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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)
| | | | | | | | | | | |
Delaware | | | 36-2495346 |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock $0.01 par value per share | DAR | New 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 159,048,249 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
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 cash | 39,387 | | | 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 Diesel | 18,050 | | | 172,283 | |
Inventories | 617,847 | | | 758,739 | |
Prepaid expenses | 84,619 | | | 105,657 | |
Income taxes refundable | 40,131 | | | 23,599 | |
Other current assets | 23,570 | | | 42,586 | |
Total current assets | 1,496,920 | | | 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 | |
Goodwill | 2,455,948 | | | 2,484,502 | |
Investment in unconsolidated subsidiaries | 2,332,007 | | | 2,251,629 | |
Operating lease right-of-use assets | 213,515 | | | 205,539 | |
Other assets | 222,127 | | | 234,960 | |
Deferred income taxes | 18,612 | | | 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 trade | 331,695 | | | 425,588 | |
Income taxes payable | 15,013 | | | 15,522 | |
Current operating lease liabilities | 59,626 | | | 55,325 | |
Accrued expenses | 541,879 | | | 440,999 | |
Total current liabilities | 1,062,539 | | | 998,137 | |
Long-term debt, net of current portion | 4,131,891 | | | 4,366,370 | |
Long-term operating lease liabilities | 158,454 | | | 154,903 | |
Other non-current liabilities | 211,011 | | | 349,809 | |
Deferred income taxes | 374,530 | | | 498,174 | |
Total liabilities | 5,938,425 | | | 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 capital | 1,724,665 | | | 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 earnings | 3,910,226 | | | 3,733,254 | |
Total Darling's stockholders’ equity | 4,551,410 | | | 4,605,431 | |
Noncontrolling interests | 82,884 | | | 88,260 | |
Total stockholders' equity | 4,634,294 | | | 4,693,691 | |
| $ | 10,572,719 | | | $ | 11,061,084 | |
The accompanying notes are an integral part of these consolidated financial statements.
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 Ended | | Nine 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 Diesel | 264,816 | | | 276,602 | | | 746,090 | | | 940,228 | |
Total net sales | 1,421,891 | | | 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 assets | 251 | | | 929 | | | (101) | | | 861 | |
Selling, general and administrative expenses | 115,717 | | | 137,697 | | | 384,591 | | | 409,914 | |
Restructuring and asset impairment charges | — | | | — | | | — | | | 5,420 | |
Acquisition and integration costs | 218 | | | 3,430 | | | 5,402 | | | 12,158 | |
Change in fair value of contingent consideration | 16,156 | | | (5,559) | | | (42,215) | | | (13,058) | |
Depreciation and amortization | 123,553 | | | 125,994 | | | 375,667 | | | 364,086 | |
Total costs and expenses | 1,364,214 | | | 1,501,224 | | | 4,076,750 | | | 4,744,789 | |
Equity in net income of Diamond Green Diesel | 2,430 | | | 54,389 | | | 125,046 | | | 361,690 | |
Operating income | 60,107 | | | 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, net | 4,735 | | | 2,247 | | | 12,823 | | | 13,485 | |
Total other expense | (62,245) | | | (67,186) | | | (185,609) | | | (168,946) | |
| | | | | | | |
Equity in net income of other unconsolidated subsidiaries | 3,782 | | | 1,534 | | | 9,109 | | | 3,503 | |
Income before income taxes | 1,644 | | | 112,717 | | | 169,278 | | | 625,455 | |
| | | | | | | |
Income tax expense/(benefit) | (17,471) | | | (15,364) | | | (12,790) | | | 52,322 | |
| | | | | | | |
Net income | 19,115 | | | 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.
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 Ended | | Nine Months Ended |
| September 28, 2024 | | September 30, 2023 | | September 28, 2024 | | September 30, 2023 |
Net income | $ | 19,115 | | | $ | 128,081 | | | $ | 182,068 | | | $ | 573,133 | |
Other comprehensive income/(loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | 55,450 | | | (81,497) | | | (177,258) | | | 57,312 | |
Pension adjustments | 262 | | | 327 | | | 786 | | | 981 | |
Commodities derivative adjustments | 15,897 | | | (29,288) | | | (18,210) | | | (25,826) | |
Interest rate swap adjustments | (5,835) | | | 1,911 | | | (4,998) | | | 12,237 | |
Foreign exchange derivative adjustments | 6,067 | | | (10,425) | | | (19,581) | | | 4,466 | |
Total other comprehensive income/(loss), net of tax | 71,841 | | | (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.
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 Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Stockholders' equity attributable to Darling | Non-controlling Interests | Total Stockholders' Equity |
Balances at December 30, 2023 | 159,533,789 | | $ | 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 stock | 425,723 | | 5 | | 1,726 | | — | | — | | — | | 1,731 | | — | | 1,731 | |
Balances at March 30, 2024 | 159,779,557 | | $ | 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 stock | 18,267 | | — | | 37 | | — | | — | | — | | 37 | | — | | 37 | |
Balances at June 29, 2024 | 158,983,426 | | $ | 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 stock | 81,688 | | 1 | | 332 | | — | | — | | — | | 333 | | — | | 333 | |
Balances at September 28, 2024 | 159,043,922 | | $ | 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.
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 Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Stockholders' equity attributable to Darling | Non-controlling Interests | Total Stockholders' Equity |
Balances at December 31, 2022 | 159,969,596 | | $ | 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 stock | 633,972 | | 6 | | 1,695 | | — | | — | | — | | 1,701 | | — | | 1,701 | |
Balances at April 1, 2023 | 159,564,106 | | $ | 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 stock | 90,162 | | 1 | | 324 | | — | | — | | — | | 325 | | — | | 325 | |
Balances at July 1, 2023 | 159,489,906 | | $ | 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 stock | 109,035 | | 1 | | 2,487 | | — | | — | | — | | 2,488 | | — | | 2,488 | |
Balances at September 30, 2023 | 159,532,408 | | $ | 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.
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 amortization | 375,667 | | | 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 liability | 1,494 | | | 809 | |
Stock-based compensation expense | 24,783 | | | 27,046 | |