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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
June 29, 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 filer☒Accelerated 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 159,023,946 shares of common stock, $0.01 par value, outstanding at August 2, 2024.


DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 29, 2024
 
 
TABLE OF CONTENTS   
 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 57
   
   
  
   
 
2




DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
June 29, 2024 and December 30, 2023
(in thousands, except share data)
June 29,
2024		December 30,
2023
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$121,587 $126,502 
Restricted cash26,290 292 
Accounts receivable, less allowance for bad debts of $17,297 at
   June 29, 2024 and $15,208 at December 30, 2023
567,754 626,008 
Accounts receivable due from related party - Diamond Green Diesel9,331 172,283 
Inventories627,692 758,739 
Prepaid expenses88,702 105,657 
Income taxes refundable34,225 23,599 
Other current assets31,936 42,586 
Total current assets1,507,517 1,855,666 
Property, plant and equipment, less accumulated depreciation of $2,467,853 at
   June 29, 2024 and $2,360,342 at December 30, 2023
2,840,682 2,935,185 
Intangible assets, less accumulated amortization of $538,205 at
   June 29, 2024 and $748,646 at December 30, 2023
992,530 1,075,892 
Goodwill2,418,274 2,484,502 
Investment in unconsolidated subsidiaries2,415,502 2,251,629 
Operating lease right-of-use assets210,144 205,539 
Other assets218,810 234,960 
Deferred income taxes17,190 17,711 
 $10,620,649 $11,061,084 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$92,258 $60,703 
Accounts payable, principally trade349,522 425,588 
Income taxes payable13,298 15,522 
Current operating lease liabilities57,794 55,325 
Accrued expenses450,185 440,999 
Total current liabilities963,057 998,137 
Long-term debt, net of current portion4,317,129 4,366,370 
Long-term operating lease liabilities156,451 154,903 
Other non-current liabilities240,416 349,809 
Deferred income taxes400,983 498,174 
Total liabilities6,078,036 6,367,393 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 174,871,971 and
        174,427,981 shares issued at June 29, 2024 and December 30, 2023, respectively
1,749 1,744 
Additional paid-in capital1,723,140 1,697,787 
     Treasury stock, at cost; 15,888,545 and 14,894,192 shares at
       June 29, 2024 and December 30, 2023, respectively
(666,545)(629,008)
Accumulated other comprehensive loss(490,672)(198,346)
Retained earnings3,893,277 3,733,254 
Total Darling's stockholders’ equity4,460,949 4,605,431 
Noncontrolling interests81,664 88,260 
 Total stockholders' equity4,542,613 4,693,691 
 $10,620,649 $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 six months ended June 29, 2024 and July 1, 2023
(in thousands, except per share data)
(unaudited)


 
Three Months EndedSix Months Ended
 June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net sales$1,455,292 $1,757,621 $2,875,591 $3,548,793 
Costs and expenses:  
Cost of sales and operating expenses1,128,421 1,359,702 2,245,087 2,726,675 
Loss/(gain) on sale of assets222 259 (352)(68)
Selling, general and administrative expenses129,731 136,751 268,874 272,217 
Restructuring and asset impairment charges— 896 — 5,420 
Acquisition and integration costs1,130 1,706 5,184 8,728 
Change in fair value of contingent consideration(33,122)(7,499)(58,371)(7,499)
Depreciation and amortization124,605 122,086 252,114 238,092 
Total costs and expenses1,350,987 1,613,901 2,712,536 3,243,565 
 Equity in net income of Diamond Green Diesel
44,197 212,964 122,616 307,301 
Operating income148,502 356,684 285,671 612,529 
Other expense:  
Interest expense(69,225)(70,193)(132,101)(120,492)
Foreign currency gain413 2,490 649 7,494 
Other income/(expense), net(568)5,079 8,088 11,238 
Total other expense(69,380)(62,624)(123,364)(101,760)
Equity in net income of other unconsolidated subsidiaries3,017 1,849 5,327 1,969 
Income before income taxes82,139 295,909 167,634 512,738 
Income tax expense774 40,712 4,681 67,686 
Net income81,365 255,197 162,953 445,052 
Net income attributable to noncontrolling interests(2,499)(2,814)(2,930)(6,868)
Net income attributable to Darling$78,866 $252,383 $160,023 $438,184 
Basic income per share$0.49 $1.58 $1.00 $2.74 
Diluted income per share$0.49 $1.55 $0.99 $2.69 

 



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 six months ended June 29, 2024 and July 1, 2023
(in thousands)
(unaudited)

Three Months EndedSix Months Ended
 June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Net income$81,365 $255,197 $162,953 $445,052 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation adjustments(168,038)82,592 (232,708)138,809 
Pension adjustments262 327 524 654 
Commodities derivative adjustments(2,349)(17,662)(34,107)3,462 
Interest rate swap adjustments(3,240)9,606 837 10,326 
Foreign exchange derivative adjustments(18,789)9,271 (25,648)14,891 
Total other comprehensive income/(loss), net of tax(192,154)84,134 (291,102)168,142 
Total comprehensive income/(loss)$(110,789)$339,331 $(128,149)$613,194 
Comprehensive income attributable to noncontrolling interests
2,553 301 4,154 3,697 
Comprehensive income/(loss) attributable to Darling$(113,342)$339,030 $(132,303)$609,497 





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

5


DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six months ended June 29, 2024 and July 1, 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 

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

6

DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six months ended June 29, 2024 and July 1, 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 

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

DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 29, 2024 and July 1, 2023
(in thousands)
(unaudited)
 June 29,
2024		July 1,
2023
Cash flows from operating activities:  
Net Income$162,953 $445,052 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization252,114 238,092 
Gain on sale of assets(352)(68)
Change in fair value of contingent consideration(58,371)(7,499)
Gain on insurance proceeds from insurance settlements(5,942)(13,836)
Deferred taxes(84,927)34,202 
Increase in long-term pension liability1,045 480 
Stock-based compensation expense23,590 18,085 
                  Deferred loan cost amortization2,790 3,138 
                  Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries(127,943)(309,270)
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries— 103,794 
Changes in operating assets and liabilities, net of effects from acquisitions:  
Accounts receivable212,664 24,397 
Income taxes refundable/payable(12,629)(24,551)
Inventories and prepaid expenses123,271 (22,301)
Accounts payable and accrued expenses(37,879)(94,080)
Other(39,958)10,065 
Net cash provided by operating activities410,426 405,700 
Cash flows from investing activities:  
Capital expenditures(191,728)(234,307)
      Acquisitions, net of cash acquired(116,914)(1,079,083)
  Investment in Diamond Green Diesel(90,000)(75,000)
      Investment in other unconsolidated subsidiaries— (27)
      Loan to Diamond Green Diesel(100,000)— 
      Loan repayment from Diamond Green Diesel100,000 25,000 
        Gross proceeds from disposal of property, plant and equipment and other assets5,058 2,733 
Proceeds from insurance settlement5,942 13,836 
Payments related to routes and other intangibles(7)(1,517)
Net cash used in investing activities(387,649)(1,348,365)
Cash flows from financing activities:  
Proceeds from long-term debt3,925 807,956 
Payments on long-term debt(29,875)(83,616)
Borrowings from revolving credit facility1,121,915 1,415,916 
Payments on revolving credit facility(1,122,883)(1,063,516)
Net cash overdraft financing32,713 16,673 
Deferred loan costs— (9)
Issuance of common stock437 — 
Repurchase of common stock(29,192)(52,941)
Minimum withholding taxes paid on stock awards(7,209)(15,558)
Distributions to noncontrolling interests(2,044)(4,824)
Net cash provided/(used) in financing activities(32,213)1,020,081 
Effect of exchange rate changes on cash10,578 16,535 
Net increase in cash, cash equivalents and restricted cash1,142 93,951 
Cash, cash equivalents and restricted cash at beginning of period264,450 150,168 
Cash, cash equivalents and restricted cash at end of period$265,592 $244,119 

The accompanying notes are an integral part of these consolidated financial statements.
8

DARLING INGREDIENTS INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements
June 29, 2024
(unaudited)

(1)General

The accompanying consolidated financial statements for the six month periods ended June 29, 2024 and July 1, 2023, have been prepared by Darling Ingredients Inc., a Delaware corporation (“Darling”, and together with its subsidiaries, the “Company” or “we”, “us” or “our”) in accordance with generally accepted accounting principles in the United States (“GAAP”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  The information furnished herein reflects all adjustments (consisting only of normal recurring accruals) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading.  The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Form 10-K for the fiscal year ended December 30, 2023. 

(2)Summary of Significant Accounting Policies

(a)Basis of Presentation

The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company’s consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company’s net income and is presented separately as “Net income attributable to noncontrolling interests.” In the Company’s Consolidated Balance Sheets, noncontrolling interests represent the ownership interests in the Company’s consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All intercompany balances and transactions have been eliminated in consolidation.

(b)Fiscal Periods

The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31.  Fiscal periods for the consolidated financial statements included herein are as of June 29, 2024, and include the 13 and 26 weeks ended June 29, 2024, and the 13 and 26 weeks ended July 1, 2023.

(c)    Cash and Cash Equivalents

The Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. Cash balances are recorded net of book overdrafts when a bank right-of-offset exists. All other book overdrafts are recorded in accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statement of Cash Flows. In addition, the Company has bank overdrafts, which are considered a form of short-term financing with changes in the related balance reflected in financing activities in the Consolidated Statement of Cash Flows. Restricted cash shown on the Consolidated Balance Sheet as of June 29, 2024, primarily represents the current portion of acquisition consideration hold-back amounts that are part of the purchase price set aside in escrow in the Company’s name for possible indemnification claims by the Company, which amounts will be paid to the sellers in the future if no claims arise. At December 30, 2023, restricted cash primarily represents amounts set aside as collateral for foreign construction projects and U.S. environmental claims and was insignificant to the Company. Restricted cash included in other long term assets on the Consolidated Balance Sheet as of June 29, 2024 and December 30, 2023, primarily represents the long term acquisition consideration hold-back amounts that are part of the purchase price set aside in escrow in the Company’s name for possible indemnification claims by the Company, which amounts will be paid to the sellers in the future if no claims arise.
9

A reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash flows is as follows (in thousands):

June 29, 2024December 30, 2023
Cash and cash equivalents$121,587 $126,502 
Restricted cash26,290 292 
Restricted cash included in other long-term assets117,715 137,656 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$265,592 $264,450 

(d)    Accounts Receivable Factoring

The Company has entered into agreements with third party banks to factor certain of the Company’s trade receivables in order to enhance working capital by turning trade receivables into cash faster. Under these agreements, the Company sells certain selected customers’ trade receivables to third party banks without recourse for cash less a nominal fee. For the three months ended June 29, 2024 and July 1, 2023, the Company sold approximately $158.2 million and $130.6 million of its trade receivables and incurred approximately $2.3 million and $1.7 million in fees, respectively, which are recorded as interest expense. For the six months ended June 29, 2024 and July 1, 2023, the Company sold approximately $295.6 million and $292.0 million of its trade receivables and incurred approximately $4.5 million and $3.7 million in fees, respectively, which are recorded as interest expense.

(e)    Revenue Recognition

The Company recognizes revenue on sales when control of the promised finished product is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs.  Certain customers may be required to prepay prior to shipment in order to maintain payment protection related to certain foreign and domestic sales.  These amounts are recorded as unearned revenue in accrued expenses and recognized when control of the promised finished product is transferred to the Company’s customer.  See Note 20 (Revenue) to the Company’s Consolidated Financial Statements included herein.

(f)    Earnings Per Share

Basic income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares including non-vested and restricted shares outstanding during the period.  Diluted income per common share is computed by dividing net income attributable to Darling by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method.
Net Income per Common Share (in thousands, except per share data)
 Three Months Ended
June 29, 2024July 1, 2023
 IncomeSharesPer ShareIncomeSharesPer Share
Basic:      
Net Income attributable to Darling$78,866 159,815 $0.49 $252,383 159,810 $1.58 
Diluted:      
Effect of dilutive securities:      
Add: Option shares in the money and dilutive effect of non-vested stock awards 2,881   3,308  
Less: Pro forma treasury shares (991)  (748) 
Diluted:      
Net income attributable to Darling$78,866 161,705 $0.49 $252,383 162,370 $1.55 
10

Net Income per Common Share (in thousands, except per share data)
 Six Months Ended
June 29, 2024July 1, 2023
 IncomeSharesPer ShareIncomeSharesPer Share
Basic:      
Net Income attributable to Darling$160,023 159,813 $1.00 $438,184 159,978 $2.74 
Diluted:      
Effect of dilutive securities: