financial statements, which include condensed consolidated balance sheets as of June 27, 2020 and December 28, 2019, and the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income/(loss) and the condensed consolidated statements of cash flows for the three and six months ended June 27, 2020 and June 29, 2019. 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.


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	968	$	25	$	75,192	$	—	$	76,185
Restricted cash	103		—		—		—		103
Accounts receivable	45,605		694,352		642,619		(1,006,668)		375,908
Inventories	21,711		96,458		276,539		—		394,708
Income taxes refundable	1,322		—		2,430		—		3,752
Prepaid expenses	18,001		3,316		24,686		—		46,003
Other current assets	7,528		(3,720)		44,049		(13,465)		34,392
Total current assets	95,238		790,431		1,065,515		(1,020,133)		931,051
Investment in subsidiaries	5,602,453		1,283,699		844,045		(7,730,197)		—
Property, plant and equipment, net	432,057		518,120		823,152		—		1,773,329
Intangible assets, net	41,583		155,546		288,019		—		485,148
Goodwill	49,902		490,748		676,527		—		1,217,177
Investment in unconsolidated subsidiaries	—		—		729,094		—		729,094
Operating lease right-of-use asset	79,306		29,662		25,933		—		134,901
Other assets	34,704		134		57,258		(50,445)		41,651
Deferred taxes	—		—		14,803		—		14,803
	$	6,335,243	$	3,268,340	$	4,524,346	$	(8,800,775)	$	5,327,154
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	$	20,315	$	11	$	35,897	$	(13,465)	$	42,758
Accounts payable	1,033,477		19,961		150,752		(1,006,662)		197,528
Income taxes payable	2,882		—		13,592		—		16,474
Current operating lease liability	20,873		10,520		8,139		—		39,532
Accrued expenses	93,432		26,689		189,889		(6)		310,004
Total current liabilities	1,170,979		57,181		398,269		(1,020,133)		606,296
Long-term debt, net of current portion	1,032,352		25		571,186		(50,445)		1,553,118
Long-term operating lease liability	63,948		18,767		16,767		—		99,482
Other noncurrent liabilities	75,902		—		33,144		—		109,046
Deferred income taxes	142,606		—		118,252		—		260,858
Total liabilities	2,485,787		75,973		1,137,618		(1,070,578)		2,628,800
Total stockholders’ equity	3,849,456		3,192,367		3,386,728		(7,730,197)		2,698,354
	$	6,335,243	$	3,268,340	$	4,524,346	$	(8,800,775)	$	5,327,154


	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


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
Net sales	$	185,915	$	310,650	$	404,358	$	(52,250)	$	848,673
Cost and expenses:
Cost of sales and operating expenses	140,742		245,968		297,887		(52,250)		632,347
Loss/(gain) on sale of assets	76		(8)		(41)		—		27
Selling, general and administrative expenses	44,937		11,024		34,232		—		90,193


Depreciation and amortization	16,989		26,223		40,098		—		83,310
Total costs and expenses	202,744		283,207		372,176		(52,250)		805,877
Equity in net income of Diamond Green Diesel	—		—		63,492		—		63,492
Operating income/(loss)	(16,829)		27,443		95,674		—		106,288

Interest expense	(12,451)		(44)		(5,425)		—		(17,920)

Foreign currency gains/(losses)	(184)		(1)		(949)		—		(1,134)

Other income/(expense), net	(1,200)		(290)		5		—		(1,485)
Equity in net income of other unconsolidated subsidiaries	—		—		692		—		692
Earnings in investments in subsidiaries	88,848		—		—		(88,848)		—
Income/(loss) before taxes	58,184		27,108		89,997		(88,848)		86,441
Income tax expense/(benefit)	(7,255)		6,045		21,156		—		19,946
Net income attributable to noncontrolling interests	—		—		(1,056)		—		(1,056)
Net income/(loss) attributable to Darling	$	65,439	$	21,063	$	67,785	$	(88,848)	$	65,439


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
Net sales	$	366,834	$	620,951	$	809,383	$	(95,653)	$	1,701,515
Cost and expenses:
Cost of sales and operating expenses	284,884		492,288		597,736		(95,653)		1,279,255
Loss/(gain) on sale of assets	38		55		(5)		—		88
Selling, general and administrative expenses	93,011		23,541		69,834		—		186,386


Depreciation and amortization	34,261		52,816		80,904		—		167,981
Total costs and expenses	412,194		568,700		748,469		(95,653)		1,633,710
Equity in net income of Diamond Green Diesel	—		—		161,312		—		161,312
Operating income/(loss)	(45,360)		52,251		222,226		—		229,117

Interest expense	(26,226)		(102)		(10,682)		—		(37,010)

Foreign currency losses	(510)		(25)		1,065		—		530

Other income/(expense), net	(2,740)		(629)		3		—		(3,366)
Equity in net income of other unconsolidated subsidiaries	—		—		1,561		—		1,561
Earnings in investments in subsidiaries	210,787		—		—		(210,787)		—
Income/(loss) before taxes	135,951		51,495		214,173		(210,787)		190,832
Income tax expense/(benefit)	(14,998)		10,320		42,924		—		38,246
Net income attributable to noncontrolling interests	—		—		(1,637)		—		(1,637)
Net income/(loss) attributable to Darling	$	150,949	$	41,175	$	169,612	$	(210,787)	$	150,949


	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
Equity in net income of Diamond Green Diesel	—		—		38,093		—		38,093
Operating income/(loss)	(23,427)		21,732		75,819		—		74,124

Interest expense	(15,078)		(24)		(5,751)		—		(20,853)
Debt extinguishment costs	(12,126)		—		—		—		(12,126)
Foreign currency gains/(losses)	3		1		(392)		—		(388)

Other income/(expense), net	(1,285)		(764)		30		—		(2,019)
Equity in net income/(loss) of other unconsolidated subsidiaries	(1,027)		—		1,109		—		82
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


	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
Equity in net income of Diamond Green Diesel	—		—		62,370		—		62,370
Operating income/(loss)	(53,385)		46,470		129,590		—		122,675

Interest expense	(29,105)		(56)		(11,568)		—		(40,729)
Debt extinguishment costs	(12,126)		—		—		—		(12,126)
Foreign currency gains/(losses)	(1)		1		(1,120)		—		(1,120)

Other income/(expense), net	(2,852)		(1,976)		284		—		(4,544)
Equity in net income/(loss) of other unconsolidated subsidiaries	(1,918)		—		1,496		—		(422)
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


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
Net income/(loss)	$	66,495	$	21,063	$	67,785	$	(88,848)	$	66,495
Other comprehensive income/(loss), net of tax:
Foreign currency translation	(1,364)		—		21,503		—		20,139
Pension adjustments	518		—		129		—		647


Corn option derivative adjustments	1,804		—		—		—		1,804
Heating oil derivative adjustments	—		—		(8,940)		—		(8,940)
Foreign exchange derivative adjustments	—		—		5,679		—		5,679

Total other comprehensive income/(loss), net of tax	958		—		18,371		—		19,329
Total comprehensive income/(loss)	67,453		21,063		86,156		(88,848)		85,824
Total comprehensive loss attributable to noncontrolling interest	—		—		416		—		416
Total comprehensive income/(loss) attributable to Darling	$	67,453	$	21,063	$	85,740	$	(88,848)	$	85,408


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
Net income/(loss)	$	152,586	$	41,175	$	169,612	$	(210,787)	$	152,586
Other comprehensive income/ (loss), net of tax:
Foreign currency translation	(713)		(128,994)		84,610		—		(45,097)
Pension adjustments	1,036		—		259		—		1,295


Corn option derivative adjustments	1,940		—		—		—		1,940
Heating oil derivative adjustments	—		—		1,930		—		1,930
Foreign exchange derivative adjustments	—		—		(3,472)		—		(3,472)

Total other comprehensive income/(loss), net of tax	2,263		(128,994)		83,327		—		(43,404)
Total comprehensive income/(loss)	154,849		(87,819)		252,939		(210,787)		109,182
Total comprehensive income attributable to noncontrolling interest	—		—		908		—		908
Total comprehensive income/(loss) attributable to Darling	$	154,849	$	(87,819)	$	252,031	$	(210,787)	$	108,274


	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 adjustment	—		—		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 income 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


	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, 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 loss 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


	Parent		Guarantors		Non-guarantors		Eliminations		Consolidated
Cash flows from operating activities:

Net income/(loss)	$	152,586	$	41,175	$	169,612	$	(210,787)	$	152,586
Earnings in investments in subsidiaries	(210,787)		—		—		210,787		—
Other operating cash flows	198,633		(7,774)		(79,796)		—		111,063
Net cash provided/(used) by operating activities	140,432		33,401		89,816		—		263,649

Cash flows from investing activities:
Capital expenditures	(28,661)		(33,673)		(60,870)		—		(123,204)

Investment in subsidiaries and affiliates	(17,534)		—		—		17,534		—


Gross proceeds from sale of property, plant and equipment and other assets	30		275		748		—		1,053

Payments related to routes and other intangibles	(3,416)		—		(296)		—		(3,712)
Net cash provided/(used) in investing activities	(49,581)		(33,398)		(60,418)		17,534		(125,863)

Cash flows from financing activities:
Proceeds for long-term debt	—		—		16,164		—		16,164
Payments on long-term debt	(2)		(4)		(18,233)		—		(18,239)
Borrowings from revolving facilities	233,000		—		142,971		—		375,971
Payments on revolving facilities	(262,000)		—		(143,800)		—		(405,800)
Net cash overdraft financing	(1,604)		—		(24,857)		—		(26,461)


Issuances of common stock	67		—		—		—		67
Repurchase of treasury stock	(55,044)		—		—		—		(55,044)
Contributions from parent	—		—		17,534		(17,534)		—
Minimum withholding taxes paid on stock awards	(4,851)		—		(12)		—		(4,863)

Acquisition of noncontrolling interest	—		—		(8,784)		—		(8,784)
Distributions to noncontrolling interests	—		—		(987)		—		(987)
Net cash provided/(used) in financing activities	(90,434)		(4)		(20,004)		(17,534)		(127,976)

Effect of exchange rate changes on cash	—		—		(6,567)		—		(6,567)

Net increase/(decrease) in cash, cash equivalents and restricted cash	417		(1)		2,827		—		3,243
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	$	1,071	$	25	$	75,192	$	—	$	76,288


	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/(used) 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 provided/(used) by 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 credit facility	134,000		—		139,485		—		273,485
Payments on revolving credit facility	(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) by financing activities	24,705		390		(35,222)		(786)		(10,913)

Effect of exchange rate changes on cash	—		—		(853)		—		(853)

Net increase/(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