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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Cash flows from operating activities:    
Net income $ 395,560 $ 351,487
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 172,359 157,756
Gain on sale of assets (1,444) (292)
Asset impairment 8,557 138
Deferred taxes 35,674 49,572
Decrease in long-term pension liability (547) (622)
Stock-based compensation expense 13,369 14,011
Write-off deferred loan costs 0 598
Deferred loan cost amortization 2,207 2,047
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries (149,116) (230,565)
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries 1,631 2,497
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (47,046) (34,911)
Income taxes refundable/payable (28,834) 9,116
Inventories and prepaid expenses (95,199) (39,992)
Accounts payable and accrued expenses 72,351 2,770
Other (18,487) 14,327
Net cash provided by operating activities 361,035 297,937
Cash flows from investing activities:    
Capital expenditures (151,478) (126,094)
Acquisitions, net of cash acquired (1,235,537) (2,059)
Investment in Diamond Green Diesel (239,750) 0
Investment in other unconsolidated subsidiaries 0 (4,449)
Gross proceeds from disposal of property, plant and equipment and other assets 2,161 3,064
Payments related to routes and other intangibles (179) (347)
Net cash used in investing activities (1,624,783) (129,885)
Cash flows from financing activities:    
Proceeds from long-term debt 1,663,612 20,679
Payments on long-term debt (23,600) (73,393)
Borrowings from revolving credit facility 777,902 207,000
Payments on revolving credit facility (937,921) (220,000)
Net cash overdraft financing 12 16,487
Deferred loan costs (10,707) 0
Issuance of common stock 0 50
Repurchase of common stock (65,887) (75,663)
Minimum withholding taxes paid on stock awards (45,836) (43,853)
Distributions to noncontrolling interests 0 (2,164)
Net cash provided/(used) in financing activities 1,357,575 (170,857)
Effect of exchange rate changes on cash (16,059) (997)
Net increase/(decrease) in cash, cash equivalents and restricted cash 77,768 (3,802)
Cash, cash equivalents and restricted cash at beginning of period 69,072 81,720
Cash, cash equivalents and restricted cash at end of period $ 146,840 $ 77,918