Company Quick10K Filing
Darling Ingredients
Price19.80 EPS1
Shares168 P/E28
MCap3,335 P/FCF13
Net Debt1,491 EBIT144
TEV4,826 TEV/EBIT34
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-08-05
10-Q 2020-03-28 Filed 2020-05-06
10-K 2019-12-28 Filed 2020-02-25
10-Q 2019-09-28 Filed 2019-11-06
10-Q 2019-06-29 Filed 2019-08-07
10-Q 2019-03-30 Filed 2019-05-08
10-K 2018-12-29 Filed 2019-02-27
10-Q 2018-09-29 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-30 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-07-01 Filed 2017-08-09
10-Q 2017-04-01 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-10-01 Filed 2016-11-10
10-Q 2016-07-02 Filed 2016-08-11
10-Q 2016-04-02 Filed 2016-05-12
10-K 2016-01-02 Filed 2016-03-01
10-Q 2015-10-03 Filed 2015-11-12
10-Q 2015-07-04 Filed 2015-08-13
10-Q 2015-04-04 Filed 2015-05-14
10-K 2015-01-03 Filed 2015-03-04
10-Q 2014-09-27 Filed 2014-11-06
10-Q 2014-06-28 Filed 2014-08-07
10-Q 2014-03-29 Filed 2014-05-08
10-K 2013-12-28 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-11-07
10-Q 2013-06-29 Filed 2013-08-08
10-Q 2013-03-30 Filed 2013-05-09
10-K 2012-12-29 Filed 2013-02-27
10-Q 2012-09-29 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-10-01 Filed 2011-11-10
10-Q 2011-07-02 Filed 2011-08-11
10-Q 2011-04-02 Filed 2011-05-12
10-K 2011-01-01 Filed 2011-03-02
10-Q 2010-10-02 Filed 2010-11-10
10-Q 2010-07-03 Filed 2010-08-12
10-Q 2010-04-03 Filed 2010-05-13
10-K 2010-01-02 Filed 2010-03-03
8-K 2020-08-05 Earnings, Other Events, Exhibits
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-03-02
8-K 2020-02-25
8-K 2020-01-15
8-K 2020-01-02
8-K 2019-11-06
8-K 2019-09-09
8-K 2019-08-07
8-K 2019-05-14
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-04-02
8-K 2019-03-28
8-K 2019-03-27
8-K 2019-03-19
8-K 2019-02-27
8-K 2018-11-07
8-K 2018-11-05
8-K 2018-11-05
8-K 2018-10-11
8-K 2018-10-05
8-K 2018-08-08
8-K 2018-05-21
8-K 2018-05-16
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-05-02
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-02-27
8-K 2018-01-15

DAR 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 ex311-20200627.htm
EX-31.2 ex312-20200627.htm
EX-32 ex32-20200627.htm

Darling Ingredients Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.61.30.90.60.2-0.12012201420172020
Rev, G Profit, Net Income
151185202012201420172020
Ops, Inv, Fin

dar-20200627
DARLING INGREDIENTS 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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 27, 2020
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 161,961,180 shares of common stock, $0.01 par value, outstanding at July 30, 2020.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 27, 2020
 
 
TABLE OF CONTENTS   

 
 
  Page No.
  
   
 
 
  
   
 
  
   
Six Months Ended June 27, 2020 and June 29, 2019
 
  
   
 
   
   
   
 63
   
   
   
   
  
   
 
2





DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
June 27, 2020 and December 28, 2019
(in thousands, except share data)
June 27,
2020
December 28,
2019
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$76,185  $72,935  
Restricted cash103  110  
Accounts receivable, less allowance for bad debts of $10,866 at June 27, 2020
   and $8,802 at December 28, 2019
375,908  406,338  
Inventories394,708  362,957  
Prepaid expenses46,003  46,599  
Income taxes refundable3,752  3,317  
Other current assets34,392  25,032  
Total current assets931,051  917,288  
Property, plant and equipment, less accumulated depreciation of $1,524,837 at
   June 27, 2020 and $1,438,388 at December 28, 2019
1,773,329  1,802,411  
Intangible assets, less accumulated amortization of $507,275 at
   June 27, 2020 and $482,442 at December 28, 2019
485,148  526,394  
Goodwill1,217,177  1,223,291  
Investment in unconsolidated subsidiaries729,094  689,354  
Operating lease right-of-use assets134,901  124,726  
Other assets41,651  47,400  
Deferred income taxes14,803  14,394  
 $5,327,154  $5,345,258  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$42,758  $90,996  
Accounts payable, principally trade197,528  239,252  
Income taxes payable16,474  8,895  
Current operating lease liabilities39,532  37,805  
Accrued expenses310,004  311,391  
Total current liabilities606,296  688,339  
Long-term debt, net of current portion1,553,118  1,558,429  
Long-term operating lease liabilities99,482  91,424  
Other non-current liabilities109,046  115,785  
Deferred income taxes260,858  247,931  
Total liabilities2,628,800  2,701,908  
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 169,248,895 and
        168,620,314 shares issued at June 27, 2020 and at December 28, 2019, respectively
1,692  1,686  
Additional paid-in capital1,581,812  1,560,897  
     Treasury stock, at cost; 7,290,619 and 4,845,203 shares at
       June 27, 2020 and at December 28, 2019, respectively
(136,676) (75,022) 
Accumulated other comprehensive loss(364,522) (321,847) 
Retained earnings1,551,054  1,400,105  
Total Darling's stockholders’ equity2,633,360  2,565,819  
Noncontrolling interests64,994  77,531  
 Total stockholders' equity$2,698,354  $2,643,350  
 $5,327,154  $5,345,258  
 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 27, 2020 and June 29, 2019
(in thousands, except per share data)
(unaudited)


 
Three Months EndedSix Months Ended
 June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Net sales$848,673  $827,324  $1,701,515  $1,662,428  
Costs and expenses:  
Cost of sales and operating expenses632,347  644,716  1,279,255  1,295,629  
Loss/(gain) on sale of assets27  (13,926) 88  (18,176) 
Selling, general and administrative expenses90,193  81,017  186,386  166,020  
Depreciation and amortization83,310  79,486  167,981  158,650  
Total costs and expenses805,877  791,293  1,633,710  1,602,123  
 Equity in net income of Diamond Green Diesel
63,492  38,093  161,312  62,370  
Operating income106,288  74,124  229,117  122,675  
Other expense:  
Interest expense(17,920) (20,853) (37,010) (40,729) 
Debt extinguishment costs  (12,126)   (12,126) 
Foreign currency gain/(loss)(1,134) (388) 530  (1,120) 
Other expense, net(1,485) (2,019) (3,366) (4,544) 
Total other expense(20,539) (35,386) (39,846) (58,519) 
Equity in net income/(loss) of other unconsolidated subsidiaries692  82  1,561  (422) 
Income before income taxes86,441  38,820  190,832  63,734  
Income tax expense19,946  7,776  38,246  13,050  
Net income66,495  31,044  152,586  50,684  
Net income attributable to noncontrolling interests(1,056) (4,786) (1,637) (6,414) 
Net income attributable to Darling$65,439  $26,258  $150,949  $44,270  
Basic income per share$0.40  $0.16  $0.93  $0.27  
Diluted income per share$0.39  $0.16  $0.90  $0.26  

 



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 27, 2020 and June 29, 2019
(in thousands)
(unaudited)

Three Months EndedSix Months Ended
 June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income$66,495  $31,044  $152,586  $50,684  
Other comprehensive income/(loss), net of tax:  
Foreign currency translation20,139  16,326  (45,097) 11,440  
Pension adjustments647  859  1,295  1,717  
Corn option derivative adjustments1,804  22  1,940  22  
Heating oil derivative adjustments(8,940) 2,133  1,930  2,133  
Foreign exchange derivative adjustments5,679  1,451  (3,472) (486) 
Total other comprehensive income/(loss), net of tax19,329  20,791  (43,404) 14,826  
Total comprehensive income$85,824  $51,835  $109,182  $65,510  
Comprehensive income attributable to noncontrolling interests
416  3,315  908  6,702  
Comprehensive income attributable to Darling$85,408  $48,520  $108,274  $58,808  





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 27, 2020 and June 29, 2019
(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 InterestTotal 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 adjustment, net of tax
—  —  —  —  10,870  —  10,870  —  10,870  
Corn option derivative adjustment, net of tax
—  —  —  —  136  —  136  —  136  
Foreign exchange derivative adjustment, net of tax
—  —  —