Darling Ingredients Files Q3 2024 10-Q

TL;DR

DARLING INGREDIENTS (DAR) filed its Q3 10-Q. Financials are in.

AI Summary

Darling Ingredients Inc. filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the fats and oils industry.

Why It Matters

This filing provides investors with the latest financial performance data for Darling Ingredients, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial disclosures.

Key Players & Entities

• DARLING INGREDIENTS INC. (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241106 (date) — Filing date
• FATS & OILS (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — hange on which registered Common stock $0.01 par value per share DAR New York Stock

Filing Documents

• dar-20240928.htm (10-Q) — 2863KB
• ex311-20240928.htm (EX-31.1) — 11KB
• ex312-20240928.htm (EX-31.2) — 10KB
• ex32-20240928.htm (EX-32) — 12KB
• 0000916540-24-000030.txt ( ) — 14355KB
• dar-20240928.xsd (EX-101.SCH) — 69KB
• dar-20240928_cal.xml (EX-101.CAL) — 127KB
• dar-20240928_def.xml (EX-101.DEF) — 462KB
• dar-20240928_lab.xml (EX-101.LAB) — 887KB
• dar-20240928_pre.xml (EX-101.PRE) — 661KB
• dar-20240928_htm.xml (XML) — 2873KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Consolidated Balance Sheets 3 September 2 8 , 2024 (unaudited) and December 30, 2023 Consolidated Statements of Operations (unaudited) 4 Three and Nine Months Ended September 2 8 , 2024 and September 30 , 2023 Consolidated Statements of Comprehensive Income/(Loss) (unaudited) 5 Three and Nine Months Ended September 2 8 , 2024 and September 30 , 2023 Consolidated Statements of Stockholders' Equity (unaudited) 6 Nine Months Ended September 2 8 , 2024 and September 30 , 2023 Consolidated Statements of Cash Flows (unaudited) 8 Nine Months Ended September 2 8 , 2024 and S eptember 30 , 2023

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 59 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 61

: OTHER INFORMATION

PART II: OTHER INFORMATION Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 63 Item 1A.

RISK FACTORS

RISK FACTORS 63 Item 5. OTHER INFORMATION 63 Item 6. EXHIBITS 63

Signatures

Signatures 64 2 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 Septem

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements September 28, 2024 (unaudited) (1) General The accompanying consolidated financial statements for the nine month periods ended September 28, 2024 and September 30, 2023, have been prepared by Darling Ingredients Inc., a Delaware corporation ("Darling", and together with its subsidiaries, the "Company" or "we", "us" or "our") in accordance with generally accepted accounting principles in the United States ("GAAP") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The information furnished herein reflects all adjustments (consisting only of normal recurring accruals) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Form 10-K for the fiscal year ended December 30, 2023. (2) Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries i

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View this 10-Q filing on SEC EDGAR