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 2020-09-26 Filed 2020-11-03
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 2020-11-03
8-K 2020-09-18
8-K 2020-08-05
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 ex311-20200926.htm
EX-31.2 ex312-20200926.htm
EX-32 ex32-20200926.htm

Darling Ingredients Earnings 2020-09-26

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-20200926
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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 26, 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 162,068,484 shares of common stock, $0.01 par value, outstanding at October 28, 2020.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 26, 2020
 
 
TABLE OF CONTENTS   

 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 64
   
   
   
  
   
 
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DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
September 26, 2020 and December 28, 2019
(in thousands, except share data)
September 26,
2020
December 28,
2019
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$65,845 $72,935 
Restricted cash110 110 
Accounts receivable, less allowance for bad debts of $10,491 at
   September 26, 2020 and $8,802 at December 28, 2019
373,583 406,338 
Inventories406,805 362,957 
Prepaid expenses52,359 46,599 
Income taxes refundable3,940 3,317 
Other current assets28,532 25,032 
Total current assets931,174 917,288 
Property, plant and equipment, less accumulated depreciation of $1,604,081 at
   September 26, 2020 and $1,438,388 at December 28, 2019
1,789,172 1,802,411 
Intangible assets, less accumulated amortization of $532,124 at
   September 26, 2020 and $482,442 at December 28, 2019
474,793 526,394 
Goodwill1,239,343 1,223,291 
Investment in unconsolidated subsidiaries742,875 689,354 
Operating lease right-of-use assets142,269 124,726 
Other assets45,598 47,400 
Deferred income taxes15,762 14,394 
 $5,380,986 $5,345,258 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$26,185 $90,996 
Accounts payable, principally trade206,998 239,252 
Income taxes payable19,013 8,895 
Current operating lease liabilities40,973 37,805 
Accrued expenses330,385 311,391 
Total current liabilities623,554 688,339 
Long-term debt, net of current portion1,448,019 1,558,429 
Long-term operating lease liabilities105,821 91,424 
Other non-current liabilities102,559 115,785 
Deferred income taxes265,844 247,931 
Total liabilities2,545,797 2,701,908 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 169,578,370 and
        168,620,314 shares issued at September 26, 2020 and at December 28, 2019,
        respectively
1,696 1,686 
Additional paid-in capital1,589,479 1,560,897 
     Treasury stock, at cost; 7,511,271 and 4,845,203 shares at
       September 26, 2020 and at December 28, 2019, respectively
(143,826)(75,022)
Accumulated other comprehensive loss(325,608)(321,847)
Retained earnings1,652,179 1,400,105 
Total Darling's stockholders’ equity2,773,920 2,565,819 
Noncontrolling interests61,269 77,531 
 Total stockholders' equity$2,835,189 $2,643,350 
 $5,380,986 $5,345,258 
 The accompanying notes are an integral part of these consolidated financial statements.
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DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
Three and nine months ended September 26, 2020 and September 28, 2019
(in thousands, except per share data)
(unaudited)


 
Three Months EndedNine Months Ended
 September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Net sales$850,569 $842,049 $2,552,084 $2,504,477 
Costs and expenses:  
Cost of sales and operating expenses638,368 652,923 1,917,623 1,948,552 
Loss/(gain) on sale of assets122 (2,669)210 (20,845)
Selling, general and administrative expenses89,993 83,549 276,379 249,569 
Depreciation and amortization85,730 80,407 253,711 239,057 
Total costs and expenses814,213 814,210 2,447,923 2,416,333 
 Equity in net income of Diamond Green Diesel
91,099 32,020 252,411 94,390 
Operating income127,455 59,859 356,572 182,534 
Other expense:  
Interest expense(18,793)(19,359)(55,803)(60,088)
Debt extinguishment costs   (12,126)
Foreign currency gain/(loss)(1,239)466 (709)(654)
Other expense, net(1,912)(2,614)(5,278)(7,158)
Total other expense(21,944)(21,507)(61,790)(80,026)
Equity in net income/(loss) of other unconsolidated subsidiaries906 (665)2,467 (1,087)
Income before income taxes106,417 37,687 297,249 101,421 
Income tax expense4,812 10,850 43,058 23,900 
Net income101,605 26,837 254,191 77,521 
Net income attributable to noncontrolling interests(480)(1,116)(2,117)(7,530)
Net income attributable to Darling$101,125 $25,721 $252,074 $69,991 
Basic income per share$0.62 $0.16 $1.55 $0.42 
Diluted income per share$0.61 $0.15 $1.51 $0.42 

 



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 September 26, 2020 and September 28, 2019
(in thousands)
(unaudited)

Three Months EndedNine Months Ended
 September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net income$101,605 $26,837 $254,191 $77,521 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation37,854 (47,626)(7,243)(36,186)
Pension adjustments648 859 1,943 2,576 
Corn option derivative adjustments(2,518)553 (578)575 
Heating oil derivative adjustments1,494 (1,683)3,424 450 
Foreign exchange derivative adjustments1,412 (4,944)(2,060)(5,430)
Total other comprehensive income/(loss), net of tax38,890 (52,841)(4,514)(38,015)
Total comprehensive income/(loss)$140,495 $(26,004)$249,677 $39,506 
Comprehensive income attributable to noncontrolling interests
456 1,120 1,364 7,822 
Comprehensive income/(loss) attributable to Darling$140,039 $(27,124)$248,313 $31,684 





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 September 26, 2020 and September 28, 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 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 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
— — — — (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 $(135,104)$(384,491)$1,485,615 $2,543,565 $64,877 $2,608,442 
Net income— — — — — 65,439 65,439 1,056 66,495 
Deductions to noncontrolling interest— — — — — — — (299)(299)
Pension liability adjustments, net of tax
— — — — 647 — 647 — 647 
Heating oil derivative adjustment, net of tax
— — — — (8,940)— (8,940)— (8,940)
Corn option derivative adjustment, net of tax
— — — — 1,804 — 1,804 — 1,804 
Foreign exchange derivative adjustment, net of tax
— — — — 5,679 — 5,679 — 5,679 
Foreign currency translation adjustments
— — — — 20,779 — 20,779 (640)20,139 
Issuance of non-vested stock— — 55 — — — 55 — 55 
Stock-based compensation— — 4,693 — — — 4,693 — 4,693 
Treasury stock(72,540)— — (1,572)— — (