DEAN FOODS CO/

CIK:0000931336|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net sales	$ 7,328,663	$ 7,755,283	$ 7,795,025
Cost of sales	5,888,931	6,100,005	5,976,958
Gross profit	1,439,732	1,655,278	1,818,067
Operating costs and expenses:
Selling and distribution	1,327,922	1,403,178	1,346,417
General and administrative	301,355	277,659	307,793
Amortization of intangibles	20,600	20,456	20,710
Prepetition facility closing and restructuring costs, net	17,017	74,992	24,913
Impairment of goodwill and long-lived assets	177,357	204,414	30,668
Other operating income	0	(2,289)	0
Equity in (earnings) loss of unconsolidated affiliate	(4,835)	(7,939)	0
Total operating costs and expenses	1,839,416	1,970,471	1,730,501
Operating income (loss)	(399,684)	(315,193)	87,566
Other (income) expense:
Interest expense	68,730	56,443	64,961
Other (income) expense, net	(3,012)	2,877	1,362
Reorganization items	44,527	0	0
Total other expense	110,245	59,320	66,323
Income (loss) before income taxes	(509,929)	(374,513)	21,243
Income tax benefit	(9,195)	(42,283)	(26,179)
Income (loss) from continuing operations	(500,734)	(332,230)	47,422
Income from discontinued operations, net of tax	0	0	11,291
Gain (loss) on sale of discontinued operations, net of tax	(70)	4,872	2,875
Net income (loss)	(500,804)	(327,358)	61,588
Net loss attributable to non-controlling interest	862	458	0
Net income (loss) attributable to Dean Foods Company	$ (499,942)	$ (326,900)	$ 61,588
Average common shares:
Basic (shares)	91,777,119	91,327,846	90,899,284
Diluted (shares)	91,777,119	91,327,846	91,273,994
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to Dean Foods Company (USD per share)	$ (5.45)	$ (3.63)	$ 0.52
Income from discontinued operations attributable to Dean Foods Company (USD per share)	0	0.05	0.16
Net income (loss) attributable to Dean Foods Company (USD per share)	(5.45)	(3.58)	0.68
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to Dean Foods Company (USD per share)	(5.45)	(3.63)	0.52
Income from discontinued operations attributable to Dean Foods Company (USD per share)	0	0.05	0.15
Net income (loss) attributable to Dean Foods Company (USD per share)	$ (5.45)	$ (3.58)	$ 0.67

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (500,804)	$ (327,358)	$ 61,588
Income from discontinued operations, net of tax	0	0	(11,291)
(Gain) loss on sale of discontinued operations, net of tax	70	(4,872)	(2,875)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	153,222	156,027	170,640
Non-cash lease expense	124,866	0	0
Share-based compensation expense	2,383	7,895	11,021
Non-cash prepetition facility closing and restructuring costs, net	2,275	39,575	4,031
Non-cash reorganization items	19,638	0	0
Impairment of goodwill and long-lived assets	177,357	204,414	30,668
Write-off of financing costs	3,755	0	1,080
Other operating income	0	(2,289)	0
Equity in (earnings) loss of unconsolidated affiliate	(4,835)	(7,939)	0
Deferred income taxes	(6,123)	(39,870)	(25,431)
Other, net	(4,507)	4,068	8,467
Changes in operating assets and liabilities, net of acquisitions:
Receivables, net	15,117	88,049	(5,606)
Inventories	4,883	23,205	12,714
Prepaid expenses and other assets	(21,801)	22,275	(11,625)
Accounts payable and accrued expenses	107,985	(8,138)	(63,520)
Income tax receivable	2,341	(2,080)	3,438
Operating lease liabilities	(123,158)	0	0
Contributions to company-sponsored pension plans	0	0	(38,500)
Net cash provided by (used in) operating activities	(47,336)	152,962	144,799
Cash flows from investing activities:
Payments for property, plant and equipment	(89,402)	(115,367)	(106,726)
Payments for acquisitions, net of cash acquired	0	(13,324)	(21,596)
Proceeds from sale of fixed assets	5,987	19,467	4,336
Other investments	0	0	(11,000)
Net cash used in investing activities	(83,415)	(109,224)	(134,986)
Cash flows from financing activities:
Repayments of debt	(1,834)	(1,053)	(143,323)
Payments of financing costs	(40,627)	(715)	(1,786)
Proceeds from DIP senior credit facility	70,000	0	0
Proceeds from senior secured revolver	1,294,501	351,800	326,900
Payments for senior secured revolver	(1,125,001)	(343,700)	(324,800)
Proceeds from receivables securitization facility	660,000	2,420,000	2,525,000
Payments for receivables securitization facility	(670,000)	(2,435,000)	(2,360,000)
Proceeds from issuance of subsidiary's common stock	0	444	0
Repurchase of subsidiary's common stock	(28)	0	0
Cash dividends paid	0	(27,405)	(32,737)
Issuance of common stock, net of share repurchases for withholding taxes	(425)	(445)	(535)
Net cash provided by (used in) financing activities	186,586	(36,074)	(11,281)
Increase (decrease) in cash and cash equivalents	55,835	7,664	(1,468)
Cash and cash equivalents, beginning of year	24,176	16,512	17,980
Cash and cash equivalents, end of year	$ 80,011	$ 24,176	$ 16,512

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 80,011	$ 24,176
Receivables, net of allowances of $6,676 and $5,994	574,146	589,263
Income tax receivable	1,917	4,220
Inventories	250,485	255,484
Prepaid expenses and other current assets	60,108	30,665
Assets held for sale	0	8,472
Total current assets	966,667	912,280
Property, plant and equipment, net	820,366	1,006,182
Operating lease right of use assets	275,596	0
Identifiable intangible and other assets, net	165,928	197,512
Deferred income taxes	0	2,518
Total assets	2,228,557	2,118,492
Current liabilities:
Accounts payable and accrued expenses	565,732	699,661
Current maturities of long-term debt and finance leases	440,385	1,174
Operating lease liabilities	86,297	0
Total current liabilities	1,092,414	700,835
Long-term debt, net	4,670	905,170
Deferred income taxes	5,066	13,707
Long-term operating lease liabilities	203,477	0
Other long-term liabilities	65,777	184,048
Liabilities subject to compromise (Note 2)	1,027,393	0
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, none issued	0	0
Common stock, 91,940,015 and 91,438,768 shares issued and outstanding, with a par value of $0.01 per share	919	914
Additional paid-in capital	663,849	661,630
Accumulated deficit	(760,727)	(260,977)
Accumulated other comprehensive loss	(85,163)	(98,607)
Total Dean Foods Company stockholders’ equity (deficiency)	(181,122)	302,960
Non-controlling interest	10,882	11,772
Total stockholders’ equity (deficiency)	(170,240)	314,732
Total	$ 2,228,557	$ 2,118,492