of unconsolidated subsidiaries | (1,027 | ) | — |  | 39,202 |  | — |  | 38,175 |
Earnings in investments in subsidiaries | 68,680 |  | — |  | — |  | (68,680 | ) | — |
Income/(loss) before taxes | 15,740 |  | 20,945 |  | 70,815 |  | (68,680 | ) | 38,820 |
Income tax expense/(benefit) | (10,518 | ) | 4,126 |  | 14,168 |  | — |  | 7,776 |
Net income attributable to noncontrolling interests | — |  | — |  | (4,786 | ) | — |  | (4,786 | )
Net income/(loss) attributable to Darling | $ | 26,258 |  | $ | 16,819 |  | $ | 51,861 |  | $ | (68,680 | ) | $ | 26,258 |
Condensed Consolidated Statements of Operations For the six months ended June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 317,157 |  | $ | 655,735 |  | $ | 803,250 |  | $ | (113,714 | ) | $ | 1,662,428 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 253,910 |  | 540,253 |  | 615,180 |  | (113,714 | ) | 1,295,629 |
Loss (gain) on sale of assets | 42 |  | (4,988 | ) | (13,230 | ) | — |  | (18,176 | )
Selling, general and administrative expenses | 87,993 |  | 22,723 |  | 55,304 |  | — |  | 166,020 |
Depreciation and amortization | 28,597 |  | 51,277 |  | 78,776 |  | — |  | 158,650 |
Total costs and expenses | 370,542 |  | 609,265 |  | 736,030 |  | (113,714 | ) | 1,602,123 |
Operating income/(loss) | (53,385 | ) | 46,470 |  | 67,220 |  | — |  | 60,305 |
Interest expense | (29,105 | ) | (56 | ) | (11,568 | ) | — |  | (40,729 | )
Debt extinguishment costs | (12,126 | ) | — |  | — |  | — |  | (12,126 | )
Foreign currency losses | (1 | ) | 1 |  | (1,120 | ) | — |  | (1,120 | )
Other income/(expense), net | (2,852 | ) | (1,976 | ) | 284 |  | — |  | (4,544 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (1,918 | ) | — |  | 63,866 |  | — |  | 61,948 |
Earnings in investments in subsidiaries | 123,307 |  | — |  | — |  | (123,307 | ) | — |
Income/(loss) before taxes | 23,920 |  | 44,439 |  | 118,682 |  | (123,307 | ) | 63,734 |
Income tax expense/(benefit) | (20,350 | ) | 9,099 |  | 24,301 |  | — |  | 13,050 |
Net income attributable to noncontrolling interests | — |  | — |  | (6,414 | ) | — |  | (6,414 | )
Net income/(loss) attributable to Darling | $ | 44,270 |  | $ | 35,340 |  | $ | 87,967 |  | $ | (123,307 | ) | $ | 44,270 |
Condensed Consolidated Statements of Operations For the three months ended June 30, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 135,196 |  | $ | 348,497 |  | $ | 423,466 |  | $ | (60,513 | ) | $ | 846,646 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 102,171 |  | 275,696 |  | 334,885 |  | (60,513 | ) | 652,239 |
Loss (gain) on sale of assets | 50 |  | (87 | ) | 799 |  | — |  | 762 |
Selling, general and administrative expenses | 36,393 |  | 12,425 |  | 29,740 |  | — |  | 78,558 |
Restructuring and impairment charges | — |  | — |  | 14,965 |  | — |  | 14,965 |
Depreciation and amortization | 11,577 |  | 25,942 |  | 40,935 |  | — |  | 78,454 |
Total costs and expenses | 150,191 |  | 313,976 |  | 421,324 |  | (60,513 | ) | 824,978 |
Operating income/(loss) | (14,995 | ) | 34,521 |  | 2,142 |  | — |  | 21,668 |
Interest expense | (14,193 | ) | 3,240 |  | (12,063 | ) | — |  | (23,016 | )
Debt extinguishment costs | (15,635 | ) | — |  | (7,874 | ) | — |  | (23,509 | )
Foreign currency gains/(losses) | (414 | ) | (31 | ) | (3,050 | ) | — |  | (3,495 | )
Loss on sale of subsidiary | (15,538 | ) | — |  | — |  | — |  | (15,538 | )
Other income/(expense), net | (10,204 | ) | 1,810 |  | 9,593 |  | — |  | 1,199 |
Equity in net income/(loss) of unconsolidated subsidiaries | (577 | ) | — |  | 15,813 |  | — |  | 15,236 |
Earnings in investments in subsidiaries | 34,159 |  | — |  | — |  | (34,159 | ) | — |
Income/(loss) before taxes | (37,397 | ) | 39,540 |  | 4,561 |  | (34,159 | ) | (27,455 | )
Income tax expense/(benefit) | (6,977 | ) | 4,192 |  | 4,468 |  | — |  | 1,683 |
Net income attributable to noncontrolling interests | — |  | — |  | (1,282 | ) | — |  | (1,282 | )
Net income/(loss) attributable to Darling | $ | (30,420 | ) | $ | 35,348 |  | $ | (1,189 | ) | $ | (34,159 | ) | $ | (30,420 | )
Condensed Consolidated Statements of Operations For the six months ended June 30, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 254,821 |  | $ | 693,100 |  | $ | 891,274 |  | $ | (117,175 | ) | $ | 1,722,020 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 198,290 |  | 547,061 |  | 702,624 |  | (117,175 | ) | 1,330,800 |
Loss (gain) on sale of assets | (201 | ) | (215 | ) | 716 |  | — |  | 300 |
Selling, general and administrative expenses | 80,171 |  | 25,262 |  | 60,027 |  | — |  | 165,460 |
Restructuring and impairment charges | — |  | — |  | 14,965 |  | — |  | 14,965 |
Depreciation and amortization | 22,636 |  | 52,233 |  | 82,204 |  | — |  | 157,073 |
Total costs and expenses | 300,896 |  | 624,341 |  | 860,536 |  | (117,175 | ) | 1,668,598 |
Operating income/(loss) | (46,075 | ) | 68,759 |  | 30,738 |  | — |  | 53,422 |
Interest expense | (28,557 | ) | 7,003 |  | (24,586 | ) | — |  | (46,140 | )
Debt extinguishment costs | (15,635 | ) | — |  | (7,874 | ) | — |  | (23,509 | )
Foreign currency gains/(losses) | (437 | ) | (94 | ) | (4,445 | ) | — |  | (4,976 | )
Loss on sale of subsidiary | (15,538 | ) | — |  | — |  | — |  | (15,538 | )
Other income/(expense), net | (13,614 | ) | 484 |  | 11,813 |  | — |  | (1,317 | )
Equity in net income/(loss) of unconsolidated subsidiaries | (1,075 | ) | — |  | 113,465 |  | — |  | 112,390 |
Earnings in investments in subsidiaries | 179,039 |  | — |  | — |  | (179,039 | ) | — |
Income/(loss) before taxes | 58,108 |  | 76,152 |  | 119,111 |  | (179,039 | ) | 74,332 |
Income tax expense/(benefit) | (8,777 | ) | 5,527 |  | 8,645 |  | — |  | 5,395 |
Net income attributable to noncontrolling interests | — |  | — |  | (2,052 | ) | — |  | (2,052 | )
Net income/(loss) attributable to Darling | $ | 66,885 |  | $ | 70,625 |  | $ | 108,414 |  | $ | (179,039 | ) | $ | 66,885 |
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income/(Loss) | Condensed Consolidated Statements of Comprehensive Income/(Loss) For the three months ended June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 31,044 |  | $ | 16,819 |  | $ | 51,861 |  | $ | (68,680 | ) | $ | 31,044 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | (326 | ) | — |  | 16,652 |  | — |  | 16,326 |
Pension adjustments | 766 |  | — |  | 93 |  | — |  | 859 |
Corn option derivative adjustments | 22 |  | — |  | — |  | — |  | 22 |
Heating oil derivative adjustments | — |  | — |  | 2,133 |  | — |  | 2,133 |
Foreign exchange derivative adjustments | — |  | — |  | 1,451 |  | — |  | 1,451 |
Total other comprehensive income/(loss), net of tax | 462 |  | — |  | 20,329 |  | — |  | 20,791 |
Total comprehensive income/(loss) | 31,506 |  | 16,819 |  | 72,190 |  | (68,680 | ) | 51,835 |
Total comprehensive loss attributable to noncontrolling interest | — |  | — |  | 3,315 |  | — |  | 3,315 |
Total comprehensive income/(loss) attributable to Darling | $ | 31,506 |  | $ | 16,819 |  | $ | 68,875 |  | $ | (68,680 | ) | $ | 48,520 |
Condensed Consolidated Statements of Comprehensive Income/(Loss) For the six months ended June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 50,684 |  | $ | 35,340 |  | $ | 87,967 |  | $ | (123,307 | ) | $ | 50,684 |
Other comprehensive income/ (loss), net of tax: |  |  |  |  |
Foreign currency translation | 181 |  | — |  | 11,259 |  | — |  | 11,440 |
Pension adjustments | 1,533 |  | — |  | 184 |  | — |  | 1,717 |
Corn option derivative adjustments | 22 |  | — |  | — |  | — |  | 22 |
Heating oil derivative adjustments | — |  | — |  | 2,133 |  | — |  | 2,133 |
Foreign exchange derivative adjustments | — |  | — |  | (486 | ) | — |  | (486 | )
Total other comprehensive income/(loss), net of tax | 1,736 |  | — |  | 13,090 |  | — |  | 14,826 |
Total comprehensive income/(loss) | 52,420 |  | 35,340 |  | 101,057 |  | (123,307 | ) | 65,510 |
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | 6,702 |  | — |  | 6,702 |
Total comprehensive income/(loss) attributable to Darling | $ | 52,420 |  | $ | 35,340 |  | $ | 94,355 |  | $ | (123,307 | ) | $ | 58,808 |
Condensed Consolidated Statements of Comprehensive Income/(Loss) For the three months ended June 30, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | (29,138 | ) | $ | 35,348 |  | $ | (1,189 | ) | $ | (34,159 | ) | $ | (29,138 | )
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | 1,116 |  | (53,387 | ) | (24,566 | ) | — |  | (76,837 | )
Pension adjustments | 565 |  | — |  | 101 |  | — |  | 666 |
Corn option derivative adjustments | 447 |  | — |  | — |  | — |  | 447 |
Total other comprehensive income/(loss), net of tax | 2,128 |  | (53,387 | ) | (24,465 | ) | — |  | (75,724 | )
Total comprehensive income/(loss) | (27,010 | ) | (18,039 | ) | (25,654 | ) | (34,159 | ) | (104,862 | )
Total comprehensive income attributable to noncontrolling interest | — |  | — |  | 1,232 |  | — |  | 1,232 |
Total comprehensive income/(loss) attributable to Darling | $ | (27,010 | ) | $ | (18,039 | ) | $ | (26,886 | ) | $ | (34,159 | ) | $ | (106,094 | )
Condensed Consolidated Statements of Comprehensive Income/(Loss) For the six months ended June 30, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 68,937 |  | $ | 70,625 |  | $ | 108,414 |  | $ | (179,039 | ) | $ | 68,937 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | 1,116 |  | (53,387 | ) | (7,271 | ) | — |  | (59,542 | )
Pension adjustments | 1,131 |  | — |  | 202 |  | — |  | 1,333 |
Natural gas swap derivative adjustments | 22 |  | — |  | — |  | — |  | 22 |
Corn option derivative adjustments | (1,158 | ) | — |  | — |  | — |  | (1,158 | )
Total other comprehensive income, net of tax | 1,111 |  | (53,387 | ) | (7,069 | ) | — |  | (59,345 | )
Total comprehensive income/(loss) | 70,048 |  | 17,238 |  | 101,345 |  | (179,039 | ) | 9,592 |
Total comprehensive loss attributable to noncontrolling interest | — |  | — |  | 2,519 |  | — |  | 2,519 |
Total comprehensive income/(loss) attributable to Darling | $ | 70,048 |  | $ | 17,238 |  | $ | 98,826 |  | $ | (179,039 | ) | $ | 7,073 |
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidated Statements of Cash Flows For the six months ended June 29, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 50,684 |  | $ | 35,340 |  | $ | 87,967 |  | $ | (123,307 | ) | $ | 50,684 |
Earnings in investments in subsidiaries | (123,307 | ) | — |  | — |  | 123,307 |  | — |
Other operating cash flows | 116,433 |  | 884 |  | (13,697 | ) | — |  | 103,620 |
Net cash provided by operating activities | 43,810 |  | 36,224 |  | 74,270 |  | — |  | 154,304 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (63,517 | ) | (44,720 | ) | (59,634 | ) | — |  | (167,871 | )
Acquisitions | (1,157 | ) | — |  | (274 | ) | — |  | (1,431 | )
Investment in subsidiaries and affiliates | (1,393 | ) | (393 | ) | — |  | 786 |  | (1,000 | )
Gross proceeds from sale of property, plant and equipment and other assets | 250 |  | 7,654 |  | 1,910 |  | — |  | 9,814 |
Proceeds from insurance settlements | — |  | 845 |  | — |  | — |  | 845 |
Payments related to routes and other intangibles | (131 | ) | — |  | (3,019 | ) | — |  | (3,150 | )
Net cash used in investing activities | (65,948 | ) | (36,614 | ) | (61,017 | ) | 786 |  | (162,793 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | 500,000 |  | — |  | 7,722 |  | — |  | 507,722 |
Payments on long-term debt | (507,622 | ) | (3 | ) | (18,605 | ) | — |  | (526,230 | )
Borrowings from revolving facilities | 134,000 |  | — |  | 139,485 |  | — |  | 273,485 |
Payments on revolving facilities | (96,000 | ) | — |  | (170,884 | ) | — |  | (266,884 | )
Net cash overdraft financing | 4,510 |  | — |  | 6,668 |  | — |  | 11,178 |
Deferred loan costs | (7,003 | ) | — |  | — |  | — |  | (7,003 | )
Issuances of common stock | 12 |  | — |  | — |  | — |  | 12 |
Contributions from parent | — |  | 393 |  | 393 |  | (786 | ) | — |
Minimum withholding taxes paid on stock awards | (3,192 | ) | — |  | (1 | ) | — |  | (3,193 | )
Net cash provided/(used) in financing activities | 24,705 |  | 390 |  | (35,222 | ) | (786 | ) | (10,913 | )
Effect of exchange rate changes on cash | — |  | — |  | (853 | ) | — |  | (853 | )
Net decrease in cash, cash equivalents and restricted cash | 2,567 |  | — |  | (22,822 | ) | — |  | (20,255 | )
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 | $ | 3,665 |  | $ | 32 |  | $ | 83,417 |  | $ | — |  | $ | 87,114 |
Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2018 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 68,937 |  | $ | 70,625 |  | $ | 108,414 |  | $ | (179,039 | ) | $ | 68,937 |
Earnings in investments in subsidiaries | (179,039 | ) | — |  | — |  | 179,039 |  | — |
Other operating cash flows | 143,415 |  | (30,510 | ) | (53,795 | ) | — |  | 59,110 |
Net cash provided/(used) by operating activities | 33,313 |  | 40,115 |  | 54,619 |  | — |  | 128,047 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (45,028 | ) | (45,759 | ) | (48,343 | ) | — |  | (139,130 | )
Acquisitions | (51,089 | ) | — |  | — |  | — |  | (51,089 | )
Investment in subsidiaries and affiliates | (6,500 | ) | (198,880 | ) | — |  | 198,880 |  | (6,500 | )
Proceeds from sale of investment in subsidiary | 80,000 |  | — |  | 2,805 |  | — |  | 82,805 |
Note receivable from affiliates | — |  | 201,880 |  | (201,880 | ) | — |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 873 |  | 610 |  | 761 |  | — |  | 2,244 |
Proceeds from insurance settlements | 750 |  | 503 |  | — |  | — |  | 1,253 |
Payments related to routes and other intangibles | (246 | ) | — |  | (48 | ) | — |  | (294 | )
Net cash used in investing activities | (21,240 | ) | (41,646 | ) | (246,705 | ) | 198,880 |  | (110,711 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 623,695 |  | — |  | 623,695 |
Payments on long-term debt | (10,066 | ) | — |  | (640,910 | ) | — |  | (650,976 | )
Borrowings from revolving credit facility | 131,000 |  | — |  | 116,975 |  | — |  | 247,975 |
Payments on revolving credit facility | (131,000 | ) | — |  | (90,632 | ) | — |  | (221,632 | )
Net cash overdraft financing | — |  | — |  | 4,517 |  | — |  | 4,517 |
Deferred loan costs | (824 | ) | — |  | (8,500 | ) | — |  | (9,324 | )
Issuances of common stock | 182 |  | — |  | — |  | — |  | 182 |
Contributions from parent | — |  | — |  | 198,880 |  | (198,880 | ) | — |
Minimum withholding taxes paid on stock awards | (2,118 | ) | — |  | (5 | ) | — |  | (2,123 | )
Distributions to noncontrolling interests | — |  | — |  | (983 | ) | — |  | (983 | )
Net cash provided by financing activities | (12,826 | ) | — |  | 203,037 |  | (198,880 | ) | (8,669 | )
Effect of exchange rate changes on cash | — |  | — |  | (11,321 | ) | — |  | (11,321 | )
Net decrease in cash, cash equivalents and restricted cash | (753 | ) | (1,531 | ) | (370 | ) | — |  | (2,654 | )
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 | $ | 1,074 |  | $ | 1,462 |  | $ | 101,726 |  | $ | — |  | $ | 104,262 |

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