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Guarantor Financial Information (Tables)
 6 Months Ended
Jun. 27, 2020
Guarantor Financial Information [Abstract]  
Guarantor Financial Information Condensed Consolidating Balance Sheet
Condensed Consolidated Balance Sheet
As of June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
ASSETS
Cash and cash equivalents$968  $25  $75,192  $—  $76,185  
Restricted cash103  —  —  —  103  
Accounts receivable45,605  694,352  642,619  (1,006,668) 375,908  
Inventories21,711  96,458  276,539  —  394,708  
Income taxes refundable1,322  —  2,430  —  3,752  
Prepaid expenses18,001  3,316  24,686  —  46,003  
Other current assets7,528  (3,720) 44,049  (13,465) 34,392  
Total current assets95,238  790,431  1,065,515  (1,020,133) 931,051  
Investment in subsidiaries5,602,453  1,283,699  844,045  (7,730,197) —  
Property, plant and equipment, net432,057  518,120  823,152  —  1,773,329  
Intangible assets, net41,583  155,546  288,019  —  485,148  
Goodwill49,902  490,748  676,527  —  1,217,177  
Investment in unconsolidated subsidiaries—  —  729,094  —  729,094  
Operating lease right-of-use asset79,306  29,662  25,933  —  134,901  
Other assets34,704  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 payable1,033,477  19,961  150,752  (1,006,662) 197,528  
Income taxes payable2,882  —  13,592  —  16,474  
Current operating lease liability20,873  10,520  8,139  —  39,532  
Accrued expenses93,432  26,689  189,889  (6) 310,004  
Total current liabilities1,170,979  57,181  398,269  (1,020,133) 606,296  
Long-term debt, net of current portion1,032,352  25  571,186  (50,445) 1,553,118  
Long-term operating lease liability63,948  18,767  16,767  —  99,482  
Other noncurrent liabilities75,902  —  33,144  —  109,046  
Deferred income taxes142,606  —  118,252  —  260,858  
 Total liabilities
2,485,787  75,973  1,137,618  (1,070,578) 2,628,800  
Total stockholders’ equity3,849,456  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  
Condensed Consolidated Balance Sheet
As of December 28, 2019
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
ASSETS
Cash and cash equivalents$551  $26  $72,358  $—  $72,935  
Restricted cash103  —  7  —  110  
Accounts receivable51,097  702,945  518,614  (866,318) 406,338  
Inventories26,893  86,609  249,455  —  362,957  
Income taxes refundable1,106  —  2,211  —  3,317  
Prepaid expenses20,888  2,241  23,470  —  46,599  
Other current assets5,399  (2,326) 40,872  (18,913) 25,032  
Total current assets106,037  789,495  906,987  (885,231) 917,288  
Investment in subsidiaries5,365,956  1,366,635  844,043  (7,576,634) —  
Property, plant and equipment, net434,237  524,577  843,597  —  1,802,411  
Intangible assets, net44,404  170,581  311,409  —  526,394  
Goodwill49,902  490,748  682,641  —  1,223,291  
Investment in unconsolidated subsidiary—  —  689,354  —  689,354  
Operating lease right-of-use asset74,005  31,243  19,478  —  124,726  
Other assets35,456  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 payable893,490  29,535  182,484  (866,257) 239,252  
Income taxes payable(10) —  8,905  —  8,895  
Current operating lease liability20,454  10,510  6,841  —  37,805  
Accrued expenses116,758  32,861  161,833  (61) 311,391  
Total current liabilities1,071,608  72,916  429,046  (885,231) 688,339  
Long-term debt, net of current portion1,040,974  30  567,589  (50,164) 1,558,429  
Long-term operating lease liability58,970  20,281  12,173  —  91,424  
Other noncurrent liabilities80,409  —  35,376  —  115,785  
Deferred income taxes122,109  —  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 June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 assets76  (8) (41) —  27  
Selling, general and administrative expenses44,937  11,024  34,232  —  90,193  
Depreciation and amortization16,989  26,223  40,098  —  83,310  
Total costs and expenses202,744  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 subsidiaries88,848  —  —  (88,848) —  
Income/(loss) before taxes58,184  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  


Condensed Consolidated Statements of Operations
For the six months ended June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 assets38  55  (5) —  88  
Selling, general and administrative expenses93,011  23,541  69,834  —  186,386  
Depreciation and amortization34,261  52,816  80,904  —  167,981  
Total costs and expenses412,194  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 subsidiaries210,787  —  —  (210,787) —  
Income/(loss) before taxes135,951  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  
Condensed Consolidated Statements of Operations
For the three months ended June 29, 2019
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 expenses40,570  10,776  29,671  —  81,017  
Depreciation and amortization14,224  25,165  40,097  —  79,486  
Total costs and expenses180,354  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 subsidiaries68,680  —  —  (68,680) —  
Income/(loss) before taxes15,740  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)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 assets42  (4,988) (13,230) —  (18,176) 
Selling, general and administrative expenses87,993  22,723  55,304  —  166,020  
Depreciation and amortization28,597  51,277  78,776  —  158,650  
Total costs and expenses370,542  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 subsidiaries123,307  —  —  (123,307) —  
Income/(loss) before taxes23,920  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  
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income/(Loss)
Condensed Consolidated Statements of Comprehensive Income/(Loss)
For the three months ended June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 adjustments518  —  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  



Condensed Consolidated Statements of Comprehensive Income/(Loss)
For the six months ended June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 adjustments1,036  —  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  
Condensed Consolidated Statements of Comprehensive Income/(Loss)
For the three months ended June 29, 2019
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 adjustments766  —  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  



Condensed Consolidated Statements of Comprehensive Income/(Loss)
For the six months ended June 29, 2019
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
Net income/(loss)
$50,684  $35,340  $87,967  $(123,307) $50,684  
Other comprehensive income/(loss), net of tax:
Foreign currency translation181  —  11,259  —  11,440  
Pension adjustments1,533  —  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  
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows
Condensed Consolidated Statements of Cash Flows
For the six months ended June 27, 2020
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 flows198,633  (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 facilities233,000  —  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 stock67  —  —  —  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  
Condensed Consolidated Statements of Cash Flows
For the six months ended June 29, 2019
(in thousands)

ParentGuarantorsNon-guarantorsEliminationsConsolidated
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 flows116,433  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 debt500,000  —  7,722  —  507,722  
Payments on long-term debt(507,622) (3) (18,605) —  (526,230) 
Borrowings from revolving credit facility134,000  —  139,485  —  273,485  
Payments on revolving credit facility(96,000) —  (170,884) —  (266,884) 
Net cash overdraft financing4,510  —  6,668  —  11,178  
Deferred loan costs(7,003) —  —  —  (7,003) 
Issuances of common stock12  —  —  —  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