Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Feb. 25, 2015 | Jun. 28, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | DARLING INGREDIENTS INC. | ||
Entity Central Index Key | 916540 | ||
Current Fiscal Year End Date | -2 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Public Float | $3,398,264,000 | ||
Entity Common Stock, Shares Outstanding | 164,718,413 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $108,784 | $870,857 |
Restricted cash | 343 | 354 |
Accounts receivable, less allowance for bad debts of $10,835 at January 3, 2015 and $2,241 at December 28, 2013 | 409,779 | 112,844 |
Inventories | 401,613 | 65,133 |
Prepaid expenses | 44,629 | 14,223 |
Income taxes refundable | 22,140 | 14,512 |
Other current assets | 21,324 | 32,290 |
Deferred income taxes | 45,001 | 17,289 |
Total current assets | 1,053,613 | 1,127,502 |
Property, plant and equipment, net | 1,574,116 | 666,573 |
Intangible assets, less accumulated amortization of $184,909 at January 3, 2015 and $105,070 at December 28, 2013 | 932,413 | 588,664 |
Goodwill | 1,320,419 | 701,637 |
Investment in unconsolidated subsidiary | 202,712 | 115,114 |
Other assets | 71,009 | 44,643 |
Non-current deferred tax asset | 16,431 | 0 |
Total assets | 5,170,713 | 3,244,133 |
Current liabilities: | ||
Current portion of long-term debt | 54,401 | 19,888 |
Accounts payable, principally trade | 168,518 | 43,742 |
Accrued Income Taxes, Current | 4,363 | 0 |
Accrued expenses | 256,119 | 113,174 |
Deferred Tax Liabilities, Net, Current | 642 | 0 |
Total current liabilities | 484,043 | 176,804 |
Long-term debt, net of current portion | 2,098,039 | 866,947 |
Other noncurrent liabilities | 114,700 | 40,671 |
Deferred income taxes | 422,797 | 138,759 |
Total liabilities | 3,119,579 | 1,223,181 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $.01 par value; 250,000,000 shares authorized, 166,213,793 and 165,261,003 shares issued at January 3, 2015 and December 28, 2013, respectively | 1,662 | 1,653 |
Additional paid-in capital | 1,479,637 | 1,454,250 |
Treasury stock, at cost; 1,501,130 and 993,578 shares at January 3, 2015 and December 28, 2013, respectively | -23,207 | -13,271 |
Accumulated other comprehensive loss | -177,060 | -29,423 |
Retained earnings | 671,958 | 607,743 |
Total Darling's stockholders’ equity | 1,952,990 | 2,020,952 |
Stockholders' Equity Attributable to Noncontrolling Interest | 98,144 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,051,134 | 2,020,952 |
Total liabilities and stockholders' equity | $5,170,713 | $3,244,133 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $10,835 | $2,241 |
Finite-Lived Intangible Assets, Accumulated Amortization | $184,909 | $105,070 |
Stockholders' equity: | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 166,213,793 | 165,261,003 |
Treasury Stock, Shares | 1,501,130 | 993,578 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Sales | $1,000,203 | $978,665 | $1,031,283 | $946,292 | $447,939 | $445,130 | $443,542 | $465,657 | $3,956,443 | $1,802,268 | $1,772,552 |
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | 22,900 | 24,300 | 14,900 | 19,200 | 19,300 | 19,900 | 20,200 | 3,123,171 | 1,339,819 | 1,303,727 | |
Selling, general and administrative expense | 374,580 | 170,825 | 151,713 | ||||||||
Depreciation and amortization | 269,517 | 98,787 | 85,371 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 2,400 | 2,200 | 4,200 | 15,900 | 24,667 | 23,271 | 0 | ||||
Total costs and expenses | 3,791,935 | 1,632,702 | 1,540,811 | ||||||||
Operating income | 39,662 | 49,925 | 75,485 | -564 | 18,536 | 41,652 | 50,802 | 58,576 | 164,508 | 169,566 | 231,741 |
Other expense: | |||||||||||
Interest expense | -135,416 | -38,108 | -24,054 | ||||||||
Foreign currency gains (losses) | 12,600 | -13,548 | 28,107 | 0 | |||||||
Other income/(expense), net | 299 | -3,547 | 1,760 | ||||||||
Total other expense | -148,665 | -13,548 | -22,294 | ||||||||
Equity in net income of unconsolidated subsidiaries | 65,609 | 7,660 | -2,662 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 73,580 | 27,090 | 50,078 | -69,296 | 23,078 | 45,024 | 42,753 | 52,823 | 81,452 | 163,678 | 206,785 |
Income taxes | 13,141 | 54,711 | 76,015 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,788 | 15,954 | 34,575 | -51,006 | 68,311 | 108,967 | 130,770 | ||||
Net income attributable to Darling | 69,943 | 14,318 | 32,757 | -52,803 | 22,493 | 27,651 | 26,418 | 32,405 | 64,215 | 108,967 | 130,770 |
Net income per share: | |||||||||||
Basic (in dollars per share) | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 |
Diluted (in dollars per share) | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 |
Net Income (Loss) Attributable to Noncontrolling Interest | $1,155 | ($1,636) | ($1,818) | ($1,797) | ($4,096) | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $68,311 | $108,967 | $130,770 |
Other comprehensive income (Loss), net of tax: | |||
Foreign currency translation | -125,884 | -14,502 | 0 |
Pension adjustments | -20,381 | 15,140 | -1,169 |
Total other comprehensive income/(loss), net of tax | -147,637 | 1,906 | -425 |
Total comprehensive income/(loss) | -79,326 | 110,873 | 130,345 |
Comprehensive income attributable to noncontrolling interests | 6,200 | 0 | 0 |
Comprehensive income/(loss) attributable to Darling | -73,126 | 110,873 | 130,345 |
Natural Gas Swap [Member] | |||
Other comprehensive income (Loss), net of tax: | |||
Total natural gas derivatives | -113 | 127 | 391 |
Corn Option [Member] | |||
Other comprehensive income (Loss), net of tax: | |||
Total natural gas derivatives | -1,259 | 1,141 | 194 |
Interest Rate Swap [Member] | |||
Other comprehensive income (Loss), net of tax: | |||
Total natural gas derivatives | $0 | $0 | $159 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] |
In Thousands, except Share data | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | |||||||||||
Balance at Dec. 31, 2011 | $920,375 | $1,176 | $587,685 | ($5,588) | ($30,904) | $368,006 | $920,375 | $0 | |||||||||
Balance (in shares) at Dec. 31, 2011 | 117,048,438 | ||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 130,770 | 130,770 | 130,770 | ||||||||||||||
Pension adjustments | -1,169 | -1,169 | -1,169 | ||||||||||||||
Total natural gas derivatives | 159 | 159 | 159 | 391 | 391 | 391 | 194 | 194 | 194 | ||||||||
Issuance of non-vested stock (in shares) | 486,697 | ||||||||||||||||
Issuance of non-vested stock | 6,813 | 5 | 6,808 | 6,813 | |||||||||||||
Stock-based compensation | 3,727 | 3,727 | 3,727 | ||||||||||||||
Tax benefits associated with stock-based compensation | 2,652 | 2,652 | 2,652 | ||||||||||||||
Treasury stock (in shares) | -264,275 | ||||||||||||||||
Treasury stock | -4,445 | -4,445 | -4,445 | ||||||||||||||
Issuance of common stock (in shares) | 544,131 | ||||||||||||||||
Issuance of common stock | 2,969 | 5 | 2,964 | 2,969 | |||||||||||||
Balance at Dec. 29, 2012 | 1,062,436 | 1,186 | 603,836 | -10,033 | -31,329 | 498,776 | 1,062,436 | 0 | |||||||||
Balance (in shares) at Dec. 29, 2012 | 117,814,991 | ||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,020,952 | ||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 108,967 | 108,967 | 108,967 | ||||||||||||||
Pension adjustments | 15,140 | 15,140 | 15,140 | ||||||||||||||
Total natural gas derivatives | 0 | 127 | 127 | 127 | 1,141 | 1,141 | 1,141 | ||||||||||
Foreign currency translation adjustments | -14,502 | -14,502 | -14,502 | ||||||||||||||
Issuance of non-vested stock (in shares) | 387,681 | ||||||||||||||||
Issuance of non-vested stock | 6,539 | 4 | 6,535 | 6,539 | |||||||||||||
Stock-based compensation | 50 | 50 | 50 | ||||||||||||||
Tax benefits associated with stock-based compensation | 1,138 | 1,138 | 1,138 | ||||||||||||||
Treasury stock (in shares) | -185,919 | ||||||||||||||||
Treasury stock | -3,238 | -3,238 | -3,238 | ||||||||||||||
Issuance of common stock (in shares) | 46,250,672 | ||||||||||||||||
Issuance of common stock | 843,154 | 463 | 842,691 | 843,154 | |||||||||||||
Balance at Dec. 28, 2013 | 2,020,952 | 1,653 | 1,454,250 | -13,271 | -29,423 | 607,743 | 2,020,952 | 0 | |||||||||
Balance (in shares) at Dec. 28, 2013 | 164,267,425 | ||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,051,134 | ||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 90,919 | 90,919 | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,311 | 64,215 | 64,215 | 4,096 | |||||||||||||
Distribution of noncontrolling interest earnings | -4,272 | -4,272 | |||||||||||||||
Additions to noncontrolling interests | 1,201 | 1,201 | |||||||||||||||
Pension adjustments | -20,381 | -20,381 | -20,381 | ||||||||||||||
Total natural gas derivatives | 0 | -113 | -113 | -113 | -1,259 | -1,259 | -1,259 | ||||||||||
Foreign currency translation adjustments | -119,684 | -125,884 | -125,884 | 6,200 | |||||||||||||
Issuance of non-vested stock (in shares) | 209,827 | ||||||||||||||||
Issuance of non-vested stock | 4,371 | 2 | 4,369 | 4,371 | |||||||||||||
Stock-based compensation | 9,993 | 9,993 | 9,993 | ||||||||||||||
Tax benefits associated with stock-based compensation | 2,420 | 2,420 | 2,420 | ||||||||||||||
Treasury stock (in shares) | -507,552 | ||||||||||||||||
Treasury stock | -9,936 | -9,936 | -9,936 | ||||||||||||||
Issuance of common stock (in shares) | 742,963 | ||||||||||||||||
Issuance of common stock | 8,612 | 7 | 8,605 | 8,612 | |||||||||||||
Balance at Jan. 03, 2015 | $1,952,990 | $1,662 | $1,479,637 | ($23,207) | ($177,060) | $671,958 | $1,952,990 | $98,144 | |||||||||
Balance (in shares) at Jan. 03, 2015 | 164,712,663 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders’ Equity (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Cash flows from operating activities: | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $68,311 | $108,967 | $130,770 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 269,517 | 98,787 | 85,371 | |||
Deferred income taxes | -21,216 | 24,593 | 10,338 | |||
Loss/(gain) on sale of assets | -2,437 | -1,245 | 1,099 | |||
Gain on insurance proceeds from insurance settlement | -1,550 | -1,981 | -4,272 | |||
Increase/(decrease) in long-term pension liability | 9,593 | -9,010 | 2,790 | |||
Stock-based compensation expense | 20,807 | 9,433 | 8,904 | |||
Write-off deferred loan costs | 4,330 | 0 | 725 | |||
Deferred loan cost amortization | 9,949 | 3,451 | 3,042 | |||
Equity in net (income)/loss of unconsolidated subsidiary | -65,609 | -7,660 | 2,662 | |||
Unrealized gain on foreign currency hedge | 0 | -27,516 | 0 | |||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||
Accounts receivable | 982 | 4,424 | -2,324 | |||
Income taxes refundable | -22,451 | -15,316 | 17,845 | |||
Inventories and prepaid expenses | -11,194 | 2,059 | -15,168 | |||
Accounts payable and accrued expenses | -31,223 | 8,521 | 3,923 | |||
Other | 47,363 | 13,214 | 3,832 | |||
Net cash provided by operating activities | 275,172 | 210,721 | 249,537 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | -228,918 | [1] | -118,307 | [1] | -115,413 | [1] |
Acquisitions, net of cash acquired | -2,094,400 | -734,075 | -3,000 | |||
Investment in unconsolidated subsidiary | 0 | -44,959 | -43,424 | |||
Gross proceeds from sale of property, plant and equipment and other assets | 9,262 | 2,358 | 3,870 | |||
Proceeds from Insurance Settlement | 1,550 | 1,981 | 4,272 | |||
Payments related to routes and other intangibles | -11,288 | -2,423 | -137 | |||
Net cash used by investing activities | -2,323,794 | -895,425 | -153,832 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 1,842,184 | 344,704 | 0 | |||
Payments on long-term debt | -333,762 | -580 | -30,032 | |||
Borrowings from revolving credit facility | 170,143 | 293,235 | 0 | |||
Payments on revolving credit facility | -351,589 | -5,000 | 0 | |||
Net cash overdraft financing | 4,077 | 0 | 0 | |||
Deferred loan costs | -45,223 | -13,320 | 0 | |||
Issuance of common stock | 416 | 840,558 | 72 | |||
Minimum withholding taxes paid on stock awards | -10,026 | -3,289 | -4,084 | |||
Excess tax benefits from stock-based compensation | 2,420 | 1,138 | 2,652 | |||
Addition of noncontrolling interest | 1,201 | 0 | 0 | |||
Distributions to noncontrolling interests | -4,272 | 0 | 0 | |||
Net cash provided/(used) in financing activities | 1,275,569 | 1,457,446 | -31,392 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 10,980 | -5,134 | 0 | |||
Net increase/(decrease) in cash and cash equivalents | -762,073 | 767,608 | 64,313 | |||
Cash and cash equivalents at beginning of year | 870,857 | 103,249 | 38,936 | |||
Cash and cash equivalents at end of year | 108,784 | 870,857 | 103,249 | |||
Supplemental disclosure of cash flow information: | ||||||
Accrued capital expenditures | 1,340 | 1,163 | 0 | |||
Cash paid during the period for: | ||||||
Interest, net of capitalized interest | 104,834 | 21,554 | 20,181 | |||
Income taxes, net of refunds | 28,315 | 31,405 | 43,491 | |||
Non-Cash Financing Activities | ||||||
Debt issued for service contract assets | $0 | $0 | $226 | |||
[1] | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million |
General
General | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
General [Abstract] | ||||||||||||||||||||||||
GENERAL | GENERAL | |||||||||||||||||||||||
(a) NATURE OF OPERATIONS | ||||||||||||||||||||||||
On May 6, 2014, the stockholders of Darling International Inc. approved changing the name of the company from Darling International Inc. to Darling Ingredients Inc. The change became effective on May 6, 2014. Darling Ingredients Inc., a Delaware corporation ("Darling", and together with its subsidiaries, the "Company"), is 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, feed, technical, fuel, bioenergy and fertilizer industries. As further discussed in Note 2, on January 7, 2014, the Company acquired the VION Ingredients business division ("VION Ingredients") of VION Holding, N.V., a Dutch limited liability company ("VION"), by purchasing all of the shares of VION Ingredients International (Holding) B.V., and VION Ingredients Germany GmbH, and 60% of Best Hides GmbH (collectively, the "VION Companies"), pursuant to a Sale and Purchase Agreement dated October 5, 2013, as amended, between Darling and VION (the "VION Acquisition"). The VION Ingredients business is now conducted under the name Darling Ingredients International. In addition, on October 28, 2013, Darling completed the acquisition of substantially all of the assets of Rothsay ("Rothsay"), a division of Maple Leaf Foods, Inc. ("MFI"), a Canadian corporation, pursuant to an Acquisition Agreement between MFI and Darling dated August 23, 2013 (the "Rothsay Acquisition"). The Company’s business is now conducted through a global network of over 200 locations across five continents. Effective December 29, 2013, the Company's business operations were reorganized into three new segments, Feed Ingredients, Food Ingredients and Fuel Ingredients, in order to better align its business with the underlying markets and customers that the Company serves. All historical periods have been recast to reflect the changes to the segment reporting structure. Comparative segment revenues and related financial information are presented in Note 20 to the consolidated financial statements. | ||||||||||||||||||||||||
(b) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||
-1 | Basis of Presentation | |||||||||||||||||||||||
The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represents 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/(loss) of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as "Net income/(loss) attributable to noncontrolling interests". In the Company's Consolidated Balance Sheets, noncontrolling interests represents the ownership interests in the Company consolidated subsidairies' net assets held by parties other than the Company. These ownership interests are presented separately as "Noncontrolling interests" within "Stockholders' Equity." All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||
-2 | Fiscal Year | |||||||||||||||||||||||
The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal years for the consolidated financial statements included herein are for the 53 weeks ended January 3, 2015, the 52 weeks ended December 28, 2013, and the 52 weeks ended December 29, 2012. | ||||||||||||||||||||||||
-3 | Cash and Cash Equivalents | |||||||||||||||||||||||
The Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. | ||||||||||||||||||||||||
-4 | Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from customers’ non-payment of trade accounts receivable owed to the Company. These trade receivables arise in the ordinary course of business from sales of raw material, finished product or services to the Company’s customers. The estimate of allowance for doubtful accounts is based upon the Company’s bad debt experience, prevailing market conditions, and aging of trade accounts receivable, among other factors. If the financial condition of the Company’s customers deteriorates, resulting in the customers’ inability to pay the Company’s receivables as they come due, additional allowances for doubtful accounts may be required. | ||||||||||||||||||||||||
-5 | Inventories | |||||||||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is primarily determined using the first-in, first-out (FIFO) method for the Feed Ingredients and Fuel Ingredients segments. In the Food Ingredients segment cost is primarily determined based on the weighted average cost. | ||||||||||||||||||||||||
-6 | Long Lived Assets | |||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of assets: 1) Buildings and improvements, 15 to 30 years; 2) Machinery and equipment, 3 to 10 years; 3) Vehicles, 3 to 8 years; and 4) Aircraft, 7 to 10 years. | ||||||||||||||||||||||||
Maintenance and repairs are charged to expense as incurred and expenditures for major renewals and improvements are capitalized. | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets with indefinite lives, and therefore, not subject to amortization, consist of trade names acquired in the acquisition of Griffin Industries Inc. on December 17, 2010 (which was subsequently converted to a limited liability company) and its subsidiaries ("Griffin") and trade names acquired in the VION Acquisition. Intangible assets subject to amortization consist of: 1) collection routes which are made up of groups of suppliers of raw materials in similar geographic areas from which the Company derives collection fees and a dependable source of raw materials for processing into finished products; 2) permits that represent licensing of operating plants that have been acquired, giving those plants the ability to operate; 3) non-compete agreements that represent contractual arrangements with former competitors whose businesses were acquired; 4) trade names; and 5) royalty, consulting , land use rights and leasehold agreements. Amortization expense is calculated using the straight-line method over the estimated useful lives of the assets ranging from: 5 to 21 years for collection routes; 10 to 20 years for permits; 3 to 7 years for non-compete covenants; and 4 to 15 years for trade names. Royalty, consulting, land use rights and leasehold agreements are amortized over the term of the agreement. | ||||||||||||||||||||||||
-7 | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of | |||||||||||||||||||||||
The Company reviews the carrying value of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset, or related asset group, may not be recoverable from estimated future undiscounted cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount for which the carrying amount of the asset exceeds the fair value of the asset. In fiscal 2014, 2013 and 2012 no such events occurred requiring that the Company perform testing of its long-lived assets for impairment. | ||||||||||||||||||||||||
-8 | Goodwill | |||||||||||||||||||||||
During the fourth quarter of fiscal 2014, the Company elected to change the date of the Company's annual assessments of goodwill and indefinite lived intangible assets impairment from the end of the Company's fiscal year to the end of October. This is a change in method of applying an accounting principal, which management believes is a preferable alternative as the new date of the assessment is more closely aligned with Company's strategic planning process. The change in assessment date did not delay, accelerate or avoid a potential impairment charge in 2014. The Company performed the annual goodwill and indefinite-lived intangible assets impairment assessments at October 25, 2014 and concluded that the Company's goodwill for all reporting units and all recorded indefinite-lived intangible assets were not impaired as of that date. Goodwill and indefinite lived assets are tested annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company follows a two-step process for testing impairment. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value of its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its implied fair value. | ||||||||||||||||||||||||
In fiscal 2014, 2013 and 2012, the fair values of the Company’s reporting units containing goodwill exceeded the related carrying values. Goodwill was approximately $1,320.4 million and $701.6 million at January 3, 2015 and December 28, 2013, respectively. See Note 6 for further information on the Company’s goodwill. | ||||||||||||||||||||||||
-9 | Environmental Expenditures | |||||||||||||||||||||||
Environmental expenditures incurred to mitigate or prevent environmental impacts that have yet to occur and that otherwise may result from future operations are capitalized. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenues are expensed or charged against established environmental reserves. Reserves are established when environmental impacts have been identified which are probable to require mitigation and/or remediation and the costs are reasonably estimable. | ||||||||||||||||||||||||
-10 | Income Taxes | |||||||||||||||||||||||
The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||||||||||||||
The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for taxable income in future years. | ||||||||||||||||||||||||
The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authority. Adjustments are made to the reserves for uncertain tax positions when facts and circumstances change or additional information is available. Judgment is required to assess the impact of ongoing audits conducted by tax authorities in determining the Company’s consolidated income tax provision. The Company recognizes accrued interest and penalties on tax related matters as a component of income tax expense. | ||||||||||||||||||||||||
-11 | Earnings per Share | |||||||||||||||||||||||
Basic income per common share is computed by dividing net income by the weighted average number of common shares including non-vested and restricted shares with participation rights outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. As a result of the use of the weighted average number of shares outstanding during fiscal 2013, the full effect of the issuance of 46,000,000 shares during the fourth quarter of fiscal 2013 as discussed in Note 13, is not included in the below earnings per share calculations for fiscal 2013. | ||||||||||||||||||||||||
Net Income per Common Share (in thousands) | ||||||||||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||||||||||
Income | Shares | Per-Share | Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||
Basic: | ||||||||||||||||||||||||
Net income attributable to Darling | $ | 64,215 | 164,627 | $ | 0.39 | $ | 108,967 | 119,526 | $ | 0.91 | $ | 130,770 | 117,592 | $ | 1.11 | |||||||||
Diluted: | ||||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||
Add: Option shares in the money and dilutive effect of nonvested stock | — | 806 | — | — | 848 | — | — | 806 | — | |||||||||||||||
Less: Pro-forma treasury shares | — | -374 | — | — | -450 | — | — | -309 | — | |||||||||||||||
Diluted: | ||||||||||||||||||||||||
Net income attributable to Darling | $ | 64,215 | 165,059 | $ | 0.39 | $ | 108,967 | 119,924 | $ | 0.91 | $ | 130,770 | 118,089 | $ | 1.11 | |||||||||
For fiscal 2014, 2013 and 2012, respectively, 319,240, 135,733 and 207,890 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For fiscal 2014, 2013 and 2012, respectively, 751,444, 57,257 and 105,486 non-vested stock were excluded from diluted income per common share as the effect was antidilutive. | ||||||||||||||||||||||||
-12 | Stock Based Compensation | |||||||||||||||||||||||
The Company recognizes compensation expense in an amount equal to the fair value of the share-based payments (e.g., stock options and non-vested and restricted stock) granted to employees and non-employee directors or by incurring liabilities to an employee or other supplier (a) in amounts based, at least in part, on the price of the entity’s shares or other equity instruments, or (b) that require or may require settlement by issuing the entity’s equity shares or other equity instruments. | ||||||||||||||||||||||||
Total stock-based compensation recognized in the statement of operations for the years ended January 3, 2015, December 28, 2013 and December 29, 2012 was approximately $20.9 million, $9.4 million and $8.9 million, respectively, which is included in selling, general and administrative expenses, and the related income tax benefit recognized was approximately $5.9 million, $3.7 million and $3.5 million, respectively. See Note 14 for further information on the Company’s stock-based compensation plans. | ||||||||||||||||||||||||
The benefits of tax deductions in excess of recognized compensation expense are reported as a financing cash flow. For the year ended January 3, 2015, December 28, 2013 and December 29, 2012 the Company recognized $2.4 million, $1.1 million and $2.7 million as an increase in financing cash flows related to such deductions. | ||||||||||||||||||||||||
-13 | Use of Estimates | |||||||||||||||||||||||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made. | ||||||||||||||||||||||||
-14 | Financial Instruments | |||||||||||||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments. The Company's 5.375% Senior Notes due 2022, term loans and revolver borrowings outstanding at January 3, 2015, as described in Note 10 have a fair value based on market valuation from a third-party bank. The carrying amount for the Company’s other debt is not deemed to be significantly different than the carrying value. See Note 17 for financial instruments' fair values. | ||||||||||||||||||||||||
-15 | Derivative Instruments | |||||||||||||||||||||||
The Company makes limited use of derivative instruments to manage cash flow risks related to interest expense, natural gas usage, diesel fuel usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Interest rate swaps are entered into with the intent of managing overall borrowing costs by reducing the potential impact of increases in interest rates on floating-rate long-term debt. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Corn options and future contracts are entered into with the intent of managing forecasted sales of BBP by reducing the impact of changing prices. Foreign currency forward contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. | ||||||||||||||||||||||||
Entities are required to report all derivative instruments in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding the instrument. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair value, cash flows or foreign currencies. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of other comprehensive income (outside of earnings) and is subsequently reclassified into earnings when the forecasted transaction affects earnings. Any amounts excluded from the assessment of hedge effectiveness as well as the ineffective portion of the gain or loss is reported in earnings immediately. If the derivative instrument is not designated as a hedge, the gain or loss is recognized in earnings in the period of change. Hedge accounting treatment ceases if or when the hedge transaction is no longer probable of occurring or the hedge relationship correlation no longer qualifies for hedge accounting. | ||||||||||||||||||||||||
At January 3, 2015, the Company had corn options outstanding that qualified and were designated for hedge accounting as well as heating oil swaps and options, corn options and foreign currency forward contracts that did not qualify and were not designated for hedge accounting. | ||||||||||||||||||||||||
-16 | Revenue Recognition | |||||||||||||||||||||||
The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. Certain customers may be required to prepay prior to shipment in order to maintain payment protection against certain foreign and domestic sales. These amounts are recorded as unearned revenue and revenue is recognized when the products have shipped and the customer takes ownership and assumes risk of loss. The Company has formula arrangements with certain suppliers whereby the charge or credit for raw materials is tied to published finished product commodity prices after deducting a fixed processing fee incorporated into the formula and is recorded as a cost of sale by line of business. The Company recognizes revenue related to grease trap servicing and industrial residual removal in the fiscal month the trap service or industrial residual removal occurs. | ||||||||||||||||||||||||
-17 | Related Party Transactions | |||||||||||||||||||||||
The Company announced on January 21, 2011 that a wholly-owned subsidiary of Darling entered into a limited liability company agreement with a wholly-owned subsidiary of Valero Energy Corporation ("Valero") to form Diamond Green Diesel Holdings LLC (the "DGD Joint Venture"). The Company has related party sale transactions with the DGD Joint Venture. Additionally, Darling through its wholly-owned subsidiary Griffin Industry LLC ("Griffin"), leases two real properties located in Butler, Kentucky and real properties located in each of Jackson, Mississippi and Henderson, Kentucky from Martom Properties, LLC, an entity owned in part by Martin W. Griffin, the Company’s Executive Vice President – Chief Operations Officer, North America. See Note 9 and Note 22 for further information on the Company's related party transactions. | ||||||||||||||||||||||||
-18 | Foreign Currency Translation and Remeasurement | |||||||||||||||||||||||
Foreign currency translation is included as a component of accumulated other comprehensive income and reflects the adjustments resulting from translating the foreign currency denominated financial statements of foreign subsidiaries into U.S. dollars. The functional currency of the Company's foreign subsidiaries is the currency of the primary economic environment in which the entity operates, which is generally the local currency of the country. Accordingly, assets and liabilities of the foreign subsidiaries are translated to U.S. dollars at fiscal year end exchange rates, including intercompany foreign currency transactions that are of long-term investment nature. Income and expense items are translated at average exchange rates occurring during the period. Changes in exchange rates that affect cash flows and the related receivables or payables are recognized as transaction gains and losses in determining net income. The Company incurred net foreign currency translation losses of approximately $125.9 million and $14.5 million in fiscal year 2014 and fiscal 2013, respectively and no currency translation in fiscal year 2012. The large increase in translation losses on the balance sheet has occurred primarily as a result of the strengthening of the U.S. dollar when compared to the Company's largest foreign currencies, the euro and Canadian dollar. In addition, the Company incurred foreign currency gains/(losses) in the statement of operations of approximately $(13.5) million and $28.1 million in fiscal 2014 and fiscal 2013, respectively, with $12.6 million loss being recorded in fiscal 2014 upon settlement of foreign exchange contracts that did not qualify for hedge accounting to mitigate the foreign exchange rate risk of the acquisition price of the VION Acquisition and $27.5 million gain being recorded in fiscal 2013 representing the unrealized gain on the foreign exchange rate risk of the acquisition price on the foreign exchange contracts of the VION Acquisition that was recorded as an other current asset on the balance sheet at December 28, 2013. | ||||||||||||||||||||||||
-19 | Reclassification | |||||||||||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||
-20 | Subsequent Events | |||||||||||||||||||||||
The Company evaluates subsequent events from the end of the most recent fiscal year through the date the consolidated financial statements are issued. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Business Combinations [Abstract] | ||||
ACQUISITIONS | ACQUISITIONS | |||
On January 7, 2014, the Company acquired the VION Ingredients business division from VION by purchasing shares of the VION Companies as described in Note 1, pursuant to a Sale and Purchase Agreement dated October 5, 2013, as amended, between Darling and VION. The VION Ingredients business is now conducted under the name Darling Ingredients International. Darling Ingredients International is a worldwide leader in the development and production of specialty ingredients from animal by-products for applications in pharmaceuticals, food, pet food, feed, fuel, bioenergy and fertilizer. Darling Ingredients International operates a global network of 68 production facilities across five continents covering all aspects of animal by-product processing through six brands: Rendac (bioenergy), Sonac (bone products, proteins, fats, edible fats and plasma products), Ecoson (bioenergy), Rousselot (gelatin and collagen hydrolysates), CTH (natural casings) and Best Hides (hides and skins). Darling Ingredients International’s specialized portfolio of over 400 products covers all animal origin raw material types and thereby offers a comprehensive, single source solution for suppliers. Darling Ingredients International’s business has leading positions across Europe with operations in the Netherlands, Belgium, Germany, Poland and Italy under the Rendac and Sonac brand names. Value-added products include edible fats, blood plasma powder, hemoglobin, bone products, protein meals and fats. Rousselot is a global leading market provider of gelatin for the pharmaceutical, food and technical industries with operations in Europe, the United States, South America and China. CTH is a market leader in natural casings for the sausage industry with operations in Europe, China and the United States. The purchase of the VION Companies allows the Company to have a global reach. The purchase price for the transaction was approximately€1.6 billion in cash (approximately $2.2 billion at the exchange rate of €1.00:USD$1.3605 ). The purchase price was financed through (i) borrowings under the Company’s senior secured revolving credit facility and term loan facilities; (ii) proceeds from the Company’s $874.0 million public common stock offering in the fourth quarter of fiscal 2013; and (iii) proceeds from the private offering of $500.0 million aggregate principal amount of the Company’s 5.375% Senior Notes due 2022, that closed on January 2, 2014. | ||||
The following table summarizes the fair value of the assets acquired and liabilities assumed in the VION Acquisition as of January 7, 2014 (in thousands): | ||||
Accounts receivable | $ | 337,278 | ||
Inventory | 375,306 | |||
Prepaid expense | 23,135 | |||
Other current assets | 3,525 | |||
Deferred tax assets | 48,639 | |||
Property plant and equipment | 981,009 | |||
Identifiable intangibles | 464,193 | |||
Goodwill | 702,672 | |||
Investment in unconsolidated subsidiaries | 27,069 | |||
Other long term assets | 1,101 | |||
Accounts payable | (210,477 | ) | ||
Current portion of long-term debt | (26,347 | ) | ||
Accrued expenses | (149,345 | ) | ||
Deferred tax liability | (350,003 | ) | ||
Long Term debt obligations | (4,109 | ) | ||
Other noncurrent liabilities | (57,721 | ) | ||
Noncontrolling interests | (90,919 | ) | ||
Purchase price, net of cash acquired of $91.2 million | $ | 2,075,006 | ||
During the fourth quarter of fiscal 2014, the Company completed the purchase accounting for the VION Acquisition. Subsequent to the preliminary purchase price allocation in the first quarter of fiscal 2014, the Company made adjustments to the provisional amounts to increase working capital of approximately $84.0 million, decrease property, plant and equipment of approximately $27.3 million, decrease identifiable intangibles of $17.6 million, decrease goodwill of approximately $72.1 million and increase other of approximately $27.0 million. The impact of these adjustments during the measurement period did not have a material impact to earnings for fiscal 2014 or any quarterly period during the year. | ||||
Goodwill of approximately $223.2 million was assigned to the Feed Ingredients segment, approximately $375.6 million was assigned to the Food Ingredients segment and approximately $103.8 million was assigned to the Fuel Ingredients segment, respectively. Of the VION Acquisition goodwill, approximately 33% is expected to be deductible for tax purposes. Identifiable intangibles include trademarks and trade names with indefinite lives of approximately $32.0 million and definite lived intangible assets including routes of approximately $190.2 million with a weighted average useful life of 10 years, $225.6 million in permits with a weighted average useful life of 15 years and patents and other intangibles of approximately $16.5 million with a weighted average useful life of 25 years. The VION Acquisition is a taxable stock sale and as a result there were deferred taxes that were created. | ||||
The amount of revenue and income/loss from the VION Acquisition included in the Company’s consolidated statement of operations for the year ended January 3, 2015 were $2.1 billion and a income of approximately $19.6 million, respectively. | ||||
On October 28, 2013, Darling completed the acquisition of substantially all of the assets of Rothsay for approximately CAD $640.2 million (approximately USD$612.6 million at the exchange rate of CAD$1.00:USD$0.9569) comprised of cash of CAD$644.5 million less a contingent receivable of approximately CAD$4.3 million due to over payment for working capital, which was returned by MFI in fiscal 2014. The cash portion of the Rothsay Acquisition was funded through a combination of borrowings under Darling's senior secured revolving credit facility and term loan facility. Rothsay has a network of five rendering plants in Manitoba, Ontario and Nova Scotia and a biodiesel operation in Quebec, Canada. The Rothsay Acquisition not only adds significant scale by expanding the Company's geographic footprint into Canada, but also provides the Company with an opportunity for synergies through transferring best practices between Rothsay and the Company's existing operations and improving efficiencies. | ||||
The following table summarizes the fair value of the assets acquired and liabilities assumed in the Rothsay Acquisition as of October 28, 2013 (in thousands): | ||||
Accounts receivable | $ | 13,220 | ||
Inventory | 5,479 | |||
Other current assets | 312 | |||
Property, plant and equipment | 138,175 | |||
Identifiable intangibles | 240,386 | |||
Goodwill | 262,797 | |||
Accounts payable | (12,159 | ) | ||
Accrued expenses | (5,701 | ) | ||
Deferred tax liability | (15,031 | ) | ||
Capital lease obligations | (10,741 | ) | ||
Other non-current liabilities | (4,102 | ) | ||
Purchase price, net of cash acquired | $ | 612,635 | ||
During the fourth quarter of fiscal 2014, the Company completed the purchase accounting for the Rothsay Acquisition. In the Rothsay Acquisition, goodwill of approximately $224.6 million was assigned to the Feed Ingredients segment and approximately $38.2 million was assigned to the Fuel Ingredients segment. Approximately 75% of the goodwill recorded in the Rothsay Acquisition is expected to be deductible for tax purposes. Identifiable intangibles include definite lived intangible assets including routes of approximately $172.6 million with a weighted average useful life of 21 years, $55.6 million in permits with a weighted average useful life of 13 years, trade names of approximately $9.0 million with a weighted average useful life of 4 years and $3.2 million in non-compete with a weighted average useful life of 7 years. | ||||
The amount of Rothsay's revenue and ncome/loss included in the Company’s consolidated statement of operations for the year ended January 3, 2015 were $207.0 million and income of approximately $15.9 million, which includes certain integration costs allocated to the business, respectively. | ||||
The Company also incurred selling and general administrative expenses as part of the VION Acquisition and the Rothsay Acquisition for consulting and legal expenses and integration expenses in the amount of approximately $24.4 million and $22.2 million during fiscal 2014 and fiscal 2013, respectively. | ||||
As a result of the Rothsay Acquisition and the VION Acquisition, effective October 28, 2013 and January 7, 2014, respectively, the Company began including the operations of the Rothsay Acquisition and the VION Acquisition into the Company's consolidated financial statements. The following table presents selected pro forma information, for comparative purposes, assuming the Rothsay Acquisition and the VION Acquisition had occurred on December 30, 2012 for the periods presented (unaudited) (in thousands, except per share data): | ||||
28-Dec-13 | ||||
Net sales | $ | 4,178,258 | ||
Income from continuing operations | 259,765 | |||
Net income attributable to Darling | 169,101 | |||
Earnings per share | ||||
Basic | $ | 1.03 | ||
Diluted | $ | 1.02 | ||
The selected unaudited pro forma information is not necessarily indicative of the consolidated results of operations for future periods or the results of operations that would have been realized had the VION Acquisition and the Rothsay Acquisition actually occurred on December 30, 2012 and excludes certain nonrecurring transactions directly related to the acquisitions. | ||||
The Company also incurred selling and general administrative expenses as part of the Rothsay Acquisition for consulting and legal expenses in the amount of approximately $10.8 million. Additionally, approximately $14.4 million was capitalized as deferred loan costs, which are included in other assets on the Company’s consolidated balance sheets in fiscal 2013. | ||||
The Company notes the acquisitions discussed below are not considered related businesses, therefore are not required to be treated as a single business combination. Pro forma results of operations for these acquisitions have not been presented because the effect of each acquisition individually or in the aggregate is not deemed material to revenues and net income of the Company for any fiscal period presented. | ||||
On October 1, 2014, the Company acquired substantially all of the assets of Custom Blenders Arkansas, LLC, an Indiana limited liability company, Custom Blenders Georgia, LLC, a Georgia limited liability company, Custom Blenders Indiana, Inc., an Indiana corporation, and Custom Blenders Texas, LLC, an Indiana limited liability company (collectively "Custom Blenders"), one of the leading bakery residuals recyclers in the United States. The acquisition includes Custom Blenders' operations in Indiana, Georgia, Texas, and Arkansas. The acquisition will provide significant synergies to the Company's suppliers and customers in the Feed Ingredients segment. The Company paid approximately $18.8 million in cash for assets consisting of property, plant and equipment of approximately $3.2 million, intangible assets of approximately $8.6 million, goodwill of approximately $5.4 million and inventory of approximately $1.6 million. The identifiable intangibles have a weighted average life of 14 years. | ||||
On August 26, 2013, a wholly-owned subsidiary of Darling, Darling AWS LLC, a Delaware limited liability company, acquired all of the shares of Terra Holding Company, a Delaware corporation, and its wholly owned subsidiaries, Terra Renewal Services, Inc., an Arkansas corporation ("TRS"), and EV Acquisition, Inc., an Arkansas corporation (the "Terra Transaction"). The Terra Transaction will increase the Company's rendering portfolio by adding to the Company's existing rendering segments grease collection businesses and adds an industrial residuals business as a new line of service for the Company's rendering raw material suppliers within the Feed Ingredients segment. | ||||
Effective August 26, 2013, the Company began including the operations acquired in the Terra Transaction into the Company's consolidated financial statements. The Company paid approximately $122.1 million in cash for assets and assumed liabilities consisting of property, plant and equipment of $27.7 million, intangible assets of $46.2 million, goodwill of $61.1 million, deferred tax liability of $19.5 million and working capital of $6.6 million on the closing date. The goodwill from the Terra Transaction was assigned to the Feed Ingredients segment and is not deductible for tax purposes, though TRS has approximately $5.2 million of goodwill deductible for tax purposes related to prior acquisitions. The identifiable intangibles have a weighted average life of 12 years. | ||||
On June 8, 2012, the Company completed its acquisition of substantially all of the assets of RVO BioPur, LLC ("BioPur") for approximately $3.0 million including property plant and equipment of $0.6 million and intangible assets of $2.4 million. Headquartered in Waterbury, Connecticut, BioPur provides used cooking oil collection and grease trap services to restaurants and food service establishments in the New England area of the Company's existing East coast operations. The identifiable intangibles have a weighted average life of 9 years. |
Inventories
Inventories | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
A summary of inventories follows (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Finished product | $ | 255,130 | $ | 57,681 | ||||
Work in process | 98,936 | — | ||||||
Supplies and other | 47,547 | 7,452 | ||||||
$ | 401,613 | $ | 65,133 | |||||
Following the VION Acquisition, the Company began to carry larger amounts of inventories as compared to historical periods due to the VION Acquisition. Additionally, certain products acquired in the VION Acquisition, primarily in the gelatin and casing businesses traditionally have required longer processing periods to produce the end product and thus have greater available inventory than Darling's historical products require. The Company's work in process inventory represents inventory in the Food Ingredients segment that is in various stages of processing. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
A summary of property, plant and equipment follows (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Land | $ | 166,669 | $ | 67,375 | ||||
Buildings and improvements | 443,081 | 163,523 | ||||||
Machinery and equipment | 1,110,598 | 526,641 | ||||||
Vehicles | 170,597 | 136,649 | ||||||
Aircraft | 13,223 | 18,465 | ||||||
Construction in process | 195,647 | 135,234 | ||||||
2,099,815 | 1,047,887 | |||||||
Accumulated depreciation | (525,699 | ) | (381,314 | ) | ||||
$ | 1,574,116 | $ | 666,573 | |||||
Intangbile_assets
Intangbile assets | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
INTANGIBLE ASSETS [Abstract] | ||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS | |||||||
The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands): | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
Indefinite Lived Intangible Assets | ||||||||
Trade names | $ | 120,330 | $ | 92,002 | ||||
120,330 | 92,002 | |||||||
Finite Lived Intangible Assets: | ||||||||
Routes | 437,816 | 259,326 | ||||||
Permits | 523,398 | 321,763 | ||||||
Non-compete agreements | 7,583 | 7,218 | ||||||
Trade names | 11,983 | 12,698 | ||||||
Royalty, consulting, land use rights and leasehold | 16,212 | 727 | ||||||
996,992 | 601,732 | |||||||
Accumulated Amortization: | ||||||||
Routes | (75,308 | ) | (38,231 | ) | ||||
Permits | (101,010 | ) | (63,145 | ) | ||||
Non-compete agreements | (3,595 | ) | (2,352 | ) | ||||
Trade names | (3,420 | ) | (724 | ) | ||||
Royalty, consulting, land use rights and leasehold | (1,576 | ) | (618 | ) | ||||
(184,909 | ) | (105,070 | ) | |||||
Total Intangible assets, less accumulated amortization | $ | 932,413 | $ | 588,664 | ||||
Gross intangible routes, permits, trade names, non-compete agreements and other intangibles increased in fiscal 2014 mainly due to the VION Acquisition and increased in fiscal 2013 mainly due to the Rothsay Acquisition and Terra Transaction. Amortization expense for the three years ended January 3, 2015, December 28, 2013 and December 29, 2012, was approximately $83.6 million, $32.1 million and $28.1 million, respectively. Amortization expense for the next five fiscal years is estimated to be $80.4 million, $75.0 million, $73.6 million, $71.0 million and $69.8 million. |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
GOODWILL [Abstract] | |||||||||||||
GOODWILL | GOODWILL | ||||||||||||
Changes in the carrying amount of goodwill (in thousands): | |||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | ||||||||||
Balance at December 29, 2012 | |||||||||||||
Goodwill | $ | 396,807 | $ | — | $ | 476 | $ | 397,283 | |||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
380,893 | — | 476 | 381,369 | ||||||||||
Goodwill acquired during year | 288,471 | — | 38,198 | 326,669 | |||||||||
Foreign currency translation | (5,467 | ) | — | (934 | ) | (6,401 | ) | ||||||
Balance at December 28, 2013 | |||||||||||||
Goodwill | 679,811 | — | 37,740 | 717,551 | |||||||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
663,897 | — | 37,740 | 701,637 | ||||||||||
Goodwill acquired during year | 225,889 | 375,633 | 103,806 | 705,328 | |||||||||
Foreign currency translation | (42,192 | ) | (29,480 | ) | (14,874 | ) | (86,546 | ) | |||||
Balance at January 3, 2015 | |||||||||||||
Goodwill | 863,508 | 346,153 | 126,672 | 1,336,333 | |||||||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
$ | 847,594 | $ | 346,153 | $ | 126,672 | $ | 1,320,419 | ||||||
Certain of the Company's rendering facilities are highly dependent on one or few suppliers. It is reasonably possible that certain of those suppliers could cease their operations or choose a competitor’s services, which could have a significant impact on these facilities. | |||||||||||||
The process of evaluating goodwill for impairment involves the determination of the fair value of the Company's reporting units. In fiscal 2014, fiscal 2013 and fiscal 2012, the fair values of the Company’s reporting units containing goodwill exceeded the related carrying value pursuant to a quantitative assessment completed as of October 25, 2014. |
Investment_in_Unconsolidated_S
Investment in Unconsolidated Subsidiary | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Investment in Affiliate [Abstract] | |||||||||||
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY | INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | ||||||||||
The Company announced on January 21, 2011 that a wholly-owned subsidiary of Darling entered into a limited liability company agreement with Valero to form the DGD Joint Venture. The DGD Joint Venture is owned 50% / 50% with Valero and was formed to design, engineer, construct and operate a renewable diesel plant (the "DGD Facility"), which is capable of producing approximately 11,000 barrels per day of input feedstock to produce renewable diesel fuel and certain other co-products, and is located adjacent to Valero's refinery in Norco, Louisiana. The DGD Joint Venture reached mechanical completion and began the production of renewable diesel in late June 2013. On August 3, 2014, the facility shutdown as a result of a fire incident. The facility resumed operations on September 18, 2014. The DGD Joint Venture anticipates that the fire incident will be covered under its property and casualty insurance policies and the financial exposure is limited to the deductible. The DGD Joint Venture does not expect to file a business interruption claim. | |||||||||||
On May 31, 2011, the DGD Joint Venture and Diamond Green Diesel LLC, a wholly-owned subsidiary of the DGD Joint Venture ("Opco"), entered into (i) a facility agreement (the "Facility Agreement") with Diamond Alternative Energy, LLC, a wholly-owned subsidiary of Valero (the "Lender"), and (ii) a loan agreement (the "Loan Agreement") with the Lender, which will provide the DGD Joint Venture with a 14 year multiple advance term loan facility of approximately $221.3 million (the "JV Loan") to support the design, engineering and construction of the DGD Facility, which is now in production. The Facility Agreement and the Loan Agreement prohibit the Lender from assigning all or any portion of the Facility Agreement or the Loan Agreement to unaffiliated third parties. Opco has also pledged substantially all of its assets to the Lender, and the DGD Joint Venture has pledged all of Opco's equity interests to the Lender, until the JV Loan has been paid in full and the JV Loan has terminated in accordance with its terms. | |||||||||||
Based on the sponsor support agreements executed in connection with the Facility Agreement and the Loan Agreement relating to the DGD Joint Venture with Valero, the Company has contributed a total of approximately $111.7 million for the construction of the DGD Facility including the Company's portion of cost overruns and working capital funding. | |||||||||||
In addition to the DGD Joint Venture, the Company has investments in other unconsolidated subsidiaries that were acquired in the VION Acquisition that are insignificant to the Company. Selected financial information for the Company's DGD Joint Venture is as follows: | |||||||||||
(in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||
Assets: | |||||||||||
Total current assets | $ | 216,991 | $ | 106,332 | |||||||
Property, plant and equipment, net | 373,117 | 382,011 | |||||||||
Other assets | 2,092 | 92 | |||||||||
Total assets | $ | 592,200 | $ | 488,435 | |||||||
Liabilities and members' equity: | |||||||||||
Total current portion of long term debt | $ | 57,514 | $ | 8,511 | |||||||
Total other current liabilities | 21,313 | 36,702 | |||||||||
Total long term debt | 155,273 | 212,787 | |||||||||
Total other long term liabilities | 339 | 207 | |||||||||
Total members' equity | 357,761 | 230,228 | |||||||||
Total liabilities and member's equity | $ | 592,200 | $ | 488,435 | |||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||
Revenues: | |||||||||||
Operating revenues | $ | 487,834 | $ | 213,552 | $ | — | |||||
Expenses: | |||||||||||
Total costs and expenses | 342,743 | 189,216 | 5,324 | ||||||||
Operating income | 145,091 | 24,336 | (5,324 | ) | |||||||
Other income | 82 | 33 | — | ||||||||
Interest and debt expense, net | (17,640 | ) | (9,049 | ) | — | ||||||
Net income/(loss) | $ | 127,533 | $ | 15,320 | $ | (5,324 | ) | ||||
As of January 3, 2015, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $178.9 million on the consolidated balance sheet and has recorded approximately $63.8 million and $7.7 million in equity net income and $2.7 million in equity net losses in the unconsolidated subsidiary for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. Biodiesel blenders registered with the Internal Revenue Service were eligible for a tax incentive in the amount of $1.00 per gallon of renewable diesel blended with petroleum diesel to produce a mixture containing 0.1% diesel fuel. As a blender, the DGD Joint Venture has recorded approximately $126.0 million and approximately $50.4 million in blender credits, for its fiscal years ended December 31, 2014 and December 31, 2013 respectively. These blenders credits were recorded by the DGD Joint Venture as a reduction of total costs and expenses in the above table. In fiscal 2014, the DGD Joint Venture booked all blenders tax credits in the fourth quarter. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
ACCRUED EXPENSES [Abstract] | ||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES | |||||||
Accrued expenses consist of the following (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Compensation and benefits | $ | 92,863 | $ | 38,902 | ||||
Utilities and sewage | 18,441 | 6,802 | ||||||
Accrued income, ad valorem, and franchise taxes | 15,615 | 3,651 | ||||||
Reserve for self insurance, litigation, environmental and tax matters (Note 19) | 10,041 | 7,878 | ||||||
Medical claims liability | 5,229 | 5,960 | ||||||
Accrued operating expenses | 55,877 | 9,512 | ||||||
Accrued acquisition costs | — | 4,306 | ||||||
Accrued financing fees | — | 18,592 | ||||||
Accrued interest payable | 13,869 | — | ||||||
Other accrued expense | 44,184 | 17,571 | ||||||
$ | 256,119 | $ | 113,174 | |||||
Leases
Leases | 12 Months Ended | ||||||
Jan. 03, 2015 | |||||||
Leases [Abstract] | |||||||
LEASES | LEASES | ||||||
The Company leases 16 processing plants and storage locations, land surrounding certain processing plants, three office locations under operating leases and a portion of its transportation equipment under operating and capital leases. Leases are noncancellable and expire at various times through the year 2040. Minimum rental commitments under noncancellable leases as of January 3, 2015, are as follows (in thousands): | |||||||
Period Ending Fiscal | Operating Leases | Capital Leases | |||||
2015 | $ | 32,280 | $ | 2,873 | |||
2016 | 28,840 | 2,290 | |||||
2017 | 25,701 | 1,871 | |||||
2018 | 23,353 | 1,049 | |||||
2019 | 18,861 | 311 | |||||
Thereafter | 29,039 | 166 | |||||
$ | 158,074 | $ | 8,560 | ||||
Less amounts representing interest | (666 | ) | |||||
Capital lease obligations included in current and long-term debt | $ | 7,894 | |||||
Darling through its wholly-owned subsidiary Griffin, leases two real properties located in Butler, Kentucky and real properties located in each of Jackson, Mississippi and Henderson, Kentucky from Martom Properties, LLC, an entity owned in part by Martin W. Griffin, the Company's Executive Vice President – Chief Operations Officer, North America. See Note 22 for further information on the Company's related party lease transactions. | |||||||
Rent expense was approximately $29.6 million, $14.4 million and $12.6 million, for the fiscal years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | |||||||
The Company's capital lease assets are included in property, plant and equipment and the capital lease obligations are included in the Company's current and long-term debt obligations on the consolidated balance sheet. |
Debt
Debt | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | DEBT | |||||||
Debt consists of the following (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Credit Agreement and Former Credit Agreement: | ||||||||
Revolving Credit Facility ($36.9 million and $46.7 million denominated in CAD at January 3, 2015 and December 28, 2013, respectively) | $ | 101,863 | $ | 286,676 | ||||
Term Loan A ($122.2 million and $140.0 million denominated in CAD at January 3, 2015 and December 28, 2013, respectively) | 312,161 | 340,030 | ||||||
Term Loan B ($610.2 million denominated in EURO at January 3, 2015) | 1,205,669 | — | ||||||
5.375% Senior Notes due 2022 | 500,000 | — | ||||||
8.5% Senior Notes due 2018 | — | 250,000 | ||||||
Other Notes and Obligations | 32,747 | 10,129 | ||||||
2,152,440 | 886,835 | |||||||
Less Current Maturities | 54,401 | 19,888 | ||||||
$ | 2,098,039 | $ | 866,947 | |||||
At January 3, 2015, the Company had outstanding debt under a term loan facility and revolving facility denominated in Canadian dollars of CAD$142.5 million and CAD$43.0 million, respectively. See below for discussion relating to the Company's debt agreements. In addition, at January 3, 2015, the Company had capital lease obligations denominated in Canadian dollars. The current capital lease obligation and long-term capital lease obligation in Canadian dollars was approximately CAD$2.5 million and CAD$4.9 million, respectively. | ||||||||
At January 3, 2015, the Company had outstanding debt under a term loan facility denominated in euros of €506.2 million. See below for discussion relating to the Company's debt agreements. In addition, at January 3, 2015, the Company had capital lease obligations denominated in euros. The current capital lease obligation and long-term capital lease obligation in euros was approximately €0.3 million and €0.9 million, respectively. | ||||||||
Senior Secured Credit Facilities. On January 6, 2014, Darling, Darling International Canada Inc. ("Darling Canada") and Darling International NL Holdings B.V. ("Darling NL") entered into a Second Amended and Restated Credit Agreement (the "Amended Credit Agreement"), restating its then existing Amended and Restated Credit Agreement dated September 27, 2013 (the "Former Credit Agreement"), with the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents from time to time party thereto. | ||||||||
The Amended Credit Agreement provides for senior secured credit facilities in the aggregate principal amount of $2.65 billion comprised of (i) the Company's $350.0 million term loan A facility (ii) the Company's $1.3 billion term loan B facility and (iii) the Company's $1.0 billion five-year revolving loan facility (approximately $250.0 million of which will be available for a letter of credit sub-facility and $50.0 million of which will be available for a swingline sub-facility) (collectively, the "Senior Secured Credit Facilities"). The Amended Credit Agreement also permits Darling and the other borrowers thereunder to incur ancillary facilities provided by any revolving lender party to the Senior Secured Credit Facilities (with certain restrictions). Up to $350.0 million of the revolving loan facility is available to be borrowed by Darling in U.S. dollars, Canadian dollars, euros and other currencies to be agreed and available to each applicable lender, to be borrowed by Darling Canada in Canadian dollars and to be borrowed by Darling NL, Darling Ingredients International Holding B.V. ("Darling BV") and CTH Germany GmbH ("CTH") in U.S. dollars, euros and other currencies to be agreed and available to each applicable lender. On January 6, 2014, $600.0 million of the term loan B facility was borrowed in U.S. dollars by Darling and the euro equivalent of $700.0 million of the term loan B facility was borrowed in euros by Darling NL. The proceeds of the term loan B facility and a portion of the revolving loan facility were used by Darling to pay a portion of the consideration for the VION Acquisition. The revolving loan facility will also be used for working capital needs, general corporate purposes and other purposes not prohibited by the Amended Credit Agreement. | ||||||||
As of January 3, 2015, The Company has borrowed all $350.0 million of the term loan A facility which, when repaid, cannot be reborrowed. The term loan A facility is repayable in quarterly installments as follows: for the first eight quarters following January 6, 2014, 1.25% of the original principal amount of the term loan A facility, for the ninth through sixteenth quarters following January 6, 2014, 1.875% of the original principal amount of the term loan A facility, and for each quarterly installment after such sixteenth installment until September 27, 2018, 3.75% of the original principal amount of the term loan A facility. The term loan A facility will mature on September 27, 2018. | ||||||||
As of January 3, 2015, the Company has borrowed all $1.3 billion under the terms of the term loan B facility, which when repaid, cannot be reborrowed. The term loan B facility is repayable in quarterly installments of 0.25% of the aggregate principal amount of the relevant term loan B facility on the last day of each March, June, September and December of each year commencing on the last day of each month falling on or after the last day of the first full quarter following January 6, 2014 and continuing until the last day of each quarter period ending immediately prior to January 7, 2021; and one final installment in the amount of the relevant term loan B facility then outstanding, due on January 7, 2021. The term loan B facility will mature on January 7, 2021. | ||||||||
The interest rate applicable to any borrowings under the term loan A facility and the revolving loan facility will equal either LIBOR/euro interbank offered rate/CDOR plus 2.50% per annum or base rate/Canadian prime rate plus 1.50% per annum, subject to certain step-downs based on the Company's total leverage ratio. The interest rate applicable to any borrowings under the term loan B facility will equal (a) for U.S. dollar term loans, either the base rate plus 1.50% or LIBOR plus 2.50%, and (b) for euro term loans, the euro interbank offered rate plus 2.75%, in each case subject to a step-down based on Darling’s total leverage ratio. For term loan B loans, the LIBOR rate shall not be less than 0.75%. | ||||||||
At January 3, 2015, the Company had $190.0 million outstanding under the term loan A facility and $65.0 million under the revolver at LIBOR plus a margin of 2.50% per annum for a total of 2.6875% per annum. The Company had $595.5 million outstanding under the term loan B facility at LIBOR plus a margin of 2.50% per annum for a total of 3.25% per annum. The Company had CAD$142.5 million outstanding under the term loan A Facility and CAD$43.0 million outstanding under the revolver at CDOR plus a margin of 2.50% per annum for a total of 3.8960% per annum. The Company had €506.2 million outstanding under the term loan B facility at LIBOR plus a margin of 2.75% per annum for a total of 3.50% per annum. As of January 3, 2015, the Company had availability of $865.9 million under the Amended Credit Agreement taking into account amounts borrowed and letters of credit issued of $32.2 million. The Company also has foreign bank guarantees that are not part of the Company's Amended Credit Agreement in the amount of approximately $11.2 million at January 3, 2015. In addition, the Company has capitalized approximately $39.6 million of deferred loan costs in fiscal year 2014. | ||||||||
The Amended Credit Agreement contains various customary representations and warranties by the Company, which include customary use of materiality, material adverse effect and knowledge qualifiers. The Amended Credit Agreement also contains (a) certain affirmative covenants that impose certain reporting and/or performance obligations on Darling and its subsidiaries, (b) certain negative covenants that generally prohibit, subject to various exceptions, Darling and its restricted subsidiaries from taking certain actions, including, without limitation, incurring indebtedness, making investments, incurring liens, paying dividends and engaging in mergers and consolidations, sale and leasebacks and asset dispositions, (c) financial covenants, which include a maximum total leverage ratio, a maximum secured leverage ratio and a minimum interest coverage ratio and (d) customary events of default (including a change of control) for financings of this type. Obligations under the Senior Secured Credit Facilities may be declared due and payable upon the occurrence and during the continuance of customary events of default. | ||||||||
Pursuant to the Second Amended and Restated Security Agreement, dated as of January 6, 2014 (the "Security Agreement"), by and among Darling, its domestic subsidiaries signatory thereto and any other domestic subsidiary who may become a party thereto and JPMorgan Chase Bank, N.A., as administrative agent, the Senior Secured Credit Facilities are secured, subject to certain carveouts and exceptions, by a first priority lien on substantially all of the assets of Darling and such domestic subsidiaries. The obligations of Darling Canada, Darling NL, Darling BV, CTH and any other foreign borrower under the Senior Secured Credit Facilities are also secured by a first priority lien on certain assets of certain of Darling’s foreign subsidiaries organized in Canada, Belgium, Germany, the Netherlands and Brazil, subject to certain carveouts and exceptions. | ||||||||
Pursuant to the Second Amended and Restated Guaranty Agreement, dated as of January 6, 2014 (the "Guaranty Agreement"), (a) the obligations of Darling under the Senior Secured Credit Facilities are guaranteed by certain of Darling’s wholly-owned domestic subsidiaries and (b) the obligations of Darling Canada, Darling NL, Darling BV, CTH and any other foreign borrower under the Senior Secured Credit Facilities are guaranteed by Darling and certain of its domestic and foreign wholly-owned subsidiaries, in each case subject to certain carveouts and exceptions (collectively, the "Credit Agreement Guarantors"). | ||||||||
Senior Notes due 2022. On December 18, 2013, Darling Escrow Corporation ("Darling Escrow Sub"), a Delaware corporation and wholly-owned subsidiary of Darling, entered into a purchase agreement (the “Original Purchase Agreement”) with the initial purchasers party thereto (the "Initial Purchasers"), for the sale of $500.0 million aggregate principal amount of its 5.375% Notes due 2022.(the "5.375% Private Notes"). On January 2, 2014, the 5.375% Notes, which were offered in a private offering in connection with the VION Acquisition, were issued pursuant to a 5.375% Notes Indenture, dated as of January 2, 2014 (the "Original Indenture"), among Darling Escrow Sub, the Subsidiary Guarantors (as defined in the Original Indenture) party thereto from time to time and U.S. Bank National Association, as trustee (the "Trustee"), with the gross proceeds from the offering of the 5.375% Notes and certain additional amounts deposited in an escrow account pending the satisfaction of certain conditions, including the completion of the VION Acquisition, which occurred on January 7, 2014. | ||||||||
On January 8, 2014 (the "Notes Closing Date"), Darling Escrow Sub merged (the "Notes Merger") with and into Darling (with Darling as the survivor of the Notes Merger), pursuant to an Agreement and Plan of Merger, dated January 8, 2014, between Darling Escrow Sub and Darling. | ||||||||
In connection with the completion of the Notes Merger, pursuant to the provisions of the Original Indenture and the Original Purchase Agreement, Darling Escrow Sub, Darling and certain of Darling’s subsidiaries: Craig Protein Division, Inc. ("Craig Protein"), Darling AWS LLC, Darling National LLC ("Darling National"), Darling Northstar LLC, Darling Global Holdings Inc., EV Acquisition, Inc., Griffin Industries LLC ("Griffin"), Terra Holding Company and TRS (such subsidiaries and together with any other Darling Subsidiaries that guarantee the 5.375% Notes, the "Notes Guarantors") entered into a supplemental indenture with the Trustee (the "Supplemental Indenture," and together with the Original Indenture, the "Indenture"), pursuant to which, upon effectiveness of the Notes Merger, Darling assumed all the obligations of Darling Escrow Sub under the 5.375% Private Notes and the Indenture and the Notes Guarantors guaranteed the 5.375% Private Notes and agreed to be bound by the terms of the Indenture applicable to subsidiary guarantors of the 5.375% Private Notes. In addition, in accordance with the provisions of the Original Purchase Agreement, upon the completion of the Notes Merger, Darling and the Notes Guarantors became parties to the Original Purchase Agreement, by entering into a Joinder to the Purchase Agreement, dated as of the Notes Closing Date (together with the Original Purchase Agreement, the "Purchase Agreement"), with the Initial Purchasers. Upon satisfaction of the escrow release conditions on the Closing Date, the proceeds from the offering of the 5.375% Private Notes were released from the escrow account in accordance with Darling’s written instructions. Darling used a portion of the proceeds from the offering of the 5.375% Private Notes to pay the Initial Purchasers’ commission related to the offering of the 5.375% Private Notes and certain fees and expenses (including bank fees and expenses) related to the financing of the VION Acquisition and for purposes of satisfying, discharging and redeeming its 8.5% Notes due 2018 described below. | ||||||||
Darling used the remaining proceeds of the 5.375% Private Notes to pay certain other fees and expenses related to the completion of the VION Acquisition and its related financings, to repay a portion of the borrowings under its revolving credit facility used to fund a portion of the consideration for the VION Acquisition and for general corporate purposes. | ||||||||
The Purchase Agreement contains customary representations, warranties and agreements by Darling and the Notes Guarantors. In addition, Darling and the Notes Guarantors have agreed to indemnify the Initial Purchasers against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"), or to contribute to payments the Initial Purchasers may be required to make because of any of those liabilities. | ||||||||
In connection with the assumption of the 5.375% Private Notes by Darling and the guarantee of the 5.375% Private Notes by the Notes Guarantors, on the Notes Closing Date, Darling and the Notes Guarantors became parties to, and Darling assumed all of Darling Escrow Sub’s obligations under, a registration rights agreement, dated as of January 2, 2014 (the "Registration Rights Agreement"). In satisfaction of Darling’s obligations under the Registration Rights Agreement, Darling and the Notes Guarantors completed a registered exchange offer for the 5.375% Private Notes under the Securities Act during the third quarter of 2014. The terms of the notes issued in exchange for the 5.375% Private Notes and guaranteed by the Notes Guarantors (the “5.375% Public Notes” and together with the 5.375% Private Notes, the “5.375% Notes") are substantially identical in all material respects to the 5.375% Private Notes, except that transfer restrictions, registration rights and additional interest provisions relating to the 5.375% Private Notes do not apply to the 5.375% Public Notes. | ||||||||
The 5.375% Notes will mature on January 15, 2022. Darling will pay interest on the 5.375% Notes on January 15 and July 15 of each year, commencing on July 15, 2014. Interest on the 5.375% Notes will accrue at a rate of 5.375% per annum and be payable in cash. Other than for extraordinary events such as change of control and defined assets sales, the Company is not required to make mandatory redemption or sinking fund payments on the 5.375% Notes. | ||||||||
The 5.375% Notes are currently guaranteed on an unsecured senior basis by the Notes Guarantors, which constitute all of Darling’s existing restricted subsidiaries that are Credit Agreement Guarantors (other than Darling’s foreign subsidiaries). Under the Indenture, each restricted subsidiary of Darling (other than Darling’s foreign subsidiaries and certain of Darling’s subsidiaries that engage solely in the financing of receivables and are so designated by Darling) is required to guarantee the 5.375% Notes (a) if the Amended Credit Agreement is outstanding and such restricted subsidiary guarantees the Amended Credit Agreement and (b) if the Amended Credit Agreement is not outstanding, if such restricted subsidiary incurs or guarantees certain indebtedness in excess of $50.0 million. | ||||||||
The 5.375% Notes and the guarantees thereof rank equally in right of payment to any existing and future senior debt of Darling and the Notes Guarantors, including debt that is secured by the collateral for the Amended Credit Agreement. The 5.375% Notes and the guarantees thereof will be effectively junior to existing and future debt of Darling and the Notes Guarantors that is secured by assets that do not constitute collateral for the Amended Credit Agreement, to the extent of the value of the assets securing such debt. The 5.375% Notes and the guarantees thereof will be structurally subordinated to all of the existing and future liabilities (including trade payables) of each of the subsidiaries of Darling that do not guarantee the 5.375% Notes. | ||||||||
Darling may at any time and from time to time purchase the 5.375% Notes in the open market or otherwise. Darling may redeem some or all of the 5.375% Notes at any time prior to January 15, 2017, at a redemption price equal to 100% of the principal amount of the 5.375% Notes redeemed, plus accrued and unpaid interest to the redemption date and an Applicable Premium as specified in the Indenture. | ||||||||
On and after January 15, 2017, Darling may redeem all or, from time to time, a part of the 5.375% Notes (including any additional Notes), upon not less than 30 nor more than 60 days' notice at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest on the 5.375% Notes, if any, to, but excluding, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on January 15 of the years indicated below: | ||||||||
Year | Percentage | |||||||
2017 | 104.03% | |||||||
2018 | 102.69% | |||||||
2019 | 101.34% | |||||||
2020 and thereafter | 100.00% | |||||||
In addition, prior to January 15, 2017, Darling may on one or more occasions redeem up to 40% of the original principal amount of the 5.375% Notes (calculated after giving effect to the issuance of any additional 5.375% Notes) with the net cash proceeds of one or more equity offerings at a redemption price equal to 105.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that at least 50% of the original principal amount of the 5.375% Notes (calculated after giving effect to the issuance of any additional 5.375% Notes) remains outstanding after each such redemption; provided further that the redemption occurs within 90 days after the closing of such equity offering. | ||||||||
The Indenture contains covenants limiting Darling’s ability and the ability of its restricted subsidiaries to, among other things: incur additional indebtedness or issue preferred stock; pay dividends on or make other distributions or repurchases of Darling’s capital stock or make other restricted payments; create restrictions on the payment of dividends or other amounts from Darling’s restricted subsidiaries to Darling or Darling’s other restricted subsidiaries; make loans or investments; enter into certain transactions with affiliates; create liens; designate Darling’s subsidiaries as unrestricted subsidiaries; and sell certain assets or merge with or into other companies or otherwise dispose of all or substantially all of Darling’s assets. | ||||||||
The Indenture also provides for customary events of default, including, without limitation, payment defaults, covenant defaults, cross acceleration defaults to certain other indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency and judgment defaults in excess of specified amounts. If any such event of default occurs and is continuing under the Indenture, the Trustee or the holders of at least 25% in principal amount of the total outstanding 5.375% Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding 5.375% Notes issued under the Indenture to be due and payable immediately. | ||||||||
Senior Notes due 2018. On December 17, 2010, Darling issued $250.0 million aggregate principal amount of its 8.5% Senior Notes due 2018 (the “8.5% Notes”) under an indenture with U.S. Bank National Association, as trustee. On February 7, 2014, the Company completed the redemption of the 8.5% Notes for $280.4 million, which included a redemption premium of approximately $27.3 million and accrued and unpaid interest of approximately $3.1 million. | ||||||||
The Amended Credit Agreement, 5.375% Notes and the 8.5% Notes consisted of the following elements at January 3, 2015 and December 28, 2013, respectively (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Senior Notes: | ||||||||
5.375% Notes due 2022 | $ | 500,000 | $ | — | ||||
8.5% Notes due 2018 | $ | — | $ | 250,000 | ||||
Amended Credit Agreement: | ||||||||
Term Loan A | $ | 312,161 | $ | 340,030 | ||||
Term Loan B | $ | 1,205,669 | $ | — | ||||
Revolving Credit Facility: | ||||||||
Maximum availability | $ | 1,000,000 | $ | 1,000,000 | ||||
Borrowings outstanding | 101,863 | 286,676 | ||||||
Letters of credit issued | 32,198 | 32,662 | ||||||
Availability | $ | 865,939 | $ | 680,662 | ||||
The Company's financial covenants under the Amended Credit Agreement were first effective for fiscal quarter ended June 28, 2014, which is the first full fiscal quarter after January 6, 2014. As of January 3, 2015, the Company believes it is in compliance with all of the financial covenants under the Amended Credit Agreement, as well as all of the other covenants contained in the Amended Credit Agreement and the Indenture. | ||||||||
Maturities of long-term debt at January 3, 2015 follow (in thousands): | ||||||||
Contractual | ||||||||
Debt Payment | ||||||||
2015 | $ | 54,401 | ||||||
2016 | 39,288 | |||||||
2017 | 29,678 | |||||||
2018 | 367,876 | |||||||
2019 | 12,624 | |||||||
thereafter | 1,648,573 | |||||||
$ | 2,152,440 | |||||||
Bridge Facility. During 2013, the Company entered into a Bridge Facility (the "Bridge Facility") commitment with the parties to the Senior Secured Facilities in the aggregate principal amount not to exceed $1.3 billion. The proceeds of the Bridge Facility if drawn were to be used to finance the VION Acquisition. The Bridge Facility was available to ensure that the VION Acquisition would close if either or both of certain contemplated unsecured financing and the contemplated issuance of the Company's stock did not occur prior to the closing of the VION Acquisition. The Company accrued a commitment fee of approximately $13.0 million for the Bridge Facility. The Company recorded the commitment fee as interest expense in December 2013 when it was determined that the Bridge Facility would not be utilized. |
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
OTHER NONCURRENT LIABILITIES [Abstract] | ||||||||
OTHER NONCURRENT LIABILITIES | OTHER NONCURRENT LIABILITIES | |||||||
Other noncurrent liabilities consist of the following (in thousands): | ||||||||
3-Jan-15 | 28-Dec-13 | |||||||
Accrued pension liability (Note 15) | $ | 65,929 | $ | 11,097 | ||||
Reserve for self insurance, litigation, environmental and tax | 44,832 | 27,603 | ||||||
matters (Note 19) | ||||||||
Other | 3,939 | 1,971 | ||||||
$ | 114,700 | $ | 40,671 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
U.S. and foreign income from operations before income taxes are as follows (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
United States | $ | 58,972 | $ | 174,470 | $ | 206,785 | ||||||
Foreign | 22,480 | (10,792 | ) | — | ||||||||
Income from operations before income taxes | $ | 81,452 | $ | 163,678 | $ | 206,785 | ||||||
Income tax expense attributable to income from continuing operations before income taxes consists of the following (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
Current: | ||||||||||||
Federal | $ | 1,134 | $ | 8,109 | $ | 54,982 | ||||||
State | (884 | ) | 7,213 | 10,368 | ||||||||
Foreign | 24,770 | 482 | 58 | |||||||||
Total current | 25,020 | 15,804 | 65,408 | |||||||||
Deferred: | ||||||||||||
Federal | 886 | 40,396 | 10,015 | |||||||||
State | 1,235 | 505 | 592 | |||||||||
Foreign | (14,000 | ) | (1,994 | ) | — | |||||||
Total deferred | (11,879 | ) | 38,907 | 10,607 | ||||||||
$ | 13,141 | $ | 54,711 | $ | 76,015 | |||||||
Income tax expense for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, differed from the amount computed by applying the statutory U.S. federal income tax rate to income from continuing operations before income taxes as a result of the following (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
Computed "expected" tax expense | $ | 28,508 | $ | 57,287 | $ | 72,375 | ||||||
State income taxes, net of federal benefit | 228 | 5,017 | 7,124 | |||||||||
Section 199 qualified domestic production deduction | — | (619 | ) | (4,830 | ) | |||||||
Change in valuation allowance | 5,420 | 507 | 254 | |||||||||
Non-deductible compensation expenses | 1,622 | 106 | 253 | |||||||||
Deferred tax on unremitted foreign earnings | 1,956 | — | — | |||||||||
Sub-Part F income | 3,786 | — | — | |||||||||
Foreign rate differential | (9,754 | ) | 694 | — | ||||||||
Biofuel tax incentives | (22,546 | ) | (9,342 | ) | — | |||||||
Non-deductible transaction costs | 4,107 | 996 | — | |||||||||
Other, net | (186 | ) | 65 | 839 | ||||||||
$ | 13,141 | $ | 54,711 | $ | 76,015 | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 3, 2015 and December 28, 2013 are presented below (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Loss contingency reserves | $ | 11,500 | $ | 10,756 | ||||||||
Employee benefits | 11,866 | 9,749 | ||||||||||
Pension liability | 20,106 | 4,183 | ||||||||||
Intangible assets amortization, including taxable goodwill | 3,300 | 7,040 | ||||||||||
Net operating losses | 75,920 | 4,732 | ||||||||||
Inventory | 7,965 | 2,120 | ||||||||||
Other | 11,130 | 7,186 | ||||||||||
Total gross deferred tax assets | 141,787 | 45,766 | ||||||||||
Less valuation allowance | (18,037 | ) | (871 | ) | ||||||||
Net deferred tax assets | 123,750 | 44,895 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets amortization, including taxable goodwill | (189,877 | ) | (63,779 | ) | ||||||||
Property, plant and equipment depreciation | (203,602 | ) | (67,535 | ) | ||||||||
Investment in DGD Joint Venture | (41,040 | ) | (31,842 | ) | ||||||||
Tax on unremitted foreign earnings | (47,870 | ) | — | |||||||||
Other | (3,368 | ) | (3,209 | ) | ||||||||
Total gross deferred tax liabilities | (485,757 | ) | (166,365 | ) | ||||||||
Net deferred tax liability | $ | (362,007 | ) | $ | (121,470 | ) | ||||||
Amounts reported on Consolidated Balance Sheets: | ||||||||||||
Current deferred tax asset | $ | 45,001 | $ | 17,289 | ||||||||
Current deferred tax liability | (642 | ) | — | |||||||||
Non-current deferred tax asset | 16,431 | — | ||||||||||
Non-current deferred tax liability | (422,797 | ) | (138,759 | ) | ||||||||
Net deferred tax liability | $ | (362,007 | ) | $ | (121,470 | ) | ||||||
At January 3, 2015 and December 28, 2013, the Company had net deferred tax liabilities of approximately $362.0 million and $121.5 million, respectively. The increase in the deferred tax liability is principally due to deferred tax liabilities resulting from the carryover basis in the VION Acquisition, which was a stock acquisition. | ||||||||||||
At January 3, 2015, the Company had net operating loss carryforwards for federal income tax purposes of approximately $82.4 million, which begin to expire in 2019. As a result of the change in ownership which occurred pursuant to the May 2002 recapitalization, utilization of approximately $4.9 million of the federal net operating loss carryforwards is limited to approximately $0.7 million per year for the remaining life of the net operating losses. The Company had approximately $48.5 million of net operating loss carryforwards for state income tax purposes, which begin to expire in 2015. Also at January 3, 2015, the Company had U.S. foreign tax credit carryforwards of approximately $0.9 million and state tax credit carryforwards of approximately $0.8 million. The Company had foreign net operating loss carryforwards of about $153.2 million, $55.1 million of which expire in 2015 through 2033 and $98.1 million of which can be carried forward indefinitely. As of January 3, 2015, the Company had a valuation allowance of $1.7 million due to uncertainties in respect to its ability to utilize its U.S. foreign tax credit carryforwards and U.S. state tax credit carryforwards before they expire. The Company also had a valuation allowance of $16.3 million due to uncertainties in its ability to utilize foreign net operating loss carryforwards and other foreign deferred tax assets. | ||||||||||||
At January 3, 2015, the Company had unrecognized tax benefits of approximately $8.1 million. During the year, the Company's unrecognized tax benefits increased by $7.4 million primarily related to recording unrecognized tax benefits from the VION Acquisition and the TRS Transaction in purchase accounting. An indemnity receivable of $6.5 million has also been recorded in respect to the VION Acquisition. There was no material income statement activity in fiscal 2014 in respect to unrecognized tax benefits. All of the unrecognized tax benefits would favorably impact the Company's effective tax rate if recognized. The Company believes it is reasonably possible that unrecognized tax benefits could change by $2.2 million in the next twelve months. The possible change in unrecognized tax benefits relates to the expiration of certain statutes of limitation and the possible settlement of an ongoing income tax audit. The Company recognizes accrued interest and penalties, as appropriate, related to unrecognized tax benefits as a component of income tax expense. As of January 3, 2015, interest and penalties related to unrecognized tax benefits were $2.5 million. These interest and penalties related to the unrecognized tax benefits from the Vion Acquisition and were primarily recorded in purchase accounting. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||
Balance at beginning of Year | $ | 652 | $ | — | ||||||||
Change in tax positions related to current year | — | 652 | ||||||||||
Change in tax positions related to prior years | 7,935 | — | ||||||||||
Expiration of the Statute of Limitations | (457 | ) | — | |||||||||
Balance at end of year | $ | 8,130 | $ | 652 | ||||||||
In fiscal 2014, the Company's major taxing jurisdictions are U.S. (federal and state), Belgium, Brazil, Canada, China, France, Germany and the Netherlands. The Company is subject to regular examination by various tax authorities and although the final outcome of these examinations is not yet determinable, the Company does not anticipate that any of the examinations will have a significant impact on the Company's results of operations or financial position. The statute of limitations for the Company's major jurisdictions is open for varying periods, but is generally closed through the 2005 tax year. | ||||||||||||
Prior to fiscal 2014, the Company did not have significant operations outside of the U.S. During fiscal 2013, the Company began operations in Canada through the Rothsay Acquisition. During fiscal 2014, the Company began operations in the other major taxing jurisdictions through the VION Acquisition. The Company expects to indefinitely reinvest the earnings of its foreign subsidiaries outside the U.S. and has generally not provided deferred income taxes on the accumulated earnings of its foreign subsidiaries. At January 3, 2015, the amount of foreign subsidiary earnings indefinitely reinvested outside of the U.S. for which no deferred incomes taxes have been provided is not significant. |
Stockholders_Equity_and_StockB
Stockholders' Equity and Stock-Based Compensation | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Stockholders' Equity and Stock-Based Compensation [Abstract] | |||||||||
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | ||||||||
On November 26, 2013 a special meeting of the stockholders was held and a proposal to approve an amendment to Darling's restated certificate of incorporation, as amended, to increase the total number of authorized shares of common stock, par value $0.01, from 150,000,000 to 250,000,000 was approved. | |||||||||
On December 18, 2013, the Company offered and closed on the sale of 46,000,000 shares of its common stock at a price to the public of $19.00 per share, pursuant to an underwriting agreement dated December 12, 2013. The Company used the net proceeds of approximately $840.5 million to pay for a portion of the VION Acquisition, which closed on January 7, 2014. | |||||||||
On May 8, 2012, the shareholders approved the Company's 2012 Omnibus Incentive Plan (the "2012 Omnibus Plan"). The 2012 Omnibus Plan replaced the Company's 2004 Omnibus Incentive Plan (the "2004 Omnibus Plan") for future grants. Under the 2012 Omnibus Plan, the Company is allowed to grant stock options, stock appreciation rights, non-vested and restricted stock (including performance stock), restricted stock units (including performance units), other stock-based awards, non-employee director awards, dividend equivalents and cash-based awards. There are up to 11,066,544 common shares available under the 2012 Omnibus Plan which may be granted to participants in any plan year (as such term is defined in the 2012 Omnibus Plan). Some of those shares are subject to outstanding awards as detailed in the tables below. To the extent these outstanding awards are forfeited or expire without exercise, the shares will be returned to and available for future grants under the 2012 Omnibus Plan. The 2012 Omnibus Plan’s purpose is to attract, retain and motivate employees, directors and third party service providers of the Company and to encourage them to have a financial interest in the Company. The 2012 Omnibus Plan is administered by the Compensation Committee (the "Committee") of the Board of Directors. The Committee has the authority to select plan participants, grant awards, and determine the terms and conditions of such awards as provided in the 2012 Omnibus Plan. The Committee has adopted an executive compensation program that includes a long-term incentive component (the "LTIP") for the Company's key employees, as a subplan under the terms of the 2012 Omnibus Plan. The principal purpose of the LTIP is to encourage the Company's executives to enhance the value of the Company and, hence, the price of the Company’s stock and the stockholders' return. In addition, the LTIP is designed to create retention incentives for the individual and to provide an opportunity for increased equity ownership by executives. The Committee awarded dollar value performance based restricted stock and stock option opportunities under the LTIP in each of fiscal 2014, 2013 and 2012 to certain of the Company's key employees, including the Chief Executive Officer and other executive officers. The restricted stock and stock options underlying the LTIP are issued only if a predetermined financial objective is met by the Company. The Company met the financial objective for fiscal 2013 and fiscal 2012 and those shares and options were issued in accordance with the terms of the LTIP. See "Fiscal 2012 Long-Term Incentive Opportunity Awards" below for a discussion of the fiscal 2014 LTIP award opportunities. The Company’s stock options granted under the 2012 Omnibus Plan generally terminate 10 years after date of grant. At January 3, 2015, the number of common shares available for issuance under the 2012 Omnibus Plan was 8,829,322. | |||||||||
The following is a summary of stock-based compensation granted during the years ended January 3, 2015, December 28, 2013 and December 29, 2012. | |||||||||
Nonqualified Stock Options. On March 6, 2012, the Company's board of directors granted 135,733 nonqualified stock options in the aggregate under the Company's LTIP to certain of the Company's employees. The exercise price for the March 6, 2012 stock options was $16.98 per share (fair market value at the close of the trading day immediately preceding the grant date). All of these awards vest 25 percent upon grant and 25 percent on each of the first three anniversary dates of the grant thereafter. On March 5, 2013, the Company's board of directors granted 195,634 nonqualified stock options in the aggregate under the Company's LTIP to certain of the Company's employees. The exercise price for the March 5, 2013 stock options was $16.53 per share (fair market value at the close of the trading day immediately preceding the grant date). All of these awards vest 25 percent upon grant and 25 percent on each of the first three anniversary dates of the grant thereafter. On March 4, 2014, the Company's board of directors granted 163,078 nonqualified stock options in the aggregate under the Company’s LTIP to certain of the Company’s employees. The exercise price for the March 4, 2014 stock options was $19.94 per share (fair market value at the close of the trading day immediately preceding the grant date). All of these awards vest 25 percent upon grant and 25 percent on each of the first three anniversary dates of the grant thereafter. | |||||||||
Incentive Stock Options. For fiscal 2014, 2013 and 2012 none of the options issued were incentive stock options. | |||||||||
A summary of all stock option activity as of January 3, 2015 and changes during the year ended is presented below. | |||||||||
Number of | Weighted-avg. | Weighted-avg. | |||||||
shares | exercise price | remaining | |||||||
per share | contractual life | ||||||||
Options outstanding at December 28, 2013 | 906,251 | $ | 9.97 | ||||||
Granted | 163,078 | 19.94 | |||||||
Exercised | (343,550 | ) | 6.18 | ||||||
Forfeited | (29,603 | ) | 16.89 | ||||||
Expired | — | — | |||||||
Options outstanding at January 3, 2015 | 696,176 | $ | 13.88 | 6.2 years | |||||
Options exercisable at January 3, 2015 | 528,009 | $ | 12.5 | 5.5 years | |||||
The fair value of each stock option grant under the Company's stock option plan was estimated on the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions and results for fiscal 2014, 2013 and 2012. | |||||||||
Weighted Average | 2014 | 2013 | 2012 | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||
Risk-free interest rate | 1.77% | 1.01% | 1.14% | ||||||
Expected term | 5.75 years | 5.75 years | 5.75 years | ||||||
Expected volatility | 43.70% | 59.80% | 62.00% | ||||||
Fair value of options granted | $8.93 | $9.04 | $9.16 | ||||||
The expected lives for options granted during fiscal 2014, 2013 and 2012 were computed using the simplified method. | |||||||||
At January 3, 2015, $15.9 million of total future equity-based compensation expense (determined using the Black-Scholes option pricing model and Monte Carlo model for non-vested stock grants with performance based incentives) related to outstanding non-vested options and stock awards is expected to be recognized over a weighted average period of 1.8 years. | |||||||||
For the year ended January 3, 2015, the amount of cash received from the exercise of options was approximately $0.4 million and the related tax benefits were approximately $2.4 million. For the year ended December 28, 2013 and December 29, 2012, the amount of cash received from the exercise of options was insignificant and approximately $0.1 million, respectively, and the related tax benefits were approximately $0.7 million and $2.7 million, respectively. The total intrinsic value of options exercised for the years ended January 3, 2015, December 28, 2013 and December 29, 2012 was approximately $4.5 million, $0.2 million and $3.3 million, respectively. The fair value of shares vested for the years ended January 3, 2015, December 28, 2013 and December 29, 2012 was approximately $19.6 million, $8.2 million and $8.1 million, respectively. At January 3, 2015, the aggregate intrinsic value of options outstanding was approximately $3.3 million and the aggregate intrinsic value of options exercisable was approximately $3.1 million. | |||||||||
Non-Vested Stock, Restricted Stock Unit and Performance Share Unit Awards. On March 6, 2012, the Company's board of directors granted 375,041 shares of stock under the 2004 Omnibus Plan, 300,041 shares of which were under the Company's LTIP and 75,000 shares of which were granted as discretionary grants to other employees not part of the Company's LTIP. At the March 6, 2012 grant date 93,761 shares vested immediately and the remaining stock awards vest over the next three anniversary dates of the grants in equal installments. On May 8, 2012, the Company's board of directors granted 5,000 shares of stock under the 2004 Omnibus Plan to a newly employed officer of the Company. At the May 8, 2012 grant date 1,250 shares vested immediately and the remaining shares vest over the next three anniversary dates of the grant in equal installments. On September 1, 2012, the Company's board of directors granted 50,000 shares of stock under the 2012 Omnibus Plan to the Company's new Chief Financial Officer. At the September 1, 2012 grant date 25,000 shares vested immediately and the remaining shares vest over the next three anniversary dates of the grant in equal installments. On March 5, 2013, the Company's board of directors granted 495,575 shares of stock under the 2012 Omnibus Plan, 449,575 shares of which were under the Company's LTIP and 46,000 shares of which were granted as a discretionary grants to other employees not part of the Company's LTIP. At the March 5, 2013 grant date 123,894 shares vested immediately and the remaining stock awards vest over the next three anniversary dates of the grants in equal installments. On August 5, 2013 the Company's board of directors granted 24,000 shares to one of the Company's officers. At the August 5, 2013 grant date 8,000 shares vested immediately and the remaining shares vest over the next two anniversary dates of the grant in equal installments provided that certain performance measures are achieved. On March 4, 2014, the Company's board of directors granted 424,158 shares of stock under the 2012 Omnibus Plan, 377,658 shares of which were under the Company's LTIP and 46,500 shares of which were granted as a discretionary grants to other employees not part of the Company's LTIP. At the March 4, 2014 grant date 106,042 shares vested immediately and the remaining stock awards vest over the next three anniversary dates of the grants in equal installments. On May 6, 2014, the Company's board of directors granted 3,000 shares of stock under the 2012 Omnibus Plan to a newly employed officer of the Company. At the May 6, 2014 grant date 750 shares vested immediately and the remaining shares vest over the next three anniversary dates of the grant in equal installments. On June 4, 2014, the Company's board of directors granted 7,500 shares of stock under the 2012 Omnibus Plan to a newly hired key employee of the Company. At the June 4, 2014 grant date 1,875 shares vested immediately and the remaining shares vest over the next three anniversary dates of the grant in equal installments. On September 8, 2014, the Company's board of directors granted 4,000 shares of stock under the 2012 Omnibus Plan to a key employee of the Company. At the September 8, 2014 grant date 1,000 shares vested immediately and the remaining shares vest over the next three anniversary dates of the grant in equal installments. | |||||||||
On June 3, 2014, the Company granted 5,500 non-vested restricted stock units under the Company's 2012 Omnibus Plan to key foreign-based employees of the Company with each restricted stock unit equivalent to one share of common stock. At the June 3, 2014 grant date, 1,375 of the restricted stock units vested immediately and stock was issued, with the remaining restricted stock units vesting over the next three years in equal installments on March 4 of fiscal years 2015, 2016 and 2017, respectively. On June 19, 2014, the Company granted 17,500 non-vested restricted stock units under the Company's 2012 Omnibus Plan to key foreign-based employees of the Company, with each restricted stock unit equivalent to one share of common stock. At the June 19, 2014 grant date, 4,375 of the restricted stock units vested immediately and stock was issued, with the remaining restricted stock units vesting over the next three years in equal installments on March 4 of 2015, 2016 and 2017, respectively. | |||||||||
In connection with the closing of the VION Acquisition, in January 2014, the Company made awards of Performance Share Units (PSUs) and common stock under the Company’s 2012 Omnibus Incentive Plan to certain of the Company’s executives selected by the Committee. The awards covered an aggregate of 975,000 shares of the Company’s common stock. For North American-based executives, each award was in the form of PSUs for a specified number of shares of common stock of the Company. For European-based executives, each award was in the form of a combination of fully vested shares (representing 25% of the total award given to the European-based executives), and PSUs for a specified number of shares common stock of the Company (representing the other 75% of the award). On January 7, 2014, the Company issued 118,750 fully vested shares that were granted to the European-based executives. Performance Units will vest in three equal installments on the first, second and third anniversaries of the closing of the VION Acquisition based on attainment of specified levels of adjusted EBITDA for the Company and/or Darling Ingredients International for fiscal years 2014, 2015 and 2016, respectively. If the target level of adjusted EBITDA for the fiscal year for both the Company and/or Darling Ingredients International is not achieved (subject to a near miss provision contained in the award agreements that provides for a portion of the shares to be paid out under certain circumstances), the installment for the related vesting date will be forfeited. Generally, an award recipient must remain employed with the Company and its subsidiaries through each vesting date to become vested in the award on that vesting date, subject to the performance requirements described above. If an award recipient terminates employment before a vesting date for any reason other than death or disability, any unvested portion of the award will be forfeited. In case of termination of employment due to death or disability, a prorated portion (based upon the award recipient’s actual period of service prior to the vesting date) of the award will vest on each vesting date based on actual performance results. | |||||||||
On November 11, 2010, the Committee approved a 2010 Special Incentive Program (the "2010 Special Incentive Program") for certain key employees of the Company pursuant to the Company's 2004 Omnibus Plan, conditioned upon the closing of the Griffin merger. Under the 2010 Special Incentive Program, certain key employees (the "Participating Employees") upon successful completion of the Griffin merger became eligible to receive a total of 640,000. As of January 3, 2015 all shares granted have been issued except for 6,667 shares that have been forfeited. | |||||||||
A summary of the Company’s non-vested stock, restricted stock unit and performance share unit awards as of January 3, 2015, and changes during the year ended is as follows: | |||||||||
Non-Vested | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Stock awards outstanding December 28, 2013 | 821,207 | $ | 14.93 | ||||||
Shares granted | 1,436,658 | 20.73 | |||||||
Shares vested | (861,772 | ) | 16.43 | ||||||
Shares forfeited | (138,920 | ) | 19.9 | ||||||
Stock awards outstanding January 3, 2015 | 1,257,173 | $ | 19.98 | ||||||
Nonemployee Director Restricted Stock and Restricted Stock Unit Awards. On February 24, 2011, the Company's Board of Directors approved an Amended and Restated Non-Employee Director Restricted Stock Award Plan (the "Director Restricted Stock Plan") pursuant to and in accordance with the 2004 Omnibus Plan in order to attract and retain highly qualified persons to serve as non-employee directors and to more closely align such directors' interests with the interests of the stockholders of the Company by providing a portion of their compensation in the form of Company common stock. Under the Director Restricted Stock Plan, $60,000 in restricted Company common stock was awarded to each non-employee director on the fourth business day after the Company released its earnings for its prior completed fiscal year (the "Date of Award"). The amount of restricted stock to be issued was calculated using the closing price of the Company’s common stock on the third business day after the Company released its earnings. The restricted stock was subject to a right of repurchase at $0.01 per share upon termination of the holder as a member of the Company's board of directors for cause and was not transferable. These restrictions lapse with respect to 100% of the restricted stock upon the earliest to occur of (i) ten years after the date of award, (ii) a Change of Control (as defined in the 2004 Omnibus Plan), and (iii) termination of the non-employee director's service with the Company, other than for "cause" (as defined in the Director Restricted Stock Plan). On March 5, 2013, the Company issued 21,780 shares of restricted stock in the aggregate to its non-employee directors under the Director Restricted Stock Plan. On March 6, 2012, the Company issued 21,204 shares of restricted stock in the aggregate to its non-employee directors under the Director Restricted Stock Plan. | |||||||||
Beginning in fiscal 2014, the Board discontinued grants to non-employee directors under the Director Restricted Stock Plan described above, and in lieu thereof, as an additional element of annual non-employee director compensation, pursuant to the 2012 Omnibus Plan, each non-employee director now receives $90,000 of restricted stock units immediately following the Company’s annual meeting of stockholders at which such directors are elected. The number of restricted stock units to be issued is calculated using the closing price of the Company’s stock on the date of its annual meeting. The award vests (and is no longer subject to forfeiture) on the first to occur of (i) the first anniversary of the grant date, (ii) the date of the annual shareholders meeting next following the grant date, (iii) the grantee’s separation from service as a result of death or disability, or (iv) a change of control. The award will become "payable" in shares of the Company’s stock in a single lump sum payment as soon as possible following a grantee’s separation from service, subject to a grantee’s right to elect a deferral under certain circumstances. If a grantee ceases to be a director for any reason other than death or disability prior to vesting, the grantee will receive a prorated amount of the award up to the date of separation. Accordingly, under this program, on May 6, 2014 the Company granted 22,680 restricted stock units in the aggregate to its non-employee directors, and on September 25, 2014 the Company issued 2,998 restricted stock units, representing a prorated amount of the annual grant, to a newly appointed director. | |||||||||
A summary of the Company’s non-employee director restricted stock awards as of January 3, 2015, and changes during the year ended is as follows: | |||||||||
Restricted | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Stock awards outstanding December 28, 2013 | 130,238 | $ | 10.75 | ||||||
Restricted shares granted | 25,678 | 19.67 | |||||||
Restricted shares where the restriction lapsed | — | — | |||||||
Restricted shares forfeited | — | — | |||||||
Stock awards outstanding January 3, 2015 | 155,916 | $ | 12.22 | ||||||
Fiscal 2014 Long-Term Incentive Opportunity Awards. The Committee awarded dollar value performance based restricted stock and stock option opportunities under the LTIP for fiscal 2014 to certain of the Company's key employees, including the Chief Executive Officer, the Chief Operating Officer and certain of its Executive Vice Presidents (the "2014 Restricted Stock and Option Awards"). The restricted stock and stock options underlying the 2014 Restricted Stock and Option Awards are issued only if a predetermined financial objective is met by the Company. The Company met the financial objective for fiscal 2014. Accordingly, in accordance with the terms of the 2014 Restricted Stock and Option Awards, it is anticipated that the earned amount of restricted stock and stock options will be granted and issued to the recipients on the fourth business day after the Company releases its annual financial results for fiscal 2014. The amount of restricted stock and stock options to be issued to the Company's senior management was predetermined using a discounted per share price. The "Discounted Per Share Price" is derived by discounting the closing market price of the Company's common stock as of the last trading day of the immediately preceding fiscal year to account for forfeiture of the restricted stock based on, among other things, the probability of the failure of the restricted stock to be granted and the failure of the Company to meet the required performance measures. The stock options will have an exercise price equal to the fair market value of the Company's common stock on the third business day after the Company releases its annual financial results. | |||||||||
The above 2014 Restricted Stock and Option Awards were deemed equity classified in fiscal 2014 as the shares are known, but have not yet been granted. In addition, a portion of the fiscal 2014 LTIP stock awards are treated as a liability until the grant date when the number of shares to be issued is known, and then it becomes equity classified. At January 3, 2015, the Company recorded a liability of approximately $0.4 million on the balance sheet for the long-term incentive opportunities. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Comprehensive Income [Abstract] | ||||||||||||||
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME | |||||||||||||
The Company follows FASB authoritative guidance for reporting and presentation of comprehensive income or loss and its components. Other comprehensive income (loss) is derived from adjustments that reflect pension adjustments, natural gas derivative adjustments, corn option adjustments, foreign currency translation adjustments and interest rate swap derivative adjustments. The components of other comprehensive income (loss) and the related tax impacts for the years ended January 3, 2015, December 28, 2013 and December 29, 2012 are as follows (in thousands): | ||||||||||||||
Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||
Amount | or Benefit | Amount | ||||||||||||
Year Ended December 29, 2012 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | (6,768 | ) | $ | 2,623 | $ | (4,145 | ) | ||||||
Amortization of actuarial loss | 4,756 | (1,844 | ) | 2,912 | ||||||||||
Actuarial prior service cost recognized | — | — | — | |||||||||||
Amortization of prior service costs | 103 | (39 | ) | 64 | ||||||||||
Total defined benefit pension plans | (1,909 | ) | 740 | (1,169 | ) | |||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | 1,267 | (491 | ) | 776 | ||||||||||
Gain/(loss) recognized in other comprehensive income (loss) | (628 | ) | 243 | (385 | ) | |||||||||
Total natural gas derivatives | 639 | (248 | ) | 391 | ||||||||||
Corn option derivatives | ||||||||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 317 | (123 | ) | 194 | ||||||||||
Total corn options | 317 | (123 | ) | 194 | ||||||||||
Interest swap derivatives | ||||||||||||||
Loss reclassified to net income | 260 | (101 | ) | 159 | ||||||||||
Other comprehensive income/(loss) | $ | (693 | ) | $ | 268 | $ | (425 | ) | ||||||
Year Ended December 28, 2013 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | 18,773 | $ | (6,904 | ) | $ | 11,869 | |||||||
Amortization of actuarial loss | 5,202 | (2,018 | ) | 3,184 | ||||||||||
Amortization of prior service costs | 142 | (55 | ) | 87 | ||||||||||
Total defined benefit pension plans | 24,117 | (8,977 | ) | 15,140 | ||||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (41 | ) | 16 | (25 | ) | |||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 248 | (96 | ) | 152 | ||||||||||
Total natural gas derivatives | 207 | (80 | ) | 127 | ||||||||||
Corn option derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (5,486 | ) | 2,129 | (3,357 | ) | |||||||||
Gain/(Loss) recognized in other comprehensive income | 7,350 | (2,852 | ) | 4,498 | ||||||||||
Total corn options | 1,864 | (723 | ) | 1,141 | ||||||||||
Foreign currency translation | (14,502 | ) | — | (14,502 | ) | |||||||||
Other comprehensive income/(loss) | $ | 11,686 | $ | (9,780 | ) | $ | 1,906 | |||||||
Year Ended January 3, 2015 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | (34,547 | ) | $ | 12,001 | $ | (22,546 | ) | ||||||
Amortization of actuarial loss | 2,078 | (806 | ) | 1,272 | ||||||||||
Actuarial prior service cost recognized | 1,140 | (261 | ) | 879 | ||||||||||
Amortization of prior service costs | 23 | (9 | ) | 14 | ||||||||||
Total defined benefit pension plans | (31,306 | ) | 10,925 | (20,381 | ) | |||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (196 | ) | 76 | (120 | ) | |||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 11 | (4 | ) | 7 | ||||||||||
Total natural gas derivatives | (185 | ) | 72 | (113 | ) | |||||||||
Corn option derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (3,868 | ) | 1,501 | (2,367 | ) | |||||||||
Gain/(Loss) recognized in other comprehensive income | 1,812 | (704 | ) | 1,108 | ||||||||||
Total corn options | (2,056 | ) | 797 | (1,259 | ) | |||||||||
Foreign currency translation | (125,884 | ) | — | (125,884 | ) | |||||||||
Other comprehensive income/(loss) | $ | (159,431 | ) | $ | 11,794 | $ | (147,637 | ) | ||||||
Fiscal Year Ended | ||||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | Statement of Operations Classification | |||||||||||
Derivative instruments | ||||||||||||||
Natural gas swap derivatives | $ | 196 | $ | 41 | $ | (1,267 | ) | Cost of sales and operating expenses | ||||||
Corn option derivatives | 3,868 | 5,486 | — | Cost of sales and operating expenses | ||||||||||
Interest rate swap derivatives | — | — | (260 | ) | Interest expense | |||||||||
4,064 | 5,527 | (1,527 | ) | Total before tax | ||||||||||
(1,577 | ) | (2,145 | ) | 592 | Income taxes | |||||||||
2,487 | 3,382 | (935 | ) | Net of tax | ||||||||||
Defined benefit pension plans | ||||||||||||||
Amortization of prior service cost | $ | (23 | ) | $ | (142 | ) | $ | (103 | ) | (a) | ||||
Amortization of actuarial loss | (2,078 | ) | (5,202 | ) | (4,756 | ) | (a) | |||||||
(2,101 | ) | (5,344 | ) | (4,859 | ) | Total before tax | ||||||||
815 | 2,073 | 1,883 | Income taxes | |||||||||||
(1,286 | ) | (3,271 | ) | (2,976 | ) | Net of tax | ||||||||
Total reclassifications | $ | 1,201 | $ | 111 | $ | (3,911 | ) | Net of tax | ||||||
(a) | These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information. | |||||||||||||
The following table presents changes in each component of accumulated comprehensive income (loss) as of January 3, 2015 as follows (in thousands): | ||||||||||||||
Fiscal Year Ended January 3, 2015 | ||||||||||||||
Foreign Currency | Derivative | Defined Benefit | ||||||||||||
Translation | Instruments | Pension Plans | Total | |||||||||||
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | $ | (14,502 | ) | $ | 1,448 | $ | (16,369 | ) | $ | (29,423 | ) | |||
Other comprehensive gain before reclassifications | (125,884 | ) | 1,115 | (21,667 | ) | (146,436 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | — | (2,487 | ) | 1,286 | (1,201 | ) | ||||||||
Net current-period other comprehensive income | (125,884 | ) | (1,372 | ) | (20,381 | ) | (147,637 | ) | ||||||
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | $ | (140,386 | ) | $ | 76 | $ | (36,750 | ) | $ | (177,060 | ) | |||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS | |||||||||||||||
The Company has retirement and pension plans covering a substantial number of its domestic and foreign employees. Most retirement benefits are provided by the Company under separate final-pay noncontributory and contributory defined benefit and defined contribution plans for all salaried and hourly employees (excluding those covered by union-sponsored plans) who meet service and age requirements. Although various defined benefit formulas exist for employees, generally these are based on length of service and earnings patterns during employment. Effective January 1, 2012, the Company's Board of Directors authorized the Company to proceed with the restructuring of its domestic retirement benefit program to include the closing of Darling's domestic salaried and hourly defined benefit plans to new participants as well as the freezing of service and wage accruals thereunder effective December 31, 2011 (a curtailment of these plans for financial reporting purposes) and the enhancing of benefits under the Company's domestic defined contribution plans. The Company-sponsored domestic hourly union plan has not been curtailed; however, several locations of the Company-sponsored domestic hourly union plan have been curtailed as a result of collective bargaining renewals for those sites. | ||||||||||||||||
As a result of the Rothsay Acquisition, certain employees of MFI became employees of the Company. Pursuant to the terms of the Acquisition Agreement between MFI and Darling dated August 23, 2013, the pension benefits of these employees in respect to service prior to October 28, 2013 remain the responsibility of MFI. Benefits and rights accruing to these employees on and after October 28, 2013 (including earning increases on benefits accrued for non-Quebec employees prior to October 28, 2013) are the responsibility of the Company. | ||||||||||||||||
Additionally, as a result of the VION Acquisition, employees of VION Ingredients became employees of Darling Ingredients International. Pursuant to the terms of the Sale and Purchase Agreement dated October 3, 2013, as amended, between Darling and VION, Darling assumed approximately $28.9 million of unfunded pension and insignificant postretirement benefit plan obligations. | ||||||||||||||||
The Company maintains defined contribution plans both domestically and at its foreign entities. The Company's matching portion and annual employer contributions to the Company's domestic defined contribution plans for fiscal 2014, 2013 and 2012 were approximately $9.2 million, $8.2 million and $7.2 million, respectively. The Company's matching portion and annual employer contributions to the Company's foreign defined contribution plans for fiscal 2014 and 2013 were approximately $3.5 million and $0.1 million, respectively. | ||||||||||||||||
The Company recognizes the over-funded or under-funded status of the Company's defined benefit post-retirement plans as an asset or liability in the Company's balance sheet, with changes in the funded status recognized through comprehensive income in the year in which they occur. | ||||||||||||||||
The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's consolidated balance sheets based on the measurement date (January 3, 2015 and December 28, 2013) (in thousands): | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of period | $ | 129,966 | $ | 137,797 | ||||||||||||
Acquisitions | 199,996 | 4,102 | ||||||||||||||
Service cost | 5,208 | 507 | ||||||||||||||
Interest cost | 13,214 | 5,307 | ||||||||||||||
Employee contributions | 1,946 | 20 | ||||||||||||||
Plan amendments | (1,371 | ) | — | |||||||||||||
Actuarial loss | 88,592 | (12,904 | ) | |||||||||||||
Benefits paid | (13,045 | ) | (4,761 | ) | ||||||||||||
Other | (29,364 | ) | (102 | ) | ||||||||||||
Projected benefit obligation at end of period | 395,142 | 129,966 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 118,898 | 106,519 | ||||||||||||||
Acquisitions | 171,117 | — | ||||||||||||||
Actual return on plan assets | 67,090 | 13,147 | ||||||||||||||
Employer contributions | 7,061 | 3,973 | ||||||||||||||
Employee contributions | 1,946 | 20 | ||||||||||||||
Benefits paid | (13,045 | ) | (4,761 | ) | ||||||||||||
Other | (24,847 | ) | — | |||||||||||||
Fair value of plan assets at end of period | 328,220 | 118,898 | ||||||||||||||
Funded status | (66,922 | ) | (11,068 | ) | ||||||||||||
Net amount recognized | $ | (66,922 | ) | $ | (11,068 | ) | ||||||||||
Amounts recognized in the consolidated balance | ||||||||||||||||
sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | — | $ | 29 | ||||||||||||
Current liability | (993 | ) | — | |||||||||||||
Noncurrent liability | (65,929 | ) | (11,097 | ) | ||||||||||||
Net amount recognized | $ | (66,922 | ) | $ | (11,068 | ) | ||||||||||
Amounts recognized in accumulated other | ||||||||||||||||
comprehensive loss consist of: | ||||||||||||||||
Net actuarial loss | $ | 59,207 | $ | 26,738 | ||||||||||||
Prior service cost/(credit) | (1,131 | ) | 32 | |||||||||||||
Net amount recognized (a) | $ | 58,076 | $ | 26,770 | ||||||||||||
(a) | Amounts do not include deferred taxes of $21.3 million and $10.4 million at January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||
The amounts included in "Other" in the above table reflect the impact of foreign exchange translation for plans in Argentina, Brazil, Belgium, Canada, France, Germany, Japan, Netherlands and United Kingdom. The Company's domestic pension plan benefits comprise approximately 37% and 97% of the projected benefit obligation for fiscal 2014 and fiscal 2013, respectively. Additionally, the Company has made required and tax deductible discretionary contributions to its domestic pension plans in fiscal 2014 and fiscal 2013 of approximately $0.3 million and approximately $4.0 million, respectively. The Company made required and tax deductible discretionary contributions to its foreign pension plans in fiscal 2014 of approximately $6.8 million. In fiscal 2013 no contributions were made to the foreign plans. | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Projected benefit obligation | $ | 395,142 | $ | 129,966 | ||||||||||||
Accumulated benefit obligation | 376,043 | 125,939 | ||||||||||||||
Fair value of plan assets | 328,220 | 118,898 | ||||||||||||||
Net pension cost includes the following components (in thousands): | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 5,208 | $ | 507 | $ | 326 | ||||||||||
Interest cost | 13,214 | 5,307 | 5,451 | |||||||||||||
Expected return on plan assets | (14,439 | ) | (7,277 | ) | (6,709 | ) | ||||||||||
Net amortization and deferral | 2,094 | 5,261 | 4,845 | |||||||||||||
Curtailment | 7 | 83 | 14 | |||||||||||||
Net pension cost | $ | 6,084 | $ | 3,881 | $ | 3,927 | ||||||||||
Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Actuarial (loss)/gain recognized: | ||||||||||||||||
Reclassification adjustments | $ | 1,272 | $ | 3,184 | ||||||||||||
Actuarial (loss)/gain recognized during the period | (22,546 | ) | 11,869 | |||||||||||||
Prior service (cost) credit recognized: | ||||||||||||||||
Reclassification adjustments | 14 | 87 | ||||||||||||||
Prior service cost arising during the period | 879 | — | ||||||||||||||
$ | (20,381 | ) | $ | 15,140 | ||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2015 is as follows (in thousands): | ||||||||||||||||
2015 | ||||||||||||||||
Net actuarial loss | $ | 5,142 | ||||||||||||||
Prior service cost | (81 | ) | ||||||||||||||
$ | 5,061 | |||||||||||||||
Weighted average assumptions used to determine benefit obligations were: | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Discount rate | 2.79% | 4.66% | 3.90% | |||||||||||||
Rate of compensation increase | 1.82% | 3.00% | —% | |||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were: | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.15% | 3.96% | 4.50% | |||||||||||||
Rate of increase in future compensation levels | 1.70% | —% | —% | |||||||||||||
Expected long-term rate of return on assets | 5.06% | 7.35% | 7.35% | |||||||||||||
Consideration was made to the long-term time horizon for the (U.S. and Canada's) plans' benefit obligations as well as the related asset class mix in determining the expected long-term rate of return. Historical returns are also considered, over the long-term time horizon, in determining the expected return. Considering the overall asset mix of approximately 60% equity and 40% fixed income with equity exposure on a declining trend since the implementation of the glide path for two of the U.S. plans the Company believes it is reasonable to expect a long-term rate of return of 7.1% for the (U.S. and Canada's) plans' investments as a whole. The remaining foreign plans' assets are principally invested under insurance contracts arrangements which have weighted average expected long-term rate of returns of 3.8%. | ||||||||||||||||
The investment objectives have been established in conjunction with a comprehensive review of the current and projected financial requirements. The primary investment objectives are: 1) to have the ability to pay all benefit and expense obligations when due; 2) to maximize investment returns within reasonable and prudent levels of risk in order to minimize contributions; and 3) to maintain flexibility in determining the future level of contributions. | ||||||||||||||||
Investment results are the most critical element in achieving funding objectives; however, contributions are used as a supplemental source of funding as deemed appropriate. | ||||||||||||||||
The investment guidelines are based upon an investment horizon of greater than ten years; therefore, interim fluctuations are viewed with this perspective. The strategic asset allocation is based on this long-term perspective and the plans' funded status. However, because the participants’ average age is somewhat older than the typical average plan age, consideration is given to retaining some short-term liquidity. Analysis of the cash flow projections of the plans indicates that benefit payments will continue to exceed contributions. The results of a thorough asset-liability study completed during 2012 established a dynamic asset allocation glide path (the "Glide Path") by which the U.S. plans' asset allocations are determined. The Glide Path designates intervals based on funded status which contain a corresponding allocation to equities/real assets and fixed income. As the U.S. plans' funded status improves, the allocations become more conservative, and the opposite is true when the funded status declines. | ||||||||||||||||
Fixed Income | 35% - 80% | |||||||||||||||
Equities | 20% - 65% | |||||||||||||||
The equity allocation is invested in stocks traded on one of the U.S. stock exchanges or in foreign companies whose stock is traded outside the U.S. and/or companies that conduct the major portion of their business outside the U.S. Securities convertible into such stocks, convertible bonds and preferred stock, may also be purchased. The portfolio may invest in American Depository Receipts ("ADR"). The majority of the equities are invested in mutual funds that are well-diversified amount growth and value stocks, as well as large, mid, and small cap assets. This mix is balanced based on the understanding that large cap stocks are historically less volatile than small cap stocks: however, smaller cap stocks have historically outperformed larger cap stocks. The emerging markets portion of the equity allocation is held below 10% due to greater volatility in the asset class. Risk adjusted returns are the primary driver of allocation choices within these asset classes. The portfolio is well-diversified in terms of companies, industries and countries. | ||||||||||||||||
The diversified asset portion of the allocation will invest in securities with a goal to out pace inflation and preserve their value. The securities in this allocation may consist of inflation-indexed bonds, securities of real estate companies, commodity index-linked notes, fixed-income securities, securities of natural resource companies, master limited partnerships, publicly-listed infrastructure companies, and floating rate debt. | ||||||||||||||||
All investment objectives are expected to be achieved over a market cycle anticipated to be a period of five to seven years. Reallocations are performed on a monthly basis to retain target allocation ranges. On a quarterly basis the plans' funded status will be recalculated to determine which Glide Path interval allocation is appropriate. | ||||||||||||||||
The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(In thousands of dollars) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Balances as December 28, 2013 | ||||||||||||||||
Fixed Income: | ||||||||||||||||
Long Term | $ | 60,654 | $ | 22,906 | $ | 37,748 | $ | — | ||||||||
Short Term | 771 | — | 771 | — | ||||||||||||
Equity Securities: | ||||||||||||||||
Domestic equities | 40,028 | 38,137 | 1,891 | — | ||||||||||||
International equities | 17,445 | 16,465 | 980 | — | ||||||||||||
Totals | $ | 118,898 | 77,508 | $ | 41,390 | $ | — | |||||||||
Balances as January 3, 2015 | ||||||||||||||||
Fixed Income: | ||||||||||||||||
Long Term | $ | 71,820 | $ | 23,619 | $ | 48,201 | $ | — | ||||||||
Short Term | 1,419 | — | 1,419 | — | ||||||||||||
Equity Securities: | ||||||||||||||||
Domestic equities | 41,813 | 35,946 | 5,867 | — | ||||||||||||
International equities | 18,259 | 16,953 | 1,306 | — | ||||||||||||
Insurance contracts | 194,909 | — | — | 194,909 | ||||||||||||
Totals | $ | 328,220 | $ | 76,518 | $ | 56,793 | $ | 194,909 | ||||||||
The majority of the U.S. and Canada plan pension assets are invested in mutual funds; however, some assets are invested in pooled separate accounts ("PSA") which have similar mutual fund counterparts. PSA accounts are generally used to access lower fund management expenses when compared to their mutual fund counterparts. The mutual funds are generally invested in institutional shares, retirement shares, or A-shares with no loads. The fair value of each mutual fund and PSA is based on the market value of the underlying investments. The majority of the foreign pension assets are held under insurance contracts where the investment risk for the accumulated benefit obligation rests with the insurer, which the Company has no specific detailed asset information. | ||||||||||||||||
Contributions | ||||||||||||||||
The Company's funding policy for employee benefit pension plans is to contribute annually not less than the minimum amount required nor more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. | ||||||||||||||||
Based on current actuarial estimates, the Company expects to make payments of approximately $6.5 million to meet funding requirements for its domestic and foreign pension plans in fiscal 2015. | ||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): | ||||||||||||||||
Year Ending | Pension Benefits | |||||||||||||||
2015 | $ | 13,344 | ||||||||||||||
2016 | 14,379 | |||||||||||||||
2017 | 13,942 | |||||||||||||||
2018 | 14,466 | |||||||||||||||
2019 | 15,748 | |||||||||||||||
Years 2020 – 2024 | 87,338 | |||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||
The Company participates in various multiemployer pension plans which provide defined benefits to certain employees covered by labor contracts in the United States. These plans are not administered by the Company and contributions are determined in accordance with provisions of negotiated labor contracts to meet their pension benefit obligations to their participants. The Financial Accounting Standards Board ("FASB") issued guidance requiring companies to provide additional disclosures related to individually significant multiemployer pension plans. The Company's contributions to each individual multiemployer plan represent less than 5% of the total contributions to each such plan. Based on the most currently available information, the Company has determined that, if a withdrawal were to occur, withdrawal liabilities on two of the plans in which the Company currently participates could be material to the Company. The following table provides more detail on these significant multiemployer plans (contributions in thousands): | ||||||||||||||||
Expiration | ||||||||||||||||
Pension | EIN Pension | Pension Protection Act Zone Status | FIP/RP Status Pending/ | Contributions | Date of Collective Bargaining | |||||||||||
Fund | Plan Number | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | Agreement | ||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | No | $ | 1,384 | $ | 1,254 | $ | 1,371 | January 2017 (b) | |||||
Central States, Southeast and Southwest Areas Pension Plan (a) | 36-6044243 / 001 | Red | Red | Yes | 876 | 782 | 746 | May 2016 (c) | ||||||||
All other multiemployer plans | 1,042 | 1,113 | 1,083 | |||||||||||||
Total Company Contributions | $ | 3,302 | $ | 3,149 | $ | 3,200 | ||||||||||
(a) | In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. | |||||||||||||||
(b) | The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through January 1, 2017. | |||||||||||||||
(c) | The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2016. | |||||||||||||||
With respect to the other multiemployer pension plans in which the Company participates and which are not individually significant, four plans have certified as critical or red zone, two plan have certified as endangered or yellow zone and one plan has certified as seriously endangered or orange zone, as defined by the Pension Protection Act of 2006. The Company's portion of contributions to all plans amounted to $3.3 million, $3.1 million and $3.2 million for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | ||||||||||||||||
In June 2009, the Company received a notice of a mass withdrawal termination and a notice of initial withdrawal liability from a multiemployer plan in which it participated. The Company had anticipated this event and as a result had accrued approximately $3.2 million as of January 3, 2009 based on the most recent information that was probable and estimable for this plan. The plan had given a notice of redetermination liability in December 2009. In fiscal 2010, the Company received further third party information confirming the future payout related to this multiemployer plan. As a result, the Company reduced its liability to approximately $1.2 million. In fiscal 2010, another underfunded multiemployer plan in which the Company participates gave notification of partial withdrawal liability. As of January 3, 2015, the Company has an accrued liability of approximately $0.8 million representing the present value of scheduled withdrawal liability payments under this multiemployer plan. While the Company has no ability to calculate a possible current liability for under-funded multiemployer plans that could terminate or could require additional funding under the Pension Protection Act of 2006, the amounts could be material. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | |||||||||||||||||||||||
The Company’s operations are exposed to market risks relating to commodity prices that affect the Company’s cost of raw materials, finished product prices and energy costs and the risk of changes in interest rates and foreign currency exchange rates. | ||||||||||||||||||||||||
The Company makes limited use of derivative instruments to manage cash flow risks related to interest expense, natural gas usage, diesel fuel usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Interest rate swaps are entered into with the intent of managing overall borrowing costs by reducing the potential impact of increases in interest rates on floating-rate long-term debt. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Corn options and future contracts are entered into with the intent of managing forecasted sales of BBP by reducing the impact of changing prices. Foreign currency forward contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. At January 3, 2015, the Company had corn options outstanding that qualified and were designated for hedge accounting as well as heating oil swaps and options, corn options and foreign currency forward contracts that did not qualify and were not designated for hedge accounting. | ||||||||||||||||||||||||
Entities are required to report all derivative instruments in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding the instrument. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair value, cash flows or foreign currencies. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of other comprehensive income (outside of earnings) and is subsequently reclassified into earnings when the forecasted transaction affects earnings. Any amounts excluded from the assessment of hedge effectiveness as well as the ineffective portion of the gain or loss are reported in earnings immediately. If the derivative instrument is not designated as a hedge, the gain or loss is recognized in earnings in the period of change. | ||||||||||||||||||||||||
In November 2013, the Company entered into foreign currency exchange forward contracts that did not qualify for hedge accounting to mitigate the foreign exchange rate risk of the expected acquisition price of the VION Acquisition. Under the terms of the exchange contracts, the Company exchanged U.S. dollars for €1.0 billion at a fixed weighted average price of approximately1.346 with a maturity date of early January 2014. The foreign currency contract was not designated for hedge accounting. In the fourth quarter of fiscal 2013 the Company recorded an unrealized gain of $27.5 million and upon settlement of the exchange contracts recorded a loss in the first quarter of fiscal 2014 of $12.6 million. | ||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
In fiscal 2013 and fiscal 2014, the Company has entered into natural gas swap contracts that are considered cash flow hedges. Under the terms of the natural gas swap contracts the Company fixed the expected purchase cost of a portion of its plants expected natural gas usage in fiscal 2015. As of January 3, 2015, all of the fiscal 2013 contracts and fiscal 2014 contracts have expired and settled according to the contracts with activity disclosed below. | ||||||||||||||||||||||||
In fiscal 2013 and fiscal 2014, the Company entered into corn option contracts that are considered cash flow hedges. Under the terms of the corn option contracts the Company hedged a portion of it's forecasted sales of BBP into the second quarter of fiscal 2015. As of January 3, 2015, all fiscal 2013 contracts and some of the fiscal 2014 contracts have settled while the remaining contract positions and activity are disclosed below. From time to time, the Company may enter into corn option contracts in the future. | ||||||||||||||||||||||||
As of January 3, 2015, the Company had the following outstanding forward contract amounts that were entered into to hedge the future payments of intercompany note transactions, foreign currency transactions in currencies other than the functional currency and forecasted transactions in currencies other than the functional currency. All of these transactions are currently not designated for hedge accounting. (in thousands): | ||||||||||||||||||||||||
Functional Currency | Contract Currency | |||||||||||||||||||||||
Type | Amount | Type | Amount | |||||||||||||||||||||
Brazilian real | 11,721 | Euro | 3,650 | |||||||||||||||||||||
Brazilian real | 18,877 | U.S. Dollar | 7,400 | |||||||||||||||||||||
Euro | 289,385 | U.S. Dollar | 359,631 | |||||||||||||||||||||
Euro | 8,348 | Polish zloty | 35,000 | |||||||||||||||||||||
Euro | 3,429 | Japanese yen | 488,926 | |||||||||||||||||||||
Euro | 31,600 | Chinese renminbi | 242,054 | |||||||||||||||||||||
Euro | 21,146 | Australian dollar | 31,350 | |||||||||||||||||||||
Euro | 1,842 | British pound | 1,448 | |||||||||||||||||||||
Polish zloty | 11,544 | Euro | 2,741 | |||||||||||||||||||||
The Company estimates the amount that will be reclassified from accumulated other comprehensive gain at January 3, 2015 into earnings over the next 12 months will be approximately $0.1 million. As of January 3, 2015, no amounts have been reclassified into earnings as a result of the discontinuance of cash flow hedges. | ||||||||||||||||||||||||
The following table presents the fair value of the Company’s derivative instruments as of January 3, 2015 and December 28, 2013 (in thousands): | ||||||||||||||||||||||||
Derivatives Designated | Balance Sheet | Asset Derivatives Fair Value | ||||||||||||||||||||||
as Hedges | Location | 3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||
Natural gas swaps | Other current assets | $ | — | $ | 120 | |||||||||||||||||||
Corn options | Other current assets | 247 | 2,349 | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 247 | $ | 2,469 | ||||||||||||||||||||
Derivatives not | ||||||||||||||||||||||||
Designated as | ||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 11,559 | $ | 27,516 | |||||||||||||||||||
Corn options and futures | Other current assets | 69 | — | |||||||||||||||||||||
Heating oil swaps | Other current assets | 353 | 43 | |||||||||||||||||||||
Total derivatives not designated as hedges | $ | 11,981 | $ | 27,559 | ||||||||||||||||||||
Total asset derivatives | $ | 12,228 | $ | 30,028 | ||||||||||||||||||||
Derivatives Designated | Balance Sheet | Liability Derivatives Fair Value | ||||||||||||||||||||||
as Hedges | Location | 3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||
Corn options | Accrued expenses | $ | — | $ | 1 | |||||||||||||||||||
Total derivatives designated as hedges | $ | — | $ | 1 | ||||||||||||||||||||
Derivatives not | ||||||||||||||||||||||||
Designated as | ||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||
Foreign currency contracts | Accrued Expenses | $ | 2,019 | $ | — | |||||||||||||||||||
Corn options and futures | Accrued Expenses | 3 | — | |||||||||||||||||||||
Heating oil swaps | Accrued Expenses | 993 | 2 | |||||||||||||||||||||
Total derivatives not designated as hedges | $ | 3,015 | $ | 2 | ||||||||||||||||||||
Total liability derivatives | $ | 3,015 | $ | 3 | ||||||||||||||||||||
The effect of the Company's derivative instruments on the consolidated financial statements for the fiscal years ended January 3, 2015 and December 28, 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Gain or (Loss) | ||||||||||||||||||||||||
Gain or (Loss) | Recognized in Income | |||||||||||||||||||||||
Gain or (Loss) | Reclassified From | On Derivatives | ||||||||||||||||||||||
Derivatives | Recognized in OCI | Accumulated OCI | (Ineffective Portion and | |||||||||||||||||||||
Designated as | on Derivatives | into Income | Amount Excluded from | |||||||||||||||||||||
Cash Flow Hedges | (Effective Portion) (a) | (Effective Portion) (b) | Effectiveness Testing) (c) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Corn options | $ | 1,812 | $ | 7,350 | $ | 3,868 | $ | 5,486 | $ | 92 | $ | 274 | ||||||||||||
Natural gas swaps | 11 | 248 | 196 | 41 | (1 | ) | (4 | ) | ||||||||||||||||
Total | $ | 1,823 | $ | 7,598 | $ | 4,064 | $ | 5,527 | $ | 91 | $ | 270 | ||||||||||||
(a) | Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive gain of approximately $1.8 million and approximately $7.6 million recorded net of taxes of approximately $0.7 million and approximately $2.9 million for the year ended January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||||||||||
(b) | Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations. | |||||||||||||||||||||||
(c) | Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps and natural gas swaps is included in other income/(expense), net in the Company’s consolidated statements of operations. | |||||||||||||||||||||||
At January 3, 2015, the Company had forward purchase agreements in place for purchases of approximately $4.2 million of natural gas and diesel fuel. These forward purchase agreements have no net settlement provisions and the Company intends to take physical delivery. Accordingly, the forward purchase agreements are not subject to the requirements of fair value accounting because they qualify as normal purchases as defined. | ||||||||||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT | ||||||||||||
FASB authoritative guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements including guidance related to nonrecurring measurements of nonfinancial assets and liabilities. | |||||||||||||
The following table presents the Company's financial instruments that are measured at fair value on a recurring and nonrecurring basis as of January 3, 2015 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. | |||||||||||||
Fair Value Measurements at January 3, 2015 Using | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | |||||||||||
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Derivative assets | $ | 12,228 | $ | — | $ | 12,228 | $ | — | |||||
Total Assets | 12,228 | — | 12,228 | — | |||||||||
Liabilities | |||||||||||||
Derivative liabilities | 3,015 | — | 3,015 | — | |||||||||
Senior Notes | 493,750 | — | 493,750 | — | |||||||||
Term Loan A | 310,600 | — | 310,600 | — | |||||||||
Term Loan B | 1,198,546 | — | 1,198,546 | — | |||||||||
Revolver | 100,335 | — | 100,335 | — | |||||||||
Total Liabilities | $ | 2,106,246 | $ | — | $ | 2,106,246 | $ | — | |||||
Derivative assets consist of the Company's heating oil option contracts, corn option contracts and foreign currency contracts, which represents the difference between the observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap and option rate considering the instruments term, notional amount and credit risk. See Note 16 Derivatives for breakdown by instrument type. | |||||||||||||
Derivative liabilities consist of the Company's heating oil swap contracts and corn option contracts, which represent the difference between the observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap rate considering the instrument’s term, notional amount and credit risk. See Note 16 Derivatives for breakdown by instrument type. | |||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments and as such have been excluded from the table above. The carrying amount for the Company's other debt is not deemed to be significantly different than the fair value and all other instruments have been recorded at fair value. | |||||||||||||
The fair value of the senior notes, term loan A, term loan B and revolver debt is based on market quotation from a third-party bank. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Jan. 03, 2015 | |
CONCENTRATION OF CREDIT RISK [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK |
Concentration of credit risk is limited due to the Company's diversified customer base and the fact that the Company sells commodities. No single customer accounted for more than 10% of the Company’s net sales in fiscal years 2014, 2013 and 2012. |
Contingencies
Contingencies | 12 Months Ended |
Jan. 03, 2015 | |
Contingencies [Abstract] | |
CONTINGENCIES | CONTINGENCIES |
The Company is a party to several lawsuits, claims and loss contingencies arising in the ordinary course of its business, including assertions by certain regulatory and governmental agencies related to permitting requirements and air, wastewater and storm water discharges from the Company's processing facilities. | |
The Company’s workers compensation, auto and general liability policies contain significant deductibles or self-insured retentions. The Company estimates and accrues its expected ultimate claim costs related to accidents occurring during each fiscal year and carries this accrual as a reserve until these claims are paid by the Company. | |
As a result of the matters discussed above, the Company has established loss reserves for insurance, environmental and litigation matters. At January 3, 2015 and December 28, 2013, the reserves for insurance, environmental and litigation contingencies reflected on the balance sheet in accrued expenses and other non-current liabilities were approximately $54.9 million and $35.5 million, respectively. The Company has insurance recovery receivables of approximately $11.4 million and $8.8 million, as of January 3, 2015 and December 28, 2013, respectively, related to these liabilities. The Company's management believes these reserves for contingencies are reasonable and sufficient based upon present governmental regulations and information currently available to management; however, there can be no assurance that final costs related to these matters will not exceed current estimates. The Company believes that the likelihood is remote that any additional liability from these lawsuits and claims that may not be covered by insurance would have a material effect on the financial position, results of operations or cash flows. | |
Lower Passaic River Area. In December 2009, the Company, along with numerous other entities, received notice from the United States Environmental Protection Agency ("EPA") that the Company (as successor-in-interest to Standard Tallow Company) is considered a potentially responsible party with respect to alleged contamination in the lower Passaic River area which is part of the Diamond Alkali Superfund Site located in Newark, New Jersey. The Company’s designation as a potentially responsible party is based upon the operation of a former plant site located in Newark, New Jersey by Standard Tallow Company, an entity that the Company acquired in 1996. In the letter, EPA requested that the Company join a group of other parties in funding a remedial investigation and feasibility study at the site. As of the date of this report, the Company has not agreed to participate in the funding group. The Company's ultimate liability for investigatory costs, remedial costs and/or natural resource damages in connection with the lower Passaic River area cannot be determined at this time; however, as of the date of this report, there is nothing that leads the Company to believe that this matter will have a material effect on the Company's financial position, results of operations or cash flows. | |
Fresno Facility Permit Issue. The Company has been named as a defendant and a real party in interest in a lawsuit filed on April 9, 2012 in the Superior Court of the State of California, Fresno County, styled Concerned Citizens of West Fresno vs. Darling International Inc. The complaint, as subsequently amended, alleges that the Company's Fresno facility is operating without a proper use permit and seeks, among other things, injunctive relief. The complaint had at one time also alleged that the Company's Fresno facility constitutes a continuing private and public nuisance, but the plaintiff has since amended the complaint to drop these allegations. The City of Fresno was also named as a defendant in the original complaint but has since had a judgment entered in its favor and is no longer a defendant in the lawsuit; however, in December 2013 the City of Fresno filed a motion to intervene as a plaintiff in this matter. The Superior Court heard the motion on February 4, 2014, and entered an order on February 18, 2014 denying the motion. Rendering operations have been conducted on the site since 1955, and the Company believes that it possesses all of the required federal, state and local permits to continue to operate the facility in the manner currently conducted and that its operations do not constitute a private or public nuisance. Accordingly, the Company intends to defend itself vigorously in this matter. Discovery has begun and this matter was scheduled for trial in July 2014; however, the parties have agreed to stay the litigation while they participate in a mediation process. While management cannot predict the ultimate outcome of this matter, management does not believe the outcome will have a material effect on the Company's financial condition, results of operations or cash flows. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS | |||||||||||||||
Effective December 29, 2013, the Company's business operations were reorganized into three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients, in order to better align its business with the underlying markets and customers that the Company serves. All historical periods have been recast for the changes to the segment reporting structure. The Company sells its products domestically and internationally. The measure of segment profit (loss) includes all revenues, operating expenses (excluding certain amortization of intangibles), and selling, general and administrative expenses incurred at all operating locations and excludes general corporate expenses. | ||||||||||||||||
Included in corporate activities are general corporate expenses and the amortization of intangibles. Assets of corporate activities include cash, unallocated prepaid expenses, deferred tax assets, prepaid pension, and miscellaneous other assets. | ||||||||||||||||
Feed Ingredients | ||||||||||||||||
Feed Ingredients consists principally of (i) the Company's U.S. ingredients business, including the Company's used cooking oil, trap grease and food residuals collection businesses, the Rothsay ingredients business, and the ingredients and specialty products businesses conducted by Darling Ingredients International under the Sonac name (proteins, fats, technical fats and blood plasma products) and (ii) the Company's bakery residuals business. Feed Ingredients operations process animal by-products and used cooking oil into fats, protein and hides. | ||||||||||||||||
Food Ingredients | ||||||||||||||||
Food Ingredients consists principally of (i) the gelatin and hydrolyzed collagen business conducted by Darling Ingredients International under the Rousselot name, (ii) the natural casings and meat-by-products business conducted by Darling Ingredients International under the CTH name and (iii) certain specialty products businesses conducted by Darling Ingredients International under the Sonac name. | ||||||||||||||||
Fuel Ingredients | ||||||||||||||||
The Company's Fuel Ingredients segment consists of (i) the Company's biofuel business conducted under the Dar Pro® and Rothsay names (ii) the bioenergy business conducted by Darling Ingredients International under the Ecoson and Rendac names and (iii) the Company's investment in the DGD Joint Venture. | ||||||||||||||||
Business Segments (in thousands): | ||||||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended January 3, 2015 | ||||||||||||||||
Net Sales | $ | 2,421,462 | $ | 1,248,352 | $ | 286,629 | $ | — | $ | 3,956,443 | ||||||
Cost of sales and operating expenses | 1,864,835 | 1,029,488 | 228,848 | — | 3,123,171 | |||||||||||
Gross Margin | 556,627 | 218,864 | 57,781 | — | 833,272 | |||||||||||
Selling, general and administrative expense | 205,484 | 118,716 | 8,596 | 41,784 | 374,580 | |||||||||||
Acquisition costs | — | — | — | 24,667 | 24,667 | |||||||||||
Depreciation and amortization | 158,871 | 73,274 | 27,898 | 9,474 | 269,517 | |||||||||||
Segment operating income/(loss) | 192,272 | 26,874 | 21,287 | (75,925 | ) | 164,508 | ||||||||||
Equity in net income of unconsolidated subsidiaries | 1,842 | — | 63,767 | — | 65,609 | |||||||||||
Segment income | 194,114 | 26,874 | 85,054 | (75,925 | ) | 230,117 | ||||||||||
Total other expense | (148,665 | ) | ||||||||||||||
Income before income taxes | $ | 81,452 | ||||||||||||||
Segment assets at January 3, 2015 | $ | 2,667,369 | $ | 1,734,387 | $ | 693,921 | $ | 75,036 | $ | 5,170,713 | ||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended December 28, 2013 | ||||||||||||||||
Net Sales | $ | 1,788,563 | $ | — | $ | 13,705 | $ | — | $ | 1,802,268 | ||||||
Cost of sales and operating expenses | 1,329,057 | — | 10,762 | — | 1,339,819 | |||||||||||
Gross Margin | 459,506 | — | 2,943 | — | 462,449 | |||||||||||
Selling, general and administrative expense | 149,160 | — | 928 | 20,737 | 170,825 | |||||||||||
Acquisition costs | — | — | — | 23,271 | 23,271 | |||||||||||
Depreciation and amortization | 93,120 | — | 368 | 5,299 | 98,787 | |||||||||||
Segment operating income/(loss) | 217,226 | — | 1,647 | (49,307 | ) | 169,566 | ||||||||||
Equity in net income of unconsolidated subsidiaries | — | — | 7,660 | — | 7,660 | |||||||||||
Segment income | 217,226 | — | 9,307 | (49,307 | ) | 177,226 | ||||||||||
Total other expense | (13,548 | ) | ||||||||||||||
Income before income taxes | $ | 163,678 | ||||||||||||||
Segment assets at December 28, 2013 | $ | 1,986,564 | $ | — | $ | 179,722 | $ | 1,077,847 | $ | 3,244,133 | ||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended December 29, 2012 | ||||||||||||||||
Net Sales | $ | 1,766,611 | $ | — | $ | 5,941 | $ | — | $ | 1,772,552 | ||||||
Cost of sales and operating expenses | 1,299,255 | — | 4,472 | — | 1,303,727 | |||||||||||
Gross Margin | 467,356 | — | 1,469 | — | 468,825 | |||||||||||
Selling, general and administrative expense | 123,483 | — | 326 | 27,904 | 151,713 | |||||||||||
Acquisition costs | — | — | — | — | — | |||||||||||
Depreciation and amortization | 81,122 | — | 122 | 4,127 | 85,371 | |||||||||||
Segment operating income/(loss) | 262,751 | — | 1,021 | (32,031 | ) | 231,741 | ||||||||||
Equity in net income of unconsolidated subsidiaries | — | — | (2,662 | ) | — | (2,662 | ) | |||||||||
Segment income | 262,751 | — | (1,641 | ) | (32,031 | ) | 229,079 | |||||||||
Total other expense | (22,294 | ) | ||||||||||||||
Income before income taxes | $ | 206,785 | ||||||||||||||
Business Segment Property, Plant and Equipment (in thousands): | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Depreciation and amortization: | ||||||||||||||||
Feed Ingredients | $ | 158,871 | $ | 93,120 | $ | 81,122 | ||||||||||
Food Ingredients | 73,274 | — | — | |||||||||||||
Fuel Ingredients | 27,898 | 368 | 122 | |||||||||||||
Corporate Activities | 9,474 | 5,299 | 4,127 | |||||||||||||
Total | $ | 269,517 | $ | 98,787 | $ | 85,371 | ||||||||||
Capital expenditures: | ||||||||||||||||
Feed Ingredients | $ | 135,923 | $ | 84,616 | $ | 84,344 | ||||||||||
Food Ingredients | 61,657 | — | — | |||||||||||||
Fuel Ingredients | 21,392 | 162 | 66 | |||||||||||||
Corporate Activities | 9,946 | 33,529 | 31,003 | |||||||||||||
Total (a) | $ | 228,918 | $ | 118,307 | $ | 115,413 | ||||||||||
(a) | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million. | |||||||||||||||
Geographic Area Net Trade Revenues (in thousands): | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
North America | $ | 2,131,978 | $ | 1,802,268 | $ | 1,772,552 | ||||||||||
Europe | 1,438,320 | — | — | |||||||||||||
China | 229,876 | — | — | |||||||||||||
South America | 73,241 | — | — | |||||||||||||
Other | 83,028 | — | — | |||||||||||||
Total | $ | 3,956,443 | $ | 1,802,268 | $ | 1,772,552 | ||||||||||
The Company attributes revenues from external customers to individual foreign countries based on the origin of the Company's shipments. | ||||||||||||||||
Prior to fiscal 2014, the Company did not have operations outside of North America. During fiscal 2014, the Company acquired operations in Europe, China, South America and other countries of the world. Long-lived assets related to the Company's operations in North America, Europe, China, South American and other were as follows (in thousands): | ||||||||||||||||
FY 2014 | ||||||||||||||||
Long-Lived Assets | ||||||||||||||||
North America | $ | 2,422,050 | ||||||||||||||
Europe | 1,407,402 | |||||||||||||||
China | 186,994 | |||||||||||||||
South America | 93,264 | |||||||||||||||
Other | 7,390 | |||||||||||||||
Total | $ | 4,117,100 | ||||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED AND IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | QUARTERLY FINANCIAL DATA (UNAUDITED AND IN THOUSANDS EXCEPT PER SHARE AMOUNTS): | |||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (a), (b) | Quarter (a), (b) | Quarter (a), (b) | Quarter (b) | |||||||||||||
Net sales | $ | 946,292 | $ | 1,031,283 | $ | 978,665 | $ | 1,000,203 | ||||||||
Operating income | (564 | ) | 75,485 | 49,925 | 39,662 | |||||||||||
Income from operations before income taxes | (69,296 | ) | 50,078 | 27,090 | 73,580 | |||||||||||
Net income | (51,006 | ) | 34,575 | 15,954 | 68,788 | |||||||||||
Net (income)/loss attributable to minority interests | (1,797 | ) | (1,818 | ) | (1,636 | ) | 1,155 | |||||||||
Net income/(loss) attributable to Darling | (52,803 | ) | 32,757 | 14,318 | 69,943 | |||||||||||
Basic earnings per share | (0.32 | ) | 0.2 | 0.09 | 0.42 | |||||||||||
Diluted earnings per share | (0.32 | ) | 0.2 | 0.09 | 0.42 | |||||||||||
(a) | Includes sales deductions reclassified from net sales to cost of sales in the amount of approximately $14.9 million in the first quarter of fiscal 2014, approximately $24.3 million in the second quarter of fiscal 2014 and approximately $22.9 million in the third quarter of fiscal 2014 to conform to the fiscal year ended January 3, 2015 presentation. | |||||||||||||||
(b) | Included in net income are $15.9 million in acquisition and integration costs in the first quarter of fiscal 2014, $4.2 million in acquisition and integration costs in the second quarter of fiscal 2014, $2.2 million in acquisition and integration costs in the third quarter of fiscal 2014 and $2.4 million in the fourth quarter of fiscal 2014 primarily relating to the VION Acquisition and Rothsay Acquisition. Included in net income in the first quarter of fiscal 2014 is approximately $12.6 million of loss on a foreign currency forward contract, approximately $27.3 million redemption premium to payoff the 8.5% Senior Notes due 2018 early and approximately $44.8 million of costs related to the VION Acquisition inventory step-up in value. In addition, included in net income are approximately $5.0 million in the second quarter of fiscal 2014 related to the VION Acquisition inventory step-up in value. Additionally, included in the net income for the fourth quarter of fiscal 2014 were the Company's portion of all tax credits recorded by the DGD Joint Venture and the Company's other processing facilities, which amounted to approximately$67.4 million. | |||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (c) | Quarter (c), (d) | Quarter (c), (d) | Quarter (c), (d) | |||||||||||||
Net sales | $ | 465,657 | $ | 443,542 | $ | 445,130 | $ | 447,939 | ||||||||
Operating income | 58,576 | 50,802 | 41,652 | 18,536 | ||||||||||||
Income from operations before income taxes | 52,823 | 42,753 | 45,024 | 23,078 | ||||||||||||
Net income | 32,405 | 26,418 | 27,651 | 22,493 | ||||||||||||
Basic earnings per share | 0.27 | 0.22 | 0.23 | 0.18 | ||||||||||||
Diluted earnings per share | 0.27 | 0.22 | 0.23 | 0.18 | ||||||||||||
(c) | Includes sales deductions reclassified from net sales to cost of sales in the amount of approximately $20.2 million in the first quarter of fiscal 2013, approximately $19.9 million in the second quarter of fiscal 2013, approximately $19.3 million in the third quarter of fiscal 2013 and $19.2 million in the fourth quarter of fiscal 2013 to conform to the fiscal year 2014 presentation. | |||||||||||||||
(d) | Included in net income are $0.8 million in transaction costs in the second quarter of fiscal 2013, $8.3 million in transaction costs in the third quarter of fiscal 2013 and $14.2 million in the fourth quarter of fiscal 2013 relating to the Terra Transaction, Rothsay Acquisition and the VION Acquisition. In addition, the fourth quarter of fiscal 2013 includes approximately $27.5 million of an unrealized gain on a foreign currency forward contract. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 03, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS |
Lease Agreements | |
Darling through its wholly-owned subsidiary Griffin, leases two real properties located in Butler, Kentucky and real properties located in each of Jackson, Mississippi and Henderson, Kentucky from Martom Properties, LLC, an entity owned in part by Martin W. Griffin, the Company's Executive Vice President – Chief Operations Officer, North America. The lease term for each of the Butler properties and the Jackson property is thirty years, and the Company has the right to renew such leases for two additional terms of ten years each. The annual rental payment for each of the Butler properties is $30,000 for the first five years of the lease term and is increased by the increase in the consumer price index every five years thereafter. The annual rental payment for the Jackson property is $221,715 for the first five years of the lease term and is increased by the increase in the consumer price index every five years thereafter. The lease term for the Henderson property is ten years, and the Company has the right to renew such lease for four additional terms of five years each. The annual rental payment for the Henderson property is $60,000 for the first five years of the lease term and is increased by the increase in the consumer price index every five years thereafter. Under the terms of each lease, the Company has a right of first offer and right of first refusal for each of the properties. | |
Raw Material Agreement | |
The Company has entered into a Raw Material Agreement with the DGD Joint Venture pursuant to which the Company will offer to supply certain animal fats and used cooking oil at market prices, up to the DGD Joint Venture's full operational requirement of feedstock, but the DGD Joint Venture is not obligated to purchase the raw material offered by the Company. Additionally, the Company may offer other feedstocks to the DGD Joint Venture, such as inedible corn oil, purchased on a resale basis. For the years ended January 3, 2015, December 28, 2013 and December 29, 2012, the Company has recorded sales to the DGD Joint Venture of approximately $159.8 million, $83.8 million and $0.3 million, respectively. At January 3, 2015 and December 28, 2013, the Company has approximately $6.1 million and $14.6 million in outstanding receivables due from the DGD Joint Venture, respectively. In addition, the Company has eliminated additional sales of approximately $5.1 million and $3.7 million for the year ended January 3, 2015 and December 28, 2013, respectively to the DGD Joint Venture to defer the Company's portion of profit on those sales relating to inventory assets still remaining on the DGD Joint Venture's balance sheet at January 3, 2015 and December 28, 2013 of approximately $1.3 million and $0.6 million, respectively. |
New_Accounting_Pronoucements
New Accounting Pronoucements | 12 Months Ended |
Jan. 03, 2015 | |
New Accounting Pronoucements [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS |
In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which will supersede nearly all existing revenue recognition guidance under GAAP. The new ASU introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this ASU requires disclosures sufficient to enable the users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This ASU allows for either full retrospective or modified retrospective adoption and will become effective for the Company for the annual reporting period beginning after December 15, 2016, with early adoption not permitted. The Company is currently evaluating the impact of this standard. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU amends ASC Topic 740, Income Taxes The new standard requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The standard will become effective for the Company prospectively for annual periods beginning after December 15, 2013, and interim periods within those years, with early adoption permitted. Retrospective application is also permitted. The Company adopted this standard in the first quarter of fiscal 2014. The adoption did not have a material impact on the Company's consolidated financial statements. |
Guarantor_Financial_Informatio
Guarantor Financial Information | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Guarantor Financial Information [Abstract] | ||||||||||||||||
GUARANTOR FINANCIAL INFORMATION | GUARANTOR FINANCIAL INFORMATION | |||||||||||||||
The Company's 5.375% Notes (see Note 10) are guaranteed on an unsecured basis by following Notes Guarantors, each of which is a 100% directly and indirectly owned subsidiary of Darling and which constitute all of Darling's existing restricted subsidiaries that are Credit Agreement Guarantors (other than Darling's foreign subsidiaries): Darling National, Griffin and its subsidiary Craig Protein, Darling AWS LLC, Terra Holding Company, Darling Global Holdings Inc., Darling Northstar LLC, TRS, EV Acquisition, Inc., Rousselot Inc., Rousselot Dubuque Inc., Sonac USA LLC and Rousselot Peabody Inc. The Notes Guarantors fully and unconditionally guaranteed the 5.375% Notes on a joint and several basis. The following financial statements present condensed consolidating financial data for (i) Darling, the "Issuer" of the 5.375% Notes, (ii) the combined Notes Guarantors, (iii) the combined other subsidiaries of the Company that did not guarantee the 5.375% Notes (the "Non-guarantors"), and (iv) eliminations necessary to arrive at the Company's consolidated financial statements, which include condensed consolidated balance sheets as of January 3, 2015 and December 28, 2013, and the condensed consolidating statements of operations, the condensed consolidating statements of comprehensive income and the condensed consolidating statements of cash flows for the years ended January 3, 2015, December 28, 2013 and December 29, 2012. | ||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
As of January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 10,447 | $ | 14,460 | $ | 83,877 | $ | — | $ | 108,784 | ||||||
Restricted cash | 103 | — | 240 | — | 343 | |||||||||||
Accounts receivable | 30,237 | 604,486 | 320,040 | (544,984 | ) | 409,779 | ||||||||||
Inventories | 19,762 | 93,253 | 288,598 | — | 401,613 | |||||||||||
Income taxes refundable | 18,647 | — | 3,493 | — | 22,140 | |||||||||||
Prepaid expenses | 11,513 | 1,792 | 31,324 | — | 44,629 | |||||||||||
Other current assets | 1,894 | 14 | 206,338 | (186,922 | ) | 21,324 | ||||||||||
Deferred income taxes | 42,497 | — | 2,504 | — | 45,001 | |||||||||||
Total current assets | 135,100 | 714,005 | 936,414 | (731,906 | ) | 1,053,613 | ||||||||||
Investment in subsidiaries | 3,874,466 | 1,096,541 | 837,605 | (5,808,612 | ) | — | ||||||||||
Property, plant and equipment, net | 205,895 | 445,301 | 922,920 | — | 1,574,116 | |||||||||||
Intangible assets, net | 21,903 | 366,315 | 544,195 | — | 932,413 | |||||||||||
Goodwill | 21,860 | 549,950 | 748,609 | — | 1,320,419 | |||||||||||
Investment in unconsolidated subsidiaries | — | — | 202,712 | — | 202,712 | |||||||||||
Other assets | 56,404 | 575,656 | 538,460 | (1,099,511 | ) | 71,009 | ||||||||||
Deferred income taxes | — | — | 16,431 | — | 16,431 | |||||||||||
$ | 4,315,628 | $ | 3,747,768 | $ | 4,747,346 | $ | (7,640,029 | ) | $ | 5,170,713 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current portion of long-term debt | $ | 16,017 | $ | 55 | $ | 225,252 | $ | (186,923 | ) | $ | 54,401 | |||||
Accounts payable | 540,784 | 11,349 | 127,994 | (511,609 | ) | 168,518 | ||||||||||
Income taxes payable | — | — | 4,363 | — | 4,363 | |||||||||||
Accrued expenses | 88,840 | 34,842 | 165,812 | (33,375 | ) | 256,119 | ||||||||||
Deferred income taxes | — | — | 642 | — | 642 | |||||||||||
Total current liabilities | 645,641 | 46,246 | 524,063 | (731,907 | ) | 484,043 | ||||||||||
Long-term debt, net of current portion | 1,334,556 | — | 1,862,994 | (1,099,511 | ) | 2,098,039 | ||||||||||
Other noncurrent liabilities | 56,849 | 1,979 | 55,872 | — | 114,700 | |||||||||||
Deferred income taxes | 176,745 | — | 246,052 | — | 422,797 | |||||||||||
Total liabilities | 2,213,791 | 48,225 | 2,688,981 | (1,831,418 | ) | 3,119,579 | ||||||||||
Total stockholders' equity | 2,101,837 | 3,699,543 | 2,058,365 | (5,808,611 | ) | 2,051,134 | ||||||||||
$ | 4,315,628 | $ | 3,747,768 | $ | 4,747,346 | $ | (7,640,029 | ) | $ | 5,170,713 | ||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 857,267 | $ | 6,117 | $ | 7,473 | $ | — | $ | 870,857 | ||||||
Restricted cash | 102 | — | 252 | — | 354 | |||||||||||
Accounts receivable | 41,464 | 484,091 | 16,092 | (428,803 | ) | 112,844 | ||||||||||
Inventories | 20,799 | 36,314 | 8,020 | — | 65,133 | |||||||||||
Income taxes refundable | 14,397 | — | 115 | — | 14,512 | |||||||||||
Prepaid expenses | 9,347 | 3,794 | 1,082 | — | 14,223 | |||||||||||
Other current assets | 31,248 | 15 | 1,027 | — | 32,290 | |||||||||||
Deferred income taxes | 15,107 | — | 2,182 | — | 17,289 | |||||||||||
Total current assets | 989,731 | 530,331 | 36,243 | (428,803 | ) | 1,127,502 | ||||||||||
Investment in subsidiaries | 2,140,869 | 63,116 | — | (2,203,985 | ) | — | ||||||||||
Property, plant and equipment, net | 172,533 | 356,772 | 137,268 | — | 666,573 | |||||||||||
Intangible assets, net | 15,896 | 340,611 | 232,157 | — | 588,664 | |||||||||||
Goodwill | 21,860 | 424,244 | 255,533 | — | 701,637 | |||||||||||
Investment in unconsolidated subsidiary | — | — | 115,114 | — | 115,114 | |||||||||||
Other assets | 40,588 | 373,699 | 1,352 | (370,996 | ) | 44,643 | ||||||||||
$ | 3,381,477 | $ | 2,088,773 | $ | 777,667 | $ | (3,003,784 | ) | $ | 3,244,133 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current portion of long-term debt | $ | 10,000 | $ | 87 | $ | 9,801 | $ | — | $ | 19,888 | ||||||
Accounts payable | 425,117 | 21,236 | 22,939 | (425,550 | ) | 43,742 | ||||||||||
Accrued expenses | 85,165 | 20,178 | 11,084 | (3,253 | ) | 113,174 | ||||||||||
Total current liabilities | 520,282 | 41,501 | 43,824 | (428,803 | ) | 176,804 | ||||||||||
Long-term debt, net of current portion | 680,000 | 55 | 557,888 | (370,996 | ) | 866,947 | ||||||||||
Other noncurrent liabilities | 36,381 | — | 4,290 | — | 40,671 | |||||||||||
Deferred income taxes | 123,862 | — | 14,897 | — | 138,759 | |||||||||||
Total liabilities | 1,360,525 | 41,556 | 620,899 | (799,799 | ) | 1,223,181 | ||||||||||
Total stockholders' equity | 2,020,952 | 2,047,217 | 156,768 | (2,203,985 | ) | 2,020,952 | ||||||||||
$ | 3,381,477 | $ | 2,088,773 | $ | 777,667 | $ | (3,003,784 | ) | $ | 3,244,133 | ||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 557,316 | $ | 1,620,054 | $ | 2,063,310 | $ | (284,237 | ) | $ | 3,956,443 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 421,883 | 1,330,038 | 1,655,487 | (284,237 | ) | 3,123,171 | ||||||||||
Selling, general and administrative expenses | 145,258 | 54,070 | 175,252 | — | 374,580 | |||||||||||
Depreciation and amortization | 31,183 | 83,957 | 154,377 | — | 269,517 | |||||||||||
Acquisition and integration costs | 20,410 | — | 4,257 | — | 24,667 | |||||||||||
Total costs and expenses | 618,734 | 1,468,065 | 1,989,373 | (284,237 | ) | 3,791,935 | ||||||||||
Operating income | (61,418 | ) | 151,989 | 73,937 | — | 164,508 | ||||||||||
Interest expense | (97,912 | ) | 21,231 | (58,554 | ) | (181 | ) | (135,416 | ) | |||||||
Foreign currency gains/(losses) | (12,244 | ) | (417 | ) | (887 | ) | — | (13,548 | ) | |||||||
Other income/(expense), net | (3,717 | ) | (19 | ) | 3,854 | 181 | 299 | |||||||||
Equity in net income of unconsolidated subsidiary | — | — | 65,609 | — | 65,609 | |||||||||||
Earnings in investments in subsidiaries | 223,790 | — | — | (223,790 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 48,499 | 172,784 | 83,959 | (223,790 | ) | 81,452 | ||||||||||
Income taxes (benefit) | (15,716 | ) | 17,534 | 11,323 | — | 13,141 | ||||||||||
Net (income)/loss attributable to noncontrolling interests | — | — | (4,096 | ) | — | (4,096 | ) | |||||||||
Net income/(loss) | $ | 64,215 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 64,215 | |||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 708,166 | $ | 1,288,824 | $ | 41,196 | $ | (235,918 | ) | $ | 1,802,268 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 559,117 | 988,295 | 28,325 | (235,918 | ) | 1,339,819 | ||||||||||
Selling, general and administrative expenses | 91,723 | 76,016 | 3,086 | — | 170,825 | |||||||||||
Depreciation and amortization | 24,794 | 68,139 | 5,854 | — | 98,787 | |||||||||||
Acquisition costs | 14,074 | — | 9,197 | — | 23,271 | |||||||||||
Total costs and expenses | 689,708 | 1,132,450 | 46,462 | (235,918 | ) | 1,632,702 | ||||||||||
Operating income | 18,458 | 156,374 | (5,266 | ) | — | 169,566 | ||||||||||
Interest expense | (36,964 | ) | 3,281 | (4,425 | ) | — | (38,108 | ) | ||||||||
Foreign currency gains/(losses) | 27,516 | (42 | ) | 633 | — | 28,107 | ||||||||||
Other income/(expense), net | (3,373 | ) | 55 | (229 | ) | — | (3,547 | ) | ||||||||
Equity in net loss of unconsolidated subsidiary | — | — | 7,660 | — | 7,660 | |||||||||||
Earnings in investments in subsidiaries | 105,178 | — | — | (105,178 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 110,815 | 159,668 | (1,627 | ) | (105,178 | ) | 163,678 | |||||||||
Income taxes (benefit) | 1,848 | 52,351 | 512 | — | 54,711 | |||||||||||
Net income/(loss) | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 679,432 | $ | 1,270,978 | $ | 14,874 | $ | (192,732 | ) | $ | 1,772,552 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 532,734 | 949,534 | 14,191 | (192,732 | ) | 1,303,727 | ||||||||||
Selling, general and administrative expenses | 80,432 | 71,141 | 140 | — | 151,713 | |||||||||||
Depreciation and amortization | 23,542 | 61,807 | 22 | — | 85,371 | |||||||||||
Total costs and expenses | 636,708 | 1,082,482 | 14,353 | (192,732 | ) | 1,540,811 | ||||||||||
Operating income | 42,724 | 188,496 | 521 | — | 231,741 | |||||||||||
Interest expense | (24,047 | ) | (7 | ) | — | — | (24,054 | ) | ||||||||
Other income/(expense), net | (1,572 | ) | 3,355 | (23 | ) | — | 1,760 | |||||||||
Equity in net loss of unconsolidated subsidiary | — | — | (2,662 | ) | — | (2,662 | ) | |||||||||
Earnings in investments in subsidiaries | 119,953 | — | — | (119,953 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 137,058 | 191,844 | (2,164 | ) | (119,953 | ) | 206,785 | |||||||||
Income taxes (benefit) | 6,288 | 70,523 | (796 | ) | — | 76,015 | ||||||||||
Net income/(loss) | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ||||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 68,311 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 68,311 | |||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||
Foreign currency translation | — | — | (125,884 | ) | — | (125,884 | ) | |||||||||
Pension adjustments | (11,844 | ) | (34 | ) | (8,503 | ) | — | (20,381 | ) | |||||||
Natural gas swap derivative adjustments | (113 | ) | — | — | — | (113 | ) | |||||||||
Corn option derivative adjustments | (1,259 | ) | — | — | — | (1,259 | ) | |||||||||
Total other comprehensive income, net of tax | (13,216 | ) | (34 | ) | (134,387 | ) | — | (147,637 | ) | |||||||
Total comprehensive income/(loss) | 55,095 | 155,216 | (65,847 | ) | (223,790 | ) | (79,326 | ) | ||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 6,200 | — | $ | 6,200 | ||||||||||
Comprehensive income/(loss) attributable to Darling | $ | 55,095 | $ | 155,216 | $ | (59,647 | ) | $ | (223,790 | ) | $ | (73,126 | ) | |||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation | — | — | (14,502 | ) | — | (14,502 | ) | |||||||||
Pension adjustments | 15,060 | — | 80 | — | 15,140 | |||||||||||
Natural gas swap derivative adjustments | 127 | — | — | — | 127 | |||||||||||
Corn option derivative adjustments | 1,141 | — | — | — | 1,141 | |||||||||||
Total other comprehensive income, net of tax | 16,328 | — | (14,422 | ) | — | 1,906 | ||||||||||
Total comprehensive income (loss) | $ | 125,295 | $ | 107,317 | $ | (16,561 | ) | $ | (105,178 | ) | $ | 110,873 | ||||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Pension adjustments | (1,169 | ) | — | — | — | (1,169 | ) | |||||||||
Natural gas swap derivative adjustments | 391 | — | — | — | 391 | |||||||||||
Corn option derivative adjustments | 194 | — | — | — | 194 | |||||||||||
Interest rate swap derivative adjustments | 159 | — | — | — | 159 | |||||||||||
Total other comprehensive income, net of tax | (425 | ) | — | — | — | (425 | ) | |||||||||
Total comprehensive income (loss) | $ | 130,345 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,345 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 68,311 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 68,311 | |||||
Earnings in investments in subsidiaries | (223,790 | ) | — | — | 223,790 | — | ||||||||||
Other operating cash flows | 226,120 | (34,238 | ) | 14,979 | — | 206,861 | ||||||||||
Net cash provided/(used) by operating activities | 70,641 | 121,012 | 83,519 | — | 275,172 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (39,248 | ) | (84,299 | ) | (105,371 | ) | — | (228,918 | ) | |||||||
Acquisitions, net of cash acquired | — | (19,394 | ) | (2,075,006 | ) | — | (2,094,400 | ) | ||||||||
Investment in subsidiaries and affiliates | (1,483,007 | ) | (1,442,788 | ) | (440,619 | ) | 3,366,414 | — | ||||||||
Note receivable from affiliates | — | (204,074 | ) | 204,074 | — | — | ||||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 1,522 | 5,155 | 2,585 | — | 9,262 | |||||||||||
Proceeds from insurance settlements | 1,350 | 200 | — | — | 1,550 | |||||||||||
Payments related to routes and other intangibles | (9,640 | ) | — | (1,648 | ) | — | (11,288 | ) | ||||||||
Net cash provide/(used) in investing activities | (1,529,023 | ) | (1,745,200 | ) | (2,415,985 | ) | 3,366,414 | (2,323,794 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from long-term debt | 1,100,000 | — | 742,184 | — | 1,842,184 | |||||||||||
Payments on long-term debt | (264,500 | ) | (87 | ) | (69,175 | ) | — | (333,762 | ) | |||||||
Borrowings from revolving credit facility | 122,445 | — | 47,698 | — | 170,143 | |||||||||||
Payments on revolving credit facility | (297,445 | ) | — | (54,144 | ) | — | (351,589 | ) | ||||||||
Net overdraft financing | — | — | 4,077 | — | 4,077 | |||||||||||
Borrowings from affiliates | — | — | — | — | — | |||||||||||
Deferred loan costs | (41,748 | ) | — | (3,475 | ) | — | (45,223 | ) | ||||||||
Issuance of common stock | 416 | — | — | — | 416 | |||||||||||
Contributions from parent | — | 1,632,618 | 1,733,796 | (3,366,414 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (10,026 | ) | — | — | — | (10,026 | ) | |||||||||
Excess tax benefits from stock-based compensation | 2,420 | — | — | — | 2,420 | |||||||||||
Addition of noncontrolling interest | — | — | 1,201 | — | 1,201 | |||||||||||
Distributions to noncontrolling interests | — | — | (4,272 | ) | — | (4,272 | ) | |||||||||
Net cash provided/(used) in financing activities | 611,562 | 1,632,531 | 2,397,890 | (3,366,414 | ) | 1,275,569 | ||||||||||
Effect of exchange rate changes on cash and cash equivalent | — | — | 10,980 | — | 10,980 | |||||||||||
Net increase/(decrease) in cash and cash equivalents | (846,820 | ) | 8,343 | 76,404 | — | (762,073 | ) | |||||||||
Cash and cash equivalents at beginning of year | 857,267 | 6,117 | 7,473 | — | 870,857 | |||||||||||
Cash and cash equivalents at end of year | $ | 10,447 | $ | 14,460 | $ | 83,877 | $ | — | $ | 108,784 | ||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income/(loss) | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Earnings in investments in subsidiaries | (105,178 | ) | — | — | 105,178 | — | ||||||||||
Other operating cash flows | 135,315 | (39,459 | ) | 5,898 | — | 101,754 | ||||||||||
Net cash provided by operating activities | 139,104 | 67,858 | 3,759 | — | 210,721 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (45,173 | ) | (68,716 | ) | (4,418 | ) | — | (118,307 | ) | |||||||
Acquisitions, net of cash acquired | — | (121,440 | ) | (612,635 | ) | — | (734,075 | ) | ||||||||
Investment in subsidiaries and affiliates | (600,537 | ) | (63,115 | ) | (44,959 | ) | 663,652 | (44,959 | ) | |||||||
Note receivable from affiliates | — | (370,996 | ) | — | 370,996 | — | ||||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 1,329 | 1,029 | — | — | 2,358 | |||||||||||
Proceeds from insurance settlements | 1,531 | 450 | — | — | 1,981 | |||||||||||
Payments related to routes and other intangibles | (2,423 | ) | — | — | — | (2,423 | ) | |||||||||
Net cash provided/(used) in investing activities | (645,273 | ) | (622,788 | ) | (662,012 | ) | 1,034,648 | (895,425 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from long-term debt | 200,000 | — | 144,704 | — | 344,704 | |||||||||||
Payments on long-term debt | — | (82 | ) | (498 | ) | — | (580 | ) | ||||||||
Borrowings from revolving credit facility | 245,000 | — | 48,235 | — | 293,235 | |||||||||||
Payments on revolving credit facility | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||
Borrowings from affiliates | — | — | 370,996 | (370,996 | ) | — | ||||||||||
Deferred loan costs | (11,916 | ) | — | (1,404 | ) | — | (13,320 | ) | ||||||||
Issuances of common stock | 840,558 | — | — | — | 840,558 | |||||||||||
Contributions from parent | — | 555,552 | 108,100 | (663,652 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (3,289 | ) | — | — | — | (3,289 | ) | |||||||||
Excess tax benefits from stock-based compensation | 1,138 | — | — | — | 1,138 | |||||||||||
Net cash provided/(used) in financing activities | 1,266,491 | 555,470 | 670,133 | (1,034,648 | ) | 1,457,446 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (5,134 | ) | — | (5,134 | ) | |||||||||
Net increase/(decrease) in cash and cash equivalents | 760,322 | 540 | 6,746 | — | 767,608 | |||||||||||
Cash and cash equivalents at beginning of year | 96,945 | 5,577 | 727 | — | 103,249 | |||||||||||
Cash and cash equivalents at end of year | $ | 857,267 | $ | 6,117 | $ | 7,473 | $ | — | $ | 870,857 | ||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income/(loss) | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Earnings in investments in subsidiaries | (119,953 | ) | — | — | 119,953 | — | ||||||||||
Other operating cash flows | 175,098 | (56,445 | ) | 114 | — | 118,767 | ||||||||||
Net cash provided/(used) by operating activities | 185,915 | 64,876 | (1,254 | ) | — | 249,537 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (49,619 | ) | (65,794 | ) | — | — | (115,413 | ) | ||||||||
Acquisitions, net of cash acquired | (3,000 | ) | — | — | — | (3,000 | ) | |||||||||
Investment in subsidiaries and affiliates | (43,449 | ) | — | (43,424 | ) | 43,449 | (43,424 | ) | ||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 2,083 | 1,787 | — | — | 3,870 | |||||||||||
Proceeds from insurance settlements | 1,305 | 2,967 | — | — | 4,272 | |||||||||||
Payments related to routes and other intangibles | (137 | ) | — | — | — | (137 | ) | |||||||||
Net cash provided/(used) in investing activities | (92,817 | ) | (61,040 | ) | (43,424 | ) | 43,449 | (153,832 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Payments on long-term debt | (30,000 | ) | (32 | ) | — | — | (30,032 | ) | ||||||||
Issuances of common stock | 72 | — | — | — | 72 | |||||||||||
Contributions from parent | — | — | 43,449 | (43,449 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (4,084 | ) | — | — | — | (4,084 | ) | |||||||||
Excess tax benefits from stock-based compensation | 2,652 | — | — | — | 2,652 | |||||||||||
Net cash provided/(used) in financing activities | (31,360 | ) | (32 | ) | 43,449 | (43,449 | ) | (31,392 | ) | |||||||
Net increase/(decrease) in cash and cash equivalents | 61,738 | 3,804 | (1,229 | ) | — | 64,313 | ||||||||||
Cash and cash equivalents at beginning of year | 35,207 | 1,773 | 1,956 | — | 38,936 | |||||||||||
Cash and cash equivalents at end of year | $ | 96,945 | $ | 5,577 | $ | 727 | $ | — | $ | 103,249 | ||||||
General_Summary_of_Significant
General (Summary of Significant Accounting Policies) (Policies) | 12 Months Ended |
Jan. 03, 2015 | |
General [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represents 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/(loss) of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as "Net income/(loss) attributable to noncontrolling interests". In the Company's Consolidated Balance Sheets, noncontrolling interests represents the ownership interests in the Company consolidated subsidairies' net assets held by parties other than the Company. These ownership interests are presented separately as "Noncontrolling interests" within "Stockholders' Equity." All significant intercompany balances and transactions have been eliminated in consolidation. | |
Fiscal Year | Fiscal Year |
The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31. Fiscal years for the consolidated financial statements included herein are for the 53 weeks ended January 3, 2015, the 52 weeks ended December 28, 2013, and the 52 weeks ended December 29, 2012. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts |
The Company maintains allowances for doubtful accounts for estimated losses resulting from customers’ non-payment of trade accounts receivable owed to the Company. These trade receivables arise in the ordinary course of business from sales of raw material, finished product or services to the Company’s customers. The estimate of allowance for doubtful accounts is based upon the Company’s bad debt experience, prevailing market conditions, and aging of trade accounts receivable, among other factors. If the financial condition of the Company’s customers deteriorates, resulting in the customers’ inability to pay the Company’s receivables as they come due, additional allowances for doubtful accounts may be required. | |
Inventories | Inventories |
Inventories are stated at the lower of cost or market. Cost is primarily determined using the first-in, first-out (FIFO) method for the Feed Ingredients and Fuel Ingredients segments. In the Food Ingredients segment cost is primarily determined based on the weighted average cost. | |
Long Lived Assets | Long Lived Assets |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of assets: 1) Buildings and improvements, 15 to 30 years; 2) Machinery and equipment, 3 to 10 years; 3) Vehicles, 3 to 8 years; and 4) Aircraft, 7 to 10 years. | |
Maintenance and repairs are charged to expense as incurred and expenditures for major renewals and improvements are capitalized. | |
Intangible Assets | |
Intangible assets with indefinite lives, and therefore, not subject to amortization, consist of trade names acquired in the acquisition of Griffin Industries Inc. on December 17, 2010 (which was subsequently converted to a limited liability company) and its subsidiaries ("Griffin") and trade names acquired in the VION Acquisition. Intangible assets subject to amortization consist of: 1) collection routes which are made up of groups of suppliers of raw materials in similar geographic areas from which the Company derives collection fees and a dependable source of raw materials for processing into finished products; 2) permits that represent licensing of operating plants that have been acquired, giving those plants the ability to operate; 3) non-compete agreements that represent contractual arrangements with former competitors whose businesses were acquired; 4) trade names; and 5) royalty, consulting , land use rights and leasehold agreements. Amortization expense is calculated using the straight-line method over the estimated useful lives of the assets ranging from: 5 to 21 years for collection routes; 10 to 20 years for permits; 3 to 7 years for non-compete covenants; and 4 to 15 years for trade names. Royalty, consulting, land use rights and leasehold agreements are amortized over the term of the agreement. | |
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of |
The Company reviews the carrying value of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset, or related asset group, may not be recoverable from estimated future undiscounted cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount for which the carrying amount of the asset exceeds the fair value of the asset. | |
Goodwill | Goodwill |
During the fourth quarter of fiscal 2014, the Company elected to change the date of the Company's annual assessments of goodwill and indefinite lived intangible assets impairment from the end of the Company's fiscal year to the end of October. This is a change in method of applying an accounting principal, which management believes is a preferable alternative as the new date of the assessment is more closely aligned with Company's strategic planning process. The change in assessment date did not delay, accelerate or avoid a potential impairment charge in 2014. The Company performed the annual goodwill and indefinite-lived intangible assets impairment assessments at October 25, 2014 and concluded that the Company's goodwill for all reporting units and all recorded indefinite-lived intangible assets were not impaired as of that date. Goodwill and indefinite lived assets are tested annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company follows a two-step process for testing impairment. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value of its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its implied fair value. | |
Environmental Expenditures | Environmental Expenditures |
Environmental expenditures incurred to mitigate or prevent environmental impacts that have yet to occur and that otherwise may result from future operations are capitalized. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenues are expensed or charged against established environmental reserves. Reserves are established when environmental impacts have been identified which are probable to require mitigation and/or remediation and the costs are reasonably estimable. | |
Income Taxes | Income Taxes |
The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for taxable income in future years. | |
The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authority. Adjustments are made to the reserves for uncertain tax positions when facts and circumstances change or additional information is available. Judgment is required to assess the impact of ongoing audits conducted by tax authorities in determining the Company’s consolidated income tax provision. The Company recognizes accrued interest and penalties on tax related matters as a component of income tax expense. | |
Earnings Per Share | Earnings per Share |
Basic income per common share is computed by dividing net income by the weighted average number of common shares including non-vested and restricted shares with participation rights outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. | |
Stock Based Compensation | Stock Based Compensation |
The Company recognizes compensation expense in an amount equal to the fair value of the share-based payments (e.g., stock options and non-vested and restricted stock) granted to employees and non-employee directors or by incurring liabilities to an employee or other supplier (a) in amounts based, at least in part, on the price of the entity’s shares or other equity instruments, or (b) that require or may require settlement by issuing the entity’s equity shares or other equity instruments. | |
Use of Estimates | Use of Estimates |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term. If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made. | |
Derivative Instruments | Derivative Instruments |
The Company makes limited use of derivative instruments to manage cash flow risks related to interest expense, natural gas usage, diesel fuel usage, inventory, forecasted sales and foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. Interest rate swaps are entered into with the intent of managing overall borrowing costs by reducing the potential impact of increases in interest rates on floating-rate long-term debt. Natural gas swaps and options are entered into with the intent of managing the overall cost of natural gas usage by reducing the potential impact of seasonal weather demands on natural gas that increases natural gas prices. Heating oil swaps and options are entered into with the intent of managing the overall cost of diesel fuel usage by reducing the potential impact of seasonal weather demands on diesel fuel that increases diesel fuel prices. Corn options and future contracts are entered into with the intent of managing forecasted sales of BBP by reducing the impact of changing prices. Foreign currency forward contracts are entered into to mitigate the foreign exchange rate risk for transactions designated in a currency other than the local functional currency. | |
Entities are required to report all derivative instruments in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, on the reason for holding the instrument. If certain conditions are met, entities may elect to designate a derivative instrument as a hedge of exposures to changes in fair value, cash flows or foreign currencies. If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of other comprehensive income (outside of earnings) and is subsequently reclassified into earnings when the forecasted transaction affects earnings. Any amounts excluded from the assessment of hedge effectiveness as well as the ineffective portion of the gain or loss is reported in earnings immediately. If the derivative instrument is not designated as a hedge, the gain or loss is recognized in earnings in the period of change. Hedge accounting treatment ceases if or when the hedge transaction is no longer probable of occurring or the hedge relationship correlation no longer qualifies for hedge accounting. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. Certain customers may be required to prepay prior to shipment in order to maintain payment protection against certain foreign and domestic sales. These amounts are recorded as unearned revenue and revenue is recognized when the products have shipped and the customer takes ownership and assumes risk of loss. The Company has formula arrangements with certain suppliers whereby the charge or credit for raw materials is tied to published finished product commodity prices after deducting a fixed processing fee incorporated into the formula and is recorded as a cost of sale by line of business. The Company recognizes revenue related to grease trap servicing and industrial residual removal in the fiscal month the trap service or industrial residual removal occurs. | |
Foreign Currency Transactions and Remeasurement | Foreign Currency Translation and Remeasurement |
Foreign currency translation is included as a component of accumulated other comprehensive income and reflects the adjustments resulting from translating the foreign currency denominated financial statements of foreign subsidiaries into U.S. dollars. The functional currency of the Company's foreign subsidiaries is the currency of the primary economic environment in which the entity operates, which is generally the local currency of the country. Accordingly, assets and liabilities of the foreign subsidiaries are translated to U.S. dollars at fiscal year end exchange rates, including intercompany foreign currency transactions that are of long-term investment nature. Income and expense items are translated at average exchange rates occurring during the period. Changes in exchange rates that affect cash flows and the related receivables or payables are recognized as transaction gains and losses in determining net income. | |
Reclassification | Reclassification |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Subsequent Events | Subsequent Events |
The Company evaluates subsequent events from the end of the most recent fiscal year through the date the consolidated financial statements are issued. |
General_Tables
General (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
General [Abstract] | ||||||||||||||||||||||||
Net Income per Common Share [Table Text Block] | ||||||||||||||||||||||||
Net Income per Common Share (in thousands) | ||||||||||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||||||||||
Income | Shares | Per-Share | Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||
Basic: | ||||||||||||||||||||||||
Net income attributable to Darling | $ | 64,215 | 164,627 | $ | 0.39 | $ | 108,967 | 119,526 | $ | 0.91 | $ | 130,770 | 117,592 | $ | 1.11 | |||||||||
Diluted: | ||||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||
Add: Option shares in the money and dilutive effect of nonvested stock | — | 806 | — | — | 848 | — | — | 806 | — | |||||||||||||||
Less: Pro-forma treasury shares | — | -374 | — | — | -450 | — | — | -309 | — | |||||||||||||||
Diluted: | ||||||||||||||||||||||||
Net income attributable to Darling | $ | 64,215 | 165,059 | $ | 0.39 | $ | 108,967 | 119,924 | $ | 0.91 | $ | 130,770 | 118,089 | $ | 1.11 | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Business Acquisition [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed in the VION Acquisition as of January 7, 2014 (in thousands): | |||
Accounts receivable | $ | 337,278 | ||
Inventory | 375,306 | |||
Prepaid expense | 23,135 | |||
Other current assets | 3,525 | |||
Deferred tax assets | 48,639 | |||
Property plant and equipment | 981,009 | |||
Identifiable intangibles | 464,193 | |||
Goodwill | 702,672 | |||
Investment in unconsolidated subsidiaries | 27,069 | |||
Other long term assets | 1,101 | |||
Accounts payable | (210,477 | ) | ||
Current portion of long-term debt | (26,347 | ) | ||
Accrued expenses | (149,345 | ) | ||
Deferred tax liability | (350,003 | ) | ||
Long Term debt obligations | (4,109 | ) | ||
Other noncurrent liabilities | (57,721 | ) | ||
Noncontrolling interests | (90,919 | ) | ||
Purchase price, net of cash acquired of $91.2 million | $ | 2,075,006 | ||
Rothsay [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed in the Rothsay Acquisition as of October 28, 2013 (in thousands): | |||
Accounts receivable | $ | 13,220 | ||
Inventory | 5,479 | |||
Other current assets | 312 | |||
Property, plant and equipment | 138,175 | |||
Identifiable intangibles | 240,386 | |||
Goodwill | 262,797 | |||
Accounts payable | (12,159 | ) | ||
Accrued expenses | (5,701 | ) | ||
Deferred tax liability | (15,031 | ) | ||
Capital lease obligations | (10,741 | ) | ||
Other non-current liabilities | (4,102 | ) | ||
Purchase price, net of cash acquired | $ | 612,635 | ||
Selected pro forma information, for comparative purposes | The following table presents selected pro forma information, for comparative purposes, assuming the Rothsay Acquisition and the VION Acquisition had occurred on December 30, 2012 for the periods presented (unaudited) (in thousands, except per share data): | |||
28-Dec-13 | ||||
Net sales | $ | 4,178,258 | ||
Income from continuing operations | 259,765 | |||
Net income attributable to Darling | 169,101 | |||
Earnings per share | ||||
Basic | $ | 1.03 | ||
Diluted | $ | 1.02 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | A summary of inventories follows (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Finished product | $ | 255,130 | $ | 57,681 | ||||
Work in process | 98,936 | — | ||||||
Supplies and other | 47,547 | 7,452 | ||||||
$ | 401,613 | $ | 65,133 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | A summary of property, plant and equipment follows (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Land | $ | 166,669 | $ | 67,375 | ||||
Buildings and improvements | 443,081 | 163,523 | ||||||
Machinery and equipment | 1,110,598 | 526,641 | ||||||
Vehicles | 170,597 | 136,649 | ||||||
Aircraft | 13,223 | 18,465 | ||||||
Construction in process | 195,647 | 135,234 | ||||||
2,099,815 | 1,047,887 | |||||||
Accumulated depreciation | (525,699 | ) | (381,314 | ) | ||||
$ | 1,574,116 | $ | 666,573 | |||||
Intangbile_assets_Tables
Intangbile assets (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
INTANGIBLE ASSETS [Abstract] | ||||||||
Schedule of Intangible Assets | The gross carrying amount of intangible assets not subject to amortization and intangible assets subject to amortization is as follows (in thousands): | |||||||
January 3, 2015 | December 28, 2013 | |||||||
Indefinite Lived Intangible Assets | ||||||||
Trade names | $ | 120,330 | $ | 92,002 | ||||
120,330 | 92,002 | |||||||
Finite Lived Intangible Assets: | ||||||||
Routes | 437,816 | 259,326 | ||||||
Permits | 523,398 | 321,763 | ||||||
Non-compete agreements | 7,583 | 7,218 | ||||||
Trade names | 11,983 | 12,698 | ||||||
Royalty, consulting, land use rights and leasehold | 16,212 | 727 | ||||||
996,992 | 601,732 | |||||||
Accumulated Amortization: | ||||||||
Routes | (75,308 | ) | (38,231 | ) | ||||
Permits | (101,010 | ) | (63,145 | ) | ||||
Non-compete agreements | (3,595 | ) | (2,352 | ) | ||||
Trade names | (3,420 | ) | (724 | ) | ||||
Royalty, consulting, land use rights and leasehold | (1,576 | ) | (618 | ) | ||||
(184,909 | ) | (105,070 | ) | |||||
Total Intangible assets, less accumulated amortization | $ | 932,413 | $ | 588,664 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
GOODWILL [Abstract] | |||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill (in thousands): | ||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Total | ||||||||||
Balance at December 29, 2012 | |||||||||||||
Goodwill | $ | 396,807 | $ | — | $ | 476 | $ | 397,283 | |||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
380,893 | — | 476 | 381,369 | ||||||||||
Goodwill acquired during year | 288,471 | — | 38,198 | 326,669 | |||||||||
Foreign currency translation | (5,467 | ) | — | (934 | ) | (6,401 | ) | ||||||
Balance at December 28, 2013 | |||||||||||||
Goodwill | 679,811 | — | 37,740 | 717,551 | |||||||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
663,897 | — | 37,740 | 701,637 | ||||||||||
Goodwill acquired during year | 225,889 | 375,633 | 103,806 | 705,328 | |||||||||
Foreign currency translation | (42,192 | ) | (29,480 | ) | (14,874 | ) | (86,546 | ) | |||||
Balance at January 3, 2015 | |||||||||||||
Goodwill | 863,508 | 346,153 | 126,672 | 1,336,333 | |||||||||
Accumulated impairment losses | (15,914 | ) | — | — | (15,914 | ) | |||||||
$ | 847,594 | $ | 346,153 | $ | 126,672 | $ | 1,320,419 | ||||||
Investment_in_Unconsolidated_S1
Investment in Unconsolidated Subsidiary (Tables) | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Investment in Affiliate [Abstract] | |||||||||||
Equity Method Investments | In addition to the DGD Joint Venture, the Company has investments in other unconsolidated subsidiaries that were acquired in the VION Acquisition that are insignificant to the Company. Selected financial information for the Company's DGD Joint Venture is as follows: | ||||||||||
(in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||
Assets: | |||||||||||
Total current assets | $ | 216,991 | $ | 106,332 | |||||||
Property, plant and equipment, net | 373,117 | 382,011 | |||||||||
Other assets | 2,092 | 92 | |||||||||
Total assets | $ | 592,200 | $ | 488,435 | |||||||
Liabilities and members' equity: | |||||||||||
Total current portion of long term debt | $ | 57,514 | $ | 8,511 | |||||||
Total other current liabilities | 21,313 | 36,702 | |||||||||
Total long term debt | 155,273 | 212,787 | |||||||||
Total other long term liabilities | 339 | 207 | |||||||||
Total members' equity | 357,761 | 230,228 | |||||||||
Total liabilities and member's equity | $ | 592,200 | $ | 488,435 | |||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||
Revenues: | |||||||||||
Operating revenues | $ | 487,834 | $ | 213,552 | $ | — | |||||
Expenses: | |||||||||||
Total costs and expenses | 342,743 | 189,216 | 5,324 | ||||||||
Operating income | 145,091 | 24,336 | (5,324 | ) | |||||||
Other income | 82 | 33 | — | ||||||||
Interest and debt expense, net | (17,640 | ) | (9,049 | ) | — | ||||||
Net income/(loss) | $ | 127,533 | $ | 15,320 | $ | (5,324 | ) | ||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
ACCRUED EXPENSES [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Compensation and benefits | $ | 92,863 | $ | 38,902 | ||||
Utilities and sewage | 18,441 | 6,802 | ||||||
Accrued income, ad valorem, and franchise taxes | 15,615 | 3,651 | ||||||
Reserve for self insurance, litigation, environmental and tax matters (Note 19) | 10,041 | 7,878 | ||||||
Medical claims liability | 5,229 | 5,960 | ||||||
Accrued operating expenses | 55,877 | 9,512 | ||||||
Accrued acquisition costs | — | 4,306 | ||||||
Accrued financing fees | — | 18,592 | ||||||
Accrued interest payable | 13,869 | — | ||||||
Other accrued expense | 44,184 | 17,571 | ||||||
$ | 256,119 | $ | 113,174 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||
Jan. 03, 2015 | |||||||
Leases [Abstract] | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum rental commitments under noncancellable leases as of January 3, 2015, are as follows (in thousands): | ||||||
Period Ending Fiscal | Operating Leases | Capital Leases | |||||
2015 | $ | 32,280 | $ | 2,873 | |||
2016 | 28,840 | 2,290 | |||||
2017 | 25,701 | 1,871 | |||||
2018 | 23,353 | 1,049 | |||||
2019 | 18,861 | 311 | |||||
Thereafter | 29,039 | 166 | |||||
$ | 158,074 | $ | 8,560 | ||||
Less amounts representing interest | (666 | ) | |||||
Capital lease obligations included in current and long-term debt | $ | 7,894 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Debt consists of the following (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Credit Agreement and Former Credit Agreement: | ||||||||
Revolving Credit Facility ($36.9 million and $46.7 million denominated in CAD at January 3, 2015 and December 28, 2013, respectively) | $ | 101,863 | $ | 286,676 | ||||
Term Loan A ($122.2 million and $140.0 million denominated in CAD at January 3, 2015 and December 28, 2013, respectively) | 312,161 | 340,030 | ||||||
Term Loan B ($610.2 million denominated in EURO at January 3, 2015) | 1,205,669 | — | ||||||
5.375% Senior Notes due 2022 | 500,000 | — | ||||||
8.5% Senior Notes due 2018 | — | 250,000 | ||||||
Other Notes and Obligations | 32,747 | 10,129 | ||||||
2,152,440 | 886,835 | |||||||
Less Current Maturities | 54,401 | 19,888 | ||||||
$ | 2,098,039 | $ | 866,947 | |||||
Schedule Of Debt Redemption Prices [Table Text Block] | ||||||||
Year | Percentage | |||||||
2017 | 104.03% | |||||||
2018 | 102.69% | |||||||
2019 | 101.34% | |||||||
2020 and thereafter | 100.00% | |||||||
Credit Agreement and the Notes elements [Table Text Block] | The Amended Credit Agreement, 5.375% Notes and the 8.5% Notes consisted of the following elements at January 3, 2015 and December 28, 2013, respectively (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Senior Notes: | ||||||||
5.375% Notes due 2022 | $ | 500,000 | $ | — | ||||
8.5% Notes due 2018 | $ | — | $ | 250,000 | ||||
Amended Credit Agreement: | ||||||||
Term Loan A | $ | 312,161 | $ | 340,030 | ||||
Term Loan B | $ | 1,205,669 | $ | — | ||||
Revolving Credit Facility: | ||||||||
Maximum availability | $ | 1,000,000 | $ | 1,000,000 | ||||
Borrowings outstanding | 101,863 | 286,676 | ||||||
Letters of credit issued | 32,198 | 32,662 | ||||||
Availability | $ | 865,939 | $ | 680,662 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt at January 3, 2015 follow (in thousands): | |||||||
Contractual | ||||||||
Debt Payment | ||||||||
2015 | $ | 54,401 | ||||||
2016 | 39,288 | |||||||
2017 | 29,678 | |||||||
2018 | 367,876 | |||||||
2019 | 12,624 | |||||||
thereafter | 1,648,573 | |||||||
$ | 2,152,440 | |||||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
OTHER NONCURRENT LIABILITIES [Abstract] | ||||||||
Schedule of Other Liabilities, Noncurrent | Other noncurrent liabilities consist of the following (in thousands): | |||||||
3-Jan-15 | 28-Dec-13 | |||||||
Accrued pension liability (Note 15) | $ | 65,929 | $ | 11,097 | ||||
Reserve for self insurance, litigation, environmental and tax | 44,832 | 27,603 | ||||||
matters (Note 19) | ||||||||
Other | 3,939 | 1,971 | ||||||
$ | 114,700 | $ | 40,671 | |||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and foreign income from operations before income taxes are as follows (in thousands): | |||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
United States | $ | 58,972 | $ | 174,470 | $ | 206,785 | ||||||
Foreign | 22,480 | (10,792 | ) | — | ||||||||
Income from operations before income taxes | $ | 81,452 | $ | 163,678 | $ | 206,785 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to income from continuing operations before income taxes consists of the following (in thousands): | |||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
Current: | ||||||||||||
Federal | $ | 1,134 | $ | 8,109 | $ | 54,982 | ||||||
State | (884 | ) | 7,213 | 10,368 | ||||||||
Foreign | 24,770 | 482 | 58 | |||||||||
Total current | 25,020 | 15,804 | 65,408 | |||||||||
Deferred: | ||||||||||||
Federal | 886 | 40,396 | 10,015 | |||||||||
State | 1,235 | 505 | 592 | |||||||||
Foreign | (14,000 | ) | (1,994 | ) | — | |||||||
Total deferred | (11,879 | ) | 38,907 | 10,607 | ||||||||
$ | 13,141 | $ | 54,711 | $ | 76,015 | |||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||
Balance at beginning of Year | $ | 652 | $ | — | ||||||||
Change in tax positions related to current year | — | 652 | ||||||||||
Change in tax positions related to prior years | 7,935 | — | ||||||||||
Expiration of the Statute of Limitations | (457 | ) | — | |||||||||
Balance at end of year | $ | 8,130 | $ | 652 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, differed from the amount computed by applying the statutory U.S. federal income tax rate to income from continuing operations before income taxes as a result of the following (in thousands): | |||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||
Computed "expected" tax expense | $ | 28,508 | $ | 57,287 | $ | 72,375 | ||||||
State income taxes, net of federal benefit | 228 | 5,017 | 7,124 | |||||||||
Section 199 qualified domestic production deduction | — | (619 | ) | (4,830 | ) | |||||||
Change in valuation allowance | 5,420 | 507 | 254 | |||||||||
Non-deductible compensation expenses | 1,622 | 106 | 253 | |||||||||
Deferred tax on unremitted foreign earnings | 1,956 | — | — | |||||||||
Sub-Part F income | 3,786 | — | — | |||||||||
Foreign rate differential | (9,754 | ) | 694 | — | ||||||||
Biofuel tax incentives | (22,546 | ) | (9,342 | ) | — | |||||||
Non-deductible transaction costs | 4,107 | 996 | — | |||||||||
Other, net | (186 | ) | 65 | 839 | ||||||||
$ | 13,141 | $ | 54,711 | $ | 76,015 | |||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 3, 2015 and December 28, 2013 are presented below (in thousands): | |||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Loss contingency reserves | $ | 11,500 | $ | 10,756 | ||||||||
Employee benefits | 11,866 | 9,749 | ||||||||||
Pension liability | 20,106 | 4,183 | ||||||||||
Intangible assets amortization, including taxable goodwill | 3,300 | 7,040 | ||||||||||
Net operating losses | 75,920 | 4,732 | ||||||||||
Inventory | 7,965 | 2,120 | ||||||||||
Other | 11,130 | 7,186 | ||||||||||
Total gross deferred tax assets | 141,787 | 45,766 | ||||||||||
Less valuation allowance | (18,037 | ) | (871 | ) | ||||||||
Net deferred tax assets | 123,750 | 44,895 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets amortization, including taxable goodwill | (189,877 | ) | (63,779 | ) | ||||||||
Property, plant and equipment depreciation | (203,602 | ) | (67,535 | ) | ||||||||
Investment in DGD Joint Venture | (41,040 | ) | (31,842 | ) | ||||||||
Tax on unremitted foreign earnings | (47,870 | ) | — | |||||||||
Other | (3,368 | ) | (3,209 | ) | ||||||||
Total gross deferred tax liabilities | (485,757 | ) | (166,365 | ) | ||||||||
Net deferred tax liability | $ | (362,007 | ) | $ | (121,470 | ) | ||||||
Amounts reported on Consolidated Balance Sheets: | ||||||||||||
Current deferred tax asset | $ | 45,001 | $ | 17,289 | ||||||||
Current deferred tax liability | (642 | ) | — | |||||||||
Non-current deferred tax asset | 16,431 | — | ||||||||||
Non-current deferred tax liability | (422,797 | ) | (138,759 | ) | ||||||||
Net deferred tax liability | $ | (362,007 | ) | $ | (121,470 | ) |
Stockholders_Equity_and_StockB1
Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Stockholders' Equity and Stock-Based Compensation [Abstract] | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of all stock option activity as of January 3, 2015 and changes during the year ended is presented below. | ||||||||
Number of | Weighted-avg. | Weighted-avg. | |||||||
shares | exercise price | remaining | |||||||
per share | contractual life | ||||||||
Options outstanding at December 28, 2013 | 906,251 | $ | 9.97 | ||||||
Granted | 163,078 | 19.94 | |||||||
Exercised | (343,550 | ) | 6.18 | ||||||
Forfeited | (29,603 | ) | 16.89 | ||||||
Expired | — | — | |||||||
Options outstanding at January 3, 2015 | 696,176 | $ | 13.88 | 6.2 years | |||||
Options exercisable at January 3, 2015 | 528,009 | $ | 12.5 | 5.5 years | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each stock option grant under the Company's stock option plan was estimated on the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions and results for fiscal 2014, 2013 and 2012. | ||||||||
Weighted Average | 2014 | 2013 | 2012 | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||
Risk-free interest rate | 1.77% | 1.01% | 1.14% | ||||||
Expected term | 5.75 years | 5.75 years | 5.75 years | ||||||
Expected volatility | 43.70% | 59.80% | 62.00% | ||||||
Fair value of options granted | $8.93 | $9.04 | $9.16 | ||||||
Schedule of Nonvested Share Activity [Table Text Block] | A summary of the Company’s non-vested stock, restricted stock unit and performance share unit awards as of January 3, 2015, and changes during the year ended is as follows: | ||||||||
Non-Vested | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Stock awards outstanding December 28, 2013 | 821,207 | $ | 14.93 | ||||||
Shares granted | 1,436,658 | 20.73 | |||||||
Shares vested | (861,772 | ) | 16.43 | ||||||
Shares forfeited | (138,920 | ) | 19.9 | ||||||
Stock awards outstanding January 3, 2015 | 1,257,173 | $ | 19.98 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s non-employee director restricted stock awards as of January 3, 2015, and changes during the year ended is as follows: | ||||||||
Restricted | Weighted Average | ||||||||
Shares | Grant Date | ||||||||
Fair Value | |||||||||
Stock awards outstanding December 28, 2013 | 130,238 | $ | 10.75 | ||||||
Restricted shares granted | 25,678 | 19.67 | |||||||
Restricted shares where the restriction lapsed | — | — | |||||||
Restricted shares forfeited | — | — | |||||||
Stock awards outstanding January 3, 2015 | 155,916 | $ | 12.22 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Comprehensive Income [Abstract] | ||||||||||||||
Schedule of Comprehensive Income (Loss) | The components of other comprehensive income (loss) and the related tax impacts for the years ended January 3, 2015, December 28, 2013 and December 29, 2012 are as follows (in thousands): | |||||||||||||
Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||
Amount | or Benefit | Amount | ||||||||||||
Year Ended December 29, 2012 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | (6,768 | ) | $ | 2,623 | $ | (4,145 | ) | ||||||
Amortization of actuarial loss | 4,756 | (1,844 | ) | 2,912 | ||||||||||
Actuarial prior service cost recognized | — | — | — | |||||||||||
Amortization of prior service costs | 103 | (39 | ) | 64 | ||||||||||
Total defined benefit pension plans | (1,909 | ) | 740 | (1,169 | ) | |||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | 1,267 | (491 | ) | 776 | ||||||||||
Gain/(loss) recognized in other comprehensive income (loss) | (628 | ) | 243 | (385 | ) | |||||||||
Total natural gas derivatives | 639 | (248 | ) | 391 | ||||||||||
Corn option derivatives | ||||||||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 317 | (123 | ) | 194 | ||||||||||
Total corn options | 317 | (123 | ) | 194 | ||||||||||
Interest swap derivatives | ||||||||||||||
Loss reclassified to net income | 260 | (101 | ) | 159 | ||||||||||
Other comprehensive income/(loss) | $ | (693 | ) | $ | 268 | $ | (425 | ) | ||||||
Year Ended December 28, 2013 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | 18,773 | $ | (6,904 | ) | $ | 11,869 | |||||||
Amortization of actuarial loss | 5,202 | (2,018 | ) | 3,184 | ||||||||||
Amortization of prior service costs | 142 | (55 | ) | 87 | ||||||||||
Total defined benefit pension plans | 24,117 | (8,977 | ) | 15,140 | ||||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (41 | ) | 16 | (25 | ) | |||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 248 | (96 | ) | 152 | ||||||||||
Total natural gas derivatives | 207 | (80 | ) | 127 | ||||||||||
Corn option derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (5,486 | ) | 2,129 | (3,357 | ) | |||||||||
Gain/(Loss) recognized in other comprehensive income | 7,350 | (2,852 | ) | 4,498 | ||||||||||
Total corn options | 1,864 | (723 | ) | 1,141 | ||||||||||
Foreign currency translation | (14,502 | ) | — | (14,502 | ) | |||||||||
Other comprehensive income/(loss) | $ | 11,686 | $ | (9,780 | ) | $ | 1,906 | |||||||
Year Ended January 3, 2015 | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Actuarial (loss)/gain recognized | $ | (34,547 | ) | $ | 12,001 | $ | (22,546 | ) | ||||||
Amortization of actuarial loss | 2,078 | (806 | ) | 1,272 | ||||||||||
Actuarial prior service cost recognized | 1,140 | (261 | ) | 879 | ||||||||||
Amortization of prior service costs | 23 | (9 | ) | 14 | ||||||||||
Total defined benefit pension plans | (31,306 | ) | 10,925 | (20,381 | ) | |||||||||
Natural gas swap derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (196 | ) | 76 | (120 | ) | |||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 11 | (4 | ) | 7 | ||||||||||
Total natural gas derivatives | (185 | ) | 72 | (113 | ) | |||||||||
Corn option derivatives | ||||||||||||||
Loss/(gain) reclassified to net income | (3,868 | ) | 1,501 | (2,367 | ) | |||||||||
Gain/(Loss) recognized in other comprehensive income | 1,812 | (704 | ) | 1,108 | ||||||||||
Total corn options | (2,056 | ) | 797 | (1,259 | ) | |||||||||
Foreign currency translation | (125,884 | ) | — | (125,884 | ) | |||||||||
Other comprehensive income/(loss) | $ | (159,431 | ) | $ | 11,794 | $ | (147,637 | ) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | Statement of Operations Classification | |||||||||||
Derivative instruments | ||||||||||||||
Natural gas swap derivatives | $ | 196 | $ | 41 | $ | (1,267 | ) | Cost of sales and operating expenses | ||||||
Corn option derivatives | 3,868 | 5,486 | — | Cost of sales and operating expenses | ||||||||||
Interest rate swap derivatives | — | — | (260 | ) | Interest expense | |||||||||
4,064 | 5,527 | (1,527 | ) | Total before tax | ||||||||||
(1,577 | ) | (2,145 | ) | 592 | Income taxes | |||||||||
2,487 | 3,382 | (935 | ) | Net of tax | ||||||||||
Defined benefit pension plans | ||||||||||||||
Amortization of prior service cost | $ | (23 | ) | $ | (142 | ) | $ | (103 | ) | (a) | ||||
Amortization of actuarial loss | (2,078 | ) | (5,202 | ) | (4,756 | ) | (a) | |||||||
(2,101 | ) | (5,344 | ) | (4,859 | ) | Total before tax | ||||||||
815 | 2,073 | 1,883 | Income taxes | |||||||||||
(1,286 | ) | (3,271 | ) | (2,976 | ) | Net of tax | ||||||||
Total reclassifications | $ | 1,201 | $ | 111 | $ | (3,911 | ) | Net of tax | ||||||
(a) | These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information. | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated comprehensive income (loss) as of January 3, 2015 as follows (in thousands): | |||||||||||||
Fiscal Year Ended January 3, 2015 | ||||||||||||||
Foreign Currency | Derivative | Defined Benefit | ||||||||||||
Translation | Instruments | Pension Plans | Total | |||||||||||
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | $ | (14,502 | ) | $ | 1,448 | $ | (16,369 | ) | $ | (29,423 | ) | |||
Other comprehensive gain before reclassifications | (125,884 | ) | 1,115 | (21,667 | ) | (146,436 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | — | (2,487 | ) | 1,286 | (1,201 | ) | ||||||||
Net current-period other comprehensive income | (125,884 | ) | (1,372 | ) | (20,381 | ) | (147,637 | ) | ||||||
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | $ | (140,386 | ) | $ | 76 | $ | (36,750 | ) | $ | (177,060 | ) | |||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's consolidated balance sheets based on the measurement date (January 3, 2015 and December 28, 2013) (in thousands): | |||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of period | $ | 129,966 | $ | 137,797 | ||||||||||||
Acquisitions | 199,996 | 4,102 | ||||||||||||||
Service cost | 5,208 | 507 | ||||||||||||||
Interest cost | 13,214 | 5,307 | ||||||||||||||
Employee contributions | 1,946 | 20 | ||||||||||||||
Plan amendments | (1,371 | ) | — | |||||||||||||
Actuarial loss | 88,592 | (12,904 | ) | |||||||||||||
Benefits paid | (13,045 | ) | (4,761 | ) | ||||||||||||
Other | (29,364 | ) | (102 | ) | ||||||||||||
Projected benefit obligation at end of period | 395,142 | 129,966 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of period | 118,898 | 106,519 | ||||||||||||||
Acquisitions | 171,117 | — | ||||||||||||||
Actual return on plan assets | 67,090 | 13,147 | ||||||||||||||
Employer contributions | 7,061 | 3,973 | ||||||||||||||
Employee contributions | 1,946 | 20 | ||||||||||||||
Benefits paid | (13,045 | ) | (4,761 | ) | ||||||||||||
Other | (24,847 | ) | — | |||||||||||||
Fair value of plan assets at end of period | 328,220 | 118,898 | ||||||||||||||
Funded status | (66,922 | ) | (11,068 | ) | ||||||||||||
Net amount recognized | $ | (66,922 | ) | $ | (11,068 | ) | ||||||||||
Amounts recognized in the consolidated balance | ||||||||||||||||
sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | — | $ | 29 | ||||||||||||
Current liability | (993 | ) | — | |||||||||||||
Noncurrent liability | (65,929 | ) | (11,097 | ) | ||||||||||||
Net amount recognized | $ | (66,922 | ) | $ | (11,068 | ) | ||||||||||
Amounts recognized in accumulated other | ||||||||||||||||
comprehensive loss consist of: | ||||||||||||||||
Net actuarial loss | $ | 59,207 | $ | 26,738 | ||||||||||||
Prior service cost/(credit) | (1,131 | ) | 32 | |||||||||||||
Net amount recognized (a) | $ | 58,076 | $ | 26,770 | ||||||||||||
(a) | Amounts do not include deferred taxes of $21.3 million and $10.4 million at January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Projected benefit obligation | $ | 395,142 | $ | 129,966 | ||||||||||||
Accumulated benefit obligation | 376,043 | 125,939 | ||||||||||||||
Fair value of plan assets | 328,220 | 118,898 | ||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net pension cost includes the following components (in thousands): | |||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 5,208 | $ | 507 | $ | 326 | ||||||||||
Interest cost | 13,214 | 5,307 | 5,451 | |||||||||||||
Expected return on plan assets | (14,439 | ) | (7,277 | ) | (6,709 | ) | ||||||||||
Net amortization and deferral | 2,094 | 5,261 | 4,845 | |||||||||||||
Curtailment | 7 | 83 | 14 | |||||||||||||
Net pension cost | $ | 6,084 | $ | 3,881 | $ | 3,927 | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Actuarial (loss)/gain recognized: | ||||||||||||||||
Reclassification adjustments | $ | 1,272 | $ | 3,184 | ||||||||||||
Actuarial (loss)/gain recognized during the period | (22,546 | ) | 11,869 | |||||||||||||
Prior service (cost) credit recognized: | ||||||||||||||||
Reclassification adjustments | 14 | 87 | ||||||||||||||
Prior service cost arising during the period | 879 | — | ||||||||||||||
$ | (20,381 | ) | $ | 15,140 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2015 is as follows (in thousands): | |||||||||||||||
2015 | ||||||||||||||||
Net actuarial loss | $ | 5,142 | ||||||||||||||
Prior service cost | (81 | ) | ||||||||||||||
$ | 5,061 | |||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted average assumptions used to determine benefit obligations were: | |||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Discount rate | 2.79% | 4.66% | 3.90% | |||||||||||||
Rate of compensation increase | 1.82% | 3.00% | —% | |||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were: | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.15% | 3.96% | 4.50% | |||||||||||||
Rate of increase in future compensation levels | 1.70% | —% | —% | |||||||||||||
Expected long-term rate of return on assets | 5.06% | 7.35% | 7.35% | |||||||||||||
Schedule of Target Allocation of Plan Assets [Table Text Block] | ||||||||||||||||
Fixed Income | 35% - 80% | |||||||||||||||
Equities | 20% - 65% | |||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands): | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(In thousands of dollars) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Balances as December 28, 2013 | ||||||||||||||||
Fixed Income: | ||||||||||||||||
Long Term | $ | 60,654 | $ | 22,906 | $ | 37,748 | $ | — | ||||||||
Short Term | 771 | — | 771 | — | ||||||||||||
Equity Securities: | ||||||||||||||||
Domestic equities | 40,028 | 38,137 | 1,891 | — | ||||||||||||
International equities | 17,445 | 16,465 | 980 | — | ||||||||||||
Totals | $ | 118,898 | 77,508 | $ | 41,390 | $ | — | |||||||||
Balances as January 3, 2015 | ||||||||||||||||
Fixed Income: | ||||||||||||||||
Long Term | $ | 71,820 | $ | 23,619 | $ | 48,201 | $ | — | ||||||||
Short Term | 1,419 | — | 1,419 | — | ||||||||||||
Equity Securities: | ||||||||||||||||
Domestic equities | 41,813 | 35,946 | 5,867 | — | ||||||||||||
International equities | 18,259 | 16,953 | 1,306 | — | ||||||||||||
Insurance contracts | 194,909 | — | — | 194,909 | ||||||||||||
Totals | $ | 328,220 | $ | 76,518 | $ | 56,793 | $ | 194,909 | ||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): | |||||||||||||||
Year Ending | Pension Benefits | |||||||||||||||
2015 | $ | 13,344 | ||||||||||||||
2016 | 14,379 | |||||||||||||||
2017 | 13,942 | |||||||||||||||
2018 | 14,466 | |||||||||||||||
2019 | 15,748 | |||||||||||||||
Years 2020 – 2024 | 87,338 | |||||||||||||||
Multiemployer plans | The following table provides more detail on these significant multiemployer plans (contributions in thousands): | |||||||||||||||
Expiration | ||||||||||||||||
Pension | EIN Pension | Pension Protection Act Zone Status | FIP/RP Status Pending/ | Contributions | Date of Collective Bargaining | |||||||||||
Fund | Plan Number | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | Agreement | ||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | No | $ | 1,384 | $ | 1,254 | $ | 1,371 | January 2017 (b) | |||||
Central States, Southeast and Southwest Areas Pension Plan (a) | 36-6044243 / 001 | Red | Red | Yes | 876 | 782 | 746 | May 2016 (c) | ||||||||
All other multiemployer plans | 1,042 | 1,113 | 1,083 | |||||||||||||
Total Company Contributions | $ | 3,302 | $ | 3,149 | $ | 3,200 | ||||||||||
(a) | In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. | |||||||||||||||
(b) | The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through January 1, 2017. | |||||||||||||||
(c) | The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2016. |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | All of these transactions are currently not designated for hedge accounting. (in thousands): | |||||||||||||||||||||||
Functional Currency | Contract Currency | |||||||||||||||||||||||
Type | Amount | Type | Amount | |||||||||||||||||||||
Brazilian real | 11,721 | Euro | 3,650 | |||||||||||||||||||||
Brazilian real | 18,877 | U.S. Dollar | 7,400 | |||||||||||||||||||||
Euro | 289,385 | U.S. Dollar | 359,631 | |||||||||||||||||||||
Euro | 8,348 | Polish zloty | 35,000 | |||||||||||||||||||||
Euro | 3,429 | Japanese yen | 488,926 | |||||||||||||||||||||
Euro | 31,600 | Chinese renminbi | 242,054 | |||||||||||||||||||||
Euro | 21,146 | Australian dollar | 31,350 | |||||||||||||||||||||
Euro | 1,842 | British pound | 1,448 | |||||||||||||||||||||
Polish zloty | 11,544 | Euro | 2,741 | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair value of the Company’s derivative instruments as of January 3, 2015 and December 28, 2013 (in thousands): | |||||||||||||||||||||||
Derivatives Designated | Balance Sheet | Asset Derivatives Fair Value | ||||||||||||||||||||||
as Hedges | Location | 3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||
Natural gas swaps | Other current assets | $ | — | $ | 120 | |||||||||||||||||||
Corn options | Other current assets | 247 | 2,349 | |||||||||||||||||||||
Total derivatives designated as hedges | $ | 247 | $ | 2,469 | ||||||||||||||||||||
Derivatives not | ||||||||||||||||||||||||
Designated as | ||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 11,559 | $ | 27,516 | |||||||||||||||||||
Corn options and futures | Other current assets | 69 | — | |||||||||||||||||||||
Heating oil swaps | Other current assets | 353 | 43 | |||||||||||||||||||||
Total derivatives not designated as hedges | $ | 11,981 | $ | 27,559 | ||||||||||||||||||||
Total asset derivatives | $ | 12,228 | $ | 30,028 | ||||||||||||||||||||
Derivatives Designated | Balance Sheet | Liability Derivatives Fair Value | ||||||||||||||||||||||
as Hedges | Location | 3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||
Corn options | Accrued expenses | $ | — | $ | 1 | |||||||||||||||||||
Total derivatives designated as hedges | $ | — | $ | 1 | ||||||||||||||||||||
Derivatives not | ||||||||||||||||||||||||
Designated as | ||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||
Foreign currency contracts | Accrued Expenses | $ | 2,019 | $ | — | |||||||||||||||||||
Corn options and futures | Accrued Expenses | 3 | — | |||||||||||||||||||||
Heating oil swaps | Accrued Expenses | 993 | 2 | |||||||||||||||||||||
Total derivatives not designated as hedges | $ | 3,015 | $ | 2 | ||||||||||||||||||||
Total liability derivatives | $ | 3,015 | $ | 3 | ||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The effect of the Company's derivative instruments on the consolidated financial statements for the fiscal years ended January 3, 2015 and December 28, 2013 are as follows (in thousands): | |||||||||||||||||||||||
Gain or (Loss) | ||||||||||||||||||||||||
Gain or (Loss) | Recognized in Income | |||||||||||||||||||||||
Gain or (Loss) | Reclassified From | On Derivatives | ||||||||||||||||||||||
Derivatives | Recognized in OCI | Accumulated OCI | (Ineffective Portion and | |||||||||||||||||||||
Designated as | on Derivatives | into Income | Amount Excluded from | |||||||||||||||||||||
Cash Flow Hedges | (Effective Portion) (a) | (Effective Portion) (b) | Effectiveness Testing) (c) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Corn options | $ | 1,812 | $ | 7,350 | $ | 3,868 | $ | 5,486 | $ | 92 | $ | 274 | ||||||||||||
Natural gas swaps | 11 | 248 | 196 | 41 | (1 | ) | (4 | ) | ||||||||||||||||
Total | $ | 1,823 | $ | 7,598 | $ | 4,064 | $ | 5,527 | $ | 91 | $ | 270 | ||||||||||||
(a) | Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive gain of approximately $1.8 million and approximately $7.6 million recorded net of taxes of approximately $0.7 million and approximately $2.9 million for the year ended January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||||||||||
(b) | Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations. | |||||||||||||||||||||||
(c) | Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps and natural gas swaps is included in other income/(expense), net in the Company’s consolidated statements of operations. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair value measured on recurring basis [Table Text Block] | The following table presents the Company's financial instruments that are measured at fair value on a recurring and nonrecurring basis as of January 3, 2015 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. | ||||||||||||
Fair Value Measurements at January 3, 2015 Using | |||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable | Unobservable | |||||||||||
Identical Assets | Inputs | Inputs | |||||||||||
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Derivative assets | $ | 12,228 | $ | — | $ | 12,228 | $ | — | |||||
Total Assets | 12,228 | — | 12,228 | — | |||||||||
Liabilities | |||||||||||||
Derivative liabilities | 3,015 | — | 3,015 | — | |||||||||
Senior Notes | 493,750 | — | 493,750 | — | |||||||||
Term Loan A | 310,600 | — | 310,600 | — | |||||||||
Term Loan B | 1,198,546 | — | 1,198,546 | — | |||||||||
Revolver | 100,335 | — | 100,335 | — | |||||||||
Total Liabilities | $ | 2,106,246 | $ | — | $ | 2,106,246 | $ | — | |||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Business Segment Profit/(Loss) [Table Text Block] | Business Segments (in thousands): | |||||||||||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended January 3, 2015 | ||||||||||||||||
Net Sales | $ | 2,421,462 | $ | 1,248,352 | $ | 286,629 | $ | — | $ | 3,956,443 | ||||||
Cost of sales and operating expenses | 1,864,835 | 1,029,488 | 228,848 | — | 3,123,171 | |||||||||||
Gross Margin | 556,627 | 218,864 | 57,781 | — | 833,272 | |||||||||||
Selling, general and administrative expense | 205,484 | 118,716 | 8,596 | 41,784 | 374,580 | |||||||||||
Acquisition costs | — | — | — | 24,667 | 24,667 | |||||||||||
Depreciation and amortization | 158,871 | 73,274 | 27,898 | 9,474 | 269,517 | |||||||||||
Segment operating income/(loss) | 192,272 | 26,874 | 21,287 | (75,925 | ) | 164,508 | ||||||||||
Equity in net income of unconsolidated subsidiaries | 1,842 | — | 63,767 | — | 65,609 | |||||||||||
Segment income | 194,114 | 26,874 | 85,054 | (75,925 | ) | 230,117 | ||||||||||
Total other expense | (148,665 | ) | ||||||||||||||
Income before income taxes | $ | 81,452 | ||||||||||||||
Segment assets at January 3, 2015 | $ | 2,667,369 | $ | 1,734,387 | $ | 693,921 | $ | 75,036 | $ | 5,170,713 | ||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended December 28, 2013 | ||||||||||||||||
Net Sales | $ | 1,788,563 | $ | — | $ | 13,705 | $ | — | $ | 1,802,268 | ||||||
Cost of sales and operating expenses | 1,329,057 | — | 10,762 | — | 1,339,819 | |||||||||||
Gross Margin | 459,506 | — | 2,943 | — | 462,449 | |||||||||||
Selling, general and administrative expense | 149,160 | — | 928 | 20,737 | 170,825 | |||||||||||
Acquisition costs | — | — | — | 23,271 | 23,271 | |||||||||||
Depreciation and amortization | 93,120 | — | 368 | 5,299 | 98,787 | |||||||||||
Segment operating income/(loss) | 217,226 | — | 1,647 | (49,307 | ) | 169,566 | ||||||||||
Equity in net income of unconsolidated subsidiaries | — | — | 7,660 | — | 7,660 | |||||||||||
Segment income | 217,226 | — | 9,307 | (49,307 | ) | 177,226 | ||||||||||
Total other expense | (13,548 | ) | ||||||||||||||
Income before income taxes | $ | 163,678 | ||||||||||||||
Segment assets at December 28, 2013 | $ | 1,986,564 | $ | — | $ | 179,722 | $ | 1,077,847 | $ | 3,244,133 | ||||||
Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Fiscal Year Ended December 29, 2012 | ||||||||||||||||
Net Sales | $ | 1,766,611 | $ | — | $ | 5,941 | $ | — | $ | 1,772,552 | ||||||
Cost of sales and operating expenses | 1,299,255 | — | 4,472 | — | 1,303,727 | |||||||||||
Gross Margin | 467,356 | — | 1,469 | — | 468,825 | |||||||||||
Selling, general and administrative expense | 123,483 | — | 326 | 27,904 | 151,713 | |||||||||||
Acquisition costs | — | — | — | — | — | |||||||||||
Depreciation and amortization | 81,122 | — | 122 | 4,127 | 85,371 | |||||||||||
Segment operating income/(loss) | 262,751 | — | 1,021 | (32,031 | ) | 231,741 | ||||||||||
Equity in net income of unconsolidated subsidiaries | — | — | (2,662 | ) | — | (2,662 | ) | |||||||||
Segment income | 262,751 | — | (1,641 | ) | (32,031 | ) | 229,079 | |||||||||
Total other expense | (22,294 | ) | ||||||||||||||
Income before income taxes | $ | 206,785 | ||||||||||||||
Business Segment Property, Plant and Equipment [Table Text Block] | Business Segment Property, Plant and Equipment (in thousands): | |||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
Depreciation and amortization: | ||||||||||||||||
Feed Ingredients | $ | 158,871 | $ | 93,120 | $ | 81,122 | ||||||||||
Food Ingredients | 73,274 | — | — | |||||||||||||
Fuel Ingredients | 27,898 | 368 | 122 | |||||||||||||
Corporate Activities | 9,474 | 5,299 | 4,127 | |||||||||||||
Total | $ | 269,517 | $ | 98,787 | $ | 85,371 | ||||||||||
Capital expenditures: | ||||||||||||||||
Feed Ingredients | $ | 135,923 | $ | 84,616 | $ | 84,344 | ||||||||||
Food Ingredients | 61,657 | — | — | |||||||||||||
Fuel Ingredients | 21,392 | 162 | 66 | |||||||||||||
Corporate Activities | 9,946 | 33,529 | 31,003 | |||||||||||||
Total (a) | $ | 228,918 | $ | 118,307 | $ | 115,413 | ||||||||||
(a) | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million. | |||||||||||||||
Geographic Area Net Trade Revenues [Table Text Block] | Long-lived assets related to the Company's operations in North America, Europe, China, South American and other were as follows (in thousands): | |||||||||||||||
FY 2014 | ||||||||||||||||
Long-Lived Assets | ||||||||||||||||
North America | $ | 2,422,050 | ||||||||||||||
Europe | 1,407,402 | |||||||||||||||
China | 186,994 | |||||||||||||||
South America | 93,264 | |||||||||||||||
Other | 7,390 | |||||||||||||||
Total | $ | 4,117,100 | ||||||||||||||
Geographic Area Net Trade Revenues (in thousands): | ||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||
North America | $ | 2,131,978 | $ | 1,802,268 | $ | 1,772,552 | ||||||||||
Europe | 1,438,320 | — | — | |||||||||||||
China | 229,876 | — | — | |||||||||||||
South America | 73,241 | — | — | |||||||||||||
Other | 83,028 | — | — | |||||||||||||
Total | $ | 3,956,443 | $ | 1,802,268 | $ | 1,772,552 | ||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (a), (b) | Quarter (a), (b) | Quarter (a), (b) | Quarter (b) | |||||||||||||
Net sales | $ | 946,292 | $ | 1,031,283 | $ | 978,665 | $ | 1,000,203 | ||||||||
Operating income | (564 | ) | 75,485 | 49,925 | 39,662 | |||||||||||
Income from operations before income taxes | (69,296 | ) | 50,078 | 27,090 | 73,580 | |||||||||||
Net income | (51,006 | ) | 34,575 | 15,954 | 68,788 | |||||||||||
Net (income)/loss attributable to minority interests | (1,797 | ) | (1,818 | ) | (1,636 | ) | 1,155 | |||||||||
Net income/(loss) attributable to Darling | (52,803 | ) | 32,757 | 14,318 | 69,943 | |||||||||||
Basic earnings per share | (0.32 | ) | 0.2 | 0.09 | 0.42 | |||||||||||
Diluted earnings per share | (0.32 | ) | 0.2 | 0.09 | 0.42 | |||||||||||
(a) | Includes sales deductions reclassified from net sales to cost of sales in the amount of approximately $14.9 million in the first quarter of fiscal 2014, approximately $24.3 million in the second quarter of fiscal 2014 and approximately $22.9 million in the third quarter of fiscal 2014 to conform to the fiscal year ended January 3, 2015 presentation. | |||||||||||||||
(b) | Included in net income are $15.9 million in acquisition and integration costs in the first quarter of fiscal 2014, $4.2 million in acquisition and integration costs in the second quarter of fiscal 2014, $2.2 million in acquisition and integration costs in the third quarter of fiscal 2014 and $2.4 million in the fourth quarter of fiscal 2014 primarily relating to the VION Acquisition and Rothsay Acquisition. Included in net income in the first quarter of fiscal 2014 is approximately $12.6 million of loss on a foreign currency forward contract, approximately $27.3 million redemption premium to payoff the 8.5% Senior Notes due 2018 early and approximately $44.8 million of costs related to the VION Acquisition inventory step-up in value. In addition, included in net income are approximately $5.0 million in the second quarter of fiscal 2014 related to the VION Acquisition inventory step-up in value. Additionally, included in the net income for the fourth quarter of fiscal 2014 were the Company's portion of all tax credits recorded by the DGD Joint Venture and the Company's other processing facilities, which amounted to approximately$67.4 million. | |||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (c) | Quarter (c), (d) | Quarter (c), (d) | Quarter (c), (d) | |||||||||||||
Net sales | $ | 465,657 | $ | 443,542 | $ | 445,130 | $ | 447,939 | ||||||||
Operating income | 58,576 | 50,802 | 41,652 | 18,536 | ||||||||||||
Income from operations before income taxes | 52,823 | 42,753 | 45,024 | 23,078 | ||||||||||||
Net income | 32,405 | 26,418 | 27,651 | 22,493 | ||||||||||||
Basic earnings per share | 0.27 | 0.22 | 0.23 | 0.18 | ||||||||||||
Diluted earnings per share | 0.27 | 0.22 | 0.23 | 0.18 | ||||||||||||
(c) | Includes sales deductions reclassified from net sales to cost of sales in the amount of approximately $20.2 million in the first quarter of fiscal 2013, approximately $19.9 million in the second quarter of fiscal 2013, approximately $19.3 million in the third quarter of fiscal 2013 and $19.2 million in the fourth quarter of fiscal 2013 to conform to the fiscal year 2014 presentation. | |||||||||||||||
(d) | Included in net income are $0.8 million in transaction costs in the second quarter of fiscal 2013, $8.3 million in transaction costs in the third quarter of fiscal 2013 and $14.2 million in the fourth quarter of fiscal 2013 relating to the Terra Transaction, Rothsay Acquisition and the VION Acquisition. In addition, the fourth quarter of fiscal 2013 includes approximately $27.5 million of an unrealized gain on a foreign currency forward contract. |
Guarantor_Financial_Informatio1
Guarantor Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Guarantor Financial Information [Abstract] | ||||||||||||||||
Guarantor Financial Information Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet | |||||||||||||||
As of January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 10,447 | $ | 14,460 | $ | 83,877 | $ | — | $ | 108,784 | ||||||
Restricted cash | 103 | — | 240 | — | 343 | |||||||||||
Accounts receivable | 30,237 | 604,486 | 320,040 | (544,984 | ) | 409,779 | ||||||||||
Inventories | 19,762 | 93,253 | 288,598 | — | 401,613 | |||||||||||
Income taxes refundable | 18,647 | — | 3,493 | — | 22,140 | |||||||||||
Prepaid expenses | 11,513 | 1,792 | 31,324 | — | 44,629 | |||||||||||
Other current assets | 1,894 | 14 | 206,338 | (186,922 | ) | 21,324 | ||||||||||
Deferred income taxes | 42,497 | — | 2,504 | — | 45,001 | |||||||||||
Total current assets | 135,100 | 714,005 | 936,414 | (731,906 | ) | 1,053,613 | ||||||||||
Investment in subsidiaries | 3,874,466 | 1,096,541 | 837,605 | (5,808,612 | ) | — | ||||||||||
Property, plant and equipment, net | 205,895 | 445,301 | 922,920 | — | 1,574,116 | |||||||||||
Intangible assets, net | 21,903 | 366,315 | 544,195 | — | 932,413 | |||||||||||
Goodwill | 21,860 | 549,950 | 748,609 | — | 1,320,419 | |||||||||||
Investment in unconsolidated subsidiaries | — | — | 202,712 | — | 202,712 | |||||||||||
Other assets | 56,404 | 575,656 | 538,460 | (1,099,511 | ) | 71,009 | ||||||||||
Deferred income taxes | — | — | 16,431 | — | 16,431 | |||||||||||
$ | 4,315,628 | $ | 3,747,768 | $ | 4,747,346 | $ | (7,640,029 | ) | $ | 5,170,713 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current portion of long-term debt | $ | 16,017 | $ | 55 | $ | 225,252 | $ | (186,923 | ) | $ | 54,401 | |||||
Accounts payable | 540,784 | 11,349 | 127,994 | (511,609 | ) | 168,518 | ||||||||||
Income taxes payable | — | — | 4,363 | — | 4,363 | |||||||||||
Accrued expenses | 88,840 | 34,842 | 165,812 | (33,375 | ) | 256,119 | ||||||||||
Deferred income taxes | — | — | 642 | — | 642 | |||||||||||
Total current liabilities | 645,641 | 46,246 | 524,063 | (731,907 | ) | 484,043 | ||||||||||
Long-term debt, net of current portion | 1,334,556 | — | 1,862,994 | (1,099,511 | ) | 2,098,039 | ||||||||||
Other noncurrent liabilities | 56,849 | 1,979 | 55,872 | — | 114,700 | |||||||||||
Deferred income taxes | 176,745 | — | 246,052 | — | 422,797 | |||||||||||
Total liabilities | 2,213,791 | 48,225 | 2,688,981 | (1,831,418 | ) | 3,119,579 | ||||||||||
Total stockholders' equity | 2,101,837 | 3,699,543 | 2,058,365 | (5,808,611 | ) | 2,051,134 | ||||||||||
$ | 4,315,628 | $ | 3,747,768 | $ | 4,747,346 | $ | (7,640,029 | ) | $ | 5,170,713 | ||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 857,267 | $ | 6,117 | $ | 7,473 | $ | — | $ | 870,857 | ||||||
Restricted cash | 102 | — | 252 | — | 354 | |||||||||||
Accounts receivable | 41,464 | 484,091 | 16,092 | (428,803 | ) | 112,844 | ||||||||||
Inventories | 20,799 | 36,314 | 8,020 | — | 65,133 | |||||||||||
Income taxes refundable | 14,397 | — | 115 | — | 14,512 | |||||||||||
Prepaid expenses | 9,347 | 3,794 | 1,082 | — | 14,223 | |||||||||||
Other current assets | 31,248 | 15 | 1,027 | — | 32,290 | |||||||||||
Deferred income taxes | 15,107 | — | 2,182 | — | 17,289 | |||||||||||
Total current assets | 989,731 | 530,331 | 36,243 | (428,803 | ) | 1,127,502 | ||||||||||
Investment in subsidiaries | 2,140,869 | 63,116 | — | (2,203,985 | ) | — | ||||||||||
Property, plant and equipment, net | 172,533 | 356,772 | 137,268 | — | 666,573 | |||||||||||
Intangible assets, net | 15,896 | 340,611 | 232,157 | — | 588,664 | |||||||||||
Goodwill | 21,860 | 424,244 | 255,533 | — | 701,637 | |||||||||||
Investment in unconsolidated subsidiary | — | — | 115,114 | — | 115,114 | |||||||||||
Other assets | 40,588 | 373,699 | 1,352 | (370,996 | ) | 44,643 | ||||||||||
$ | 3,381,477 | $ | 2,088,773 | $ | 777,667 | $ | (3,003,784 | ) | $ | 3,244,133 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current portion of long-term debt | $ | 10,000 | $ | 87 | $ | 9,801 | $ | — | $ | 19,888 | ||||||
Accounts payable | 425,117 | 21,236 | 22,939 | (425,550 | ) | 43,742 | ||||||||||
Accrued expenses | 85,165 | 20,178 | 11,084 | (3,253 | ) | 113,174 | ||||||||||
Total current liabilities | 520,282 | 41,501 | 43,824 | (428,803 | ) | 176,804 | ||||||||||
Long-term debt, net of current portion | 680,000 | 55 | 557,888 | (370,996 | ) | 866,947 | ||||||||||
Other noncurrent liabilities | 36,381 | — | 4,290 | — | 40,671 | |||||||||||
Deferred income taxes | 123,862 | — | 14,897 | — | 138,759 | |||||||||||
Total liabilities | 1,360,525 | 41,556 | 620,899 | (799,799 | ) | 1,223,181 | ||||||||||
Total stockholders' equity | 2,020,952 | 2,047,217 | 156,768 | (2,203,985 | ) | 2,020,952 | ||||||||||
$ | 3,381,477 | $ | 2,088,773 | $ | 777,667 | $ | (3,003,784 | ) | $ | 3,244,133 | ||||||
Guarantor Financial Information Condensed Consolidating Statements Of Operations [Table Text Block] | Condensed Consolidating Statements of Operations | |||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 557,316 | $ | 1,620,054 | $ | 2,063,310 | $ | (284,237 | ) | $ | 3,956,443 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 421,883 | 1,330,038 | 1,655,487 | (284,237 | ) | 3,123,171 | ||||||||||
Selling, general and administrative expenses | 145,258 | 54,070 | 175,252 | — | 374,580 | |||||||||||
Depreciation and amortization | 31,183 | 83,957 | 154,377 | — | 269,517 | |||||||||||
Acquisition and integration costs | 20,410 | — | 4,257 | — | 24,667 | |||||||||||
Total costs and expenses | 618,734 | 1,468,065 | 1,989,373 | (284,237 | ) | 3,791,935 | ||||||||||
Operating income | (61,418 | ) | 151,989 | 73,937 | — | 164,508 | ||||||||||
Interest expense | (97,912 | ) | 21,231 | (58,554 | ) | (181 | ) | (135,416 | ) | |||||||
Foreign currency gains/(losses) | (12,244 | ) | (417 | ) | (887 | ) | — | (13,548 | ) | |||||||
Other income/(expense), net | (3,717 | ) | (19 | ) | 3,854 | 181 | 299 | |||||||||
Equity in net income of unconsolidated subsidiary | — | — | 65,609 | — | 65,609 | |||||||||||
Earnings in investments in subsidiaries | 223,790 | — | — | (223,790 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 48,499 | 172,784 | 83,959 | (223,790 | ) | 81,452 | ||||||||||
Income taxes (benefit) | (15,716 | ) | 17,534 | 11,323 | — | 13,141 | ||||||||||
Net (income)/loss attributable to noncontrolling interests | — | — | (4,096 | ) | — | (4,096 | ) | |||||||||
Net income/(loss) | $ | 64,215 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 64,215 | |||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 708,166 | $ | 1,288,824 | $ | 41,196 | $ | (235,918 | ) | $ | 1,802,268 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 559,117 | 988,295 | 28,325 | (235,918 | ) | 1,339,819 | ||||||||||
Selling, general and administrative expenses | 91,723 | 76,016 | 3,086 | — | 170,825 | |||||||||||
Depreciation and amortization | 24,794 | 68,139 | 5,854 | — | 98,787 | |||||||||||
Acquisition costs | 14,074 | — | 9,197 | — | 23,271 | |||||||||||
Total costs and expenses | 689,708 | 1,132,450 | 46,462 | (235,918 | ) | 1,632,702 | ||||||||||
Operating income | 18,458 | 156,374 | (5,266 | ) | — | 169,566 | ||||||||||
Interest expense | (36,964 | ) | 3,281 | (4,425 | ) | — | (38,108 | ) | ||||||||
Foreign currency gains/(losses) | 27,516 | (42 | ) | 633 | — | 28,107 | ||||||||||
Other income/(expense), net | (3,373 | ) | 55 | (229 | ) | — | (3,547 | ) | ||||||||
Equity in net loss of unconsolidated subsidiary | — | — | 7,660 | — | 7,660 | |||||||||||
Earnings in investments in subsidiaries | 105,178 | — | — | (105,178 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 110,815 | 159,668 | (1,627 | ) | (105,178 | ) | 163,678 | |||||||||
Income taxes (benefit) | 1,848 | 52,351 | 512 | — | 54,711 | |||||||||||
Net income/(loss) | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net sales | $ | 679,432 | $ | 1,270,978 | $ | 14,874 | $ | (192,732 | ) | $ | 1,772,552 | |||||
Cost and expenses: | ||||||||||||||||
Cost of sales and operating expenses | 532,734 | 949,534 | 14,191 | (192,732 | ) | 1,303,727 | ||||||||||
Selling, general and administrative expenses | 80,432 | 71,141 | 140 | — | 151,713 | |||||||||||
Depreciation and amortization | 23,542 | 61,807 | 22 | — | 85,371 | |||||||||||
Total costs and expenses | 636,708 | 1,082,482 | 14,353 | (192,732 | ) | 1,540,811 | ||||||||||
Operating income | 42,724 | 188,496 | 521 | — | 231,741 | |||||||||||
Interest expense | (24,047 | ) | (7 | ) | — | — | (24,054 | ) | ||||||||
Other income/(expense), net | (1,572 | ) | 3,355 | (23 | ) | — | 1,760 | |||||||||
Equity in net loss of unconsolidated subsidiary | — | — | (2,662 | ) | — | (2,662 | ) | |||||||||
Earnings in investments in subsidiaries | 119,953 | — | — | (119,953 | ) | — | ||||||||||
Income/(loss) from operations before taxes | 137,058 | 191,844 | (2,164 | ) | (119,953 | ) | 206,785 | |||||||||
Income taxes (benefit) | 6,288 | 70,523 | (796 | ) | — | 76,015 | ||||||||||
Net income/(loss) | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income (Loss) [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income/(Loss) | |||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 68,311 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 68,311 | |||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||
Foreign currency translation | — | — | (125,884 | ) | — | (125,884 | ) | |||||||||
Pension adjustments | (11,844 | ) | (34 | ) | (8,503 | ) | — | (20,381 | ) | |||||||
Natural gas swap derivative adjustments | (113 | ) | — | — | — | (113 | ) | |||||||||
Corn option derivative adjustments | (1,259 | ) | — | — | — | (1,259 | ) | |||||||||
Total other comprehensive income, net of tax | (13,216 | ) | (34 | ) | (134,387 | ) | — | (147,637 | ) | |||||||
Total comprehensive income/(loss) | 55,095 | 155,216 | (65,847 | ) | (223,790 | ) | (79,326 | ) | ||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 6,200 | — | $ | 6,200 | ||||||||||
Comprehensive income/(loss) attributable to Darling | $ | 55,095 | $ | 155,216 | $ | (59,647 | ) | $ | (223,790 | ) | $ | (73,126 | ) | |||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation | — | — | (14,502 | ) | — | (14,502 | ) | |||||||||
Pension adjustments | 15,060 | — | 80 | — | 15,140 | |||||||||||
Natural gas swap derivative adjustments | 127 | — | — | — | 127 | |||||||||||
Corn option derivative adjustments | 1,141 | — | — | — | 1,141 | |||||||||||
Total other comprehensive income, net of tax | 16,328 | — | (14,422 | ) | — | 1,906 | ||||||||||
Total comprehensive income (loss) | $ | 125,295 | $ | 107,317 | $ | (16,561 | ) | $ | (105,178 | ) | $ | 110,873 | ||||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Net income | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Pension adjustments | (1,169 | ) | — | — | — | (1,169 | ) | |||||||||
Natural gas swap derivative adjustments | 391 | — | — | — | 391 | |||||||||||
Corn option derivative adjustments | 194 | — | — | — | 194 | |||||||||||
Interest rate swap derivative adjustments | 159 | — | — | — | 159 | |||||||||||
Total other comprehensive income, net of tax | (425 | ) | — | — | — | (425 | ) | |||||||||
Total comprehensive income (loss) | $ | 130,345 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,345 | ||||
Guarantor Financial Information Condensed Consolidating Statements Of Cash Flows [Table Text Block] | Condensed Consolidating Statements of Cash Flows | |||||||||||||||
For the year ended January 3, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 68,311 | $ | 155,250 | $ | 68,540 | $ | (223,790 | ) | $ | 68,311 | |||||
Earnings in investments in subsidiaries | (223,790 | ) | — | — | 223,790 | — | ||||||||||
Other operating cash flows | 226,120 | (34,238 | ) | 14,979 | — | 206,861 | ||||||||||
Net cash provided/(used) by operating activities | 70,641 | 121,012 | 83,519 | — | 275,172 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (39,248 | ) | (84,299 | ) | (105,371 | ) | — | (228,918 | ) | |||||||
Acquisitions, net of cash acquired | — | (19,394 | ) | (2,075,006 | ) | — | (2,094,400 | ) | ||||||||
Investment in subsidiaries and affiliates | (1,483,007 | ) | (1,442,788 | ) | (440,619 | ) | 3,366,414 | — | ||||||||
Note receivable from affiliates | — | (204,074 | ) | 204,074 | — | — | ||||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 1,522 | 5,155 | 2,585 | — | 9,262 | |||||||||||
Proceeds from insurance settlements | 1,350 | 200 | — | — | 1,550 | |||||||||||
Payments related to routes and other intangibles | (9,640 | ) | — | (1,648 | ) | — | (11,288 | ) | ||||||||
Net cash provide/(used) in investing activities | (1,529,023 | ) | (1,745,200 | ) | (2,415,985 | ) | 3,366,414 | (2,323,794 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from long-term debt | 1,100,000 | — | 742,184 | — | 1,842,184 | |||||||||||
Payments on long-term debt | (264,500 | ) | (87 | ) | (69,175 | ) | — | (333,762 | ) | |||||||
Borrowings from revolving credit facility | 122,445 | — | 47,698 | — | 170,143 | |||||||||||
Payments on revolving credit facility | (297,445 | ) | — | (54,144 | ) | — | (351,589 | ) | ||||||||
Net overdraft financing | — | — | 4,077 | — | 4,077 | |||||||||||
Borrowings from affiliates | — | — | — | — | — | |||||||||||
Deferred loan costs | (41,748 | ) | — | (3,475 | ) | — | (45,223 | ) | ||||||||
Issuance of common stock | 416 | — | — | — | 416 | |||||||||||
Contributions from parent | — | 1,632,618 | 1,733,796 | (3,366,414 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (10,026 | ) | — | — | — | (10,026 | ) | |||||||||
Excess tax benefits from stock-based compensation | 2,420 | — | — | — | 2,420 | |||||||||||
Addition of noncontrolling interest | — | — | 1,201 | — | 1,201 | |||||||||||
Distributions to noncontrolling interests | — | — | (4,272 | ) | — | (4,272 | ) | |||||||||
Net cash provided/(used) in financing activities | 611,562 | 1,632,531 | 2,397,890 | (3,366,414 | ) | 1,275,569 | ||||||||||
Effect of exchange rate changes on cash and cash equivalent | — | — | 10,980 | — | 10,980 | |||||||||||
Net increase/(decrease) in cash and cash equivalents | (846,820 | ) | 8,343 | 76,404 | — | (762,073 | ) | |||||||||
Cash and cash equivalents at beginning of year | 857,267 | 6,117 | 7,473 | — | 870,857 | |||||||||||
Cash and cash equivalents at end of year | $ | 10,447 | $ | 14,460 | $ | 83,877 | $ | — | $ | 108,784 | ||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
For the year ended December 28, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income/(loss) | $ | 108,967 | $ | 107,317 | $ | (2,139 | ) | $ | (105,178 | ) | $ | 108,967 | ||||
Earnings in investments in subsidiaries | (105,178 | ) | — | — | 105,178 | — | ||||||||||
Other operating cash flows | 135,315 | (39,459 | ) | 5,898 | — | 101,754 | ||||||||||
Net cash provided by operating activities | 139,104 | 67,858 | 3,759 | — | 210,721 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (45,173 | ) | (68,716 | ) | (4,418 | ) | — | (118,307 | ) | |||||||
Acquisitions, net of cash acquired | — | (121,440 | ) | (612,635 | ) | — | (734,075 | ) | ||||||||
Investment in subsidiaries and affiliates | (600,537 | ) | (63,115 | ) | (44,959 | ) | 663,652 | (44,959 | ) | |||||||
Note receivable from affiliates | — | (370,996 | ) | — | 370,996 | — | ||||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 1,329 | 1,029 | — | — | 2,358 | |||||||||||
Proceeds from insurance settlements | 1,531 | 450 | — | — | 1,981 | |||||||||||
Payments related to routes and other intangibles | (2,423 | ) | — | — | — | (2,423 | ) | |||||||||
Net cash provided/(used) in investing activities | (645,273 | ) | (622,788 | ) | (662,012 | ) | 1,034,648 | (895,425 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from long-term debt | 200,000 | — | 144,704 | — | 344,704 | |||||||||||
Payments on long-term debt | — | (82 | ) | (498 | ) | — | (580 | ) | ||||||||
Borrowings from revolving credit facility | 245,000 | — | 48,235 | — | 293,235 | |||||||||||
Payments on revolving credit facility | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||
Borrowings from affiliates | — | — | 370,996 | (370,996 | ) | — | ||||||||||
Deferred loan costs | (11,916 | ) | — | (1,404 | ) | — | (13,320 | ) | ||||||||
Issuances of common stock | 840,558 | — | — | — | 840,558 | |||||||||||
Contributions from parent | — | 555,552 | 108,100 | (663,652 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (3,289 | ) | — | — | — | (3,289 | ) | |||||||||
Excess tax benefits from stock-based compensation | 1,138 | — | — | — | 1,138 | |||||||||||
Net cash provided/(used) in financing activities | 1,266,491 | 555,470 | 670,133 | (1,034,648 | ) | 1,457,446 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (5,134 | ) | — | (5,134 | ) | |||||||||
Net increase/(decrease) in cash and cash equivalents | 760,322 | 540 | 6,746 | — | 767,608 | |||||||||||
Cash and cash equivalents at beginning of year | 96,945 | 5,577 | 727 | — | 103,249 | |||||||||||
Cash and cash equivalents at end of year | $ | 857,267 | $ | 6,117 | $ | 7,473 | $ | — | $ | 870,857 | ||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
For the year ended December 29, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Issuer | Guarantors | Non-guarantors | Eliminations | Consolidated | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income/(loss) | $ | 130,770 | $ | 121,321 | $ | (1,368 | ) | $ | (119,953 | ) | $ | 130,770 | ||||
Earnings in investments in subsidiaries | (119,953 | ) | — | — | 119,953 | — | ||||||||||
Other operating cash flows | 175,098 | (56,445 | ) | 114 | — | 118,767 | ||||||||||
Net cash provided/(used) by operating activities | 185,915 | 64,876 | (1,254 | ) | — | 249,537 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (49,619 | ) | (65,794 | ) | — | — | (115,413 | ) | ||||||||
Acquisitions, net of cash acquired | (3,000 | ) | — | — | — | (3,000 | ) | |||||||||
Investment in subsidiaries and affiliates | (43,449 | ) | — | (43,424 | ) | 43,449 | (43,424 | ) | ||||||||
Gross proceeds from sale of property, plant and equipment and other assets | 2,083 | 1,787 | — | — | 3,870 | |||||||||||
Proceeds from insurance settlements | 1,305 | 2,967 | — | — | 4,272 | |||||||||||
Payments related to routes and other intangibles | (137 | ) | — | — | — | (137 | ) | |||||||||
Net cash provided/(used) in investing activities | (92,817 | ) | (61,040 | ) | (43,424 | ) | 43,449 | (153,832 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Payments on long-term debt | (30,000 | ) | (32 | ) | — | — | (30,032 | ) | ||||||||
Issuances of common stock | 72 | — | — | — | 72 | |||||||||||
Contributions from parent | — | — | 43,449 | (43,449 | ) | — | ||||||||||
Minimum withholding taxes paid on stock awards | (4,084 | ) | — | — | — | (4,084 | ) | |||||||||
Excess tax benefits from stock-based compensation | 2,652 | — | — | — | 2,652 | |||||||||||
Net cash provided/(used) in financing activities | (31,360 | ) | (32 | ) | 43,449 | (43,449 | ) | (31,392 | ) | |||||||
Net increase/(decrease) in cash and cash equivalents | 61,738 | 3,804 | (1,229 | ) | — | 64,313 | ||||||||||
Cash and cash equivalents at beginning of year | 35,207 | 1,773 | 1,956 | — | 38,936 | |||||||||||
Cash and cash equivalents at end of year | $ | 96,945 | $ | 5,577 | $ | 727 | $ | — | $ | 103,249 | ||||||
General_Details
General (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 18, 2013 | Dec. 29, 2013 | Jan. 07, 2014 | Oct. 28, 2013 | |
segment | weeks | weeks | weeks | segment | continent | ||||||||||
segment | |||||||||||||||
General [Line Items] | |||||||||||||||
Number of Operating Segments | 3 | 3 | 3 | ||||||||||||
Accounting Policies [Abstract] | |||||||||||||||
Number Of Weeks Year To Date | 53 | 52 | 52 | ||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||
Investments Classified As Cash Equivalents, Original Maturity | 3 months | ||||||||||||||
Goodwill [Abstract] | |||||||||||||||
Goodwill | $1,320,419,000 | $701,637,000 | $1,320,419,000 | $701,637,000 | $381,369,000 | ||||||||||
Basic: | |||||||||||||||
Net income | 64,215,000 | 108,967,000 | 130,770,000 | ||||||||||||
Shares | 164,627,000 | 119,526,000 | 117,592,000 | ||||||||||||
Basic earnings per share | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 | ||||
Effect of dilutive securities: [Abstract] | |||||||||||||||
Add: Option shares in the money and dilutive effect of non-vested stock | 806,000 | 848,000 | 806,000 | ||||||||||||
Less: Pro forma treasury shares | -374,000 | -450,000 | -309,000 | ||||||||||||
Diluted: | |||||||||||||||
Net Income | 64,215,000 | 108,967,000 | 130,770,000 | ||||||||||||
Shares | 165,059,000 | 119,924,000 | 118,089,000 | ||||||||||||
Per Share | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 | ||||
Stock Based Compensation [Abstract] | |||||||||||||||
Stock-based compensation expense | 20,900,000 | 9,400,000 | 8,900,000 | ||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 5,900,000 | 3,700,000 | 3,500,000 | ||||||||||||
Excess tax benefits from stock-based compensation | 2,420,000 | 1,138,000 | 2,652,000 | ||||||||||||
Financial Instruments [Abstract] | |||||||||||||||
Long-term Debt | 2,152,440,000 | 886,835,000 | 2,152,440,000 | 886,835,000 | |||||||||||
Foreign currency translation | -125,884,000 | -14,502,000 | 0 | ||||||||||||
Foreign currency gains (losses) | 12,600,000 | -13,548,000 | 28,107,000 | 0 | |||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | 27,500,000 | 0 | 27,516,000 | 0 | |||||||||||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | 27,500,000 | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Antidilutive Securities [Abstract] | |||||||||||||||
Antidilutive securities excluded from computation of earnings per share, amount | 319,240 | 135,733 | 207,890 | ||||||||||||
Non Vested Stock [Member] | |||||||||||||||
Antidilutive Securities [Abstract] | |||||||||||||||
Antidilutive securities excluded from computation of earnings per share, amount | 751,444 | 57,257 | 105,486 | ||||||||||||
Vion Ingredients [Member] | |||||||||||||||
General [Line Items] | |||||||||||||||
Expected Business Combination, Number of Continents in which Entity Operates | 5 | ||||||||||||||
Goodwill [Abstract] | |||||||||||||||
Goodwill | 702,672,000 | ||||||||||||||
Rothsay [Member] | |||||||||||||||
Goodwill [Abstract] | |||||||||||||||
Goodwill | 262,797,000 | ||||||||||||||
Minimum [Member] | |||||||||||||||
General [Line Items] | |||||||||||||||
Number of Processing and Transfer Facilities | 200 | 200 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||||
Number Of Weeks Year To Date | 52 | ||||||||||||||
Minimum [Member] | Buildings and improvements [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||||||
Minimum [Member] | Machinery and equipment [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Minimum [Member] | Vehicles [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Minimum [Member] | Aircraft [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||||||
Minimum [Member] | Routes [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||||||||||||||
Minimum [Member] | Permits [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||||||||||||||
Minimum [Member] | Non-compete agreements [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||||||||||||||
Minimum [Member] | Trade Names [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 4 years | ||||||||||||||
Maximum [Member] | |||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||
Number Of Weeks Year To Date | 53 | ||||||||||||||
Maximum [Member] | Buildings and improvements [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||||||
Maximum [Member] | Machinery and equipment [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||
Maximum [Member] | Vehicles [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 8 years | ||||||||||||||
Maximum [Member] | Aircraft [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||
Maximum [Member] | Routes [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 21 years | ||||||||||||||
Maximum [Member] | Permits [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||||||||||||||
Maximum [Member] | Non-compete agreements [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||||||||||||||
Maximum [Member] | Trade Names [Member] | |||||||||||||||
Long Lived Assets [Abstract] | |||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 15 years | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||
Issuance of common stock (in shares) | 46,000,000 | ||||||||||||||
Best Hides GmbH [Member] | Vion Ingredients [Member] | |||||||||||||||
General [Line Items] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | ||||||||||||||
Net Investment Hedging [Member] | |||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||
Foreign currency gains (losses) | ($12,600,000) |
Acquisitions_Details
Acquisitions (Details) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 03, 2015 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Oct. 28, 2013 | Jan. 03, 2015 | Oct. 28, 2013 | Jan. 03, 2015 | Oct. 28, 2013 | Jan. 03, 2015 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 01, 2014 | Oct. 01, 2014 | Jan. 03, 2015 | Jun. 08, 2012 | Dec. 28, 2013 | Jan. 02, 2014 | Jan. 07, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Feed Ingredients [Member] | Feed Ingredients [Member] | Feed Ingredients [Member] | Food Ingredients [Member] | Food Ingredients [Member] | Food Ingredients [Member] | Fuel Ingredients [Member] | Fuel Ingredients [Member] | Fuel Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Rothsay and VION Acquisitions [Member] | Rothsay and VION Acquisitions [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | Rothsay [Member] | CustomBlendersCompany [Member] | CustomBlendersCompany [Member] | Terra Holding Company [Member] | BioPur Transaction [Member] | Common Stock [Member] | Senior Notes [Member] | Trademarks and Trade Names [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Routes [Member] | Permits [Member] | Patents and Other Intangibles [Member] | Feed Ingredients [Member] | Food Ingredients [Member] | Fuel Ingredients [Member] | USD ($) | USD ($) | USD ($) | CAD | USD ($) | Routes [Member] | Routes [Member] | Permits [Member] | Permits [Member] | Trade Names [Member] | Trade Names [Member] | Non-compete agreements [Member] | Non-compete agreements [Member] | Feed Ingredients [Member] | Biodiesel [Member] | Fuel Ingredients [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Vion Ingredients [Member] | ||||||||||||
product | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | facilities | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | facilities | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||
brand | ||||||||||||||||||||||||||||||||||||||||||||||||||||
continent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
facilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Face amount of debt insturment | $500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | 2,200,000,000 | 1,600,000,000 | 612,600,000 | 640,200,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 1.3605 | 1.3605 | 0.9569 | 0.9569 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 8,612,000 | 843,154,000 | 2,969,000 | 874,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration paid | 644,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Contingent Receivable | 4,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number Of Plants | 68 | 68 | 5 | 5 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 2,100,000,000 | 207,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 69,943,000 | 14,318,000 | 32,757,000 | -52,803,000 | 22,493,000 | 27,651,000 | 26,418,000 | 32,405,000 | 64,215,000 | 108,967,000 | 130,770,000 | 19,600,000 | 15,900,000 | |||||||||||||||||||||||||||||||||||||||
Goodwill | 1,320,419,000 | 701,637,000 | 1,320,419,000 | 701,637,000 | 381,369,000 | 847,594,000 | 663,897,000 | 380,893,000 | 346,153,000 | 0 | 0 | 126,672,000 | 37,740,000 | 476,000 | 702,672,000 | 223,200,000 | 375,600,000 | 103,800,000 | 262,797,000 | 224,600,000 | 38,200,000 | 5,400,000 | 61,100,000 | |||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 375,306,000 | 5,479,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Goodwill Deductible for Tax Purposes, Percent | 33.00% | 33.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 32,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired finite-lived Intangible assets, weighted-average useful life | 10 years | 15 years | 25 years | 21 years | 13 years | 4 years | 7 years | 14 years | 12 years | 9 years | ||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | 24,400,000 | 22,200,000 | 10,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Gross | 14,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,094,400,000 | 734,075,000 | 3,000,000 | 18,800,000 | 122,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | 981,009,000 | 138,175,000 | 3,200,000 | 27,700,000 | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Identifiable intangibles | 190,200,000 | 225,600,000 | 16,500,000 | 240,386,000 | 172,600,000 | 55,600,000 | 9,000,000 | 3,200,000 | 8,600,000 | 46,200,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||
Deferred tax liability | 350,003,000 | 15,031,000 | 19,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Working Capital | 6,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 5,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Continents in which Entity Operates | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Brands Entity Operates | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number Of Products In Portfolio | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $91,166,000 |
Acquisitions_Pro_Forma_Details
Acquisitions - Pro Forma (Details) (Rothsay [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 |
Rothsay [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Net sales | $4,178,258 |
Income from continuing operations | 259,765 |
Net income | $169,101 |
Basic (in dollars per share) | $1.03 |
Diluted (in dollars per share) | $1.02 |
Acquisitions_Recognized_Assets
Acquisitions - Recognized Assets Acquired and Liabilities Assumed (Details) (USD $) | 12 Months Ended | ||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 07, 2014 | Oct. 28, 2013 | |
Business Acquisition [Line Items] | |||||
Goodwill | $1,320,419,000 | $701,637,000 | $381,369,000 | ||
Vion Ingredients [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Working Capital | 84,000,000 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 27,300,000 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 17,600,000 | ||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Goodwill | 72,100,000 | ||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other | 27,000,000 | ||||
Accounts receivable | 337,278,000 | ||||
Inventory | 375,306,000 | ||||
Other current assets | 23,135,000 | ||||
Property and equipment | 981,009,000 | ||||
Goodwill | 702,672,000 | ||||
Accounts payable | -210,477,000 | ||||
Accrued expenses | -149,345,000 | ||||
Deferred tax liability | -350,003,000 | ||||
Other non-current liabilities | -57,721,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 3,525,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 48,639,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 464,193,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equity Method Investments | 27,069,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,101,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | -26,347,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -4,109,000 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | -90,919,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 2,075,006,000 | ||||
Rothsay [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | 13,220,000 | ||||
Inventory | 5,479,000 | ||||
Other current assets | 312,000 | ||||
Property and equipment | 138,175,000 | ||||
Identifiable intangibles | 240,386,000 | ||||
Goodwill | 262,797,000 | ||||
Accounts payable | -12,159,000 | ||||
Accrued expenses | -5,701,000 | ||||
Deferred tax liability | -15,031,000 | ||||
Capital lease obligation | -10,741,000 | ||||
Other non-current liabilities | -4,102,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $612,635,000 |
Inventories_Details
Inventories (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $255,130 | $57,681 |
Inventory, Work in Process, Net of Reserves | 98,936 | 0 |
Supplies and other | 47,547 | 7,452 |
Inventories | $401,613 | $65,133 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $2,099,815 | $1,047,887 |
Accumulated depreciation | -525,699 | -381,314 |
Property, plant and equipment, net | 1,574,116 | 666,573 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 166,669 | 67,375 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 443,081 | 163,523 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,110,598 | 526,641 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 170,597 | 136,649 |
Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,223 | 18,465 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $195,647 | $135,234 |
Intangbile_assets_Details
Intangbile assets (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets | $120,330 | $92,002 |
Finite Lived Intangible Assets | 996,992 | 601,732 |
Accumulated Amortization | -184,909 | -105,070 |
Total Intangible assets, less accumulated amortization | 932,413 | 588,664 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets | 120,330 | 92,002 |
Routes [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets | 437,816 | 259,326 |
Accumulated Amortization | -75,308 | -38,231 |
Permits [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets | 523,398 | 321,763 |
Accumulated Amortization | -101,010 | -63,145 |
Non-compete agreements [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets | 7,583 | 7,218 |
Accumulated Amortization | -3,595 | -2,352 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets | 11,983 | 12,698 |
Accumulated Amortization | -3,420 | -724 |
Royalty, consulting land use and leasehold [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets | 16,212 | 727 |
Accumulated Amortization | ($1,576) | ($618) |
Intangbile_assets_Textuals_Det
Intangbile assets Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
INTANGIBLE ASSETS [Abstract] | |||
Amortization of Intangible Assets | $83.60 | $32.10 | $28.10 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 80.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 75 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 73.6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 71 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $69.80 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | $717,551 | $397,283 |
Accumulated impairment losses at beginning of year | -15,914 | -15,914 |
Goodwill at beginning of year | 701,637 | 381,369 |
Goodwill acquired during year | 705,328 | 326,669 |
Translation | -86,546 | -6,401 |
Goodwill at end of year | 1,336,333 | 717,551 |
Accumulated impairment losses at end of year | -15,914 | -15,914 |
Goodwill at end of year | 1,320,419 | 701,637 |
Feed Ingredients [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 679,811 | 396,807 |
Accumulated impairment losses at beginning of year | -15,914 | -15,914 |
Goodwill at beginning of year | 663,897 | 380,893 |
Goodwill acquired during year | 225,889 | 288,471 |
Translation | -42,192 | -5,467 |
Goodwill at end of year | 863,508 | 679,811 |
Accumulated impairment losses at end of year | -15,914 | -15,914 |
Goodwill at end of year | 847,594 | 663,897 |
Food Ingredients [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 0 | 0 |
Accumulated impairment losses at beginning of year | 0 | 0 |
Goodwill at beginning of year | 0 | 0 |
Goodwill acquired during year | 375,633 | 0 |
Translation | -29,480 | 0 |
Goodwill at end of year | 346,153 | 0 |
Accumulated impairment losses at end of year | 0 | 0 |
Goodwill at end of year | 346,153 | 0 |
Fuel Ingredients [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 37,740 | 476 |
Accumulated impairment losses at beginning of year | 0 | 0 |
Goodwill at beginning of year | 37,740 | 476 |
Goodwill acquired during year | 103,806 | 38,198 |
Translation | -14,874 | -934 |
Goodwill at end of year | 0 | 37,740 |
Accumulated impairment losses at end of year | -126,672 | 0 |
Goodwill at end of year | $126,672 | $37,740 |
Investment_in_Unconsolidated_S2
Investment in Unconsolidated Subsidiary Selected Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Property, plant and equipment, net | $373,117 | $382,011 | |
Total assets | 592,200 | 488,435 | |
Liabilities and members' equity: | |||
Total current portion of long term debt | 57,514 | 8,511 | |
Total long term debt | 155,273 | 212,787 | |
Total members' equity | 357,761 | 230,228 | |
Expenses: | |||
Operating income | 145,091 | 24,336 | -5,324 |
Interest and debt expense, net | -17,640 | -9,049 | 0 |
Diamond Green Diesel Holdings LLC Joint Venture [Member] | |||
Assets: | |||
Total current assets | 216,991 | 106,332 | |
Other assets | 2,092 | 92 | |
Liabilities and members' equity: | |||
Total other current liabilities | 21,313 | 36,702 | |
Total other long term liabilities | 339 | 207 | |
Total liabilities and member's equity | 592,200 | 488,435 | |
Revenues: | |||
Operating revenues | 487,834 | 213,552 | 0 |
Expenses: | |||
Total costs and expenses | 342,743 | 189,216 | 5,324 |
Other income | 82 | 33 | 0 |
Net income/(loss) | $127,533 | $15,320 | ($5,324) |
Investment_in_Unconsolidated_S3
Investment in Unconsolidated Subsidiary (Details) (USD $) | 3 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 21, 2011 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Processing Capability, Barrels of Input Feedstock Per Day | 11,000 | |||||||
Investment in the joint venture | $202,712,000 | $202,712,000 | $115,114,000 | |||||
Loss from equity method investments | -65,609,000 | -7,660,000 | 2,662,000 | |||||
Dollars per Gallon | 1 | |||||||
Renewable Diesel, Percentage | 0.10% | |||||||
Income Tax Credits and Adjustments | 67,400,000 | |||||||
Diamond Green Diesel Holdings LLC Joint Venture [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||
Line of Credit Facility, Term | 14 years | |||||||
Term loan facility | 221,300,000 | 221,300,000 | ||||||
Darling's total contributions for constructing and funding Joint Venture | 111,700,000 | 111,700,000 | ||||||
Investment in the joint venture | 178,900,000 | 178,900,000 | ||||||
Loss from equity method investments | -63,800,000 | -7,700,000 | 2,700,000 | |||||
Income Tax Credits and Adjustments | $126,000,000 | $50,400,000 | ||||||
Valero Energy Corporation [Member] | Diamond Green Diesel Holdings LLC Joint Venture [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES [Abstract] | ||
Compensation and benefits | $92,863 | $38,902 |
Utilities and sewage | 18,441 | 6,802 |
Accrued income, ad valorem, and franchise taxes | 15,615 | 3,651 |
Reserve for self insurance, litigation, environmental and tax matters (Note 19) | 10,041 | 7,878 |
Medical claims liability | 5,229 | 5,960 |
Accrued Operating Expenses | 55,877 | 9,512 |
Accrued Acquisition Costs | 0 | 4,306 |
Accrued financing fee | 0 | 18,592 |
Interest Payable, Current | 13,869 | 0 |
Other accrued expense | 44,184 | 17,571 |
Accrued expenses | $256,119 | $113,174 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | $32,280,000 | ||
2016 | 28,840,000 | ||
2017 | 25,701,000 | ||
2018 | 23,353,000 | ||
2019 | 18,861,000 | ||
Thereafter | 29,039,000 | ||
Total | 158,074,000 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 2,873,000 | ||
2016 | 2,290,000 | ||
2017 | 1,871,000 | ||
2018 | 1,049,000 | ||
2019 | 311,000 | ||
Thereafter | 166,000 | ||
Total | 8,560,000 | ||
Less amounts representing interest | -666,000 | ||
Capital Lease Obligations included in current and long-term debt | 7,894,000 | ||
Operating Leases, Rent Expense, Net | $29,600,000 | $14,400,000 | $12,600,000 |
Processing Plants and Storage Locations [Member] | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Number Of Properties Leased | 16 | ||
Office Locations [Member] | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Number Of Properties Leased | 3 | ||
Butler Properties [Member] | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Number Of Properties Leased | 2 |
Debt_Schedule_of_Long_Term_Deb
Debt Schedule of Long Term Debt (Details) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Other Notes and Obligations [Member] | Other Notes and Obligations [Member] | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Euro Member Countries, Euro | Euro Member Countries, Euro | Canadian Dealer Offered Rate (CDOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] |
Term Loan A Facility [Member] | Term Loan B Facility [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 8.5% due 2018 [Member] | Senior Notes 8.5% due 2018 [Member] | USD ($) | USD ($) | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Canada, Dollars | Canada, Dollars | Canada, Dollars | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | |||||
CAD | USD ($) | CAD | USD ($) | USD ($) | EUR (€) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
USD ($) | CAD | USD ($) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Line of Credit | $350,000 | $1,300,000 | 43,000 | $122,200 | 142,500 | $140,000 | $610,200 | € 506,200 | $36,900 | 43,000 | $46,700 | ||||||||||||||
Long-term Debt | 2,152,440 | 886,835 | 101,863 | 286,676 | 312,161 | 340,030 | 1,205,669 | 0 | 500,000 | 0 | 0 | 250,000 | 32,747 | 10,129 | |||||||||||
Current portion of long-term debt | 54,401 | 19,888 | |||||||||||||||||||||||
Long-term debt, net of current portion | $2,098,039 | $866,947 |
Debt_Summary_Details
Debt Summary (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $2,152,440 | $886,835 |
Availability | 865,939 | 680,662 |
Unsecured Debt [Member] | Senior Notes 5.375% Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 500,000 | 0 |
Unsecured Debt [Member] | Senior Notes 8.5% due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 0 | 250,000 |
Secured Debt [Member] | Term Loan A Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 312,161 | 340,030 |
Secured Debt [Member] | Term Loan B Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 1,205,669 | 0 |
Secured Debt [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum availability | 1,000,000 | 1,000,000 |
Outstanding borrowings and letter of credit issued | 101,863 | 286,676 |
Letter of Credit [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings and letter of credit issued | $32,198 | $32,662 |
Debt_Redemption_Details
Debt Redemption (Details) (Senior Notes [Member], Senior Notes 5.375% Due 2022 [Member]) | 12 Months Ended |
Jan. 03, 2015 | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Period | 90 |
Prior to January 15, 2017 with Additional Restrictions [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 105.38% |
2017 | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 104.03% |
2018 | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.69% |
2019 | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.34% |
2020 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Minimum [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Period | 30 days |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 50.00% |
Maximum [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Period | 60 days |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 40.00% |
Debt_Debt_Maturiities_Details
Debt Debt Maturiities (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $54,401 | |
2016 | 39,288 | |
2017 | 29,678 | |
2018 | 367,876 | |
2019 | 12,624 | |
thereafter | 1,648,573 | |
Long-term Debt | $2,152,440 | $886,835 |
Debt_Narrative_Details
Debt Narrative (Details) | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Mar. 29, 2014 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 02, 2014 | Feb. 07, 2014 | Dec. 17, 2010 | Jan. 03, 2015 | Jan. 02, 2014 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 |
USD ($) | CAD | EUR (€) | USD ($) | USD ($) | Senior Secured Facilities [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Debt [Member] | Bridge Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Letter of Credit [Member] | Secured Debt [Member] | Secured Debt [Member] | Swingline Sub-Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Foreign Line of Credit [Member] | Prior to January 15, 2017 [Member] | Prior to January 15, 2017 with Additional Restrictions [Member] | North America | Europe | |
USD ($) | Senior Notes 8.5% due 2018 [Member] | Senior Notes 8.5% due 2018 [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 5.375% Due 2022 [Member] | Senior Secured Facilities [Member] | USD ($) | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Secured Debt [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior Secured Facilities [Member] | Senior Notes [Member] | Senior Notes [Member] | Term Loan B Facility [Member] | Term Loan B Facility [Member] | |||||||
USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | Canada, Dollars | London Interbank Offered Rate (LIBOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Senior Secured Facilities [Member] | USD ($) | Canada, Dollars | Canada, Dollars | Canada, Dollars | United States of America, Dollars | Quarters One Thru Eight [Member] | Quarters Nine Thru Sixteen [Member] | Quarter Seventeen and Ongoing [Member] | London Interbank Offered Rate (LIBOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | USD ($) | USD ($) | Euro Member Countries, Euro | Euro Member Countries, Euro | United States of America, Dollars | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | USD ($) | Senior Notes 5.375% Due 2022 [Member] | Senior Notes 5.375% Due 2022 [Member] | Secured Debt [Member] | Secured Debt [Member] | ||||||||||
CAD | USD ($) | Canada, Dollars | Canada, Dollars | Canada, Dollars | USD ($) | USD ($) | CAD | USD ($) | USD ($) | Canada, Dollars | London Interbank Offered Rate (LIBOR) [Member] | Canadian Prime Rate [Member] | Canada, Dollars | USD ($) | EUR (€) | USD ($) | Euro Member Countries, Euro | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Euro Interbank Offered Rate [Member] | Base Rate [Member] | Senior Secured Facilities [Member] | Senior Secured Facilities [Member] | ||||||||||||||||||||||||||||||
USD ($) | CAD | USD ($) | United States of America, Dollars | Euro Member Countries, Euro | United States of America, Dollars | USD ($) | EUR (€) | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Default Event Percent of Principal Held in Order to Declare Notes Due and Payable Immediately | 25.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum availability | $2,650,000,000 | $1,300,000,000 | $1,000,000,000 | $250,000,000 | $50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Term | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | 13,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Face amount of debt insturment | 500,000,000 | 250,000,000 | 500,000,000 | 350,000,000 | 1,300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Percent of Principal | 1.25% | 1.88% | 3.75% | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding borrowings and letter of credit issued | 43,000,000 | 65,000,000 | 36,900,000 | 43,000,000 | 46,700,000 | 350,000,000 | 122,200,000 | 142,500,000 | 140,000,000 | 190,000,000 | 32,200,000 | 1,300,000,000 | 610,200,000 | 506,200,000 | 595,500,000 | 11,200,000 | 600,000,000 | 700,000,000 | |||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | 39,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Lease Obligations, Current | 2,500,000 | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Lease Obligations, Noncurrent | 4,900,000 | 900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 1.50% | 2.50% | 2.50% | 2.75% | 0.75% | 2.50% | 2.75% | 1.50% | ||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.69% | 3.90% | 3.25% | 3.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Availability | 865,939,000 | 680,662,000 | 865,900,000 | 350,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 8.50% | 5.38% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Principal Amount Redeemed | 280,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Redemption Premium Amount | 27,300,000 | 27,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Accrued Interest and Penalties | 3,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee Indebtedness Amount Related to Restricted Subsidiary | $50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 105.38% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Period | 90 | 30 days | 60 days | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 50.00% | 40.00% |
Other_Noncurrent_Liabilities_D
Other Noncurrent Liabilities (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
OTHER NONCURRENT LIABILITIES [Abstract] | ||
Accrued pension liability | $65,929 | $11,097 |
Reserve for self insurance, litigation, environmental and tax matters | 44,832 | 27,603 |
Other | 3,939 | 1,971 |
Total other noncurrent liabilities | $114,700 | $40,671 |
Income_Taxes_Income_From_Opera
Income Taxes - Income From Operations Before Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $58,972 | $174,470 | $206,785 | ||||||||
Foreign | 22,480 | -10,792 | 0 | ||||||||
Income from operations before income taxes | $73,580 | $27,090 | $50,078 | ($69,296) | $23,078 | $45,024 | $42,753 | $52,823 | $81,452 | $163,678 | $206,785 |
Income_Taxes_Expense_Benefit_D
Income Taxes - Expense Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Current: | |||
Federal | $1,134 | $8,109 | $54,982 |
State | -884 | 7,213 | 10,368 |
Foreign | 24,770 | 482 | 58 |
Total current | 25,020 | 15,804 | 65,408 |
Deferred: | |||
Federal | 886 | 40,396 | 10,015 |
State | 1,235 | 505 | 592 |
Foreign | -14,000 | -1,994 | 0 |
Total deferred | -11,879 | 38,907 | 10,607 |
Income Tax Expense (Benefit) | $13,141 | $54,711 | $76,015 |
Income_Taxes_Income_Taxes_Reco
Income Taxes Income Taxes - Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed expected tax expense | $28,508 | $57,287 | $72,375 |
State income taxes, net of federal benefit | 228 | 5,017 | 7,124 |
Section 199 qualified domestic production deduction | 0 | 619 | 4,830 |
Change in valuation allowance | 5,420 | 507 | 254 |
Non-deductible compensation expenses | 1,622 | 106 | 253 |
Deferred tax on unremitted foreign earnings | 1,956 | 0 | 0 |
Sub-Part F income | 3,786 | 0 | 0 |
Foreign rate differential | -9,754 | 694 | 0 |
Biofuel tax incentives | -22,546 | -9,342 | 0 |
Non-deductible transaction costs | 4,107 | 996 | 0 |
Other, net | -186 | 65 | 839 |
Income Tax Expense (Benefit) | $13,141 | $54,711 | $76,015 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Jan. 03, 2015 | Sep. 25, 2014 | 6-May-14 | Mar. 05, 2013 | Mar. 06, 2012 | Dec. 28, 2013 | Mar. 09, 2006 | |
Deferred tax assets: | |||||||
Loss contingency reserves | $11,500,000 | $10,756,000 | |||||
Employee benefits | 11,866,000 | 9,749,000 | |||||
Pension liability | 20,106,000 | 4,183,000 | |||||
Intangible assets amortization, including taxable goodwill | 3,300,000 | 7,040,000 | |||||
Net operating losses | 75,920,000 | 4,732,000 | |||||
Inventory | 7,965,000 | 2,120,000 | |||||
Other | 11,130,000 | 7,186,000 | |||||
Total gross deferred tax assets | 141,787,000 | 45,766,000 | |||||
Less valuation allowance | -18,037,000 | -871,000 | |||||
Net deferred tax assets | 123,750,000 | 44,895,000 | |||||
Deferred tax liabilities: | |||||||
Intangible assets amortization, including taxable goodwill | 189,877,000 | 63,779,000 | |||||
Property, plant and equipment depreciation | 203,602,000 | 67,535,000 | |||||
Investment in DGD Joint Venture | -41,040,000 | -31,842,000 | |||||
Tax on unremitted foreign earnings | -47,870,000 | 0 | |||||
Other | 3,368,000 | 3,209,000 | |||||
Total gross deferred tax liabilities | 485,757,000 | 166,365,000 | |||||
Net deferred tax liability | -362,007,000 | -121,470,000 | |||||
Current deferred tax asset | 45,001,000 | 17,289,000 | |||||
Current deferred tax liability | -642,000 | 0 | |||||
Non-current deferred tax asset | 16,431,000 | 0 | |||||
Non-current deferred tax liability | -422,797,000 | -138,759,000 | |||||
Class of Stock [Line Items] | |||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 400,000 | ||||||
Granted (in shares) | 163,078 | ||||||
Total gross deferred tax liabilities | 485,757,000 | 166,365,000 | |||||
Director Restricted Stock Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Available for Grant Per Employee | $90,000 | $60,000 | |||||
Restricted Stock, Repurchase Price Per Share | $0.01 | ||||||
Restricted Stock Subject To Restrictions Percent | 100.00% | ||||||
Issuance of non-vested stock (in shares) | 21,780 | 21,204 | |||||
Granted (in shares) | 2,998 | 22,680 |
Income_Taxes_Income_Taxes_Narr
Income Taxes Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforward, Amount Relating to May 2002 Recapitalization | $4,900,000 | ||
Operating Loss Carryforwards Limitation on Use Per Year | 700,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 98,100,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 153,200,000 | ||
Deferred Tax Assets, Valuation Allowance | 1,700,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 16,300,000 | ||
Unrecognized Tax Benefits | 8,130,000 | 652,000 | 0 |
Change in tax positions related to current year | 0 | 652,000 | |
Indemnity Receivable | 6,500,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2,200,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 2,500,000 | ||
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 82,400,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Amount | 900,000 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 48,500,000 | ||
Tax Credit Carryforward, Amount | 800,000 | ||
Canadian Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Amount | 55,100,000 | ||
Terra Transaction and Rothsay and VION Acquisition [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in tax positions related to current year | $7,400,000 |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of Year | $652 | $0 |
Change in tax positions related to current year | 0 | 652 |
Change in tax positions related to prior years | 7,935 | 0 |
Expiration of the Statute of Limitations | -457 | 0 |
Balance at end of year | $8,130 | $652 |
Stockholders_Equity_and_StockB2
Stockholders' Equity and Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Mar. 04, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 25, 2014 | 6-May-14 | Sep. 08, 2014 | Jun. 19, 2014 | Jun. 04, 2014 | Jun. 03, 2014 | Aug. 05, 2013 | Mar. 05, 2013 | Sep. 01, 2012 | 8-May-12 | Mar. 06, 2012 | |
Summary of stock option activity [Roll Forward] | |||||||||||||||
Options outstanding at the beginning of year | 906,251 | ||||||||||||||
Options outstanding at the beginning of year, Weighted-average exercise price per share | $9.97 | ||||||||||||||
Granted (in shares) | 163,078 | ||||||||||||||
Granted, Weighted-average exercise price per share | $19.94 | ||||||||||||||
Exercised (in shares) | -343,550 | ||||||||||||||
Exercised, Weighted-average exercise price per share | $6.18 | ||||||||||||||
Forfeited (in shares) | -29,603 | ||||||||||||||
Forfeited, Weighted-average exercise price per share | $16.89 | ||||||||||||||
Expired (in shares) | 0 | ||||||||||||||
Expired, Weighted average exercise price per share | $0 | ||||||||||||||
Options outstanding at the end of year | 696,176 | 906,251 | |||||||||||||
Options outstanding at the end of year, Weighted-average exercise price per share | $13.88 | $9.97 | |||||||||||||
Options outstanding, Weighted-average remaining contractual life (in years) | 6 years 2 months 12 days | ||||||||||||||
Options exercisable (in shares) | 528,009 | ||||||||||||||
Options exercisable, Weighted-average exercise price per share | $12.50 | ||||||||||||||
Options exercisable, Weighted-average remaining contractual life (in years) | 5 years 6 months | ||||||||||||||
Fair value assumptions [Abstract] | |||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||
Risk-free interest rate | 1.77% | 1.01% | 1.14% | ||||||||||||
Expected term | 5 years 9 months | 5 years 9 months | 5 years 9 months | ||||||||||||
Expected volatility | 43.70% | 59.80% | 62.00% | ||||||||||||
Fair value of options granted | $8.93 | $9.04 | $9.16 | ||||||||||||
Director Restricted Stock Plan [Member] | |||||||||||||||
Summary of stock option activity [Roll Forward] | |||||||||||||||
Granted (in shares) | 2,998 | 22,680 | |||||||||||||
Summary of non-vested and restricted stock awards [Roll Forward] | |||||||||||||||
Stock awards outstanding at the beginning of year (in shares) | 130,238 | ||||||||||||||
Stock awards outstanding at the beginning of year, Weighted Average Grant Date Fair Value (in dollars per share) | $10.75 | ||||||||||||||
Shares granted | 25,678 | ||||||||||||||
Shares granted, Weighted Average Grant Date Fair Value (in dollars per share) | $19.67 | ||||||||||||||
Restricted shares where the restriction lapsed | 0 | ||||||||||||||
Restrictions Lapsed, Weighted Average Grant Date Fair Value (in dollars per share) | $0 | ||||||||||||||
Shares forfeited | 0 | ||||||||||||||
Shares forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $0 | ||||||||||||||
Stock awards outstanding at the end of year (in shares) | 155,916 | ||||||||||||||
Stock awards outstanding at the end of year, Weighted Average Grant Date Fair Value (in dollars per share) | $12.22 | ||||||||||||||
Stock Awards [Member] | |||||||||||||||
Summary of non-vested and restricted stock awards [Roll Forward] | |||||||||||||||
Stock awards outstanding at the beginning of year (in shares) | 821,207 | ||||||||||||||
Stock awards outstanding at the beginning of year, Weighted Average Grant Date Fair Value (in dollars per share) | $14.93 | ||||||||||||||
Shares granted | 424,158 | 1,436,658 | 3,000 | 4,000 | 17,500 | 7,500 | 24,000 | 495,575 | 50,000 | 5,000 | 375,041 | ||||
Shares granted, Weighted Average Grant Date Fair Value (in dollars per share) | $20.73 | ||||||||||||||
Shares vested | -106,042 | -861,772 | -750 | -1,000 | -4,375 | -1,875 | -1,375 | -8,000 | -123,894 | -25,000 | -1,250 | -93,761 | |||
Shares vested, Weighted Average Grant Date Fair Value (in dollars per share) | $16.43 | ||||||||||||||
Shares forfeited | -138,920 | ||||||||||||||
Shares forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $19.90 | ||||||||||||||
Stock awards outstanding at the end of year (in shares) | 1,257,173 | ||||||||||||||
Stock awards outstanding at the end of year, Weighted Average Grant Date Fair Value (in dollars per share) | $19.98 |
Stockholders_Equity_and_StockB3
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation (Textuals) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 18, 2013 | Nov. 26, 2013 | Nov. 25, 2013 |
Class of Stock [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | |||||
Common stock, par value | $0.01 | $0.01 | $0.01 | |||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | 150,000,000 | ||
Issuance of common stock | $416 | $840,558 | $72 | |||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | 46,000,000 | |||||
Price of common stock in public offering | $19 | |||||
Issuance of common stock | $840,500 | |||||
Director Restricted Stock Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Award Termination Period | 10 years | |||||
Omnibus Incentive Plan 2012 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Award Termination Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,066,544 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,829,322 | |||||
Incentive Stock Options [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0 | 0 | 0 |
Stockholders_Equity_and_StockB4
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation (Nonqualified Stock Options) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Mar. 04, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 18, 2013 | Mar. 05, 2013 | Mar. 06, 2012 | Nov. 26, 2013 | Nov. 25, 2013 | |
Class of Stock [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $15,900,000 | ||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | 150,000,000 | |||||
Issuance of common stock | 416,000 | 840,558,000 | 72,000 | ||||||
Granted (in shares) | 163,078 | ||||||||
Granted, Weighted-average exercise price per share | $19.94 | ||||||||
Proceeds from Stock Options Exercised | 400,000 | 100,000 | |||||||
Tax Benefit from Stock Options Exercised | 2,400,000 | 700,000 | 2,700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 4,500,000 | 200,000 | 3,300,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 19,600,000 | 8,200,000 | 8,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,300,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3,100,000 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common stock (in shares) | 46,000,000 | ||||||||
Price of common stock in public offering | $19 | ||||||||
Issuance of common stock | $840,500,000 | ||||||||
Omnibus Incentive Plan 2012 [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,066,544 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,829,322 | ||||||||
Nonqualified Stock Options Under Long Term Incentive Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Granted (in shares) | 163,078 | 195,634 | 135,733 | ||||||
Granted, Weighted-average exercise price per share | $19.94 | $16.53 | $16.98 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Initial Cliff, Percent | 25.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting After Initial Cliff | 25.00% |
Stockholders_Equity_and_StockB5
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation (NonVested Stock Restricted Stock Unit and Performance Share Unit Award) (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Sep. 08, 2014 | Jun. 19, 2014 | Jun. 04, 2014 | Jun. 03, 2014 | 6-May-14 | Mar. 04, 2014 | Aug. 05, 2013 | Mar. 05, 2013 | Sep. 01, 2012 | 8-May-12 | Mar. 06, 2012 | Jan. 03, 2015 | Jan. 07, 2014 | |
Stock Awards [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares granted | 4,000 | 17,500 | 7,500 | 3,000 | 424,158 | 24,000 | 495,575 | 50,000 | 5,000 | 375,041 | 1,436,658 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,000 | 4,375 | 1,875 | 1,375 | 750 | 106,042 | 8,000 | 123,894 | 25,000 | 1,250 | 93,761 | 861,772 | |
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares granted | 5,500 | ||||||||||||
Common Stock Equivalent | 1 | 1 | |||||||||||
Discretionary grants to other employees [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares granted | 46,500 | 46,000 | 75,000 | ||||||||||
Long Term Incentive Program [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares granted | 377,658 | 449,575 | 300,041 | ||||||||||
Vion Ingredients [Member] | Performance Shares [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares granted | 975,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 118,750 |
Stockholders_Equity_and_StockB6
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation (Nonemployee Director Restricted Stock and Restricted Stock Unit Awards) (Details) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||
Jan. 03, 2015 | Mar. 05, 2013 | Mar. 06, 2012 | Sep. 08, 2014 | Jun. 19, 2014 | Jun. 04, 2014 | Jun. 03, 2014 | 6-May-14 | Mar. 04, 2014 | Aug. 05, 2013 | Sep. 01, 2012 | 8-May-12 | Jan. 07, 2014 | Mar. 09, 2006 | Nov. 11, 2010 | |
Class of Stock [Line Items] | |||||||||||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $400,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 29,603 | ||||||||||||||
Director Restricted Stock Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of non-vested stock (in shares) | 21,780 | 21,204 | |||||||||||||
Restricted Stock Subject To Restrictions Percent | 100.00% | ||||||||||||||
Restricted Stock, Repurchase Price Per Share | $0.01 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Available for Grant Per Employee | $90,000 | $60,000 | |||||||||||||
Shares granted | 25,678 | ||||||||||||||
Stock Awards [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares granted | 1,436,658 | 495,575 | 375,041 | 4,000 | 17,500 | 7,500 | 3,000 | 424,158 | 24,000 | 50,000 | 5,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 861,772 | 123,894 | 93,761 | 1,000 | 4,375 | 1,875 | 1,375 | 750 | 106,042 | 8,000 | 25,000 | 1,250 | |||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares granted | 5,500 | ||||||||||||||
Common Stock Equivalent | 1 | 1 | |||||||||||||
Discretionary grants to other employees [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares granted | 46,000 | 75,000 | 46,500 | ||||||||||||
Long Term Incentive Program [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares granted | 449,575 | 300,041 | 377,658 | ||||||||||||
Special Incentive Program 2010 [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 640,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 6,667 | ||||||||||||||
Vion Ingredients [Member] | Performance Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares granted | 975,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 118,750 | ||||||||||||||
Vion Ingredients [Member] | Fully Vested Performance Award [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Before-Tax Amount | |||
Actuarial (loss)/gain recognized | ($34,547) | $18,773 | ($6,768) |
Amortization of actuarial loss | 2,078 | 5,202 | 4,756 |
Actuarial prior service cost recognized | 1,140 | 0 | |
Amortization of prior service costs | 23 | 142 | 103 |
Total defined benefit pension plans | -31,306 | 24,117 | 1,909 |
Tax (Expense) or Benefit | |||
Actuarial (loss)/gain recognized | 12,001 | -6,904 | 2,623 |
Amortization of actuarial loss | -806 | -2,018 | -1,844 |
Actuarial prior service cost recognized | -261 | 0 | |
Amortization of prior service costs | -9 | -55 | -39 |
Total defined benefit pension plans | 10,925 | -8,977 | 740 |
Net-of-Tax Amount | |||
Actuarial (loss)/gain recognized | -22,546 | 11,869 | -4,145 |
Amortization of actuarial loss | 1,272 | 3,184 | 2,912 |
Actuarial prior service cost recognized | 879 | 0 | 0 |
Amortization of prior service costs | 14 | 87 | 64 |
Total defined benefit pension plans | -20,381 | 15,140 | -1,169 |
Before-Tax Amount | |||
Gain/(loss) recognized in other comprehensive income (loss) | 1,800 | 7,600 | |
Tax (Expense) or Benefit | |||
Gain/(loss) recognized in other comprehensive income (loss) | -700 | -2,900 | |
Net-of-Tax Amount | |||
Other comprehensive income/(loss) | -159,431 | 11,686 | -693 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 11,794 | -9,780 | 268 |
Total other comprehensive income, net of tax | -147,637 | 1,906 | -425 |
Foreign currency translation adjustments, net of tax | -125,884 | -14,502 | 0 |
Natural Gas Swap [Member] | |||
Before-Tax Amount | |||
Loss/(gain) reclassified to net income | -196 | -41 | 1,267 |
Gain/(loss) recognized in other comprehensive income (loss) | 11 | 248 | -628 |
Total natural gas derivatives | -185 | 207 | 639 |
Tax (Expense) or Benefit | |||
Loss/(gain) reclassified to net income | 76 | 16 | -491 |
Gain/(loss) recognized in other comprehensive income (loss) | -4 | -96 | 243 |
Total natural gas derivatives | 72 | -80 | -248 |
Net-of-Tax Amount | |||
Loss/(gain) reclassified to net income | -120 | -25 | 776 |
Gain/(loss) recognized in other comprehensive income (loss) | 7 | 152 | -385 |
Total natural gas derivatives | -113 | 127 | 391 |
Interest Rate Swap [Member] | |||
Before-Tax Amount | |||
Loss/(gain) reclassified to net income | 260 | ||
Tax (Expense) or Benefit | |||
Loss/(gain) reclassified to net income | -101 | ||
Net-of-Tax Amount | |||
Loss/(gain) reclassified to net income | 159 | ||
Total natural gas derivatives | 0 | 0 | 159 |
Corn Option [Member] | |||
Before-Tax Amount | |||
Loss/(gain) reclassified to net income | -3,868 | -5,486 | |
Gain/(loss) recognized in other comprehensive income (loss) | 1,812 | 7,350 | 317 |
Total natural gas derivatives | -2,056 | 1,864 | 317 |
Tax (Expense) or Benefit | |||
Loss/(gain) reclassified to net income | 1,501 | 2,129 | |
Gain/(loss) recognized in other comprehensive income (loss) | -704 | -2,852 | -123 |
Total natural gas derivatives | 797 | 723 | -123 |
Net-of-Tax Amount | |||
Loss/(gain) reclassified to net income | -2,367 | -3,357 | |
Gain/(loss) recognized in other comprehensive income (loss) | 1,108 | 4,498 | 194 |
Total natural gas derivatives | -1,259 | 1,141 | 194 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net-of-Tax Amount | |||
Total defined benefit pension plans | -20,381 | 15,140 | -1,169 |
Net-of-Tax Amount | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -125,884 | -14,502 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 0 | |
Foreign currency translation adjustments, net of tax | -125,884 | -14,502 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Natural Gas Swap [Member] | |||
Net-of-Tax Amount | |||
Total natural gas derivatives | -113 | 127 | 391 |
Accumulated Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member] | |||
Net-of-Tax Amount | |||
Total natural gas derivatives | 159 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | Corn Option [Member] | |||
Net-of-Tax Amount | |||
Total natural gas derivatives | ($1,259) | $1,141 | $194 |
Comprehensive_Income_Reclassif
Comprehensive Income Reclassifications (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Cost of sales and operating expenses | $22,900 | $24,300 | $14,900 | $19,200 | $19,300 | $19,900 | $20,200 | $3,123,171 | $1,339,819 | $1,303,727 | ||||
Interest expense | 135,416 | 38,108 | 24,054 | |||||||||||
Amortization of prior service cost | -23 | -142 | -103 | |||||||||||
Amortization of actuarial loss | 2,078 | 5,202 | 4,756 | |||||||||||
Income taxes | -13,141 | -54,711 | -76,015 | |||||||||||
Net income | 69,943 | 14,318 | 32,757 | -52,803 | 22,493 | 27,651 | 26,418 | 32,405 | 64,215 | 108,967 | 130,770 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Net income | 1,201 | 111 | -3,911 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from operations before income taxes | 4,064 | 5,527 | -1,527 | |||||||||||
Income taxes | -1,577 | -2,145 | 592 | |||||||||||
Net income | 2,487 | 3,382 | -935 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments | Natural Gas Swap [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Cost of sales and operating expenses | 196 | 41 | -1,267 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments | Corn Option [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Cost of sales and operating expenses | 3,868 | 5,486 | 0 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments | Interest Rate Swap [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest expense | 0 | 0 | -260 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Pension Plans | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amortization of prior service cost | -23 | [1] | -142 | [1] | -103 | [1] | ||||||||
Amortization of actuarial loss | -2,078 | [1] | -5,202 | [1] | -4,756 | [1] | ||||||||
Income from operations before income taxes | -2,101 | -5,344 | -4,859 | |||||||||||
Income taxes | 815 | 2,073 | 1,883 | |||||||||||
Net income | ($1,286) | ($3,271) | ($2,976) | |||||||||||
[1] | These items are included in the computation of net periodic pension cost. See Note 15 Employee Benefit Plans for additional information. |
Comprehensive_Income_AOCI_Deta
Comprehensive Income AOCI (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 03, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | ($29,423) |
Other comprehensive gain before reclassifications | -146,436 |
Amounts reclassified from accumulated other comprehensive income/(loss) | -1,201 |
Net current-period other comprehensive income | -147,637 |
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | -177,060 |
Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | -14,502 |
Other comprehensive gain before reclassifications | -125,884 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 0 |
Net current-period other comprehensive income | -125,884 |
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | -140,386 |
Derivative Instruments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | 1,448 |
Other comprehensive gain before reclassifications | 1,115 |
Amounts reclassified from accumulated other comprehensive income/(loss) | -2,487 |
Net current-period other comprehensive income | -1,372 |
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | 76 |
Defined Benefit Pension Plans | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income/(loss) December 28, 2013, net of tax | -16,369 |
Other comprehensive gain before reclassifications | -21,667 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 1,286 |
Net current-period other comprehensive income | -20,381 |
Accumulated Other Comprehensive Income/(loss) January 3, 2015, net of tax | ($36,750) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $171,117,000 | $0 | ||||
Change in projected benefit obligation: | ||||||
Projected benefit obligation at beginning of period | 129,966,000 | 137,797,000 | ||||
Acquisitions | 199,996,000 | 4,102,000 | ||||
Service cost | 5,208,000 | 507,000 | 326,000 | |||
Interest cost | 13,214,000 | 5,307,000 | 5,451,000 | |||
Employee contributions | 1,946,000 | 20,000 | ||||
Plan amendments | -1,371,000 | 0 | ||||
Actuarial loss | 88,592,000 | -12,904,000 | ||||
Benefits paid | -13,045,000 | -4,761,000 | ||||
Other | -29,364,000 | -102,000 | ||||
Projected benefit obligation at end of period | 395,142,000 | 129,966,000 | 137,797,000 | |||
Change in plan assets: | ||||||
Fair value of plan assets at beginning of period | 118,898,000 | 106,519,000 | ||||
Actual return on plan assets | 67,090,000 | 13,147,000 | ||||
Employer contributions | 7,061,000 | 3,973,000 | ||||
Benefits paid | -13,045,000 | -4,761,000 | ||||
Other | -24,847,000 | 0 | ||||
Fair value of plan assets at end of period | 328,220,000 | 118,898,000 | 106,519,000 | |||
Funded status | -66,922,000 | -11,068,000 | ||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||
Noncurrent assets | 0 | 29,000 | ||||
Current liability | -993,000 | 0 | ||||
Noncurrent liability | -65,929,000 | -11,097,000 | ||||
Net amount recognized | -66,922,000 | -11,068,000 | ||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||
Net actuarial loss | 59,207,000 | 26,738,000 | ||||
Prior service cost/(credit) | -1,131,000 | 32,000 | ||||
Net amount recognized | 58,076,000 | [1] | 26,770,000 | [1] | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 21,300,000 | 10,400,000 | ||||
Accumulated benefit obligation | 376,043,000 | 125,939,000 | ||||
Net pension cost includes the following components: | ||||||
Service cost | 5,208,000 | 507,000 | 326,000 | |||
Interest cost | 13,214,000 | 5,307,000 | 5,451,000 | |||
Expected return on plan assets | -14,439,000 | -7,277,000 | -6,709,000 | |||
Net amortization and deferral | 2,094,000 | 5,261,000 | 4,845,000 | |||
Curtailment | 7,000 | 83,000 | 14,000 | |||
Net pension cost | 6,084,000 | 3,881,000 | 3,927,000 | |||
Amounts recognized in accumulated other comprehensive income (loss): | ||||||
Amortization of actuarial loss | 1,272,000 | 3,184,000 | 2,912,000 | |||
Actuarial (loss)/gain recognized | -22,546,000 | 11,869,000 | -4,145,000 | |||
Amortization of prior service costs | 14,000 | 87,000 | 64,000 | |||
Actuarial prior service cost recognized | 879,000 | 0 | 0 | |||
Amounts recognized in accumulated other comprehensive income (loss) | -20,381,000 | 15,140,000 | ||||
Estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2012: | ||||||
Net actuarial loss | 5,142,000 | |||||
Prior service cost | -81,000 | |||||
Total | 5,061,000 | |||||
Weighted average assumptions used to determine benefit obligations: | ||||||
Discount rate | 2.79% | 4.66% | 3.90% | |||
Rate of compensation increase | 1.82% | 3.00% | 0.00% | |||
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans: | ||||||
Discount rate | 4.15% | 3.96% | 4.50% | |||
Rate of increase in future compensation levels | 1.70% | 0.00% | 0.00% | |||
Expected long-term rate of return on assets | 5.06% | 7.35% | 7.35% | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||||||
2015 | 13,344,000 | |||||
2016 | 14,379,000 | |||||
2017 | 13,942,000 | |||||
2018 | 14,466,000 | |||||
2019 | 15,748,000 | |||||
Years 2020 – 2024 | 87,338,000 | |||||
Multiemployer Plans [Abstract] | ||||||
Contributions | 3,302,000 | 3,149,000 | 3,200,000 | |||
Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 76,518,000 | 77,508,000 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 56,793,000 | 41,390,000 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 194,909,000 | 0 | ||||
Fixed Income, Long Term [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 71,820,000 | 60,654,000 | ||||
Fixed Income, Long Term [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 23,619,000 | 22,906,000 | ||||
Fixed Income, Long Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 48,201,000 | 37,748,000 | ||||
Fixed Income, Long Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | 0 | ||||
Fixed Income, Short Term [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 1,419,000 | 771,000 | ||||
Fixed Income, Short Term [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | 0 | ||||
Fixed Income, Short Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 1,419,000 | 771,000 | ||||
Fixed Income, Short Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | 0 | ||||
Equity Securities, Domestic [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 41,813,000 | 40,028,000 | ||||
Equity Securities, Domestic [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 35,946,000 | 38,137,000 | ||||
Equity Securities, Domestic [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 5,867,000 | 1,891,000 | ||||
Equity Securities, Domestic [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | 0 | ||||
Equity Securities, International [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 18,259,000 | 17,445,000 | ||||
Equity Securities, International [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 16,953,000 | 16,465,000 | ||||
Equity Securities, International [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 1,306,000 | 980,000 | ||||
Equity Securities, International [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | 0 | ||||
Insurance Contracts [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 194,909,000 | |||||
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | |||||
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 0 | |||||
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Change in plan assets: | ||||||
Fair value of plan assets at end of period | 194,909,000 | |||||
Western Conference Of Teamsters Pension Plan [Member] | ||||||
Multiemployer Plans [Abstract] | ||||||
Contributions | 1,384,000 | [2] | 1,254,000 | [2] | 1,371,000 | [2] |
Central States, Southeast and Southwest Areas Pension Plan [Member] | ||||||
Multiemployer Plans [Abstract] | ||||||
Contributions | 876,000 | [3],[4] | 782,000 | [3],[4] | 746,000 | [3],[4] |
Other Multiemployer Plans [Member] | ||||||
Multiemployer Plans [Abstract] | ||||||
Contributions | $1,042,000 | $1,113,000 | $1,083,000 | |||
Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Multiemployer Plan, Contributions To Individual Plan, Percent | 5.00% | |||||
[1] | Amounts do not include deferred taxes of $21.3 million and $10.4 million at January 3, 2015 and December 28, 2013, respectively. | |||||
[2] | The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through January 1, 2017. | |||||
[3] | In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. | |||||
[4] | The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2016. |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans Narrative 1 (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jul. 31, 2005 | Jan. 07, 2014 |
Employee Benefit Plans [Line Items] | |||||
Investment Horizon of Greater Than | 10 years | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $21.30 | $10.40 | |||
Domestic Pension Plan Benefits Percentage Of The Projected Benefit Obligation | 37.00% | 97.00% | |||
Domestic Defined Benefit Plan Cash Contributions By Employer | 0.3 | 4 | |||
Foreign Defined Benefit Plan Cash Contributions By Employer | 6.8 | 0 | |||
Vion Ingredients [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Pension and Other Postretirement Benefit Plan Obligations | 28.9 | ||||
United States Postretirement Benefit Plan of US Entity [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Defined Contribution Plan, Employer Contribution Amount | 9.2 | 8.2 | 7.2 | ||
Foreign Pension Plan [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Defined Contribution Plan, Employer Contribution Amount | $3.50 | $0.10 | |||
Equity Securities [Member] | Domestic [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 65.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 20.00% | ||||
Fixed Income Securities [Member] | Domestic [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 80.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 35.00% | ||||
Maximum [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Multiemployer Plan, Contributions To Individual Plan, Percent | 5.00% | ||||
Investment Objectives Achievement Period | 7 years | ||||
Minimum [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Investment Objectives Achievement Period | 5 years | ||||
Central States, Southeast and Southwest Areas Pension Plan [Member] | |||||
Employee Benefit Plans [Line Items] | |||||
Multiemployer Plans, IRS Extended Amortization Period | 10 years |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit Plans Narrative 2 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
plan | |||
Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Number of Plans | 2 | ||
Expected long-term rate of return on assets | 5.06% | 7.35% | 7.35% |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $6.50 | ||
Equity Funds [Member] | |||
Employee Benefit Plans [Line Items] | |||
Equity Securities | 60.00% | ||
Fixed Income Funds [Member] | |||
Employee Benefit Plans [Line Items] | |||
Equity Securities | 40.00% | ||
United States Postretirement Benefit Plan of US Entity [Member] | |||
Employee Benefit Plans [Line Items] | |||
Expected long-term rate of return on assets | 7.10% | ||
Foreign Pension Plan [Member] | |||
Employee Benefit Plans [Line Items] | |||
Expected long-term rate of return on assets | 3.80% | ||
Emerging Market [Member] | Equity Securities, International [Member] | |||
Employee Benefit Plans [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans Narrative 3 (Details) (USD $) | 12 Months Ended | |||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2009 | |
plan | ||||
Employee Benefit Plans [Abstract] | ||||
Number of Multiemployer Plans, Certified Red Zone | 4 | |||
Number Of Multiemployer Plans, Withdrawal Obligation Could Be Material | 2 | |||
Number of Multiemployer Plans, Certified Yellow Zone | 2 | |||
Number of Multiemployer Plans, Certified Orange Zone | 1 | |||
Contributions | $3,302,000 | $3,149,000 | $3,200,000 | |
Multiemployer Plan, Withdrawal Obligation | $800,000 | $1,200,000 | $3,200,000 |
Derivatives_Details
Derivatives (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Mar. 29, 2014 | Dec. 28, 2013 | Nov. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | Jan. 03, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] | Corn Option [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Corn options and futures [Member] | Corn options and futures [Member] | Corn options and futures [Member] | Corn options and futures [Member] | Heating Oil Swaps And Options [Member] | Heating Oil Swaps And Options [Member] | Heating Oil Swaps And Options [Member] | Heating Oil Swaps And Options [Member] | Forward Contracts [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | |
month | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | USD ($) | Natural Gas Swap [Member] | Natural Gas Swap [Member] | Corn Option [Member] | Corn Option [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||||||||
Other Current Assets [Member] | Other Current Assets [Member] | Accrued Expenses [Member] | Accrued Expenses [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Vion Ingredients [Member] | Accrued Expenses [Member] | Accrued Expenses [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Accrued Expenses [Member] | Accrued Expenses [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Accrued Expenses [Member] | Accrued Expenses [Member] | Other Current Assets [Member] | Other Current Assets [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRI/EUR 1 [Member] | BRI/EUR 2 [Member] | EUR/USD [Member] | EUR/PLN [Member] | EUR/JPN [Member] | EUR/CNY [Member] | EUR/AUD [Member] | EUR/GBP [Member] | PLN/EUR [Member] | BRI/EUR 1 [Member] | BRI/EUR 2 [Member] | EUR/USD [Member] | EUR/PLN [Member] | EUR/JPN [Member] | EUR/CNY [Member] | EUR/AUD [Member] | EUR/GBP [Member] | PLN/EUR [Member] | ||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||
BRL | BRL | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | PLN | EUR (€) | USD ($) | USD ($) | PLN | JPY (¥) | CNY | AUD | GBP (£) | EUR (€) | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | € 1,000,000,000 | 11,721,000 | 18,877,000 | € 289,385,000 | € 8,348,000 | € 3,429,000 | € 31,600,000 | € 21,146,000 | € 1,842,000 | 11,544,000 | € 3,650,000 | $7,400,000 | $359,631,000 | 35,000,000 | ¥ 488,926,000 | 242,054,000 | 31,350,000 | £ 1,448,000 | € 2,741,000 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative, Forward Exchange Rate | 1.346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of months cash flow hedge gain (loss) reclassified over | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss into earnings over next 12 months | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,788,000 | 15,954,000 | 34,575,000 | -51,006,000 | 68,311,000 | 108,967,000 | 130,770,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives Fair Value | 12,228,000 | 30,028,000 | 12,228,000 | 30,028,000 | 247,000 | 2,469,000 | 11,981,000 | 27,559,000 | 0 | 120,000 | 247,000 | 2,349,000 | 11,559,000 | 27,516,000 | 69,000 | 0 | 353,000 | 43,000 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | 27,500,000 | 0 | 27,516,000 | 0 | 27,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses) | 12,600,000 | -13,548,000 | 28,107,000 | 0 | 12,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Derivatives Fair Value | 3,015,000 | 3,000 | 3,015,000 | 3,000 | 0 | 1,000 | 3,015,000 | 2,000 | 0 | 1,000 | 2,019,000 | 0 | 3,000 | 0 | 993,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1,823,000 | 7,598,000 | 11,000 | 248,000 | 1,812,000 | 7,350,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,064,000 | 5,527,000 | 196,000 | 41,000 | 3,868,000 | 5,486,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | -1,000 | -4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain Recognized in Income on Derivatives, Ineffective Portion and Amount Excluded from Effectiveness Testing | 91,000 | 270,000 | 92,000 | 274,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) recognized in other comprehensive income (loss) | 1,800,000 | 7,600,000 | 11,000 | 248,000 | -628,000 | 1,812,000 | 7,350,000 | 317,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 700,000 | 2,900,000 | 4,000 | 96,000 | -243,000 | 704,000 | 2,852,000 | 123,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Purchase Amount | $4,200,000 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets | $12,228 |
Assets, Fair Value Disclosure | 12,228 |
Derivative liabilities | 3,015 |
Liabilities, Fair Value Disclosure | 2,106,246 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets | 0 |
Assets, Fair Value Disclosure | 0 |
Derivative liabilities | 0 |
Liabilities, Fair Value Disclosure | 0 |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets | 12,228 |
Assets, Fair Value Disclosure | 12,228 |
Derivative liabilities | 3,015 |
Liabilities, Fair Value Disclosure | 2,106,246 |
Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets | 0 |
Assets, Fair Value Disclosure | 0 |
Derivative liabilities | 0 |
Liabilities, Fair Value Disclosure | 0 |
Term Loan A Facility [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 310,600 |
Term Loan A Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Term Loan A Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 310,600 |
Term Loan A Facility [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Term Loan B Facility [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 1,198,546 |
Term Loan B Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Term Loan B Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 1,198,546 |
Term Loan B Facility [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Revolving Credit Facility [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 100,335 |
Revolving Credit Facility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Revolving Credit Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 100,335 |
Revolving Credit Facility [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 493,750 |
Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 0 |
Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | 493,750 |
Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Fair Value | $0 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
customer | customer | customer | |
Concentration Risk [Line Items] | |||
Number Of Customers Accounted For More Than 10 Percent Of Entity's Net Sales | 0 | 0 | 0 |
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Contingencies_Details
Contingencies (Details) (Insurance Environmental and Litigation Matters [Member], USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Insurance Environmental and Litigation Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Reserves for insurance, environmental and litigation contingencies | $54.90 | $35.50 |
Insurance Settlements Receivable, Noncurrent | $11.40 | $8.80 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2013 | |||
segment | segment | segment | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of Business Segments | 3 | 3 | 3 | ||||||||||||
Net Sales | $1,000,203 | $978,665 | $1,031,283 | $946,292 | $447,939 | $445,130 | $443,542 | $465,657 | $3,956,443 | $1,802,268 | $1,772,552 | ||||
Capital expenditures | 228,918 | [1] | 118,307 | [1] | 115,413 | [1] | |||||||||
Vion Ingredients [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Capital expenditures | 984,200 | ||||||||||||||
Terra Transaction and Rothsay Acquisition [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Capital expenditures | 167,000 | ||||||||||||||
BioPur Transaction [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Capital expenditures | $600 | ||||||||||||||
[1] | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | $1,000,203 | $978,665 | $1,031,283 | $946,292 | $447,939 | $445,130 | $443,542 | $465,657 | $3,956,443 | $1,802,268 | $1,772,552 | ||||
Cost of sales and operating expenses | 22,900 | 24,300 | 14,900 | 19,200 | 19,300 | 19,900 | 20,200 | 3,123,171 | 1,339,819 | 1,303,727 | |||||
Selling, general and administrative expense | 374,580 | 170,825 | 151,713 | ||||||||||||
Depreciation and amortization | 269,517 | 98,787 | 85,371 | ||||||||||||
Segment operating income/(loss) | 39,662 | 49,925 | 75,485 | -564 | 18,536 | 41,652 | 50,802 | 58,576 | 164,508 | 169,566 | 231,741 | ||||
Equity in net income of unconsolidated subsidiaries | 65,609 | 7,660 | -2,662 | ||||||||||||
Total other expense | -148,665 | -13,548 | -22,294 | ||||||||||||
Income before income taxes | 73,580 | 27,090 | 50,078 | -69,296 | 23,078 | 45,024 | 42,753 | 52,823 | 81,452 | 163,678 | 206,785 | ||||
Segment assets | 5,170,713 | 3,244,133 | 5,170,713 | 3,244,133 | |||||||||||
Capital expenditures | 228,918 | [1] | 118,307 | [1] | 115,413 | [1] | |||||||||
Long-Lived Assets | 4,117,100 | 4,117,100 | |||||||||||||
North America | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 2,131,978 | 1,802,268 | 1,772,552 | ||||||||||||
Long-Lived Assets | 2,422,050 | 2,422,050 | |||||||||||||
Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 1,438,320 | 0 | 0 | ||||||||||||
Long-Lived Assets | 1,407,402 | 1,407,402 | |||||||||||||
China | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 229,876 | 0 | 0 | ||||||||||||
Long-Lived Assets | 186,994 | 186,994 | |||||||||||||
South America | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 73,241 | 0 | 0 | ||||||||||||
Long-Lived Assets | 93,264 | 93,264 | |||||||||||||
Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 83,028 | 0 | 0 | ||||||||||||
Long-Lived Assets | 7,390 | 7,390 | |||||||||||||
Feed Ingredients [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 2,421,462 | 1,788,563 | 1,766,611 | ||||||||||||
Cost of sales and operating expenses | 1,864,835 | 1,329,057 | 1,299,255 | ||||||||||||
Gross Margin | 556,627 | 459,506 | 467,356 | ||||||||||||
Selling, general and administrative expense | 205,484 | 149,160 | 123,483 | ||||||||||||
Acquisition costs | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization | 158,871 | 93,120 | 81,122 | ||||||||||||
Segment operating income/(loss) | 192,272 | 217,226 | 262,751 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 1,842 | 0 | 0 | ||||||||||||
Segment income | 194,114 | 217,226 | 262,751 | ||||||||||||
Segment assets | 2,667,369 | 1,986,564 | 2,667,369 | 1,986,564 | |||||||||||
Capital expenditures | 135,923 | 84,616 | 84,344 | ||||||||||||
Food Ingredients [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 1,248,352 | 0 | 0 | ||||||||||||
Cost of sales and operating expenses | 1,029,488 | 0 | 0 | ||||||||||||
Gross Margin | 218,864 | 0 | 0 | ||||||||||||
Selling, general and administrative expense | 118,716 | 0 | 0 | ||||||||||||
Acquisition costs | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization | 73,274 | 0 | 0 | ||||||||||||
Segment operating income/(loss) | 26,874 | 0 | 0 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 0 | 0 | 0 | ||||||||||||
Segment income | 26,874 | 0 | 0 | ||||||||||||
Segment assets | 1,734,387 | 0 | 1,734,387 | 0 | |||||||||||
Capital expenditures | 61,657 | 0 | 0 | ||||||||||||
Fuel Ingredients [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 286,629 | 13,705 | 5,941 | ||||||||||||
Cost of sales and operating expenses | 228,848 | 10,762 | 4,472 | ||||||||||||
Gross Margin | 57,781 | 2,943 | 1,469 | ||||||||||||
Selling, general and administrative expense | 8,596 | 928 | 326 | ||||||||||||
Acquisition costs | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization | 27,898 | 368 | 122 | ||||||||||||
Segment operating income/(loss) | 21,287 | 1,647 | 1,021 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 63,767 | 7,660 | -2,662 | ||||||||||||
Segment income | 85,054 | 9,307 | -1,641 | ||||||||||||
Segment assets | 693,921 | 179,722 | 693,921 | 179,722 | |||||||||||
Capital expenditures | 21,392 | 162 | 66 | ||||||||||||
Corporate Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 0 | 0 | 0 | ||||||||||||
Cost of sales and operating expenses | 0 | 0 | 0 | ||||||||||||
Gross Margin | 0 | 0 | 0 | ||||||||||||
Selling, general and administrative expense | 41,784 | 20,737 | 27,904 | ||||||||||||
Acquisition costs | 24,667 | 23,271 | 0 | ||||||||||||
Depreciation and amortization | 9,474 | 5,299 | 4,127 | ||||||||||||
Segment operating income/(loss) | -75,925 | -49,307 | -32,031 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 0 | 0 | 0 | ||||||||||||
Segment income | -75,925 | -49,307 | -32,031 | ||||||||||||
Segment assets | 75,036 | 1,077,847 | 75,036 | 1,077,847 | |||||||||||
Capital expenditures | 9,946 | 33,529 | 31,003 | ||||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 3,956,443 | 1,802,268 | 1,772,552 | ||||||||||||
Cost of sales and operating expenses | 3,123,171 | 1,339,819 | 1,303,727 | ||||||||||||
Gross Margin | 833,272 | 462,449 | 468,825 | ||||||||||||
Selling, general and administrative expense | 374,580 | 170,825 | 151,713 | ||||||||||||
Acquisition costs | 24,667 | 23,271 | 0 | ||||||||||||
Depreciation and amortization | 269,517 | 98,787 | 85,371 | ||||||||||||
Segment operating income/(loss) | 164,508 | 169,566 | 231,741 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 65,609 | 7,660 | -2,662 | ||||||||||||
Segment income | 230,117 | 177,226 | 229,079 | ||||||||||||
Segment assets | $5,170,713 | $3,244,133 | $5,170,713 | $3,244,133 | |||||||||||
[1] | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Business Acquisition [Line Items] | |||||||||||
Cost of sales and operating expenses | $22,900,000 | $24,300,000 | $14,900,000 | $19,200,000 | $19,300,000 | $19,900,000 | $20,200,000 | $3,123,171,000 | $1,339,819,000 | $1,303,727,000 | |
Debt Instrument, Redemption, Redemption Premium Amount | 27,300,000 | ||||||||||
Net Sales | 1,000,203,000 | 978,665,000 | 1,031,283,000 | 946,292,000 | 447,939,000 | 445,130,000 | 443,542,000 | 465,657,000 | 3,956,443,000 | 1,802,268,000 | 1,772,552,000 |
Segment operating income/(loss) | 39,662,000 | 49,925,000 | 75,485,000 | -564,000 | 18,536,000 | 41,652,000 | 50,802,000 | 58,576,000 | 164,508,000 | 169,566,000 | 231,741,000 |
Income from operations before income taxes | 73,580,000 | 27,090,000 | 50,078,000 | -69,296,000 | 23,078,000 | 45,024,000 | 42,753,000 | 52,823,000 | 81,452,000 | 163,678,000 | 206,785,000 |
Net income attributable to Darling | 69,943,000 | 14,318,000 | 32,757,000 | -52,803,000 | 22,493,000 | 27,651,000 | 26,418,000 | 32,405,000 | 64,215,000 | 108,967,000 | 130,770,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,788,000 | 15,954,000 | 34,575,000 | -51,006,000 | 68,311,000 | 108,967,000 | 130,770,000 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,155,000 | -1,636,000 | -1,818,000 | -1,797,000 | -4,096,000 | 0 | 0 | ||||
Basic earnings per share | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 |
Diluted (in dollars per share) | $0.42 | $0.09 | $0.20 | ($0.32) | $0.18 | $0.23 | $0.22 | $0.27 | $0.39 | $0.91 | $1.11 |
Foreign Currency Transaction Gain (Loss), Unrealized | 27,500,000 | 0 | 27,516,000 | 0 | |||||||
Inventory Adjustments | 5,000,000 | 44,800,000 | |||||||||
Income Tax Credits and Adjustments | 67,400,000 | ||||||||||
Business Combination, Acquisition and Integration Related Costs | 2,400,000 | 2,200,000 | 4,200,000 | 15,900,000 | 24,667,000 | 23,271,000 | 0 | ||||
Foreign currency gains (losses) | 12,600,000 | -13,548,000 | 28,107,000 | 0 | |||||||
Terra Transaction and Rothsay and VION Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition costs | $14,200,000 | $8,300,000 | $800,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Diamond Green Diesel Holdings LLC Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $159,800,000 | $83,800,000 | $300,000 |
Accounts Receivable, Related Parties, Current | 6,100,000 | 14,600,000 | |
Related Party, Sales Eliminated | 5,100,000 | 3,700,000 | |
Deferred Revenue, Additions | 1,300,000 | 600,000 | |
Jackson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | 221,715 | ||
Lease term, Renewal Option, Number Of Additional Terms | 2 | ||
Lease term, Renewal Option, Additional Term | 10 years | ||
Lease Term | 30 years | ||
Henderson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | 60,000 | ||
Lease term, Renewal Option, Number Of Additional Terms | 4 | ||
Lease term, Renewal Option, Additional Term | 5 years | ||
Lease Term | 10 years | ||
Butler Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | $30,000 | ||
Number Of Properties Leased | 2 | ||
Lease term, Renewal Option, Number Of Additional Terms | 2 | ||
Lease term, Renewal Option, Additional Term | 10 years | ||
Lease Term | 30 years | ||
Lease Term Of Initial Rental Payment [Member] | Jackson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years | ||
Lease Term Of Initial Rental Payment [Member] | Henderson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years | ||
Lease Term Of Initial Rental Payment [Member] | Butler Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years | ||
Lease Term Of Increased Rental Payment [Member] | Jackson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years | ||
Lease Term Of Increased Rental Payment [Member] | Henderson Property [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years | ||
Lease Term Of Increased Rental Payment [Member] | Butler Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Lease Term | 5 years |
Guarantor_Financial_Informatio2
Guarantor Financial Information (Narrative) (Details) | Jan. 03, 2015 |
Guarantor Financial Information [Abstract] | |
Company's percentage of directly and indirectly owned subsidiaries | 100.00% |
Guarantor_Financial_Informatio3
Guarantor Financial Information Condensed Consolidating Balance Sheet (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | |||||
Assets: | |||||
Cash and cash equivalents | $108,784 | $870,857 | $103,249 | $38,936 | $38,936 |
Restricted cash | 343 | 354 | |||
Accounts receivable | 409,779 | 112,844 | |||
Inventories | 401,613 | 65,133 | |||
Income taxes refundable | 22,140 | 14,512 | |||
Prepaid expenses | 44,629 | 14,223 | |||
Other current assets | 21,324 | 32,290 | |||
Deferred income taxes | 45,001 | 17,289 | |||
Total current assets | 1,053,613 | 1,127,502 | |||
Investments in subsidiaries | 0 | 0 | |||
Property, plant and equipment, net | 1,574,116 | 666,573 | |||
Intangible assets, net | 932,413 | 588,664 | |||
Goodwill | 1,320,419 | 701,637 | 381,369 | ||
Investment in unconsolidated subsidiary | 202,712 | 115,114 | |||
Other assets | 71,009 | 44,643 | |||
Non-current deferred tax asset | 16,431 | 0 | |||
Total assets | 5,170,713 | 3,244,133 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt | 54,401 | 19,888 | |||
Accounts payable, principally trade | 168,518 | 43,742 | |||
Accrued Income Taxes, Current | 4,363 | 0 | |||
Taxes Payable, Current | 15,615 | 3,651 | |||
Accrued expenses | 256,119 | 113,174 | |||
Deferred Tax Liabilities, Net, Current | 642 | 0 | |||
Total current liabilities | 484,043 | 176,804 | |||
Long-term debt, net of current portion | 2,098,039 | 866,947 | |||
Other noncurrent liabilities | 114,700 | 40,671 | |||
Deferred income taxes | 422,797 | 138,759 | |||
Total liabilities | 3,119,579 | 1,223,181 | |||
Total stockholders’ equity | 1,952,990 | 2,020,952 | 1,062,436 | 920,375 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,051,134 | 2,020,952 | |||
Total liabilities and stockholders' equity | 5,170,713 | 3,244,133 | |||
Issuer [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 10,447 | 857,267 | 96,945 | 35,207 | |
Restricted cash | 103 | 102 | |||
Accounts receivable | 30,237 | 41,464 | |||
Inventories | 19,762 | 20,799 | |||
Income taxes refundable | 18,647 | 14,397 | |||
Prepaid expenses | 11,513 | 9,347 | |||
Other current assets | 1,894 | 31,248 | |||
Deferred income taxes | 42,497 | 15,107 | |||
Total current assets | 135,100 | 989,731 | |||
Investments in subsidiaries | 3,874,466 | 2,140,869 | |||
Property, plant and equipment, net | 205,895 | 172,533 | |||
Intangible assets, net | 21,903 | 15,896 | |||
Goodwill | 21,860 | 21,860 | |||
Investment in unconsolidated subsidiary | 0 | 0 | |||
Other assets | 56,404 | 40,588 | |||
Non-current deferred tax asset | 0 | ||||
Total assets | 4,315,628 | 3,381,477 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt | 16,017 | 10,000 | |||
Accounts payable, principally trade | 540,784 | 425,117 | |||
Accrued Income Taxes, Current | 0 | ||||
Accrued expenses | 88,840 | 85,165 | |||
Deferred Tax Liabilities, Net, Current | 0 | ||||
Total current liabilities | 645,641 | 520,282 | |||
Long-term debt, net of current portion | 1,334,556 | 680,000 | |||
Other noncurrent liabilities | 56,849 | 36,381 | |||
Deferred income taxes | 176,745 | 123,862 | |||
Total liabilities | 2,213,791 | 1,360,525 | |||
Total stockholders’ equity | 2,101,837 | 2,020,952 | |||
Total liabilities and stockholders' equity | 4,315,628 | 3,381,477 | |||
Guarantors [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 14,460 | 6,117 | 5,577 | 1,773 | |
Restricted cash | 0 | 0 | |||
Accounts receivable | 604,486 | 484,091 | |||
Inventories | 93,253 | 36,314 | |||
Income taxes refundable | 0 | 0 | |||
Prepaid expenses | 1,792 | 3,794 | |||
Other current assets | 14 | 15 | |||
Deferred income taxes | 0 | 0 | |||
Total current assets | 714,005 | 530,331 | |||
Investments in subsidiaries | 1,096,541 | 63,116 | |||
Property, plant and equipment, net | 445,301 | 356,772 | |||
Intangible assets, net | 366,315 | 340,611 | |||
Goodwill | 549,950 | 424,244 | |||
Investment in unconsolidated subsidiary | 0 | 0 | |||
Other assets | 575,656 | 373,699 | |||
Non-current deferred tax asset | 0 | ||||
Total assets | 3,747,768 | 2,088,773 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt | 55 | 87 | |||
Accounts payable, principally trade | 11,349 | 21,236 | |||
Accrued Income Taxes, Current | 0 | ||||
Accrued expenses | 34,842 | 20,178 | |||
Deferred Tax Liabilities, Net, Current | 0 | ||||
Total current liabilities | 46,246 | 41,501 | |||
Long-term debt, net of current portion | 0 | 55 | |||
Other noncurrent liabilities | 1,979 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Total liabilities | 48,225 | 41,556 | |||
Total stockholders’ equity | 3,699,543 | 2,047,217 | |||
Total liabilities and stockholders' equity | 3,747,768 | 2,088,773 | |||
Non-guarantors [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 83,877 | 7,473 | 727 | 1,956 | |
Restricted cash | 240 | 252 | |||
Accounts receivable | 320,040 | 16,092 | |||
Inventories | 288,598 | 8,020 | |||
Income taxes refundable | 3,493 | 115 | |||
Prepaid expenses | 31,324 | 1,082 | |||
Other current assets | 206,338 | 1,027 | |||
Deferred income taxes | 2,504 | 2,182 | |||
Total current assets | 936,414 | 36,243 | |||
Investments in subsidiaries | 837,605 | 0 | |||
Property, plant and equipment, net | 922,920 | 137,268 | |||
Intangible assets, net | 544,195 | 232,157 | |||
Goodwill | 748,609 | 255,533 | |||
Investment in unconsolidated subsidiary | 202,712 | 115,114 | |||
Other assets | 538,460 | 1,352 | |||
Non-current deferred tax asset | 16,431 | ||||
Total assets | 4,747,346 | 777,667 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt | 225,252 | 9,801 | |||
Accounts payable, principally trade | 127,994 | 22,939 | |||
Accrued Income Taxes, Current | 4,363 | ||||
Accrued expenses | 165,812 | 11,084 | |||
Deferred Tax Liabilities, Net, Current | 642 | ||||
Total current liabilities | 524,063 | 43,824 | |||
Long-term debt, net of current portion | 1,862,994 | 557,888 | |||
Other noncurrent liabilities | 55,872 | 4,290 | |||
Deferred income taxes | 246,052 | 14,897 | |||
Total liabilities | 2,688,981 | 620,899 | |||
Total stockholders’ equity | 2,058,365 | 156,768 | |||
Total liabilities and stockholders' equity | 4,747,346 | 777,667 | |||
Eliminations [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Restricted cash | 0 | 0 | |||
Accounts receivable | -544,984 | -428,803 | |||
Inventories | 0 | 0 | |||
Income taxes refundable | 0 | 0 | |||
Prepaid expenses | 0 | 0 | |||
Other current assets | -186,922 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Total current assets | -731,906 | -428,803 | |||
Investments in subsidiaries | -5,808,612 | -2,203,985 | |||
Property, plant and equipment, net | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Investment in unconsolidated subsidiary | 0 | 0 | |||
Other assets | -1,099,511 | -370,996 | |||
Non-current deferred tax asset | 0 | ||||
Total assets | -7,640,029 | -3,003,784 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt | -186,923 | 0 | |||
Accounts payable, principally trade | -511,609 | -425,550 | |||
Accrued Income Taxes, Current | 0 | ||||
Accrued expenses | -33,375 | -3,253 | |||
Deferred Tax Liabilities, Net, Current | 0 | ||||
Total current liabilities | -731,907 | -428,803 | |||
Long-term debt, net of current portion | -1,099,511 | -370,996 | |||
Other noncurrent liabilities | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Total liabilities | -1,831,418 | -799,799 | |||
Total stockholders’ equity | -5,808,611 | -2,203,985 | |||
Total liabilities and stockholders' equity | ($7,640,029) | ($3,003,784) |
Guarantor_Financial_Informatio4
Guarantor Financial Information Condensed Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Sales | $1,000,203 | $978,665 | $1,031,283 | $946,292 | $447,939 | $445,130 | $443,542 | $465,657 | $3,956,443 | $1,802,268 | $1,772,552 |
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | 22,900 | 24,300 | 14,900 | 19,200 | 19,300 | 19,900 | 20,200 | 3,123,171 | 1,339,819 | 1,303,727 | |
Selling, general and administrative expense | 374,580 | 170,825 | 151,713 | ||||||||
Depreciation and amortization | 269,517 | 98,787 | 85,371 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 2,400 | 2,200 | 4,200 | 15,900 | 24,667 | 23,271 | 0 | ||||
Total costs and expenses | 3,791,935 | 1,632,702 | 1,540,811 | ||||||||
Operating income | 39,662 | 49,925 | 75,485 | -564 | 18,536 | 41,652 | 50,802 | 58,576 | 164,508 | 169,566 | 231,741 |
Interest expense | -135,416 | -38,108 | -24,054 | ||||||||
Foreign currency gains (losses) | 12,600 | -13,548 | 28,107 | 0 | |||||||
Other income/(expense), net | 299 | -3,547 | 1,760 | ||||||||
Equity in net income of unconsolidated subsidiaries | 65,609 | 7,660 | -2,662 | ||||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | ||||||||
Income from operations before income taxes | 73,580 | 27,090 | 50,078 | -69,296 | 23,078 | 45,024 | 42,753 | 52,823 | 81,452 | 163,678 | 206,785 |
Income taxes (benefit) | 13,141 | 54,711 | 76,015 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,155 | -1,636 | -1,818 | -1,797 | -4,096 | 0 | 0 | ||||
Net income attributable to Darling | 69,943 | 14,318 | 32,757 | -52,803 | 22,493 | 27,651 | 26,418 | 32,405 | 64,215 | 108,967 | 130,770 |
Issuer [Member] | |||||||||||
Net Sales | 557,316 | 708,166 | 679,432 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | 421,883 | 559,117 | 532,734 | ||||||||
Selling, general and administrative expense | 145,258 | 91,723 | 80,432 | ||||||||
Depreciation and amortization | 31,183 | 24,794 | 23,542 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 20,410 | 14,074 | |||||||||
Total costs and expenses | 618,734 | 689,708 | 636,708 | ||||||||
Operating income | -61,418 | 18,458 | 42,724 | ||||||||
Interest expense | -97,912 | -36,964 | -24,047 | ||||||||
Foreign currency gains (losses) | -12,244 | 27,516 | |||||||||
Other income/(expense), net | -3,717 | -3,373 | -1,572 | ||||||||
Equity in net income of unconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Earnings in investments in subsidiaries | 223,790 | 105,178 | 119,953 | ||||||||
Income from operations before income taxes | 48,499 | 110,815 | 137,058 | ||||||||
Income taxes (benefit) | -15,716 | 1,848 | 6,288 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Darling | 64,215 | 108,967 | 130,770 | ||||||||
Guarantors [Member] | |||||||||||
Net Sales | 1,620,054 | 1,288,824 | 1,270,978 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | 1,330,038 | 988,295 | 949,534 | ||||||||
Selling, general and administrative expense | 54,070 | 76,016 | 71,141 | ||||||||
Depreciation and amortization | 83,957 | 68,139 | 61,807 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 0 | 0 | |||||||||
Total costs and expenses | 1,468,065 | 1,132,450 | 1,082,482 | ||||||||
Operating income | 151,989 | 156,374 | 188,496 | ||||||||
Interest expense | 21,231 | 3,281 | -7 | ||||||||
Foreign currency gains (losses) | -417 | -42 | |||||||||
Other income/(expense), net | -19 | 55 | 3,355 | ||||||||
Equity in net income of unconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | ||||||||
Income from operations before income taxes | 172,784 | 159,668 | 191,844 | ||||||||
Income taxes (benefit) | 17,534 | 52,351 | 70,523 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Darling | 155,250 | 107,317 | 121,321 | ||||||||
Non-guarantors [Member] | |||||||||||
Net Sales | 2,063,310 | 41,196 | 14,874 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | 1,655,487 | 28,325 | 14,191 | ||||||||
Selling, general and administrative expense | 175,252 | 3,086 | 140 | ||||||||
Depreciation and amortization | 154,377 | 5,854 | 22 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 4,257 | 9,197 | |||||||||
Total costs and expenses | 1,989,373 | 46,462 | 14,353 | ||||||||
Operating income | 73,937 | -5,266 | 521 | ||||||||
Interest expense | -58,554 | -4,425 | 0 | ||||||||
Foreign currency gains (losses) | -887 | 633 | |||||||||
Other income/(expense), net | 3,854 | -229 | -23 | ||||||||
Equity in net income of unconsolidated subsidiaries | 65,609 | 7,660 | -2,662 | ||||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | ||||||||
Income from operations before income taxes | 83,959 | -1,627 | -2,164 | ||||||||
Income taxes (benefit) | 11,323 | 512 | -796 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -4,096 | ||||||||||
Net income attributable to Darling | 68,540 | -2,139 | -1,368 | ||||||||
Eliminations [Member] | |||||||||||
Net Sales | -284,237 | -235,918 | -192,732 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales and operating expenses | -284,237 | -235,918 | -192,732 | ||||||||
Selling, general and administrative expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Business Combination, Acquisition and Integration Related Costs | 0 | 0 | |||||||||
Total costs and expenses | -284,237 | -235,918 | -192,732 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest expense | -181 | 0 | 0 | ||||||||
Foreign currency gains (losses) | 0 | 0 | |||||||||
Other income/(expense), net | 181 | 0 | 0 | ||||||||
Equity in net income of unconsolidated subsidiaries | 0 | 0 | 0 | ||||||||
Earnings in investments in subsidiaries | -223,790 | -105,178 | -119,953 | ||||||||
Income from operations before income taxes | -223,790 | -105,178 | -119,953 | ||||||||
Income taxes (benefit) | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Darling | ($223,790) | ($105,178) | ($119,953) |
Guarantor_Financial_Informatio5
Guarantor Financial Information Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $68,788 | $15,954 | $34,575 | ($51,006) | $68,311 | $108,967 | $130,770 | ||||
Net income/(loss) | 69,943 | 14,318 | 32,757 | -52,803 | 22,493 | 27,651 | 26,418 | 32,405 | 64,215 | 108,967 | 130,770 |
Foreign currency translation | -125,884 | -14,502 | 0 | ||||||||
Pension adjustments | -20,381 | 15,140 | -1,169 | ||||||||
Total other comprehensive income, net of tax | -147,637 | 1,906 | -425 | ||||||||
Total comprehensive income/(loss) | -79,326 | 110,873 | 130,345 | ||||||||
Comprehensive income attributable to noncontrolling interests | 6,200 | 0 | 0 | ||||||||
Comprehensive income/(loss) attributable to Darling | -73,126 | 110,873 | 130,345 | ||||||||
Natural Gas Swap [Member] | |||||||||||
Total natural gas derivatives | -113 | 127 | 391 | ||||||||
Corn Option [Member] | |||||||||||
Total natural gas derivatives | -1,259 | 1,141 | 194 | ||||||||
Interest Rate Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 159 | ||||||||
Issuer [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,311 | 108,967 | 130,770 | ||||||||
Net income/(loss) | 64,215 | 108,967 | 130,770 | ||||||||
Foreign currency translation | 0 | 0 | |||||||||
Pension adjustments | -11,844 | 15,060 | -1,169 | ||||||||
Total other comprehensive income, net of tax | -13,216 | 16,328 | -425 | ||||||||
Total comprehensive income/(loss) | 55,095 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
Comprehensive income/(loss) attributable to Darling | 55,095 | 125,295 | 130,345 | ||||||||
Issuer [Member] | Natural Gas Swap [Member] | |||||||||||
Total natural gas derivatives | -113 | 127 | 391 | ||||||||
Issuer [Member] | Corn Option [Member] | |||||||||||
Total natural gas derivatives | -1,259 | 1,141 | 194 | ||||||||
Issuer [Member] | Interest Rate Swap [Member] | |||||||||||
Total natural gas derivatives | 159 | ||||||||||
Guarantors [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 155,250 | 107,317 | 121,321 | ||||||||
Net income/(loss) | 155,250 | 107,317 | 121,321 | ||||||||
Foreign currency translation | 0 | 0 | |||||||||
Pension adjustments | -34 | 0 | 0 | ||||||||
Total other comprehensive income, net of tax | -34 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | 155,216 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
Comprehensive income/(loss) attributable to Darling | 155,216 | 107,317 | 121,321 | ||||||||
Guarantors [Member] | Natural Gas Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Guarantors [Member] | Corn Option [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Guarantors [Member] | Interest Rate Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | ||||||||||
Non-guarantors [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,540 | -2,139 | -1,368 | ||||||||
Net income/(loss) | 68,540 | -2,139 | -1,368 | ||||||||
Foreign currency translation | -125,884 | -14,502 | |||||||||
Pension adjustments | -8,503 | 80 | 0 | ||||||||
Total other comprehensive income, net of tax | -134,387 | -14,422 | 0 | ||||||||
Total comprehensive income/(loss) | -65,847 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 6,200 | ||||||||||
Comprehensive income/(loss) attributable to Darling | -59,647 | -16,561 | -1,368 | ||||||||
Non-guarantors [Member] | Natural Gas Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Non-guarantors [Member] | Corn Option [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Non-guarantors [Member] | Interest Rate Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | ||||||||||
Eliminations [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -223,790 | -105,178 | -119,953 | ||||||||
Net income/(loss) | -223,790 | -105,178 | -119,953 | ||||||||
Foreign currency translation | 0 | 0 | |||||||||
Pension adjustments | 0 | 0 | 0 | ||||||||
Total other comprehensive income, net of tax | 0 | 0 | 0 | ||||||||
Total comprehensive income/(loss) | -223,790 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
Comprehensive income/(loss) attributable to Darling | -223,790 | -105,178 | -119,953 | ||||||||
Eliminations [Member] | Natural Gas Swap [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Corn Option [Member] | |||||||||||
Total natural gas derivatives | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Interest Rate Swap [Member] | |||||||||||
Total natural gas derivatives | $0 |
Guarantor_Financial_Informatio6
Guarantor Financial Information Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $68,311 | $108,967 | $130,770 | |||
Cash flows from operating activities: | ||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | |||
Other operating cash flows | 206,861 | 101,754 | 118,767 | |||
Net cash provided by operating activities | 275,172 | 210,721 | 249,537 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | -228,918 | [1] | -118,307 | [1] | -115,413 | [1] |
Acquisitions, net of cash acquired | -2,094,400 | -734,075 | -3,000 | |||
Investment in unconsolidated subsidiary | 0 | -44,959 | -43,424 | |||
Notes Receivables From Affiliates | 0 | 0 | ||||
Gross proceeds from sale of property, plant and equipment and other assets | 9,262 | 2,358 | 3,870 | |||
Proceeds from Insurance Settlement | 1,550 | 1,981 | 4,272 | |||
Payments related to routes and other intangibles | -11,288 | -2,423 | -137 | |||
Net cash used by investing activities | -2,323,794 | -895,425 | -153,832 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 1,842,184 | 344,704 | 0 | |||
Payments on long-term debt | -333,762 | -580 | -30,032 | |||
Borrowings from revolving credit facility | 170,143 | 293,235 | 0 | |||
Payments on revolving credit facility | -351,589 | -5,000 | 0 | |||
Net cash overdraft financing | 4,077 | 0 | 0 | |||
Borrowings From Affiliates | 0 | 0 | ||||
Deferred loan costs | -45,223 | -13,320 | 0 | |||
Issuance of common stock | 416 | 840,558 | 72 | |||
Proceeds from Contributions from Parent | 0 | 0 | 0 | |||
Minimum withholding taxes paid on stock awards | -10,026 | -3,289 | -4,084 | |||
Excess tax benefits from stock-based compensation | 2,420 | 1,138 | 2,652 | |||
Addition of noncontrolling interest | 1,201 | 0 | 0 | |||
Distributions to noncontrolling interests | -4,272 | 0 | 0 | |||
Net cash provided/(used) in financing activities | 1,275,569 | 1,457,446 | -31,392 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 10,980 | -5,134 | 0 | |||
Net increase/(decrease) in cash and cash equivalents | -762,073 | 767,608 | 64,313 | |||
Cash and cash equivalents at beginning of year | 870,857 | 103,249 | 38,936 | |||
Cash and cash equivalents at end of year | 108,784 | 870,857 | 103,249 | |||
Issuer [Member] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,311 | 108,967 | 130,770 | |||
Cash flows from operating activities: | ||||||
Earnings in investments in subsidiaries | -223,790 | -105,178 | -119,953 | |||
Other operating cash flows | 226,120 | 135,315 | 175,098 | |||
Net cash provided by operating activities | 70,641 | 139,104 | 185,915 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | -39,248 | -45,173 | -49,619 | |||
Acquisitions, net of cash acquired | 0 | 0 | -3,000 | |||
Investment in unconsolidated subsidiary | -1,483,007 | -600,537 | -43,449 | |||
Notes Receivables From Affiliates | 0 | 0 | ||||
Gross proceeds from sale of property, plant and equipment and other assets | 1,522 | 1,329 | 2,083 | |||
Proceeds from Insurance Settlement | 1,350 | 1,531 | 1,305 | |||
Payments related to routes and other intangibles | -9,640 | -2,423 | -137 | |||
Net cash used by investing activities | -1,529,023 | -645,273 | -92,817 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 1,100,000 | 200,000 | ||||
Payments on long-term debt | -264,500 | 0 | -30,000 | |||
Borrowings from revolving credit facility | 122,445 | 245,000 | ||||
Payments on revolving credit facility | -297,445 | -5,000 | ||||
Net cash overdraft financing | 0 | |||||
Borrowings From Affiliates | 0 | 0 | ||||
Deferred loan costs | -41,748 | -11,916 | ||||
Issuance of common stock | 416 | 840,558 | 72 | |||
Proceeds from Contributions from Parent | 0 | 0 | 0 | |||
Minimum withholding taxes paid on stock awards | -10,026 | -3,289 | -4,084 | |||
Excess tax benefits from stock-based compensation | 2,420 | 1,138 | 2,652 | |||
Addition of noncontrolling interest | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Net cash provided/(used) in financing activities | 611,562 | 1,266,491 | -31,360 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Net increase/(decrease) in cash and cash equivalents | -846,820 | 760,322 | 61,738 | |||
Cash and cash equivalents at beginning of year | 857,267 | 96,945 | ||||
Cash and cash equivalents at end of year | 10,447 | 857,267 | 96,945 | |||
Guarantors [Member] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 155,250 | 107,317 | 121,321 | |||
Cash flows from operating activities: | ||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | |||
Other operating cash flows | -34,238 | -39,459 | -56,445 | |||
Net cash provided by operating activities | 121,012 | 67,858 | 64,876 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | -84,299 | -68,716 | -65,794 | |||
Acquisitions, net of cash acquired | -19,394 | -121,440 | 0 | |||
Investment in unconsolidated subsidiary | -1,442,788 | -63,115 | 0 | |||
Notes Receivables From Affiliates | -204,074 | -370,996 | ||||
Gross proceeds from sale of property, plant and equipment and other assets | 5,155 | 1,029 | 1,787 | |||
Proceeds from Insurance Settlement | 200 | 450 | 2,967 | |||
Payments related to routes and other intangibles | 0 | 0 | 0 | |||
Net cash used by investing activities | -1,745,200 | -622,788 | -61,040 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 0 | 0 | ||||
Payments on long-term debt | -87 | -82 | -32 | |||
Borrowings from revolving credit facility | 0 | 0 | ||||
Payments on revolving credit facility | 0 | 0 | ||||
Net cash overdraft financing | 0 | |||||
Borrowings From Affiliates | 0 | 0 | ||||
Deferred loan costs | 0 | 0 | ||||
Issuance of common stock | 0 | 0 | 0 | |||
Proceeds from Contributions from Parent | 1,632,618 | 555,552 | 0 | |||
Minimum withholding taxes paid on stock awards | 0 | 0 | 0 | |||
Excess tax benefits from stock-based compensation | 0 | 0 | 0 | |||
Addition of noncontrolling interest | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Net cash provided/(used) in financing activities | 1,632,531 | 555,470 | -32 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Net increase/(decrease) in cash and cash equivalents | 8,343 | 540 | 3,804 | |||
Cash and cash equivalents at beginning of year | 6,117 | 5,577 | ||||
Cash and cash equivalents at end of year | 14,460 | 6,117 | 5,577 | |||
Non-guarantors [Member] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,540 | -2,139 | -1,368 | |||
Cash flows from operating activities: | ||||||
Earnings in investments in subsidiaries | 0 | 0 | 0 | |||
Other operating cash flows | 14,979 | 5,898 | 114 | |||
Net cash provided by operating activities | 83,519 | 3,759 | -1,254 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | -105,371 | -4,418 | 0 | |||
Acquisitions, net of cash acquired | -2,075,006 | -612,635 | 0 | |||
Investment in unconsolidated subsidiary | -440,619 | -44,959 | -43,424 | |||
Notes Receivables From Affiliates | 204,074 | 0 | ||||
Gross proceeds from sale of property, plant and equipment and other assets | 2,585 | 0 | 0 | |||
Proceeds from Insurance Settlement | 0 | 0 | 0 | |||
Payments related to routes and other intangibles | -1,648 | 0 | 0 | |||
Net cash used by investing activities | -2,415,985 | -662,012 | -43,424 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 742,184 | 144,704 | ||||
Payments on long-term debt | -69,175 | -498 | 0 | |||
Borrowings from revolving credit facility | 47,698 | 48,235 | ||||
Payments on revolving credit facility | -54,144 | 0 | ||||
Net cash overdraft financing | 4,077 | |||||
Borrowings From Affiliates | 0 | 370,996 | ||||
Deferred loan costs | -3,475 | -1,404 | ||||
Issuance of common stock | 0 | 0 | 0 | |||
Proceeds from Contributions from Parent | 1,733,796 | 108,100 | 43,449 | |||
Minimum withholding taxes paid on stock awards | 0 | 0 | 0 | |||
Excess tax benefits from stock-based compensation | 0 | 0 | 0 | |||
Addition of noncontrolling interest | 1,201 | |||||
Distributions to noncontrolling interests | -4,272 | |||||
Net cash provided/(used) in financing activities | 2,397,890 | 670,133 | 43,449 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 10,980 | -5,134 | ||||
Net increase/(decrease) in cash and cash equivalents | 76,404 | 6,746 | -1,229 | |||
Cash and cash equivalents at beginning of year | 7,473 | 727 | ||||
Cash and cash equivalents at end of year | 83,877 | 7,473 | 727 | |||
Eliminations [Member] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -223,790 | -105,178 | -119,953 | |||
Cash flows from operating activities: | ||||||
Earnings in investments in subsidiaries | 223,790 | 105,178 | 119,953 | |||
Other operating cash flows | 0 | 0 | 0 | |||
Net cash provided by operating activities | 0 | 0 | 0 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | 0 | 0 | 0 | |||
Acquisitions, net of cash acquired | 0 | 0 | 0 | |||
Investment in unconsolidated subsidiary | 3,366,414 | 663,652 | 43,449 | |||
Notes Receivables From Affiliates | 0 | 370,996 | ||||
Gross proceeds from sale of property, plant and equipment and other assets | 0 | 0 | 0 | |||
Proceeds from Insurance Settlement | 0 | 0 | 0 | |||
Payments related to routes and other intangibles | 0 | 0 | 0 | |||
Net cash used by investing activities | 3,366,414 | 1,034,648 | 43,449 | |||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 0 | 0 | ||||
Payments on long-term debt | 0 | 0 | 0 | |||
Borrowings from revolving credit facility | 0 | 0 | ||||
Payments on revolving credit facility | 0 | 0 | ||||
Net cash overdraft financing | 0 | |||||
Borrowings From Affiliates | 0 | -370,996 | ||||
Deferred loan costs | 0 | 0 | ||||
Issuance of common stock | 0 | 0 | 0 | |||
Proceeds from Contributions from Parent | -3,366,414 | -663,652 | -43,449 | |||
Minimum withholding taxes paid on stock awards | 0 | 0 | 0 | |||
Excess tax benefits from stock-based compensation | 0 | 0 | 0 | |||
Addition of noncontrolling interest | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Net cash provided/(used) in financing activities | -3,366,414 | -1,034,648 | -43,449 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Net increase/(decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents at beginning of year | 0 | 0 | ||||
Cash and cash equivalents at end of year | $0 | $0 | $0 | |||
[1] | Excludes the capital assets acquired as part of the acquisition of assets related to VION Acquisition and Custom Blenders acquisition in fiscal 2014 of approximately $984.2 million, the Terra Transaction and the Rothsay Acquisition in fiscal 2013 of approximately $167.0 million and the BioPur acquisition in fiscal 2012 of approximately $0.6 million |