Cover Page Cover Page
Cover Page Cover Page - USD ($) | 12 Months Ended | ||
Dec. 27, 2019 | Feb. 07, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 27, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 333-07708 | ||
Entity Registrant Name | FRESH DEL MONTE PRODUCE INC | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Address, Address Line One | c/o Intertrust SPV (Cayman) Limited | ||
Entity Address, Address Line Two | 190 Elgin Avenue | ||
Entity Address, City or Town | George Town, | ||
Entity Address, Postal Zip Code | KY1-9005 | ||
Entity Address, Country | KY | ||
City Area Code | 305 | ||
Local Phone Number | 520-8400 | ||
Title of 12(b) Security | Ordinary Shares, Par Value $0.01 Per Share | ||
Trading Symbol | FDP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 837,574,243 | ||
Share Price | $ 26.95 | ||
Entity Common Stock, Shares Outstanding | 48,022,002 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for the 2020 Annual General Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this report. | ||
Entity Central Index Key | 0001047340 | ||
Current Fiscal Year End Date | --12-27 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 33.3 | $ 21.3 |
Trade accounts receivable, net of allowance of $19.6 and $14.6, respectively | 363.9 | 378.3 |
Other accounts receivable, net of allowance of $3.4 and $7.2, respectively | 75.1 | 95.2 |
Inventories, net | 551.8 | 565.3 |
Assets held for sale | 7.6 | 45.4 |
Prepaid expenses and other current assets | 19.8 | 33.3 |
Total current assets | 1,051.5 | 1,138.8 |
Investments in and advances to unconsolidated companies | 1.9 | 6.1 |
Property, plant and equipment, net | 1,403.2 | 1,392.2 |
Operating lease right-of-use asset | 162.1 | 0 |
Goodwill | 423.7 | 423.4 |
Intangible assets, net | 158.2 | 166.9 |
Deferred income taxes | 100.3 | 68.1 |
Other noncurrent assets | 49 | 59.7 |
Total assets | 3,349.9 | 3,255.2 |
Current liabilities: | ||
Accounts payable and accrued expenses | 522.2 | 576.6 |
Current maturities of debt and finance leases | 0.3 | 0.5 |
Current maturities of operating leases | 32.5 | 0 |
Income taxes and other taxes payable | 7.9 | 8.9 |
Total current liabilities | 562.9 | 586 |
Long-term debt and finance leases | 586.8 | 661.9 |
Operating leases, less current maturities | 102.7 | 0 |
Retirement benefits | 98.1 | 91.3 |
Other noncurrent liabilities | 70.9 | 53.4 |
Deferred income taxes | 129.5 | 93 |
Total liabilities | 1,550.9 | 1,485.6 |
Commitments and contingencies (See note 16) | ||
Redeemable noncontrolling interest | 55.3 | 51.8 |
Shareholders' equity: | ||
Preferred shares, $0.01 par value; 50,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Ordinary shares, $0.01 par value; 200,000,000 shares authorized; 48,014,628 and 48,442,296 issued and outstanding, respectively | 0.5 | 0.5 |
Paid-in capital | 531.4 | 527.1 |
Retained earnings | 1,252.7 | 1,206 |
Accumulated other comprehensive loss | (65.4) | (41.6) |
Total Fresh Del Monte Produce Inc. shareholders' equity | 1,719.2 | 1,692 |
Noncontrolling interests | 24.5 | 25.8 |
Total shareholders' equity | 1,743.7 | 1,717.8 |
Total liabilities, redeemable noncontrolling interest and shareholders' equity | $ 3,349.9 | $ 3,255.2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, net of allowance of $19.6 and $14.6, respectively | $ 19.6 | $ 14.6 |
Other accounts receivable, net of allowance of $3.4 and $7.2, respectively | $ 3.4 | $ 7.2 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Ordinary shares, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, authorized (shares) | 200,000,000 | 200,000,000 |
Ordinary shares, issued (shares) | 48,014,628 | 48,442,296 |
Ordinary shares, outstanding (shares) | 48,014,628 | 48,442,296 |
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred shares, issued (shares) | 0 | 0 |
Preferred shares, outstanding (shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 4,489 | $ 4,493.9 | $ 4,085.9 |
Cost of products sold | 4,188.4 | 4,214.1 | 3,754.3 |
Gross profit | 300.6 | 279.8 | 331.6 |
Selling, general and administrative expenses | 195.7 | 194.7 | 173.2 |
(Gain) loss on disposal of property, plant and equipment | (18.6) | (7.1) | 3 |
Goodwill and trademarks impairment charges | 0.3 | 11.3 | 0.9 |
Asset impairment and other charges, net | 9.1 | 42.3 | 1.8 |
Operating income | 114.1 | 38.6 | 152.7 |
Interest expense | 25.4 | 23.6 | 6.4 |
Interest income | 1.1 | 0.9 | 0.8 |
Other (income) expense, net | (0.9) | 15.7 | 3 |
Income before income taxes | 90.7 | 0.2 | 144.1 |
Provision for income taxes | 21.4 | 16.1 | 24.9 |
Net income (loss) | 69.3 | (15.9) | 119.2 |
Less: Net income (loss) attributable to redeemable and noncontrolling interests | 2.8 | 6 | (1.6) |
Net income (loss) attributable to Fresh Del Monte Produce Inc. | $ 66.5 | $ (21.9) | $ 120.8 |
Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic | $ 1.38 | $ (0.45) | $ 2.40 |
Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted | 1.37 | (0.45) | 2.39 |
Dividends declared per ordinary share (usd per share) | $ 0.14 | $ 0.60 | $ 0.60 |
Weighted average number of ordinary shares: | |||
Basic (in shares) | 48,291,345 | 48,625,175 | 50,247,881 |
Diluted (in shares) | 48,394,113 | 48,625,175 | 50,588,708 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 69.3 | $ (15.9) | $ 119.2 |
Other comprehensive (loss) income: | |||
Net unrealized loss on derivatives, net of tax | (19.7) | (4.4) | (6.8) |
Net unrealized foreign currency translation (loss) gain | (0.9) | (8.2) | 18.7 |
Net change in retirement benefit adjustment, net of tax | (3.2) | 1.6 | 1.7 |
Comprehensive income (loss) | 45.5 | (26.9) | 132.8 |
Less: comprehensive income (loss) attributable to redeemable and noncontrolling interests | 2.8 | 6 | (1.6) |
Comprehensive income (loss) attributable to Fresh Del Monte Produce Inc. | $ 42.7 | $ (32.9) | $ 134.4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Operating activities: | |||
Net income (loss) | $ 69.3 | $ (15.9) | $ 119.2 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 97.9 | 100.5 | 79.9 |
Amortization of debt issuance costs | 1 | 0.7 | 0.5 |
Share-based compensation expense | 8.4 | 11.5 | 12.1 |
Goodwill and trademarks impairment charges | 0.3 | 11.3 | 0.9 |
Asset impairment charges, net | 8.1 | 35.1 | 3.7 |
Change in uncertain tax positions | (0.8) | 0 | 0.7 |
(Gain) loss on disposal of property, plant and equipment, net | (18.6) | (7.1) | 3 |
Equity loss of unconsolidated companies | 0 | 0 | 0.1 |
Deferred income taxes | 5.2 | 3.6 | 1.6 |
Foreign currency translation adjustment | 6.2 | (5.7) | 9.6 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Receivables | 22.1 | (2.4) | (16.9) |
Inventories | 8.1 | (2.8) | (49.4) |
Prepaid expenses and other current assets | 8 | (7.6) | 9.8 |
Accounts payable and accrued expenses | (53.3) | 131.3 | 27 |
Other noncurrent assets and liabilities | 7.2 | (5.9) | (7.6) |
Net cash provided by operating activities | 169.1 | 246.6 | 194.2 |
Investing activities: | |||
Capital expenditures | (122.3) | (150.5) | (138.5) |
Investments in unconsolidated companies | 0 | 4.2 | 0 |
Proceeds from sales of property, plant and equipment | 69.4 | 17.4 | 4.7 |
Proceeds from sale of investment | 0.7 | 0 | 0 |
Purchase of businesses, net of cash aquired | 0 | (357.5) | 0 |
Net cash used in investing activities | (52.2) | (494.8) | (133.8) |
Financing activities: | |||
Proceeds from long-term debt | 736.4 | 1,103.1 | 800.2 |
Payments on long-term debt | (814.1) | (798.6) | (673.3) |
Distributions to noncontrolling interests, net | (4.8) | (2.7) | (4.6) |
Proceeds from stock options exercised | 1.1 | 0.8 | 1.6 |
Repurchase and retirement of ordinary shares | (17.9) | (29.4) | (142) |
Share-based awards settled in cash for taxes | (2.9) | (2.2) | (5.6) |
Dividends paid | (6.7) | (29) | (30.1) |
Net cash (used) provided by financing activities | (108.9) | 242 | (53.8) |
Effect of exchange rate changes on cash | 4 | 2.4 | (1.6) |
Net increase (decrease) in cash and cash equivalents | 12 | (3.8) | 5 |
Cash and cash equivalents, beginning | 21.3 | 25.1 | 20.1 |
Cash and cash equivalents, ending | 33.3 | 21.3 | 25.1 |
Supplemental cash flow information: | |||
Cash paid for interest | 23.2 | 19.3 | 5.8 |
Cash paid for income taxes | 9.8 | 17 | 12.3 |
Non-cash financing and investing activities: | |||
Right-of-use assets obtained in exchange for new operating lease obligations | 40 | 0 | 0 |
Retirement of ordinary shares | 17.9 | 29.4 | 142 |
Purchases of assets under financing lease obligations | 0.4 | 0.2 | 0.2 |
Dividends on restricted stock units | (0.3) | (0.3) | (0.7) |
Sale of an investment | $ 0.6 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERST - USD ($) $ in Millions | Total | Ordinary Shares | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Fresh Del Monte Produce Inc. Shareholders' Equity | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interest |
Balance, shares (shares) at Dec. 30, 2016 | 51,256,906 | ||||||||
Balance, value at Dec. 30, 2016 | $ 0.5 | $ 549.7 | $ 1,285.8 | $ (44.2) | $ 1,791.8 | $ 24.6 | $ 1,816.4 | ||
Exercises of stock options (shares) | 59,000 | ||||||||
Exercises of stock options | 1.6 | 1.6 | 1.6 | ||||||
Issuance of restricted stock awards (shares) | 14,294 | ||||||||
Issuance of restricted stock awards | 0 | ||||||||
Issuance of restricted stock units (shares) | 251,303 | ||||||||
Issuance of restricted stock units | 0.7 | (0.7) | 0 | ||||||
Share-based payment expense | 12.1 | 12.1 | 12.1 | ||||||
Cumulative effect adjustment of ASU 2016-09 related to share-based payment simplification | 0.2 | (0.2) | 0 | ||||||
Capital distribution to non-controlling interest | (0.4) | (0.4) | 1 | 0.6 | |||||
Repurchase and retirement of ordinary shares (shares) | (2,822,022) | ||||||||
Repurchase and retirement of ordinary shares | (41.4) | (100.6) | (142) | (142) | |||||
Dividend declared | (30.1) | (30.1) | (0.2) | (30.3) | |||||
Comprehensive income: | |||||||||
Net income (loss) | $ 119.2 | 120.8 | 120.8 | (1.6) | 119.2 | ||||
Unrealized loss on derivatives | (6.8) | (6.8) | (6.8) | ||||||
Net unrealized foreign currency translation gain | 18.7 | 18.7 | 18.7 | ||||||
Change in retirement benefit adjustment, net of tax | 1.7 | 1.7 | 1.7 | ||||||
Comprehensive income (loss) | $ 132.8 | 134.4 | (1.6) | 132.8 | |||||
Balance, shares (shares) at Dec. 29, 2017 | 48,759,481 | ||||||||
Balance, value at Dec. 29, 2017 | $ 0.5 | 522.5 | 1,275 | (30.6) | 1,767.4 | 23.8 | 1,791.2 | ||
Exercises of stock options (shares) | 38,500 | ||||||||
Exercises of stock options | 0.9 | 0.9 | 0.9 | ||||||
Issuance of restricted stock awards (shares) | 22,991 | ||||||||
Issuance of restricted stock awards | 0 | ||||||||
Issuance of restricted stock units (shares) | 351,856 | ||||||||
Issuance of restricted stock units | 0 | ||||||||
Share-based payment expense | 11.5 | 11.5 | 11.5 | ||||||
Cumulative effect adjustment of ASU 2016-09 related to share-based payment simplification | 3.2 | 3.2 | |||||||
Cumulative effect adjustment of ASU 2016-09 related to share-based payment simplification | Accounting Standards Update 2016-09 | 3.2 | ||||||||
Capital distribution to non-controlling interest | 0.5 | 0.5 | 0.4 | 0.9 | |||||
Repurchase and retirement of ordinary shares (shares) | (730,532) | (730,532) | |||||||
Repurchase and retirement of ordinary shares | (8.6) | (20.8) | (29.4) | (29.4) | |||||
Dividend declared | 0.3 | (29.4) | (29.1) | (29.1) | |||||
Cumulative effect adjustment | (0.1) | (0.1) | |||||||
Cumulative effect adjustment | Accounting Standards Update 2016-09 | (0.1) | ||||||||
Fair value of redeemable noncontrolling interest resulting from business combination | 0 | $ 47.4 | |||||||
Comprehensive income: | |||||||||
Net income (loss) | $ (15.9) | (21.9) | (21.9) | 1.6 | (20.3) | 4.4 | |||
Unrealized loss on derivatives | (4.4) | (4.4) | (4.4) | ||||||
Net unrealized foreign currency translation gain | (8.2) | (8.2) | (8.2) | ||||||
Change in retirement benefit adjustment, net of tax | 1.6 | 1.6 | 1.6 | ||||||
Comprehensive income (loss) | $ (26.9) | (32.9) | 1.6 | (31.3) | 4.4 | ||||
Balance, shares (shares) at Dec. 28, 2018 | 48,442,296 | 48,442,296 | |||||||
Balance, value at Dec. 28, 2018 | $ 1,717.8 | $ 0.5 | 527.1 | 1,206 | (41.6) | 1,692 | 25.8 | 1,717.8 | 51.8 |
Exercises of stock options (shares) | 50,250 | ||||||||
Exercises of stock options | 1.1 | 1.1 | 1.1 | ||||||
Issuance of restricted stock awards (shares) | 33,721 | ||||||||
Issuance of restricted stock awards | 0 | ||||||||
Issuance of restricted stock units (shares) | 211,423 | ||||||||
Issuance of restricted stock units | 0 | ||||||||
Share-based payment expense | 8.4 | 8.4 | 8.4 | ||||||
Capital distribution to non-controlling interest | (0.1) | (0.1) | (0.5) | (0.6) | (0.1) | ||||
Repurchase and retirement of ordinary shares (shares) | (723,062) | (723,062) | |||||||
Repurchase and retirement of ordinary shares | (5.4) | (12.5) | (17.9) | (17.9) | |||||
Dividend declared | 0.3 | (6.7) | (6.4) | (6.4) | |||||
Cumulative effect adjustment | Accounting Standards Update 2016-06 | (0.6) | (0.6) | (0.6) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | $ 69.3 | 66.5 | 66.5 | (0.8) | 65.7 | 3.6 | |||
Unrealized loss on derivatives | (19.7) | (19.7) | (19.7) | ||||||
Net unrealized foreign currency translation gain | (0.9) | (0.9) | (0.9) | ||||||
Change in retirement benefit adjustment, net of tax | (3.2) | (3.2) | (3.2) | ||||||
Comprehensive income (loss) | $ 45.5 | 42.7 | (0.8) | 41.9 | 3.6 | ||||
Balance, shares (shares) at Dec. 27, 2019 | 48,014,628 | 48,014,628 | |||||||
Balance, value at Dec. 27, 2019 | $ 1,743.7 | $ 0.5 | $ 531.4 | $ 1,252.7 | $ (65.4) | $ 1,719.2 | $ 24.5 | $ 1,743.7 | $ 55.3 |
General
General | 12 Months Ended |
Dec. 27, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Reference in this Report to "Fresh Del Monte," “we,” “our” and “us” and the “Company” refer to Fresh Del Monte Produce Inc. and its subsidiaries, unless the context indicates otherwise. We were incorporated under the laws of the Cayman Islands in 1996 and are engaged primarily in the worldwide production, marketing, and distribution of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. We source our fresh produce products primarily from Central and South America, Africa, and the Philippines. We can also produce, market and distribute certain prepared food products in North America based on our agreement with Del Monte Pacific Limited and its subsidiary Del Monte Foods, Inc. We source our prepared food products from Africa, Europe, the Middle East, and North America. Our products are sourced from company-owned operations, through joint venture arrangements and through supply contracts with independent growers. We have the exclusive right to use the Del Monte ® brand for fresh fruit, fresh vegetables and other fresh and fresh-cut produce and certain other specified products on a royalty-free basis under a worldwide, perpetual license from Del Monte Corporation, an unaffiliated company that owns the Del Monte ® trademark. We are also a producer, marketer and distributor of prepared fruit and vegetables, juices and snacks and, we hold a perpetual, royalty-free license to use the Del Monte ® brand for prepared foods throughout Europe, Africa the Middle East and certain Central Asian countries. Del Monte Corporation and several other unaffiliated companies manufacture, distribute and sell under the Del Monte ® brand canned or processed fruit, vegetables and other produce, as well as dried fruit, snacks and other products in certain geographic regions. We can also produce, market and distribute certain prepared food products in North America utilizing the Del Monte ® brand. We have entered into an agreement with Del Monte Foods, Inc. to jointly; (a) produce, market and sell prepared, chilled and refrigerated (i) juices, (ii) cut-fruit and (iii) avocado/guacamole products produced using high pressure technology; and (b) develop Del Monte ® branded restaurants, cafes and other retail outlets. We are required to evaluate events occurring after December 27, 2019 , our fiscal year end, for recognition and disclosure in the Consolidated Financial Statements for the year ended December 27, 2019 . Events are evaluated based on whether they represent information existing as of December 27, 2019 , which require recognition in the Consolidated Financial Statements, or new events occurring after December 27, 2019 , which do not require recognition but require disclosure if the event is significant to the Consolidated Financial Statements. We evaluated events occurring subsequent to December 27, 2019 through the date of issuance of these Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 27, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation Our Consolidated Financial Statements include the accounts of our majority owned subsidiaries, which we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we have variable interests and are the primary beneficiary. We continually evaluate our involvement with VIEs to determine when these criteria are met. Our fiscal year end is the last Friday of the calendar year or the first Friday subsequent to the end of the calendar year, whichever is closest to the end of the calendar year. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications of prior period balances have been made to conform to current presentation. Use of Estimates The preparation of our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. Cash and Cash Equivalents We classify as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. 2 . Summary of Significant Accounting Policies (continued) Trade Receivables and Concentrations of Credit Risk Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and customers’ credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience, specific customer collection issues that we have identified, and the aging of the trade receivables based on contractual terms. We generally do not require collateral on trade accounts receivable. Our allowances for identified claims are recorded as a reduction to both trade accounts receivable and net sales. Write-off of accounts receivable is done only when all collection efforts have been exhausted without success. Accounts receivable from one customer represents approximately 12% of trade accounts receivable, net of allowance. This customer is current with its payments. Other Accounts Receivable Other accounts receivable less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes (“VAT”) receivables, seasonal advances to growers and suppliers, which are usually short-term in nature, and other financing receivables. VAT are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 27, 2019 , we had $28.8 million , net of allowance of $0.1 million , classified as current in other accounts receivable and $22.5 million , net of allowance of $6.5 million , classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 28, 2018 , we had $29.9 million , net of allowance of $0.5 million , classified as current in other accounts receivable and $21.5 million , net of allowance of $9.2 million , classified as other noncurrent assets in our Consolidated Balance Sheets. Advances to growers and suppliers are generally repaid to us as produce is harvested and sold. We require property liens and pledges of the current season’s produce as collateral to support the advances. Occasionally, we agree to a payment plan or take steps to recover advances through the liens or pledges. Refer to Note 7 , “ Financing Receivables ” for further discussion on advances to growers and suppliers. Allowances against VAT and advances to growers and suppliers are established based on our knowledge of the financial condition of the paying party and historical loss experience. Allowances are recorded and charged to expense when an account is deemed to be uncollectible. Recoveries of VAT and advances to growers and suppliers previously reserved in the allowance are credited to operating income. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is computed using the weighted average cost or first-in first-out methods for finished goods, which includes fresh produce and prepared food and the first-in first-out, actual cost or average cost methods for raw materials and packaging supplies. Raw materials and packaging supplies inventory consists primarily of agricultural supplies, containerboard, packaging materials, spare parts and fuel. Inventories consisted of the following (U.S. dollars in millions): December 27, 2019 December 28, 2018 Finished goods $ 203.5 $ 217.4 Raw materials and packaging supplies 155.8 167.0 Growing crops 192.5 180.9 Total inventories $ 551.8 $ 565.3 2 . Summary of Significant Accounting Policies (continued) Growing Crops Expenditures on pineapple, melon, vegetables and non-tropical fruit growing crops are valued at the lower of cost or net realizable value and are deferred and charged to cost of products sold when the related crop is harvested and sold. The deferred growing costs included in inventories in our Consolidated Balance Sheets consist primarily of land preparation, cultivation, irrigation and fertilization costs. Expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. Accounting for Planned Major Maintenance Activities We account for planned major maintenance activities, such as ship dry-dock activities, consistent with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ™ (the “Codification” or “ASC”) guidance related to “Other Assets and Deferred Costs.” We utilize the deferral method of accounting for ship dry-dock activities whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a remaining weighted average amortization period of 23.1 years. Amortization expense related to definite-lived intangible assets totaled $8.5 million for 2019 , $7.0 million for 2018 and $0.8 million for 2017 , and is included in selling, general, and administrative expenses. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the asset’s fair value, we measure and record an impairment loss for the excess. The fair value of an asset is measured by either determining the expected future undiscounted cash flow of the asset or by independent appraisal. For long-lived assets held for sale, we record impairment losses when the carrying amount is greater than the fair value less the cost to sell. We discontinue depreciation of long-lived assets when these assets are classified as held for sale and include these assets as assets held for sale on our Consolidated Balance Sheets. Our long-lived assets are primarily composed of property, plant and equipment and definite-lived intangible assets. See Note 5 , “ Property, Plant and Equipment ” and Note 6 , “ Goodwill and Other Intangible Assets. ” We incurred charges related to impairment of long-lived assets of $8.1 million in 2019 , $35.1 million in 2018 , and $3.7 million in 2017 . Such charges are included in asset impairment and other charges, net in the accompanying Consolidated Statements of Operations for the years ended December 27, 2019 , December 28, 2018 and December 29, 2017 and as described further in Note 3 , “ Asset Impairment and Other Charges, Net. ” The gain on disposal of property, plant and equipment, net during the year ended December 27, 2019 of $18.6 million primarily related to the sale of surplus land in Florida and a refrigerated vessel which were accounted for using the guidance in ASC 610. 2 . Summary of Significant Accounting Policies (continued) Goodwill and Indefinite-Lived Intangible Assets Our goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fourth quarter, or sooner if events indicate such a review is necessary. An impairment exists if the fair value of a reporting unit to which goodwill has been allocated, or the fair value of indefinite-lived intangible assets, is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Future changes in the estimates used to conduct the impairment review, including revenue projections, market values and changes in the discount rate used could cause the analysis to indicate that our goodwill or indefinite-lived intangible assets are impaired in subsequent periods and result in a write-down of a portion or all of goodwill or indefinite-lived intangible assets. The discount rate used is based on independently calculated risks, our capital mix and an estimated market premium. See Note 6 , " Goodwill and Other Intangible Assets ” for further discussion on the goodwill impairment charges. Revenue Recognition Our revenues result from the sale of products or services and reflect the consideration to which we expect to be entitled. We record revenue based on a five-step model in accordance with ASC 606. For our customer contracts, we identify the performance obligations (products or services), determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when the performance obligation is fulfilled, which is when the product is shipped to or received by the customer, depending on the specific terms of the arrangement. Our revenues are recorded at a point in time. Product sales are recorded net of variable consideration, such as provisions for returns, discounts and allowances. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service, in which case the expense is classified as selling, general, and administrative expense. Provisions for customer volume rebates are based on achieving a certain level of purchases and other performance criteria that are established on a program by program basis. These rebates are estimated based on the expected amount to be provided to the customers and are recognized as a reduction of revenue. We elected the practical expedient to expense incremental costs of obtaining a contract, if the contract period is for one year or less. These costs are included in selling, general and administrative expenses. Otherwise, incremental contract costs are recognized as an asset in the consolidated balance sheets and amortized over time as promised goods and services are transferred to a customer. We account for shipping and handling costs as costs to fulfill a contract and not as performance obligations to our customers. We also exclude taxes collected from our customers, assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction, from our determination of the transaction price. We utilize the practical expedient and do not adjust the promised amount of consideration for the effects of a significant financing component due to the fact that the period between the transfer of the promised good or service to a customer and the customer payment is one year or less. Cost of Products Sold Cost of products sold includes the cost of produce, packaging materials, labor, depreciation, overhead, transportation and other distribution costs, including handling costs incurred to deliver fresh produce or prepared products to customers. Advertising and Promotional Costs We expense advertising and promotional costs as incurred. Advertising and promotional costs, which are included in selling, general and administrative expenses, were $14.9 million for 2019 , $15.2 million for 2018 and $12.8 million for 2017 . Debt Issuance Costs Debt issuance costs related to long-term debt are amortized over the term of the related debt instrument because the costs are primarily related to our revolving credit facility and are included in other noncurrent assets. Debt issuance cost amortization, which 2 . Summary of Significant Accounting Policies (continued) is included in interest expense, was $1.0 million for 2019 , $0.7 million for 2018 , and $0.5 million for 2017 . See Note 11 , “ Debt and Finance Lease Obligations ” for further disclosure on our credit facility. Income Taxes Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end, based on enacted tax laws and statutory tax rates applicable to the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. We account for income tax uncertainties consistent with the ASC guidance included in “ Income Taxes, ” which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. See Note 9 , “ Income Taxes. ” Contingencies Estimated losses from contingencies are expensed if it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Gain contingencies are not reflected in the financial statements until realized. We use judgment in assessing whether a loss contingency is probable and estimable. Actual results could differ from these estimates. See Note 16 , “ Commitments and Contingencies. ” Currency Translation For our operations in countries where the functional currency is other than the U.S. dollar, balance sheet amounts are translated using the exchange rate in effect at the balance sheet date. Income statement amounts are translated monthly using the average exchange rate for the respective month. The gains and losses resulting from the changes in exchange rates from year-to-year and the effect of exchange rate changes on intercompany transactions of long-term investment nature are recorded as a component of accumulated other comprehensive income or loss as currency translation adjustments. For our operations where the functional currency is the U.S. dollar, non-monetary balance sheet amounts are translated at historical exchange rates. Other balance sheet amounts are translated at the exchange rates in effect at the balance sheet date. Income statement accounts, excluding those items of income and expenses that relate to non-monetary assets and liabilities, are translated at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other (income) expense, net. Other (income) expense, net, in the accompanying Consolidated Statements of Operations includes a net foreign exchange loss of $8.9 million for 2019 , $10.4 million for 2018 , and $2.0 million for 2017 . These amounts include the effect of foreign currency remeasurement and realized foreign currency transaction gains and losses. Other (Income) Expense, Net In addition to foreign currency gains and losses described above, other (income) expense, net, also includes other items of non-operating income and expenses. 2 . Summary of Significant Accounting Policies (continued) Leases We lease property, plant and equipment for use in our operations including agricultural land, office facilities and refrigerated containers. As of the first day of our 2019 fiscal year beginning December 29, 2018, we adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet, using the modified retrospective approach. Prior year financial statements were not adjusted, and therefore information for periods prior to fiscal year 2019 is presented in accordance with the previous accounting standard. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. We also have lease agreements with lease and non-lease components, and we have made an accounting policy election to account for these as a single lease component. We evaluate our leases at inception or at any subsequent modification and classify them as either finance or operating leases. For leases with terms greater than 12 months, we recognize a related asset ("right-of-use asset") and obligation ("lease liability") on the lease commencement date, calculated as the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of our lease payments when appropriate. Our lease agreements do not contain any residual value guarantees. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. For finance leases, we recognize interest expense and amortization of the right-of-use asset, and for operating leases, we recognize lease expense on a straight-line basis over the lease term. See Note 10 , “ Leases ” for more information. Fair Value Measurements Fair value is measured in accordance with the ASC on “ Fair Value Measurements and Disclosures ” that defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. We measure fair value for financial instruments, such as derivatives on an ongoing basis. We measure fair value for non-financial assets when a valuation is necessary, such as for impairment of long-lived and indefinite-lived assets when indicators of impairment exist. See Note 18 , “ Fair Value Measurements ” for more information. Share-Based Compensation We account for share-based compensation expense consistent with ASC guidance on “ Compensation – Stock Compensation. ” Our share-based payments are composed entirely of Share-based compensation expense as all equity awards granted to employees and members of our Board of Directors, each of whom meets the definition of an employee under the provisions of the ASC, are stock options, performance stock units, restricted stock awards, and restricted stock units. We use the Black-Scholes option pricing model to estimate the fair value of stock options granted. We recognize share-based compensation expense over the requisite service period, which is generally the vesting period of each award. See Note 15 , “ Stock-Based Compensation ” for more information. Derivative Financial Instruments We account for derivative financial instruments in accordance with the ASC guidance on “ Derivatives and Hedging. ” The ASC on “ Derivatives and Hedging ” requires us to recognize the value of derivative instruments as either assets or liabilities 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 2 . Summary of Significant Accounting Policies (continued) instrument depends on whether it has been designated as a hedge and qualifies as part of a hedging relationship. The accounting also depends on the type of hedging relationship, whether a cash flow hedge, a fair value hedge, or hedge of a net investment in a foreign operation. A fair value hedge requires that the change in the fair value of a derivative financial instrument be offset against the change in the fair value of the underlying asset, liability, or firm commitment being hedged through earnings. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange and interest rates. We enter into foreign exchange forward contracts with varying duration to hedge exposures resulting from portions of our forecasted revenues or forecasted expenses that are denominated in currencies other than the U.S. dollar. We entered into interest rate swap agreements that qualify for and are designated as cash flow hedges to hedge exposures resulting from changes in variable interest rates. These interest rate swap contracts convert the floating interest rate on a portion of our debt to a fixed rate, plus a borrowing spread. On entry into a derivative instrument, we formally designate and document the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded in the Consolidated Balance Sheets at fair value in prepaid expenses and other current assets, other non-current assets, accounts payable and accrued expenses or other non-current liabilities, depending on whether the amount is an asset or liability and is of a short-term or long-term nature. In addition, the earnings impact resulting from our derivative instruments is recorded in the same line item within the Consolidated Statements of Operations as the items being hedged. We also classify the cash flows from our cash flow hedges in the same category as the items being hedged on our Consolidated Statements of Cash Flows based on the fact that our cash flow hedges do not contain an other-than-insignificant financing element at inception. The fair values of derivatives used to hedge or modify our risks fluctuate over time. These fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged item to the overall reduction in our risk relating to adverse fluctuations in foreign exchange and interest rates. See Note 17 , “ Derivative Financial Instruments ” for more information. Share Repurchases When stock is retired or purchased for constructive retirement, the purchase price is initially recorded as a reduction to the par value of the shares repurchased, with any excess purchase price over par value recorded as a reduction to additional paid-in capital and retained earnings. Retirement and Other Employee Benefits Using appropriate actuarial methods and assumptions, we evaluate defined benefit pension plans in accordance with ASC guidance on “ Compensation – Retirement Benefits ” . We provide disclosures about our plan assets, including investment strategies, major categories of plan assets, concentrations of risk within plan assets, and valuation techniques used to measure the fair value of plan assets consistent with the fair value hierarchy model described in the ASC on “ Fair Value Measurements and Disclosures, ” as described in Note 18 , “ Fair Value Measurements. ” See Note 14 , “ Retirement and Other Employee Benefits ” for more information. New Accounting Pronouncements Adopted In October 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This ASU expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting. The provisions of ASU 2018-16 are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted this ASU on the first day of our 2019 fiscal year. We elected not to substitute the benchmark rates in use for the SOFR or OIS rates. Thus, the adoption of this ASU did not have an impact to our financial condition, results of operations and cash flows. 2 . Summary of Significant Accounting Policies (continued) In July 2018, the FASB issued ASU 2018-09, Codification Improvements . The FASB issued this ASU to facilitate amendments to a variety of topics to clarify, correct errors in, or make minor improvements to the accounting standards codification. The effective date of the standard is dependent on the facts and circumstances of each amendment. Some amendments do not require transition guidance and will be effective upon the issuance of this standard. A majority of the amendments in ASU 2018-09 became effective in annual periods beginning after December 29, 2018. We adopted this standard the first day of our 2019 fiscal year. We evaluated the impact of the amendment to the advertising expense recognition for collaborative agreements and concluded the amendment follows our current accounting practice. Furthermore, we assessed the potential impact of the amendment to Subtopic 805-740 for tax allocations relating to the Mann Packing acquisition; given separate financial statements are not being issued for Mann Packing the amendment did not apply. The adoption of this ASU did not have an impact to our financial condition, results of operations and cash flows. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting . The FASB issued this update to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. We adopted this ASU on the first day of our 2019 fiscal year. The adoption of this ASU did not have a material impact on our financial condition, results of operations and cash flows. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income , which amends Accounting Standards Codification ("ASC") 220, Income Statement — Reporting Comprehensive Income, to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Act"). In addition, under the ASU, an entity is required to provide certain disclosures regarding stranded tax effects. We adopted this ASU on the first day of our 2019 fiscal year. We made the election not to reclassify stranded tax effects to retained earnings. The tax effects unrelated to the Act are released from accumulated other comprehensive income using either the specific identification approach or the portfolio approach based on the nature of the underlying item. In February 2016, the FASB issued ASU 2016-02, Leases , and subsequently issued several supplemental and/or clarifying ASU's (collectively, "Topic 842"), which requires a dual approach for lease accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases may result in the lessee recognizing a right of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize lease expense on a straight-line basis. We adopted Topic 842 on the first day of our 2019 fiscal year, utilizing the modified retrospective adoption method with an effective date of December 29, 2018 (the first day of our 2019 fiscal year). Therefore, the Consolidated Financial Statements for 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with our historical accounting policy. Subsequent to recording the initial impact of adopting Topic 842, we recorded an adjustment to the deferred tax impact of the adoption in the fourth quarter of 2019 which was not material. The standard provides a number of optional practical expedients and policy elections in transition. We elected to apply the package of practical expedients under which we did not reassess under the standard our prior conclusions about lease classification and initial direct costs, and the expedient to not assess existing or expired land easements. We elected the short-term lease recognition exemption for all leases that qualified, meaning we will recognize expense on a straight-line basis and will not recognize a right-of-use asset or lease liability for these leases. We also elected the policy to combine lease and non-lease components for all asset classes. See Note 10, " Leases " for more information 2 . Summary of Significant Accounting Policies (continued) New Accounting Pronouncements Not Yet Adopted In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under t |
Asset Impairment and Other Char
Asset Impairment and Other Charges, Net | 12 Months Ended |
Dec. 27, 2019 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges, Net | Asset Impairment and Other Charges, Net We incurred asset impairment and other charges, net totaling $9.1 million for 2019 , $42.3 million for 2018 and $1.8 million for 2017 . The following represents the detail of asset impairment and other charges, net for the year ended December 27, 2019 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Bananas segment: Philippine exit activities of certain low-yield areas $ 4.7 $ — $ 4.7 Philippine previously announced exit activities of certain areas — 0.5 0.5 Fresh and value-added products segment: Impairment of equity investment (1) 2.9 — 2.9 North America vegetable product recall — 0.5 0.5 Other fresh and value-added products segment charges 0.5 — 0.5 Total asset impairment and other charges, net $ 8.1 $ 1.0 $ 9.1 (1) Equity investment relates to our 10% equity ownership interest in Three Limes, Inc., d/b/a The Purple Carrot, which was sold at a loss during the year ended December 27, 2019 . Refer to Note 18, "Fair Value Measurements." The following represents the detail of asset impairment and other charges, net for the year ended December 28, 2018 by reportable segment (U.S. dollars in millions): Long-lived Total Bananas segment: Philippine exit activities of certain low-yield areas $ 30.0 $ 2.3 $ 32.3 Underutilized assets in Central America 1.8 — 1.8 Cost reduction initiatives in Central America 1.8 — 1.8 Fresh and value-added products segment: Chile severance due to restructuring as a result of cost reduction initiatives — 2.4 2.4 Underutilized assets in Central America 0.5 — 0.5 Acquisition costs (2) — 4.1 4.1 Tomato production assets held for sale in the United States 1.0 — 1.0 Other fresh and value-added segment credits — (1.6 ) (1.6 ) Total asset impairment and other charges, net $ 35.1 $ 7.2 $ 42.3 (2) Acquisition costs primarily relate to our acquisition of Mann Packing Co., Inc. ("Mann Packing"). Refer to Note 4 ., "Acquisition." 3 . Asset Impairment and Other Charges, Net (continued) The following represents the detail of asset impairment and exit activity and other charges, net for the year ended December 29, 2017 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other charges (credits) Total Bananas segment: Philippine floods $ 0.8 $ — $ 0.8 Underutilized assets in Central America 0.6 — 0.6 Fresh and value-added products segment: Chile insurance recoveries on current and previously announced floods — (3.4 ) (3.4 ) Chile floods 0.8 1.0 1.8 Write-off of investment venture in Africa 1.5 — 1.5 Other fresh and value-added products segment charges — 0.5 0.5 Total asset impairment and other charges (credits), net $ 3.7 $ (1.9 ) $ 1.8 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 27, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On February 26, 2018, we completed the acquisition of 100% of the voting interests of Mann Packing Company, Inc and subsidiaries ("Mann Packing"). The results of Mann Packing's operations have been included in our consolidated financial statements since that date. We purchased all of Mann Packing's outstanding capital stock for an aggregate consideration of $357.2 million funded by a $229.7 million three-day promissory note and $127.5 million in cash. The three -day promissory note was settled with cash on hand and borrowings under our Credit Facility. We acquired net assets of $357.2 million , including a put option exercisable by the 25% noncontrolling interest shareholder of one of the acquired subsidiaries. The fair value of the redeemable noncontrolling interest at acquisition date is $47.4 million . At the time of acquisition, our definite-lived intangible assets relate to $115.6 million in customer lists with a weighted average amortization period of 23 years and $24.2 million of trade names and trademarks with a weighted average amortization period of 11 years . The $162.0 million allocated to goodwill on our Consolidated Balance Sheet represents the excess of the purchase price over the value of assets acquired and liabilities assumed and is included in the fresh and value-added products segment. We recognized $3.8 million of acquisition related costs which primarily consist of compensatory, advisory, legal, accounting, valuation, other professional and consulting fees related to the Mann Packing acquisition, and are included in asset impairment and other charges, net. Refer to Note 3 . “ Asset Impairment and Other Charges, Net ". 4 . Acquisitions (continued) The following table summarizes the fair values of the net assets acquired and liabilities assumed at the date of the acquisition: December 28, Assets acquired Current assets: Cash and cash equivalents $ 1.4 Trade accounts receivable, net of allowance 37.0 Other accounts receivable, net of allowance 5.3 Inventories, net 23.8 Prepaid expenses and other current assets 3.9 Total current assets 71.4 Property, plant and equipment, net 96.2 Definite-lived intangible assets, net 139.8 Goodwill 162.0 Total assets acquired $ 469.4 Liabilities assumed Current liabilities: Accounts payable and accrued expenses 64.8 Total liabilities assumed 64.8 Less: Redeemable noncontrolling interest 47.4 Net assets acquired $ 357.2 The Mann Packing acquisition includes a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allows the noncontrolling shareholder to sell its 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. The noncontrolling shareholder can exercise this put option on or after April 1, 2023. Following a five -year window expiring on April 1, 2028, the put option value will be negotiated annually and the inputs are subject to change. As the put option is outside of our control, the estimated redemption value of the 25% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheets. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of 1) the accumulated earnings or 2) the contractually-defined redemption value as of the balance sheet date. 4 . Acquisitions (continued) Our consolidated results include the following financial information of Mann Packing: Period from February 27, 2018 to December 28, 2018 Net sales $ 488.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (1.7 ) The following unaudited pro forma combined financial information presents our results including Mann Packing as if the business combination had occurred at the beginning of fiscal year 2018: Year ended December 28, Net sales $ 4,573.1 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (18.6 ) (1) (1) Unaudited pro forma results for the year ended December 28, 2018 were positively adjusted by $10.8 million consisting of $12.7 million of nonrecurring transaction related compensation benefits, advisory, legal, accounting, valuation and other professional fees, partially offset by $1.9 million of interest expense as a result of increased borrowings under our Credit Facility. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 27, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment consisted of the following (U.S. dollars in millions): December 27, 2019 December 28, 2018 Land and land improvements $ 704.4 $ 702.9 Buildings and leasehold improvements 610.5 586.0 Machinery and equipment 611.4 603.6 Maritime equipment (including containers) 115.8 117.2 Furniture, fixtures and office equipment 99.8 97.2 Automotive equipment 80.0 77.1 Construction-in-progress 200.4 159.2 2,422.3 2,343.2 Less: accumulated depreciation and amortization (1,019.1 ) (951.0 ) Property, plant and equipment, net $ 1,403.2 $ 1,392.2 Depreciation expense on property, plant and equipment, including assets under finance leases, was $89.6 million for 2019 , $92.2 million for 2018 and $78.3 million for 2017 . Shipping containers, machinery and equipment and automotive equipment under finance leases totaled $2.1 million at December 27, 2019 and $1.4 million at December 28, 2018 . Accumulated amortization for assets under finance leases was $0.8 million at December 27, 2019 and $0.4 million at December 28, 2018 . The (gain) loss on disposal of property, plant and equipment was a gain of $18.6 million for 2019 , a gain of $7.1 million for 2018 and loss of $3.0 million for 2017 . The (gain) on disposal of property, plant and equipment in 2019 primarily related to the sale of surplus land in Florida and a refrigerated vessel. Partially offsetting these gains was the loss on disposal of low-yielding banana plants in Costa Rica in order to replant and improve productivity and other losses on disposal of surplus assets. (Gain) loss on disposal of property, plant and equipment in 2018 comprised principally of the gain on the sale of surplus land in the United Kingdom, the gain on the sale of a refrigerated vessel and the gain on the sale of surplus plant and equipment principally in Chile, Brazil and the Philippines. Also included were losses on disposal of low-yielding banana plants in Costa Rica and Guatemala in order to replant and improve productivity, the disposal of non-tropical plants in Chile due to varietal changes and a loss on the sale of tomato assets in the State of Virginia. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 27, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table reflects our indefinite-lived intangible assets, including goodwill and our definite-lived intangible assets along with related accumulated amortization by major category (U.S. dollars in millions): December 27, 2019 December 28, 2018 Goodwill $ 423.7 $ 423.4 Indefinite-lived intangible assets: Trademarks 31.7 31.9 Definite-lived intangible assets: Definite-lived intangible assets 150.4 150.4 Accumulated amortization (23.9 ) (15.4 ) Definite-lived intangible assets, net 126.5 135.0 Goodwill and other intangible assets, net $ 581.9 $ 590.3 Indefinite-lived and definite-lived intangible assets are included in intangible assets, net, in the Consolidated Balance Sheets. 6 . Goodwill and Other Intangible Assets (continued) The following table reflects the changes in the carrying amount of goodwill by business segment (U.S. dollars in millions): Bananas Fresh and Value-Added Products Totals Balance at December 29, 2017 $ 64.7 $ 197.2 $ 261.9 Foreign exchange and other $ (0.2 ) $ (0.3 ) $ (0.5 ) Acquisition of Mann Packing (1) $ — $ 162.0 $ 162.0 Balance at December 28, 2018 $ 64.5 $ 358.9 $ 423.4 Foreign exchange and other $ (0.1 ) $ 0.4 $ 0.3 Balance at December 27, 2019 $ 64.4 $ 359.3 $ 423.7 (1) See Note 4 " Acquisitions " for further discussion on acquisitions. In the table above, goodwill is presented net of accumulated impairment losses of $88.1 million , relating strictly to the fresh and value-added products segment. There were no impairment charges recorded to goodwill during 2019. 6 . Goodwill and Other Intangible Assets (continued) Results of Impairment Tests In accordance with the ASC guidance on “ Goodwill and Other Intangible Assets, ” we review goodwill for impairment on an annual basis or earlier if indicators of impairment arise. During 2019, we evaluated both Del Monte ® trade names and trademarks related to our prepared food reporting unit for impairment. Based on our review performed on the first day of our fourth quarter of 2019, we incurred an impairment charge of $0.3 million of our Del Monte ® perpetual, royalty-free brand name license for beverage products in the United Kingdom due to the underperformance of our prepared ambient juice business. The fair value of the brand name license for beverage products is $0.8 million . The remaining Del Monte ® trade names and trademarks were not impaired, see sensitivity disclosure below. During 2018, also based on the annual impairment review of trade names and trademarks performed on the first day of our fourth quarter of 2018 and due to underperformance in our prepared food business in Europe, Middle East and North Africa, we incurred an impairment charge of $11.3 million for the prepared food segment's trade names and trademarks. The fair value of the banana reporting unit's goodwill, prepared reporting unit's goodwill and the Del Monte ® prepared food reporting unit’s trade names and trademarks are sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of these assets. If the banana and the prepared food reporting unit do not perform to expected levels, the banana goodwill and the Del Monte ® trade names and trademarks associated with the prepared food reporting unit may also be at risk for impairment in the future. The following table highlights the sensitivities of the indefinite-lived intangibles as of December 27, 2019 (U.S. dollars in millions): Banana Del Monte ® Carrying value of indefinite-lived intangible assets $ 64.4 $ 48.8 $ 30.8 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter 9.1 % 2.5 % 6.5 % Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment $ 64.4 $ 47.1 $ 1.0 6 . Goodwill and Other Intangible Assets (continued) The estimated amortization expense related to definite-lived intangible assets for the five succeeding years is as follows (U.S. dollars in millions): Year Estimated Amortization Expense 2020 8.0 2021 7.8 2022 7.8 2023 6.9 2024 6.5 |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 27, 2019 | |
Receivables [Abstract] | |
Financing Receivables | Financing Receivables Financing receivables are defined as a contractual right to receive money, on demand or on fixed or determinable dates, and is recognized as part of other accounts receivable in the creditor’s balance sheet. Other accounts receivable, less allowances, are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes receivable, seasonal advances to growers and suppliers (typically short-term in nature), and other financing receivables. A significant portion of the fresh produce we sell is acquired through supply contracts with independent growers. In order to ensure the consistent high quality of our products and packaging, we make advances to independent growers and suppliers. These growers and suppliers typically sell all of their production to us and make payments on their advances as a deduction to the agreed upon selling price of the fruit or packaging material. The majority of the advances to growers and suppliers are for terms less than one year and typically span a growing season. In certain cases, there may be longer term advances with terms of up to 4 years. These advances are collateralized by property liens and pledges of the season’s produce; however certain factors such as the impact of weather, crop disease and financial stability could impact the ability for these growers to repay their advance. Occasionally, we agree to a payment plan or take steps to recover the advance via established collateral. Allowances for advances to growers and suppliers are determined on a case-by-case basis, depending on the production for the season and other contributing factors. We may write-off uncollectible financing receivables after our collection efforts are exhausted. The following table details the advances to growers and suppliers along with the related allowance for advances to growers and suppliers (U.S. dollars in millions): December 27, December 28, Current Noncurrent Current Noncurrent Gross advances to growers and suppliers $ 39.7 $ 2.4 $ 51.9 $ 3.7 Allowance for advances to growers and suppliers (1.9 ) (0.1 ) (2.1 ) (0.7 ) Net advances to growers and suppliers $ 37.8 $ 2.3 $ 49.8 $ 3.0 The current and non-current portions of the financing receivables included above are classified in the Consolidated Balance Sheets in other accounts receivable and other non-current assets, respectively. 7 . Financing Receivables (continued) The following table details the credit risk profile of the above listed financing receivables (U.S. dollars in millions): Current Status Fully Reserved Total Gross advances to growers and suppliers: December 27, 2019 $ 40.1 $ 2.0 $ 42.1 December 28, 2018 52.8 2.8 55.6 The allowance for advances to growers and suppliers and the related financing receivables for the years ended December 27, 2019 and December 28, 2018 were as follows (U.S. dollars in millions): December 27, 2019 December 28, 2018 Allowance for advances to growers and suppliers: Balance, beginning of period $ 2.8 $ 2.9 Provision for uncollectible amounts — 0.8 Deductions to allowance including recoveries (0.7 ) (0.9 ) Balance, end of period $ 2.1 $ 2.8 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 27, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (U.S. dollars in millions): December 27, December 28, 2018 Trade payables $ 284.9 $ 330.8 Accrued fruit purchases 51.1 55.1 Ship and port operating expenses 17.0 18.2 Warehouse and distribution costs 23.7 24.2 Payroll and employee benefits 70.9 71.8 Accrued promotions 21.2 21.6 Other accrued expenses 53.4 54.9 Accounts payable and accrued expenses $ 522.2 $ 576.6 Other accrued expenses are primarily composed of accruals for purchases received but not invoiced and other accruals, none of which individually exceed 5% |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 27, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consisted of the following (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Current: U.S. federal income tax $ 2.1 $ (0.4 ) $ 8.4 State 1.9 0.1 1.5 Non-U.S. 12.2 12.8 13.4 16.2 12.5 23.3 Deferred: U.S. federal income tax 3.0 2.1 2.1 State 1.1 1.3 0.5 Non-U.S. 1.1 0.2 (1.0 ) 5.2 3.6 1.6 $ 21.4 $ 16.1 $ 24.9 Income (loss) before income taxes consisted of the following (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, U.S. $ 32.0 $ 11.9 $ 31.1 Non-U.S. 58.7 (11.7 ) 113.0 $ 90.7 $ 0.2 $ 144.1 9 . Income Taxes (continued) The differences between the reported provision for income taxes and income taxes computed at the U.S. statutory federal income tax rate are explained in the following reconciliation (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Income tax provision (benefit) computed at the U.S. statutory federal rate $ 19.1 $ — $ 50.4 Effect of tax rates on non-U.S. operations (47.4 ) (33.2 ) (67.4 ) Provision for uncertain tax positions 0.8 — 0.7 Non-deductible interest 1.9 2.3 2.4 Foreign exchange (3.7 ) (11.5 ) 2.3 Non-deductible intercompany charges 0.1 (0.1 ) — Non-deductible differences 1.8 0.6 6.0 Non-taxable income/loss (2.5 ) (1.5 ) 0.3 Non-deductible impairment charges 0.4 3.6 — Adjustment to deferred balances — 0.4 0.1 Other 2.4 2.2 (0.9 ) Other taxes in lieu of income 2.9 2.4 1.8 Change in deferred rate 7.4 (1.3 ) 11.7 Increase (decrease) in valuation allowance (1) 38.2 52.2 17.5 Provision for income taxes $ 21.4 $ 16.1 $ 24.9 _____________ (1) The increase in valuation allowance includes effects of foreign exchange and adjustments to deferred tax balances which were fully offset by valuation allowance. 9 . Income Taxes (continued) Deferred income tax assets and liabilities consisted of the following (U.S. dollars in millions): December 27, December 28, Deferred tax liabilities: 2019 2018 Allowances and other accrued liabilities $ (1.5 ) $ — Inventories (16.3 ) (13.7 ) Property, plant and equipment (70.6 ) (70.2 ) Equity in earnings of unconsolidated companies (0.1 ) (0.1 ) Pension obligations (3.1 ) (2.5 ) Other noncurrent deferred tax liabilities (12.3 ) (6.5 ) ROU Assets $ (25.6 ) $ — Total noncurrent deferred tax liabilities $ (129.5 ) $ (93.0 ) Deferred tax assets: Allowances and other accrued assets $ 13.5 $ 10.6 Inventories 5.5 5.6 Pension obligations 27.7 24.8 Property, plant and equipment 2.1 2.3 Post-retirement benefits other than pension 1.0 1.0 Net operating loss carryforwards 318.0 287.1 Capital loss carryover 1.5 1.6 Other noncurrent assets 28.5 26.9 Operating Lease 25.8 — Total noncurrent deferred tax assets 423.6 359.9 Valuation allowance (323.3 ) (291.8 ) Total deferred tax assets, net $ 100.3 $ 68.1 Net deferred tax liabilities $ (29.2 ) $ (24.9 ) The valuation allowance increased by $31.6 million in 2019 and by $34.7 million in 2018 . The increase in 2019 and 2018 relates primarily to valuation allowance on additional net operating loss carryforwards offset by the effect of a change in judgment about our ability to realize deferred tax assets in future years, due to our current and foreseeable operations. At December 27, 2019 , the valuation allowance includes $1.0 million for which subsequently recognized tax benefits will be recognized directly in contributed capital. At December 27, 2019 , undistributed earnings of our foreign subsidiaries amounted to $1,550.1 million . Those earnings are considered to be either indefinitely reinvested, or the earnings could be distributed tax free. Accordingly, no taxes have been provided thereon. To the extent the earnings are considered indefinitely reinvested, determination of the amount of unrecognized deferred tax liability is not practicable due to the complexities associated with its hypothetical calculation. 9 . Income Taxes (continued) At December 27, 2019 , we had approximately $1,200.6 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2020 $ 19.5 2021 21.5 2022 25.3 2023 8.5 2024 and beyond 18.4 No expiration 1,107.4 $ 1,200.6 A reconciliation of the beginning and ending amount of uncertain tax positions excluding interest and penalties is as follows (U.S. dollars in millions): December 27, 2019 December 28, 2018 December 29, 2017 Beginning balance $ 2.9 $ 3.2 $ 3.2 Gross decreases - tax position in prior period — — — Gross increases - current-period tax positions 0.7 0.1 0.1 Settlements (0.1 ) — — Lapse of statute of limitations — (0.3 ) (0.1 ) Foreign exchange — (0.1 ) — Ending balance $ 3.5 $ 2.9 $ 3.2 We had accrued $5.0 million in 2019 and $4.2 million in 2018 , for uncertain tax positions, including interest and penalties that, if recognized would affect the effective income tax rate. The tax years 2012-2019 remain subject to examination by taxing authorities throughout the world in major jurisdictions, such as Costa Rica, Luxembourg, Switzerland and the United States. We classify interest and penalties on uncertain tax positions as a component of income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties related to uncertain tax positions are $1.4 million and $1.3 million for December 27, 2019 and December 28, 2018 , respectively and are included in other noncurrent liabilities. In connection with a current examination of the tax returns in two foreign jurisdictions, the taxing authorities have issued income tax deficiencies related to transfer pricing of approximately $157.9 million (including interest and penalties) for tax years 2012 through 2016. We strongly disagree with the proposed adjustments and have filed a protest with each of the taxing authorities as we believe that the proposed adjustments are without technical merit. We will continue to vigorously contest the adjustments and expect to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. We regularly assesses the likelihood of adverse outcomes resulting from examinations such as these to determine the adequacy of our tax reserves. Accordingly, we have not accrued any additional amounts based upon the proposed adjustments. There can be no assurance that these matters will be resolved in our favor, and an adverse outcome of either matter, or any future tax examinations involving similar assertions, could have a material effect on our financial condition, results of operations and cash flows. |
Leases
Leases | 12 Months Ended |
Dec. 27, 2019 | |
Leases [Abstract] | |
Leases | Leases As of the first day of our 2019 fiscal year beginning December 29, 2018, we adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet using the modified retrospective approach. Prior year financial statements were not adjusted under the new standard and, therefore, those amounts are not presented below. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. We do not separate lease and nonlease components of contracts. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We lease agricultural land and certain property, plant and equipment, including office facilities and refrigerated containers, under operating leases. We also enter into ship charter agreements for the transport of our fresh produce to markets worldwide. The remaining terms for ship charter agreements range between 12 months to 15 months . The lease term consists of the non-cancellable period of the lease and the periods covered by options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Our lease agreements do not contain any residual value guarantees. In Panama, we are developing a banana operation on leased land of which the remaining portion is pending delivery. Future lease payments will be $0.5 million annually for 40 years . 10 . Leases (continued) Lease Position The following table presents the lease-related assets and liabilities recorded on the balance sheet as of December 27, 2019 (U.S. dollars in millions): Classification on the Balance Sheet December 27, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 162.1 Finance lease assets Property, plant and equipment, net 1.3 Total lease assets $ 163.4 Liabilities Current Operating Current maturities of operating leases $ 32.5 Finance Current maturities of debt and finance leases 0.3 Noncurrent Operating Operating leases, less current maturities 102.7 Finance Long-term debt and finance leases, less current maturities 0.2 Total lease liabilities $ 135.7 Weighted-average remaining lease term: Operating leases 8.4 years Finance leases 1.9 years Weighted-average discount rate: Operating leases (1) 8.31 % Finance leases 4.44 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at December 29, 2018. Lease Costs The following table presents certain information related to the lease costs for finance and operating leases for the year ended December 27, 2019 (U.S. dollars in millions): December 27, Finance lease cost Amortization of lease assets $ 0.1 Operating lease cost $ 92.5 Short-term lease cost $ 7.5 Variable lease cost $ 6.1 Total lease cost $ 106.2 Total expense for all operating leases and ship charter agreements, including leases with initial terms of less than one year, amounted to $100.0 million for 2019 , $84.3 million for 2018 and $92.1 million for 2017 . 10 . Leases (continued) Other Information The following table presents supplemental cash flow information related to the leases for the year ended December 27, 2019 (U.S. dollars in millions): December 27, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 82.1 Financing cash flows for finance leases $ 0.5 The changes in the operating lease right-of-use assets were $40.0 million , and $29.6 million for the changes in the liability accounts recorded in connection with the recognition of operating lease expenses for the year ended December 27, 2019 . These changes have been reflected within Other noncurrent asset and liabilities in our Consolidated Statement of Cash Flows. Undiscounted Cash Flows The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 27, 2019 (U.S. dollars in millions): Operating Leases Finance Leases 2020 $ 42.1 $ 0.3 2021 30.9 0.2 2022 21.9 — 2023 19.3 — 2024 16.0 — Thereafter 74.3 — Total lease payments 204.5 0.5 Less: imputed interest 69.3 — Total lease liabilities $ 135.2 $ 0.5 |
Debt
Debt | 12 Months Ended |
Dec. 27, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Credit Facility On April 16, 2015 , we entered into a five -year $800 million syndicated senior unsecured revolving credit facility maturing on April 15, 2020 (the "Prior Credit Facility") with Bank of America, N.A. as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. as sole lead arranger and sole book manager. Borrowings under the Prior Credit Facility bear interest at a spread over LIBOR that varies with our leverage ratio. The Prior Credit Facility also includes a swing line facility, and a letter of credit facility. 11 . Debt (continued) On February 27, 2018, we exercised an option to increase the total commitments under the Prior Credit Facility from $800 million to $1.1 billion . On September 27, 2018, we amended certain covenant ratios of our Prior Credit Facility. On October 1, 2019, we entered into a Second Amended and Restated Credit Agreement (as amended, the “Second A&R Credit Agreement”) with Bank of America, N.A. as administrative agent and BofA Securities, Inc. as sole lead arranger and sole bookrunner and certain other lenders. The Second A&R Credit Agreement provides for a five-year, $1.1 billion syndicated senior unsecured revolving credit facility maturing on October 1, 2024 (the “Revolving Credit Facility”), which replaces our Prior Credit Facility entered into on April 16, 2015, which was scheduled to expire on April 15, 2020. As a result, we reclassified our current maturing debt to long-term. Certain of our direct and indirect subsidiaries have guaranteed the obligations under the Second A&R Credit Agreement. Amounts borrowed under the Revolving Credit Facility accrue interest, at our election, at either (i) the Eurocurrency Rate (as defined in the Second A&R Credit Agreement) plus a margin that ranges from 1.0% to 1.5% or (ii) the Base Rate (as defined in the Second A&R Credit Agreement) plus a margin that ranges from 0% to 0.500% , in each case based on our Consolidated Leverage Ratio (as defined in the Second A&R Credit Agreement). The Second A&R Credit Agreement revised the interest rate grid to provide for five pricing levels for interest rate margins, as compared to three pricing levels in the prior credit facility. The Second A&R Credit Agreement provides for an accordion feature that permits us, without the consent of the other lenders, to request that one or more lenders provide us with increases in revolving credit facility or term loans up to an aggregate of $300 million (“Incremental Increases”). The aggregate amount of Incremental Increases can be further increased to the extent that after giving effect to the proposed increase in revolving credit facility commitments or term loans our Consolidated Leverage Ratio, on a pro forma basis, would not exceed 2.5 to 1. Our ability to request such increases in the revolving credit facility or term loans is subject to our compliance with customary conditions set forth in the Second A&R Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein. Upon our request, each lender may decide, in its sole discretion, whether to increase all or a portion of its revolving credit facility commitment or provide term loans. The Second A&R Credit Agreement provides covenants substantially the same as those contained in the prior credit agreement, except that (1) the restricted payments covenant has been revised to permit us to declare or pay cash dividends in any fiscal year up to an amount that does not exceed the greater of (i) an amount equal to the greater of (A) 50% of the Consolidated Net Income (as defined in the Second A&R Credit Agreement) for the immediately preceding fiscal year or (B) $25 million or (ii) the greatest amount which would not cause the Consolidated Leverage Ratio (determined on a pro forma basis) to exceed 3.25 to 1.00 and (2) the restricted payments covenant has been revised to provide an allowance for stock repurchases to be an amount not exceeding the greater of (i) $150 million in the aggregate or (ii) the amount that, after giving pro forma effect thereto and any related borrowings, will not cause the Consolidated Leverage Ratio to exceed 3.25 to 1.00. All other material terms of the prior credit agreement remain unchanged. Debt issuance costs of $2.3 million are included in other noncurrent assets on our Consolidated Balance Sheets as of the year ended December 27, 2019 . We have a renewable 364 -day, $25 million commercial and stand-by letter of credit facility with Rabobank Nederland. The following is a summary of the material terms of the Revolving Credit Facility and other working capital facilities at December 27, 2019 (U.S. dollars in millions): Term Maturity Date Interest Rate Borrowing Limit Available Borrowings at December 27, 2019 Bank of America credit facility 5.0 years October 1, 2024 2.94% $ 1,100.0 $ 513.4 Rabobank letter of credit facility 364 days June 17, 2020 Varies 25.0 14.2 Other working capital facilities Varies Varies Varies 23.3 11.4 $ 1,148.3 $ 539.0 11 . Debt (continued) The current margin for LIBOR advances is 1.25% . We intend to use funds borrowed under the Revolving Credit Facility from time to time for general corporate purposes, which may include the repayment, redemption or refinancing of our existing indebtedness, working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations. The Second A&R Credit Agreement requires us to comply with financial and other covenants, including limitations on capital expenditures, the amount of dividends that can be paid in the future, the amount and types of liens and indebtedness, material asset sales and mergers. As of December 27, 2019 , we were in compliance with all of the covenants contained in the Second A&R Credit Agreement. The Revolving Credit Facility is unsecured and is guaranteed by certain of our subsidiaries. The Revolving Credit Facility permits borrowings under the revolving commitment with an interest rate determined based on our leverage ratio and spread over LIBOR. In addition, we pay a fee on unused commitments. As of December 27, 2019 , we applied $10.8 million to letters of credit under the Rabobank Nederland and Bank of America revolving credit facilities, in respect of certain contingent obligations and other governmental agency guarantees, combined with guarantees for purchases of raw materials and equipment and other trade related letters of credit. We also had $17.5 million in other letter of credit and bank guarantees not included in the Rabobank letter of credit or Bank of America revolving credit facilities. During 2018 we entered into interest rate swaps in order to hedge the risk of the fluctuation on future interest payments related to our variable rate LIBOR-based borrowings from our Revolving Credit Facility. Refer to Note 17 , “ Derivatives ”. Maturities of long-term debt obligations during the next five years are (U.S. dollars in millions): Fiscal Years Long-Term 2020 $ 18.2 2021 21.2 2022 23.5 2023 25.9 2024 596.1 684.9 Less: Amounts representing interest (1) (98.3 ) 586.6 Less: Current portion $ — Totals, net of current portion of long-term debt and finance lease obligations $ 586.6 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 2.9% . Cash payments of interest on long-term debt, net of amounts capitalized, were $23.2 million for 2019 , $19.3 million for 2018 and $5.8 million for 2017 . Capitalized interest expense was $5.3 million for 2019 and $1.0 million for 2018 and $0.8 million for 2017 . |
Earnings (Loss) Per Ordinary Sh
Earnings (Loss) Per Ordinary Share | 12 Months Ended |
Dec. 27, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Income Per Ordinary Share | Per Ordinary Share Basic net income per share is computed using the weighted average number of common shares outstanding for the period. Basic and diluted net income per ordinary share is calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Numerator: Net income (loss) attributable to Fresh Del Monte Produce Inc. $ 66.5 $ (21.9 ) $ 120.8 Denominator: Weighted average number of ordinary shares - Basic 48,291,345 48,625,175 50,247,881 Effect of dilutive securities - share-based employee options and awards 102,768 — 340,827 Weighted average number of ordinary shares - Diluted 48,394,113 48,625,175 50,588,708 Antidilutive Options and Awards (1) 124,448 851,645 96,115 Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ 1.38 $ (0.45 ) $ 2.40 Diluted $ 1.37 $ (0.45 ) $ 2.39 (1) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 27, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table includes the changes in accumulated other comprehensive (loss) income by component under the ASC on “ Comprehensive Income ” for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) Changes in Fair Value of Effective Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 29, 2017 $ (1.4 ) $ (6.7 ) $ (22.5 ) $ (30.6 ) Other comprehensive (loss) income before reclassifications (0.6 ) (8.2 ) (2) 0.8 (8.0 ) Amounts reclassified from accumulated other comprehensive (loss) income (3.8 ) — 0.8 (3.0 ) Net current period other comprehensive (loss) income (4.4 ) (8.2 ) 1.6 (11.0 ) Balance at December 28, 2018 $ (5.8 ) $ (14.9 ) $ (20.9 ) $ (41.6 ) Other comprehensive (loss) before reclassifications (12.5 ) (3) (0.9 ) (2) (3.7 ) (17.1 ) Amounts reclassified from accumulated other comprehensive (loss) income (7.2 ) — 0.5 (6.7 ) Net current period other comprehensive loss (19.7 ) (0.9 ) (3.2 ) (23.8 ) Balance at December 27, 2019 $ (25.5 ) $ (15.8 ) $ (24.1 ) $ (65.4 ) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a loss of $ 1.2 million for the year ended December 27, 2019 and a loss of $1.3 million for the year ended December 28, 2018 related to intra-entity foreign currency transactions that are of a long-term-investment nature. (3) Includes a tax effect of $2.9 million for the for the year ended December 27, 2019 . 13 . Accumulated Other Comprehensive (Loss) Income (continued) The following table includes details about amounts reclassified from accumulated other comprehensive (loss) income by component for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): December 27, 2019 December 28, 2018 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the statement where net income is presented Changes in fair value of effective cash flow hedges: Foreign currency cash flow hedges $ (8.1 ) $ (5.3 ) Net sales Foreign currency cash flow hedges (1.5 ) — Cost of products sold Interest rate swaps $ 2.4 $ 1.5 Interest expense Total $ (7.2 ) $ (3.8 ) Amortization of retirement benefits: Actuarial losses (1) $ 0.5 $ 0.8 Other expense, net Total $ 0.5 $ 0.8 (1) Refer to Note 14 , " Retirement and Other Employee Benefits " for additional information on reclassification of certain net periodic pension costs due to adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. |
Retirement and Other Employee B
Retirement and Other Employee Benefits | 12 Months Ended |
Dec. 27, 2019 | |
Retirement Benefits [Abstract] | |
Retirement and Other Employee Benefits | Retirement and Other Employee Benefits We sponsor a number of defined benefit pension plans and post-retirement plans. The most significant of these plans cover employees in the United States, United Kingdom, Costa Rica and Guatemala. These plans are accounted for consistent with the ASC guidance related to “ Compensation – Retirement Benefits. ” The benefit obligation is the projected benefit obligation for defined benefit pension plans and the accumulated post-retirement benefit obligation for post-retirement benefit plans other than pensions. U.S.-Based Defined Benefit Pension Plans We sponsor a defined benefit pension plan, which covers a portion of our U.S.-based employees under a collective bargaining agreement. As a result of the accelerated closing of our Hawaii facility announced in 2006, the ILWU Local 42 collective bargaining agreement was not re-negotiated and expired in 2009 and as such the U.S.-based defined benefit pension plan has ceased accruing benefits. Our funding policy for this plan is to contribute amounts sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, or such additional amounts as determined appropriate to assure that the assets of the plan would be adequate to provide benefits. Substantially all of the plan’s assets are invested in mutual funds. United Kingdom Defined Benefit Pension Plan We sponsor a defined benefit pension plan, which covers a portion of our employees in the United Kingdom (the “U.K. plan”). The U.K. plan provides benefits based on the employees’ years of service and qualifying compensation and has ceased accruing benefits. Benefit payments are based on a final pay calculation as of November 30, 2005 and are adjusted for inflation annually. Our funding policy for the U.K. plan is to contribute amounts into the plan in accordance with a recovery plan agreed by the Trustees and us in order to meet the statutory funding objectives of occupational trust-based arrangements of the United Kingdom or such additional amounts as determined appropriate to assure that assets of the U.K. plan are adequate to provide benefits. Substantially all of the U.K. plan’s assets are primarily invested in fixed income and equity funds. Central American Plans We provide retirement benefits to a portion of our employees of certain Costa Rican and Guatemalan subsidiaries (“Central American plans”). Generally, benefits under these programs are based on an employee’s length of service and level of compensation. These programs are commonly referred to as termination indemnities, which provide retirement benefits in accordance with regulations mandated by the respective governments. Funding generally occurs when employees cease active service. 14 . Retirement and Other Employee Benefits (continued) The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 27, 2019 and December 28, 2018 , which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 27, 2019 December 28, December 27, 2019 December 28, 2018 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 15.2 $ 58.4 $ 16.7 $ 64.6 $ 61.2 $ 67.1 Service cost — — — — 5.4 5.9 Interest cost 0.6 1.4 0.5 1.5 4.7 4.0 Actuarial (gain) loss 1.5 3.6 (0.7 ) (3.0 ) 6.6 (6.6 ) Benefits paid (1.3 ) (1.9 ) (1.3 ) (2.3 ) (8.1 ) (5.7 ) Exchange rate changes (2) — 1.8 — (3.8 ) 1.3 (3.5 ) Settlement gain — (4.4 ) — — — — Plan amendment — — — 1.4 — — Ending benefit obligation 16.0 58.9 15.2 58.4 71.1 61.2 Change in Plan Assets: Beginning fair value 11.9 52.3 13.9 61.3 — — Actual return on plan assets 2.2 8.4 (0.9 ) (5.0 ) — — Company contributions 0.2 1.8 0.2 1.8 8.1 5.7 Effect of settlements $ — $ (4.4 ) $ — $ — $ — $ — Benefits paid (1.3 ) (1.9 ) (1.3 ) (2.3 ) (8.1 ) (5.7 ) Exchange rate changes (2) — 1.8 — (3.5 ) — — Ending fair value 13.0 58.0 11.9 52.3 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — 8.2 8.1 Retirement benefits liability (noncurrent liability) 3.0 0.9 3.2 6.0 62.9 53.1 Net amount recognized in the Consolidated Balance Sheets $ 3.0 $ 0.9 $ 3.2 $ 6.0 $ 71.1 $ 61.2 Amounts recognized in Accumulated other comprehensive loss: (3) Net actuarial loss (9.3 ) (4.6 ) (9.4 ) (7.7 ) (13.1 ) (6.4 ) Net amount recognized in accumulated other comprehensive loss $ (9.3 ) $ (4.6 ) $ (9.4 ) $ (7.7 ) $ (13.1 ) $ (6.4 ) (1) The accumulated benefit obligation is the same as the projected benefit obligation. (2) The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 27, 2019 and December 28, 2018 , when compared to the previous year. (3) We had accumulated other comprehensive income of $5.9 million as of December 27, 2019 and $5.1 million as of December 28, 2018 related to the tax effect of unamortized pension gains. 14 . Retirement and Other Employee Benefits (continued) The following table provides a roll forward of the accumulated other comprehensive (loss) income ("AOCI") balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 27, 2019 December 28, December 27, December 28, Reconciliation of AOCI U.S. U.K. U.S. U.K. Central America Central America AOCI (loss) at beginning of plan year $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) Amortization of net losses recognized during the year 0.4 0.1 0.4 (0.4 ) 0.1 0.8 Net (losses) gains occurring during the year (0.3 ) 3.0 (1.1 ) (5.7 ) (6.6 ) 6.6 Currency exchange rate changes — — — 0.1 (0.2 ) 0.4 AOCI (loss) at end of plan year $ (9.3 ) $ (4.6 ) $ (9.4 ) $ (7.7 ) $ (13.1 ) $ (6.4 ) The amounts in AOCI expected to be amortized as a component of net period cost in the upcoming year are (U.S. dollars in millions): Pension plans Post-retirement U.S. U.K. Central America 2020 amortization of net losses $ 0.4 $ — $ 0.1 The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 27, 2019 December 28, 2018 December 29, 2017 December 27, 2019 December 28, 2018 December 29, 2017 U.S. U.K. U.S. U.K. U.S. U.K. Central Central America Central Service cost $ — $ — $ — $ — $ — $ — $ 5.4 $ 5.9 $ 5.6 Interest cost 0.6 1.4 0.5 1.5 0.6 1.5 4.7 4.0 4.4 Expected return on assets (1.0 ) (2.0 ) (1.0 ) (2.5 ) (1.0 ) (2.4 ) — — — Net amortization 0.4 0.1 0.4 (0.4 ) 0.4 — 0.1 0.8 0.8 Settlement loss — 0.4 — — — — — — — Net periodic cost (income) $ — $ (0.1 ) $ (0.1 ) $ (1.4 ) $ — $ (0.9 ) $ 10.2 $ 10.7 $ 10.8 There are no amounts of plan assets expected to be refunded to us over the next 12 months. The expected return on assets is calculated using the fair value of plan assets for both the U.S. and U.K. plans. 14 . Retirement and Other Employee Benefits (continued) We have adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. Service costs are presented in the same line item in the Consolidated Statements of Operations as other compensation costs arising from services rendered by the employees during the period. With the exception of service cost, the other components of net periodic benefit costs (which include interest costs, expected return on assets, amortization of net actuarial losses) are recorded in the Consolidated Statements of Operations in other expense, net. Other net periodic benefit costs of $3.3 million for the year ended December 28, 2018 were reclassified from operating income and are included in other expense, net on the Consolidated Statements of Operations. We utilized the practical expedient provided in this ASU and did not reclassify the net periodic pension costs for the year ended December 29, 2017. The impact would have been $4.3 million for year ended December 29, 2017 of other net periodic benefit costs reclassified out of operating income and included in other expense, net in the Consolidated Statements of Operations. The reclassification of amounts related to other non-U.S.-based plans is immaterial for the year ended December 29, 2017. Actuarial Assumptions The assumptions used in the calculation of the benefit obligations of our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 27, 2019 December 28, 2018 December 29, 2017 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 3.00 % 2.00 % 6.27 % 4.10 % 2.80 % 8.06 % (1) 3.45 % 2.45 % 6.50 % Rate of increase in compensation levels — — 4.71 % — — % 4.75 % — 2.40 % 4.75 % The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 27, 2019 December 28, 2018 December 29, 2017 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central America Weighted average discount rate 4.10 % 2.80 % 8.12 % 3.45 % 2.45 % 6.51 % (1) 3.85 % 2.60 % 7.10 % Rate of increase in compensation levels — — 4.71 % — — % 4.75 % — 2.50 % 4.75 % Expected long-term rate of return on assets 7.50 % 4.22 % — 7.50 % 4.22 % — 7.50 % 4.50 % — (1) The increase or decrease in the weighted average discount rate assumption for the benefit obligation and net periodic pension costs increased due to an increase or decrease in inflation assumptions and country-specific investments. 14 . Retirement and Other Employee Benefits (continued) Effective December 27, 2017 we utilized updated mortality tables for our U.S. Plan. The change related to updated mortality tables caused a decrease of our projected benefit obligation for this plan by $0.2 million in 2017 and is included in accumulated other comprehensive income in our Consolidated Balance Sheets. This change is treated as a change in assumption, which affects the net actuarial loss and is amortized over the remaining service period of the plan participants. The annual amortization impacts net periodic cost. Cash Flows Pension plans Post-retirement U.S. U.K. Central America Expected benefit payments for: 2020 $ 1.3 $ 1.8 $ 8.2 2021 1.3 1.9 6.9 2022 1.2 1.9 6.7 2023 1.2 2.1 6.7 2024 1.1 2.2 7.5 Next 5 years 5.0 12.4 32.3 Expected benefit payments over the next 10 years $ 11.1 $ 22.3 $ 68.3 For 2020 , expected contributions are $0.7 million for the U.S. pension plans and $1.8 million for the U.K. pensions plans. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations. U.S.-Based Defined Benefit Pension Plans Plan Assets Our overall investment strategy is to achieve a mix of between 50% - 70% equity securities for long-term growth and 30% - 50% fixed income securities for near-term benefit payments. Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Selection of the targeted asset allocation for U.S. plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.6 $ 5.6 $ — $ — Value securities 2.9 2.9 — — Growth securities 4.5 4.5 — — Total $ 13.0 $ 13.0 $ — $ — 14 . Retirement and Other Employee Benefits (continued) The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.4 $ 5.4 $ — $ — Value securities 2.2 2.2 — — Growth securities 4.3 4.3 — — Total $ 11.9 $ 11.9 $ — $ — Mutual Funds – This category includes investments in mutual funds that encompass both equity and fixed income securities that are designed to provide a diverse portfolio. The plan’s mutual funds are designed to track exchange indices, and invest in diverse industries. Some mutual funds are classified as regulated investment companies. Investment managers have the ability to shift investments from value to growth strategies, from small to large capitalization funds, and from U.S. to international investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. These investments are classified within Level 1 of the fair value hierarchy. Investment managers agree to operate the plan's investments within certain criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Unless exceptions have been approved or are part of a permitted mutual fund strategy, investment managers are prohibited from buying or selling commodities, futures or option contracts, as well as from short selling of securities. Furthermore, investment managers agree to obtain written approval for deviations from stated investment style or guidelines. We considered historical returns and the future expectations for returns for each asset class as well as the target asset allocation of plan assets to develop the expected long-term rate of return on assets assumption. The expected long-term rate of return assumption for U.S. plan assets is based upon the target asset allocation and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. We evaluate the rate of return assumption on an annual basis. 14 . Retirement and Other Employee Benefits (continued) United Kingdom Defined Benefit Pension Plan Plan Assets The fair values of our U.K. plan assets by asset category are as follows: Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.5 $ 0.5 $ — $ — Equity securities: United Kingdom companies — — — — Diversified growth funds 16.7 — 16.7 — Other international companies 9.2 — 9.2 — Fixed income securities: United Kingdom government bonds 13.0 — 13.0 — Liability-driven investments 18.6 — 18.6 — Total $ 58.0 $ 0.5 $ 57.5 $ — Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.8 $ 0.8 $ — $ — Equity securities: United Kingdom companies 4.5 — 4.5 — Diversified growth funds 17.5 — 17.5 — Other international companies 15.0 — 15.0 — Fixed income securities: United Kingdom government bonds 6.1 — 6.1 — Liability-driven investments 8.4 — 8.4 — Total $ 52.3 $ 0.8 $ 51.5 $ — Equity securities – This category includes pooled investments in global equities, emerging market equities and diversified growth funds. The investments are spread across a range of diverse industries including financials, information technology, consumer discretionary and consumer staples. The diversified growth funds seek to provide a long-term equity-like return, with a managed level of volatility. The diversified growth funds invest across a wide range of asset classes, both traditional and alternative. Units of the pooled investment accounts are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments of the fair value hierarchy. 14 . Retirement and Other Employee Benefits (continued) Fixed income securities – This category includes pooled investments in multi-asset credit and liability-driven investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. Units of the pooled investment accounts are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments of the fair value hierarchy. The expected long-term rate of return assumption for U.K. plan assets is adjusted based on asset allocation and is determined by reference to U.K. long dated government bond yields. According to the plan’s investment policy, approximately 28% of the U.K. plan’s assets are invested in diversified growth funds, 7.5% in emerging market equities and 7.5% in global equities. Approximately 37% are invested in liability-driven investments and 20% of the U.K. plan’s assets are invested in multi-asset credit. Fund managers have no discretion to make asset allocation decisions with the exception of the diversified growth fund. The trustees try to rebalance any discrepancies through selective allocations of future contributions. Performance benchmarks for each asset class are based on various indices. Investment performance is reviewed quarterly. Plan Settlement During 2019, the U.K. Plan undertook an Enhanced Transfer Value ("ETV") exercise where it paid $4.2 million (including $3.8 million of transfer values and $0.4 million of enhancements) to members electing to transfer out of the plan. We recorded $4.2 million in reduction to our projected benefit obligations, with a corresponding decrease in accumulated other comprehensive income. The UK Plan recognized $0.4 million in net periodic pension costs related to the ETV. Plan Amendment During 2018, The English High Court ruling in Lloyds Banking Group Pension Trustees Limited v. Lloyds Bank plc and others, held that UK pension schemes with Guaranteed Minimum Pensions (“GMP”) accrued from May 17, 1990, must equalize for different effects on GMP between male and female plan participants. Accordingly, the GMP equalization was treated as a plan amendment and included in our actuarial valuation. The estimated GMP equalization impact for the UK pension plan is an increase of approximately $1.4 million to our projected benefit obligations, with a corresponding increase in accumulated other comprehensive income. The amount recognized under accumulated other comprehensive income will be amortized as prior service cost over the average life expectancy of the plan’s participants. Other Employee Benefits We also sponsor a defined contribution plan established pursuant to Section 401(k) of the Internal Revenue Code. Subject to certain dollar limits, employees may contribute a percentage of their salaries to the plan, and we will match a portion of each employee’s contribution. This plan is in effect for U.S.-based employees only. The expense pertaining to this plan was $1.3 million for 2019 , $1.1 million for 2018 and $1.2 million for 2017 . On August 31, 1997, one of our subsidiaries ceased accruing benefits under its salary continuation plan covering certain of our Central American management personnel. At December 27, 2019 we had $3.7 million accrued for this plan, including $0.5 million in accumulated other comprehensive income (loss) related to unamortized pension gains. At December 28, 2018 we had $4.2 million accrued for this plan, including $0.7 million in accumulated other comprehensive loss related to unamortized pension gains. There were no net periodic pension costs for the year ended December 27, 2019 , $0.1 million the year ended December 28, 2018 and $0.1 million for the year ended December 29, 2017 . Expected benefit payments under the plan for 2020 through 2024 total $2.9 million . For 2025 through 2029 the expected benefit payments under the plan total $1.1 million . We sponsor a service gratuity plan covering certain of our Kenyan personnel. At December 27, 2019 we had $8.6 million accrued for this plan, including a $2.6 million in accumulated other comprehensive loss related to unamortized pension losses. At December 28, 2018 we had $7.3 million accrued for this plan, including a $2.0 million in accumulated other comprehensive loss related to unamortized pension losses. Net periodic pension costs were $1.3 million for the year ended December 27, 2019 , $1.2 million for the year ended December 28, 2018 and $1.2 million for the year ended December 29, 2017 . 14 . Retirement and Other Employee Benefits (continued) Expected benefit payments under the plan from 2020 through 2024 total $5.0 million . Benefit payments under the plan from 2024 through 2028 are expected to total $5.9 million . We provide retirement benefits to certain employees who are not U.S.-based. Generally, benefits under these programs are based on an employee’s length of service and level of compensation. Included in retirement benefits on our consolidated balance sheets is $18.0 million at December 27, 2019 and $16.8 million at December 28, 2018 related to these programs. The unamortized pension losses related to other non-U.S.-based plans included in accumulated other comprehensive income (loss), a component of shareholders’ equity was $1.3 million for the year ending December 27, 2019 and $1.4 million for the year ending December 28, 2018 . We also offer certain post-employment benefits to former executives and have $2.3 million at December 27, 2019 and $2.1 million at December 28, 2018 in retirement benefits on our consolidated balance sheets related to these benefits. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 27, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Share-Based Compensation We maintain various compensation plans for officers, other employees, and non-employee members of our Board of Directors. Share-based compensation expense included in selling, general and administrative expenses related to stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") is included in the accompanying Consolidated Statements of Operations as follows (U.S. dollars in millions): Year ended Types of Awards December 27, 2019 December 28, 2018 December 29, 2017 Stock options $ — $ 0.1 $ 0.5 RSUs/PSUs 7.4 10.3 10.7 RSAs 1.0 1.1 0.9 Total $ 8.4 $ 11.5 $ 12.1 Proceeds of $1.1 million were received from the exercise of stock options for 2019 , $0.8 million for 2018 and $1.6 million for 2017 . On April 30, 2014, our shareholders approved and ratified the 2014 Omnibus Share Incentive Plan (the “2014 Plan”). The 2014 Plan allows us to grant equity-based compensation awards, including stock options, restricted stock awards, restricted stock units and performance stock units. Under the 2014 Plan, the Board of Directors is authorized to award up to 3,000,000 ordinary shares. The 2014 Plan replaced and superseded the 2011 Omnibus Share Incentive Plan (the "2011 Plan"), and the 2010 Non-Employee Directors Equity Plan, collectively referred to as Prior Plans. Under the 2014 Plan and Prior Plans, 20% of the options usually vest immediately, and the remaining options vest in equal installments over the next four years. Options under the 2014 Plan and Prior Plans may be exercised over a period not in excess of 10 years from the date of the grant. Prior Plan provisions are still applicable to outstanding options and awards under those plans. There were no stock options grants for the years ended December 27, 2019 , December 28, 2018 , and December 29, 2017 . Restricted Stock Awards (RSA) A share of “restricted stock” is one of our ordinary shares that has restrictions on transferability until certain vesting conditions are met. For RSAs under the 2014 Plan and Prior Plans, 50% of each award of our restricted stock vested on the date it was granted. The remaining 50% of each award vests upon the six-month anniversary of the date on which the recipient ceases to serve as a member of our Board of Directors . RSA awarded during the years ended December 27, 2019 and December 28, 2018 allow directors to retain all of their awards once they cease to serve as a member of our Board of Directors and is considered a nonsubstantive service condition in accordance with the guidance provided by the ASC on “ Compensation – Stock Compensation. ” Accordingly, we recognize compensation cost immediately for restricted stock awards granted to non-management members of the Board of Directors. 15 . Share-Based Compensation (continued) The following table lists the RSA for the years ended December 27, 2019 and December 28, 2018 : Date of Award Shares of Price Per Share Awards for the year ended 2019: May 1, 2019 $ 2,830 29.44 January 2, 2019 $ 30,891 28.32 Awards for the year ended 2018: August 2, 2018 $ 1,687 49.38 January 2, 2018 $ 21,304 46.93 Awards for the year ended 2017: January 3, 2017 $ 14,294 61.21 Restricted Stock Units (RSU)/Performance Stock Units (PSU) Each RSU/PSU represents a contingent right to receive one of our ordinary shares. The PSUs are subject to meeting minimum performance criteria set by our Compensation Committee of our Board of Directors. The actual number of shares the recipient receives is determined based on the results achieved versus performance goals. Those performance goals are based on exceeding a measure of our earnings. Depending on the results achieved, the actual number of shares that an award recipient receives at the end of the period may range from 0% to 100% of the award units granted. Provided such criteria are met, the PSU will vest in three equal annual installments on each of the next three anniversary dates provided that the recipient remains employed with us. For PSU's each anniversary date vesting tranche is considered to have its own grant-date and requisite service period. The RSUs will vest 20% on the award date and 20% on each of the next four anniversaries. For RSU's there is only one grant-date and requisite service period over the four year vesting period, one vesting tranche. We recognize expense related to RSUs and PSUs based on the fair market value, as determined on the date of award, ratably over each vesting tranche, provided the performance condition, if any, is probable. RSUs/PSUs do not have the voting rights of ordinary shares, and the shares underlying the RSUs/PSUs are not considered issued and outstanding. However, shares underlying RSUs/PSUs are included in the calculation of diluted earnings per share to the extent the performance criteria are met. The fair market value for RSUs/PSUs is based on the closing price of our stock on the award date. Forfeitures are estimated based on population of employees and historical experience. The following table lists the various RSUs/PSUs awarded under the 2014 Plan and Prior Plans for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions except share and per share data): 15 . Share-Based Compensation (continued) Date of Award Type of Award Units Awarded Price Per Share Awards for the year ended 2019: July 31, 2019 PSU 4,250 30.33 March 25, 2019 RSU 5,000 26.55 February 20, 2019 PSU 85,000 27.71 February 20, 2019 RSU 133,750 27.71 Awards for the year ended 2018: June 25, 2018 RSU 2,000 44.78 February 21, 2018 RSU 125,000 46.35 February 21, 2018 PSU 85,000 46.35 Awards for the year ended 2017: August 2, 2017 RSU 48,700 49.75 February 22, 2017 PSU 100,000 56.52 February 22, 2017 RSU 50,000 56.52 RSUs are eligible to earn Dividends Equivalent Units ("DEUs") equal to the cash dividend paid to ordinary shareholders. DEUs are subject to the same performance and/or service conditions as the underlying RSUs/PSUs and are forfeitable. 15 . Share-Based Compensation (continued) The following table summarizes RSUs/PSUs activity for the years ended December 27, 2019 , December 28, 2018 , December 29, 2017 : Number of Weighted RSUs/PSUs outstanding at January 1, 2017 932,036 $ 36.09 Granted 208,743 54.17 Converted (336,112 ) 34.91 Canceled (43,515 ) 43.77 RSUs/PSUs outstanding at December 29, 2017 761,152 41.13 Granted 223,531 46.10 Converted (279,440 ) 41.31 Canceled (21,948 ) 50.40 RSUs/PSUs outstanding at December 28, 2018 683,295 42.39 Granted 230,037 27.83 Converted (384,717 ) 37.65 Canceled (69,339 ) 42.93 RSUs/PSUs outstanding at December 27, 2019 459,276 38.99 Vested at December 29, 2017 235,332 $ 26.49 Vested at December 28, 2018 249,767 $ 31.28 Vested at December 27, 2019 52,903 $ 32.65 15 . Share-Based Compensation (continued) Information about RSUs/PSUs outstanding at December 27, 2019 was as follows: Grant Date Market Value Outstanding Outstanding Vested Vested Intrinsic Value $ 27.71 77,347 $ 0.6 — $ — $ 27.71 100,250 0.7 — — $ 26.55 4,018 — — — $ 30.33 4,269 — — — $ 44.78 1,216 — — — $ 46.35 66,553 — — — $ 46.35 45,507 — — — $ 40.03 3,133 — — — $ 56.52 40,678 — 4,601 — $ 56.52 20,643 — — — $ 59.83 20,729 — — — $ 49.75 14,721 — — — $ 38.99 12,514 — 11,034 — $ 38.99 10,428 — — — $ 33.44 10,047 — 10,047 — $ 33.44 — — — — $ 25.52 10,735 0.1 10,733 0.1 $ 26.52 10,929 0.1 10,928 0.1 $ 24.68 5,559 0.1 5,560 0.1 459,276 $ 1.6 52,903 $ 0.3 The intrinsic value of outstanding and vested awards is the difference between the reported closing price of Ordinary Shares on December 27, 2019 and the grant date market value. As of December 27, 2019 , the total remaining unrecognized compensation cost related to non-vested RSUs/PSUs amounted to $7.9 million , which will be amortized over the weighted-average remaining requisite service period of one year . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 27, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We have agreements to purchase the entire or partial production of certain products of our independent growers primarily in Guatemala, Costa Rica, Philippines, Ecuador, Chile, and Colombia that meet our quality standards. Total purchases under these agreements amounted to $691.8 million for 2019 , $763.9 million for 2018 and $815.0 million for 2017 . During the fourth quarter of 2019, our Mann Packing business voluntarily recalled a series of vegetable products sold to select customers in the United States and Canada primarily in our fresh and value-added products segment. The voluntary recall had a negative effect on net sales, primarily of fresh-cut vegetables, and also resulted in approximately $6.0 million of customer claims and customer-related charges during the fourth quarter of 2019 which are included in net sales. We also incurred $4.4 million in inventory write-offs which are presented in cost of products sold in our Consolidated Statement of Operations. 16 . Commitments and Contingencies (continued) In addition, during 2017 and 2018, we entered into a definitive agreement for the building of six new refrigerated container ships for $126.5 million to be delivered in 2020. The agreement requires payments of approximately $85.2 million in 2020 and $41.3 million in 2021 for these six ships. Refer to Note 10 . " Leases ", for further discussion on lease commitments. Litigation Kunia Well Site In 1980, elevated levels of certain chemicals were detected in the soil and ground-water at a plantation leased by one of our U.S. subsidiaries in Honolulu, Hawaii (the “Kunia Well Site”). Shortly thereafter, our subsidiary discontinued the use of the Kunia Well Site and provided an alternate water source to area well users and the subsidiary commenced its own voluntary cleanup operation. In 1993, the Environmental Protection Agency (“EPA”) identified the Kunia Well Site for potential listing on the National Priorities List (“NPL”) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. On December 16, 1994, the EPA issued a final rule adding the Kunia Well Site to the NPL. On September 28, 1995, our subsidiary entered into an order (the “Order”) with the EPA to conduct the remedial investigation and the feasibility study of the Kunia Well Site. Under the terms of the Order, our subsidiary submitted a remedial investigation report in November 1998 and a final draft feasibility study in December 1999 (which was updated from time to time) for review by the EPA. The EPA approved the remedial investigation report in February 1999 and the feasibility study on April 22, 2003. As a result of communications with the EPA in 2001, we recorded a charge of $15.0 million in the third quarter of 2001 to increase the recorded liability to the estimated expected future cleanup cost for the Kunia Well Site to $19.1 million . Based on conversations with the EPA in the third quarter of 2002 and consultation with our legal counsel and other experts, we recorded a charge of $7.0 million during the third quarter of 2002 to increase the accrual for the expected future clean-up costs for the Kunia Well Site to $26.1 million . On September 25, 2003, the EPA issued the Record of Decision (“ROD”). The EPA estimates in the ROD that the remediation costs associated with the cleanup of the Kunia Well Site will range from $12.9 million to $25.4 million and will last approximately 10 years . It remains to be determined how long the remediation will actually last. On January 13, 2004, the EPA deleted a portion of the Kunia Well Site (Northeast section) from the NPL. On May 2, 2005, our subsidiary signed a Consent Decree with the EPA for the performance of the clean-up work for the Kunia Well Site. On September 27, 2005, the U.S. District Court for Hawaii approved and entered the Consent Decree. Based on findings from remedial investigations at the Kunia Well Site, our subsidiary continues to evaluate with the EPA the clean-up work currently in progress in accordance with the Consent Decree. We increased the liability by $0.4 million during 2017 and 2016 due to changes to the remediation work being performed related to the Kunia Well Site clean-up. We included these charges/(credits) in asset impairment and other charges, net on our Consolidated Statements of Operations. The estimates are between $13.3 million and $28.7 million . The estimate on which our accrual is based, totals $13.3 million . As of December 27, 2019 , there is $13.0 million included in other noncurrent liabilities and $0.3 million included in accounts payable and accrued expenses in the Consolidated Balance Sheets for the Kunia Well Site clean-up, which we expect to expend in the next 12 months. We expect to expend approximately $0.4 million in 2020, $1.1 million in 2021 and $0.9 million in each of the years 2022, 2023 and 2024. 16 . Commitments and Contingencies (continued) Business Litigation On March 14, 2019, we settled a business transaction litigation matter for $17.0 million in our favor. The settlement resulted in a gain of approximately $16.0 million , net of $1.0 million related to other miscellaneous expenses and is included in other income, net on our Consolidated Statements of Operations. Additional Information In addition to the foregoing, we are involved from time to time in various claims and legal actions incident to our operations, both as plaintiff and defendant. In the opinion of management, after consulting with legal counsel, none of these other claims are currently expected to have a material adverse effect on the results of operations, financial position or our cash flows. We intend to vigorously defend ourselves in all of the above matters. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 27, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Our derivative financial instruments reduce our exposure to fluctuations in foreign exchange and interest rates. We predominantly designate our derivative financial instruments as cash flow hedges. Counterparties expose us to credit loss in the event of non-performance on hedges. We monitor our exposure to counterparty non-performance risk both at inception of the hedge and at least quarterly thereafter. Fluctuations in the value of the derivative instruments are generally offset by changes in the cash flows or fair value of the underlying exposures being hedged. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Certain of our derivative instruments contain provisions that require the current credit relationship between us and our counterparty to be maintained throughout the term of the derivative instruments. If that credit relationship changes, certain provisions could be triggered, and the counterparty could request immediate collateralization of derivative instruments in net liability position above a certain threshold. The aggregate fair value of all derivative instruments with a credit-risk-related contingent feature that are in a liability position on December 27, 2019 is $31.0 million . As of December 27, 2019 , no triggering event has occurred and thus we are no t required to post collateral. If the credit-risk-related contingent features underlying these agreements were triggered on December 27, 2019 , we would not be required to post collateral to its counterparty because the collateralization threshold has not been met. Derivative instruments are disclosed on a gross basis. There are various rights of setoff associated with our derivative instruments that are subject to an enforceable master netting arrangement or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties, individually, these financial rights are not material. Foreign Currency Hedges We are exposed to fluctuations in currency exchange rates against the U.S. dollar on our results of operations and financial condition and we mitigate that exposure by entering into foreign currency forward contracts. Certain of our subsidiaries periodically enter into foreign currency forward contracts in order to hedge portions of forecasted sales or cost of sales denominated in foreign currencies with forward contracts and options, which generally expire within one year . At December 27, 2019 , our foreign currency forward contracts will hedge a portion of our 2020 foreign currency exposure. We designate our foreign currency forward contracts as single-purpose cash flow hedges of forecasted cash flows. 17 . Derivative Financial Instruments (continued) We had the following outstanding foreign currency forward contracts as of December 27, 2019 : Foreign Currency Contracts Qualifying as Cash Flow Hedges: Notional Amount British pound £ 14.5 million Chilean peso CLP 8,944.8 million Euro € 49.5 million Japanese yen JPY 4,746.9 million Korean won KRW 33,855.0 million Interest Rate Contracts We are exposed to fluctuations in variable interest rates on our results of operations and financial condition, and we mitigate that exposure by entering into interest rate swaps, from time to time. During 2018, we entered into interest rate swaps in order to hedge the risk of the fluctuation on future interest payments related to a portion of our variable rate LIBOR-based borrowings through 2028. Gains or losses on interest rate swaps are recorded in other comprehensive income and will be subsequently reclassified into earnings as interest expense as the interest expense on debt is recognized in earnings. At December 27, 2019 , the notional value of interest rate contracts outstanding was $400 million , $200 million maturing in 2024 and the remaining $200 million maturing in 2028 . Refer to Note 11 , “ Debt and Finance Lease Obligations. ” The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Derivatives Designated as Hedging Instruments (1) Foreign exchange contracts Interest Rate Swaps Total Balance Sheet Location: December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Asset derivatives: Prepaid expenses and other current assets $ 1.7 $ 1.6 $ — $ — $ 1.7 (2) $ 1.6 Total asset derivatives $ 1.7 $ 1.6 $ — $ — $ 1.7 $ 1.6 Liability derivatives: Accounts payable and accrued expenses $ 0.7 $ 0.8 $ — $ — $ 0.7 (2) $ 0.8 Other non-current liabilities — — 30.3 7.6 30.3 (2) 7.6 Total liability derivatives $ 0.7 $ 0.8 $ 30.3 $ 7.6 $ 31.0 $ 8.4 (1) See Note 18 , " Fair Value Measurements, " for fair value disclosures. (2) We expect that $1.0 million of the fair value of hedges recognized as a net gain in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months, and the remaining net loss of $31.0 million in AOCI over a period of 9 years , along with the earnings effect of the related forecasted transactions. 17 . Derivative Financial Instruments (continued) The fair value of our derivatives related to our foreign currency cash flow hedges was in a net asset position of $1.0 million as of December 27, 2019 and a net asset position of $0.8 million as of December 28, 2018 . For foreign currency hedges, these fluctuations are primarily driven by the strengthening or weakening of the U.S. dollar compared to currencies being hedged relative to the contracted exchange rates and the settling of a number of contracts throughout 2019 . During 2019 , certain derivative contracts to hedge the Euro, British pound, and Japanese yen relative to our sales were settled; certain derivative contracts to hedge the Korean won relative to our cost of sales were also settled. The change in 2019 was primarily related to the settling of the majority of the contracts throughout 2019 . The following table reflects the effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Derivatives in Cash Flow Amount of (Loss) Gain Recognized in Other Location of (Loss) Gain Reclassified Amount of Gain (Loss) Reclassified from Year ended Year ended December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Foreign exchange contracts $ (0.1 ) $ 1.6 Net sales $ 8.1 $ 5.3 Foreign exchange contracts 0.2 0.6 Cost of products sold 1.5 — Interest rate swaps, net of tax (19.8 ) (6.6 ) Interest expense (2.4 ) (1.5 ) Total $ (19.7 ) $ (4.4 ) $ 7.2 $ 3.8 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 27, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value of Derivative Instruments Our derivative assets or liabilities include foreign exchange and interest rate derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk as well as an evaluation of our counterparties’ credit risks. We use an income approach to value our outstanding foreign currency and interest rate swap cash flow hedges, which consists of a discounted cash flow model that takes into account the present value of future cash flows under the terms of the contracts using current market information as of the measurement date such as foreign currency spot, forward rates, and interest rates. Additionally, we include an element of default risk based on observable inputs in the fair value calculation. Based on these inputs, the derivative assets or liabilities are classified within Level 2 of the valuation hierarchy. The following table provides a summary of the fair values of our derivative financial instruments measured on a recurring basis under “ Fair Value Measurements and Disclosures ” (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net asset (liability) Interest rate contracts, net (liability), asset December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) 1.0 0.8 (30.3 ) (7.6 ) Significant unobservable inputs (Level 3) — — — — Refer to Note 14 , “ Retirement and Other Employee Benefits ” for further fair value disclosures related to pension assets. In estimating our fair value disclosures for financial instruments, we use the following methods and assumptions: Cash and cash equivalents: The carrying amount reported in the Consolidated Balance Sheets for these items approximates fair value due to their liquid nature and are classified as Level 1. Trade accounts receivable and other accounts receivable, net: The carrying value reported in the Consolidated Balance Sheets for these items is net of allowances for doubtful accounts, which includes a degree of counterparty non-performance risk and are classified as Level 2. Accounts payable and other current liabilities: The carrying value reported in the Consolidated Balance Sheets for these items approximates their fair value, which is the likely amount for which the liability with short settlement periods would be transferred to a market participant with a similar credit standing as ours and are classified as Level 2. Finance and Operating leases: The carrying value of our finance leases reported in the Consolidated Balance Sheets approximates their fair value based on current interest rates, which contain an element of default risk. The fair value of our finance leases is estimated using Level 2 inputs based on quoted prices for those or similar instruments. For the operating leases we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Refer to Note 11 , “ Debt and Finance Lease Obligations. ” Long-term debt: The carrying value of our long-term debt reported in the Consolidated Balance Sheets approximates their fair value since they bear interest at variable rates which contain an element of default risk. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those or similar instruments. Refer to Note 11 , “ Debt and Finance Lease Obligations. ” 18 . Fair Value Measurements (continued) Fair Value of Non-Financial Assets As of December 27, 2019 , we have $7.6 million in property, plant and equipment meeting the criteria of assets held for sale: $5.1 million are vacant lands located in the Kingdom of Saudi Arabia; the remaining $1.7 million and $0.8 million are farm land and associated assets in Chile and Nicaragua. These assets are recognized at the lower of cost or fair value less cost to sell. During 2019 , we received proceeds of $61.0 million from the sale of certain tomato lands and recorded a gain on disposal of property plant and equipment of $19.8 million , net. We recorded asset impairment and other charges during the year ended December 27, 2019 , that do not fall under the scope of fair value measurement. Refer to Note 3 , "Asset Impairment and Other Charges, Net" . The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Equity Investment $ 1.3 $ — $ — $ 1.3 $ 1.3 $ — $ — $ 1.3 During 2019 , we recorded asset impairment and other charges of $2.9 million , net related to an equity investment of $4.2 million in Purple Carrot which we sold in the second quarter of 2019 . We calculated the fair value of $1.3 million using the market approach. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to the mix of unobservable inputs utilized. The purchase price allocation for the Mann Packing acquisition reflected in the accompanying financial statements and includes $162.0 million allocated to goodwill representing the excess of the purchase price over the fair values of assets acquired and liabilities assumed and is subject to revision. The fair value of the net assets acquired are estimated using Level 3 inputs based on unobservable inputs except for items such as working capital which are valued using Level 2 inputs due to mix of quoted prices for similar instruments and cash and cash equivalents valued as Level 1 due to its highly liquid nature. We primarily utilized the cost approach for the valuation of the personal and real property. For the definite-lived intangible assets including customer list intangibles and trade names and trademark were valued primarily using an income approach methodology. The Mann Packing acquisition includes a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allows the noncontrolling owner to sell his 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. As the put option is outside of our control, the estimated value of the 25% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheets. The fair value of the redeemable noncontrolling interest and put option was valued based on a mix of the income approach for determining the value of the redeemable noncontrolling interest and market approach for determining the most advantageous redemption point for the put option using a Monte Carlo simulation method. The fair value assigned to this interest is estimated using Level 3 inputs based on unobservable inputs. Refer to Note 4 " Acquisitions " for further discussion on the acquisition of Mann Packing. 18 . Fair Value Measurements (continued) We recorded asset impairment and other charges during the year ended December 28, 2018 , that do not fall under the scope of fair value measurement. Refer to Note 3 , "Asset Impairment and Other Charges, Net" . The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant Philippines contract terminations $ 1.9 $ — $ — $ 1.9 Underutilized assets in Central America 6.5 — — 6.5 Del Monte ® Prepared Foods reporting unit's trade names and trademarks 31.9 — — 31.9 Tomato production assets held for sale in the United States 45.4 — — 45.4 $ 85.7 $ — $ — $ 85.7 As of December 28, 2018 , we recognized $2.2 million in asset impairment and other charges, net related to certain underutilized assets in Central America. The asset impairment consisted of a write-down of $2.2 million related to assets with a carrying value of $8.7 million . We estimated the fair value of these assets of $6.5 million using the market approach. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to the mix of unobservable inputs utilized. As of December 28, 2018 , we have $45.4 million in property, plant and equipment meeting the criteria of assets held for sale included in prepaid expenses and other current assets primarily related to the cessation of tomato production in the United States. These assets include land, buildings and machinery and equipment in the fresh and value-added products segment. During 2018 , we recognized an impairment charge of $1.0 million to recognize these assets at the lower of cost or fair value less cost to sell using the market approach. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to the mix of unobservable inputs utilized. During 2018 , based on the annual impairment review of trade names and trademarks performed on the first day of our fourth quarter in 2018 and due to the underperformance of our prepared products in Europe, the Middle East and North Africa and our prepared ambient juice business in the United Kingdom, we incurred impairments of $11.3 million . The fair value of the Del Monte ® prepared foods trade names and trademarks is $31.9 million . We utilized the royalty savings method, an income approach, to determine the fair value of the prepared foods trade names and trademarks. The royalty savings method estimated the fair value of an intangible asset by capitalizing the royalties saved. In other words, the owner of the intangible asset realizes a benefit from owning the intangible asset rather than licensing or paying a royalty for the use of the asset. We corroborate other inputs used in the royalty savings method with market participant assumptions such as royalty rates and discount rates utilized, however due to the mix of unobservable inputs utilized, the fair value of the trademarks are classified as Level 3 of the fair value hierarchy. During 2018 , we recognized $1.9 million in asset impairment and other charges, net for contract termination obligations in the Philippines. We estimated the fair value of this obligation using an income based approach. The fair value of the contract termination obligation is classified as Level 3 of the fair value hierarchy due to the mix of unobservable inputs utilized. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 27, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Receivables from related parties were $0.1 million in 2019 . Payables to related parties were $47.4 million in 2019 and $85.1 million in 2018 , of which one Mann Packing grower had $46.9 million in accounts payable in 2019 and $84.1 million in 2018 . Other purchases from related parties were $158.4 million in 2019 compared to $133.5 million in 2018 and $9.3 million in 2017 , of which $150.9 million for 2019 and $124.6 million for 2018 were related to one Mann Packing grower. We have related party leases in North America for a building and in the Middle East for land. The expenses incurred for the year ended December 27, 2019 was $1.3 million and the right-of-use asset and liabilities as of December 27, 2019 was $8.3 million , which primarily relates to one Mann Packing grower. Sales to related party transactions amounted to $0.7 million in 2019 and 2018 . Cash distributions to noncontrolling interests were $4.8 million in 2019 and $2.7 million in 2018 . We have reflected the cash in distributions to noncontrolling interests under financing activities in the Consolidated Statements of Cash Flows. We have $10.5 million as of December 27, 2019 and $15.1 million as of December 28, 2018 in other noncurrent liabilities in our Consolidated Balance Sheets related to one of our noncontrolling interests. We incurred expenses of approximately $2.2 million for 2019 , $2.3 million for 2018 and $2.4 million for 2017 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 27, 2019 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Our fiscal quarter-ends correspond to the last Friday of the 13-week period, beginning the day following our fiscal year end. The following summarizes certain quarterly operating data (U.S. dollars in millions, except per share data): Quarter ended March 29, 2019 June 28, 2019 September 27, 2019 December 27, 2019 (2) Net sales $ 1,154.2 $ 1,239.4 $ 1,070.2 $ 1,025.2 Gross profit 93.3 96.3 74.7 36.3 Net income (loss) 37.2 39.0 18.2 (25.1 ) Net income (loss) attributable to Fresh Del Monte (4) 36.1 38.1 18.1 (25.8 ) Net income (loss) per ordinary share attributable to (1) $ 0.74 $ 0.79 $ 0.38 $ (0.54 ) Net income (loss) per ordinary share attributable to (1) $ 0.74 $ 0.78 $ 0.38 $ (0.54 ) Dividends declared per ordinary share $ — $ — $ 0.060 $ 0.080 March 30, 2018 June 29, 2018 (3) September 28, 2018 (3) December 28, 2018 (3) Net sales $ 1,106.1 $ 1,272.4 $ 1,069.5 $ 1,045.9 Gross profit 106.5 78.3 52.6 42.4 Net income (loss) 43.2 (5.6 ) (21.2 ) (32.3 ) Net income (loss) attributable to Fresh Del Monte 41.5 (7.9 ) (21.5 ) (34.0 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 (1) Basic and diluted earnings per share for each of the quarters presented above is based on the respective weighted average number of shares for the quarters. The sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per share amounts due to rounding. (2) Diluted earnings per share for the quarter ended December 27, 2019 excludes the impact of antidilutive share-based payment awards for 235,106 ordinary shares, as they were antidilutive. (3) Diluted earnings per share for the following quarters excludes the impact of antidilutive share based payment awards for ordinary shares as they were antidilutive as follows: 739,106 ordinary shares for the quarter ended June 29, 2018 , 620,017 ordinary shares for the quarter ended September 28, 2018 and 851,645 for the quarter ended December 28, 2018 . (4) Refer to Note 16. " Commitments and Contingencies |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 27, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Data | Business Segment Data We are principally engaged in the production, distribution and marketing of fresh and value-added products and bananas. Our products are sold in markets throughout the world with our major producing operations located in North, Central and South America, Europe, Asia and Africa. During March 2019, we changed our reportable segments to reflect the manner in which we manage our business. Based on changes to our organization structure and how our Chief Operating Decision Maker “CODM” reviews operating results and makes decisions about resource allocations. We have two reportable segments that represent our primary businesses which include fresh and value-added products and bananas. We also have other products and services segment which includes our ancillary businesses. Prior period amounts were adjusted retrospectively to reflect the changes in our segment data. Fresh and value-added products includes pineapples, melons, non-tropical fruit (including grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, fresh-cut fruit and vegetables, prepared fruit and vegetables, juices, other beverages, prepared meals and snacks. Other products and services includes poultry and meat products, plastic products and third-party freight services. We evaluate performance based on several factors, of which net sales and gross profit by product are the primary financial measures (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Fresh and value-added products $ 2,704.4 $ 194.7 $ 2,654.7 $ 190.0 $ 2,184.4 $ 213.4 Bananas 1,656.0 97.1 1,703.1 84.1 1,775.1 113.4 Other products and services 128.6 8.8 136.1 5.7 126.4 4.8 Totals $ 4,489.0 $ 300.6 $ 4,493.9 $ 279.8 $ 4,085.9 $ 331.6 Year ended Net sales by geographic region: December 27, 2019 December 28, 2018 December 29, North America $ 2,923.8 $ 2,871.3 $ 2,382.4 Europe 645.2 653.7 665.9 Middle East 425.8 445.6 518.8 Asia 453.0 465.7 460.2 Other 41.2 57.6 58.6 Total net sales $ 4,489.0 $ 4,493.9 $ 4,085.9 21 . Business Segment Data (continued) Our North America region included the following Mann Packing results: Period from February 27, 2018 to December 28, 2018 Net Sales Gross Profit Fresh and value-added products $ 488.6 $ 36.0 Refer to Note 4 , “ Acquisitions ”, for further discussion on the Mann Packing acquisition. The following table indicates our net sales by product: Year ended December 27, 2019 December 28, 2018 December 29, 2017 Segments: Fresh and value-added products: Fresh-cut fruit $ 524.4 12 % $ 507.5 11 % $ 496.9 12 % Fresh-cut vegetables 455.9 10 % 419.8 10 % 93.9 2 % Pineapples 454.8 10 % 487.9 11 % 492.7 12 % Avocados 380.7 9 % 329.2 8 % 314.9 8 % Non-tropical fruit 195.9 4 % 226.7 5 % 235.7 6 % Prepared food 279.6 6 % 267.1 6 % 229.5 6 % Melons 92.4 2 % 107.8 2 % 106.8 2 % Tomatoes 52.3 1 % 62.5 1 % 77.8 2 % Vegetables 176.6 4 % 150.8 3 % 25.9 1 % Other fruit and vegetables 91.8 2 % 95.4 2 % 110.3 3 % Total fresh and value-added products $ 2,704.4 60 % $ 2,654.7 59 % $ 2,184.4 54 % Bananas 1,656.0 37 % 1,703.1 38 % 1,775.1 43 % Other products and services 128.6 3 % 136.1 3 % 126.4 3 % Total $ 4,489.0 100 % $ 4,493.9 100 % $ 4,085.9 100 % 21 . Business Segment Data (continued) Property, plant and equipment, net: December 27, 2019 December 28, 2018 North America $ 238.7 $ 241.4 Europe 35.2 51.4 Middle East 130.9 129.6 Africa 44.6 44.8 Asia 130.9 128.4 Central America 664.7 644.1 South America 84.8 90.5 Maritime equipment (including containers) 66.2 52.9 Corporate 7.2 9.1 Total property, plant and equipment, net $ 1,403.2 $ 1,392.2 Identifiable assets: December 27, 2019 December 28, 2018 North America $ 925.3 $ 933.0 Europe 279.9 297.1 Middle East 301.4 278.9 Africa 174.9 162.0 Asia 268.0 239.2 Central America 1,066.5 1,026.5 South America 159.9 165.0 Maritime equipment (including containers) 78.0 66.9 Corporate 96.0 86.6 Total identifiable assets $ 3,349.9 $ 3,255.2 North America accounted for approximately 65% of our net sales for 2019 and 64% for 2018 and 58% in 2017 . Our earnings are heavily dependent on operations located worldwide; however, our net sales are not dependent on any particular country other than the United States, with no other country accounting for greater than 10% of our net sales for 2019 , 2018 and 2017 . These operations are a significant factor in the economies of some of the countries in which we operate and are subject to the risks that are inherent in operating in such countries, including government regulations, currency and ownership restrictions and risk of expropriation. Management reviews assets on the basis of geographic region and not by reportable segment, which more closely aligns our capital investment with demand for our products. Costa Rica is our most significant sourcing location, representing approximately 35% of our property, plant and equipment as of December 27, 2019 . No foreign country other than Costa Rica accounts for greater than 10% of our property, plant and equipment. Walmart accounted for 9% of our net sales in 2019 , 10% of net sales in 2018 and 9% in 2017 . These sales are reported in the banana and fresh and value-added segments. In 2019 , our top 10 customers accounted for approximately 30% of net sales as compared with 32% during 2018 and 31% for 2017 . Identifiable assets by geographic area represent those assets used in the operations of each geographic area. Corporate assets consist of goodwill, building, leasehold improvements and furniture and fixtures. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 27, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Our shareholders have authorized 50,000,000 preferred shares at $0.01 par value, of which none are issued or outstanding, and 200,000,000 ordinary shares of common stock at $0.01 par value, of which 48,014,628 are issued and outstanding at December 27, 2019 . On February 21, 2018, our Board of Directors approved a three -year stock repurchase program of up to $300 million of our ordinary shares. We have repurchased $37.5 million of ordinary shares, or 1,235,362 ordinary shares, under the aforementioned repurchase program and retired all the repurchased shares. As of December 27, 2019 , we have a maximum dollar value of $262.5 million that we can purchase under the approved stock repurchase program. The following represents a summary of repurchase activity during years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions, except share and per share data): Year ended December 27, 2019 December 28, 2018 Shares USD Average price per share Shares USD Average price per share Year ended: 723,062 $ 17.8 $ 24.68 730,532 $ 29.4 $ 40.26 Subsequent to the year ended December 27, 2019 , there were no ordinary share repurchases. The following is a summary of the dividends declared per share for the years ended December 27, 2019 and December 28, 2018 : Year ended December 27, 2019 December 28, 2018 Dividend Declared Date Cash Dividend Declared, per Ordinary Share Dividend Declared Date Cash Dividend Declared, per Ordinary Share December 6, 2019 $ 0.08 December 7, 2018 $ 0.15 September 6, 2019 $ 0.06 September 7, 2018 $ 0.15 June 1, 2018 $ 0.15 March 30, 2018 $ 0.15 We paid $6.7 million in dividends during the year ended December 27, 2019 and $29.0 million during the year ended December 28, 2018 . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 27, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts Fresh Del Monte Produce Inc. and Subsidiaries (U.S. dollars in millions) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year ended December 27, 2019 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 14.6 $ 5.2 $ — $ (0.2 ) $ 19.6 Advances to growers and other receivables 7.2 0.1 — (3.9 ) 3.4 Deferred tax asset valuation allowance 291.8 35.0 1.0 (4.5 ) 323.3 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.5 (0.3 ) — — 13.2 Total $ 327.1 $ 40.0 $ 1.0 $ (8.6 ) $ 359.5 Year ended December 28, 2018 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 12.9 $ 2.1 $ — $ (0.4 ) $ 14.6 Advances to growers and other receivables 8.8 0.5 — (2.1 ) 7.2 Deferred tax asset valuation allowance 257.1 38.6 0.8 (4.7 ) 291.8 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.9 (0.1 ) (0.3 ) — 13.5 Total $ 292.7 $ 41.1 $ 0.5 $ (7.2 ) $ 327.1 Year ended December 29, 2017 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 11.3 $ 2.9 $ — $ (1.3 ) $ 12.9 Advances to growers and other receivables 7.8 1.4 — (0.4 ) 8.8 Deferred tax asset valuation allowance 232.1 35.4 (1.8 ) (8.6 ) 257.1 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.7 — (0.2 ) 0.4 13.9 Total $ 264.9 $ 39.7 $ (2.0 ) $ (9.9 ) $ 292.7 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 27, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our Consolidated Financial Statements include the accounts of our majority owned subsidiaries, which we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we have variable interests and are the primary beneficiary. We continually evaluate our involvement with VIEs to determine when these criteria are met. Our fiscal year end is the last Friday of the calendar year or the first Friday subsequent to the end of the calendar year, whichever is closest to the end of the calendar year. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications of prior period balances have been made to conform to current presentation. |
Use of Estimates | Use of Estimates The preparation of our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. |
Trade Receivables and Concentrations of Credit Risk | Trade Receivables and Concentrations of Credit Risk Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and customers’ credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience, specific customer collection issues that we have identified, and the aging of the trade receivables based on contractual terms. We generally do not require collateral on trade accounts receivable. |
Other Accounts Receivable | Other Accounts Receivable Other accounts receivable less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes (“VAT”) receivables, seasonal advances to growers and suppliers, which are usually short-term in nature, and other financing receivables. VAT are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 27, 2019 , we had $28.8 million , net of allowance of $0.1 million , classified as current in other accounts receivable and $22.5 million , net of allowance of $6.5 million , classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 28, 2018 , we had $29.9 million , net of allowance of $0.5 million , classified as current in other accounts receivable and $21.5 million , net of allowance of $9.2 million , classified as other noncurrent assets in our Consolidated Balance Sheets. Advances to growers and suppliers are generally repaid to us as produce is harvested and sold. We require property liens and pledges of the current season’s produce as collateral to support the advances. Occasionally, we agree to a payment plan or take steps to recover advances through the liens or pledges. Refer to Note 7 , “ Financing Receivables ” for further discussion on advances to growers and suppliers. Allowances against VAT and advances to growers and suppliers are established based on our knowledge of the financial condition of the paying party and historical loss experience. Allowances are recorded and charged to expense when an account is deemed to be uncollectible. Recoveries of VAT and advances to growers and suppliers previously reserved in the allowance are credited to operating income. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is computed using the weighted average cost or first-in first-out methods for finished goods, which includes fresh produce and prepared food and the first-in first-out, actual cost or average cost methods for raw materials and packaging supplies. Raw materials and packaging supplies inventory consists primarily of agricultural supplies, containerboard, packaging materials, spare parts and fuel. |
Growing Crops | Growing Crops Expenditures on pineapple, melon, vegetables and non-tropical fruit growing crops are valued at the lower of cost or net realizable value and are deferred and charged to cost of products sold when the related crop is harvested and sold. The deferred growing costs included in inventories in our Consolidated Balance Sheets consist primarily of land preparation, cultivation, irrigation and fertilization costs. Expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. |
Accounting for Planned Major Maintenance Activities | Accounting for Planned Major Maintenance Activities We account for planned major maintenance activities, such as ship dry-dock activities, consistent with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ™ (the “Codification” or “ASC”) guidance related to “Other Assets and Deferred Costs.” We utilize the deferral method of accounting for ship dry-dock activities whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets | Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a remaining weighted average amortization period of 23.1 years. Amortization expense related to definite-lived intangible assets totaled $8.5 million for 2019 , $7.0 million for 2018 and $0.8 million for 2017 , and is included in selling, general, and administrative expenses. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. |
Impairment or Disposal of Long-Lived Assets | Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a remaining weighted average amortization period of 23.1 years. Amortization expense related to definite-lived intangible assets totaled $8.5 million for 2019 , $7.0 million for 2018 and $0.8 million for 2017 , and is included in selling, general, and administrative expenses. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Our goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fourth quarter, or sooner if events indicate such a review is necessary. An impairment exists if the fair value of a reporting unit to which goodwill has been allocated, or the fair value of indefinite-lived intangible assets, is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Future changes in the estimates used to conduct the impairment review, including revenue projections, market values and changes in the discount rate used could cause the analysis to indicate that our goodwill or indefinite-lived intangible assets are impaired in subsequent periods and result in a write-down of a portion or all of goodwill or indefinite-lived intangible assets. The discount rate used is based on independently calculated risks, our capital mix and an estimated market premium. |
Revenue Recognition | Revenue Recognition Our revenues result from the sale of products or services and reflect the consideration to which we expect to be entitled. We record revenue based on a five-step model in accordance with ASC 606. For our customer contracts, we identify the performance obligations (products or services), determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when the performance obligation is fulfilled, which is when the product is shipped to or received by the customer, depending on the specific terms of the arrangement. Our revenues are recorded at a point in time. Product sales are recorded net of variable consideration, such as provisions for returns, discounts and allowances. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service, in which case the expense is classified as selling, general, and administrative expense. Provisions for customer volume rebates are based on achieving a certain level of purchases and other performance criteria that are established on a program by program basis. These rebates are estimated based on the expected amount to be provided to the customers and are recognized as a reduction of revenue. We elected the practical expedient to expense incremental costs of obtaining a contract, if the contract period is for one year or less. These costs are included in selling, general and administrative expenses. Otherwise, incremental contract costs are recognized as an asset in the consolidated balance sheets and amortized over time as promised goods and services are transferred to a customer. We account for shipping and handling costs as costs to fulfill a contract and not as performance obligations to our customers. We also exclude taxes collected from our customers, assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction, from our determination of the transaction price. We utilize the practical expedient and do not adjust the promised amount of consideration for the effects of a significant financing component due to the fact that the period between the transfer of the promised good or service to a customer and the customer payment is one year or less. |
Cost of Products Sold | Cost of Products Sold Cost of products sold includes the cost of produce, packaging materials, labor, depreciation, overhead, transportation and other distribution costs, including handling costs incurred to deliver fresh produce or prepared products to customers. |
Advertising and Promotional Costs | Advertising and Promotional Costs |
Debt Issuance Costs | Debt Issuance Costs |
Income Taxes | Income Taxes Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end, based on enacted tax laws and statutory tax rates applicable to the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. We account for income tax uncertainties consistent with the ASC guidance included in “ Income Taxes, ” which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Contingencies | Contingencies Estimated losses from contingencies are expensed if it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Gain contingencies are not reflected in the financial statements until realized. We use judgment in assessing whether a loss contingency is probable and estimable. Actual results could differ from these estimates. |
Currency Translation | Currency Translation For our operations in countries where the functional currency is other than the U.S. dollar, balance sheet amounts are translated using the exchange rate in effect at the balance sheet date. Income statement amounts are translated monthly using the average exchange rate for the respective month. The gains and losses resulting from the changes in exchange rates from year-to-year and the effect of exchange rate changes on intercompany transactions of long-term investment nature are recorded as a component of accumulated other comprehensive income or loss as currency translation adjustments. For our operations where the functional currency is the U.S. dollar, non-monetary balance sheet amounts are translated at historical exchange rates. Other balance sheet amounts are translated at the exchange rates in effect at the balance sheet date. Income statement accounts, excluding those items of income and expenses that relate to non-monetary assets and liabilities, are translated at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other (income) expense, net. |
Other Expense, Net | Other (Income) Expense, Net In addition to foreign currency gains and losses described above, other (income) expense, net, also includes other items of non-operating income and expenses. |
Leases | Leases We lease property, plant and equipment for use in our operations including agricultural land, office facilities and refrigerated containers. As of the first day of our 2019 fiscal year beginning December 29, 2018, we adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet, using the modified retrospective approach. Prior year financial statements were not adjusted, and therefore information for periods prior to fiscal year 2019 is presented in accordance with the previous accounting standard. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. We also have lease agreements with lease and non-lease components, and we have made an accounting policy election to account for these as a single lease component. We evaluate our leases at inception or at any subsequent modification and classify them as either finance or operating leases. For leases with terms greater than 12 months, we recognize a related asset ("right-of-use asset") and obligation ("lease liability") on the lease commencement date, calculated as the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of our lease payments when appropriate. Our lease agreements do not contain any residual value guarantees. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. For finance leases, we recognize interest expense and amortization of the right-of-use asset, and for operating leases, we recognize lease expense on a straight-line basis over the lease term. |
Fair Value Measurements | Fair Value Measurements Fair value is measured in accordance with the ASC on “ Fair Value Measurements and Disclosures ” that defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. We measure fair value for financial instruments, such as derivatives on an ongoing basis. We measure fair value for non-financial assets when a valuation is necessary, such as for impairment of long-lived and indefinite-lived assets when indicators of impairment exist. |
Share-Based Compensation | Share-Based Compensation We account for share-based compensation expense consistent with ASC guidance on “ Compensation – Stock Compensation. ” Our share-based payments are composed entirely of Share-based compensation expense as all equity awards granted to employees and members of our Board of Directors, each of whom meets the definition of an employee under the provisions of the ASC, are stock options, performance stock units, restricted stock awards, and restricted stock units. We use the Black-Scholes option pricing model to estimate the fair value of stock options granted. We recognize share-based compensation expense over the requisite service period, which is generally the vesting period of each award. |
Derivative Financial Instruments | Derivative Financial Instruments We account for derivative financial instruments in accordance with the ASC guidance on “ Derivatives and Hedging. ” The ASC on “ Derivatives and Hedging ” requires us to recognize the value of derivative instruments as either assets or liabilities 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 2 . Summary of Significant Accounting Policies (continued) instrument depends on whether it has been designated as a hedge and qualifies as part of a hedging relationship. The accounting also depends on the type of hedging relationship, whether a cash flow hedge, a fair value hedge, or hedge of a net investment in a foreign operation. A fair value hedge requires that the change in the fair value of a derivative financial instrument be offset against the change in the fair value of the underlying asset, liability, or firm commitment being hedged through earnings. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange and interest rates. We enter into foreign exchange forward contracts with varying duration to hedge exposures resulting from portions of our forecasted revenues or forecasted expenses that are denominated in currencies other than the U.S. dollar. We entered into interest rate swap agreements that qualify for and are designated as cash flow hedges to hedge exposures resulting from changes in variable interest rates. These interest rate swap contracts convert the floating interest rate on a portion of our debt to a fixed rate, plus a borrowing spread. On entry into a derivative instrument, we formally designate and document the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded in the Consolidated Balance Sheets at fair value in prepaid expenses and other current assets, other non-current assets, accounts payable and accrued expenses or other non-current liabilities, depending on whether the amount is an asset or liability and is of a short-term or long-term nature. In addition, the earnings impact resulting from our derivative instruments is recorded in the same line item within the Consolidated Statements of Operations as the items being hedged. We also classify the cash flows from our cash flow hedges in the same category as the items being hedged on our Consolidated Statements of Cash Flows based on the fact that our cash flow hedges do not contain an other-than-insignificant financing element at inception. The fair values of derivatives used to hedge or modify our risks fluctuate over time. These fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged item to the overall reduction in our risk relating to adverse fluctuations in foreign exchange and interest rates. |
Share Repurchases | Share Repurchases When stock is retired or purchased for constructive retirement, the purchase price is initially recorded as a reduction to the par value of the shares repurchased, with any excess purchase price over par value recorded as a reduction to additional paid-in capital and retained earnings. |
Retirement and Other Employee Benefits | Retirement and Other Employee Benefits Using appropriate actuarial methods and assumptions, we evaluate defined benefit pension plans in accordance with ASC guidance on “ Compensation – Retirement Benefits ” . We provide disclosures about our plan assets, including investment strategies, major categories of plan assets, concentrations of risk within plan assets, and valuation techniques used to measure the fair value of plan assets consistent with the fair value hierarchy model described in the ASC on “ Fair Value Measurements and Disclosures, ” as described in Note 18 , “ Fair Value Measurements. ” |
New Accounting Pronouncements | New Accounting Pronouncements Adopted In October 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This ASU expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting. The provisions of ASU 2018-16 are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted this ASU on the first day of our 2019 fiscal year. We elected not to substitute the benchmark rates in use for the SOFR or OIS rates. Thus, the adoption of this ASU did not have an impact to our financial condition, results of operations and cash flows. 2 . Summary of Significant Accounting Policies (continued) In July 2018, the FASB issued ASU 2018-09, Codification Improvements . The FASB issued this ASU to facilitate amendments to a variety of topics to clarify, correct errors in, or make minor improvements to the accounting standards codification. The effective date of the standard is dependent on the facts and circumstances of each amendment. Some amendments do not require transition guidance and will be effective upon the issuance of this standard. A majority of the amendments in ASU 2018-09 became effective in annual periods beginning after December 29, 2018. We adopted this standard the first day of our 2019 fiscal year. We evaluated the impact of the amendment to the advertising expense recognition for collaborative agreements and concluded the amendment follows our current accounting practice. Furthermore, we assessed the potential impact of the amendment to Subtopic 805-740 for tax allocations relating to the Mann Packing acquisition; given separate financial statements are not being issued for Mann Packing the amendment did not apply. The adoption of this ASU did not have an impact to our financial condition, results of operations and cash flows. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting . The FASB issued this update to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. We adopted this ASU on the first day of our 2019 fiscal year. The adoption of this ASU did not have a material impact on our financial condition, results of operations and cash flows. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income , which amends Accounting Standards Codification ("ASC") 220, Income Statement — Reporting Comprehensive Income, to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Act"). In addition, under the ASU, an entity is required to provide certain disclosures regarding stranded tax effects. We adopted this ASU on the first day of our 2019 fiscal year. We made the election not to reclassify stranded tax effects to retained earnings. The tax effects unrelated to the Act are released from accumulated other comprehensive income using either the specific identification approach or the portfolio approach based on the nature of the underlying item. In February 2016, the FASB issued ASU 2016-02, Leases , and subsequently issued several supplemental and/or clarifying ASU's (collectively, "Topic 842"), which requires a dual approach for lease accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases may result in the lessee recognizing a right of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize lease expense on a straight-line basis. We adopted Topic 842 on the first day of our 2019 fiscal year, utilizing the modified retrospective adoption method with an effective date of December 29, 2018 (the first day of our 2019 fiscal year). Therefore, the Consolidated Financial Statements for 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with our historical accounting policy. Subsequent to recording the initial impact of adopting Topic 842, we recorded an adjustment to the deferred tax impact of the adoption in the fourth quarter of 2019 which was not material. The standard provides a number of optional practical expedients and policy elections in transition. We elected to apply the package of practical expedients under which we did not reassess under the standard our prior conclusions about lease classification and initial direct costs, and the expedient to not assess existing or expired land easements. We elected the short-term lease recognition exemption for all leases that qualified, meaning we will recognize expense on a straight-line basis and will not recognize a right-of-use asset or lease liability for these leases. We also elected the policy to combine lease and non-lease components for all asset classes. See Note 10, " Leases " for more information 2 . Summary of Significant Accounting Policies (continued) New Accounting Pronouncements Not Yet Adopted In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. This ASU will be effective for us beginning the first day of our 2021 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU introduces new guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction, and also provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax. The ASU also makes changes to the current guidance for making intraperiod allocations and determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting, among other changes. This ASU will be effective for us beginning the first day of our 2021 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . This ASU provides amendments which will affect the recognition and measurement of financial instruments, including derivatives and hedging. These amendments will be effective for us beginning the first day of our 2020 fiscal year. While we are continuing to evaluate the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect its impact will be material at this time. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . This ASU resolves the diversity in practice concerning the manner in which entities account for transactions based on their assessment of the economics of a collaborative arrangement. This ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer and precludes recognizing as revenue consideration received from a collaborative arrangement if the participant is not a customer. This ASU will be effective for us beginning the first day of our 2020 fiscal year. While we are continuing to evaluate the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect its impact will be material at this time. In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The new guidance is effective for fiscal years beginning after December 15, 2019. This ASU will be effective for us beginning the first day of our 2020 fiscal year. While we are continuing to evaluate the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect its impact will be material at this time. In September 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software and deferred over the noncancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. This ASU will be effective for us beginning the first day of our 2020 fiscal year. While we are continuing to evaluate the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect its impact will be material at this time. 2 . Summary of Significant Accounting Policies (continued) In August 2018, the FASB issued ASU 2018-14 , Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) . This ASU amends ASC 715 to add additional disclosures, remove certain disclosures that are not considered cost beneficial and to clarify certain required disclosures. Early adoption is permitted. This ASU will be effective for us beginning the first day of our 2021 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. This ASU includes additional disclosures requirements for recurring Level 3 fair value measurements including disclosure of changes in unrealized gains and losses for the period included in other comprehensive income, disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and narrative description of measurement uncertainty related to Level 3 measurements. Early adoption is permitted. This ASU will be effective for us beginning the first day of our 2020 fiscal year. While we are continuing to evaluate the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect its impact will be material at this time. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments, and has subsequently issued several supplemental and/or clarifying ASU's (collectively, "ASC 326"). The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the previous “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost which will generally result in the earlier recognition of allowances for credit losses. The standard will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash (a subsequent amendment to the guidance clarified that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments). This ASU will be effective for us beginning the first day of our 2020 fiscal year. We will adopt this ASU using a modified-retrospective approach, and will recognize a cumulative-effect adjustment to the opening balance of retained earnings as of the date of adoption. We have identified the assets within the scope of the standard and we are substantially complete with the development of our methodology for estimating expected credit losses for these in-scope assets (primarily trade accounts receivable and financing receivables). While we have made significant progress in our initiatives, we are continuing to quantify the impact of the standard on our consolidated financial statements and evaluating the disclosures required under the standard. We currently do not anticipate the adoption of this ASU will have a material impact on our financial position, results of operations and cash flows; however, our assessment will be finalized during the first quarter of 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | Inventories consisted of the following (U.S. dollars in millions): December 27, 2019 December 28, 2018 Finished goods $ 203.5 $ 217.4 Raw materials and packaging supplies 155.8 167.0 Growing crops 192.5 180.9 Total inventories $ 551.8 $ 565.3 |
Asset Impairment and Other Ch_2
Asset Impairment and Other Charges, Net (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges | The following represents the detail of asset impairment and other charges, net for the year ended December 28, 2018 by reportable segment (U.S. dollars in millions): Long-lived Total Bananas segment: Philippine exit activities of certain low-yield areas $ 30.0 $ 2.3 $ 32.3 Underutilized assets in Central America 1.8 — 1.8 Cost reduction initiatives in Central America 1.8 — 1.8 Fresh and value-added products segment: Chile severance due to restructuring as a result of cost reduction initiatives — 2.4 2.4 Underutilized assets in Central America 0.5 — 0.5 Acquisition costs (2) — 4.1 4.1 Tomato production assets held for sale in the United States 1.0 — 1.0 Other fresh and value-added segment credits — (1.6 ) (1.6 ) Total asset impairment and other charges, net $ 35.1 $ 7.2 $ 42.3 (2) Acquisition costs primarily relate to our acquisition of Mann Packing Co., Inc. ("Mann Packing"). Refer to Note 4 ., "Acquisition." The following represents the detail of asset impairment and exit activity and other charges, net for the year ended December 29, 2017 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other charges (credits) Total Bananas segment: Philippine floods $ 0.8 $ — $ 0.8 Underutilized assets in Central America 0.6 — 0.6 Fresh and value-added products segment: Chile insurance recoveries on current and previously announced floods — (3.4 ) (3.4 ) Chile floods 0.8 1.0 1.8 Write-off of investment venture in Africa 1.5 — 1.5 Other fresh and value-added products segment charges — 0.5 0.5 Total asset impairment and other charges (credits), net $ 3.7 $ (1.9 ) $ 1.8 The following represents the detail of asset impairment and other charges, net for the year ended December 27, 2019 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Bananas segment: Philippine exit activities of certain low-yield areas $ 4.7 $ — $ 4.7 Philippine previously announced exit activities of certain areas — 0.5 0.5 Fresh and value-added products segment: Impairment of equity investment (1) 2.9 — 2.9 North America vegetable product recall — 0.5 0.5 Other fresh and value-added products segment charges 0.5 — 0.5 Total asset impairment and other charges, net $ 8.1 $ 1.0 $ 9.1 (1) Equity investment relates to our 10% equity ownership interest in Three Limes, Inc., d/b/a The Purple Carrot, which was sold at a loss during the year ended December 27, 2019 . Refer to Note 18, "Fair Value Measurements." |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Business Combinations [Abstract] | |
Schedule of business acquisition | Our consolidated results include the following financial information of Mann Packing: Period from February 27, 2018 to December 28, 2018 Net sales $ 488.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (1.7 ) The following table summarizes the fair values of the net assets acquired and liabilities assumed at the date of the acquisition: December 28, Assets acquired Current assets: Cash and cash equivalents $ 1.4 Trade accounts receivable, net of allowance 37.0 Other accounts receivable, net of allowance 5.3 Inventories, net 23.8 Prepaid expenses and other current assets 3.9 Total current assets 71.4 Property, plant and equipment, net 96.2 Definite-lived intangible assets, net 139.8 Goodwill 162.0 Total assets acquired $ 469.4 Liabilities assumed Current liabilities: Accounts payable and accrued expenses 64.8 Total liabilities assumed 64.8 Less: Redeemable noncontrolling interest 47.4 Net assets acquired $ 357.2 |
Schedule of pro forma information | The following unaudited pro forma combined financial information presents our results including Mann Packing as if the business combination had occurred at the beginning of fiscal year 2018: Year ended December 28, Net sales $ 4,573.1 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (18.6 ) (1) (1) Unaudited pro forma results for the year ended December 28, 2018 were positively adjusted by $10.8 million consisting of $12.7 million of nonrecurring transaction related compensation benefits, advisory, legal, accounting, valuation and other professional fees, partially offset by $1.9 million of interest expense as a result of increased borrowings under our Credit Facility. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following (U.S. dollars in millions): December 27, 2019 December 28, 2018 Land and land improvements $ 704.4 $ 702.9 Buildings and leasehold improvements 610.5 586.0 Machinery and equipment 611.4 603.6 Maritime equipment (including containers) 115.8 117.2 Furniture, fixtures and office equipment 99.8 97.2 Automotive equipment 80.0 77.1 Construction-in-progress 200.4 159.2 2,422.3 2,343.2 Less: accumulated depreciation and amortization (1,019.1 ) (951.0 ) Property, plant and equipment, net $ 1,403.2 $ 1,392.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table reflects our indefinite-lived intangible assets, including goodwill and our definite-lived intangible assets along with related accumulated amortization by major category (U.S. dollars in millions): December 27, 2019 December 28, 2018 Goodwill $ 423.7 $ 423.4 Indefinite-lived intangible assets: Trademarks 31.7 31.9 Definite-lived intangible assets: Definite-lived intangible assets 150.4 150.4 Accumulated amortization (23.9 ) (15.4 ) Definite-lived intangible assets, net 126.5 135.0 Goodwill and other intangible assets, net $ 581.9 $ 590.3 |
Schedule of Goodwill | The following table reflects the changes in the carrying amount of goodwill by business segment (U.S. dollars in millions): Bananas Fresh and Value-Added Products Totals Balance at December 29, 2017 $ 64.7 $ 197.2 $ 261.9 Foreign exchange and other $ (0.2 ) $ (0.3 ) $ (0.5 ) Acquisition of Mann Packing (1) $ — $ 162.0 $ 162.0 Balance at December 28, 2018 $ 64.5 $ 358.9 $ 423.4 Foreign exchange and other $ (0.1 ) $ 0.4 $ 0.3 Balance at December 27, 2019 $ 64.4 $ 359.3 $ 423.7 (1) See Note 4 " Acquisitions " for further discussion on acquisitions. |
Schedule of Sensitivities of Goodwill and Intangible Assets at Risk | The following table highlights the sensitivities of the indefinite-lived intangibles as of December 27, 2019 (U.S. dollars in millions): Banana Del Monte ® Carrying value of indefinite-lived intangible assets $ 64.4 $ 48.8 $ 30.8 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter 9.1 % 2.5 % 6.5 % Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment $ 64.4 $ 47.1 $ 1.0 |
Schedule of Expected Amortization Expense | The estimated amortization expense related to definite-lived intangible assets for the five succeeding years is as follows (U.S. dollars in millions): Year Estimated Amortization Expense 2020 8.0 2021 7.8 2022 7.8 2023 6.9 2024 6.5 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Receivables [Abstract] | |
Financing Receivable Including the Related Allowance for Doubtful Accounts | The following table details the advances to growers and suppliers along with the related allowance for advances to growers and suppliers (U.S. dollars in millions): December 27, December 28, Current Noncurrent Current Noncurrent Gross advances to growers and suppliers $ 39.7 $ 2.4 $ 51.9 $ 3.7 Allowance for advances to growers and suppliers (1.9 ) (0.1 ) (2.1 ) (0.7 ) Net advances to growers and suppliers $ 37.8 $ 2.3 $ 49.8 $ 3.0 |
Credit Risk Profile of Financing Receivable | The following table details the credit risk profile of the above listed financing receivables (U.S. dollars in millions): Current Status Fully Reserved Total Gross advances to growers and suppliers: December 27, 2019 $ 40.1 $ 2.0 $ 42.1 December 28, 2018 52.8 2.8 55.6 |
Allowance for Doubtful Accounts and Related Financing Receivables | The allowance for advances to growers and suppliers and the related financing receivables for the years ended December 27, 2019 and December 28, 2018 were as follows (U.S. dollars in millions): December 27, 2019 December 28, 2018 Allowance for advances to growers and suppliers: Balance, beginning of period $ 2.8 $ 2.9 Provision for uncollectible amounts — 0.8 Deductions to allowance including recoveries (0.7 ) (0.9 ) Balance, end of period $ 2.1 $ 2.8 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following (U.S. dollars in millions): December 27, December 28, 2018 Trade payables $ 284.9 $ 330.8 Accrued fruit purchases 51.1 55.1 Ship and port operating expenses 17.0 18.2 Warehouse and distribution costs 23.7 24.2 Payroll and employee benefits 70.9 71.8 Accrued promotions 21.2 21.6 Other accrued expenses 53.4 54.9 Accounts payable and accrued expenses $ 522.2 $ 576.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for (Benefit from) Income Taxes | The provision for income taxes consisted of the following (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Current: U.S. federal income tax $ 2.1 $ (0.4 ) $ 8.4 State 1.9 0.1 1.5 Non-U.S. 12.2 12.8 13.4 16.2 12.5 23.3 Deferred: U.S. federal income tax 3.0 2.1 2.1 State 1.1 1.3 0.5 Non-U.S. 1.1 0.2 (1.0 ) 5.2 3.6 1.6 $ 21.4 $ 16.1 $ 24.9 |
Schedule of Income Before Income Tax, Domestic and Foreign | Income (loss) before income taxes consisted of the following (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, U.S. $ 32.0 $ 11.9 $ 31.1 Non-U.S. 58.7 (11.7 ) 113.0 $ 90.7 $ 0.2 $ 144.1 |
Differences Between Reported Provision for (Benefit from) Income Taxes and Income Taxes Computed at U.S. Statutory Federal Income Tax Rate | The differences between the reported provision for income taxes and income taxes computed at the U.S. statutory federal income tax rate are explained in the following reconciliation (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Income tax provision (benefit) computed at the U.S. statutory federal rate $ 19.1 $ — $ 50.4 Effect of tax rates on non-U.S. operations (47.4 ) (33.2 ) (67.4 ) Provision for uncertain tax positions 0.8 — 0.7 Non-deductible interest 1.9 2.3 2.4 Foreign exchange (3.7 ) (11.5 ) 2.3 Non-deductible intercompany charges 0.1 (0.1 ) — Non-deductible differences 1.8 0.6 6.0 Non-taxable income/loss (2.5 ) (1.5 ) 0.3 Non-deductible impairment charges 0.4 3.6 — Adjustment to deferred balances — 0.4 0.1 Other 2.4 2.2 (0.9 ) Other taxes in lieu of income 2.9 2.4 1.8 Change in deferred rate 7.4 (1.3 ) 11.7 Increase (decrease) in valuation allowance (1) 38.2 52.2 17.5 Provision for income taxes $ 21.4 $ 16.1 $ 24.9 _____________ (1) The increase in valuation allowance includes effects of foreign exchange and adjustments to deferred tax balances which were fully offset by valuation allowance. |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following (U.S. dollars in millions): December 27, December 28, Deferred tax liabilities: 2019 2018 Allowances and other accrued liabilities $ (1.5 ) $ — Inventories (16.3 ) (13.7 ) Property, plant and equipment (70.6 ) (70.2 ) Equity in earnings of unconsolidated companies (0.1 ) (0.1 ) Pension obligations (3.1 ) (2.5 ) Other noncurrent deferred tax liabilities (12.3 ) (6.5 ) ROU Assets $ (25.6 ) $ — Total noncurrent deferred tax liabilities $ (129.5 ) $ (93.0 ) Deferred tax assets: Allowances and other accrued assets $ 13.5 $ 10.6 Inventories 5.5 5.6 Pension obligations 27.7 24.8 Property, plant and equipment 2.1 2.3 Post-retirement benefits other than pension 1.0 1.0 Net operating loss carryforwards 318.0 287.1 Capital loss carryover 1.5 1.6 Other noncurrent assets 28.5 26.9 Operating Lease 25.8 — Total noncurrent deferred tax assets 423.6 359.9 Valuation allowance (323.3 ) (291.8 ) Total deferred tax assets, net $ 100.3 $ 68.1 Net deferred tax liabilities $ (29.2 ) $ (24.9 ) |
Federal and Foreign Tax Operating Loss Carry-Forwards Expiring | At December 27, 2019 , we had approximately $1,200.6 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2020 $ 19.5 2021 21.5 2022 25.3 2023 8.5 2024 and beyond 18.4 No expiration 1,107.4 $ 1,200.6 |
Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions Excluding Interest and Penalties | A reconciliation of the beginning and ending amount of uncertain tax positions excluding interest and penalties is as follows (U.S. dollars in millions): December 27, 2019 December 28, 2018 December 29, 2017 Beginning balance $ 2.9 $ 3.2 $ 3.2 Gross decreases - tax position in prior period — — — Gross increases - current-period tax positions 0.7 0.1 0.1 Settlements (0.1 ) — — Lapse of statute of limitations — (0.3 ) (0.1 ) Foreign exchange — (0.1 ) — Ending balance $ 3.5 $ 2.9 $ 3.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Leases [Abstract] | |
Lease Assets and Liabilities | The following table presents the lease-related assets and liabilities recorded on the balance sheet as of December 27, 2019 (U.S. dollars in millions): Classification on the Balance Sheet December 27, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 162.1 Finance lease assets Property, plant and equipment, net 1.3 Total lease assets $ 163.4 Liabilities Current Operating Current maturities of operating leases $ 32.5 Finance Current maturities of debt and finance leases 0.3 Noncurrent Operating Operating leases, less current maturities 102.7 Finance Long-term debt and finance leases, less current maturities 0.2 Total lease liabilities $ 135.7 Weighted-average remaining lease term: Operating leases 8.4 years Finance leases 1.9 years Weighted-average discount rate: Operating leases (1) 8.31 % Finance leases 4.44 % (1) Upon adoption of the new lease standard, discount rates used for existing leases were established at December 29, 2018. |
Lease Costs | The following table presents supplemental cash flow information related to the leases for the year ended December 27, 2019 (U.S. dollars in millions): December 27, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 82.1 Financing cash flows for finance leases $ 0.5 The following table presents certain information related to the lease costs for finance and operating leases for the year ended December 27, 2019 (U.S. dollars in millions): December 27, Finance lease cost Amortization of lease assets $ 0.1 Operating lease cost $ 92.5 Short-term lease cost $ 7.5 Variable lease cost $ 6.1 Total lease cost $ 106.2 |
Operating Lease Liability Maturity | The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 27, 2019 (U.S. dollars in millions): Operating Leases Finance Leases 2020 $ 42.1 $ 0.3 2021 30.9 0.2 2022 21.9 — 2023 19.3 — 2024 16.0 — Thereafter 74.3 — Total lease payments 204.5 0.5 Less: imputed interest 69.3 — Total lease liabilities $ 135.2 $ 0.5 |
Finance Lease Liability Maturity | The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 27, 2019 (U.S. dollars in millions): Operating Leases Finance Leases 2020 $ 42.1 $ 0.3 2021 30.9 0.2 2022 21.9 — 2023 19.3 — 2024 16.0 — Thereafter 74.3 — Total lease payments 204.5 0.5 Less: imputed interest 69.3 — Total lease liabilities $ 135.2 $ 0.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following is a summary of the material terms of the Revolving Credit Facility and other working capital facilities at December 27, 2019 (U.S. dollars in millions): Term Maturity Date Interest Rate Borrowing Limit Available Borrowings at December 27, 2019 Bank of America credit facility 5.0 years October 1, 2024 2.94% $ 1,100.0 $ 513.4 Rabobank letter of credit facility 364 days June 17, 2020 Varies 25.0 14.2 Other working capital facilities Varies Varies Varies 23.3 11.4 $ 1,148.3 $ 539.0 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt obligations during the next five years are (U.S. dollars in millions): Fiscal Years Long-Term 2020 $ 18.2 2021 21.2 2022 23.5 2023 25.9 2024 596.1 684.9 Less: Amounts representing interest (1) (98.3 ) 586.6 Less: Current portion $ — Totals, net of current portion of long-term debt and finance lease obligations $ 586.6 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 2.9% . |
Earnings (Loss) Per Ordinary _2
Earnings (Loss) Per Ordinary Share (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted net income per ordinary share is calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Numerator: Net income (loss) attributable to Fresh Del Monte Produce Inc. $ 66.5 $ (21.9 ) $ 120.8 Denominator: Weighted average number of ordinary shares - Basic 48,291,345 48,625,175 50,247,881 Effect of dilutive securities - share-based employee options and awards 102,768 — 340,827 Weighted average number of ordinary shares - Diluted 48,394,113 48,625,175 50,588,708 Antidilutive Options and Awards (1) 124,448 851,645 96,115 Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ 1.38 $ (0.45 ) $ 2.40 Diluted $ 1.37 $ (0.45 ) $ 2.39 (1) Options to purchase shares of common stock and unvested RSUs and PSUs are not included in the calculation of net (loss) income per ordinary share because the effect would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Equity [Abstract] | |
Schedule of Comprehensive Income (Loss) | The following table includes the changes in accumulated other comprehensive (loss) income by component under the ASC on “ Comprehensive Income ” for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) Changes in Fair Value of Effective Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 29, 2017 $ (1.4 ) $ (6.7 ) $ (22.5 ) $ (30.6 ) Other comprehensive (loss) income before reclassifications (0.6 ) (8.2 ) (2) 0.8 (8.0 ) Amounts reclassified from accumulated other comprehensive (loss) income (3.8 ) — 0.8 (3.0 ) Net current period other comprehensive (loss) income (4.4 ) (8.2 ) 1.6 (11.0 ) Balance at December 28, 2018 $ (5.8 ) $ (14.9 ) $ (20.9 ) $ (41.6 ) Other comprehensive (loss) before reclassifications (12.5 ) (3) (0.9 ) (2) (3.7 ) (17.1 ) Amounts reclassified from accumulated other comprehensive (loss) income (7.2 ) — 0.5 (6.7 ) Net current period other comprehensive loss (19.7 ) (0.9 ) (3.2 ) (23.8 ) Balance at December 27, 2019 $ (25.5 ) $ (15.8 ) $ (24.1 ) $ (65.4 ) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a loss of $ 1.2 million for the year ended December 27, 2019 and a loss of $1.3 million for the year ended December 28, 2018 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table includes details about amounts reclassified from accumulated other comprehensive (loss) income by component for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): December 27, 2019 December 28, 2018 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the statement where net income is presented Changes in fair value of effective cash flow hedges: Foreign currency cash flow hedges $ (8.1 ) $ (5.3 ) Net sales Foreign currency cash flow hedges (1.5 ) — Cost of products sold Interest rate swaps $ 2.4 $ 1.5 Interest expense Total $ (7.2 ) $ (3.8 ) Amortization of retirement benefits: Actuarial losses (1) $ 0.5 $ 0.8 Other expense, net Total $ 0.5 $ 0.8 (1) Refer to Note 14 , " Retirement and Other Employee Benefits " for additional information on reclassification of certain net periodic pension costs due to adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. |
Retirement and Other Employee_2
Retirement and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Retirement Benefits [Abstract] | |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans | The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 27, 2019 and December 28, 2018 , which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 27, 2019 December 28, December 27, 2019 December 28, 2018 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 15.2 $ 58.4 $ 16.7 $ 64.6 $ 61.2 $ 67.1 Service cost — — — — 5.4 5.9 Interest cost 0.6 1.4 0.5 1.5 4.7 4.0 Actuarial (gain) loss 1.5 3.6 (0.7 ) (3.0 ) 6.6 (6.6 ) Benefits paid (1.3 ) (1.9 ) (1.3 ) (2.3 ) (8.1 ) (5.7 ) Exchange rate changes (2) — 1.8 — (3.8 ) 1.3 (3.5 ) Settlement gain — (4.4 ) — — — — Plan amendment — — — 1.4 — — Ending benefit obligation 16.0 58.9 15.2 58.4 71.1 61.2 Change in Plan Assets: Beginning fair value 11.9 52.3 13.9 61.3 — — Actual return on plan assets 2.2 8.4 (0.9 ) (5.0 ) — — Company contributions 0.2 1.8 0.2 1.8 8.1 5.7 Effect of settlements $ — $ (4.4 ) $ — $ — $ — $ — Benefits paid (1.3 ) (1.9 ) (1.3 ) (2.3 ) (8.1 ) (5.7 ) Exchange rate changes (2) — 1.8 — (3.5 ) — — Ending fair value 13.0 58.0 11.9 52.3 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — 8.2 8.1 Retirement benefits liability (noncurrent liability) 3.0 0.9 3.2 6.0 62.9 53.1 Net amount recognized in the Consolidated Balance Sheets $ 3.0 $ 0.9 $ 3.2 $ 6.0 $ 71.1 $ 61.2 Amounts recognized in Accumulated other comprehensive loss: (3) Net actuarial loss (9.3 ) (4.6 ) (9.4 ) (7.7 ) (13.1 ) (6.4 ) Net amount recognized in accumulated other comprehensive loss $ (9.3 ) $ (4.6 ) $ (9.4 ) $ (7.7 ) $ (13.1 ) $ (6.4 ) (1) The accumulated benefit obligation is the same as the projected benefit obligation. (2) The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 27, 2019 and December 28, 2018 , when compared to the previous year. (3) We had accumulated other comprehensive income of $5.9 million as of December 27, 2019 and $5.1 million as of December 28, 2018 related to the tax effect of unamortized pension gains. |
Roll Forward of AOCI Balances | The following table provides a roll forward of the accumulated other comprehensive (loss) income ("AOCI") balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 27, 2019 December 28, December 27, December 28, Reconciliation of AOCI U.S. U.K. U.S. U.K. Central America Central America AOCI (loss) at beginning of plan year $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) Amortization of net losses recognized during the year 0.4 0.1 0.4 (0.4 ) 0.1 0.8 Net (losses) gains occurring during the year (0.3 ) 3.0 (1.1 ) (5.7 ) (6.6 ) 6.6 Currency exchange rate changes — — — 0.1 (0.2 ) 0.4 AOCI (loss) at end of plan year $ (9.3 ) $ (4.6 ) $ (9.4 ) $ (7.7 ) $ (13.1 ) $ (6.4 ) |
Post-retirement Healthcare Plans Assumptions | The amounts in AOCI expected to be amortized as a component of net period cost in the upcoming year are (U.S. dollars in millions): Pension plans Post-retirement U.S. U.K. Central America 2020 amortization of net losses $ 0.4 $ — $ 0.1 |
Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans | The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 27, 2019 December 28, 2018 December 29, 2017 December 27, 2019 December 28, 2018 December 29, 2017 U.S. U.K. U.S. U.K. U.S. U.K. Central Central America Central Service cost $ — $ — $ — $ — $ — $ — $ 5.4 $ 5.9 $ 5.6 Interest cost 0.6 1.4 0.5 1.5 0.6 1.5 4.7 4.0 4.4 Expected return on assets (1.0 ) (2.0 ) (1.0 ) (2.5 ) (1.0 ) (2.4 ) — — — Net amortization 0.4 0.1 0.4 (0.4 ) 0.4 — 0.1 0.8 0.8 Settlement loss — 0.4 — — — — — — — Net periodic cost (income) $ — $ (0.1 ) $ (0.1 ) $ (1.4 ) $ — $ (0.9 ) $ 10.2 $ 10.7 $ 10.8 |
Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans | The assumptions used in the calculation of the benefit obligations of our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 27, 2019 December 28, 2018 December 29, 2017 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 3.00 % 2.00 % 6.27 % 4.10 % 2.80 % 8.06 % (1) 3.45 % 2.45 % 6.50 % Rate of increase in compensation levels — — 4.71 % — — % 4.75 % — 2.40 % 4.75 % The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 27, 2019 December 28, 2018 December 29, 2017 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central America Weighted average discount rate 4.10 % 2.80 % 8.12 % 3.45 % 2.45 % 6.51 % (1) 3.85 % 2.60 % 7.10 % Rate of increase in compensation levels — — 4.71 % — — % 4.75 % — 2.50 % 4.75 % Expected long-term rate of return on assets 7.50 % 4.22 % — 7.50 % 4.22 % — 7.50 % 4.50 % — (1) The increase or decrease in the weighted average discount rate assumption for the benefit obligation and net periodic pension costs increased due to an increase or decrease in inflation assumptions and country-specific investments. |
Expected Benefit Payments | Cash Flows Pension plans Post-retirement U.S. U.K. Central America Expected benefit payments for: 2020 $ 1.3 $ 1.8 $ 8.2 2021 1.3 1.9 6.9 2022 1.2 1.9 6.7 2023 1.2 2.1 6.7 2024 1.1 2.2 7.5 Next 5 years 5.0 12.4 32.3 Expected benefit payments over the next 10 years $ 11.1 $ 22.3 $ 68.3 |
Fair Values of Plan Assets by Asset Category | The fair values of our U.K. plan assets by asset category are as follows: Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.5 $ 0.5 $ — $ — Equity securities: United Kingdom companies — — — — Diversified growth funds 16.7 — 16.7 — Other international companies 9.2 — 9.2 — Fixed income securities: United Kingdom government bonds 13.0 — 13.0 — Liability-driven investments 18.6 — 18.6 — Total $ 58.0 $ 0.5 $ 57.5 $ — Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.8 $ 0.8 $ — $ — Equity securities: United Kingdom companies 4.5 — 4.5 — Diversified growth funds 17.5 — 17.5 — Other international companies 15.0 — 15.0 — Fixed income securities: United Kingdom government bonds 6.1 — 6.1 — Liability-driven investments 8.4 — 8.4 — Total $ 52.3 $ 0.8 $ 51.5 $ — The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.6 $ 5.6 $ — $ — Value securities 2.9 2.9 — — Growth securities 4.5 4.5 — — Total $ 13.0 $ 13.0 $ — $ — 14 . Retirement and Other Employee Benefits (continued) The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.4 $ 5.4 $ — $ — Value securities 2.2 2.2 — — Growth securities 4.3 4.3 — — Total $ 11.9 $ 11.9 $ — $ — |
Share-Based Compensation (Tabl
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards | Share-based compensation expense included in selling, general and administrative expenses related to stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") is included in the accompanying Consolidated Statements of Operations as follows (U.S. dollars in millions): Year ended Types of Awards December 27, 2019 December 28, 2018 December 29, 2017 Stock options $ — $ 0.1 $ 0.5 RSUs/PSUs 7.4 10.3 10.7 RSAs 1.0 1.1 0.9 Total $ 8.4 $ 11.5 $ 12.1 |
Restricted Stock Units Award Activity | The following table lists the RSA for the years ended December 27, 2019 and December 28, 2018 : Date of Award Shares of Price Per Share Awards for the year ended 2019: May 1, 2019 $ 2,830 29.44 January 2, 2019 $ 30,891 28.32 Awards for the year ended 2018: August 2, 2018 $ 1,687 49.38 January 2, 2018 $ 21,304 46.93 Awards for the year ended 2017: January 3, 2017 $ 14,294 61.21 |
Schedule of RSUs / PSUs Awarded | The following table lists the various RSUs/PSUs awarded under the 2014 Plan and Prior Plans for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions except share and per share data): 15 . Share-Based Compensation (continued) Date of Award Type of Award Units Awarded Price Per Share Awards for the year ended 2019: July 31, 2019 PSU 4,250 30.33 March 25, 2019 RSU 5,000 26.55 February 20, 2019 PSU 85,000 27.71 February 20, 2019 RSU 133,750 27.71 Awards for the year ended 2018: June 25, 2018 RSU 2,000 44.78 February 21, 2018 RSU 125,000 46.35 February 21, 2018 PSU 85,000 46.35 Awards for the year ended 2017: August 2, 2017 RSU 48,700 49.75 February 22, 2017 PSU 100,000 56.52 February 22, 2017 RSU 50,000 56.52 |
Schedule of RSUs / PSUs Activity | The following table summarizes RSUs/PSUs activity for the years ended December 27, 2019 , December 28, 2018 , December 29, 2017 : Number of Weighted RSUs/PSUs outstanding at January 1, 2017 932,036 $ 36.09 Granted 208,743 54.17 Converted (336,112 ) 34.91 Canceled (43,515 ) 43.77 RSUs/PSUs outstanding at December 29, 2017 761,152 41.13 Granted 223,531 46.10 Converted (279,440 ) 41.31 Canceled (21,948 ) 50.40 RSUs/PSUs outstanding at December 28, 2018 683,295 42.39 Granted 230,037 27.83 Converted (384,717 ) 37.65 Canceled (69,339 ) 42.93 RSUs/PSUs outstanding at December 27, 2019 459,276 38.99 Vested at December 29, 2017 235,332 $ 26.49 Vested at December 28, 2018 249,767 $ 31.28 Vested at December 27, 2019 52,903 $ 32.65 |
Summary of RSUs / PSUs Outstanding | Information about RSUs/PSUs outstanding at December 27, 2019 was as follows: Grant Date Market Value Outstanding Outstanding Vested Vested Intrinsic Value $ 27.71 77,347 $ 0.6 — $ — $ 27.71 100,250 0.7 — — $ 26.55 4,018 — — — $ 30.33 4,269 — — — $ 44.78 1,216 — — — $ 46.35 66,553 — — — $ 46.35 45,507 — — — $ 40.03 3,133 — — — $ 56.52 40,678 — 4,601 — $ 56.52 20,643 — — — $ 59.83 20,729 — — — $ 49.75 14,721 — — — $ 38.99 12,514 — 11,034 — $ 38.99 10,428 — — — $ 33.44 10,047 — 10,047 — $ 33.44 — — — — $ 25.52 10,735 0.1 10,733 0.1 $ 26.52 10,929 0.1 10,928 0.1 $ 24.68 5,559 0.1 5,560 0.1 459,276 $ 1.6 52,903 $ 0.3 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows | We had the following outstanding foreign currency forward contracts as of December 27, 2019 : Foreign Currency Contracts Qualifying as Cash Flow Hedges: Notional Amount British pound £ 14.5 million Chilean peso CLP 8,944.8 million Euro € 49.5 million Japanese yen JPY 4,746.9 million Korean won KRW 33,855.0 million |
Fair Values of Derivative Instruments | The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Derivatives Designated as Hedging Instruments (1) Foreign exchange contracts Interest Rate Swaps Total Balance Sheet Location: December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Asset derivatives: Prepaid expenses and other current assets $ 1.7 $ 1.6 $ — $ — $ 1.7 (2) $ 1.6 Total asset derivatives $ 1.7 $ 1.6 $ — $ — $ 1.7 $ 1.6 Liability derivatives: Accounts payable and accrued expenses $ 0.7 $ 0.8 $ — $ — $ 0.7 (2) $ 0.8 Other non-current liabilities — — 30.3 7.6 30.3 (2) 7.6 Total liability derivatives $ 0.7 $ 0.8 $ 30.3 $ 7.6 $ 31.0 $ 8.4 (1) See Note 18 , " Fair Value Measurements, " for fair value disclosures. (2) We expect that $1.0 million of the fair value of hedges recognized as a net gain in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months, and the remaining net loss of $31.0 million in AOCI over a period of 9 years , along with the earnings effect of the related forecasted transactions. |
Effect of Derivative Instruments on the Consolidated Statements of Income | The following table reflects the effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions): Derivatives in Cash Flow Amount of (Loss) Gain Recognized in Other Location of (Loss) Gain Reclassified Amount of Gain (Loss) Reclassified from Year ended Year ended December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Foreign exchange contracts $ (0.1 ) $ 1.6 Net sales $ 8.1 $ 5.3 Foreign exchange contracts 0.2 0.6 Cost of products sold 1.5 — Interest rate swaps, net of tax (19.8 ) (6.6 ) Interest expense (2.4 ) (1.5 ) Total $ (19.7 ) $ (4.4 ) $ 7.2 $ 3.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities Measured on a Recurring Basis | The following table provides a summary of the fair values of our derivative financial instruments measured on a recurring basis under “ Fair Value Measurements and Disclosures ” (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net asset (liability) Interest rate contracts, net (liability), asset December 27, 2019 December 28, 2018 December 27, 2019 December 28, 2018 Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) 1.0 0.8 (30.3 ) (7.6 ) Significant unobservable inputs (Level 3) — — — — |
Fair Values of Assets and Liabilities Measured on a Non-Recurring Basis | The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Equity Investment $ 1.3 $ — $ — $ 1.3 $ 1.3 $ — $ — $ 1.3 The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant Philippines contract terminations $ 1.9 $ — $ — $ 1.9 Underutilized assets in Central America 6.5 — — 6.5 Del Monte ® Prepared Foods reporting unit's trade names and trademarks 31.9 — — 31.9 Tomato production assets held for sale in the United States 45.4 — — 45.4 $ 85.7 $ — $ — $ 85.7 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Our fiscal quarter-ends correspond to the last Friday of the 13-week period, beginning the day following our fiscal year end. The following summarizes certain quarterly operating data (U.S. dollars in millions, except per share data): Quarter ended March 29, 2019 June 28, 2019 September 27, 2019 December 27, 2019 (2) Net sales $ 1,154.2 $ 1,239.4 $ 1,070.2 $ 1,025.2 Gross profit 93.3 96.3 74.7 36.3 Net income (loss) 37.2 39.0 18.2 (25.1 ) Net income (loss) attributable to Fresh Del Monte (4) 36.1 38.1 18.1 (25.8 ) Net income (loss) per ordinary share attributable to (1) $ 0.74 $ 0.79 $ 0.38 $ (0.54 ) Net income (loss) per ordinary share attributable to (1) $ 0.74 $ 0.78 $ 0.38 $ (0.54 ) Dividends declared per ordinary share $ — $ — $ 0.060 $ 0.080 March 30, 2018 June 29, 2018 (3) September 28, 2018 (3) December 28, 2018 (3) Net sales $ 1,106.1 $ 1,272.4 $ 1,069.5 $ 1,045.9 Gross profit 106.5 78.3 52.6 42.4 Net income (loss) 43.2 (5.6 ) (21.2 ) (32.3 ) Net income (loss) attributable to Fresh Del Monte 41.5 (7.9 ) (21.5 ) (34.0 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 (1) Basic and diluted earnings per share for each of the quarters presented above is based on the respective weighted average number of shares for the quarters. The sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per share amounts due to rounding. (2) Diluted earnings per share for the quarter ended December 27, 2019 excludes the impact of antidilutive share-based payment awards for 235,106 ordinary shares, as they were antidilutive. (3) Diluted earnings per share for the following quarters excludes the impact of antidilutive share based payment awards for ordinary shares as they were antidilutive as follows: 739,106 ordinary shares for the quarter ended June 29, 2018 , 620,017 ordinary shares for the quarter ended September 28, 2018 and 851,645 for the quarter ended December 28, 2018 . (4) Refer to Note 16. " Commitments and Contingencies ", for further discussion of the Mann Packing recall event which occurred during the fourth quarter ended December 27, 2019. |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Segment Reporting [Abstract] | |
Net sales and gross profit by geographic region | Our North America region included the following Mann Packing results: Period from February 27, 2018 to December 28, 2018 Net Sales Gross Profit Fresh and value-added products $ 488.6 $ 36.0 We evaluate performance based on several factors, of which net sales and gross profit by product are the primary financial measures (U.S. dollars in millions): Year ended December 27, 2019 December 28, 2018 December 29, 2017 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Fresh and value-added products $ 2,704.4 $ 194.7 $ 2,654.7 $ 190.0 $ 2,184.4 $ 213.4 Bananas 1,656.0 97.1 1,703.1 84.1 1,775.1 113.4 Other products and services 128.6 8.8 136.1 5.7 126.4 4.8 Totals $ 4,489.0 $ 300.6 $ 4,493.9 $ 279.8 $ 4,085.9 $ 331.6 |
Net sales by geographic region | Year ended Net sales by geographic region: December 27, 2019 December 28, 2018 December 29, North America $ 2,923.8 $ 2,871.3 $ 2,382.4 Europe 645.2 653.7 665.9 Middle East 425.8 445.6 518.8 Asia 453.0 465.7 460.2 Other 41.2 57.6 58.6 Total net sales $ 4,489.0 $ 4,493.9 $ 4,085.9 |
Net sales by product | The following table indicates our net sales by product: Year ended December 27, 2019 December 28, 2018 December 29, 2017 Segments: Fresh and value-added products: Fresh-cut fruit $ 524.4 12 % $ 507.5 11 % $ 496.9 12 % Fresh-cut vegetables 455.9 10 % 419.8 10 % 93.9 2 % Pineapples 454.8 10 % 487.9 11 % 492.7 12 % Avocados 380.7 9 % 329.2 8 % 314.9 8 % Non-tropical fruit 195.9 4 % 226.7 5 % 235.7 6 % Prepared food 279.6 6 % 267.1 6 % 229.5 6 % Melons 92.4 2 % 107.8 2 % 106.8 2 % Tomatoes 52.3 1 % 62.5 1 % 77.8 2 % Vegetables 176.6 4 % 150.8 3 % 25.9 1 % Other fruit and vegetables 91.8 2 % 95.4 2 % 110.3 3 % Total fresh and value-added products $ 2,704.4 60 % $ 2,654.7 59 % $ 2,184.4 54 % Bananas 1,656.0 37 % 1,703.1 38 % 1,775.1 43 % Other products and services 128.6 3 % 136.1 3 % 126.4 3 % Total $ 4,489.0 100 % $ 4,493.9 100 % $ 4,085.9 100 % |
Long-lived assets by geographical region | Property, plant and equipment, net: December 27, 2019 December 28, 2018 North America $ 238.7 $ 241.4 Europe 35.2 51.4 Middle East 130.9 129.6 Africa 44.6 44.8 Asia 130.9 128.4 Central America 664.7 644.1 South America 84.8 90.5 Maritime equipment (including containers) 66.2 52.9 Corporate 7.2 9.1 Total property, plant and equipment, net $ 1,403.2 $ 1,392.2 Identifiable assets: December 27, 2019 December 28, 2018 North America $ 925.3 $ 933.0 Europe 279.9 297.1 Middle East 301.4 278.9 Africa 174.9 162.0 Asia 268.0 239.2 Central America 1,066.5 1,026.5 South America 159.9 165.0 Maritime equipment (including containers) 78.0 66.9 Corporate 96.0 86.6 Total identifiable assets $ 3,349.9 $ 3,255.2 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 27, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Repurchase Activity | The following represents a summary of repurchase activity during years ended December 27, 2019 and December 28, 2018 (U.S. dollars in millions, except share and per share data): Year ended December 27, 2019 December 28, 2018 Shares USD Average price per share Shares USD Average price per share Year ended: 723,062 $ 17.8 $ 24.68 730,532 $ 29.4 $ 40.26 |
Schedule of Dividends Declared | The following is a summary of the dividends declared per share for the years ended December 27, 2019 and December 28, 2018 : Year ended December 27, 2019 December 28, 2018 Dividend Declared Date Cash Dividend Declared, per Ordinary Share Dividend Declared Date Cash Dividend Declared, per Ordinary Share December 6, 2019 $ 0.08 December 7, 2018 $ 0.15 September 6, 2019 $ 0.06 September 7, 2018 $ 0.15 June 1, 2018 $ 0.15 March 30, 2018 $ 0.15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Jan. 01, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Other accounts receivable, value added taxes receivable current | $ 28.8 | $ 29.9 | ||
Other accounts receivable, allowance for value added tax receivable current | 0.1 | 0.5 | ||
Other accounts receivable, value added taxes receivable noncurrent | 22.5 | 21.5 | ||
Other accounts receivable, allowance for value added tax receivable noncurrent | $ 6.5 | 9.2 | ||
Useful life | 23 years 1 month 6 days | |||
Amortization expense for definite-lived intangible assets | $ 8.5 | 7 | $ 0.8 | |
Asset impairment charges | 8.1 | 35.1 | 3.7 | |
Advertising and promotional costs | 14.9 | 15.2 | 12.8 | |
Amortization of debt issuance costs | 1 | 0.7 | 0.5 | |
Foreign exchange loss | 8.9 | 10.4 | 2 | |
Excess tax benefit reclassified from financing activities | 108.9 | (242) | 53.8 | |
Deferred income taxes | 100.3 | 68.1 | ||
Retained earnings | 1,252.7 | 1,206 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 18.6 | $ 7.1 | $ (3) | |
Minimum | Buildings | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 10 years | |||
Minimum | Maritime and other equipment, including ships and containers | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 5 years | |||
Minimum | Machinery and equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 3 years | |||
Minimum | Furniture, fixtures and office equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 3 years | |||
Minimum | Automotive equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 5 years | |||
Maximum | Buildings | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 40 years | |||
Maximum | Maritime and other equipment, including ships and containers | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 20 years | |||
Maximum | Machinery and equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 20 years | |||
Maximum | Furniture, fixtures and office equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 7 years | |||
Maximum | Automotive equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, minimum estimated useful lives (in years) | 10 years | |||
Accounts Receivable | ||||
Significant Accounting Policies [Line Items] | ||||
Percent of trade accounts receivable | 12.00% | |||
Retained Earnings | Accounting Standards Update 2016-16 | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ (3.2) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Accounting Policies [Abstract] | ||
Finished goods | $ 203.5 | $ 217.4 |
Raw materials and packaging supplies | 155.8 | 167 |
Growing crops | 192.5 | 180.9 |
Total inventories | $ 551.8 | $ 565.3 |
Asset Impairment and Other Ch_3
Asset Impairment and Other Charges, Net - Asset Impairment and Exit Activity Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Asset impairment and other charges, net | $ 9.1 | $ 42.3 | $ 1.8 |
Long-lived and other asset impairment | 8.1 | 35.1 | 3.7 |
Exit activity and other charges (credits) | 1 | 7.2 | (1.9) |
Total | 9.1 | 42.3 | 1.8 |
Philippines | Contract termination costs | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.9 | ||
Bananas | Philippines | Philippine exit activities of certain low-yield areas | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 4.7 | 30 | |
Exit activity and other charges (credits) | 0 | 2.3 | |
Total | 4.7 | 32.3 | |
Bananas | Philippines | Philippine previously announced exit activities of certain areas | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 0.5 | ||
Total | 0.5 | ||
Bananas | Philippines | Floods | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.8 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 0.8 | ||
Bananas | Central America | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.8 | 0.6 | |
Exit activity and other charges (credits) | 0 | 0 | |
Total | 1.8 | 0.6 | |
Bananas | Central America | Cost reduction initiatives | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.8 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 1.8 | ||
Fresh and value-added products | North America vegetable product recall | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 0.5 | ||
Total | 0.5 | ||
Fresh and value-added products | Other fresh and value-added products segment charges | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 0.5 | ||
Fresh and value-added products | Acquisition costs | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 4.1 | ||
Total | 4.1 | ||
Fresh and value-added products | Other fresh produce segment charges (credits) | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | 0 | |
Exit activity and other charges (credits) | (1.6) | 0.5 | |
Total | (1.6) | 0.5 | |
Fresh and value-added products | Central America | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 0.5 | ||
Fresh and value-added products | United States | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 1 | ||
Fresh and value-added products | Chile | Floods | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.8 | ||
Exit activity and other charges (credits) | 1 | ||
Total | 1.8 | ||
Fresh and value-added products | Chile | Cost reduction initiatives | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 2.4 | ||
Total | $ 2.4 | ||
Fresh and value-added products | Chile | Insurance recoveries | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | (3.4) | ||
Total | (3.4) | ||
Fresh and value-added products | Africa | Investment write-off | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | $ 1.5 | ||
Equity Method Investments [Member] | Fresh and value-added products | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 2.9 | ||
Exit activity and other charges (credits) | 0 | ||
Total | $ 2.9 | ||
Three Limes Inc. | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Ownership interest (percentage) | 10.00% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Feb. 26, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Jun. 29, 2018 |
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, net | $ 126.5 | $ 135 | |||
Payments to acquire business | 0 | 357.5 | $ 0 | ||
Goodwill | 423.7 | 423.4 | 261.9 | ||
Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 357.2 | 357.2 | |||
Redeemable noncontrolling interest | 47.4 | ||||
Definite-lived intangible assets, net | 139.8 | ||||
Goodwill | 162 | ||||
Put option window | 5 years | ||||
Promissory Note | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Liabilities incurred for business acquisition | $ 229.7 | ||||
Term | 3 days | ||||
Credit Facility | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Liabilities incurred for business acquisition | $ 127.5 | ||||
Adjustment | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | 357.2 | ||||
Percentage of voting interests acquired | 100.00% | ||||
Eliminated nonrecurring acquisition related costs | $ (3.8) | ||||
Customer Lists | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, net | $ 115.6 | ||||
Weighted average amortization period | 23 years | ||||
Trademarks and Trade Names | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, net | $ 24.2 | ||||
Weighted average amortization period | 11 years | ||||
Other fresh produce | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 359.3 | $ 358.9 | $ 197.2 | ||
Other fresh produce | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 162 | ||||
Subsidiary | Mann Packing | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 25.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,422.3 | $ 2,343.2 |
Less: accumulated depreciation and amortization | (1,019.1) | (951) |
Property, plant and equipment, net | 1,403.2 | 1,392.2 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 704.4 | 702.9 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 610.5 | 586 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 611.4 | 603.6 |
Maritime equipment (including containers) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 115.8 | 117.2 |
Property, plant and equipment, net | 66.2 | 52.9 |
Furniture, fixtures and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 99.8 | 97.2 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 80 | 77.1 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 200.4 | $ 159.2 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 10 Months Ended | 12 Months Ended | |||
Dec. 28, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Feb. 26, 2018 | |
Current assets: | |||||
Goodwill | $ 423.4 | $ 423.7 | $ 423.4 | $ 261.9 | |
Business Combination, Additional Disclosures [Abstract] | |||||
Interest expense | 25.4 | $ 23.6 | $ 6.4 | ||
Mann Packing | |||||
Current assets: | |||||
Cash and cash equivalents | 1.4 | ||||
Trade accounts receivable, net of allowance | 37 | ||||
Other accounts receivable, net of allowance | 5.3 | ||||
Inventories, net | 23.8 | ||||
Prepaid expenses and other current assets | 3.9 | ||||
Total current assets | 71.4 | ||||
Property, plant and equipment, net | 96.2 | ||||
Definite-lived intangible assets, net | 139.8 | ||||
Goodwill | 162 | ||||
Total assets acquired | 469.4 | ||||
Current liabilities: | |||||
Accounts payable and accrued expenses | 64.8 | ||||
Total current liabilities | 64.8 | ||||
Less: Redeemable noncontrolling interest | 47.4 | ||||
Net assets acquired | 357.2 | $ 357.2 | |||
Results From Acquiree Since Acquisition Date, Actual [Abstract] | |||||
Net sales | 488.6 | ||||
Net income attributable to Fresh Del Monte Produce, Inc. | $ (1.7) | ||||
Pro Forma Information [Abstract] | |||||
Net sales | 4,573.1 | ||||
Net income attributable to Fresh Del Monte Produce, Inc. | (18.6) | ||||
Mann Packing | Adjustment | |||||
Pro Forma Information [Abstract] | |||||
Net income attributable to Fresh Del Monte Produce, Inc. | 10.8 | ||||
Business Combination, Additional Disclosures [Abstract] | |||||
Interest expense | 1.9 | ||||
Non-recurring acquisition transactions | $ 12.7 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 89.6 | $ 92.2 | $ 78.3 |
Containers, machinery and equipment and automotive equipment under capital leases | 2.1 | 1.4 | |
Assets under capital leases, accumulated amortization | 0.8 | 0.4 | |
(Gain) loss on disposal of property, plant and equipment, net | $ (18.6) | $ (7.1) | $ 3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 423.7 | $ 423.4 | $ 261.9 |
Indefinite-lived intangible assets: | |||
Trademarks | 31.7 | 31.9 | |
Definite-lived intangible assets: | |||
Definite-lived intangible assets | 150.4 | 150.4 | |
Accumulated amortization | (23.9) | (15.4) | |
Definite-lived intangible assets, net | 126.5 | 135 | |
Goodwill and other intangible assets, net | $ 581.9 | $ 590.3 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning | $ 423.4 | $ 261.9 |
Foreign exchange and other | 0.3 | (0.5) |
Acquisition of Mann Packing(1) | 162 | |
Goodwill, ending | 423.7 | 423.4 |
Bananas | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 64.5 | 64.7 |
Foreign exchange and other | (0.1) | (0.2) |
Acquisition of Mann Packing(1) | 0 | |
Goodwill, ending | 64.4 | 64.5 |
Fresh and Value-Added Products | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 358.9 | 197.2 |
Foreign exchange and other | 0.4 | (0.3) |
Acquisition of Mann Packing(1) | 162 | |
Goodwill, ending | $ 359.3 | $ 358.9 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Sensitivities of Goodwill and Indefinite-Lived Intangibles at Risk (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 29, 2017 |
Bananas | Goodwill | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Intangible assets, including goodwill | $ 64.4 | |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter | 9.10% | |
Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment | $ 64.4 | |
Prepared Food | Remaining Del Monte Trademarks | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Intangible assets, including goodwill | $ 48.8 | |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter | 2.50% | |
Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment | $ 47.1 | |
Prepared Food Reporting Unit | Trademarks and Trade Names | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Intangible assets, including goodwill | $ 30.8 | |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter | 6.50% | |
Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment | $ 1 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Millions | Dec. 27, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 8 |
2021 | 7.8 |
2022 | 7.8 |
2023 | 6.9 |
2024 | $ 6.5 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill accumulated impairment loss | $ 88,100,000 | ||
Goodwill impairment charges | 0 | ||
Goodwill and trademarks impairment charges | 300,000 | $ 11,300,000 | $ 900,000 |
Trademarks and Trade Names | United Kingdom | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and trademarks impairment charges | $ 11,300,000 | ||
Trademarks and Trade Names | United Kingdom | Totals | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and trademarks impairment charges | 300,000 | ||
Fair value of brand name license | $ 800,000 |
Financing Receivables - Narrat
Financing Receivables - Narrative (Details) - Maximum | 12 Months Ended |
Dec. 27, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable term | 1 year |
Long Term Advances to Growers | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable term | 4 years |
Financing Receivables - Advanc
Financing Receivables - Advances to Growers Along with the Related Allowance for Doubtful Accounts (Details) - Advances to Growers - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Current | ||
Gross advances to growers and suppliers | $ 39.7 | $ 51.9 |
Allowance for advances to growers and suppliers | (1.9) | (2.1) |
Net advances to growers and suppliers | 37.8 | 49.8 |
Noncurrent | ||
Gross advances to growers and suppliers | 2.4 | 3.7 |
Allowance for advances to growers and suppliers | (0.1) | (0.7) |
Net advances to growers and suppliers | $ 2.3 | $ 3 |
Financing Receivables - Credit
Financing Receivables - Credit Risk Profile (Details) - Advances to Growers - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Status | $ 40.1 | $ 52.8 |
Fully Reserved | 2 | 2.8 |
Total | $ 42.1 | $ 55.6 |
Financing Receivables - Allowa
Financing Receivables - Allowance for Doubtful Accounts and Related Financing Receivables (Details) - Advances to Growers - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for advances to growers and suppliers, beginning of period | $ 2.8 | $ 2.9 |
Provision for uncollectible amounts | 0 | 0.8 |
Deductions to allowance including recoveries | (0.7) | (0.9) |
Allowance for advances to growers and suppliers, end of period | $ 2.1 | $ 2.8 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 284.9 | $ 330.8 |
Accrued fruit purchases | 51.1 | 55.1 |
Ship and port operating expenses | 17 | 18.2 |
Warehouse and distribution costs | 23.7 | 24.2 |
Payroll and employee benefits | 70.9 | 71.8 |
Accrued promotions | 21.2 | 21.6 |
Other accrued expenses | 53.4 | 54.9 |
Accounts payable and accrued expenses | $ 522.2 | $ 576.6 |
Other accrued expenses and accounts payable maximum risk percentage | 5.00% |
Income Taxes - Provision for (
Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Current: | |||
U.S. federal income tax | $ 2.1 | $ (0.4) | $ 8.4 |
State | 1.9 | 0.1 | 1.5 |
Non-U.S. | 12.2 | 12.8 | 13.4 |
Total | 16.2 | 12.5 | 23.3 |
Deferred: | |||
U.S. federal income tax | 3 | 2.1 | 2.1 |
State | 1.1 | 1.3 | 0.5 |
Non-U.S. | 1.1 | 0.2 | (1) |
Total | 5.2 | 3.6 | 1.6 |
Provision for income taxes | $ 21.4 | $ 16.1 | $ 24.9 |
Income Taxes - Income Before I
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 32 | $ 11.9 | $ 31.1 |
Non-U.S. | 58.7 | (11.7) | 113 |
Income before income taxes | $ 90.7 | $ 0.2 | $ 144.1 |
Income Taxes - Differences Bet
Income Taxes - Differences Between Reported Provision for (Benefit from) Income Taxes and Income Taxes Computed at U.S. Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) computed at the U.S. statutory federal rate | $ 19.1 | $ 0 | $ 50.4 |
Effect of tax rates on non-U.S. operations | (47.4) | (33.2) | (67.4) |
Provision for uncertain tax positions | 0.8 | 0 | 0.7 |
Non-deductible interest | 1.9 | 2.3 | 2.4 |
Foreign exchange | (3.7) | (11.5) | 2.3 |
Non-deductible intercompany charges | 0.1 | (0.1) | 0 |
Non-deductible differences | 1.8 | 0.6 | 6 |
Non-taxable income/loss | (2.5) | (1.5) | 0.3 |
Non-deductible impairment charges | 0.4 | 3.6 | 0 |
Adjustment to deferred balances | 0 | 0.4 | 0.1 |
Other | 2.4 | 2.2 | (0.9) |
Other taxes in lieu of income | 2.9 | 2.4 | 1.8 |
Change in deferred rate | 7.4 | (1.3) | 11.7 |
Increase (decrease) in valuation allowance | 38.2 | 52.2 | 17.5 |
Provision for income taxes | $ 21.4 | $ 16.1 | $ 24.9 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Deferred tax liabilities: | ||
Allowances and other accrued liabilities | $ (1.5) | $ 0 |
Inventories | (16.3) | (13.7) |
Property, plant and equipment | (70.6) | (70.2) |
Equity in earnings of unconsolidated companies | (0.1) | (0.1) |
Pension obligations | (3.1) | (2.5) |
Other noncurrent deferred tax liabilities | (12.3) | (6.5) |
ROU Assets | (25.6) | |
Total noncurrent deferred tax liabilities | (129.5) | (93) |
Deferred tax assets: | ||
Allowances and other accrued assets | 13.5 | 10.6 |
Inventories | 5.5 | 5.6 |
Pension obligations | 27.7 | 24.8 |
Property, plant and equipment | 2.1 | 2.3 |
Post-retirement benefits other than pension | 1 | 1 |
Net operating loss carryforwards | 318 | 287.1 |
Capital loss carryover | 1.5 | 1.6 |
Other noncurrent assets | 28.5 | 26.9 |
Operating Lease | 25.8 | |
Total noncurrent deferred tax assets | 423.6 | 359.9 |
Valuation allowance | (323.3) | (291.8) |
Total deferred tax assets, net | 100.3 | 68.1 |
Net deferred tax liabilities | $ (29.2) | $ (24.9) |
Income Taxes - Federal and For
Income Taxes - Federal and Foreign Tax Operating Loss Carry-Forwards Expiring (Detail) $ in Millions | Dec. 27, 2019USD ($) |
Income Tax Disclosure [Abstract] | |
2019 | $ 19.5 |
2020 | 21.5 |
2021 | 25.3 |
2022 | 8.5 |
2024 and beyond | 18.4 |
No expiration | 1,107.4 |
Federal and foreign tax operating loss carry-forwards | $ 1,200.6 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 2.9 | $ 3.2 | $ 3.2 |
Gross decreases - tax position in prior period | 0 | 0 | 0 |
Gross increases - current-period tax positions | 0.7 | 0.1 | 0.1 |
Settlements | (0.1) | 0 | 0 |
Lapse of statute of limitations | 0 | (0.3) | (0.1) |
Foreign exchange | 0 | (0.1) | 0 |
Ending balance | $ 3.5 | $ 2.9 | $ 3.2 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Detail) $ in Millions | 12 Months Ended | |
Dec. 27, 2019USD ($)jurisdiction | Dec. 28, 2018USD ($) | |
Income Tax Contingency [Line Items] | ||
Increased (decrease) in valuation allowance | $ 31.6 | $ 34.7 |
Pension and other postretirement benefit plans, tax | 1 | |
Undistributed earnings of foreign subsidiaries | 1,550.1 | |
Federal and foreign tax operating loss carry-forwards | 1,200.6 | |
Accrual for uncertain tax positions, that, if recognized would affect the effective income tax rate | 5 | 4.2 |
Interest on income taxes accrued | $ 1.4 | $ 1.3 |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Number of jurisdictions under examination | jurisdiction | 2 | |
Estimate of possible loss | $ 157.9 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense | $ 92.5 | ||
Total expense for all operating leases and vessel charter agreements | 100 | ||
Total expense for all operating leases and vessel charter agreements | $ 84.3 | $ 92.1 | |
Increase in operating lease, right-of-use assets | 40 | ||
Increase in operating lease liabilities | 29.6 | ||
Panama | |||
Lessee, Lease, Description [Line Items] | |||
Annual payments | $ 0.5 | ||
Operating lease term of contract | 40 years | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Terms for vessel charter agreements (in years) | 12 months | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Terms for vessel charter agreements (in years) | 15 months |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 162.1 | $ 0 |
Property, plant and equipment, net | 1.3 | |
Total lease assets | 163.4 | |
Current maturities of operating leases | 32.5 | 0 |
Current maturities of debt and finance leases | 0.3 | |
Operating leases, less current maturities | 102.7 | $ 0 |
Long-term debt and finance leases, less current maturities | 0.2 | |
Total lease liabilities | $ 135.7 | |
Operating leases, Weighted-average remaining lease term (years) | 8 years 4 months 24 days | |
Finance leases, Weighted-average remaining lease term (years) | 1 year 10 months 24 days | |
Operating leases, Weighted-average discount rate (percentage) | 8.31% | |
Finance leases, Weighted-average discount rate (percentage) | 4.44% |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) $ in Millions | 12 Months Ended |
Dec. 27, 2019USD ($) | |
Leases [Abstract] | |
Finance lease cost, Amortization of lease assets | $ 0.1 |
Operating lease cost | 92.5 |
Short-term lease cost | 7.5 |
Variable lease cost | 6.1 |
Total lease cost | 106.2 |
Operating cash flows for operating leases | 82.1 |
Financing cash flows for finance leases | $ 0.5 |
Leases - Operating and Finance
Leases - Operating and Finance Lease Maturities (Details) $ in Millions | Dec. 27, 2019USD ($) |
Operating Leases | |
2020 | $ 42.1 |
2021 | 30.9 |
2022 | 21.9 |
2023 | 19.3 |
2024 | 16 |
Thereafter | 74.3 |
Total lease payments | 204.5 |
Less: imputed interest | 69.3 |
Total lease liabilities | 135.2 |
Finance Leases | |
2020 | 0.3 |
2021 | 0.2 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total lease payments | 0.5 |
Less: imputed interest | 0 |
Total lease liabilities | $ 0.5 |
Debt - Narrative (Detail)
Debt - Narrative (Detail) | Oct. 01, 2019USD ($) | Apr. 16, 2015USD ($) | Dec. 27, 2019USD ($) | Dec. 28, 2018USD ($) | Dec. 29, 2017USD ($) | Feb. 27, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 1,148,300,000 | |||||
Payments of dividends, common stock | 6,700,000 | $ 29,000,000 | $ 30,100,000 | |||
Amount of committed working capital facilities applied to letter of credit facility | 10,800,000 | |||||
Other letters of credit and bank guarantees | 17,500,000 | |||||
Cash payments of interest on long-term debt, net of amounts capitalized | 23,200,000 | 19,300,000 | 5,800,000 | |||
Cash payments of interest on long-term debt, amounts capitalized | $ 5,300,000 | $ 1,000,000 | $ 800,000 | |||
Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Term | 5 years | 5 years | 5 years | |||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | $ 800,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | ||
Line of credit facility, increase (decrease) | $ 300,000,000 | |||||
Debt covenant, consolidated leverage ratio | 3.25 | |||||
Line of credit facility, capacity available for trade purchases | $ 150,000,000 | |||||
Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Term | 364 days | |||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||
LIBOR | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1.25% | |||||
Other noncurrent assets | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Capitalized debt issuance costs | $ 2,300,000 | |||||
Minimum | Eurodollar | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 1.00% | |||||
Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 0.00% | |||||
Maximum | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant, consolidated leverage ratio | 2.5 | |||||
Debt covenant, percentage of consolidate net income | 50.00% | |||||
Payments of dividends, common stock | $ 25,000,000 | |||||
Maximum | Eurodollar | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 1.50% | |||||
Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 0.50% |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Debt Disclosure [Abstract] | ||
Less: Current portion | $ (0.3) | $ (0.5) |
Long-term debt and finance leases | $ 586.8 | $ 661.9 |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) - USD ($) | Oct. 01, 2019 | Apr. 16, 2015 | Dec. 27, 2019 | Feb. 27, 2018 |
Line of Credit Facility [Line Items] | ||||
Borrowing Limit | $ 1,148,300,000 | |||
Available Borrowings at December 27, 2019 | 539,000,000 | |||
Other working capital facilities | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing Limit | 23,300,000 | |||
Available Borrowings at December 27, 2019 | $ 11,400,000 | |||
Revolving Credit Facility | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Term | 5 years | 5 years | 5 years | |
Interest Rate | 2.94% | |||
Borrowing Limit | $ 1,100,000,000 | $ 800,000,000 | $ 1,100,000,000 | $ 1,100,000,000 |
Available Borrowings at December 27, 2019 | $ 513,400,000 | |||
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Term | 364 days | |||
Borrowing Limit | $ 25,000,000 | |||
Available Borrowings at December 27, 2019 | $ 14,200,000 |
Debt - Maturities of Long-Term
Debt - Maturities of Long-Term Debt and Finance Lease Obligations (Detail) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Debt Instrument [Line Items] | ||
Less: Current portion | $ (0.3) | $ (0.5) |
Totals, net of current portion of long-term debt and finance lease obligations | 586.8 | $ 661.9 |
Long-Term Debt | ||
Debt Instrument [Line Items] | ||
2020 | 18.2 | |
2021 | 21.2 | |
2022 | 23.5 | |
2023 | 25.9 | |
2024 | 596.1 | |
Total | 684.9 | |
Less: Amounts representing interest | (98.3) | |
Total long-term debt and finance lease obligations | 586.6 | |
Less: Current portion | 0 | |
Totals, net of current portion of long-term debt and finance lease obligations | $ 586.6 | |
Assumed variable interest rate | 2.90% |
Earnings (Loss) Per Ordinary _3
Earnings (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Numerator: | |||||||||||
Net income (loss) attributable to Fresh Del Monte Produce Inc. | $ (25.8) | $ 18.1 | $ 38.1 | $ 36.1 | $ (34) | $ (21.5) | $ (7.9) | $ 41.5 | $ 66.5 | $ (21.9) | $ 120.8 |
Denominator: | |||||||||||
Weighted average number of ordinary share - Basic (shares) | 48,291,345 | 48,625,175 | 50,247,881 | ||||||||
Effect of dilutive securities - share-based employee options and awards (shares) | 102,768 | 0 | 340,827 | ||||||||
Weighted average number of ordinary share - Diluted (shares) | 48,394,113 | 48,625,175 | 50,588,708 | ||||||||
Antidilutive Options and Awards (shares) | 235,106 | 851,645 | 620,017 | 739,106 | 124,448 | 851,645 | 96,115 | ||||
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Onc.: | |||||||||||
Basic (usd per share) | $ (0.54) | $ 0.38 | $ 0.79 | $ 0.74 | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ 1.38 | $ (0.45) | $ 2.40 |
Diluted (usd per share) | $ (0.54) | $ 0.38 | $ 0.78 | $ 0.74 | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ 1.37 | $ (0.45) | $ 2.39 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | $ 1,717.8 | ||
Balance, value | 1,743.7 | $ 1,717.8 | |
Net unrealized foreign currency translation gain (loss) | (0.9) | (8.2) | $ 18.7 |
Changes in Fair Value of Effective Cash Flow Hedges | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (5.8) | (1.4) | |
Other comprehensive (loss) income before reclassifications | (12.5) | (0.6) | |
Amounts reclassified from accumulated other comprehensive (loss) income | (7.2) | (3.8) | |
Net current period other comprehensive loss | (19.7) | (4.4) | |
Balance, value | (25.5) | (5.8) | (1.4) |
Tax on other comprehensive income (loss) before reclassifications | 2.9 | ||
Foreign Currency Translation Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (14.9) | (6.7) | |
Other comprehensive (loss) income before reclassifications | (0.9) | (8.2) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Net current period other comprehensive loss | (0.9) | (8.2) | |
Balance, value | (15.8) | (14.9) | (6.7) |
Net unrealized foreign currency translation gain (loss) | 1.2 | 1.3 | |
Retirement Benefit Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (20.9) | (22.5) | |
Other comprehensive (loss) income before reclassifications | (3.7) | 0.8 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.5 | 0.8 | |
Net current period other comprehensive loss | (3.2) | 1.6 | |
Balance, value | (24.1) | (20.9) | (22.5) |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (41.6) | (30.6) | (44.2) |
Other comprehensive (loss) income before reclassifications | (17.1) | (8) | |
Amounts reclassified from accumulated other comprehensive (loss) income | (6.7) | (3) | |
Net current period other comprehensive loss | (23.8) | (11) | |
Balance, value | $ (65.4) | $ (41.6) | $ (30.6) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Reclassification from OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | $ 1,025.2 | $ 1,070.2 | $ 1,239.4 | $ 1,154.2 | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 4,489 | $ 4,493.9 | $ 4,085.9 |
Cost of products sold | (4,188.4) | (4,214.1) | (3,754.3) | ||||||||
Interest expense | (25.4) | (23.6) | (6.4) | ||||||||
Selling, general and administrative expenses | (195.7) | (194.7) | $ (173.2) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Changes in Fair Value of Effective Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | (8.1) | (5.3) | |||||||||
Cost of products sold | (1.5) | 0 | |||||||||
Interest expense | 2.4 | 1.5 | |||||||||
Total | (7.2) | (3.8) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefit Adjustment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | 0.5 | 0.8 | |||||||||
Total | $ 0.5 | $ 0.8 |
Retirement and Other Employee_3
Retirement and Other Employee Benefits - Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Change in Plan Assets: | |||
Beginning fair value | $ 11.9 | ||
Ending fair value | $ 11.9 | ||
Amounts recognized in Accumulated other comprehensive loss: | |||
Net gains occurring during the year | 5.9 | 5.1 | |
Foreign Plan | Pension plans | |||
Amounts recognized in Accumulated other comprehensive loss: | |||
Net gains occurring during the year | 1.3 | 1.4 | |
United States | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 15.2 | 16.7 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 0.6 | 0.5 | 0.6 |
Actuarial (gain) loss | 1.5 | (0.7) | |
Benefits paid | (1.3) | (1.3) | |
Exchange rate changes | 0 | 0 | |
Settlement gain | 0 | 0 | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 16 | 15.2 | 16.7 |
Change in Plan Assets: | |||
Beginning fair value | 11.9 | 13.9 | |
Actual return on plan assets | 2.2 | (0.9) | |
Company contributions | 0.2 | 0.2 | |
Effect of settlements | 0 | 0 | |
Benefits paid | (1.3) | (1.3) | |
Exchange rate changes | 0 | 0 | |
Ending fair value | 13 | 11.9 | 13.9 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Retirement benefits liability (noncurrent liability) | 3 | 3.2 | |
Net amount recognized in the Consolidated Balance Sheets | 3 | 3.2 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (9.3) | (9.4) | |
Net amount recognized in accumulated other comprehensive loss | (9.3) | (9.4) | (8.7) |
Net gains occurring during the year | 0.3 | 1.1 | |
United Kingdom | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 58.4 | 64.6 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1.4 | 1.5 | 1.5 |
Actuarial (gain) loss | 3.6 | (3) | |
Benefits paid | (1.9) | (2.3) | |
Exchange rate changes | 1.8 | (3.8) | |
Settlement gain | (4.4) | 0 | |
Plan amendment | 0 | 1.4 | |
Ending benefit obligation | 58.9 | 58.4 | 64.6 |
Change in Plan Assets: | |||
Beginning fair value | 52.3 | 61.3 | |
Actual return on plan assets | 8.4 | (5) | |
Company contributions | 1.8 | 1.8 | |
Effect of settlements | (4.4) | 0 | |
Benefits paid | (1.9) | (2.3) | |
Exchange rate changes | 1.8 | (3.5) | |
Ending fair value | 58 | 52.3 | 61.3 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Retirement benefits liability (noncurrent liability) | 0.9 | 6 | |
Net amount recognized in the Consolidated Balance Sheets | 0.9 | 6 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (4.6) | (7.7) | |
Net amount recognized in accumulated other comprehensive loss | (4.6) | (7.7) | (1.7) |
Net gains occurring during the year | (3) | 5.7 | |
Central America | Post-retirement plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 61.2 | 67.1 | |
Service cost | 5.4 | 5.9 | 5.6 |
Interest cost | 4.7 | 4 | 4.4 |
Actuarial (gain) loss | 6.6 | (6.6) | |
Benefits paid | (8.1) | (5.7) | |
Exchange rate changes | 1.3 | (3.5) | |
Settlement gain | 0 | 0 | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 71.1 | 61.2 | 67.1 |
Change in Plan Assets: | |||
Beginning fair value | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 8.1 | 5.7 | |
Effect of settlements | 0 | 0 | |
Benefits paid | (8.1) | (5.7) | |
Exchange rate changes | 0 | 0 | |
Ending fair value | 0 | 0 | 0 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 8.2 | 8.1 | |
Retirement benefits liability (noncurrent liability) | 62.9 | 53.1 | |
Net amount recognized in the Consolidated Balance Sheets | 71.1 | 61.2 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (13.1) | (6.4) | |
Net amount recognized in accumulated other comprehensive loss | (13.1) | (6.4) | $ (14.2) |
Net gains occurring during the year | $ 6.6 | $ (6.6) |
Retirement and Other Employee_4
Retirement and Other Employee Benefits - Roll Forward of AOCI Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Net (losses) gains occurring during the year | $ (5.9) | $ (5.1) |
Pension plans | Foreign Plan | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Net (losses) gains occurring during the year | (1.3) | (1.4) |
Pension plans | United States | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (9.4) | (8.7) |
Amortization of net losses recognized during the year | 0.4 | 0.4 |
Net (losses) gains occurring during the year | (0.3) | (1.1) |
Currency exchange rate changes | 0 | 0 |
AOCI (loss) at end of plan year | (9.3) | (9.4) |
Pension plans | United Kingdom | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (7.7) | (1.7) |
Amortization of net losses recognized during the year | 0.1 | (0.4) |
Net (losses) gains occurring during the year | 3 | (5.7) |
Currency exchange rate changes | 0 | 0.1 |
AOCI (loss) at end of plan year | (4.6) | (7.7) |
Post-retirement plans | Central America | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (6.4) | (14.2) |
Amortization of net losses recognized during the year | 0.1 | 0.8 |
Net (losses) gains occurring during the year | (6.6) | 6.6 |
Currency exchange rate changes | (0.2) | 0.4 |
AOCI (loss) at end of plan year | $ (13.1) | $ (6.4) |
Retirement and Other Employee_5
Retirement and Other Employee Benefits - Amounts of AOCI Expected to be Amortized as a Component of Net Period Cost (Detail) $ in Millions | Dec. 27, 2019USD ($) |
Pension plans | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 amortization of net losses | $ 0.4 |
Pension plans | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 amortization of net losses | 0 |
Post-retirement plans | Central America | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 amortization of net losses | $ 0.1 |
Retirement and Other Employee_6
Retirement and Other Employee Benefits - Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.6 | 0.5 | 0.6 |
Expected return on assets | (1) | (1) | (1) |
Net amortization | 0.4 | 0.4 | 0.4 |
Settlement loss | 0 | 0 | 0 |
Net periodic cost (income) | 0 | (0.1) | 0 |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1.4 | 1.5 | 1.5 |
Expected return on assets | (2) | (2.5) | (2.4) |
Net amortization | 0.1 | (0.4) | 0 |
Settlement loss | 0.4 | 0 | 0 |
Net periodic cost (income) | (0.1) | (1.4) | (0.9) |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5.4 | 5.9 | 5.6 |
Interest cost | 4.7 | 4 | 4.4 |
Expected return on assets | 0 | 0 | 0 |
Net amortization | 0.1 | 0.8 | 0.8 |
Settlement loss | 0 | 0 | 0 |
Net periodic cost (income) | $ 10.2 | $ 10.7 | $ 10.8 |
Retirement and Other Employee_7
Retirement and Other Employee Benefits - Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans (Detail) | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.00% | 4.10% | 3.45% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Weighted average discount rate | 4.10% | 3.45% | 3.85% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on assets | 7.50% | 7.50% | 7.50% |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 2.00% | 2.80% | 2.45% |
Rate of increase in compensation levels | 0.00% | 0.00% | 2.40% |
Weighted average discount rate | 2.80% | 2.45% | 2.60% |
Rate of increase in compensation levels | 0.00% | 0.00% | 2.50% |
Expected long-term rate of return on assets | 4.22% | 4.22% | 4.50% |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 6.27% | 8.06% | 6.50% |
Rate of increase in compensation levels | 4.71% | 4.75% | 4.75% |
Weighted average discount rate | 8.12% | 6.51% | 7.10% |
Rate of increase in compensation levels | 4.71% | 4.75% | 4.75% |
Expected long-term rate of return on assets | 0.00% | 0.00% | 0.00% |
Retirement and Other Employee_8
Retirement and Other Employee Benefits - Expected Benefit Payments (Detail) $ in Millions | Dec. 27, 2019USD ($) |
Pension plans | United States | |
Expected benefit payments for: | |
2019 | $ 1.3 |
2020 | 1.3 |
2021 | 1.2 |
2022 | 1.2 |
2023 | 1.1 |
Next 5 years | 5 |
Expected benefit payments over the next 10 years | 11.1 |
Pension plans | United Kingdom | |
Expected benefit payments for: | |
2019 | 1.8 |
2020 | 1.9 |
2021 | 1.9 |
2022 | 2.1 |
2023 | 2.2 |
Next 5 years | 12.4 |
Expected benefit payments over the next 10 years | 22.3 |
Post-retirement plans | Central America | |
Expected benefit payments for: | |
2019 | 8.2 |
2020 | 6.9 |
2021 | 6.7 |
2022 | 6.7 |
2023 | 7.5 |
Next 5 years | 32.3 |
Expected benefit payments over the next 10 years | $ 68.3 |
Retirement and Other Employee_9
Retirement and Other Employee Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 11.9 | ||
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.4 | ||
Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.2 | ||
Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.3 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 11.9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.2 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.3 | ||
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 13 | 11.9 | $ 13.9 |
United States | Pension plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.6 | ||
United States | Pension plans | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.9 | ||
United States | Pension plans | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.5 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 13 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.6 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.9 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.5 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United Kingdom | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 58 | 52.3 | $ 61.3 |
United Kingdom | Pension plans | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.5 | 0.8 | |
United Kingdom | Pension plans | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 4.5 | |
United Kingdom | Pension plans | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 16.7 | 17.5 | |
United Kingdom | Pension plans | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 9.2 | 15 | |
United Kingdom | Pension plans | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 13 | 6.1 | |
United Kingdom | Pension plans | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 18.6 | 8.4 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.5 | 0.8 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.5 | 0.8 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 57.5 | 51.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 4.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 16.7 | 17.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 9.2 | 15 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 13 | 6.1 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 18.6 | 8.4 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 0 | $ 0 |
Retirement and Other Employe_10
Retirement and Other Employee Benefits - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net gains occurring during the year | $ 5.9 | $ 5.1 | ||
Retirement benefits | $ 91.3 | 98.1 | 91.3 | |
Foreign Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefits | 16.8 | 18 | 16.8 | |
Pension plans | Foreign Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net gains occurring during the year | 1.3 | 1.4 | ||
Pension plans | United States | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected contributions in next fiscal year | 0.7 | |||
Plan amendment due to GMP equalization | 0 | 0 | ||
Net gains occurring during the year | 0.3 | 1.1 | ||
Net periodic pension costs | 0 | (0.1) | $ 0 | |
Expected future benefit payments, thereafter | 5 | |||
Pension plans | United States | Change in Assumptions for Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in benefit obligation | (0.2) | |||
Pension plans | United Kingdom | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected contributions in next fiscal year | 1.8 | |||
Payments to members electing transfer out of benefit plan | 4.2 | |||
Payments for transfers to members electing out of benefit plan | 3.8 | |||
Payments for enhancements to members electing out of benefit plan | 0.4 | |||
Plan amendment due to GMP equalization | 0 | 1.4 | ||
Net gains occurring during the year | (3) | 5.7 | ||
Net periodic pension costs | (0.1) | (1.4) | (0.9) | |
Expected future benefit payments, thereafter | $ 12.4 | |||
Pension plans | United Kingdom | Diversified growth funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan assets target allocation percentage, equity securities | 28.00% | |||
Pension plans | United Kingdom | Emerging market equities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan assets target allocation percentage, equity securities | 7.50% | |||
Pension plans | United Kingdom | Liability-driven investments | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan assets target allocation percentage, equity securities | 37.00% | |||
Pension plans | United Kingdom | Global equities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan assets target allocation percentage, equity securities | 7.50% | |||
Pension plans | United Kingdom | Multi-asset credits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan assets target allocation percentage, equity securities | 20.00% | |||
Post-retirement plans | Foreign Plan | Former Executives | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefits | 2.1 | $ 2.3 | 2.1 | |
Post-retirement plans | United States | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan expense | 1.3 | 1.1 | 1.2 | |
Post-retirement plans | Central America | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan amendment due to GMP equalization | 0 | 0 | ||
Net gains occurring during the year | 6.6 | (6.6) | ||
Net periodic pension costs | 10.2 | 10.7 | 10.8 | |
Expected future benefit payments, thereafter | 32.3 | |||
Post-retirement plans | Kenya | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accrued benefits | 7.3 | 8.6 | 7.3 | |
Net gains occurring during the year | (2.6) | (2) | ||
Net periodic pension costs | 1.3 | 1.2 | 1.2 | |
Expected future benefit payments, next five years | 5 | |||
Expected future benefit payments, thereafter | 5.9 | |||
Supplemental unemployment benefits | Central America | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accrued benefits | 4.2 | 3.7 | 4.2 | |
Net gains occurring during the year | 0.5 | 0.7 | ||
Net periodic pension costs | 0 | 0.1 | 0.1 | |
Expected future benefit payments, next five years | 2.9 | |||
Expected future benefit payments, thereafter | $ 1.1 | |||
Minimum | Equity Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan asset target allocation percentage | 50.00% | |||
Minimum | Fixed income securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan asset target allocation percentage | 30.00% | |||
Maximum | Equity Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan asset target allocation percentage | 70.00% | |||
Maximum | Fixed income securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Plan asset target allocation percentage | 50.00% | |||
Operating income | Accounting Standards Update 2017-07 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Effect of new accounting principle | $ (3.3) | (4.3) | ||
Other expense, net | Accounting Standards Update 2017-07 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Effect of new accounting principle | $ 3.3 | $ 4.3 |
Share-Based Compensation - Exp
Share-Based Compensation - Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards (Detail) - Selling, General and Administrative Expenses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 8.4 | $ 11.5 | $ 12.1 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0 | 0.1 | 0.5 |
RSUs/PSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 7.4 | 10.3 | 10.7 |
RSAs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 1 | $ 1.1 | $ 0.9 |
Share-Based Compensation - Res
Share-Based Compensation - Restricted Stock Units, PSU and RSU Awards (Details) - $ / shares | Jul. 31, 2019 | May 01, 2019 | Mar. 25, 2019 | Feb. 20, 2019 | Jan. 02, 2019 | Aug. 02, 2018 | Jun. 25, 2018 | Feb. 21, 2018 | Jan. 02, 2018 | Aug. 02, 2017 | Feb. 22, 2017 | Jan. 03, 2017 |
Restricted Stock | Non Employee Directors Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares awarded (shares) | 2,830 | 30,891 | 1,687 | 21,304 | 14,294 | |||||||
Price per share (usd per share) | $ 29.44 | $ 28.32 | $ 49.38 | $ 46.93 | $ 61.21 | |||||||
PSU | 2014 Omnibus Share Incentive Plan (2014 Plan) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares awarded (shares) | 4,250 | 85,000 | 85,000 | 100,000 | ||||||||
Price per share (usd per share) | $ 30.33 | $ 27.71 | $ 46.35 | $ 56.52 | ||||||||
RSU | 2014 Omnibus Share Incentive Plan (2014 Plan) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares awarded (shares) | 5,000 | 133,750 | 2,000 | 125,000 | 48,700 | 50,000 | ||||||
Price per share (usd per share) | $ 26.55 | $ 27.71 | $ 44.78 | $ 46.35 | $ 49.75 | $ 56.52 |
Share-Based Compensation - RSU
Share-Based Compensation - RSU and PSU Activity (Details) - RSUs/PSUs - $ / shares | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Number of Shares | |||
RSUs/PSUs outstanding at beginning of period (shares) | 683,295 | 761,152 | 932,036 |
Granted (shares) | 230,037 | 223,531 | 208,743 |
Converted (shares) | (384,717) | (279,440) | (336,112) |
Canceled (shares) | (69,339) | (21,948) | (43,515) |
RSUs/PSUs outstanding at end of period (shares) | 459,276 | 683,295 | 761,152 |
Vested as of end of period (shares) | 52,903 | 249,767 | 235,332 |
Weighted Average Grant Date Fair Value | |||
RSUs/PSUs outstanding at beginning of period (usd per share) | $ 42.39 | $ 41.13 | $ 36.09 |
Granted (usd per share) | 27.83 | 46.10 | 54.17 |
Converted (usd per share) | 37.65 | 41.31 | 34.91 |
Canceled (usd per share) | 42.93 | 50.40 | 43.77 |
RSUs/PSUs outstanding at end of period (usd per share) | 38.99 | 42.39 | 41.13 |
Vested as of end of period (usd per share) | $ 32.65 | $ 31.28 | $ 26.49 |
Share-Based Compensation - R_2
Share-Based Compensation - RSUs / PSUs Outstanding (Details) - RSUs/PSUs - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding (shares) | 459,276 | 683,295 | 761,152 | 932,036 |
Outstanding Intrinsic Value | $ 1.6 | |||
Vested (shares) | 52,903 | 249,767 | 235,332 | |
Vested Intrinsic Value | $ 0.3 | |||
$27.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 27.71 | |||
Outstanding (shares) | 77,347 | |||
Outstanding Intrinsic Value | $ 0.6 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$27.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 27.71 | |||
Outstanding (shares) | 100,250 | |||
Outstanding Intrinsic Value | $ 0.7 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$26.55 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 26.55 | |||
Outstanding (shares) | 4,018 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$30.33 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 30.33 | |||
Outstanding (shares) | 4,269 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$44.78 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 44.78 | |||
Outstanding (shares) | 1,216 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$46.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 46.35 | |||
Outstanding (shares) | 66,553 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$46.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 46.35 | |||
Outstanding (shares) | 45,507 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$40.03 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 40.03 | |||
Outstanding (shares) | 3,133 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$56.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 56.52 | |||
Outstanding (shares) | 40,678 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 4,601 | |||
Vested Intrinsic Value | $ 0 | |||
$56.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 56.52 | |||
Outstanding (shares) | 20,643 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$59.83 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 59.83 | |||
Outstanding (shares) | 20,729 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$49.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 49.75 | |||
Outstanding (shares) | 14,721 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$38.39 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 38.99 | |||
Outstanding (shares) | 12,514 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 11,034 | |||
Vested Intrinsic Value | $ 0 | |||
$38.39 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 38.99 | |||
Outstanding (shares) | 10,428 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$33.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 33.44 | |||
Outstanding (shares) | 10,047 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 10,047 | |||
Vested Intrinsic Value | $ 0 | |||
$33.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 33.44 | |||
Outstanding (shares) | 0 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$26.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 25.52 | |||
Outstanding (shares) | 10,735 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 10,733 | |||
Vested Intrinsic Value | $ 0.1 | |||
$26.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 26.52 | |||
Outstanding (shares) | 10,929 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 10,928 | |||
Vested Intrinsic Value | $ 0.1 | |||
$24.68 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 24.68 | |||
Outstanding (shares) | 5,559 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 5,560 | |||
Vested Intrinsic Value | $ 0.1 |
Share-Based Compensation - Nar
Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | May 01, 2019$ / sharesshares | Jan. 02, 2019$ / sharesshares | Aug. 02, 2018$ / sharesshares | Jan. 02, 2018$ / sharesshares | Jan. 03, 2017$ / sharesshares | Dec. 27, 2019USD ($)tranche$ / sharesshares | Dec. 28, 2018USD ($)$ / sharesshares | Dec. 29, 2017USD ($)$ / sharesshares | Dec. 30, 2016shares | Apr. 30, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Proceeds from stock options exercised | $ | $ 1.1 | $ 0.8 | $ 1.6 | |||||||
RSUs/PSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total remaining unrecognized compensation cost related to non-vested stock options | $ | $ 7.9 | |||||||||
Compensation cost not yet recognized, period for recognition | 1 year | |||||||||
Number of shares awarded (shares) | 230,037 | 223,531 | 208,743 | |||||||
Price per share (usd per share) | $ / shares | $ 27.83 | $ 46.10 | $ 54.17 | |||||||
RSUs/PSUs outstanding (shares) | 459,276 | 683,295 | 761,152 | 932,036 | ||||||
Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 20.00% | |||||||||
Award vesting period | 4 years | |||||||||
Number of vesting installments | 4 years | |||||||||
Number of vesting tranches | tranche | 1 | |||||||||
PUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 33.00% | |||||||||
Number of vesting installments | 3 years | |||||||||
Maximum | Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percent of award units granted, range | 100.00% | |||||||||
Minimum | Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percent of award units granted, range | 0.00% | |||||||||
2014 Omnibus Share Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum number of ordinary shares that may be covered by awards (shares) | 3,000,000 | |||||||||
Number of shares issued per RSU/PSU (in shares) | 1 | |||||||||
2014 Omnibus Share Incentive Plan | Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 20.00% | |||||||||
Percentage of awards that vest immediately | 20.00% | |||||||||
2014 Omnibus Share Incentive Plan | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, expiration period | 10 years | |||||||||
2011 Omnibus Share Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | 0 | 0 | |||||||
2011 Omnibus Share Incentive Plan | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, expiration period | 10 years | |||||||||
Award vesting period | 4 years | |||||||||
Share Incentive Plan 1999 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | |||||||||
Share Incentive Plan 1999 | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, expiration period | 10 years | |||||||||
Award vesting period | 4 years | |||||||||
Non Employee Directors Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | |||||||||
Non Employee Directors Plan | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options, expiration period | 10 years | |||||||||
Award vesting period | 4 years | |||||||||
Non Employee Directors Plan | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares awarded (shares) | 2,830 | 30,891 | 1,687 | 21,304 | 14,294 | |||||
Price per share (usd per share) | $ / shares | $ 29.44 | $ 28.32 | $ 49.38 | $ 46.93 | $ 61.21 | |||||
Immediate Vesting | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 50.00% | |||||||||
Immediate Vesting | 2011 Omnibus Share Incentive Plan | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 20.00% | |||||||||
Immediate Vesting | Share Incentive Plan 1999 | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 20.00% | |||||||||
Immediate Vesting | Non Employee Directors Plan | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights percentage | 20.00% | |||||||||
Six-month Anniversary Upon Ceasing to be Member of Board of Directors | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 6 months |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Millions | Mar. 14, 2019USD ($) | Sep. 25, 2003USD ($) | Dec. 27, 2019USD ($) | Sep. 27, 2002USD ($) | Sep. 28, 2001USD ($) | Dec. 27, 2019USD ($) | Dec. 28, 2018USD ($) | Dec. 29, 2017USD ($) | Dec. 28, 2018vessel | Dec. 31, 1980subsidiary |
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Total purchases under agreements to purchase certain products of our independent growers | $ 691.8 | $ 763.9 | $ 815 | |||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the second year | $ 1.1 | 1.1 | ||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the third year | 0.9 | 0.9 | ||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the fourth year | 0.9 | 0.9 | ||||||||
Award from litigation settlement | $ 17 | |||||||||
Gain on litigation settlement | 16 | |||||||||
Litigation expense | $ 1 | |||||||||
Capital Addition Purchase Commitments | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Number of refrigerated container ships | vessel | 6 | |||||||||
Purchase commitment amount | 126.5 | |||||||||
Payments due in 2020 | 85.2 | 85.2 | ||||||||
Payments due in 2021 | 41.3 | 41.3 | ||||||||
Mann Packing | Net sales | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Customer claims and other charges from recalled vegetable products | 6 | |||||||||
Mann Packing | Cost of sales | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Customer claims and other charges from recalled vegetable products | 4.4 | |||||||||
Kunia Well Site | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Number of subsidiaries involved in litigation | subsidiary | 1 | |||||||||
Kunia Well Site cleanup operation, charge for estimated expected future cleanup cost | $ 7 | $ 15 | ||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 26.1 | $ 19.1 | ||||||||
Accrual for environmental loss contingencies, estimated payment period | 10 years | |||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 13.3 | |||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the next 12 months | 0.4 | 0.4 | ||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the fifth year | $ 0.9 | $ 0.9 | ||||||||
Kunia Well Site | Minimum | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 12.9 | |||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 13.3 | |||||||||
Kunia Well Site | Maximum | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 25.4 | |||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 28.7 | |||||||||
Discount Rate Adjustment | Fresh and value-added products | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Other increase (decrease) in environmental liabilities | $ 0.4 | |||||||||
Other non-current liabilities | Kunia Well Site | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 13 | |||||||||
Accounts payable and accrued expenses current | Kunia Well Site | ||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | $ 0.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Detail) - USD ($) | Dec. 27, 2019 | Dec. 28, 2018 |
Derivative [Line Items] | ||
Derivative, net liability position | $ 31,000,000 | |
Derivative, collateral posted | 0 | |
Foreign currency forward contracts, liabilities | 1,700,000 | $ 1,600,000 |
Fair value of derivatives | 800,000 | |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional amount | 400,000,000 | |
2024 | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional amount | 200,000,000 | |
2028 | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional amount | 200,000,000 | |
Significant Observable Inputs (Level 2) | Fair Value Measurements, Recurring Basis | ||
Derivative [Line Items] | ||
Foreign currency forward contracts, liabilities | $ 1,000,000 | $ 800,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows (Detail) - Dec. 27, 2019 € in Millions, ₩ in Millions, ¥ in Millions, £ in Millions, $ in Millions | EUR (€) | GBP (£) | JPY (¥) | KRW (₩) | CLP ($) |
Foreign Exchange Contract | |||||
Derivative [Line Items] | |||||
Notional Amount | € 49.5 | £ 14.5 | ¥ 4,746.9 | ₩ 33,855 | $ 8,944.8 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | $ 1.7 | $ 1.6 |
Interest rate swaps, asset | 0 | 0 |
Total | 1.7 | 1.6 |
Foreign currency forward contracts, liability | 0.7 | 0.8 |
Interest rate swaps, liability | 30.3 | 7.6 |
Total | 31 | 8.4 |
Fair value of hedges recognized as a net gain in AOCI that will be transferred to earnings during the next 12 months | 1 | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 10 years | $ 31 | |
Reclassification period | 9 years | |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | $ 1.7 | 1.6 |
Interest rate swaps, asset | 0 | 0 |
Total | 1.7 | 1.6 |
Accounts payable and accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0.7 | 0.8 |
Interest rate swaps, liability | 0 | 0 |
Total | 0.7 | 0.8 |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0 | 0 |
Interest rate swaps, liability | 30.3 | 7.6 |
Total | $ 30.3 | $ 7.6 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments on the Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2019 | Dec. 28, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | $ (19.7) | $ (4.4) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 7.2 | 3.8 |
Foreign Exchange Contract | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | (0.1) | 1.6 |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 8.1 | 5.3 |
Foreign Exchange Contract | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | 0.2 | 0.6 |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 1.5 | 0 |
Interest rate swaps, net of tax | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | (19.8) | (6.6) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (2.4) | $ (1.5) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 27, 2019 | Dec. 28, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | $ 1.7 | $ 1.6 |
Fair Value Measurements, Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 0 | 0 |
Interest rate contracts, net asset (liability) | 0 | 0 |
Fair Value Measurements, Recurring Basis | Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 1 | 0.8 |
Interest rate contracts, net asset (liability) | (30.3) | 7.6 |
Fair Value Measurements, Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 0 | 0 |
Interest rate contracts, net asset (liability) | $ 0 | $ 0 |
Fair Value Measurements - Nonr
Fair Value Measurements - Nonrecurring Fair Value Measurement (Detail) - Nonrecurring - USD ($) $ in Millions | Dec. 27, 2019 | Jun. 28, 2019 | Dec. 28, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 1.3 | $ 85.7 | |
DM Foods | Trademarks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 31.9 | ||
United States | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 45.4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | DM Foods | Trademarks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | United States | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Significant Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | DM Foods | Trademarks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Significant Observable Inputs (Level 2) | United States | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 1.3 | 85.7 | |
Significant Unobservable Inputs (Level 3) | DM Foods | Trademarks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 31.9 | ||
Significant Unobservable Inputs (Level 3) | United States | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 45.4 | ||
Equity Investment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 1.3 | ||
Equity Investment | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Equity Investment | Significant Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Equity Investment | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 1.3 | $ 1.3 | |
Contract termination costs | Philippines | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 1.9 | ||
Contract termination costs | Quoted Prices in Active Markets for Identical Assets (Level 1) | Philippines | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Contract termination costs | Significant Observable Inputs (Level 2) | Philippines | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Contract termination costs | Significant Unobservable Inputs (Level 3) | Philippines | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 1.9 | ||
Underutilized assets | Central America | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 6.5 | ||
Underutilized assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Central America | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Underutilized assets | Significant Observable Inputs (Level 2) | Central America | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 0 | ||
Underutilized assets | Significant Unobservable Inputs (Level 3) | Central America | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 6.5 |
Fair Value Measurements - Narr
Fair Value Measurements - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Jun. 28, 2019 | Feb. 26, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Proceeds from sale of assets held-for-sale | $ 61 | ||||
Gain on disposal of property, plant and equipment, net | 19.8 | ||||
Asset impairment charges | 8.1 | $ 35.1 | $ 3.7 | ||
Goodwill | 423.7 | 423.4 | 261.9 | ||
Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 1.3 | 85.7 | |||
Nonrecurring | United States | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 45.4 | ||||
Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 1.3 | 85.7 | |||
Nonrecurring | Significant Unobservable Inputs (Level 3) | United States | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 45.4 | ||||
Nonrecurring | Underutilized assets | Central America | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 2.2 | ||||
Assets | 6.5 | ||||
Nonrecurring | Underutilized assets | Significant Unobservable Inputs (Level 3) | Central America | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 6.5 | ||||
Nonrecurring | Trademarks and Trade Names | Significant Unobservable Inputs (Level 3) | Europe, Middle East, North Africa and United Kingdom [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 11.3 | ||||
Assets | 31.9 | ||||
Mann Packing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 162 | ||||
Subsidiary | Mann Packing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Percentage of voting interests acquired | 25.00% | ||||
Contract termination costs | Philippines | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 1.9 | ||||
Fresh and Value-Added Products | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 359.3 | 358.9 | $ 197.2 | ||
Fresh and Value-Added Products | Underutilized assets | Central America | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 0.5 | ||||
Fresh and Value-Added Products | Underutilized assets | United States | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 1 | ||||
Property, Plant and Equipment | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets held-for-sale | 7.6 | 45.4 | |||
Property, Plant and Equipment | Saudi Arabia | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets held-for-sale | 5.1 | ||||
Property, Plant and Equipment | Chile | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets held-for-sale | 1.7 | ||||
Property, Plant and Equipment | Nicaragua | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets held-for-sale | 0.8 | ||||
Reported Value Measurement | Nonrecurring | Underutilized assets | Central America | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | $ 8.7 | ||||
Equity Investment | Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | 1.3 | ||||
Equity Investment | Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset impairment charges | 2.9 | ||||
Assets | $ 1.3 | $ 1.3 | |||
Equity Investment | Reported Value Measurement | Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets | $ 4.2 |
Related Party Transactions (Det
Related Party Transactions (Detail) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019USD ($)subsidiary | Dec. 28, 2018USD ($) | Dec. 29, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Receivables from related parties | $ 0.1 | ||
Payables to related parties | 47.4 | $ 85.1 | |
Distributions to noncontrolling interests | 4.8 | 2.7 | $ 4.6 |
Due to related party | 10.5 | 15.1 | |
Purchases from unconsolidated companies | 158.4 | 133.5 | 9.3 |
Related Party Costs | 1.3 | ||
Revenue from related parties | 0.7 | ||
Mann Packing | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 8.3 | ||
Chairman and Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $ 2.2 | 2.3 | $ 2.4 |
Affiliated Entity | Mann Packing | |||
Related Party Transaction [Line Items] | |||
Number of subsidiaries | subsidiary | 1 | ||
Payables to related parties | $ 46.9 | 84.1 | |
Related party expenses | $ 150.9 | $ 124.6 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 06, 2019 | Sep. 06, 2019 | Dec. 07, 2018 | Sep. 07, 2018 | Jun. 01, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 |
Quarterly Financial Data [Abstract] | |||||||||||||||||
Net sales | $ 1,025.2 | $ 1,070.2 | $ 1,239.4 | $ 1,154.2 | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 4,489 | $ 4,493.9 | $ 4,085.9 | ||||||
Gross profit | 36.3 | 74.7 | 96.3 | 93.3 | 42.4 | 52.6 | 78.3 | 106.5 | 300.6 | 279.8 | 331.6 | ||||||
Net income (loss) | (25.1) | 18.2 | 39 | 37.2 | (32.3) | (21.2) | (5.6) | 43.2 | 69.3 | (15.9) | 119.2 | ||||||
Net income (loss) attributable to Fresh Del Monte Produce Inc.(4) | $ (25.8) | $ 18.1 | $ 38.1 | $ 36.1 | $ (34) | $ (21.5) | $ (7.9) | $ 41.5 | $ 66.5 | $ (21.9) | $ 120.8 | ||||||
Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic | $ (0.54) | $ 0.38 | $ 0.79 | $ 0.74 | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ 1.38 | $ (0.45) | $ 2.40 | ||||||
Net income (loss) per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted | (0.54) | 0.38 | 0.78 | 0.74 | (0.70) | (0.44) | (0.16) | 0.85 | 1.37 | (0.45) | 2.39 | ||||||
Dividends declared per ordinary share (usd per share) | $ 0.08 | $ 0.06 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.080 | $ 0.060 | $ 0 | $ 0 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.14 | $ 0.60 | $ 0.60 |
Antidilutive options and awards (shares) | 235,106 | 851,645 | 620,017 | 739,106 | 124,448 | 851,645 | 96,115 |
Business Segment Data - Narrati
Business Segment Data - Narrative (Detail) - segment | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Property, Plant and Equipment | Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 35.00% | ||
Geographic Concentration Risk | Net sales | Walmart | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 9.00% | 10.00% | 9.00% |
Geographic Concentration Risk | Net sales | Top Ten Customers | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 30.00% | 32.00% | 31.00% |
Geographic Concentration Risk | Net sales | United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 65.00% | 64.00% | 58.00% |
Business Segment Data - Net Sal
Business Segment Data - Net Sales and Gross Profit by Product (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,025.2 | $ 1,070.2 | $ 1,239.4 | $ 1,154.2 | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 4,489 | $ 4,493.9 | $ 4,085.9 |
Gross Profit | 36.3 | $ 74.7 | $ 96.3 | $ 93.3 | 42.4 | $ 52.6 | $ 78.3 | $ 106.5 | 300.6 | 279.8 | 331.6 |
Property, plant and equipment, net | 1,403.2 | 1,392.2 | 1,403.2 | 1,392.2 | |||||||
Assets | 3,349.9 | 3,255.2 | 3,349.9 | 3,255.2 | |||||||
Maritime equipment (including containers) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 66.2 | 52.9 | 66.2 | 52.9 | |||||||
Assets | 78 | 66.9 | 78 | 66.9 | |||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 96 | 86.6 | 96 | 86.6 | |||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,923.8 | 2,871.3 | 2,382.4 | ||||||||
Property, plant and equipment, net | 238.7 | 241.4 | 238.7 | 241.4 | |||||||
Assets | 925.3 | 933 | 925.3 | 933 | |||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 645.2 | 653.7 | 665.9 | ||||||||
Property, plant and equipment, net | 35.2 | 51.4 | 35.2 | 51.4 | |||||||
Assets | 279.9 | 297.1 | 279.9 | 297.1 | |||||||
Middle East | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 425.8 | 445.6 | 460.2 | ||||||||
Property, plant and equipment, net | 130.9 | 129.6 | 130.9 | 129.6 | |||||||
Assets | 301.4 | 278.9 | 301.4 | 278.9 | |||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 453 | 465.7 | 518.8 | ||||||||
Property, plant and equipment, net | 130.9 | 128.4 | 130.9 | 128.4 | |||||||
Assets | 268 | 239.2 | 268 | 239.2 | |||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 41.2 | 57.6 | 58.6 | ||||||||
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 44.6 | 44.8 | 44.6 | 44.8 | |||||||
Assets | 174.9 | 162 | 174.9 | 162 | |||||||
Central America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 664.7 | 644.1 | 664.7 | 644.1 | |||||||
Assets | 1,066.5 | 1,026.5 | 1,066.5 | 1,026.5 | |||||||
South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 84.8 | 90.5 | 84.8 | 90.5 | |||||||
Assets | 159.9 | 165 | 159.9 | 165 | |||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | $ 7.2 | $ 9.1 | 7.2 | 9.1 | |||||||
Fresh and Value-Added Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,704.4 | 2,654.7 | 2,184.4 | ||||||||
Gross Profit | 194.7 | 190 | 213.4 | ||||||||
Bananas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,656 | 1,703.1 | 1,775.1 | ||||||||
Gross Profit | 97.1 | 84.1 | 113.4 | ||||||||
Totals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 128.6 | 136.1 | 126.4 | ||||||||
Gross Profit | $ 8.8 | $ 5.7 | $ 4.8 |
Business Segment Data - Net S_2
Business Segment Data - Net Sales By Product (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,025.2 | $ 1,070.2 | $ 1,239.4 | $ 1,154.2 | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 4,489 | $ 4,493.9 | $ 4,085.9 |
Fresh and Value-Added Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,704.4 | 2,654.7 | 2,184.4 | ||||||||
Fresh and Value-Added Products | Fresh-cut fruit | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 524.4 | $ 507.5 | $ 496.9 | ||||||||
Percentage of net sales | 12.00% | 11.00% | 12.00% | ||||||||
Fresh and Value-Added Products | Fresh-cut vegetables | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 455.9 | $ 419.8 | $ 93.9 | ||||||||
Percentage of net sales | 10.00% | 10.00% | 2.00% | ||||||||
Fresh and Value-Added Products | Pineapples | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 454.8 | $ 487.9 | $ 492.7 | ||||||||
Percentage of net sales | 10.00% | 11.00% | 12.00% | ||||||||
Fresh and Value-Added Products | Avocados | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 380.7 | $ 329.2 | $ 314.9 | ||||||||
Percentage of net sales | 9.00% | 8.00% | 8.00% | ||||||||
Fresh and Value-Added Products | Non-tropical fruit | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 195.9 | $ 226.7 | $ 235.7 | ||||||||
Percentage of net sales | 4.00% | 5.00% | 6.00% | ||||||||
Fresh and Value-Added Products | Prepared food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 279.6 | $ 267.1 | $ 229.5 | ||||||||
Percentage of net sales | 6.00% | 6.00% | 6.00% | ||||||||
Fresh and Value-Added Products | Melons | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 92.4 | $ 107.8 | $ 106.8 | ||||||||
Percentage of net sales | 2.00% | 2.00% | 2.00% | ||||||||
Fresh and Value-Added Products | Tomatoes | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 52.3 | $ 62.5 | $ 77.8 | ||||||||
Percentage of net sales | 1.00% | 1.00% | 2.00% | ||||||||
Fresh and Value-Added Products | Vegetables | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 176.6 | $ 150.8 | $ 25.9 | ||||||||
Percentage of net sales | 4.00% | 3.00% | 1.00% | ||||||||
Fresh and Value-Added Products | Other fruit and vegetables | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 91.8 | $ 95.4 | $ 110.3 | ||||||||
Percentage of net sales | 2.00% | 2.00% | 3.00% | ||||||||
Bananas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,656 | $ 1,703.1 | $ 1,775.1 | ||||||||
Totals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 128.6 | $ 136.1 | $ 126.4 | ||||||||
Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | ||||||||
Net Sales | Fresh and Value-Added Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 60.00% | 59.00% | 54.00% | ||||||||
Net Sales | Bananas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 37.00% | 38.00% | 43.00% | ||||||||
Net Sales | Totals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 3.00% | 3.00% | 3.00% |
Business Segment Data - Mann Pa
Business Segment Data - Mann Packing (Details) - USD ($) $ in Millions | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 28, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,025.2 | $ 1,070.2 | $ 1,239.4 | $ 1,154.2 | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 4,489 | $ 4,493.9 | $ 4,085.9 | |
Gross Profit | $ 36.3 | $ 74.7 | $ 96.3 | $ 93.3 | $ 42.4 | $ 52.6 | $ 78.3 | $ 106.5 | 300.6 | 279.8 | 331.6 | |
Fresh and Value-Added Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,704.4 | 2,654.7 | 2,184.4 | |||||||||
Gross Profit | 194.7 | 190 | 213.4 | |||||||||
Totals | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 128.6 | 136.1 | 126.4 | |||||||||
Gross Profit | 8.8 | 5.7 | 4.8 | |||||||||
North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 2,923.8 | $ 2,871.3 | $ 2,382.4 | |||||||||
Mann Packing | North America | Fresh and Value-Added Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 488.6 | |||||||||||
Gross Profit | $ 36 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 06, 2019 | Sep. 06, 2019 | Dec. 07, 2018 | Sep. 07, 2018 | Jun. 01, 2018 | Mar. 30, 2018 | Feb. 21, 2018 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | Feb. 19, 2020 |
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred shares, shares authorized (shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Preferred shares, issued (shares) | 0 | 0 | 0 | 0 | |||||||||||||||
Preferred shares, outstanding (shares) | 0 | 0 | 0 | 0 | |||||||||||||||
Ordinary shares, authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||
Ordinary shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Ordinary shares, issued (shares) | 48,014,628 | 48,442,296 | 48,014,628 | 48,442,296 | |||||||||||||||
Ordinary shares, outstanding (shares) | 48,014,628 | 48,442,296 | 48,014,628 | 48,442,296 | |||||||||||||||
Stock Repurchase Program: | |||||||||||||||||||
Stock repurchase program, term | 3 years | ||||||||||||||||||
Stock repurchase program, authorized amount | $ 300 | ||||||||||||||||||
Stock repurchase program, value of ordinary shares repurchased and retired | $ 37.5 | $ 37.5 | |||||||||||||||||
Stock repurchase program, ordinary shares repurchased and retired (shares) | 1,235,362 | 1,235,362 | |||||||||||||||||
Common stock repurchase program, maximum remaining amount | $ 262.5 | $ 262.5 | |||||||||||||||||
Ordinary shares issued/ (retired) as a result of: | |||||||||||||||||||
Stock repurchased during period (shares) | (723,062) | (730,532) | |||||||||||||||||
Stock repurchase program, ordinary shares value | $ 17.8 | $ 29.4 | |||||||||||||||||
Stock repurchase program, average purchase price (usd per share) | $ 24.68 | $ 40.26 | |||||||||||||||||
Dividends: | |||||||||||||||||||
Dividends declared per ordinary share (usd per share) | $ 0.08 | $ 0.06 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.080 | $ 0.060 | $ 0 | $ 0 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.14 | $ 0.60 | $ 0.60 | ||
Payments of dividends, common stock | $ 6.7 | $ 29 | $ 30.1 | ||||||||||||||||
Subsequent Event | |||||||||||||||||||
Stock Repurchase Program: | |||||||||||||||||||
Stock repurchase program, ordinary shares repurchased and retired (shares) | 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2019 | Dec. 28, 2018 | Dec. 29, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 327.1 | $ 292.7 | $ 264.9 |
Additions Charged to Costs and Expenses | 40 | 41.1 | 39.7 |
Additions Charged to Other Accounts | 1 | 0.5 | (2) |
Deductions | (8.6) | (7.2) | (9.9) |
Balance at End of Period | 359.5 | 327.1 | 292.7 |
Trade accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 14.6 | 12.9 | 11.3 |
Additions Charged to Costs and Expenses | 5.2 | 2.1 | 2.9 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (0.2) | (0.4) | (1.3) |
Balance at End of Period | 19.6 | 14.6 | 12.9 |
Advances to growers and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7.2 | 8.8 | 7.8 |
Additions Charged to Costs and Expenses | 0.1 | 0.5 | 1.4 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (3.9) | (2.1) | (0.4) |
Balance at End of Period | 3.4 | 7.2 | 8.8 |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 291.8 | 257.1 | 232.1 |
Additions Charged to Costs and Expenses | 35 | 38.6 | 35.4 |
Additions Charged to Other Accounts | 1 | 0.8 | (1.8) |
Deductions | (4.5) | (4.7) | (8.6) |
Balance at End of Period | 323.3 | 291.8 | 257.1 |
Provision for Kunia Well Site | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 13.5 | 13.9 | 13.7 |
Additions Charged to Costs and Expenses | (0.3) | (0.1) | 0 |
Additions Charged to Other Accounts | 0 | (0.3) | (0.2) |
Deductions | 0 | 0 | 0.4 |
Balance at End of Period | $ 13.2 | $ 13.5 | $ 13.9 |