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Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 28, 2020
Guarantor Financial Information [Abstract] |
Guarantor Financial Information Condensed Consolidating Balance Sheet | Condensed Consolidated Balance Sheet As of March 28, 2020 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 903 |  | $ | 25 |  | $ | 75,411 |  | $ | — |  | $ | 76,339 |
Restricted cash | 103 |  | — |  | 3 |  | — |  | 106 |
Accounts receivable | 47,852 |  | 663,967 |  | 545,669 |  | (859,788 | ) | 397,700 |
Inventories | 24,028 |  | 97,781 |  | 259,623 |  | — |  | 381,432 |
Income taxes refundable | 1,378 |  | — |  | 1,728 |  | — |  | 3,106 |
Prepaid expenses | 17,927 |  | 2,281 |  | 24,899 |  | — |  | 45,107 |
Other current assets | 4,950 |  | (3,346 | ) | 44,906 |  | (20,240 | ) | 26,270 |
Total current assets | 97,141 |  | 760,708 |  | 952,239 |  | (880,028 | ) | 930,060 |
Investment in subsidiaries | 5,509,606 |  | 1,283,699 |  | 844,042 |  | (7,637,347 | ) | — |
Property, plant and equipment, net | 432,561 |  | 521,784 |  | 809,775 |  | — |  | 1,764,120 |
Intangible assets, net | 42,993 |  | 163,064 |  | 291,722 |  | — |  | 497,779 |
Goodwill | 49,902 |  | 490,748 |  | 661,942 |  | — |  | 1,202,592 |
Investment in unconsolidated subsidiaries | — |  | — |  | 802,184 |  | — |  | 802,184 |
Operating lease right-of-use asset | 72,161 |  | 30,475 |  | 21,223 |  | — |  | 123,859 |
Other assets | 34,715 |  | 134 |  | 57,336 |  | (49,532 | ) | 42,653 |
Deferred taxes | — |  | — |  | 14,532 |  | — |  | 14,532 |
| $ | 6,239,079 |  | $ | 3,250,612 |  | $ | 4,454,995 |  | $ | (8,566,907 | ) | $ | 5,377,779 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 50,004 |  | $ | 11 |  | $ | 56,622 |  | $ | (20,240 | ) | $ | 86,397 |
Accounts payable | 887,354 |  | 23,026 |  | 160,990 |  | (859,774 | ) | 211,596 |
Income taxes payable | 919 |  | — |  | 7,674 |  | — |  | 8,593 |
Current operating lease liability | 19,774 |  | 10,592 |  | 7,106 |  | — |  | 37,472 |
Accrued expenses | 97,602 |  | 26,190 |  | 183,910 |  | (14 | ) | 307,688 |
Total current liabilities | 1,055,653 |  | 59,819 |  | 416,302 |  | (880,028 | ) | 651,746 |
Long-term debt, net of current portion | 1,139,898 |  | 27 |  | 574,465 |  | (49,532 | ) | 1,664,858 |
Long-term operating lease liability | 57,796 |  | 19,462 |  | 13,992 |  | — |  | 91,250 |
Other noncurrent liabilities | 76,714 |  | — |  | 34,431 |  | — |  | 111,145 |
Deferred income taxes | 131,000 |  | — |  | 119,338 |  | — |  | 250,338 |
Total liabilities | 2,461,061 |  | 79,308 |  | 1,158,528 |  | (929,560 | ) | 2,769,337 |
Total stockholders’ equity | 3,778,018 |  | 3,171,304 |  | 3,296,467 |  | (7,637,347 | ) | 2,608,442 |
| $ | 6,239,079 |  | $ | 3,250,612 |  | $ | 4,454,995 |  | $ | (8,566,907 | ) | $ | 5,377,779 |
Condensed Consolidated Balance Sheet As of December 28, 2019 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 551 |  | $ | 26 |  | $ | 72,358 |  | $ | — |  | $ | 72,935 |
Restricted cash | 103 |  | — |  | 7 |  | — |  | 110 |
Accounts receivable | 51,097 |  | 702,945 |  | 518,614 |  | (866,318 | ) | 406,338 |
Inventories | 26,893 |  | 86,609 |  | 249,455 |  | — |  | 362,957 |
Income taxes refundable | 1,106 |  | — |  | 2,211 |  | — |  | 3,317 |
Prepaid expenses | 20,888 |  | 2,241 |  | 23,470 |  | — |  | 46,599 |
Other current assets | 5,399 |  | (2,326 | ) | 40,872 |  | (18,913 | ) | 25,032 |
Total current assets | 106,037 |  | 789,495 |  | 906,987 |  | (885,231 | ) | 917,288 |
Investment in subsidiaries | 5,365,956 |  | 1,366,635 |  | 844,043 |  | (7,576,634 | ) | — |
Property, plant and equipment, net | 434,237 |  | 524,577 |  | 843,597 |  | — |  | 1,802,411 |
Intangible assets, net | 44,404 |  | 170,581 |  | 311,409 |  | — |  | 526,394 |
Goodwill | 49,902 |  | 490,748 |  | 682,641 |  | — |  | 1,223,291 |
Investment in unconsolidated subsidiary | — |  | — |  | 689,354 |  | — |  | 689,354 |
Operating lease right-of-use asset | 74,005 |  | 31,243 |  | 19,478 |  | — |  | 124,726 |
Other assets | 35,456 |  | 134 |  | 61,974 |  | (50,164 | ) | 47,400 |
Deferred income taxes | — |  | — |  | 14,394 |  | — |  | 14,394 |
| $ | 6,109,997 |  | $ | 3,373,413 |  | $ | 4,373,877 |  | $ | (8,512,029 | ) | $ | 5,345,258 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 40,916 |  | $ | 10 |  | $ | 68,983 |  | $ | (18,913 | ) | $ | 90,996 |
Accounts payable | 893,490 |  | 29,535 |  | 182,484 |  | (866,257 | ) | 239,252 |
Income taxes payable | (10 | ) | — |  | 8,905 |  | — |  | 8,895 |
Current operating lease liability | 20,454 |  | 10,510 |  | 6,841 |  | — |  | 37,805 |
Accrued expenses | 116,758 |  | 32,861 |  | 161,833 |  | (61 | ) | 311,391 |
Total current liabilities | 1,071,608 |  | 72,916 |  | 429,046 |  | (885,231 | ) | 688,339 |
Long-term debt, net of current portion | 1,040,974 |  | 30 |  | 567,589 |  | (50,164 | ) | 1,558,429 |
Long-term operating lease liability | 58,970 |  | 20,281 |  | 12,173 |  | — |  | 91,424 |
Other noncurrent liabilities | 80,409 |  | — |  | 35,376 |  | — |  | 115,785 |
Deferred income taxes | 122,109 |  | — |  | 125,822 |  | — |  | 247,931 |
Total liabilities | 2,374,070 |  | 93,227 |  | 1,170,006 |  | (935,395 | ) | 2,701,908 |
Total stockholders’ equity | 3,735,927 |  | 3,280,186 |  | 3,203,871 |  | (7,576,634 | ) | 2,643,350 |
| $ | 6,109,997 |  | $ | 3,373,413 |  | $ | 4,373,877 |  | $ | (8,512,029 | ) | $ | 5,345,258 |
Guarantor Financial Information Condensed Consolidating Statements Of Operations | Condensed Consolidated Statements of Operations For the three months ended March 28, 2020 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net sales | $ | 180,919 |  | $ | 310,301 |  | $ | 405,025 |  | $ | (43,403 | ) | $ | 852,842 |
Cost and expenses: |  |  |  |  |
Cost of sales and operating expenses | 144,142 |  | 246,320 |  | 299,849 |  | (43,403 | ) | 646,908 |
Loss/(gain) on sale of assets | (38 | ) | 63 |  | 36 |  | — |  | 61 |
Selling, general and administrative expenses | 48,074 |  | 12,517 |  | 35,602 |  | — |  | 96,193 |
Depreciation and amortization | 17,272 |  | 26,593 |  | 40,806 |  | — |  | 84,671 |
Total costs and expenses | 209,450 |  | 285,493 |  | 376,293 |  | (43,403 | ) | 827,833 |
Equity in net income of Diamond Green Diesel | — |  | — |  | 97,820 |  | — |  | 97,820 |
Operating income/(loss) | (28,531 | ) | 24,808 |  | 126,552 |  | — |  | 122,829 |
Interest expense | (13,775 | ) | (58 | ) | (5,257 | ) | — |  | (19,090 | )
Foreign currency gains/(losses) | (326 | ) | (24 | ) | 2,014 |  | — |  | 1,664 |
Other expense, net | (1,540 | ) | (339 | ) | (2 | ) | — |  | (1,881 | )
Equity in net income of other unconsolidated subsidiaries | — |  | — |  | 869 |  | — |  | 869 |
Earnings in investments in subsidiaries | 121,939 |  | — |  | — |  | (121,939 | ) | — |
Income/(loss) before taxes | 77,767 |  | 24,387 |  | 124,176 |  | (121,939 | ) | 104,391 |
Income tax expense/(benefit) | (7,743 | ) | 4,275 |  | 21,768 |  | — |  | 18,300 |
Net income attributable to noncontrolling interests | — |  | — |  | (581 | ) | — |  | (581 | )
Net income/(loss) attributable to Darling | $ | 85,510 |  | $ | 20,112 |  | $ | 101,827 |  | $ | (121,939 | ) | $ | 85,510 |
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 | 128,324 |  | 271,671 |  | 309,946 |  | (59,028 | ) | 650,913 |
Loss (gain) on sale of assets | 68 |  | (4,477 | ) | 159 |  | — |  | (4,250 | )
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 |
Equity in net income of Diamond Green Diesel | — |  | — |  | 24,277 |  | — |  | 24,277 |
Operating income/(loss) | (29,958 | ) | 24,738 |  | 53,771 |  | — |  | 48,551 |
Interest expense | (14,027 | ) | (32 | ) | (5,817 | ) | — |  | (19,876 | )
Foreign currency losses | (4 | ) | — |  | (728 | ) | — |  | (732 | )
Other income/(expense), net | (1,567 | ) | (1,212 | ) | 254 |  | — |  | (2,525 | )
Equity in net income/(loss) of other unconsolidated subsidiaries | (891 | ) | — |  | 387 |  | — |  | (504 | )
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 |
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income/(Loss) | Condensed Consolidated Statements of Comprehensive Income/(Loss) For the three months ended March 28, 2020 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Net income/(loss) | $ | 86,091 |  | $ | 20,112 |  | $ | 101,827 |  | $ | (121,939 | ) | $ | 86,091 |
Other comprehensive income/(loss), net of tax: |  |  |  |  |
Foreign currency translation | 651 |  | (128,994 | ) | 63,107 |  | — |  | (65,236 | )
Pension adjustments | 518 |  | — |  | 130 |  | — |  | 648 |
Corn option derivative adjustments | 136 |  | — |  | — |  | — |  | 136 |
Heating oil derivative adjustments | — |  | — |  | 10,870 |  | — |  | 10,870 |
Foreign exchange derivative adjustments | — |  | — |  | (9,151 | ) | — |  | (9,151 | )
Total other comprehensive income/(loss), net of tax | 1,305 |  | (128,994 | ) | 64,956 |  | — |  | (62,733 | )
Total comprehensive income/(loss) | 87,396 |  | (108,882 | ) | 166,783 |  | (121,939 | ) | 23,358 |
Total comprehensive loss attributable to noncontrolling interest | — |  | — |  | 492 |  | — |  | 492 |
Total comprehensive income/(loss) attributable to Darling | $ | 87,396 |  | $ | (108,882 | ) | $ | 166,291 |  | $ | (121,939 | ) | $ | 22,866 |
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 adjustment | — |  | — |  | (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 income 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 |
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows | Condensed Consolidated Statements of Cash Flows For the three months ended March 28, 2020 (in thousands)
| Parent | Guarantors | Non-guarantors | Eliminations | Consolidated
Cash flows from operating activities: |  |  |  |  |
Net income/(loss) | $ | 86,091 |  | $ | 20,112 |  | $ | 101,827 |  | $ | (121,939 | ) | $ | 86,091 |
Earnings in investments in subsidiaries | (121,939 | ) | — |  | — |  | 121,939 |  | — |
Other operating cash flows | 19,102 |  | (3,545 | ) | (67,102 | ) | — |  | (51,545 | )
Net cash provided/(used) by operating activities | (16,746 | ) | 16,567 |  | 34,725 |  | — |  | 34,546 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (14,829 | ) | (16,695 | ) | (30,075 | ) | — |  | (61,599 | )
Investment in subsidiaries and affiliates | (13,534 | ) | — |  | — |  | 13,534 |  | — |
Gross proceeds from sale of property, plant and equipment and other assets | 87 |  | 129 |  | 163 |  | — |  | 379 |
Payments related to routes and other intangibles | (3,416 | ) | — |  | — |  | — |  | (3,416 | )
Net cash provided/(used) in investing activities | (31,692 | ) | (16,566 | ) | (29,912 | ) | 13,534 |  | (64,636 | )
Cash flows from financing activities: |  |  |  |  |
Proceeds for long-term debt | — |  | — |  | 8,264 |  | — |  | 8,264 |
Payments on long-term debt | (1 | ) | (2 | ) | (8,635 | ) | — |  | (8,638 | )
Borrowings from revolving facilities | 176,000 |  | — |  | 43,933 |  | — |  | 219,933 |
Payments on revolving facilities | (71,000 | ) | — |  | (29,782 | ) | — |  | (100,782 | )
Net cash overdraft financing | 3,084 |  | — |  | (12,678 | ) | — |  | (9,594 | )
Issuances of common stock | 67 |  | — |  | — |  | — |  | 67 |
Repurchase of treasury stock | (55,044 | ) | — |  | — |  | — |  | (55,044 | )
Contributions from parent | — |  | — |  | 13,534 |  | (13,534 | ) | — |
Minimum withholding taxes paid on stock awards | (4,316 | ) | — |  | (12 | ) | — |  | (4,328 | )
Acquisition of noncontrolling interest | — |  | — |  | (8,784 | ) | — |  | (8,784 | )
Distributions to noncontrolling interests | — |  | — |  | (688 | ) | — |  | (688 | )
Net cash provided/(used) in financing activities | 48,790 |  | (2 | ) | 5,152 |  | (13,534 | ) | 40,406 |
Effect of exchange rate changes on cash | — |  | — |  | (6,916 | ) | — |  | (6,916 | )
Net increase/(decrease) in cash, cash equivalents and restricted cash | 352 |  | (1 | ) | 3,049 |  | — |  | 3,400 |
Cash, cash equivalents and restricted cash at beginning of period | 654 |  | 26 |  | 72,365 |  | — |  | 73,045 |
Cash, cash equivalents and restricted cash at end of period | $ | 1,006 |  | $ | 25 |  | $ | 75,414 |  | $ | — |  | $ | 76,445 |
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 credit facility | 50,000 |  | — |  | 106,829 |  | — |  | 156,829 |
Payments on revolving credit facility | (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) by financing activities | 18,172 |  | (2 | ) | 3,023 |  | — |  | 21,193 |
Effect of exchange rate changes on cash | — |  | — |  | (1,575 | ) | — |  | (1,575 | )
Net increase/(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 |

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