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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 1, 2022
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 160,271,418 shares of common stock, $0.01 par value, outstanding at November 3, 2022.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED OCTOBER 1, 2022
 
 
TABLE OF CONTENTS   

 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 58
   
   
   
  
   
 
2





DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
October 1, 2022 and January 1, 2022
(in thousands, except share data)
October 1,
2022
January 1,
2022
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$126,032 $68,906 
Restricted cash102 166 
Accounts receivable, less allowance for bad debts of $12,062 at
   October 1, 2022 and $8,196 at January 1, 2022
669,824 469,092 
Inventories641,980 457,465 
Prepaid expenses80,293 53,711 
Income taxes refundable17,504 1,075 
Other current assets26,301 38,599 
Total current assets1,562,036 1,089,014 
Property, plant and equipment, less accumulated depreciation of $1,935,224 at
   October 1, 2022 and $1,855,420 at January 1, 2022
2,345,671 1,840,080 
Intangible assets, less accumulated amortization of $586,934 at
   October 1, 2022 and $560,470 at January 1, 2022
873,613 397,801 
Goodwill1,900,267 1,219,116 
Investment in unconsolidated subsidiaries1,814,583 1,349,247 
Operating lease right-of-use assets175,117 155,464 
Other assets122,668 66,795 
Deferred income taxes14,799 16,211 
 $8,808,754 $6,133,728 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$63,663 $24,407 
Accounts payable, principally trade398,175 307,118 
Income taxes payable43,395 32,310 
Current operating lease liabilities44,040 38,168 
Accrued expenses478,710 350,681 
Total current liabilities1,027,983 752,684 
Long-term debt, net of current portion3,220,901 1,438,974 
Long-term operating lease liabilities133,184 120,314 
Other non-current liabilities296,066 111,029 
Deferred income taxes461,806 362,942 
Total liabilities5,139,940 2,785,943 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 173,521,983 and
        171,734,603 shares issued at October 1, 2022 and January 1, 2022,
        respectively
1,735 1,717 
Additional paid-in capital1,652,453 1,627,816 
     Treasury stock, at cost; 13,255,503 and 10,942,599 shares at
       October 1, 2022 and January 1, 2022, respectively
(529,905)(374,721)
Accumulated other comprehensive loss(473,139)(321,690)
Retained earnings2,928,968 2,347,838 
Total Darling's stockholders’ equity3,580,112 3,280,960 
Noncontrolling interests88,702 66,825 
 Total stockholders' equity3,668,814 3,347,785 
 $8,808,754 $6,133,728 
 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 1, 2022 and October 2, 2021
(in thousands, except per share data)
(unaudited)


 
Three Months EndedNine Months Ended
 October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Net sales$1,747,599 $1,185,916 $4,764,121 $3,431,301 
Costs and expenses:  
Cost of sales and operating expenses1,371,237 859,604 3,623,321 2,510,461 
Gain on sale of assets(3,116)(501)(4,560)(793)
Selling, general and administrative expenses105,080 97,275 314,888 293,805 
Restructuring and asset impairment charges  8,557 778 
Acquisition and integration costs4,503  13,634  
Depreciation and amortization104,978 77,826 277,337 235,582 
Total costs and expenses1,582,682 1,034,204 4,233,177 3,039,833 
 Equity in net income of Diamond Green Diesel
103,414 53,951 248,898 281,964 
Operating income268,331 205,663 779,842 673,432 
Other expense:  
Interest expense(39,816)(15,409)(79,427)(47,105)
Foreign currency loss(493)(205)(6,005)(1,299)
Other expense, net(2,807)(853)(3,851)(3,210)
Total other expense(43,116)(16,467)(89,283)(51,614)
Equity in net income of other unconsolidated subsidiaries2,301 1,647 5,933 4,199 
Income before income taxes227,516 190,843 696,492 626,017 
Income tax expense35,215 42,637 108,631 126,324 
Net income192,301 148,206 587,861 499,693 
Net income attributable to noncontrolling interests(1,220)(1,394)(6,731)(4,533)
Net income attributable to Darling$191,081 $146,812 $581,130 $495,160 
Basic income per share$1.19 $0.91 $3.60 $3.04 
Diluted income per share$1.17 $0.88 $3.54 $2.96 

 



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 1, 2022 and October 2, 2021
(in thousands)
(unaudited)

Three Months EndedNine Months Ended
 October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Net income$192,301 $148,206 $587,861 $499,693 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation(96,848)(32,903)(187,321)(48,741)
Pension adjustments429 791 1,286 2,375 
Soybean meal derivative adjustments130 (23)(124)(297)
Corn option derivative adjustments755 3,628 1,640 2,472 
Heating oil derivative adjustments25,735 (6,490)27,508 (5,334)
Foreign exchange derivative adjustments(2,476)(4,664)6,240 (4,519)
Total other comprehensive loss, net of tax(72,275)(39,661)(150,771)(54,044)
Total comprehensive income$120,026 $108,545 $437,090 $445,649 
Comprehensive income attributable to noncontrolling interests
1,177 2,332 7,409 7,409 
Comprehensive income attributable to Darling$118,849 $106,213 $429,681 $438,240 





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 1, 2022 and October 2, 2021
(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 1, 2022160,792,004 $1,717 $1,627,816 $(374,721)$(321,690)$2,347,838 $3,280,960 $66,825 $3,347,785 
Net income— — — — — 188,053 188,053 2,678 190,731 
Pension liability adjustments, net of tax
— — — — 429 — 429 — 429 
Heating oil derivative adjustments, net of tax— — — — (16,762)— (16,762)— (16,762)
Corn option derivative adjustments, net of tax— — — — (5,056)— (5,056)— (5,056)
Soybean meal derivative adjustments, net of tax— — — — (240)— (240)— (240)
Foreign exchange derivative adjustments, net of tax— — — — 29,435 — 29,435 — 29,435 
Foreign currency translation adjustments
— — — — 2,515 — 2,515 867 3,382 
Issuance of non-vested stock5,000 — 18 — — — 18 — 18 
Stock-based compensation— — 6,305 — — — 6,305 — 6,305 
Treasury stock(938,113)— — (64,185)— — (64,185)— (64,185)
Issuance of common stock1,644,866 17 3,791 — — — 3,808 — 3,808 
Balances at April 2, 2022161,503,757 $1,734 $1,637,930 $(438,906)$(311,369)$2,535,891 $3,425,280 $70,370 $3,495,650 
Net income— — — — — 201,996 201,996 2,833 204,829 
Pension liability adjustments, net of tax
— — — — 428 — 428 — 428 
Heating oil derivative adjustments, net of tax— — — — 18,535 — 18,535 — 18,535 
Corn option derivative adjustments, net of tax— — — — 5,941 — 5,941 — 5,941 
Soybean meal derivative adjustments, net of tax— — — — (14)— (14)— (14)
Foreign exchange derivative adjustments, net of tax— — — — (20,719)— (20,719)— (20,719)
Foreign currency translation adjustments
— — — — (93,709)— (93,709)(146)(93,855)
Issuance of non-vested stock— — 30 — — — 30 — 30 
Stock-based compensation— — 7,016 — — — 7,016 — 7,016 
Treasury stock(751,432)— — (52,811)— — (52,811)— (52,811)
Issuance of common stock108,586 1 1,492 — — — 1,493 — 1,493 
Balances at July 2, 2022160,860,911 $1,735 $1,646,468 $(491,717)$(400,907)$2,737,887 $3,493,466 $73,057 $3,566,523 
Acquisition of noncontrolling interests— — — — — — — 18,212 18,212 
Net income— — — — — 191,081 191,081 1,220 192,301 
Distribution of noncontrolling interest earnings
— — — — — — — (3,744)(3,744)
Pension liability adjustments, net of tax
— — — — 429 — 429 — 429 
Heating oil derivative adjustments, net of tax— — — — 25,735 — 25,735 — 25,735 
Corn option derivative adjustments, net of tax— — — — 755 — 755 — 755 
Soybean meal derivative adjustments, net of tax— — — — 130 — 130 — 130 
Foreign exchange derivative adjustments, net of tax— — — — (2,476)— (2,476)— (2,476)
Foreign currency translation adjustments
— — — — (96,805)— (96,805)(43)(96,848)
Issuance of non-vested stock1,500 — 35 — — — 35 — 35 
Stock-based compensation— — 5,480 — — — 5,480 — 5,480 
Treasury stock(623,359)— — (38,188)— — (38,188)— (38,188)
Issuance of common stock27,428 — 470 — — — 470 — 470 
Balances at October 1, 2022160,266,480 $1,735 $1,652,453 $(529,905)$(473,139)$2,928,968 $3,580,112 $88,702 $3,668,814 
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 October 1, 2022 and October 2, 2021
(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
— — — —