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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
 
 (Mark One)      
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended
September 28, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
  For the transition period from _______ to _______
 
Commission File Number   001-13323

DARLING INGREDIENTS INC.
(Exact name of registrant as specified in its charter) 
Delaware36-2495346
 (State or other jurisdiction     (I.R.S. Employer
of incorporation or organization)   Identification Number)
 5601 N MacArthur Blvd., Irving, Texas     75038
(Address of principal executive offices)     (Zip Code)

Registrant's telephone number, including area code:  (972) 717-0300

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock $0.01 par value per shareDARNew York Stock Exchange(“NYSE”)
 
    Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No
 
    Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).        Yes      No 

 Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer    
Non-accelerated filer  Smaller reporting company       
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of Exchange Act.
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No 
 
There were 159,048,249 shares of common stock, $0.01 par value, outstanding at November 1, 2024.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 28, 2024
 
 
TABLE OF CONTENTS   
 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 59
   
   
  
   
 
2





DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
September 28, 2024 and December 30, 2023
(in thousands, except share data)
September 28,
2024
December 30,
2023
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$114,778 $126,502 
Restricted cash39,387 292 
Accounts receivable, less allowance for bad debts of $16,799 at
   September 28, 2024 and $15,208 at December 30, 2023
558,538 626,008 
Accounts receivable due from related party - Diamond Green Diesel18,050 172,283 
Inventories617,847 758,739 
Prepaid expenses84,619 105,657 
Income taxes refundable40,131 23,599 
Other current assets23,570 42,586 
Total current assets1,496,920 1,855,666 
Property, plant and equipment, less accumulated depreciation of $2,574,130 at
   September 28, 2024 and $2,360,342 at December 30, 2023
2,856,229 2,935,185 
Intangible assets, less accumulated amortization of $565,432 at
   September 28, 2024 and $748,646 at December 30, 2023
977,361 1,075,892 
Goodwill2,455,948 2,484,502 
Investment in unconsolidated subsidiaries2,332,007 2,251,629 
Operating lease right-of-use assets213,515 205,539 
Other assets222,127 234,960 
Deferred income taxes18,612 17,711 
 $10,572,719 $11,061,084 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$114,326 $60,703 
Accounts payable, principally trade331,695 425,588 
Income taxes payable15,013 15,522 
Current operating lease liabilities59,626 55,325 
Accrued expenses541,879 440,999 
Total current liabilities1,062,539 998,137 
Long-term debt, net of current portion4,131,891 4,366,370 
Long-term operating lease liabilities158,454 154,903 
Other non-current liabilities211,011 349,809 
Deferred income taxes374,530 498,174 
Total liabilities5,938,425 6,367,393 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 174,953,659 and
        174,427,981 shares issued at September 28, 2024 and December 30, 2023, respectively
1,750 1,744 
Additional paid-in capital1,724,665 1,697,787 
     Treasury stock, at cost; 15,909,737 and 14,894,192 shares at
       September 28, 2024 and December 30, 2023, respectively
(667,346)(629,008)
Accumulated other comprehensive loss(417,885)(198,346)
Retained earnings3,910,226 3,733,254 
Total Darling's stockholders’ equity4,551,410 4,605,431 
Noncontrolling interests82,884 88,260 
 Total stockholders' equity4,634,294 4,693,691 
 $10,572,719 $11,061,084 
 The accompanying notes are an integral part of these consolidated financial statements.
3


DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
Three and nine months ended September 28, 2024 and September 30, 2023
(in thousands, except per share data)
(unaudited)


 
Three Months EndedNine Months Ended
 September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Net sales to third parties$1,157,075 $1,348,602 $3,551,392 $4,233,769 
Net sales to related party - Diamond Green Diesel264,816 276,602 746,090 940,228 
Total net sales1,421,891 1,625,204 4,297,482 5,173,997 
Costs and expenses:  
Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)1,108,319 1,238,733 3,353,406 3,965,408 
Loss/(gain) on sale of assets251 929 (101)861 
Selling, general and administrative expenses115,717 137,697 384,591 409,914 
Restructuring and asset impairment charges   5,420 
Acquisition and integration costs218 3,430 5,402 12,158 
Change in fair value of contingent consideration16,156 (5,559)(42,215)(13,058)
Depreciation and amortization123,553 125,994 375,667 364,086 
Total costs and expenses1,364,214 1,501,224 4,076,750 4,744,789 
Equity in net income of Diamond Green Diesel2,430 54,389 125,046 361,690 
Operating income60,107 178,369 345,778 790,898 
Other expense:  
Interest expense(66,846)(70,278)(198,947)(190,770)
Foreign currency gain/(loss)(134)845 515 8,339 
Other income, net4,735 2,247 12,823 13,485 
Total other expense(62,245)(67,186)(185,609)(168,946)
Equity in net income of other unconsolidated subsidiaries3,782 1,534 9,109 3,503 
Income before income taxes1,644 112,717 169,278 625,455 
Income tax expense/(benefit)(17,471)(15,364)(12,790)52,322 
Net income19,115 128,081 182,068 573,133 
Net income attributable to noncontrolling interests(2,166)(3,055)(5,096)(9,923)
Net income attributable to Darling$16,949 $125,026 $176,972 $563,210 
Basic income per share$0.11 $0.78 $1.11 $3.52 
Diluted income per share$0.11 $0.77 $1.10 $3.47 

 



The accompanying notes are an integral part of these consolidated financial statements.
4



DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Three and nine months ended September 28, 2024 and September 30, 2023
(in thousands)
(unaudited)

Three Months EndedNine Months Ended
 September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net income$19,115 $128,081 $182,068 $573,133 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation adjustments55,450 (81,497)(177,258)57,312 
Pension adjustments262 327 786 981 
Commodities derivative adjustments15,897 (29,288)(18,210)(25,826)
Interest rate swap adjustments(5,835)1,911 (4,998)12,237 
Foreign exchange derivative adjustments6,067 (10,425)(19,581)4,466 
Total other comprehensive income/(loss), net of tax71,841 (118,972)(219,261)49,170 
Total comprehensive income/(loss)$90,956 $9,109 $(37,193)$622,303 
Comprehensive income attributable to noncontrolling interests
1,220 3,935 5,374 7,632 
Comprehensive income/(loss) attributable to Darling$89,736 $5,174 $(42,567)$614,671 





The accompanying notes are an integral part of these consolidated financial statements.

5



DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Nine months ended September 28, 2024 and September 30, 2023
(in thousands, except share data)
(unaudited)
Common Stock
Number of Outstanding Shares
$0.01 par Value
Additional Paid-In CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsStockholders' equity attributable to DarlingNon-controlling InterestsTotal Stockholders' Equity
Balances at December 30, 2023159,533,789 $1,744 $1,697,787 $(629,008)$(198,346)$3,733,254 $4,605,431 $88,260 $4,693,691 
Net income— — — — — 81,157 81,157 431 81,588 
Pension adjustments, net of tax— — — — 262 — 262 — 262 
Commodities derivative adjustments, net of tax— — — — (31,758)— (31,758)— (31,758)
Interest rate swap adjustments, net of tax— — — — 4,077 — 4,077 — 4,077 
Foreign exchange derivative adjustments, net of tax— — — — (6,859)— (6,859)— (6,859)
Foreign currency translation adjustments
— — — — (65,840)— (65,840)1,170 (64,670)
Issuance of non-vested stock— — 47 — — — 47 — 47 
Stock-based compensation— — 12,789 — — — 12,789 — 12,789 
Treasury stock(179,955)— — (7,908)— — (7,908)— (7,908)
Issuance of common stock425,723 5 1,726 — — — 1,731 — 1,731 
Balances at March 30, 2024159,779,557 $1,749 $1,712,349 $(636,916)$(298,464)$3,814,411 $4,593,129 $89,861 $4,682,990 
Net income— — — — — 78,866 78,866 2,499 81,365 
Distribution of noncontrolling interest earnings
— — — — — — — (10,750)(10,750)
Pension adjustments, net of tax— — — — 262 — 262 — 262 
Commodities derivative adjustments, net of tax— — — — (2,349)— (2,349)— (2,349)
Interest rate swap adjustments, net of tax— — — — (3,240)— (3,240)— (3,240)
Foreign exchange derivative adjustments, net of tax— — — — (18,789)— (18,789)— (18,789)
Foreign currency translation adjustments
— — — — (168,092)— (168,092)54 (168,038)
Issuance of non-vested stock— — 46 — — — 46 — 46 
Stock-based compensation— — 10,708 — — — 10,708 — 10,708 
Treasury stock(814,398)— — (29,629)— — (29,629)— (29,629)
Issuance of common stock18,267  37 — — — 37 — 37 
Balances at June 29, 2024158,983,426 $1,749 $1,723,140 $(666,545)$(490,672)$3,893,277 $4,460,949 $81,664 $4,542,613 
Net income— — — — — 16,949 16,949 2,166 19,115 
Pension adjustments, net of tax— — — — 262 — 262 — 262 
Commodities derivative adjustments, net of tax— — — — 15,897 — 15,897 — 15,897 
Interest rate swap adjustments, net of tax— — — — (5,835)— (5,835)— (5,835)
Foreign exchange derivative adjustments, net of tax— — — — 6,067 — 6,067 — 6,067 
Foreign currency translation adjustments
— — — — 56,396 — 56,396 (946)55,450 
Issuance of non-vested stock— — 47 — — — 47 — 47 
Stock-based compensation— — 1,146 — — — 1,146 — 1,146 
Treasury stock(21,192)— — (801)— — (801)— (801)
Issuance of common stock81,688 1 332 — — — 333 — 333 
Balances at September 28, 2024159,043,922 $1,750 $1,724,665 $(667,346)$(417,885)$3,910,226 $4,551,410 $82,884 $4,634,294 

The accompanying notes are an integral part of these consolidated financial statements.

6


DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Nine months ended September 28, 2024 and September 30, 2023
(in thousands, except share data)
(unaudited)
Common Stock
Number of Outstanding Shares
$0.01 par Value
Additional Paid-In CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsStockholders' equity attributable to DarlingNon-controlling InterestsTotal Stockholders' Equity
Balances at December 31, 2022159,969,596 $1,736 $1,660,084 $(554,451)$(383,874)$3,085,528 $3,809,023 $87,467 $3,896,490 
Net income— — — — — 185,801 185,801 4,054 189,855 
Deductions to noncontrolling interests
— — — — — — — (3,441)(3,441)
Addition to noncontrolling interests— — — — — — — 1,643 1,643 
Pension adjustments, net of tax— — — — 327 — 327 — 327 
Commodities derivative adjustments, net of tax— — — — 21,124 — 21,124 — 21,124 
Interest rate swap adjustments, net of tax— — — — 720 — 720 — 720 
Foreign exchange derivative adjustments, net of tax— — — — 5,620 — 5,620 — 5,620 
Foreign currency translation adjustments
— — — — 56,875 — 56,875 (658)56,217 
Issuance of non-vested stock— — 47 — — — 47 — 47 
Stock-based compensation— — 11,806 — — — 11,806 — 11,806 
Treasury stock(1,039,462)— — (60,510)— — (60,510)— (60,510)
Issuance of common stock633,972 6 1,695 — — — 1,701 — 1,701 
Balances at April 1, 2023159,564,106 $1,742 $1,673,632 $(614,961)$(299,208)$3,271,329 $4,032,534 $89,065 $4,121,599 
Net income— — — — — 252,383 252,383 2,814 255,197 
Distribution of noncontrolling interest earnings
— — — — — — — (9,036)(9,036)
Addition to noncontrolling interests— — — — — — — 2,003 2,003 
Pension adjustments, net of tax— — — — 327 — 327 — 327 
Commodities derivative adjustments, net of tax— — — — (17,662)— (17,662)— (17,662)
Interest rate swap adjustments, net of tax— — — — 9,606 — 9,606 — 9,606 
Foreign exchange derivative adjustments, net of tax— — — — 9,271 — 9,271 — 9,271 
Foreign currency translation adjustments
— — — — 85,105 — 85,105 (2,513)82,592 
Issuance of non-vested stock— — 46 — — — 46 — 46 
Stock-based compensation— — 6,186 — — — 6,186 — 6,186 
Treasury stock(164,362)— — (9,891)— — (9,891)— (9,891)
Issuance of common stock90,162 1 324 — — — 325 — 325 
Balances at July 1, 2023159,489,906 $1,743 $1,680,188 $(624,852)$(212,561)$3,523,712 $4,368,230 $82,333 $4,450,563 
Net income— — — — — 125,026 125,026 3,055 128,081 
Pension adjustments, net of tax— — — — 327 — 327 — 327 
Commodities derivative adjustments, net of tax— — — — (29,288)— (29,288)— (29,288)
Interest rate swap adjustments, net of tax— — — — 1,911 — 1,911 — 1,911 
Foreign exchange derivative adjustments, net of tax— — — — (10,425)— (10,425)— (10,425)
Foreign currency translation adjustments
— — — — (82,377)— (82,377)880 (81,497)
Issuance of non-vested stock— — 47 — — — 47 — 47 
Stock-based compensation— — 8,914 — — — 8,914 — 8,914 
Treasury stock(66,533)— — (4,139)— — (4,139)— (4,139)
Issuance of common stock109,035 1 2,487 — — — 2,488 — 2,488 
Balances at September 30, 2023159,532,408 $1,744 $1,691,636 $(628,991)$(332,413)$3,648,738 $4,380,714 $86,268 $4,466,982 

The accompanying notes are an integral part of these consolidated financial statements.
7


DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 28, 2024 and September 30, 2023
(in thousands)
(unaudited)
 September 28,
2024
September 30,
2023
Cash flows from operating activities:  
Net Income$182,068 $573,133 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization375,667 364,086 
Loss/(gain) on sale of assets(101)861 
Change in fair value of contingent consideration(42,215)(13,058)
Gain on insurance proceeds from insurance settlements(6,585)(13,836)
Deferred taxes(119,991)(18,192)
Increase in long-term pension liability1,494 809 
Stock-based compensation expense24,783 27,046