DARLING INGREDIENTS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DARLING INGREDIENTS INC. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

DARLING INGREDIENTS INC. (DAR) filed a Annual Report (10-K) with the SEC on February 28, 2024. DARLING INGREDIENTS INC. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 30, 2023. The company's principal business is in FATS & OILS. The company is incorporated in Delaware. The filing includes financial data for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking DARLING INGREDIENTS INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Darling Ingredients' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's value and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's market position, revenue streams, and potential challenges within the fats and oils industry.

Risk Assessment

Risk Level: medium — DARLING INGREDIENTS INC. shows moderate risk based on this filing. The company operates in the FATS & OILS industry, which can be subject to market volatility and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Darling Ingredients' performance and outlook.

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filed As Of Date (Date of filing)
• 001-13323 — SEC File Number (SEC file number for the company)
• 362495346 — IRS Number (Company's IRS number)

Key Players & Entities

• DARLING INGREDIENTS INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• FATS & OILS (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• IRVING (location) — Business address city
• TX (location) — Business address state
• 9727170300 (phone) — Business phone

FAQ

Risk Factors

• Market Risks [medium — market]: The company is exposed to market risks inherent in the fats and oils industry, including price volatility of raw materials and finished products.
• Regulatory Compliance [medium — regulatory]: Darling Ingredients must comply with various environmental, health, and safety regulations applicable to its operations.
• Operational Challenges [medium — operational]: The company faces operational risks related to its complex processing facilities and supply chain management.

Key Dates

• 2023-12-30: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — hange on Which Registered Common Stock $0.01 par value per share DAR New York Stock
• $6.8 billion — fiscal year 2023, the Company generated $6.8 billion in revenues and $647.7 million in net i
• $647.7 million — generated $6.8 billion in revenues and $647.7 million in net income attributable to Darling.

Filing Documents

• dar-20231230.htm (10-K) — 3830KB
• ex21-2023.htm (EX-21) — 90KB
• ex231-kpmg2023.htm (EX-23.1) — 2KB
• ex232-kpmg2023.htm (EX-23.2) — 2KB
• ex311-2023x10k.htm (EX-31.1) — 11KB
• ex312-2023x10k.htm (EX-31.2) — 11KB
• ex32-2023x10k.htm (EX-32) — 12KB
• ex971darlingmandatorycompe.htm (EX-97.1) — 24KB
• ex991dgdfy2023fin.htm (EX-99.1) — 543KB
• dar-20231230_g1.jpg (GRAPHIC) — 174KB
• 0000916540-24-000009.txt (&nbsp;) — 21729KB
• dar-20231230.xsd (EX-101.SCH) — 107KB
• dar-20231230_cal.xml (EX-101.CAL) — 142KB
• dar-20231230_def.xml (EX-101.DEF) — 767KB
• dar-20231230_lab.xml (EX-101.LAB) — 1514KB
• dar-20231230_pre.xml (EX-101.PRE) — 1103KB
• dar-20231230_htm.xml (XML) — 3818KB

BUSINESS

BUSINESS 4 Item 1A.

RISK FACTORS

RISK FACTORS 19 Item 1B. UNRESOLVED STAFF COMMENTS 45 Item 1C. CYBERSECURITY 45 Item 2.

PROPERTIES

PROPERTIES 46 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 49 Item 4. MINE SAFETY DISCLOSURES 50 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 51 Item 6. RESERVED 52 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 53 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 71 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 74 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 135 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 135 Item 9B. OTHER INFORMATION 136 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 136 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 137 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 137 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 137 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 138 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 138 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 139 Item 16. FORM 10-K SUMMARY 143

SIGNATURES

SIGNATURES 144 Page 3 PART I

BUSINESS

ITEM 1. BUSINESS GENERAL Founded by the Swift meat packing interests and the Darling family in 1882, Darling Ingredients Inc. ("Darling", and together with its subsidiaries, the "Company" or "we," "us" or "our") was incorporated in Delaware in 1962 under the name "Darling-Delaware Company, Inc." Darling changed its name from "Darling-Delaware Company, Inc." to "Darling International Inc." on December 28, 1993, and from "Darling International Inc." to "Darling Ingredients Inc." on May 6, 2014. The address of Darling's principal executive office is 5601 N MacArthur Boulevard, Irving, Texas, 75038, and its telephone number at this address is (972) 717-0300. OVERVIEW We are a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries. In fiscal 2022 and fiscal 2023, the Company completed several acquisitions including two significant rendering operations, Valley Proteins in North America and the FASA Group in South America and a significant collagen operation, Gelnex, with processing located in South America and North America. See Note 3 to the Company's Consolidated Financial Statements for more information. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as collagen, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable feed ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collec

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