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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
October 2, 2021
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 161,808,213 shares of common stock, $0.01 par value, outstanding at November 4, 2021.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED OCTOBER 2, 2021
 
 
TABLE OF CONTENTS   

 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 49
   
   
   
  
   
 
2





DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
October 2, 2021 and January 2, 2021
(in thousands, except share data)
October 2,
2021
January 2,
2021
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$67,188 $81,617 
Restricted cash172 103 
Accounts receivable, less allowance for bad debts of $10,107 at
   October 2, 2021 and $10,815 at January 2, 2021
479,575 405,387 
Inventories476,295 405,922 
Prepaid expenses63,633 47,793 
Income taxes refundable3,060 3,883 
Other current assets13,721 42,289 
Total current assets1,103,644 986,994 
Property, plant and equipment, less accumulated depreciation of $1,821,115 at
   October 2, 2021 and $1,702,123 at January 2, 2021
1,834,670 1,863,814 
Intangible assets, less accumulated amortization of $552,288 at
   October 2, 2021 and $568,086 at January 2, 2021
417,409 473,680 
Goodwill1,232,179 1,260,240 
Investment in unconsolidated subsidiaries1,107,834 804,682 
Operating lease right-of-use assets160,660 146,563 
Other assets53,887 60,682 
Deferred income taxes15,437 16,676 
 $5,925,720 $5,613,331 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$55,138 $27,538 
Accounts payable, principally trade272,844 255,340 
Income taxes payable34,623 17,497 
Current operating lease liabilities40,182 39,459 
Accrued expenses353,410 335,471 
Total current liabilities756,197 675,305 
Long-term debt, net of current portion1,325,736 1,480,531 
Long-term operating lease liabilities123,169 109,707 
Other non-current liabilities115,815 117,371 
Deferred income taxes335,566 276,208 
Total liabilities2,656,483 2,659,122 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 171,665,336 and
        169,880,238 shares issued at October 2, 2021 and January 2, 2021,
        respectively
1,717 1,699 
Additional paid-in capital1,623,264 1,597,429 
     Treasury stock, at cost; 9,886,705 and 7,679,849 shares at
       October 2, 2021 and January 2, 2021, respectively
(302,188)(151,710)
Accumulated other comprehensive loss(309,353)(252,433)
Retained earnings2,192,084 1,696,924 
Total Darling's stockholders’ equity3,205,524 2,891,909 
Noncontrolling interests63,713 62,300 
 Total stockholders' equity3,269,237 2,954,209 
 $5,925,720 $5,613,331 
 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 October 2, 2021 and September 26, 2020
(in thousands, except per share data)
(unaudited)


 
Three Months EndedNine Months Ended
 October 2,
2021
September 26,
2020
October 2,
2021
September 26,
2020
Net sales$1,185,916 $850,569 $3,431,301 $2,552,084 
Costs and expenses:  
Cost of sales and operating expenses859,604 638,368 2,510,461 1,917,623 
Loss/(gain) on sale of assets(501)122 (793)210 
Selling, general and administrative expenses97,275 89,993 293,805 276,379 
Restructuring and asset impairment charges  778  
Depreciation and amortization77,826 85,730 235,582 253,711 
Total costs and expenses1,034,204 814,213 3,039,833 2,447,923 
 Equity in net income of Diamond Green Diesel
53,951 91,099 281,964 252,411 
Operating income205,663 127,455 673,432 356,572 
Other expense:  
Interest expense(15,409)(18,793)(47,105)(55,803)
Foreign currency loss(205)(1,239)(1,299)(709)
Other expense, net(853)(1,912)(3,210)(5,278)
Total other expense(16,467)(21,944)(51,614)(61,790)
Equity in net income of other unconsolidated subsidiaries1,647 906 4,199 2,467 
Income before income taxes190,843 106,417 626,017 297,249 
Income tax expense42,637 4,812 126,324 43,058 
Net income148,206 101,605 499,693 254,191 
Net income attributable to noncontrolling interests(1,394)(480)(4,533)(2,117)
Net income attributable to Darling$146,812 $101,125 $495,160 $252,074 
Basic income per share$0.91 $0.62 $3.04 $1.55 
Diluted income per share$0.88 $0.61 $2.96 $1.51 

 



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 October 2, 2021 and September 26, 2020
(in thousands)
(unaudited)

Three Months EndedNine Months Ended
 October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Net income$148,206 $101,605 $499,693 $254,191 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation(32,903)37,854 (48,741)(7,243)
Pension adjustments791 648 2,375 1,943 
Soybean meal derivative adjustments(23) (297) 
Corn option derivative adjustments3,628 (2,518)2,472 (578)
Heating oil derivative adjustments(6,490)1,494 (5,334)3,424 
Foreign exchange derivative adjustments(4,664)1,412 (4,519)(2,060)
Total other comprehensive income/(loss), net of tax(39,661)38,890 (54,044)(4,514)
Total comprehensive income$108,545 $140,495 $445,649 $249,677 
Comprehensive income attributable to noncontrolling interests
2,332 456 7,409 1,364 
Comprehensive income attributable to Darling$106,213 $140,039 $438,240 $248,313 





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 October 2, 2021 and September 26, 2020
(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 January 2, 2021162,200,389 $1,699 $1,597,429 $(151,710)$(252,433)$1,696,924 $2,891,909 $62,300 $2,954,209 
Net income— — — — — 151,766 151,766 1,652 153,418 
Distribution of noncontrolling interest earnings
— — — — — — — (2,143)(2,143)
Pension liability adjustments, net of tax
— — — — 792 — 792 — 792 
Heating oil derivative adjustments, net of tax— — — — 3,464 — 3,464 — 3,464 
Corn option derivative adjustments, net of tax— — — — (800)— (800)— (800)
Soybean meal derivative adjustments, net of tax— — — — (257)— (257)— (257)
Foreign exchange derivative adjustments, net of tax— — — — (6,806)— (6,806)— (6,806)
Foreign currency translation adjustments
— — — — (39,756)— (39,756)1,534 (38,222)
Issuance of non-vested stock— — 58 — — — 58 — 58 
Stock-based compensation— — 8,357 — — — 8,357 — 8,357 
Treasury stock(684,674)— — (48,141)— — (48,141)— (48,141)
Issuance of common stock1,639,151 16 6,001 — — — 6,017 — 6,017 
Balances at April 3, 2021163,154,866 $1,715 $1,611,845 $(199,851)$(295,796)$1,848,690 $2,966,603 $63,343 $3,029,946 
Net income— — — — — 196,582 196,582 1,487 198,069 
Pension liability adjustments, net of tax
— — — — 792 — 792 — 792 
Heating oil derivative adjustments, net of tax— — — — (2,308)— (2,308)— (2,308)
Corn option derivative adjustments, net of tax— — — — (356)— (356)— (356)
Soybean meal derivative adjustments, net of tax— — — — (17)— (17)— (17)
Foreign exchange derivative adjustments, net of tax— — — — 6,951 — 6,951 — 6,951 
Foreign currency translation adjustments
— — — — 21,980 — 21,980 404 22,384 
Issuance of non-vested stock— — 41 — — — 41 — 41 
Stock-based compensation— — 5,555 — — — 5,555 — 5,555 
Treasury stock(1,171,630)— — (77,760)— — (77,760)— (77,760)
Issuance of common stock67,634 1 512 — — — 513 — 513 
Balances at July 3, 2021162,050,870 $1,716 $1,617,953 $(277,611)$(268,754)$2,045,272 $3,118,576 $65,234 $3,183,810 
Net income— — — — — 146,812 146,812 1,394 148,206 
Distribution of noncontrolling interest earnings
— — — — — — — (3,853)(3,853)
Pension liability adjustments, net of tax
— — — — 791 — 791 — 791 
Heating oil derivative adjustments, net of tax— — — — (6,490)— (6,490)— (6,490)
Corn option derivative adjustments, net of tax— — — — 3,628 — 3,628 — 3,628 
Soybean meal derivative adjustments, net of tax— — — — (23)— (23)— (23)
Foreign exchange derivative adjustments, net of tax— — — — (4,664)— (4,664)— (4,664)
Foreign currency translation adjustments
— — — — (33,841)— (33,841)938 (32,903)
Issuance of non-vested stock— — 41 — — — 41 — 41 
Stock-based compensation— — 4,361 — — — 4,361 — 4,361 
Treasury stock(350,552)— — (24,577)— — (24,577)— (24,577)
Issuance of common stock78,313 1 909 — — — 910 — 910 
Balances at October 2, 2021161,778,631 $1,717 $1,623,264 $(302,188)$(309,353)$2,192,084 $3,205,524 $63,713 $3,269,237 
The accompanying notes are an integral part of these consolidated financial statements.
6



DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
Nine months ended October 2, 2021 and September 26, 2020
(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 28, 2019163,775,111 $1,686 $1,560,897 $(75,022)$(321,847)$1,400,105 $2,565,819 $77,531 $2,643,350 
Net income— — — — — 85,510 85,510 581 86,091 
Deductions to noncontrolling interests
— — 3,271 — — — 3,271 (13,146)(9,875)
Pension liability adjustments, net of tax
— — — — 648 — 648 — 648 
Heating oil derivative adjustments, net of tax
— — — — 10,870 — 10,870 10,870 
Corn option derivative adjustments, net of tax— — — — 136 — 136 — 136 
Foreign exchange derivative adjustments, net of tax— — — — (9,151)— (9,151)— (9,151)
Foreign currency translation adjustments
— — — — (65,147)— (65,147)(89)(65,236)
Issuance of non-vested stock8,000 — 40 — — — 40 — 40 
Stock-based compensation— — 10,778 — — — 10,778 — 10,778 
Treasury stock(2,372,876)— — (60,082)— — (60,082)— (60,082)
Issuance of common stock447,729 5 868 — — — 873 — 873 
Balances at March 28, 2020161,857,964 $1,691 $1,575,854 $(135,104)$(