Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-29 | ||
Document Period End Date | Dec. 29, 2023 | ||
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 H&C Corporate Services Limited | ||
Entity Address, Address Line Two | P.O. Box 698, 4th Floor, Apollo House, 87 Mary Street | ||
Entity Address, City or Town | George Town, | ||
Entity Address, Postal Zip Code | KY1-1107 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Public Float | $ 886,841,685 | ||
Share Price | $ 25.71 | ||
Entity Common Stock, Shares Outstanding | 47,629,018 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for the 2024 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 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 29, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Miami, Florida |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 33.8 | $ 17.2 |
Trade accounts receivable, net of allowance of $20.8 and $21.6, respectively | 387 | 373.5 |
Other accounts receivable, net of allowance of $5.6 and $5.7, respectively | 95.1 | 91 |
Inventories, net | 599.9 | 669 |
Assets held for sale | 4.5 | 67.3 |
Prepaid expenses and other current assets | 24 | 23.4 |
Total current assets | 1,144.3 | 1,241.4 |
Investments in and advances to unconsolidated companies | 22.2 | 18 |
Property, plant and equipment, net | 1,256.4 | 1,309.5 |
Operating lease right-of-use assets | 213.8 | 213.8 |
Goodwill | 401.9 | 422.9 |
Intangible assets, net | 33.3 | 135 |
Deferred income taxes | 51.5 | 47.4 |
Other noncurrent assets | 60.7 | 70.9 |
Total assets | 3,184.1 | 3,458.9 |
Current liabilities: | ||
Accounts payable and accrued expenses | 479 | 549.9 |
Current maturities of debt and finance leases | 1.4 | 1.3 |
Current maturities of operating leases | 48.6 | 41.6 |
Income taxes and other taxes payable | 11.6 | 14.2 |
Total current liabilities | 540.6 | 607 |
Long-term debt and finance leases | 406.1 | 547.1 |
Operating leases, less current maturities | 142.1 | 147.3 |
Retirement benefits | 82.3 | 82.4 |
Other noncurrent liabilities | 27.6 | 28.5 |
Deferred income taxes | 72.7 | 71.6 |
Total liabilities | 1,271.4 | 1,483.9 |
Commitments and contingencies (See note 16) | ||
Redeemable noncontrolling interest | 0 | 49.4 |
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; 47,629,018 and 47,838,680 issued and outstanding, respectively | 0.5 | 0.5 |
Paid-in capital | 597.7 | 548.1 |
Retained earnings | 1,341.4 | 1,397.6 |
Accumulated other comprehensive loss | (43.3) | (41.5) |
Total Fresh Del Monte Produce Inc. shareholders' equity | 1,896.3 | 1,904.7 |
Noncontrolling interests | 16.4 | 20.9 |
Total shareholders' equity | 1,912.7 | 1,925.6 |
Total liabilities, redeemable noncontrolling interest and shareholders' equity | $ 3,184.1 | $ 3,458.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 20.8 | $ 21.6 |
Other accounts receivable, net of allowance of $5.6 and $5.7, respectively | $ 5.6 | $ 5.7 |
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) | 47,629,018 | 47,838,680 |
Ordinary shares, outstanding (shares) | 47,629,018 | 47,838,680 |
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 Stock, Shares Outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 4,320.7 | $ 4,442.3 | $ 4,252 |
Cost of products sold | 3,970 | 4,102.1 | 3,948.2 |
Gross profit | 350.7 | 340.2 | 303.8 |
Selling, general and administrative expenses | 186.7 | 186.8 | 192.9 |
Gain (loss) on disposal of property, plant and equipment, net and subsidiary | 37.9 | (1.9) | 4.6 |
Goodwill and trademarks impairment charges | 0 | ||
Asset impairment and other charges (credits), net | 143.4 | (4.8) | 4.5 |
Operating income | 58.5 | 156.3 | 111 |
Interest expense | 24.1 | 24.4 | 20.3 |
Interest income | 1.4 | 0.7 | 0.6 |
Other expense, net | 19.3 | 14.8 | 9.4 |
Income before income taxes | 16.5 | 117.8 | 81.9 |
Income tax provision | 18.1 | 20.1 | 2 |
Net (loss) income | (1.6) | 97.7 | 79.9 |
Less: Net income (loss) attributable to redeemable and noncontrolling interests | 9.8 | (0.9) | (0.1) |
Net (loss) income attributable to Fresh Del Monte Produce Inc. | $ (11.4) | $ 98.6 | $ 80 |
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic | $ (0.24) | $ 2.06 | $ 1.68 |
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted | (0.24) | 2.06 | 1.68 |
Dividends declared per ordinary share (usd per share) | $ 0.75 | $ 0.60 | $ 0.50 |
Weighted average number of ordinary shares: | |||
Basic (in shares) | 47,979,143 | 47,790,920 | 47,508,208 |
Diluted (in shares) | 47,979,143 | 47,943,464 | 47,701,397 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1.6) | $ 97.7 | $ 79.9 |
Other comprehensive (loss) income: | |||
Unrealized gain (loss) on derivatives, net of tax | (2.2) | 46.9 | 8.7 |
Net unrealized foreign currency translation loss | (3.5) | (18.6) | (14.1) |
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 2.4 | 0 | 0 |
Change in retirement benefit adjustment, net of tax | 1.5 | (2.9) | 15.5 |
Comprehensive income (loss) | (3.4) | 123.1 | 90 |
Less: comprehensive income (loss) attributable to redeemable and noncontrolling interests | 9.8 | (0.9) | (0.1) |
Comprehensive (loss) income attributable to Fresh Del Monte Produce Inc. | $ (13.2) | $ 124 | $ 90.1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (1.6) | $ 97.7 | $ 79.9 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation and amortization | 84.8 | 92.5 | 96.8 |
Amortization of debt issuance costs | 0.5 | 0.6 | 0.6 |
Share-based compensation expense | 9.9 | 6.9 | 7.6 |
Asset impairment charges | 141.3 | 3.5 | 3.8 |
Change in uncertain tax positions | 1.5 | 1.7 | 2.3 |
(Gain) loss on disposal of property, plant and equipment, and subsidiary, net | (37.9) | 1.9 | (4.6) |
Deferred income taxes | (3.8) | 2.5 | (15) |
Adjustment of Kunia Well Site environmental liability in Hawaii | 0 | (9.9) | 0 |
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | (2.4) | 0 | 0 |
Other, net | (1.3) | 1.6 | (11.1) |
Changes in operating assets and liabilities | |||
Receivables | (19.3) | (37.4) | (13.9) |
Inventories | 64.7 | (72.1) | (105.1) |
Prepaid expenses and other current assets | 1.7 | (0.2) | 7.2 |
Accounts payable and accrued expenses | (64.1) | (17.8) | 78.3 |
Other noncurrent assets and liabilities | 3.9 | (9.7) | 1.7 |
Net Cash Provided by Operating Activities, Total | 177.9 | 61.8 | 128.5 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Payments to Acquire Productive Assets | (57.7) | (48.1) | (98.5) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 5.3 | 9.7 | 7 |
Proceeds from Sale of Property, Plant, and Equipment | 119.9 | 8.7 | 17.5 |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 0 | (0.2) | 4.6 |
Other investing activities | (0.5) | 0.2 | 0.9 |
Net cash provided by (used in) investing activities | 56.4 | (49.1) | (82.5) |
Net Cash (Used in) Provided by Financing Activities [Abstract] | |||
Proceeds from long-term debt | 590.5 | 1,066.3 | 703.4 |
Payments on long-term debt | (730.3) | (1,045.6) | (726) |
Payments for Repurchase of Redeemable Noncontrolling Interest | 5.2 | 0 | 0 |
Distributions to noncontrolling interests | (17.9) | (0.9) | (6.5) |
Repurchase and retirement of ordinary shares | (11.8) | 0 | 0 |
Share-based awards settled in cash for taxes | (0.8) | (1.6) | (0.4) |
Dividends paid | (35.9) | (28.7) | (23.7) |
Other Financing Activities | (2.1) | (1.5) | 0 |
Net cash used in financing activities | (213.5) | (12) | (53.2) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (4.2) | 0.4 | 6.8 |
Cash and cash equivalents, beginning | 17.2 | 16.1 | 16.5 |
Cash and cash equivalents, ending | 33.8 | 17.2 | 16.1 |
Supplemental cash flow information: | |||
Cash paid for interest | 24.2 | 23.5 | 19.9 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0.2 | 0.1 | 9.9 |
Cash paid for income taxes | 14.9 | 13.3 | 9.5 |
Non-cash financing and investing activities: | |||
Right-of-use assets obtained in exchange for new operating lease obligations | 51 | 59.6 | 78.8 |
Dividends on restricted stock units | 0.4 | 0 | 0.2 |
Insurance Settlements Receivable | 0.9 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | $ 16.6 | $ 1.1 | $ (0.4) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERST - USD ($) $ in Millions | Total | Total Shareholders' Equity | Fresh Del Monte Produce Inc. Shareholders' Equity | Ordinary Shares | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Redeemable Noncontrolling Interest Noncontrolling Interests | Ordinary Shares Noncontrolling Interests |
Balance, shares (shares) at Jan. 01, 2021 | 47,372,419 | |||||||||
Balance, value at Jan. 01, 2021 | $ 1,749.7 | $ 1,728 | $ 0.5 | $ 533.1 | $ 1,271.4 | $ (77) | $ 21.7 | $ 50.2 | ||
Exercises of stock options (shares) | 4,000 | |||||||||
Exercises of stock options | 0.1 | 0.1 | 0.1 | |||||||
Issuance of restricted stock awards (shares) | 178,276 | |||||||||
Settlement of restricted stock awards | 0 | |||||||||
Share-based payment expense | 7.6 | 7.6 | 7.6 | |||||||
Distribution to noncontrolling interests | (0.4) | 0 | 0 | (0.4) | (0.2) | |||||
Dividend declared | (23.5) | (23.5) | 0.2 | (23.7) | 0 | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 0.4 | |||||||||
Comprehensive income: | ||||||||||
Net (loss) income | $ 79.9 | 80.4 | 80 | 80 | (0.5) | |||||
Unrealized gain (loss) on derivatives, net of tax | 8.7 | 8.7 | 8.7 | 8.7 | ||||||
Net unrealized foreign currency translation (loss) gain | (14.1) | (14.1) | (14.1) | |||||||
Change in retirement benefit adjustment, net of tax | 15.5 | 15.5 | 15.5 | 15.5 | ||||||
Comprehensive income (loss) | 90 | 90.5 | 90.1 | 0.4 | (0.5) | |||||
Balance, shares (shares) at Dec. 31, 2021 | 47,554,695 | |||||||||
Balance, value at Dec. 31, 2021 | 1,824 | 1,802.3 | $ 0.5 | 541 | 1,327.7 | (66.9) | 21.7 | 49.5 | ||
Exercises of stock options (shares) | 7,000 | |||||||||
Exercises of stock options | 0.2 | 0.2 | 0.2 | |||||||
Issuance of restricted stock units (shares) | 276,985 | |||||||||
Settlement of restricted stock units | 0 | |||||||||
Share-based payment expense | 6.9 | 6.9 | 6.9 | |||||||
Disposal of noncontrolling interests | (0.3) | (0.3) | ||||||||
Distribution to noncontrolling interests | (0.3) | 0 | 0 | (0.3) | 0 | |||||
Dividend declared | (28.7) | (28.7) | 0 | (28.7) | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (0.8) | |||||||||
Comprehensive income: | ||||||||||
Net (loss) income | 97.7 | 97.8 | 98.6 | 98.6 | (0.1) | |||||
Unrealized gain (loss) on derivatives, net of tax | 46.9 | 46.9 | 46.9 | 46.9 | ||||||
Net unrealized foreign currency translation (loss) gain | (18.6) | (18.6) | (18.6) | |||||||
Change in retirement benefit adjustment, net of tax | (2.9) | (2.9) | (2.9) | (2.9) | ||||||
Comprehensive income (loss) | $ 123.1 | 123.2 | 124 | (0.8) | (0.1) | |||||
Balance, shares (shares) at Dec. 30, 2022 | 47,838,680 | 47,838,680 | ||||||||
Balance, value at Dec. 30, 2022 | $ 1,925.6 | 1,925.6 | 1,904.7 | $ 0.5 | 548.1 | 1,397.6 | (41.5) | 20.9 | 49.4 | |
Exercises of stock options (shares) | 2,418 | |||||||||
Exercises of stock options | 0 | 0 | 0 | |||||||
Issuance of restricted stock units (shares) | 287,920 | |||||||||
Settlement of restricted stock units | 0 | |||||||||
Share-based payment expense | 9.8 | 9.8 | 9.8 | |||||||
Distribution to noncontrolling interests | (14.4) | 0 | 0 | (14.4) | (1.4) | |||||
Repurchase and retirement of ordinary shares (shares) | (500,000) | |||||||||
Repurchase and retirement of ordinary shares | (11.8) | (11.8) | (3.4) | (8.4) | ||||||
Dividend declared | (35.9) | (35.9) | 0.5 | (36.4) | ||||||
Settlement of redeemable noncontrolling interest | 42.7 | 42.7 | 42.7 | $ (47.9) | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 9.9 | |||||||||
Comprehensive income: | ||||||||||
Net (loss) income | (1.6) | (1.5) | (11.4) | (11.4) | (0.1) | |||||
Unrealized gain (loss) on derivatives, net of tax | (2.2) | (2.2) | (2.2) | (2.2) | ||||||
Net unrealized foreign currency translation (loss) gain | (3.5) | (3.5) | (3.5) | |||||||
Change in retirement benefit adjustment, net of tax | 1.5 | 1.5 | 1.5 | 1.5 | ||||||
Comprehensive income (loss) | $ (3.4) | (3.3) | (13.2) | 9.9 | (0.1) | |||||
Balance, shares (shares) at Dec. 29, 2023 | 47,629,018 | 47,629,018 | ||||||||
Balance, value at Dec. 29, 2023 | $ 1,912.7 | $ 1,912.7 | $ 1,896.3 | $ 0.5 | $ 597.7 | $ 1,341.4 | $ (43.3) | $ 16.4 | $ 0 |
General
General | 12 Months Ended |
Dec. 29, 2023 | |
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. Nature of Business We are one of the world’s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and marketer of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. We market our products worldwide under the Del Monte ® brand, a symbol of product innovation, quality, freshness and reliability since 1892. Our major sales markets are organized as follows: North America, Europe, the Middle East (which includes North Africa) and Asia. Our global sourcing and logistics system allows us to provide regular delivery of consistently high-quality produce and value-added services to our customers. Our major producing operations are located in North, Central and South America, Asia and Africa. Our products are sourced from our company-controlled operations and through supply contracts with independent growers. Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. • Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks). • Banana • Other products and services - includes our third-party freight and logistic services business and our Jordanian poultry and meats business. Fiscal Year 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. Fiscal year 2023 had 52 weeks and ended on December 29, 2023. Fiscal year 2022 had 52 weeks and ended on December 30, 2022. Fiscal year 2021 had 52 weeks and ended on December 31, 2021. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The preparation of our Consolidated Financial Statements in accordance with U.S. GAAP 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. Our Consolidated Financial Statements include the accounts of our majority owned subsidiaries, which we control due to ownership of a majority voting interest. Additionally, we consolidate variable interest entities (“VIEs”) when we have variable interests and are the primary beneficiary. All intercompany accounts and transactions are eliminated in consolidation. We are required to evaluate events occurring after December 29, 2023, our fiscal year end, for recognition and disclosure in the Consolidated Financial Statements for the year ended fiscal 2023. Events are evaluated based on whether they represent information existing as of December 29, 2023, which require recognition in the Consolidated Financial Statements, or new events occurring after December 29, 2023, 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 29, 2023 through the date of issuance of these Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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 Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which reflects the net amount expected to be collected from customers. Our allowance for trade receivables consists of two components: a $7.4 million allowance for credit losses and a $13.4 million allowance for customer claims, which are accounted for under the scope of ASC 606 - Revenue Recognition . We estimate expected credit losses on our trade receivables in accordance with Accounting Standards Codification (“ASC”) 326 - Financial Instruments - Credit Losses . 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 measure the allowance for credit losses on trade receivables on a collective (pool) basis when similar risk characteristics exist. We generally pool our trade receivables based on geographic region or country to which the receivables relate. Receivables that do not share similar risk characteristics are evaluated for collectibility on an individual basis. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average of annual loss rates as a starting point for our estimation, and make adjustments to the historical loss rates to account for differences in current conditions impacting the collectibility of our receivable pools. We generally monitor macroeconomic indicators to assess whether adjustments are necessary to reflect current conditions. 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 10% 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 reflects the net amount expected to be collected. 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 receivables are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 29, 2023, we had $43.9 million classified as current in other accounts receivable and $17.7 million, net of allowance of $3.6 million, classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 30, 2022, we had $38.1 million classified as current in other accounts receivable and $16.4 million, net of allowance of $4.7 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 generally require property liens and pledges of the current season’s produce as collateral to support the advances. Refer to Note 7, “ Allowance for Credit Losses ” for further discussion on advances to growers and suppliers. We measure the allowance for credit losses on advances to suppliers and growers on a collective (pool) basis when similar risk characteristics exist. We generally pool our advances based on the country which they relate to, and further disaggregate them based on their current or past-due status. We generally consider an advance to a grower to be past due when the advance is not fully paid within the respective growing season. The allowance for advances to growers and suppliers that do not share similar risk characteristics are determined on a case-by-case basis, depending on the expected production for the season and other contributing factors. The advances are typically collateralized by property liens and pledges of the respective season's produce. Occasionally, we agree to a payment plan with certain growers or take steps to recover the advance via established collateral. We may write-off uncollectible financing receivables after our collection efforts are exhausted. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average annual loss rate as the starting point for our estimation, and make adjustments to the historical loss rate to account for differences in current or expected future conditions. We generally monitor macroeconomic indicators as well as other factors, including unfavorable weather conditions and crop diseases, which may impact the collectibility of the advances when assessing whether adjustments to the historical loss rate are necessary. Recoveries of other accounts receivable 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 foods 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. Expenditures on pineapple, melon, vegetable 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. For the most part, expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. Inventories consisted of the following (U.S. dollars in millions): December 29, 2023 December 30, 2022 Finished goods $ 201.1 $ 205.8 Raw materials and packaging supplies 167.1 233.2 Growing crops 231.7 230.0 Total inventories $ 599.9 $ 669.0 Accounting for Planned Major Maintenance Activities We account for planned major maintenance activities, such as ship dry-dock activities, consistent with 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. Investments in Unconsolidated Companies We apply the equity method of accounting to account for investments over which we exert significant influence but do not hold a controlling financial interest, or for investments in limited partnerships where our ownership interest is more than 3%-5%. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. We present the carrying value of our equity method investments within investments in and advances to unconsolidated companies on our Consolidated Balance Sheets. Our proportionate share of the investee's net income or loss is presented under other expense, net on our Consolidated Statement of Operations. We review our investments for impairment when events and circumstances indicate that the decline in fair value of such assets below the carrying value is other-than-temporary. See Note 4, “Investments in Unconsolidated Companies” for further information. Property, Plant and Equipment and Other Long-Lived Assets Property, plant and equipment additions are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, five three three five Property, Plant and Equipment, Net ” for further information. 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. Our long-lived assets other than property, plant and equipment consists of a definite-lived intangible asset. Intangible asset determined to have finite life is amortized over the estimated useful life to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis. Our definite-lived intangible asset has a remaining amortization period of 17 years. Amortization expense related to definite-lived intangible assets totaled $4.9 million for 2023, $7.8 million for 2022 and $7.6 million for 2021, and is included in selling, general, and administrative expenses. Refer to Note 6, “ Goodwill and Other Intangible Assets. ” for further information. We review long-lived assets (or asset groups) with identifiable cash flows for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We consider factors such as historic and forecasted operating results, trends and future prospects, current market value, and other economic and regulatory factors in performing these analyses. In the event that an asset is not recoverable, and 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 discounted 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. We incurred charges related to impairment of long-lived assets of $119.7 million in 2023, $3.5 million in 2022, and $3.8 million in 2021. Such charges are included in asset impairment and other charges (credits), net in the accompanying Consolidated Statements of Operations for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 and are described further in Note 3, “ Asset Impairment and Other Charges (Credits), Net ” and Note 6, “ Goodwill and Other Intangible Assets ”. The gain on disposal of property, plant and equipment, net of $37.9 million during 2023 primarily related to gains on the sale of two distribution centers and related assets in Saudi Arabia, sale of an idle production facility in North America, and sale of our plastics business subsidiary in South America. These transactions were accounted for using the guidance in ASC 610. Assets Held for Sale Assets are classified as held for sale when (1) management approves and commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary, (3) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (4) the sale of the asset is probable and is expected to be completed within one year, (5) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale are stated at the lower of net book value or estimated fair value less cost to sell. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. We assess goodwill at the reporting unit level on an annual basis as of the first day of our fourth quarter, or more frequently if events or changes in circumstances suggest that goodwill may not be recoverable. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. For those reporting units where events or changes in circumstances indicate that potential impairment indicators exist, we perform a quantitative assessment to determine whether the carrying amount of goodwill can be recovered. When performing the annual goodwill impairment test, we may start with an optional qualitative assessment as allowed for under the accounting guidance. As part of the qualitative assessment, we evaluate all events and circumstances, including both positive and negative events, in their totality, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we evaluate goodwill for impairment by comparing the fair value of a reporting unit to its carrying value, including the associated goodwill. We generally estimate a reporting unit’s fair value using a discounted cash flow approach which is dependent on several significant estimates and assumptions related to forecasts of future revenues, cost of sales, expenses and the weighted-average cost of capital for each reporting unit. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. The impairment of goodwill is limited to the total amount of goodwill allocated to the reporting unit. Any adverse changes in the significant estimates and assumptions used in our goodwill impairment test could have a significant impact on the recoverability of goodwill and could have a material impact on our Consolidated Financial Statements. We incurred charges related to impairment of goodwill of $21.6 million in 2023 as described further in Note 3, “ Asset Impairment and Other Charges (Credits), Net" and Note 6, “ Goodwill and Other Intangible Assets ”. No impairment charges related to goodwill were incurred during 2022 and 2021 An intangible asset with an indefinite useful life is not amortized but assessed for impairment at least annually, or sooner if indications of possible impairment are identified. When performing the annual impairment test, we first may start with an optional qualitative assessment to determine whether it is not more likely than not that our indefinite-lived intangible assets are impaired. As part of a qualitative assessment, we evaluate relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If we bypass the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we evaluate our indefinite-lived intangible assets for impairment by comparing the fair value of the asset to its carrying amount. We generally estimate the fair value of our indefinite-lived intangible assets using a royalty savings method. See Note 6, “ Goodwill and Other Intangible Assets ” for further discussion. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. We record revenue based on a five-step model in accordance with the accounting guidance. 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 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 on our Consolidated Balance Sheets and amortized over time as promised goods and services are transferred to a customer. Our contracts are generally less than one year and incremental costs of obtaining a contract are not material. 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 do not adjust the promised amount of consideration for the effects of a significant financing component if 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 is primarily made up of two elements: product costs and logistics costs. Product costs - primarily composed of cultivation (the cost of growing crops), harvesting, packaging, labor, depreciation and farm administration. Product cost for produce obtained from independent growers is composed of procurement and packaging costs. Logistics costs - include land and sea transportation and expenses related to port facilities and distribution centers. Sea transportation cost is the most significant component of logistics costs and is comprised of: • Ship operating expenses - include operations, maintenance, depreciation, insurance, fuel, and port charges. • Chartered ship costs - include the cost of chartering the ships, fuel and port charges. • Container equipment-related costs - include leasing expense and in the case of owned equipment, also depreciation expense. • Third-party containerized shipping costs - include the cost of using third-party shipping in our logistics operations. Advertising and Promotional Cost s We expense advertising and promotional costs as incurred. Advertising and promotional costs, which are included in selling, general and administrative expenses, were $10.5 million for 2023, $9.3 million for 2022 and $13.6 million for 2021. 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 recognized 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 may differ from these estimates. See Note 16, “ Commitments and Contingencies. ” Foreign Currency Translation and Transactions 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 remeasured at historical exchange rates. Other balance sheet amounts are remeasured 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 remeasured at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other expense, net. Other expense, net, in the accompanying Consolidated Statements of Operations includes a net foreign exchange loss of $10.4 million for 2023, $8.4 million for 2022, and $6.0 million for 2021. These amounts include the effect of foreign currency remeasurement and realized foreign currency transaction gains and losses. Other Expense, Net In addition to foreign currency gains and losses described above, other expense, net, also includes other non-operating income and expense items. Leases We lease property, plant and equipment for use in our operations including agricultural land, office facilities and refrigerated containers. We account for leases under the scope of ASC 842 - Leases which requires leases with durations greater than twelve months to be recognized on the balance sheet. We 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 the future minimum 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. Certain leases include one or more options to renew or options to terminate, which are generally at our discretion. Any option or renewal periods that we determine are reasonably certain of being exercised are included in the lease term, and are used in calculating the right-of-use asset and lease liabilities. Many of our leases also include predetermined fixed escalation clauses. We recognize rental expense for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease. 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 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In developing its fair value estimates, we use the following hierarchy: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 - Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows using our own estimates and assumptions or those expected to be used by market participants. We measure the fair value of 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 Compensation expense for all share-based awards expected to vest is measured at fair value on the date of grant and recognized on a straight-line basis over the related service period, which is generally the vesting period of each award. Forfeitures are recognized as they occur. Our shared-based awards consist of performance stock units and restricted stock units, and are granted to employees and members of our Board of Directors which meet the definition of employees under the accounting guidance. The fair value of our share-based awards is determined based on our stock price on the date of grant. See Note 15, “ Share-Based Compensation ” for more information. Derivative Financial Instruments We 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 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. We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange rates and variable interest rates. Upon 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. We designate our derivative financial instruments as cash flow hedges. 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 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. In the event that hedge accounting is discontinued, any changes in fair value of the associated derivatives since the date of dedesignation are recognized in other expense, net. Cash flows subsequent to the date of dedesignation are classified within investing activities in our Consolidated Statements of Cash Flows. 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 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. We recognize the funded status of our defined benefit pension and post-retirement plans in our Consolidated Balance Sheets, with changes in the funded status recognized primarily through accumulated other comprehensive income (loss) in the year in which the changes occur. Actuarially-determined liabilities related to pension and post-retirement benefits are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, benefit payment patterns and other factors, and are periodically updated. 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 framework. See Note 14, “ Retirement and Other Employee Benefits ” for more information. Redeemable Noncontrolling Interest As part of the Mann Packing acquisition in 2018, we acquired 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 Sheet. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount adjusted for accumulated earnings and distributions or (2) the contractually-defined redemption value as of the balance sheet date. In June 2023, the noncontrolling shareholder exercised its put option right and the Company closed the purchase of the remaining 25% of this subsidiary. See Note 22, " Redeemable Noncontrolling Interest Acquisition " for more information. New Accounting Pronouncements - Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Investment Holdings | We apply the equity method of accounting to account for investments over which we exert significant influence but do not hold a controlling financial interest, or for investments in limited partnerships where our ownership interest is more than 3%-5%. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. We present the carrying value of our equity method investments within investments in and advances to unconsolidated companies on our Consolidated Balance Sheets. Our proportionate share of the investee's net income or loss is presented under other expense, net on our Consolidated Statement of Operations. We review our investments for impairment when events and circumstances indicate that the decline in fair value of such assets below the carrying value is other-than-temporary. See Note 4, “Investments in Unconsolidated Companies” for further information. |
Asset Impairment and Other Char
Asset Impairment and Other Charges, Net | 12 Months Ended |
Dec. 29, 2023 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges, Net | Asset Impairment and Other Charges (Credits), Net We incurred asset impairment and other charges (credits), net totaling $143.4 million for 2023, $(4.8) million for 2022 and $4.5 million for 2021. The following represents the detail of asset impairment and other charges (credits), net for the year ended December 29, 2023 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Impairment of low-yielding banana farms in the Philippines $ 3.7 $ — $ 3.7 Fresh and value-added products segment: Impairment of fresh and value-added assets in North America (1) 109.6 — 109.6 Impairment of prepared foods reporting unit goodwill (2) 21.6 — 21.6 Impairment of low productivity grape vines in South America and related costs 1.7 0.1 1.8 Impairment of low-yielding apple farms in South America 2.6 — 2.6 Other fresh and value-added products segment charges 0.3 0.7 1.0 Other: 2023 cybersecurity incident expenses (3) — 1.3 1.3 Impairment of assets related to idle land in Central and South America 1.8 — 1.8 Total asset impairment and other charges (credits), net $ 141.3 $ 2.1 $ 143.4 (1) During the year ended December 29, 2023, impairment charges related to our fresh and value-added assets in North America included impairment charges to customer relationships intangible assets of $88.6 million, trade names of $8.3 million, and building, land and land improvements of $12.7 million. Refer to Note 6, " Goodwill and Other Intangible Assets," for further information. (2) Refer to Note 6, " Goodwill and Other Intangible Assets," for further information. (3) During the year ended December 29, 2023, we incurred cybersecurity expenses of $1.3 million, net of insurance reimbursements received, primarily related to the engagement of specialized legal counsel and other incident response advisors. The following represents the detail of asset impairment and other charges (credits), net for the year ended December 30, 2022 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Exit costs related to European facility $ — $ 0.4 $ 0.4 Philippine asset impairment due to floods (1) 2.7 — 2.7 Fresh and value-added products segment: Adjustment of Kunia Well Site environmental liability in Hawaii (2) — (9.9) (9.9) Impairment of South America farm and other charges 0.8 0.1 0.9 Other fresh and value-added products segment charges — 0.1 0.1 Other: — Former President/COO severance expense — 1.0 1.0 Total asset impairment and other charges (credits), net $ 3.5 $ (8.3) $ (4.8) (1) $2.7 million asset impairment as a result of flooding in the Philippines due to heavy rainfall during the fourth quarter of 2022. (2) $(9.9) million reduction in our environmental liability related to the Kunia Well Site clean-up. Refer to Note 16, “Commitments and Contingencies,” for further information. The following represents the detail of asset impairment and other charges (credits), net for the year ended December 31, 2021 by reportable segment (U.S. dollars in millions): Long-lived and other asset impairment Exit activity and other charges (credits) Total Banana segment: Insurance recovery related to hurricanes (1) $ — $ (0.8) $ (0.8) Philippine asset impairment and exit activities of certain low-yield areas (2) 3.3 1.4 4.7 Fresh and value-added products segment: Exit costs related to European facility — 0.2 0.2 Other fresh and value-added products segment charges 0.5 (0.1) 0.4 Total asset impairment and other charges (credits), net $ 3.8 $ 0.7 $ 4.5 (1) $(0.8) million insurance recovery for fiscal 2021 associated with damages to certain of our banana fixed assets in Guatemala caused by hurricanes Eta and Iota in the fourth quarter of 2020. (2) $4.7 million asset impairment and other charges primarily related to our exit from two low-yield banana farms in the Philippines in the fourth quarter of 2021. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Companies | 12 Months Ended |
Dec. 29, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Companies | Investments in and Advances to Unconsolidated Companies Investments in and advances to unconsolidated companies amounted to $22.2 million as of December 29, 2023 and $18.0 million as of December 30, 2022. These investments are accounted for under the equity method of accounting, and primarily relate to investments in limited partnerships and joint ventures in the food, nutrition and agricultural technology sectors. Our proportionate share of income (losses) related to these unconsolidated companies, and distributions received, were not significant for the years ended December 29, 2023, December 30, 2022, or December 31, 2021. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (U.S. dollars in millions): December 29, 2023 December 30, 2022 Land and land improvements $ 695.9 $ 704.3 Buildings and leasehold improvements 581.4 607.4 Machinery and equipment 609.3 614.3 Maritime equipment (including containers) 229.0 262.9 Furniture, fixtures and office equipment 102.1 102.2 Automotive equipment 69.1 69.0 Construction-in-progress 23.3 22.0 2,310.1 2,382.1 Less: accumulated depreciation and amortization (1,053.7) (1,072.6) Property, plant and equipment, net $ 1,256.4 $ 1,309.5 Depreciation expense on property, plant and equipment, including assets under finance leases, was $79.9 million for 2023, $84.8 million for 2022 and $89.2 million for 2021. Shipping containers, machinery and equipment and automotive equipment under finance leases totaled $11.1 million at December 29, 2023 and $11.0 million at December 30, 2022. Accumulated amortization for assets under finance leases was $3.8 million at December 29, 2023 and $2.4 million at December 30, 2022. The gain (loss) on disposal of property, plant and equipment, net and subsidiary was a gain of $37.9 million for 2023, a loss of $(1.9) million for 2022 and a gain of $4.6 million for 2021. The gain on disposal of property, plant and equipment, net and subsidiary in 2023 was primarily related to the sale of two distribution centers and related assets in Saudi Arabia, the sale of an idle production facility in North America, the sale of our plastics business subsidiary in South America, the sale of two carrier vessels and the sales of land assets in South and Central America. The loss on disposal of property, plant and equipment, net in 2022 is primarily related to the disposal of low-yielding banana crops in Central America, partially offset by gains on the sale of vacant land in Mexico and sales of vehicles in the Middle East |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 Goodwill $ 401.9 $ 422.9 Indefinite-lived intangible assets: Trademarks 31.7 31.7 Definite-lived intangible assets: Definite-lived intangible assets 10.6 150.4 Accumulated amortization (9.0) (47.1) Definite-lived intangible assets, net 1.6 103.3 Goodwill and other intangible assets, net $ 435.2 $ 557.9 Indefinite-lived and definite-lived intangible assets are included in intangible assets, net, in the Consolidated Balance Sheets. Our definite-lived intangible assets, prior to the impairment recorded during 2023, primarily consisted of customer relationships, trade names and trademarks. 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 31, 2021 $ 64.3 $ 359.4 $ 423.7 Foreign exchange (0.2) (0.6) (0.8) Balance at December 30, 2022 $ 64.1 $ 358.8 $ 422.9 Foreign exchange 0.3 0.3 0.6 Impairment charges — (21.6) (21.6) Balance at December 29, 2023 $ 64.4 $ 337.5 $ 401.9 In the table above, goodwill is presented net of accumulated impairment losses of $109.7 million, relating strictly to the fresh and value-added products segment. Impairment charges of $21.6 million were recorded during 2023. No impairment charges were recorded to goodwill during 2022 or 2021. Results of Impairment Tests We review goodwill for impairment on an annual basis or earlier if indicators of impairment arise. We performed our fourth quarter 2023 annual goodwill impairment test using a quantitative assessment for all reporting units, and specifically an income approach valuation methodology. Based on the results of our impairment test and due to underperformance in our prepared foods business in North America and Europe, coupled with an increase in the discount rates used, we incurred an impairment charge of $21.6 million for which the fair value was determined to be $27.2 million. The results of our impairment test for the remaining reporting units resulted in the fair value of each reporting unit exceeding its respective carrying amount as of the assessment date. We also evaluated both Del Monte ® trade names and trademarks related to our prepared foods reporting unit for impairment as of the first day of our fourth quarter of 2023 using the royalty savings method, an income approach valuation methodology. The royalty savings method estimated the fair value of the intangible assets by capitalizing the royalties saved. Both Del Monte ® trade names and trademarks had fair values that exceeded their carrying amounts. The fair value of the banana reporting unit's goodwill, prepared foods reporting unit's goodwill and the Del Monte ® prepared foods 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 foods reporting unit do not perform to expected levels, the related goodwill and the Del Monte ® trade names and trademarks associated with the prepared foods reporting unit may be at risk for impairment in the future. The following table highlights the sensitivities of the indefinite-lived intangibles as of December 29, 2023 (U.S. dollars in millions): Banana Prepared Foods Prepared Foods Reporting Unit Del Monte ® Carrying value of indefinite-lived intangible assets $ 64.4 $ 27.2 $ 30.8 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test 23.2 % — % 6.2 % 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 (additional) impairment $ 8.9 $ 27.2 $ 2.3 In addition, certain definite-lived intangible assets related to our fresh and value-added products segment which arose from a prior acquisition are sensitive to changes in estimated cash flows. We review long-lived assets (or asset groups) with identifiable cash flows for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During the fourth quarter of 2023, we identified factors which indicated the carrying amounts of certain fresh and value-added assets associated with Mann Packing may not be recoverable. These factors included (1) a sustained decline in actual and projected sales and gross margins, (2) conclusions reached from management's strategic review of Mann Packing finalized in the fourth quarter and (3) impairment charges of goodwill in our prepared foods reporting unit which is included within our fresh and value-added products segment. Based on the results of our recoverability test performed, we determined the carrying amounts of certain fresh and value-added assets exceeded their fair values and we recorded non-cash impairment charges of $109.6 million, including impairment charges to customer relationships intangible assets of $88.6 million and trade name intangible assets of $8.3 million. 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 2024 $ 0.1 2025 0.1 2026 0.1 2027 0.1 2028 0.1 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 29, 2023 | |
Receivables [Abstract] | |
Financing Receivables | Allowance for Credit Losses We estimate expected credit losses on our trade receivables and financing receivables in accordance with Accounting Standards Codification (“ASC”) 326 - Financial Instruments - Credit Losses . Trade Receivables Trade receivables as of December 29, 2023 were $387.0 million, net of an allowance of $20.8 million. Our allowance for trade receivables consists of two components: a $7.4 million allowance for credit losses and a $13.4 million allowance for customer claims accounted for under the scope of ASC 606 - Revenue Recognition . As a result of our robust credit monitoring practices, the industry in which we operate, and the nature of our customer base, the credit losses associated with our trade receivables have historically been insignificant in comparison to our annual net sales. We measure the allowance for credit losses on trade receivables on a collective (pool) basis when similar characteristics exist. We generally pool our trade receivables based on the geographic region or country to which the receivables relate. Receivables that do not share similar risk characteristics are evaluated for collectibility on an individual basis. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average annual loss rate as a starting point for our estimation, and make adjustments to the historical loss rate to account for differences in current conditions impacting the collectibility of our receivable pools. We generally monitor macroeconomic indicators to assess whether adjustments are necessary to reflect current conditions. The table below presents a rollforward of our trade receivable allowance for credit losses for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Year ended Trade Receivables December 29, 2023 December 30, 2022 Allowance for Credit Losses Balance, beginning of period $ 9.3 $ 10.2 Provision for uncollectible amounts 1.6 0.3 Deductions to allowance related to write-offs (3.3) (0.7) Foreign exchange effects — (0.1) Reclassifications (1) (0.2) (0.4) Balance, end of period $ 7.4 $ 9.3 (1) Reclassifications of $0.2 million and $0.4 million to the long-term allowance for credit losses during the years ended December 29, 2023 and December 30, 2022, respectively. The amounts in the long-term allowance for credit losses, presented in other noncurrent assets on our Consolidated Balance Sheets, related to customer receivables as of the years ended December 29, 2023 and December 30, 2022 are not material to our Consolidated Financial Statements. Financing Receivables Financing receivables are included in other accounts receivable, net on our Consolidated Balance Sheet and are recognized at amortized cost less an allowance for estimated credit losses. Financing receivables include seasonal advances to growers and suppliers, which are usually 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 five years. We measure the allowance for credit losses on advances to suppliers and growers on a collective (pool) basis when similar risk characteristics exist. We generally pool our advances based on the country which they relate to, and further disaggregate them based on their current or past-due status. We generally consider an advance to a grower to be past due when the advance is not fully paid within the respective growing season. The allowance for advances to growers and suppliers that do not share similar risk characteristics are determined on a case-by-case basis, depending on the expected production for the season and other contributing factors. The advances are typically collateralized by property liens and pledges of the respective season's produce. Occasionally, we agree to a payment plan with certain growers or take steps to recover the advance via established collateral. We may write-off uncollectible financing receivables after our collection efforts are exhausted. Historically, our credit losses associated with our advances to suppliers and growers have not been significant. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average annual loss rate as a starting point for our estimation, and make adjustments to the historical loss rate to account for differences in current or expected future conditions. We generally monitor macroeconomic indicators as well as other factors, including unfavorable weather conditions and crop diseases, which may impact the collectibility of the advances when assessing whether adjustments to the historical loss rate are necessary. The following table details the advances to growers and suppliers based on their credit risk profile (U.S. dollars in millions): December 29, 2023 December 30, 2022 Current Past-Due Current Past-Due Gross advances to growers and suppliers $ 25.1 $ 10.8 $ 44.6 $ 5.6 The allowance for advances to growers and suppliers and the related financing receivables for the years ended December 29, 2023 and December 30, 2022 were as follows (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 Allowance for advances to growers and suppliers: Balance, beginning of period $ 4.9 $ 1.8 Provision for uncollectible amounts 2.6 3.2 Deductions to allowance related to write-offs — (0.1) Balance, end of period $ 7.5 $ 4.9 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 Trade payables $ 243.1 $ 295.9 Accrued fruit purchases 29.6 37.3 Ship and port operating expenses 19.1 18.4 Warehouse and distribution costs 36.4 29.5 Payroll and employee benefits 73.1 78.2 Accrued promotions 26.3 27.1 Other accrued expenses 51.4 63.5 Accounts payable and accrued expenses $ 479.0 $ 549.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 December 31, 2021 Current: U.S. federal income tax $ 0.1 $ 0.3 $ (2.1) State 1.0 0.7 0.3 Non-U.S. 20.8 16.6 18.8 21.9 17.6 17.0 Deferred: U.S. federal income tax (1.1) — (5.0) State (0.2) — (1.2) Non-U.S. (2.5) 2.5 (8.8) (3.8) 2.5 (15.0) $ 18.1 $ 20.1 $ 2.0 Income before income taxes consisted of the following (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 December 31, 2021 U.S. $ (136.4) $ 1.0 $ (24.7) Non-U.S. 152.9 116.8 106.6 $ 16.5 $ 117.8 $ 81.9 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 (1) December 29, 2023 December 30, 2022 December 31, 2021 Income tax provision computed at the U.S. statutory federal rate $ 3.4 $ 24.7 $ 17.2 Effect of tax rates on non-U.S. operations (70.8) (71.7) (67.9) Provision for uncertain tax positions 1.5 1.7 2.3 Non-deductible interest 23.1 0.7 0.6 Foreign exchange 8.1 2.8 (6.1) Non-deductible intercompany charges — 0.5 0.1 Non-deductible differences (0.7) 0.9 2.0 Non-taxable income/loss (0.5) 0.6 (4.8) Non-deductible impairment charges 5.4 — 1.1 Adjustment to deferred balances — — 0.1 Other 0.8 (3.3) 3.1 State tax benefit (4.4) 0.1 (1.0) Other taxes in lieu of income 3.5 5.5 4.5 Change in deferred rate — — 0.1 Benefit from net operating loss carryback provision (C.A.R.E.S. Act) — — (0.8) Increase in valuation allowance (2) 48.7 57.6 51.5 Provision for income taxes $ 18.1 $ 20.1 $ 2.0 _____________ (1) Certain amounts from prior year have been conformed to current year presentation (2) 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 consisted of the following (U.S. dollars in millions): December 29, December 30, Deferred tax liabilities: 2023 2022 Allowances and other accrued liabilities $ (0.2) $ (0.1) Inventories (14.8) (17.1) Property, plant and equipment (69.7) (75.7) Equity in earnings of unconsolidated companies (0.5) (0.2) Pension obligations (2.7) (2.6) Other noncurrent deferred tax liabilities (28.1) (26.8) ROU assets (21.6) (21.0) Total noncurrent deferred tax liabilities $ (137.6) $ (143.5) Deferred tax assets: Allowances and other accrued assets $ 13.9 $ 17.9 Inventories 9.6 5.9 Pension obligations 22.4 21.4 Property, plant and equipment 3.6 1.0 Post-retirement benefits other than pension 2.7 3.6 Net operating loss carryforwards 434.5 434.2 Capital loss carryover 2.2 2.1 Other noncurrent assets 129.7 93.9 Operating lease 23.5 22.9 Total noncurrent deferred tax assets 642.1 602.9 Valuation allowance (525.7) (483.5) Total deferred tax assets, net $ 116.4 $ 119.4 Net deferred tax liabilities $ (21.2) $ (24.1) The valuation allowance increased by $42.2 million in 2023. The increase in 2023 relates primarily to valuation allowance on additional net operating loss carryforwards combined with 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 29, 2023, we are no longer permanently reinvested on certain foreign earnings, accordingly, there is a deferred tax liability of $0.7 million as of December 29, 2023 related to the foreign earnings which are not considered to be permanently reinvested. Additionally, the undistributed earnings of our foreign subsidiaries amounted to $770.6 million. Those earnings are considered to be either indefinitely reinvested, or the earnings could be distributed tax free. To the extent the earnings are considered indefinitely reinvested, determination of the amount of the unrecognized deferred tax liability is not practicable due to the complexities associated with its hypothetical calculation. At December 29, 2023, we had approximately $1,664.4 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2024 $ 1.4 2025 24.3 2026 20.1 2027 11.2 2028 and beyond 13.3 No expiration 1,594.1 $ 1,664.4 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 29, 2023 December 30, 2022 December 31, 2021 Beginning balance $ 6.1 $ 5.0 $ 3.5 Gross increases - current-period tax positions 1.2 1.2 1.7 Settlements (1.1) — — Foreign exchange 0.2 (0.1) (0.2) Ending balance $ 6.4 $ 6.1 $ 5.0 We accrued $9.9 million in 2023 and $9.2 million in 2022, for uncertain tax positions, including interest and penalties that, if recognized would affect the effective income tax rate. The tax years 2012-2023 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 $3.5 million and $3.0 million for December 29, 2023 and December 30, 2022, respectively and are included in other noncurrent liabilities. In connection with the examination of the tax returns in two foreign jurisdictions, the taxing authorities have issued income tax deficiencies related to transfer pricing aggregating approximately $165.4 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. In one of the foreign jurisdictions, we are currently contesting tax assessments related to the 2012-2015 audit years and the 2016 audit year in both the administrative court and the judicial court. During 2019 and 2020, we filed actions contesting the tax assessment in the administrative office. Our initial challenge to each of these tax assessments was rejected, and we subsequently lost our appeals at the administrative court. We have subsequently filed actions to contest each of these tax assessments in the country’s judicial courts. In addition, we have filed a request for an injunction to the judicial court to stay the tax authorities' collection efforts for these two tax assessments, pending final judicial decisions. The court granted our injunction with respect to the 2016 audit year, however denied our injunction with respect to the 2012-2015 audit years. We timely appealed the denial of the injunction, and on August 10, 2022 the appellate court overturned the denial and granted our injunction for the 2012-2015 audit years. Pursuant to local law, we registered real estate collateral with an approximate fair market value of $7.0 million in connection with the grant of the 2016 audit year injunction. This real estate collateral has a net book value of $3.8 million as of the year ended December 29, 2023. In addition, in connection with the grant of the 2012-2015 audit year injunction, we registered real estate collateral with an approximate fair market value of $28.5 million, and a net book value of $4.6 million as of the year ended December 29, 2023. The registration of this real estate collateral does not affect our operations in the country. In the other foreign jurisdiction, the administrative court denied our appeal, and on March 4, 2020 we filed an action in the judicial court to contest the administrative court's decision. The case is still pending. We will continue to vigorously contest the adjustments and to exhaust all administrative and judicial remedies necessary in both jurisdictions to resolve the matters, which could be a lengthy process. We regularly assess 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. 29, 2023 | |
Leases [Abstract] | |
Leases | 10. Leases We lease property and equipment under operating and finance leases. 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 right-of-use asset and lease liability on the lease commencement date, calculated as the present value of the future minimum 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. Certain leases include one or more options to renew or options to terminate, which are generally at our discretion. Any option or renewal periods that we determine are reasonably certain of being exercised are included in the lease term, and are used in calculating the right-of-use asset and lease liability. Our lease agreements do not contain any residual value guarantees. We do not separate lease and non-lease components of contracts. 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. Our operating lease arrangements include leases of agricultural land and certain property, plant, and equipment, including office facilities and refrigerated containers. Many of our leases include predetermined fixed escalation clauses. We recognize rental expense for operating leases on a straight-line basis over the expected term of the lease. We also enter into ship charter agreements for the transport of our fresh produce to markets worldwide. As of the year ended 2023, two of our ships are chartered. The remaining term for our chartered ships is approximately 10 months. During the year ended December 29, 2023, our 60% owned joint venture in Saudi Arabia entered into a sale and purchase agreement to sell two distribution centers and related assets for a total purchase price of $67.6 million. Contemporaneously with the execution of the sale and purchase agreement, we entered into an operating lease agreement in which we leased back approximately 31% of the facilities for a term of five years. The lease agreement allows for an option to renew for additional terms, subject to the written agreement of both parties. Our finance lease arrangements include leases of refrigerated containers. For finance leases, we recognize interest expense and amortization of the right-of-use asset. Lease Position The following table presents the lease-related assets and liabilities recorded on our Consolidated Balance Sheets as of December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Classification on the Balance Sheet December 29, 2023 December 30, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 213.8 $ 213.8 Finance lease assets Property, plant and equipment, net 7.3 8.6 Total lease assets $ 221.1 $ 222.4 Liabilities Current Operating Current maturities of operating leases $ 48.6 $ 41.6 Finance Current maturities of debt and finance leases 1.4 1.3 Noncurrent Operating Operating leases, less current maturities 142.1 147.3 Finance Long-term debt and finance leases, less current maturities 6.1 7.3 Total lease liabilities $ 198.2 $ 197.5 Weighted-average remaining lease term: Operating leases 5.8 years 6.5 years Finance leases 4.5 years 5.7 years Weighted-average discount rate: Operating leases 5.37 % 5.23 % Finance leases 4.47 % 2.91 % Lease Costs The following table presents certain information related to the lease costs for finance and operating leases for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 (U.S. dollars in millions): December 29, December 30, December 31, Finance lease cost Amortization of lease assets $ 1.5 $ 1.4 $ 0.3 Operating lease cost 72.1 66.3 61.9 Short-term lease cost 7.0 5.3 8.4 Variable lease cost 7.4 5.1 5.9 Total lease cost $ 88.0 $ 78.1 $ 76.5 Other Information The following table presents supplemental cash flow information related to leases for fiscal 2023, 2022 and 2021 (U.S. dollars in millions): December 29, December 30, December 31, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 58.1 $ 51.2 $ 41.2 Financing cash flows for finance leases 1.3 1.3 0.3 Right-of-use assets obtained in exchange for new operating lease liabilities 51.0 59.6 78.8 Right-of-use assets obtained in exchange for new finance lease liabilities 0.2 0.1 9.9 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 29, 2023 (U.S. dollars in millions): Operating Leases Finance Leases 2024 $ 59.5 $ 1.6 2025 40.7 1.6 2026 34.4 1.6 2027 29.2 1.6 2028 22.5 1.5 Thereafter 52.2 — Total lease payments 238.5 7.9 Less: imputed interest 47.8 0.4 Total lease liabilities $ 190.7 $ 7.5 |
Debt
Debt | 12 Months Ended |
Dec. 29, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt 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, $0.9 billion syndicated senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing on October 1, 2024. Effective September 13, 2022, we exercised our option as included in the Second A&R Credit Agreement to reduce the borrowing limit on the Revolving Credit Facility from the original limit of $1.1 billion to $0.9 billion. Certain of our direct and indirect subsidiaries have guaranteed the obligations under the Second A&R Credit Agreement. We intend to use funds borrowed under the Revolving Credit Facility from time to time for general corporate purposes, working capital, capital expenditures and other permitted investment opportunities. On December 30, 2022, we and certain of our subsidiaries executed Amendment No. 1 to the Second A&R Credit Agreement (the “Amendment”) with the financial institutions and other lenders named therein, including Bank of America, N.A. as administrative agent and BofA Securities, Inc. as sole lead arranger and sole bookrunner. Pursuant to the Amendment, the reference interest rate on the Revolving Credit Facility was amended to replace the Eurocurrency Rate with the Term Secured Overnight Financing Rate (“Term SOFR”) effective January 3, 2023. As amended, Term Loans made under the Revolving Credit Facility can be Base Rate Loans, Term SOFR Loans or Alternative Currency Term Rate Loans. All other material terms of the Second A&R Credit Agreement, as amended, remain unchanged. Effective January 3, 2023, amounts borrowed under the Revolving Credit Facility accrued interest, at our election, at either (i) the Term SOFR 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 ranged from 0% to 0.5%, in each case based on our Consolidated Leverage Ratio (as defined in the Second A&R Credit Agreement). The Second A&R Credit Agreement interest rate grid provides for five pricing levels for interest rate margins. 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 2.50 to 1.00. 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 requires us to comply with certain financial and other covenants. Specifically, it requires us to maintain 1) a Consolidated Leverage Ratio of not more than 3.50 to 1.00 at any time during any period of four consecutive fiscal quarters, subject to certain exceptions and 2) minimum Consolidated Interest Coverage Ratio of not less than 2.25 to 1.00 as of the end of any fiscal quarter. Additionally, it requires us to comply with certain other covenants, including limitations on capital expenditures, stock repurchases, the amount of dividends that can be paid in the future, the amount and types of liens and indebtedness, material asset sales, and mergers. Under the Second A&R Credit Agreement, we are permitted 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. It also provides 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. As of December 29, 2023, we were in compliance with all of the covenants contained in the Second A&R Credit Agreement. On February 21, 2024, we entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement (the "2024 Amended Credit Facility") which amends and restates the Second A&R Credit Agreement. The 2024 Amended Credit Facility provides for a five-year, $0.75 billion syndicated senior unsecured revolving credit facility ("Amended Revolving Credit Facility") and extends the existing maturity date to February 21, 2029. The 2024 Amended Credit Facility permits, under certain conditions, the ability to add an option for $200 million of receivables financing. Amounts outstanding under the Amended Revolving Credit Facility accrue interest at a rate equal to based on the Term SOFR rate (as defined in the 2024 Amended Credit Facility) plus a margin ranging from 1.0% to 1.6%. Debt issuance costs of $0.1 million and $0.6 million are included in other noncurrent assets on our Consolidated Balance Sheets as of December 29, 2023 and December 30, 2022, respectively. The following is a summary of the material terms of the Revolving Credit Facility and other working capital facilities at December 29, 2023 (U.S. dollars in millions): Term Maturity Date Interest Rate Borrowing Limit Available Borrowings Bank of America credit facility 5 years February 21, 2029 6.59% $ 900.0 $ 500.0 Rabobank letter of credit facility 364 days June 13, 2024 Varies 25.0 17.6 Other working capital facilities Varies Varies Varies 30.9 7.9 $ 955.9 $ 525.5 The margin for SOFR advances as of December 29, 2023 was 1.125%. The Revolving Credit Facility permits borrowings under the revolving commitment with an interest rate determined based on our leverage ratio and spread over SOFR. In addition, we pay a fee on unused commitments. As of December 29, 2023, we applied $40.3 million to letters of credit and bank guarantees issued from Rabobank Nederland, Bank of America, and other banks. 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 borrowings from our Revolving Credit Facility. Refer to Note 17, “ Derivative Financial Instruments ”. Maturities of long-term debt obligations during the next five years and thereafter are as follows (U.S. dollars in millions): Fiscal Years Long-Term 2024 $ 26.1 2025 24.0 2026 21.0 2027 20.3 2028 21.2 Thereafter 401.8 514.4 Less: Amounts representing interest (1) (114.4) 400.0 Less: Current portion $ — Totals, net of current portion of long-term debt and finance lease obligations $ 400.0 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed average rate of 4.4%. Cash payments of interest on long-term debt, net of amounts capitalized, were $24.2 million for 2023, $23.5 million for 2022 and $19.9 million for 2021. Capitalized interest expense was $0.3 million for 2023, $0.5 million for 2022 and $0.5 million for 2021. |
Earnings (Loss) Per Ordinary Sh
Earnings (Loss) Per Ordinary Share | 12 Months Ended |
Dec. 29, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Income Per Ordinary Share | Earnings 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 are calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 29, 2023 December 30, 2022 December 31, 2021 Numerator: Net (loss) income attributable to Fresh Del Monte Produce Inc. $ (11.4) $ 98.6 $ 80.0 Denominator: Weighted average number of ordinary shares - Basic 47,979,143 47,790,920 47,508,208 Effect of dilutive securities - share-based awards — 152,544 193,189 Weighted average number of ordinary shares - Diluted 47,979,143 47,943,464 47,701,397 Antidilutive awards (1) 692,680 103,148 2,039 Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ (0.24) $ 2.06 $ 1.68 Diluted $ (0.24) $ 2.06 $ 1.68 (1) Awards of certain unvested shares and options are not included in the calculation of diluted weighted average shares outstanding because their effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 29, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive Loss The following table includes the changes in accumulated other comprehensive loss by component for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive Loss by Component (1) Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 31, 2021 $ (40.9) $ (17.4) $ (8.6) $ (66.9) Other comprehensive income (loss) before reclassifications 67.1 (3) (18.6) (2) (4.1) 44.4 Amounts reclassified from accumulated other comprehensive loss (20.2) — 1.2 (19.0) Net current period other comprehensive income (loss) 46.9 (18.6) (2.9) 25.4 Balance at December 30, 2022 $ 6.0 $ (36.0) $ (11.5) $ (41.5) Other comprehensive income (loss) before reclassifications 8.8 (3) (3.5) (2) 0.9 6.2 Amounts reclassified from accumulated other comprehensive loss (11.0) 2.4 0.6 (8.0) Net current period other comprehensive income (loss) (2.2) (1.1) 1.5 (1.8) Balance at December 29, 2023 $ 3.8 $ (37.1) $ (10.0) $ (43.3) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a gain of $1.0 million for the year ended December 29, 2023 and a loss of $4.8 million for the year ended December 30, 2022 related to intra-entity foreign currency transactions that are of a long-term-investment nature. (3) Includes a tax effect of $1.7 million for the year ended December 29, 2023 and $(5.8) million for the year ended December 30, 2022. The following table includes details about amounts reclassified from accumulated other comprehensive loss by component for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Amount of (gain) loss reclassified from accumulated other comprehensive loss Details about accumulated other comprehensive loss components December 29, 2023 December 30, 2022 Affected line item in the statement where net income is presented Cash flow hedges: Designated as hedging instruments: Foreign currency cash flow hedges $ (3.2) $ (31.4) Net sales Foreign currency cash flow hedges 1.0 6.5 Cost of products sold Interest rate swaps (8.8) 4.7 Interest expense Total $ (11.0) $ (20.2) Amortization of retirement benefits: Actuarial losses 0.6 0.8 Other expense, net Curtailment and settlement losses — 0.4 Other expense, net Total $ 0.6 $ 1.2 |
Retirement and Other Employee B
Retirement and Other Employee Benefits | 12 Months Ended |
Dec. 29, 2023 | |
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. 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. Defined Benefit Pension Plan 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 securities. 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. 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 29, 2023 and December 30, 2022, which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 11.4 $ 36.2 $ 14.9 $ 63.5 $ 66.7 $ 66.9 Service cost — — — — 6.0 5.7 Interest cost 0.6 1.8 0.4 1.0 5.2 3.9 Actuarial loss (gain) 0.4 2.6 (2.7) (18.9) (2.4) (3.7) Benefits paid (1.2) (2.1) (1.2) (3.0) (6.0) (6.1) Exchange rate changes (2) — 2.1 — (6.4) 3.2 — Curtailments — — — — (0.3) — Plan amendment — — — — (2.2) — Ending benefit obligation 11.2 40.6 11.4 36.2 70.2 66.7 Change in Plan Assets: Beginning fair value 11.1 37.9 14.3 72.5 — — Actual return on plan assets 1.5 2.5 (2.0) (26.2) — — Company contributions — 1.8 — 1.8 6.0 6.1 Benefits paid (1.2) (2.1) (1.2) (3.0) (6.0) (6.1) Exchange rate changes (2) — 2.1 — (7.2) — — Ending fair value 11.4 42.2 11.1 37.9 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — (10.0) (10.2) Retirement benefits liability (noncurrent liability) — — (0.3) — (60.2) (56.5) Other noncurrent assets 0.2 1.6 — 1.7 — — Net asset (liability) recognized in the Consolidated Balance Sheets $ 0.2 $ 1.6 $ (0.3) $ 1.7 $ (70.2) $ (66.7) Amounts recognized in Accumulated other comprehensive loss: (3) Net actuarial (loss) gain (6.9) 10.7 (7.5) (8.4) 8.1 2.8 Net amount recognized in accumulated other comprehensive loss $ (6.9) $ 10.7 $ (7.5) $ (8.4) $ 8.1 $ 2.8 (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 29, 2023 and December 30, 2022, when compared to the previous year. (3) We had accumulated other comprehensive income of $3.1 million as of December 29, 2023 and $3.1 million as of December 30, 2022 related to the tax effect of unamortized pension gains and losses. The following table provides a rollforward of the accumulated other comprehensive loss balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 29, December 30, December 29, December 30, Reconciliation of accumulated other comprehensive loss U.S. U.K. U.S. U.K. Central America Central America Accumulated other comprehensive (loss) gain at beginning of plan year $ (7.5) $ (8.4) $ (7.8) $ 0.8 $ 2.8 $ (1.0) Amortization of net losses recognized during the year 0.3 0.1 0.5 0.1 0.1 0.1 Prior service cost credit recognized during the year — — — — 2.2 — Net gain (loss) during the year 0.3 (2.5) (0.2) (9.1) 2.5 3.7 Currency exchange rate changes — 0.1 — (0.2) 0.5 — Accumulated other comprehensive (loss) gain at end of plan year $ (6.9) $ (10.7) $ (7.5) $ (8.4) $ 8.1 $ 2.8 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 29, 2023 December 30, 2022 December 31, 2021 December 29, 2023 December 30, 2022 December 31, 2021 U.S. U.K. U.S. U.K. U.S. U.K. Central America Central America Central America Service cost $ — $ — $ — $ — $ — $ — $ 6.0 $ 5.7 $ 6.0 Interest cost 0.6 1.8 0.4 1.0 0.3 1.0 5.2 3.9 4.0 Expected return on assets (0.8) (2.4) (0.8) (1.8) (0.8) (1.4) — — — Net amortization 0.3 0.1 0.5 0.1 0.5 0.1 0.1 0.1 — Net periodic cost (income) $ 0.1 $ (0.5) $ 0.1 $ (0.7) $ — $ (0.3) $ 11.3 $ 9.7 $ 10.0 The expected return on assets is calculated using the fair value of plan assets for both the U.S. and U.K. plans. 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 (income), net. 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 29, 2023 December 30, 2022 December 31, 2021 Pension plans Post-retirement plans Pension plans Post-retirement plans Pension plans Post-retirement plans U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 4.90 % 4.80 % 7.79 % 5.15 % 5.00 % 8.26 % 2.65 % 1.80 % 6.39 % Rate of increase in compensation levels — — 4.78 % — — 4.80 % — — 4.82 % 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 29, 2023 December 30, 2022 December 31, 2021 Pension plans Post-retirement plans Pension plans Post-retirement plans Pension plans Post-retirement plans U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 5.15 % 5.00 % 8.21 % 2.65 % 1.80 % 6.39 % 2.15 % 1.40 % 6.34 % Rate of increase in compensation levels — — 3.22 % — — 4.69 % — — 4.70 % Expected long-term rate of return on assets 7.00 % 6.16 % — 6.50 % 2.77 % — 6.50 % 1.98 % — Cash Flows Pension plans Post-retirement plans U.S. U.K. Central America Expected benefit payments for: 2024 $ 1.2 $ 2.6 $ 9.9 2025 1.1 2.5 9.1 2026 1.0 2.3 8.4 2027 1.0 2.2 8.4 2028 1.0 2.3 9.0 Next 5 years 4.1 12.5 40.6 Expected benefit payments over the next 10 years $ 9.4 $ 24.4 $ 85.4 For 2024, expected contributions are $0.2 million for the U.S. pension plan and $1.8 million for the U.K. pension plan. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations. U.S. Defined Benefit Pension Plan 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 were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.2 $ 5.2 $ — $ — Value securities 2.3 2.3 — — Growth securities 3.9 3.9 — — Total $ 11.4 $ 11.4 $ — $ — Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 4.7 $ 4.7 $ — $ — Value securities 2.3 2.3 — — Growth securities 4.1 4.1 — — Total $ 11.1 $ 11.1 $ — $ — 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. We evaluate the rate of return assumption on an annual basis. United Kingdom Defined Benefit Pension Plan Plan Assets The fair values of our U.K. plan assets by asset category were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash $ 0.5 $ 0.5 $ — $ — Equity securities: Diversified growth funds 7.1 — 7.1 — Other international companies 0.7 — 0.7 — Real estate investment trusts 1.7 — 1.7 — Fixed income securities: Government and corporate bonds 20.3 — 20.3 — Liability-driven investments 11.9 — 11.9 — Total $ 42.2 $ 0.5 $ 41.7 $ — Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash $ 0.3 $ 0.3 $ — $ — Equity securities: Diversified growth funds 8.4 — 8.4 — Other international companies 0.8 — 0.8 — Real estate investment trusts 1.2 — 1.2 — Fixed income securities: Government and corporate bonds 19.5 — 19.5 — Liability-driven investments 7.7 — 7.7 — Total $ 37.9 $ 0.3 $ 37.6 $ — 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 financial, 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 inputs within the fair value hierarchy. Fixed income securities – This category includes pooled investments in liability-driven investments and government and corporate bonds. 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 inputs within the fair value hierarchy. The expected long-term rate of return assumption for U.K. plan assets is reviewed annually and is determined by reference to U.K. government bond yields, the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The plan’s investment strategy is to optimize growth through investment in return-seeking securities, while maintaining a stable funding position through investments that aim to match the change in the value of the plan's liabilities due to movements in interest rates and inflation. The growth portfolio invests across a diversified range of asset classes, including equities, fixed income securities, and alternatives, such as hedge funds. The remaining portfolio invests in U.K. government bonds, corporate bonds, cash and leveraged liability-driven investment funds. 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. 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 2023, $1.2 million for 2022 and $1.2 million for 2021. 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 29, 2023 we had $1.8 million accrued for this plan, including $0.1 million in accumulated other comprehensive loss related to unamortized pension gains. Net periodic pension costs for the years ended December 29, 2023, December 30, 2022 or December 31, 2021 were insignificant. Expected benefit payments under the plan for 2024 through 2028 total $1.6 million. For 2029 through 2033 the expected benefit payments under the plan total $0.4 million. We sponsor a service gratuity plan covering certain of our Kenyan personnel. At December 29, 2023 we had $3.8 million accrued for this plan, including $0.7 million in accumulated other comprehensive loss related to unamortized pension losses. Net periodic pension costs were $1.5 million for the year ended December 29, 2023, and included curtailment expenses of $0.8 million. Net periodic pension costs were $2.2 million for the year ended December 30, 2022, and included curtailment and settlement expenses of $0.9 million. Net periodic pension costs were $1.4 million for the year ended December 31, 2021. During fiscal 2022, we began conversion of the service gratuity plan into a Provident fund scheme which has allowed certain of our Kenyan personnel to make a voluntary decision whether to remain as participants of the plan, or to convert to the Provident fund. The conversion to the Provident fund scheme will require us to make funding contributions that would differ in timing with those previously expected under the service gratuity plan, and which will ultimately depend on the number of employees who elect to convert. We estimate that the combined expected benefit payments under both the service gratuity plan and the Provident fund scheme from 2024 through 2028 will be approximately $6.6 million , and expected benefit payments from 2029 through 2033 will be approximately $4.8 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 $16.8 million at December 29, 2023 and $18.0 million at December 30, 2022 related to these programs. The unamortized pension losses related to other non-U.S.-based plans included in accumulated other comprehensive loss, a component of shareholders’ equity, was $2.5 million for the year ending December 29, 2023 and $1.8 million for the year ending December 30, 2022. We also offer certain post-employment benefits to former executives and have accrued $1.3 million at December 29, 2023 and $1.3 million at December 30, 2022 in retirement benefits on our consolidated balance sheets related to these benefits. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 29, 2023 | |
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. On June 2, 2022, our shareholders approved and ratified the 2022 Omnibus Share Incentive Plan (the “2022 Plan”). The 2022 Plan allows us to grant equity-based compensation awards including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options, and restricted stock awards. The 2022 Plan replaces and supersedes the 2014 Omnibus Share Incentive Plan (the “Prior Plan”). No awards can be granted under the Prior Plan upon adoption of the 2022 Plan. Under the 2022 Plan, the Board of Directors is authorized to award up to (i) 2,800,000 ordinary shares plus (ii) any ordinary shares remaining available for future awards under the Prior Plan at the time of adoption (of which there were approximately 241,263) plus (iii) any ordinary shares with respect to awards and Prior Plan awards that are forfeited, canceled, expire unexercised, or are settled in cash following adoption of the 2022 Plan. Share-based compensation expense related to RSUs and PSUs is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and was comprised in the relevant period as follows (U.S. dollars in millions): Year ended Types of Awards December 29, 2023 December 30, 2022 December 31, 2021 RSUs/PSUs $ 9.9 $ 6.9 $ 7.6 Restricted Stock Units and Performance Stock Units Under the 2022 Plan and Prior Plan, 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 the 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, or as it relates to 2023 PSU awards granted to our Chairman and Chief Executive Officer, 0% to 125% of the award units granted. Provided such criteria are met, the PSUs granted during 2023 and prior to 2022 vest in three equal annual installments on each of the next three anniversary dates. PSUs granted during 2022 vest in three equal installments in 1) June and July 2023, 2) March 2024, and 3) March 2025. All PSU vesting is contingent on the recipient's continued employment with us. Expense for RSUs is recognized on a straight line basis over the requisite service period for the entire award. RSUs granted in 2023 and 2021 vest annually in three equal installments over a three-year service period while RSUs granted prior to 2021 vested 20% on the grant date, with 20% vesting on each of the next four The fair market value for RSUs and PSUs is based on the closing price of our stock on the grant date. We recognize expenses related to RSUs and PSUs based on the fair market value, as determined on the grant date, ratably over the vesting period, provided the performance condition, if any, is probable. Forfeitures are recognized as they occur. RSUs and PSUs do not have the voting rights of ordinary shares, and the shares underlying the RSUs and 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, if any. Each of our outstanding RSUs and PSUs are eligible to earn Dividend 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 and PSUs and are forfeitable. The following table summarizes RSU and PSU activity for the years ended December 29, 2023, December 30, 2022, and December 31, 2021: RSUs PSUs Number of Weighted Number of Weighted Non-vested as of January 1, 2021 276,790 32.89 120,039 28.42 Granted 333,785 26.25 123,158 26.02 Vested (129,194) 35.30 (48,191) 28.23 Canceled (26,148) 27.01 (20,786) 25.14 Non-vested as of December 31, 2021 455,233 27.63 174,220 26.89 Granted 153,944 24.28 152,211 28.92 Vested (212,464) 28.76 (67,599) 27.38 Canceled (36,616) 26.14 (43,289) 26.85 Non-vested as of December 30, 2022 360,097 25.68 215,543 28.18 Granted 267,671 31.13 102,171 31.59 Vested (194,900) 25.94 (92,760) 28.12 Canceled (24,409) 27.35 (13,302) 28.45 Non-vested as of December 29, 2023 408,459 $ 29.01 211,652 $ 30.00 As of December 29, 2023, the total remaining unrecognized compensation cost related to non-vested RSUs/PSUs was $8.7 million, which will be amortized over the weighted-average remaining requisite service period of 2.5 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2023 | |
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, Ecuador, Philippines, Costa Rica, Colombia, and United Kingdom that meet our quality standards. Total purchases under these agreements amounted to $631.6 million for 2023, $625.9 million for 2022 and $683.2 million for 2021. Refer to Note 10. “ Leases ”, for further a discussion concerning our lease commitments. 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”). In 2005, our subsidiary signed a Consent Decree (“Consent Decree”) with the Environmental Protection Agency (“EPA”) for the performance of the clean-up work for the Kunia Well Site. Based on findings from remedial investigations, our subsidiary coordinated with the EPA to evaluate the clean-up work required in accordance with the Consent Decree. On July 25, 2022, an Explanation of Significant Differences (ESD) for the Kunia Well Site was filed by the EPA, which formally transitioned the remedy for the Kunia Well Site to a Monitored Natural Attenuation (MNA), thereby reducing our potential liability. In connection with the above decision, we recorded a $9.9 million reduction in our liability during the year ended December 30, 2022, presented in asset impairment and other (credits) charges, net in our Consolidated Statements of Operations, to reflect the decrease in estimated costs associated with the clean-up. The revised estimate associated with the clean-up costs, and on which our accrual is based, is $2.7 million. As of December 29, 2023, $2.4 million was included in other noncurrent liabilities accounts payable and accrued expenses Additional Information |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 29, 2023 | |
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 rates and variable interest rates. We designate our derivative financial instruments as cash flow hedges. Counterparties expose us to credit loss in the event of non-performance of 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 of the underlying exposures being hedged. A cash flow hedge requires the change in the fair value of a derivative instrument to be recognized in other comprehensive income (loss), 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 a 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 29, 2023 was $0.4 million. As of December 29, 2023, no triggering event had occurred and thus we were not required to post collateral. 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. Cash flows from derivative instruments that are designated as cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows related to changes in fair value subsequent to the date of discontinuance are classified within investing activities. 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, which generally mature within one year. At December 29, 2023, our foreign currency forward contracts will primarily hedge a portion of our 2024 foreign currency exposure. The foreign currency forward contracts qualifying as cash flow hedges were designated as single-purpose cash flow hedges of forecasted cash flows. We had the following outstanding foreign currency forward contracts as of December 29, 2023 (in millions): Foreign currency contracts qualifying as cash flow hedges: Notional amount British pound GBP 5.9 Euro EUR 67.8 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. 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 through 2028. We amended our Second A&R Credit Agreement and our interest rate swaps to transition from LIBOR to SOFR as a reference rate effective January 3, 2023. Refer to our discussion of New Accounting Pronouncements - Adopted in Note 2, “ Summary of Significant Accounting Policies ” for further information. Gains or losses on interest rate swaps are recorded in other comprehensive income (loss) and are subsequently reclassified into earnings as the interest expense on debt is recognized in earnings. At December 29, 2023, the notional value of interest rate contracts outstanding was $400 million, with $200 million maturing in June 2024 and the remaining $200 million maturing in 2028. The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Derivatives designated as hedging instruments (1) Foreign exchange contracts Interest rate swaps Total Balance Sheet location: December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 Asset derivatives: Prepaid expenses and other current assets $ 0.1 $ — $ 2.1 $ — $ 2.2 $ — Other noncurrent assets — — 5.8 15.8 5.8 15.8 Total asset derivatives $ 0.1 $ — $ 7.9 $ 15.8 $ 8.0 $ 15.8 Liability derivatives: Accounts payable and accrued expenses $ 0.4 $ 6.5 $ — $ — $ 0.4 $ 6.5 Other noncurrent liabilities — 0.2 — — — 0.2 Total liability derivatives $ 0.4 $ 6.7 $ — $ — $ 0.4 $ 6.7 (1) See Note 18, “ Fair Value Measurements, ” for fair value disclosures. We expect that $2.3 million of the net fair value of our cash flow hedges recognized as a net gain in accumulated other comprehensive loss will be transferred to earnings during the next 12 months, and the remaining net gain of $2.1 million over the following 5 years, along with the earnings effect of the related forecasted transactions. The following table reflects the effect of derivative instruments on the Consolidated Statements of Comprehensive Income for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Net amount of (loss) gain recognized in other comprehensive income on derivatives Derivative Instruments December 29, 2023 December 30, 2022 Foreign exchange contracts $ 4.0 $ 7.5 Interest rate swaps, net of tax (6.2) 39.4 Total $ (2.2) $ 46.9 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value of Financial 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, and 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 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 rate, forward rates and interest rates. Additionally, we include an element of default risk based on observable inputs into 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 (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net liability Interest rate contracts, net asset December 29, December 30, December 29, December 30, Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) (0.3) (6.7) 7.9 15.8 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, 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. 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. ” Fair Value of Non-Financial Assets Our non-financial assets, including property, plant and equipment, goodwill, and other intangible assets are measured at fair value on a non-recurring basis and are subject to fair value adjustment in certain circumstances. During the fourth quarter of 2023, we recorded an impairment charge of $21.6 million related to goodwill in our prepared foods reporting unit. The fair value of the prepared foods reporting unit was estimated based on an analysis of the present value of future discounted cash flows. The significant estimates used in the discounted cash flows model included our weighted average cost of capital, projected cash flows, and long-term rate of growth. The fair value measurements were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. The estimated fair value of the long-lived assets is based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. During the year ended December 29, 2023, long-lived assets with an aggregate carrying value of $202.6 million were written down to their fair value of $93.0 million, resulting in an asset impairment charge of $109.6 million. The fair value of the long-lived assets was estimated based on an analysis of the present value of future discounted cash flows and third-party asset appraisals. Significant estimates used in the discounted cash flows model included our weighted average cost of capital, projected cash flows, and long-term rate of growth. The fair value measurements used in the discounted cash flows model were primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement. As of December 29, 2023, we had $4.5 million in property, plant and equipment meeting the criteria of assets held for sale:$2.9 million related to a packaging plant in South America, and the remaining $1.6 million related to facilities and farm land in Central America. These assets are recognized at the lower of cost or fair value less cost to sell. During 2023, we received proceeds of $119.4 million and recorded a gain on disposal of property, plant and equipment, net of $40.9 million from the sale of assets previously held for sale. Included in these proceeds are $23.0 million of net proceeds we received related to the sale of an idle production facility in North America during 2023, resulting in a gain on disposal of property, plant and equipment, net of $6.8 million. Contemporaneously with the execution of the sale and purchase agreement, we entered into an operating lease agreement in which we leased back a portion of the facility for a term of 21 months. We recorded additional asset impairment and other charges during the years ended December 29, 2023 and December 30, 2022, that do not fall under the scope of fair value measurement. Refer to Note 3, “ Asset Impairment and Other (Credit) Charges, Net ”. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 29, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Advances and receivables due from related parties were $3.4 million in 2023 and $1.6 million in 2022. Payables to related parties were $0.1 million in 2023 and $15.3 million in 2022. Due to the acquisition of its noncontrolling interest in our subsidiary, the 2022 balance included $14.7 million in accounts payable and accrued expenses from one Mann Packing grower which was no longer considered a related party as of December 29, 2023. We incurred expenses of approximately $0.3 million in 2023, $2.5 million in 2022 and $2.4 million in 2021 for chartered air transportation services from an aircraft management company in which our Chairman and Chief Executive Officer has an ownership interest. Other purchases from related parties were $46.1 million in 2023 compared to $109.4 million in 2022 and $119.6 million in 2021, of which $43.0 million for 2023, $107.1 million for 2022 and $117.4 million for 2021 were related to one Mann Packing grower. Related party leases include a building and land in North America primarily related to one Mann Packing grower. Due to the acquisition of its noncontrolling interest in our subsidiary, this grower was no longer considered a related party as of December 29, 2023. Prior to the date of our acquisition of its noncontrolling interest, expenses incurred associated with these leases were $0.7 million for 2023, $1.2 million for 2022 and $1.2 million for 2021. The right-of-use asset and liabilities under these related party leases were $5.9 million and $6.2 million in 2022. Sales to related parties amounted to $1.0 million in 2023, $1.0 million in 2022 and $0.9 million in 2021. Cash distributions to noncontrolling interests were $17.9 million in 2023, $0.9 million in 2022 and $6.5 million in 2021. We have reflected the cash distributions to noncontrolling interests under financing activities in our Consolidated Statements of Cash Flows. We had $2.0 million as of December 30, 2022 in other noncurrent liabilities in our Consolidated Balance Sheets related to one of our noncontrolling interests. No amounts were owed to noncontrolling interests as of December 29, 2023. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 29, 2023 | |
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 and our major producing operations are located in North, Central and South America, Asia and Africa. Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. • Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks). • Banana • Other products and services - includes our third-party freight and logistic services business and our Jordanian poultry and meats business. We evaluate performance based on several factors, of which net sales and gross profit are the primary financial measures (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 December 31, 2021 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Fresh and value-added products $ 2,477.8 $ 167.3 $ 2,581.8 $ 183.0 $ 2,504.8 $ 180.2 Banana 1,638.2 163.3 1,619.8 120.7 1,581.1 110.9 Other products and services 204.7 20.1 240.7 36.5 166.1 12.7 Totals $ 4,320.7 $ 350.7 $ 4,442.3 $ 340.2 $ 4,252.0 $ 303.8 The following table indicates our net sales by product (U.S. dollars in millions) and, in each case, the percentage of the total represented thereby: Year ended December 29, 2023 December 30, 2022 December 31, 2021 Segments: Fresh and value-added products: Fresh-cut fruit $ 536.2 12 % $ 524.7 12 % $ 493.5 12 % Fresh-cut vegetables 327.7 8 % 341.4 8 % 366.3 9 % Pineapples 622.3 14 % 584.6 13 % 534.4 13 % Avocados 271.2 6 % 311.4 7 % 320.2 7 % Non-tropical fruit 152.5 4 % 179.8 4 % 185.2 4 % Prepared foods 270.9 6 % 293.4 6 % 281.2 6 % Melons 95.7 2 % 94.4 2 % 67.6 2 % Tomatoes 18.7 — % 23.8 1 % 29.5 1 % Vegetables 112.2 3 % 137.3 3 % 136.6 3 % Other fruit and vegetables 70.4 2 % 91.0 2 % 90.3 2 % Total fresh and value-added products 2,477.8 57 % 2,581.8 58 % 2,504.8 59 % Banana 1,638.2 38 % 1,619.8 37 % 1,581.1 37 % Other products and services 204.7 5 % 240.7 5 % 166.1 4 % Total $ 4,320.7 100 % $ 4,442.3 100 % $ 4,252.0 100 % The following table indicates our net sales by geographic region (U.S. dollars in millions): Year ended Net sales by geographic region: December 29, 2023 December 30, 2022 December 31, North America $ 2,578.7 $ 2,721.3 $ 2,570.2 Europe 830.9 760.5 696.5 Asia 446.4 451.0 488.4 Middle East 384.9 427.9 433.0 Other 79.8 81.6 63.9 Total net sales $ 4,320.7 $ 4,442.3 $ 4,252.0 North America accounted for approximately 60% of our net sales for 2023, 61% for 2022 and 60% for 2021. 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 in 2023, 2022 and 2021. 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. Walmart accounted for 9% of our net sales in 2023, 8% of net sales in 2022 and 7% in 2021. These sales are reported in the banana and fresh and value-added products segments. In 2023, our top 10 customers accounted for approximately 31% of net sales as compared with 29% during 2022 and 30% for 2021. The following tables indicate our (i) property, plant, and equipment, net by location and (ii) total assets by location (U.S. dollars in millions): Property, plant and equipment, net: December 29, 2023 December 30, 2022 North America $ 175.5 $ 191.7 Europe 34.9 28.8 Middle East 52.5 49.2 Africa 37.0 37.8 Asia 94.4 104.5 Central America 624.7 635.5 South America 51.7 66.4 Maritime equipment (including containers) 181.2 190.1 Corporate 4.5 5.5 Total property, plant and equipment, net $ 1,256.4 $ 1,309.5 Total assets: December 29, 2023 December 30, 2022 North America $ 744.8 $ 929.0 Europe 349.4 330.6 Middle East 239.1 281.7 Africa 150.9 164.2 Asia 242.1 250.4 Central America 1,020.5 1,023.1 South America 134.5 170.1 Maritime equipment (including containers) 187.7 193.7 Corporate 115.1 116.1 Total assets $ 3,184.1 $ 3,458.9 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 and represented approximately 36% of our property, plant and equipment as of December 29, 2023. Excluding the U.S., no other country other than Costa Rica accounted for greater than 10% of our property, plant and equipment as of the years ended December 29, 2023 and December 30, 2022. Total assets by geographic area represent those assets used in the operations of each geographic area. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 29, 2023 | |
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 at December 29, 2023, and 200,000,000 ordinary shares of common stock at $0.01 par value, of which 47,629,018 were issued and outstanding at December 29, 2023. The below is a summary of the dividends paid per share for the years ended December 29, 2023 and December 30, 2022. These dividends were declared and paid within the same fiscal quarter. Year ended December 29, 2023 December 30, 2022 Dividend Payment Date Cash Dividend per Ordinary Share Dividend Payment Date Cash Dividend per Ordinary Share December 8, 2023 $ 0.20 December 9, 2022 $ 0.15 September 8, 2023 0.20 September 9, 2022 0.15 June 9, 2023 0.20 June 10, 2022 0.15 March 31, 2023 0.15 April 1, 2022 0.15 We paid $35.9 million in dividends during fiscal 2023 and $28.7 million during fiscal 2022. In addition, on February 23, 2024, our Board of Directors declared a cash dividend of twenty-five cents ($0.25) per share, payable on March 29, 2024 to shareholders of record on March 7, 2024. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest Acquisition | 3 Months Ended |
Dec. 29, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest Acquisition | Redeemable Noncontrolling Interest Acquisition As part of the Mann Packing acquisition in 2018, we acquired a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allowed the noncontrolling shareholder to sell its 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. As the put option was outside of our control, the carrying value of the 25% noncontrolling interest was presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheet. At each reporting period, the redeemable noncontrolling interest was recognized at the higher of (1) the initial carrying amount adjusted for accumulated earnings and distributions or (2) the contractually-defined redemption value as of the balance sheet date. During June 2023, the noncontrolling shareholder exercised its put option right and accordingly, the Company closed the purchase of the remaining 25% of this subsidiary for $5.2 million in cash consideration. The transaction was accounted for as an equity transaction, with the differential between the redeemable noncontrolling interest carrying amount at the time of closing and the cash purchase price being recognized as a $42.7 million increase in paid-in capital within shareholders' equity on our Consolidated Balance Sheet. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 29, 2023 | |
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 Charged to Charged to Deductions Balance at Year ended December 29, 2023 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 21.6 $ 2.5 $ — $ (3.3) $ 20.8 Advances to growers and other receivables 5.7 0.2 — (0.3) 5.6 Deferred tax asset valuation allowance 483.5 62.2 (7.3) (12.7) 525.7 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 2.8 (0.1) — — 2.7 Total $ 513.6 $ 64.8 $ (7.3) $ (16.3) $ 554.8 Year ended December 30, 2022 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 21.8 $ 0.7 $ (0.1) $ (0.8) $ 21.6 Advances to growers and other receivables 3.8 2.0 — (0.1) 5.7 Deferred tax asset valuation allowance 424.8 66.0 0.2 (7.5) 483.5 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 12.9 (10.1) — — 2.8 Total $ 463.3 $ 58.6 $ 0.1 $ (8.4) $ 513.6 Year ended December 31, 2021 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 28.5 $ (1.6) $ (5.1) $ — $ 21.8 Advances to growers and other receivables 3.7 0.5 — (0.4) 3.8 Deferred tax asset valuation allowance 370.7 72.3 (1.7) (16.5) 424.8 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.0 (0.1) — — 12.9 Total $ 415.9 $ 71.1 $ (6.8) $ (16.9) $ 463.3 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ (11.4) | $ 98.6 | $ 80 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
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. |
Other Accounts Receivable | Trade Receivables Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which reflects the net amount expected to be collected from customers. Our allowance for trade receivables consists of two components: a $7.4 million allowance for credit losses and a $13.4 million allowance for customer claims, which are accounted for under the scope of ASC 606 - Revenue Recognition . We estimate expected credit losses on our trade receivables in accordance with Accounting Standards Codification (“ASC”) 326 - Financial Instruments - Credit Losses . 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 measure the allowance for credit losses on trade receivables on a collective (pool) basis when similar risk characteristics exist. We generally pool our trade receivables based on geographic region or country to which the receivables relate. Receivables that do not share similar risk characteristics are evaluated for collectibility on an individual basis. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average of annual loss rates as a starting point for our estimation, and make adjustments to the historical loss rates to account for differences in current conditions impacting the collectibility of our receivable pools. We generally monitor macroeconomic indicators to assess whether adjustments are necessary to reflect current conditions. 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 10% 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 reflects the net amount expected to be collected. 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 receivables are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 29, 2023, we had $43.9 million classified as current in other accounts receivable and $17.7 million, net of allowance of $3.6 million, classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 30, 2022, we had $38.1 million classified as current in other accounts receivable and $16.4 million, net of allowance of $4.7 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 generally require property liens and pledges of the current season’s produce as collateral to support the advances. Refer to Note 7, “ Allowance for Credit Losses ” for further discussion on advances to growers and suppliers. We measure the allowance for credit losses on advances to suppliers and growers on a collective (pool) basis when similar risk characteristics exist. We generally pool our advances based on the country which they relate to, and further disaggregate them based on their current or past-due status. We generally consider an advance to a grower to be past due when the advance is not fully paid within the respective growing season. The allowance for advances to growers and suppliers that do not share similar risk characteristics are determined on a case-by-case basis, depending on the expected production for the season and other contributing factors. The advances are typically collateralized by property liens and pledges of the respective season's produce. Occasionally, we agree to a payment plan with certain growers or take steps to recover the advance via established collateral. We may write-off uncollectible financing receivables after our collection efforts are exhausted. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We generally use a three-year average annual loss rate as the starting point for our estimation, and make adjustments to the historical loss rate to account for differences in current or expected future conditions. We generally monitor macroeconomic indicators as well as other factors, including unfavorable weather conditions and crop diseases, which may impact the collectibility of the advances when assessing whether adjustments to the historical loss rate are necessary. Recoveries of other accounts receivable 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 foods 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. Expenditures on pineapple, melon, vegetable 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. For the most part, expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. |
Growing Crops | |
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 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 Long-Lived Assets Property, plant and equipment additions are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, five three three five Property, Plant and Equipment, Net ” for further information. 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. |
Impairment or Disposal of Long-Lived Assets | We review long-lived assets (or asset groups) with identifiable cash flows for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We consider factors such as historic and forecasted operating results, trends and future prospects, current market value, and other economic and regulatory factors in performing these analyses. In the event that an asset is not recoverable, and 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 discounted 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. We incurred charges related to impairment of long-lived assets of $119.7 million in 2023, $3.5 million in 2022, and $3.8 million in 2021. Such charges are included in asset impairment and other charges (credits), net in the accompanying Consolidated Statements of Operations for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 and are described further in Note 3, “ Asset Impairment and Other Charges (Credits), Net ” and Note 6, “ Goodwill and Other Intangible Assets ”. The gain on disposal of property, plant and equipment, net of $37.9 million during 2023 primarily related to gains on the sale of two distribution centers and related assets in Saudi Arabia, sale of an idle production facility in North America, and sale of our plastics business subsidiary in South America. These transactions were accounted for using the guidance in ASC 610. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. We assess goodwill at the reporting unit level on an annual basis as of the first day of our fourth quarter, or more frequently if events or changes in circumstances suggest that goodwill may not be recoverable. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. For those reporting units where events or changes in circumstances indicate that potential impairment indicators exist, we perform a quantitative assessment to determine whether the carrying amount of goodwill can be recovered. When performing the annual goodwill impairment test, we may start with an optional qualitative assessment as allowed for under the accounting guidance. As part of the qualitative assessment, we evaluate all events and circumstances, including both positive and negative events, in their totality, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we evaluate goodwill for impairment by comparing the fair value of a reporting unit to its carrying value, including the associated goodwill. We generally estimate a reporting unit’s fair value using a discounted cash flow approach which is dependent on several significant estimates and assumptions related to forecasts of future revenues, cost of sales, expenses and the weighted-average cost of capital for each reporting unit. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. The impairment of goodwill is limited to the total amount of goodwill allocated to the reporting unit. Any adverse changes in the significant estimates and assumptions used in our goodwill impairment test could have a significant impact on the recoverability of goodwill and could have a material impact on our Consolidated Financial Statements. We incurred charges related to impairment of goodwill of $21.6 million in 2023 as described further in Note 3, “ Asset Impairment and Other Charges (Credits), Net" and Note 6, “ Goodwill and Other Intangible Assets ”. No impairment charges related to goodwill were incurred during 2022 and 2021 An intangible asset with an indefinite useful life is not amortized but assessed for impairment at least annually, or sooner if indications of possible impairment are identified. When performing the annual impairment test, we first may start with an optional qualitative assessment to determine whether it is not more likely than not that our indefinite-lived intangible assets are impaired. As part of a qualitative assessment, we evaluate relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If we bypass the qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we evaluate our indefinite-lived intangible assets for impairment by comparing the fair value of the asset to its carrying amount. We generally estimate the fair value of our indefinite-lived intangible assets using a royalty savings method. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. We record revenue based on a five-step model in accordance with the accounting guidance. 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 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 on our Consolidated Balance Sheets and amortized over time as promised goods and services are transferred to a customer. Our contracts are generally less than one year and incremental costs of obtaining a contract are not material. 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 do not adjust the promised amount of consideration for the effects of a significant financing component if 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 is primarily made up of two elements: product costs and logistics costs. Product costs - primarily composed of cultivation (the cost of growing crops), harvesting, packaging, labor, depreciation and farm administration. Product cost for produce obtained from independent growers is composed of procurement and packaging costs. Logistics costs - include land and sea transportation and expenses related to port facilities and distribution centers. Sea transportation cost is the most significant component of logistics costs and is comprised of: • Ship operating expenses - include operations, maintenance, depreciation, insurance, fuel, and port charges. • Chartered ship costs - include the cost of chartering the ships, fuel and port charges. • Container equipment-related costs - include leasing expense and in the case of owned equipment, also depreciation expense. • |
Advertising and Promotional Costs | Advertising and Promotional Cost s |
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, |
Contingencies | Contingencies Estimated losses from contingencies are recognized 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 may differ from these estimates. |
Currency Translation | Foreign Currency Translation and Transactions 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 remeasured at historical exchange rates. Other balance sheet amounts are remeasured 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 remeasured at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other expense, net. Other expense, net, in the accompanying Consolidated Statements of Operations includes a net foreign exchange loss of $10.4 million for 2023, $8.4 million for 2022, and $6.0 million for 2021. These amounts include the effect of foreign currency remeasurement and realized foreign currency transaction gains and losses. |
Other Expense, Net | Other Expense, Net In addition to foreign currency gains and losses described above, other expense, net, also includes other non-operating income and expense items. |
Leases | Leases We lease property, plant and equipment for use in our operations including agricultural land, office facilities and refrigerated containers. We account for leases under the scope of ASC 842 - Leases which requires leases with durations greater than twelve months to be recognized on the balance sheet. We 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 the future minimum 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. Certain leases include one or more options to renew or options to terminate, which are generally at our discretion. Any option or renewal periods that we determine are reasonably certain of being exercised are included in the lease term, and are used in calculating the right-of-use asset and lease liabilities. Many of our leases also include predetermined fixed escalation clauses. We recognize rental expense for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease. 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. |
Fair Value Measurements | Fair Value Measurements Fair value is measured as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In developing its fair value estimates, we use the following hierarchy: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 - Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows using our own estimates and assumptions or those expected to be used by market participants. |
Share-Based Compensation | Share-Based Compensation |
Derivative Financial Instruments | Derivative Financial Instruments We 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 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. We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange rates and variable interest rates. Upon 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. We designate our derivative financial instruments as cash flow hedges. 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 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. In the event that hedge accounting is discontinued, any changes in fair value of the associated derivatives since the date of dedesignation are recognized in other expense, net. Cash flows subsequent to the date of dedesignation are classified within investing activities in our Consolidated Statements of Cash Flows. |
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 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. We recognize the funded status of our defined benefit pension and post-retirement plans in our Consolidated Balance Sheets, with changes in the funded status recognized primarily through accumulated other comprehensive income (loss) in the year in which the changes occur. Actuarially-determined liabilities related to pension and post-retirement benefits are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, benefit payment patterns and other factors, and are periodically updated. 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 framework. |
New Accounting Pronouncements | New Accounting Pronouncements - Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and subsequent amendments to the guidance, ASU 2021-01 in January 2021 and ASU 2022-06 in December 2022. The amendments in these updates provide optional guidance to companies to ease the potential burden associated with reference rate reform. Specifically, the guidance provides optional expedients and exceptions to apply generally accepted accounting principles to contract modifications and hedging relationships, subject to certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As of December 30, 2022, we had LIBOR-based borrowings and interest rate swaps that referenced LIBOR. Effective January 3, 2023, we amended our agreements and transitioned to the Term Secured Overnight Financing Rate (Term SOFR) for these instruments. We adopted the optional guidance in Topic 848 in conjunction with our contract amendments which allowed us to (i) account for the modification to our debt agreement as a continuation of the existing contract and (ii) continue applying hedge accounting for our interest rate swaps. The adoption of this guidance did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This ASU amends Accounting Standards Codification (ASC) 280 to enhance the nature and frequency of segment disclosures. Specifically, the update requires disclosure of significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM") included within the reported measures of a segment's profit or loss, the amount and composition of other segment items in order to reconcile to the reported measures of a segment's profit or loss, the CODM's title and position, and how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and how to allocate resources. The ASU also makes requires that annual disclosures about a reportable segment's profit or loss and assets required by Topic 280 be made in interim periods. ASU 2023-07 is effective for years beginning after December 15, 2023 and interim periods beginning after December 15, 2024 with early adoption permitted. We have evaluated the impact of the adoption of this ASU and concluded it has no impact on our financial condition, results of operations and cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. |
Business Combinations Policy | Redeemable Noncontrolling Interest As part of the Mann Packing acquisition in 2018, we acquired 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 Sheet. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount adjusted for accumulated earnings and distributions or (2) the contractually-defined redemption value as of the balance sheet date. In June 2023, the noncontrolling shareholder exercised its put option right and the Company closed the purchase of the remaining 25% of this subsidiary. See Note 22, " Redeemable Noncontrolling Interest Acquisition " for more information. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | Inventories consisted of the following (U.S. dollars in millions): December 29, 2023 December 30, 2022 Finished goods $ 201.1 $ 205.8 Raw materials and packaging supplies 167.1 233.2 Growing crops 231.7 230.0 Total inventories $ 599.9 $ 669.0 |
Asset Impairment and Other Ch_2
Asset Impairment and Other Charges, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges | The following represents the detail of asset impairment and other charges (credits), net for the year ended December 29, 2023 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Impairment of low-yielding banana farms in the Philippines $ 3.7 $ — $ 3.7 Fresh and value-added products segment: Impairment of fresh and value-added assets in North America (1) 109.6 — 109.6 Impairment of prepared foods reporting unit goodwill (2) 21.6 — 21.6 Impairment of low productivity grape vines in South America and related costs 1.7 0.1 1.8 Impairment of low-yielding apple farms in South America 2.6 — 2.6 Other fresh and value-added products segment charges 0.3 0.7 1.0 Other: 2023 cybersecurity incident expenses (3) — 1.3 1.3 Impairment of assets related to idle land in Central and South America 1.8 — 1.8 Total asset impairment and other charges (credits), net $ 141.3 $ 2.1 $ 143.4 (1) During the year ended December 29, 2023, impairment charges related to our fresh and value-added assets in North America included impairment charges to customer relationships intangible assets of $88.6 million, trade names of $8.3 million, and building, land and land improvements of $12.7 million. Refer to Note 6, " Goodwill and Other Intangible Assets," for further information. (2) Refer to Note 6, " Goodwill and Other Intangible Assets," for further information. (3) During the year ended December 29, 2023, we incurred cybersecurity expenses of $1.3 million, net of insurance reimbursements received, primarily related to the engagement of specialized legal counsel and other incident response advisors. The following represents the detail of asset impairment and other charges (credits), net for the year ended December 30, 2022 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Exit costs related to European facility $ — $ 0.4 $ 0.4 Philippine asset impairment due to floods (1) 2.7 — 2.7 Fresh and value-added products segment: Adjustment of Kunia Well Site environmental liability in Hawaii (2) — (9.9) (9.9) Impairment of South America farm and other charges 0.8 0.1 0.9 Other fresh and value-added products segment charges — 0.1 0.1 Other: — Former President/COO severance expense — 1.0 1.0 Total asset impairment and other charges (credits), net $ 3.5 $ (8.3) $ (4.8) (1) $2.7 million asset impairment as a result of flooding in the Philippines due to heavy rainfall during the fourth quarter of 2022. (2) $(9.9) million reduction in our environmental liability related to the Kunia Well Site clean-up. Refer to Note 16, “Commitments and Contingencies,” for further information. The following represents the detail of asset impairment and other charges (credits), net for the year ended December 31, 2021 by reportable segment (U.S. dollars in millions): Long-lived and other asset impairment Exit activity and other charges (credits) Total Banana segment: Insurance recovery related to hurricanes (1) $ — $ (0.8) $ (0.8) Philippine asset impairment and exit activities of certain low-yield areas (2) 3.3 1.4 4.7 Fresh and value-added products segment: Exit costs related to European facility — 0.2 0.2 Other fresh and value-added products segment charges 0.5 (0.1) 0.4 Total asset impairment and other charges (credits), net $ 3.8 $ 0.7 $ 4.5 (1) $(0.8) million insurance recovery for fiscal 2021 associated with damages to certain of our banana fixed assets in Guatemala caused by hurricanes Eta and Iota in the fourth quarter of 2020. (2) $4.7 million asset impairment and other charges primarily related to our exit from two low-yield banana farms in the Philippines in the fourth quarter of 2021. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following (U.S. dollars in millions): December 29, 2023 December 30, 2022 Land and land improvements $ 695.9 $ 704.3 Buildings and leasehold improvements 581.4 607.4 Machinery and equipment 609.3 614.3 Maritime equipment (including containers) 229.0 262.9 Furniture, fixtures and office equipment 102.1 102.2 Automotive equipment 69.1 69.0 Construction-in-progress 23.3 22.0 2,310.1 2,382.1 Less: accumulated depreciation and amortization (1,053.7) (1,072.6) Property, plant and equipment, net $ 1,256.4 $ 1,309.5 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 Goodwill $ 401.9 $ 422.9 Indefinite-lived intangible assets: Trademarks 31.7 31.7 Definite-lived intangible assets: Definite-lived intangible assets 10.6 150.4 Accumulated amortization (9.0) (47.1) Definite-lived intangible assets, net 1.6 103.3 Goodwill and other intangible assets, net $ 435.2 $ 557.9 |
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 31, 2021 $ 64.3 $ 359.4 $ 423.7 Foreign exchange (0.2) (0.6) (0.8) Balance at December 30, 2022 $ 64.1 $ 358.8 $ 422.9 Foreign exchange 0.3 0.3 0.6 Impairment charges — (21.6) (21.6) Balance at December 29, 2023 $ 64.4 $ 337.5 $ 401.9 |
Schedule of Sensitivities of Goodwill and Intangible Assets at Risk | The following table highlights the sensitivities of the indefinite-lived intangibles as of December 29, 2023 (U.S. dollars in millions): Banana Prepared Foods Prepared Foods Reporting Unit Del Monte ® Carrying value of indefinite-lived intangible assets $ 64.4 $ 27.2 $ 30.8 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test 23.2 % — % 6.2 % 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 (additional) impairment $ 8.9 $ 27.2 $ 2.3 |
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 2024 $ 0.1 2025 0.1 2026 0.1 2027 0.1 2028 0.1 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Receivables [Abstract] | |
Financing Receivable Including the Related Allowance for Doubtful Accounts | The following table details the advances to growers and suppliers based on their credit risk profile (U.S. dollars in millions): December 29, 2023 December 30, 2022 Current Past-Due Current Past-Due Gross advances to growers and suppliers $ 25.1 $ 10.8 $ 44.6 $ 5.6 |
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 29, 2023 and December 30, 2022 were as follows (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 Allowance for advances to growers and suppliers: Balance, beginning of period $ 4.9 $ 1.8 Provision for uncollectible amounts 2.6 3.2 Deductions to allowance related to write-offs — (0.1) Balance, end of period $ 7.5 $ 4.9 |
Accounts Receivable, Allowance for Credit Loss | The table below presents a rollforward of our trade receivable allowance for credit losses for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Year ended Trade Receivables December 29, 2023 December 30, 2022 Allowance for Credit Losses Balance, beginning of period $ 9.3 $ 10.2 Provision for uncollectible amounts 1.6 0.3 Deductions to allowance related to write-offs (3.3) (0.7) Foreign exchange effects — (0.1) Reclassifications (1) (0.2) (0.4) Balance, end of period $ 7.4 $ 9.3 (1) Reclassifications of $0.2 million and $0.4 million to the long-term allowance for credit losses during the years ended December 29, 2023 and December 30, 2022, respectively. The amounts in the long-term allowance for credit losses, presented in other noncurrent assets on our Consolidated Balance Sheets, related to customer receivables as of the years ended December 29, 2023 and December 30, 2022 are not material to our Consolidated Financial Statements. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 Trade payables $ 243.1 $ 295.9 Accrued fruit purchases 29.6 37.3 Ship and port operating expenses 19.1 18.4 Warehouse and distribution costs 36.4 29.5 Payroll and employee benefits 73.1 78.2 Accrued promotions 26.3 27.1 Other accrued expenses 51.4 63.5 Accounts payable and accrued expenses $ 479.0 $ 549.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 December 30, 2022 December 31, 2021 Current: U.S. federal income tax $ 0.1 $ 0.3 $ (2.1) State 1.0 0.7 0.3 Non-U.S. 20.8 16.6 18.8 21.9 17.6 17.0 Deferred: U.S. federal income tax (1.1) — (5.0) State (0.2) — (1.2) Non-U.S. (2.5) 2.5 (8.8) (3.8) 2.5 (15.0) $ 18.1 $ 20.1 $ 2.0 |
Schedule of Income Before Income Tax, Domestic and Foreign | Income before income taxes consisted of the following (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 December 31, 2021 U.S. $ (136.4) $ 1.0 $ (24.7) Non-U.S. 152.9 116.8 106.6 $ 16.5 $ 117.8 $ 81.9 |
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 (1) December 29, 2023 December 30, 2022 December 31, 2021 Income tax provision computed at the U.S. statutory federal rate $ 3.4 $ 24.7 $ 17.2 Effect of tax rates on non-U.S. operations (70.8) (71.7) (67.9) Provision for uncertain tax positions 1.5 1.7 2.3 Non-deductible interest 23.1 0.7 0.6 Foreign exchange 8.1 2.8 (6.1) Non-deductible intercompany charges — 0.5 0.1 Non-deductible differences (0.7) 0.9 2.0 Non-taxable income/loss (0.5) 0.6 (4.8) Non-deductible impairment charges 5.4 — 1.1 Adjustment to deferred balances — — 0.1 Other 0.8 (3.3) 3.1 State tax benefit (4.4) 0.1 (1.0) Other taxes in lieu of income 3.5 5.5 4.5 Change in deferred rate — — 0.1 Benefit from net operating loss carryback provision (C.A.R.E.S. Act) — — (0.8) Increase in valuation allowance (2) 48.7 57.6 51.5 Provision for income taxes $ 18.1 $ 20.1 $ 2.0 _____________ (1) Certain amounts from prior year have been conformed to current year presentation (2) 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 29, December 30, Deferred tax liabilities: 2023 2022 Allowances and other accrued liabilities $ (0.2) $ (0.1) Inventories (14.8) (17.1) Property, plant and equipment (69.7) (75.7) Equity in earnings of unconsolidated companies (0.5) (0.2) Pension obligations (2.7) (2.6) Other noncurrent deferred tax liabilities (28.1) (26.8) ROU assets (21.6) (21.0) Total noncurrent deferred tax liabilities $ (137.6) $ (143.5) Deferred tax assets: Allowances and other accrued assets $ 13.9 $ 17.9 Inventories 9.6 5.9 Pension obligations 22.4 21.4 Property, plant and equipment 3.6 1.0 Post-retirement benefits other than pension 2.7 3.6 Net operating loss carryforwards 434.5 434.2 Capital loss carryover 2.2 2.1 Other noncurrent assets 129.7 93.9 Operating lease 23.5 22.9 Total noncurrent deferred tax assets 642.1 602.9 Valuation allowance (525.7) (483.5) Total deferred tax assets, net $ 116.4 $ 119.4 Net deferred tax liabilities $ (21.2) $ (24.1) |
Federal and Foreign Tax Operating Loss Carry-Forwards Expiring | At December 29, 2023, we had approximately $1,664.4 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2024 $ 1.4 2025 24.3 2026 20.1 2027 11.2 2028 and beyond 13.3 No expiration 1,594.1 $ 1,664.4 |
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 29, 2023 December 30, 2022 December 31, 2021 Beginning balance $ 6.1 $ 5.0 $ 3.5 Gross increases - current-period tax positions 1.2 1.2 1.7 Settlements (1.1) — — Foreign exchange 0.2 (0.1) (0.2) Ending balance $ 6.4 $ 6.1 $ 5.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Leases [Abstract] | |
Lease Assets and Liabilities | The following table presents the lease-related assets and liabilities recorded on our Consolidated Balance Sheets as of December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Classification on the Balance Sheet December 29, 2023 December 30, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 213.8 $ 213.8 Finance lease assets Property, plant and equipment, net 7.3 8.6 Total lease assets $ 221.1 $ 222.4 Liabilities Current Operating Current maturities of operating leases $ 48.6 $ 41.6 Finance Current maturities of debt and finance leases 1.4 1.3 Noncurrent Operating Operating leases, less current maturities 142.1 147.3 Finance Long-term debt and finance leases, less current maturities 6.1 7.3 Total lease liabilities $ 198.2 $ 197.5 Weighted-average remaining lease term: Operating leases 5.8 years 6.5 years Finance leases 4.5 years 5.7 years Weighted-average discount rate: Operating leases 5.37 % 5.23 % Finance leases 4.47 % 2.91 % |
Lease Costs | The following table presents certain information related to the lease costs for finance and operating leases for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 (U.S. dollars in millions): December 29, December 30, December 31, Finance lease cost Amortization of lease assets $ 1.5 $ 1.4 $ 0.3 Operating lease cost 72.1 66.3 61.9 Short-term lease cost 7.0 5.3 8.4 Variable lease cost 7.4 5.1 5.9 Total lease cost $ 88.0 $ 78.1 $ 76.5 The following table presents supplemental cash flow information related to leases for fiscal 2023, 2022 and 2021 (U.S. dollars in millions): December 29, December 30, December 31, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 58.1 $ 51.2 $ 41.2 Financing cash flows for finance leases 1.3 1.3 0.3 Right-of-use assets obtained in exchange for new operating lease liabilities 51.0 59.6 78.8 Right-of-use assets obtained in exchange for new finance lease liabilities 0.2 0.1 9.9 |
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 29, 2023 (U.S. dollars in millions): Operating Leases Finance Leases 2024 $ 59.5 $ 1.6 2025 40.7 1.6 2026 34.4 1.6 2027 29.2 1.6 2028 22.5 1.5 Thereafter 52.2 — Total lease payments 238.5 7.9 Less: imputed interest 47.8 0.4 Total lease liabilities $ 190.7 $ 7.5 |
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 29, 2023 (U.S. dollars in millions): Operating Leases Finance Leases 2024 $ 59.5 $ 1.6 2025 40.7 1.6 2026 34.4 1.6 2027 29.2 1.6 2028 22.5 1.5 Thereafter 52.2 — Total lease payments 238.5 7.9 Less: imputed interest 47.8 0.4 Total lease liabilities $ 190.7 $ 7.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 (U.S. dollars in millions): Term Maturity Date Interest Rate Borrowing Limit Available Borrowings Bank of America credit facility 5 years February 21, 2029 6.59% $ 900.0 $ 500.0 Rabobank letter of credit facility 364 days June 13, 2024 Varies 25.0 17.6 Other working capital facilities Varies Varies Varies 30.9 7.9 $ 955.9 $ 525.5 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt obligations during the next five years and thereafter are as follows (U.S. dollars in millions): Fiscal Years Long-Term 2024 $ 26.1 2025 24.0 2026 21.0 2027 20.3 2028 21.2 Thereafter 401.8 514.4 Less: Amounts representing interest (1) (114.4) 400.0 Less: Current portion $ — Totals, net of current portion of long-term debt and finance lease obligations $ 400.0 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed average rate of 4.4%. |
Earnings (Loss) Per Ordinary _2
Earnings (Loss) Per Ordinary Share (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted net income per ordinary share are calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 29, 2023 December 30, 2022 December 31, 2021 Numerator: Net (loss) income attributable to Fresh Del Monte Produce Inc. $ (11.4) $ 98.6 $ 80.0 Denominator: Weighted average number of ordinary shares - Basic 47,979,143 47,790,920 47,508,208 Effect of dilutive securities - share-based awards — 152,544 193,189 Weighted average number of ordinary shares - Diluted 47,979,143 47,943,464 47,701,397 Antidilutive awards (1) 692,680 103,148 2,039 Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ (0.24) $ 2.06 $ 1.68 Diluted $ (0.24) $ 2.06 $ 1.68 (1) Awards of certain unvested shares and options are not included in the calculation of diluted weighted average shares outstanding because their effect would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table includes the changes in accumulated other comprehensive loss by component for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive Loss by Component (1) Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 31, 2021 $ (40.9) $ (17.4) $ (8.6) $ (66.9) Other comprehensive income (loss) before reclassifications 67.1 (3) (18.6) (2) (4.1) 44.4 Amounts reclassified from accumulated other comprehensive loss (20.2) — 1.2 (19.0) Net current period other comprehensive income (loss) 46.9 (18.6) (2.9) 25.4 Balance at December 30, 2022 $ 6.0 $ (36.0) $ (11.5) $ (41.5) Other comprehensive income (loss) before reclassifications 8.8 (3) (3.5) (2) 0.9 6.2 Amounts reclassified from accumulated other comprehensive loss (11.0) 2.4 0.6 (8.0) Net current period other comprehensive income (loss) (2.2) (1.1) 1.5 (1.8) Balance at December 29, 2023 $ 3.8 $ (37.1) $ (10.0) $ (43.3) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a gain of $1.0 million for the year ended December 29, 2023 and a loss of $4.8 million for the year ended December 30, 2022 related to intra-entity foreign currency transactions that are of a long-term-investment nature. (3) Includes a tax effect of $1.7 million for the year ended December 29, 2023 and $(5.8) million for the year ended December 30, 2022. |
Reclassification out of Accumulated Other Comprehensive Income | The following table includes details about amounts reclassified from accumulated other comprehensive loss by component for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Amount of (gain) loss reclassified from accumulated other comprehensive loss Details about accumulated other comprehensive loss components December 29, 2023 December 30, 2022 Affected line item in the statement where net income is presented Cash flow hedges: Designated as hedging instruments: Foreign currency cash flow hedges $ (3.2) $ (31.4) Net sales Foreign currency cash flow hedges 1.0 6.5 Cost of products sold Interest rate swaps (8.8) 4.7 Interest expense Total $ (11.0) $ (20.2) Amortization of retirement benefits: Actuarial losses 0.6 0.8 Other expense, net Curtailment and settlement losses — 0.4 Other expense, net Total $ 0.6 $ 1.2 |
Retirement and Other Employee_2
Retirement and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 and December 30, 2022, which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 11.4 $ 36.2 $ 14.9 $ 63.5 $ 66.7 $ 66.9 Service cost — — — — 6.0 5.7 Interest cost 0.6 1.8 0.4 1.0 5.2 3.9 Actuarial loss (gain) 0.4 2.6 (2.7) (18.9) (2.4) (3.7) Benefits paid (1.2) (2.1) (1.2) (3.0) (6.0) (6.1) Exchange rate changes (2) — 2.1 — (6.4) 3.2 — Curtailments — — — — (0.3) — Plan amendment — — — — (2.2) — Ending benefit obligation 11.2 40.6 11.4 36.2 70.2 66.7 Change in Plan Assets: Beginning fair value 11.1 37.9 14.3 72.5 — — Actual return on plan assets 1.5 2.5 (2.0) (26.2) — — Company contributions — 1.8 — 1.8 6.0 6.1 Benefits paid (1.2) (2.1) (1.2) (3.0) (6.0) (6.1) Exchange rate changes (2) — 2.1 — (7.2) — — Ending fair value 11.4 42.2 11.1 37.9 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — (10.0) (10.2) Retirement benefits liability (noncurrent liability) — — (0.3) — (60.2) (56.5) Other noncurrent assets 0.2 1.6 — 1.7 — — Net asset (liability) recognized in the Consolidated Balance Sheets $ 0.2 $ 1.6 $ (0.3) $ 1.7 $ (70.2) $ (66.7) Amounts recognized in Accumulated other comprehensive loss: (3) Net actuarial (loss) gain (6.9) 10.7 (7.5) (8.4) 8.1 2.8 Net amount recognized in accumulated other comprehensive loss $ (6.9) $ 10.7 $ (7.5) $ (8.4) $ 8.1 $ 2.8 (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 29, 2023 and December 30, 2022, when compared to the previous year. (3) We had accumulated other comprehensive income of $3.1 million as of December 29, 2023 and $3.1 million as of December 30, 2022 related to the tax effect of unamortized pension gains and losses. |
Roll Forward of AOCI Balances | The following table provides a rollforward of the accumulated other comprehensive loss balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 29, December 30, December 29, December 30, Reconciliation of accumulated other comprehensive loss U.S. U.K. U.S. U.K. Central America Central America Accumulated other comprehensive (loss) gain at beginning of plan year $ (7.5) $ (8.4) $ (7.8) $ 0.8 $ 2.8 $ (1.0) Amortization of net losses recognized during the year 0.3 0.1 0.5 0.1 0.1 0.1 Prior service cost credit recognized during the year — — — — 2.2 — Net gain (loss) during the year 0.3 (2.5) (0.2) (9.1) 2.5 3.7 Currency exchange rate changes — 0.1 — (0.2) 0.5 — Accumulated other comprehensive (loss) gain at end of plan year $ (6.9) $ (10.7) $ (7.5) $ (8.4) $ 8.1 $ 2.8 |
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 29, 2023 December 30, 2022 December 31, 2021 December 29, 2023 December 30, 2022 December 31, 2021 U.S. U.K. U.S. U.K. U.S. U.K. Central America Central America Central America Service cost $ — $ — $ — $ — $ — $ — $ 6.0 $ 5.7 $ 6.0 Interest cost 0.6 1.8 0.4 1.0 0.3 1.0 5.2 3.9 4.0 Expected return on assets (0.8) (2.4) (0.8) (1.8) (0.8) (1.4) — — — Net amortization 0.3 0.1 0.5 0.1 0.5 0.1 0.1 0.1 — Net periodic cost (income) $ 0.1 $ (0.5) $ 0.1 $ (0.7) $ — $ (0.3) $ 11.3 $ 9.7 $ 10.0 |
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 29, 2023 December 30, 2022 December 31, 2021 Pension plans Post-retirement plans Pension plans Post-retirement plans Pension plans Post-retirement plans U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 4.90 % 4.80 % 7.79 % 5.15 % 5.00 % 8.26 % 2.65 % 1.80 % 6.39 % Rate of increase in compensation levels — — 4.78 % — — 4.80 % — — 4.82 % 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 29, 2023 December 30, 2022 December 31, 2021 Pension plans Post-retirement plans Pension plans Post-retirement plans Pension plans Post-retirement plans U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 5.15 % 5.00 % 8.21 % 2.65 % 1.80 % 6.39 % 2.15 % 1.40 % 6.34 % Rate of increase in compensation levels — — 3.22 % — — 4.69 % — — 4.70 % Expected long-term rate of return on assets 7.00 % 6.16 % — 6.50 % 2.77 % — 6.50 % 1.98 % — Cash Flows Pension plans Post-retirement plans U.S. U.K. Central America Expected benefit payments for: 2024 $ 1.2 $ 2.6 $ 9.9 2025 1.1 2.5 9.1 2026 1.0 2.3 8.4 2027 1.0 2.2 8.4 2028 1.0 2.3 9.0 Next 5 years 4.1 12.5 40.6 Expected benefit payments over the next 10 years $ 9.4 $ 24.4 $ 85.4 For 2024, expected contributions are $0.2 million for the U.S. pension plan and $1.8 million for the U.K. pension plan. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations. |
Fair Values of Plan Assets by Asset Category | The fair values of our U.S. plan assets by asset category were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.2 $ 5.2 $ — $ — Value securities 2.3 2.3 — — Growth securities 3.9 3.9 — — Total $ 11.4 $ 11.4 $ — $ — Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 4.7 $ 4.7 $ — $ — Value securities 2.3 2.3 — — Growth securities 4.1 4.1 — — Total $ 11.1 $ 11.1 $ — $ — The fair values of our U.K. plan assets by asset category were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash $ 0.5 $ 0.5 $ — $ — Equity securities: Diversified growth funds 7.1 — 7.1 — Other international companies 0.7 — 0.7 — Real estate investment trusts 1.7 — 1.7 — Fixed income securities: Government and corporate bonds 20.3 — 20.3 — Liability-driven investments 11.9 — 11.9 — Total $ 42.2 $ 0.5 $ 41.7 $ — Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash $ 0.3 $ 0.3 $ — $ — Equity securities: Diversified growth funds 8.4 — 8.4 — Other international companies 0.8 — 0.8 — Real estate investment trusts 1.2 — 1.2 — Fixed income securities: Government and corporate bonds 19.5 — 19.5 — Liability-driven investments 7.7 — 7.7 — Total $ 37.9 $ 0.3 $ 37.6 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 | Year ended Types of Awards December 29, 2023 December 30, 2022 December 31, 2021 RSUs/PSUs $ 9.9 $ 6.9 $ 7.6 |
Schedule of RSUs / PSUs Activity | The following table summarizes RSU and PSU activity for the years ended December 29, 2023, December 30, 2022, and December 31, 2021: RSUs PSUs Number of Weighted Number of Weighted Non-vested as of January 1, 2021 276,790 32.89 120,039 28.42 Granted 333,785 26.25 123,158 26.02 Vested (129,194) 35.30 (48,191) 28.23 Canceled (26,148) 27.01 (20,786) 25.14 Non-vested as of December 31, 2021 455,233 27.63 174,220 26.89 Granted 153,944 24.28 152,211 28.92 Vested (212,464) 28.76 (67,599) 27.38 Canceled (36,616) 26.14 (43,289) 26.85 Non-vested as of December 30, 2022 360,097 25.68 215,543 28.18 Granted 267,671 31.13 102,171 31.59 Vested (194,900) 25.94 (92,760) 28.12 Canceled (24,409) 27.35 (13,302) 28.45 Non-vested as of December 29, 2023 408,459 $ 29.01 211,652 $ 30.00 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 29, 2023 (in millions): Foreign currency contracts qualifying as cash flow hedges: Notional amount British pound GBP 5.9 Euro EUR 67.8 |
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 29, 2023 and December 30, 2022 (U.S. dollars in millions): Derivatives designated as hedging instruments (1) Foreign exchange contracts Interest rate swaps Total Balance Sheet location: December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 Asset derivatives: Prepaid expenses and other current assets $ 0.1 $ — $ 2.1 $ — $ 2.2 $ — Other noncurrent assets — — 5.8 15.8 5.8 15.8 Total asset derivatives $ 0.1 $ — $ 7.9 $ 15.8 $ 8.0 $ 15.8 Liability derivatives: Accounts payable and accrued expenses $ 0.4 $ 6.5 $ — $ — $ 0.4 $ 6.5 Other noncurrent liabilities — 0.2 — — — 0.2 Total liability derivatives $ 0.4 $ 6.7 $ — $ — $ 0.4 $ 6.7 (1) See Note 18, “ Fair Value Measurements, ” for fair value disclosures. We expect that $2.3 million of the net fair value of our cash flow hedges recognized as a net gain in accumulated other comprehensive loss will be transferred to earnings during the next 12 months, and the remaining net gain of $2.1 million |
Effect of Derivative Instruments on the Consolidated Statements of Income | The following table reflects the effect of derivative instruments on the Consolidated Statements of Comprehensive Income for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions): Net amount of (loss) gain recognized in other comprehensive income on derivatives Derivative Instruments December 29, 2023 December 30, 2022 Foreign exchange contracts $ 4.0 $ 7.5 Interest rate swaps, net of tax (6.2) 39.4 Total $ (2.2) $ 46.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
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 (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net liability Interest rate contracts, net asset December 29, December 30, December 29, December 30, Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) (0.3) (6.7) 7.9 15.8 Significant unobservable inputs (Level 3) — — — — |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Net sales and gross profit by segment | We evaluate performance based on several factors, of which net sales and gross profit are the primary financial measures (U.S. dollars in millions): Year ended December 29, 2023 December 30, 2022 December 31, 2021 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Fresh and value-added products $ 2,477.8 $ 167.3 $ 2,581.8 $ 183.0 $ 2,504.8 $ 180.2 Banana 1,638.2 163.3 1,619.8 120.7 1,581.1 110.9 Other products and services 204.7 20.1 240.7 36.5 166.1 12.7 Totals $ 4,320.7 $ 350.7 $ 4,442.3 $ 340.2 $ 4,252.0 $ 303.8 |
Net sales by product | The following table indicates our net sales by product (U.S. dollars in millions) and, in each case, the percentage of the total represented thereby: Year ended December 29, 2023 December 30, 2022 December 31, 2021 Segments: Fresh and value-added products: Fresh-cut fruit $ 536.2 12 % $ 524.7 12 % $ 493.5 12 % Fresh-cut vegetables 327.7 8 % 341.4 8 % 366.3 9 % Pineapples 622.3 14 % 584.6 13 % 534.4 13 % Avocados 271.2 6 % 311.4 7 % 320.2 7 % Non-tropical fruit 152.5 4 % 179.8 4 % 185.2 4 % Prepared foods 270.9 6 % 293.4 6 % 281.2 6 % Melons 95.7 2 % 94.4 2 % 67.6 2 % Tomatoes 18.7 — % 23.8 1 % 29.5 1 % Vegetables 112.2 3 % 137.3 3 % 136.6 3 % Other fruit and vegetables 70.4 2 % 91.0 2 % 90.3 2 % Total fresh and value-added products 2,477.8 57 % 2,581.8 58 % 2,504.8 59 % Banana 1,638.2 38 % 1,619.8 37 % 1,581.1 37 % Other products and services 204.7 5 % 240.7 5 % 166.1 4 % Total $ 4,320.7 100 % $ 4,442.3 100 % $ 4,252.0 100 % |
Long-lived assets by geographical region | Property, plant and equipment, net: December 29, 2023 December 30, 2022 North America $ 175.5 $ 191.7 Europe 34.9 28.8 Middle East 52.5 49.2 Africa 37.0 37.8 Asia 94.4 104.5 Central America 624.7 635.5 South America 51.7 66.4 Maritime equipment (including containers) 181.2 190.1 Corporate 4.5 5.5 Total property, plant and equipment, net $ 1,256.4 $ 1,309.5 Total assets: December 29, 2023 December 30, 2022 North America $ 744.8 $ 929.0 Europe 349.4 330.6 Middle East 239.1 281.7 Africa 150.9 164.2 Asia 242.1 250.4 Central America 1,020.5 1,023.1 South America 134.5 170.1 Maritime equipment (including containers) 187.7 193.7 Corporate 115.1 116.1 Total assets $ 3,184.1 $ 3,458.9 |
Net Sales by Geographic Region | The following table indicates our net sales by geographic region (U.S. dollars in millions): Year ended Net sales by geographic region: December 29, 2023 December 30, 2022 December 31, North America $ 2,578.7 $ 2,721.3 $ 2,570.2 Europe 830.9 760.5 696.5 Asia 446.4 451.0 488.4 Middle East 384.9 427.9 433.0 Other 79.8 81.6 63.9 Total net sales $ 4,320.7 $ 4,442.3 $ 4,252.0 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Declared | The below is a summary of the dividends paid per share for the years ended December 29, 2023 and December 30, 2022. These dividends were declared and paid within the same fiscal quarter. Year ended December 29, 2023 December 30, 2022 Dividend Payment Date Cash Dividend per Ordinary Share Dividend Payment Date Cash Dividend per Ordinary Share December 8, 2023 $ 0.20 December 9, 2022 $ 0.15 September 8, 2023 0.20 September 9, 2022 0.15 June 9, 2023 0.20 June 10, 2022 0.15 March 31, 2023 0.15 April 1, 2022 0.15 |
General (Details)
General (Details) | 12 Months Ended |
Dec. 29, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Significant Accounting Policies [Line Items] | ||||
Other accounts receivable, value added taxes receivable current | $ 43.9 | $ 38.1 | ||
Other accounts receivable, allowance for value added tax receivable current | 3.6 | |||
Other accounts receivable, value added taxes receivable noncurrent | $ 17.7 | 16.4 | ||
Other accounts receivable, allowance for value added tax receivable noncurrent | 4.7 | |||
Useful life | 17 years | |||
Amortization expense for definite-lived intangible assets | $ 4.9 | 7.8 | $ 7.6 | |
Asset impairment charges | 141.3 | 3.5 | 3.8 | |
Advertising and promotional costs | 10.5 | 9.3 | 13.6 | |
Amortization of debt issuance costs | 0.5 | 0.6 | 0.6 | |
Foreign exchange loss | 10.4 | 8.4 | 6 | |
Excess tax benefit reclassified from financing activities | 213.5 | 12 | 53.2 | |
Deferred income taxes | 51.5 | 47.4 | ||
Retained earnings | 1,341.4 | 1,397.6 | ||
Gain (loss) on disposal of property, plant and equipment, net and subsidiary | 37.9 | (1.9) | 4.6 | |
Accounts Receivable, Allowance for Credit Loss | 7.4 | 9.3 | 10.2 | |
Contract with Customer, Asset, Allowance for Credit Loss | 13.4 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,912.7) | (1,925.6) | ||
Goodwill impairment charges | 21.6 | |||
Asset Impairment Charges, Excluding Goodwill And Trademark Impairment | 141.3 | 3.5 | 3.8 | |
Property, Plant and Equipment, Other Types | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Impairment Charges, Excluding Goodwill And Trademark Impairment | $ 119.7 | |||
Series of Individually Immaterial Business Acquisitions | ||||
Significant Accounting Policies [Line Items] | ||||
Put Option Expiration Period | 5 years | |||
Percentage of voting interests acquired | 25% | |||
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 | Customer Concentration Risk | One Customer | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of Trade accounts Receivable | 10% | |||
Retained Earnings | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,341.4) | (1,397.6) | (1,327.7) | $ (1,271.4) |
Fresh Del Monte Produce Inc. Shareholders' Equity | ||||
Significant Accounting Policies [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,896.3) | $ (1,904.7) | $ (1,802.3) | $ (1,728) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Accounting Policies [Abstract] | ||
Finished goods | $ 201.1 | $ 205.8 |
Raw materials and packaging supplies | 167.1 | 233.2 |
Growing crops | 231.7 | 230 |
Total inventories | $ 599.9 | $ 669 |
Asset Impairment and Other Ch_3
Asset Impairment and Other Charges, Net - Asset Impairment and Exit Activity Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Asset impairment and other charges (credits), net | $ 143.4 | $ (4.8) | $ 4.5 | |
Long-lived and other asset impairment | 141.3 | 3.5 | 3.8 | |
Exit activity and other charges (credits) | 0.7 | |||
Total | 143.4 | (4.8) | 4.5 | |
Goodwill impairment charges | 21.6 | |||
Restructuring Charges (Credits) | 2.1 | (8.3) | ||
Adjustment of Kunia Well Site environmental liability in Hawaii | 0 | (9.9) | 0 | |
Banana | Exit Activities of Low-yield Areas [Member] | Asia Pacific | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 3.3 | |||
Exit activity and other charges (credits) | 1.4 | |||
Total | $ 4.7 | 4.7 | ||
Fresh and Value-Added Products | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0.5 | |||
Exit activity and other charges (credits) | (0.1) | |||
Total | 0.4 | |||
Goodwill impairment charges | (21.6) | |||
Fresh and Value-Added Products | North America | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 109.6 | |||
Exit activity and other charges (credits) | 0 | |||
Total | 109.6 | |||
Fresh and Value-Added Products | North America | Trademarks | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 8.3 | |||
Fresh and Value-Added Products | North America | Customer Relationships | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 88.6 | |||
Fresh and Value-Added Products | North America | Land and land improvements | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 12.7 | |||
Fresh and Value-Added Products | Europe | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0 | |||
Exit activity and other charges (credits) | 0.2 | |||
Total | 0.2 | |||
Banana | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Goodwill impairment charges | 0 | |||
Banana | Exit Activities of Low-yield Areas [Member] | Asia Pacific | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 2.7 | |||
Total | 2.7 | |||
Restructuring Charges (Credits) | 0 | |||
Insurance recoveries | Banana | Central America | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0 | |||
Exit activity and other charges (credits) | (0.8) | |||
Total | (0.8) | |||
Restructuring Charges (Credits) | $ (0.8) | |||
Other fresh produce segment charges (credits) | Fresh and Value-Added Products | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0 | |||
Total | 0.1 | |||
Restructuring Charges (Credits) | 0.1 | |||
Other fresh produce segment charges (credits) | Other Segments | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0 | |||
Total | 1.3 | |||
Restructuring Charges (Credits) | 1.3 | |||
Cost reduction initiatives | Other Segments | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 1.8 | 0 | ||
Exit activity and other charges (credits) | 0 | |||
Total | 1.8 | 1 | ||
Restructuring Charges (Credits) | 1 | |||
Facility Closing | Banana | Europe | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 3.7 | 0 | ||
Exit activity and other charges (credits) | 0 | |||
Total | 3.7 | 0.4 | ||
Restructuring Charges (Credits) | 0.4 | |||
Impairment Charges | Fresh and Value-Added Products | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0.3 | |||
Exit activity and other charges (credits) | 0.7 | |||
Total | 1 | |||
Impairment Charges | Fresh and Value-Added Products | North America | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0 | |||
Total | (9.9) | |||
Adjustment of Kunia Well Site environmental liability in Hawaii | (9.9) | |||
Impairment Charges | Fresh and Value-Added Products | South America | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 0.8 | |||
Total | 0.9 | |||
Restructuring Charges (Credits) | $ 0.1 | |||
Impairment Charges | Fresh and Value-Added Products | South America | apple | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 2.6 | |||
Exit activity and other charges (credits) | 0 | |||
Total | 2.6 | |||
Impairment Charges | Fresh and Value-Added Products | South America | grape | ||||
Schedule of Asset Impairment and Other Charges [Line Items] | ||||
Long-lived and other asset impairment | 1.7 | |||
Exit activity and other charges (credits) | 0.1 | |||
Total | $ 1.8 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Companies (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in and advances to unconsolidated companies | $ 22.2 | $ 18 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,310.1 | $ 2,382.1 |
Less: accumulated depreciation and amortization | (1,053.7) | (1,072.6) |
Property, plant and equipment, net | 1,256.4 | 1,309.5 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 695.9 | 704.3 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 581.4 | 607.4 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 609.3 | 614.3 |
Maritime equipment (including containers) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 229 | 262.9 |
Property, plant and equipment, net | 181.2 | 190.1 |
Furniture, fixtures and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 102.1 | 102.2 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 69.1 | 69 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 23.3 | $ 22 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 79.9 | $ 84.8 | $ 89.2 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 11.1 | 11 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | (3.8) | (2.4) | |
(Gain) loss on disposal of property, plant and equipment, and subsidiary, net | $ (37.9) | $ 1.9 | $ (4.6) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 401.9 | $ 422.9 | $ 423.7 |
Indefinite-lived intangible assets: | |||
Trademarks | 31.7 | 31.7 | |
Definite-lived intangible assets: | |||
Definite-lived intangible assets | 10.6 | 150.4 | |
Accumulated amortization | (9) | (47.1) | |
Definite-lived intangible assets, net | 1.6 | 103.3 | |
Goodwill and other intangible assets, net | $ 435.2 | $ 557.9 |
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. 29, 2023 | Dec. 30, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning | $ 422.9 | $ 423.7 |
Foreign exchange | 0.6 | (0.8) |
Goodwill, ending | 401.9 | 422.9 |
Goodwill impairment charges | (21.6) | |
Fresh and Value-Added Products | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 358.8 | 359.4 |
Foreign exchange | 0.3 | (0.6) |
Goodwill, ending | 337.5 | 358.8 |
Banana | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 64.1 | 64.3 |
Foreign exchange | 0.3 | (0.2) |
Goodwill, ending | 64.4 | $ 64.1 |
Goodwill impairment charges | 0 | |
Fresh and Value-Added Products | ||
Goodwill [Roll Forward] | ||
Goodwill impairment charges | $ 21.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Sensitivities of Goodwill and Indefinite-Lived Intangibles at Risk (Details) $ in Millions | Dec. 29, 2023 USD ($) |
Banana | 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 | 23.20% |
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 (additional) impairment | $ 8.9 |
Prepared Food | Remaining Del Monte Trademarks | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible assets, including goodwill | $ 27.2 |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test | 0% |
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 (additional) impairment | $ 27.2 |
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 | 6.20% |
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 (additional) impairment | $ 2.3 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Millions | Dec. 29, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 0.1 |
2024 | 0.1 |
2025 | 0.1 |
2026 | 0.1 |
2027 | $ 0.1 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill accumulated impairment loss | $ 109.7 | ||
Goodwill and trademarks impairment charges | 0 | ||
Asset impairment charges | 141.3 | $ 3.5 | $ 3.8 |
Goodwill impairment loss, fair value | 27.2 | ||
Fresh and Value-Added Products | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset impairment charges | $ 0.5 | ||
North America | Fresh and Value-Added Products | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset impairment charges | $ 109.6 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 20.8 | $ 21.6 | |
Accounts Receivable, Allowance for Credit Loss | $ 7.4 | $ 9.3 | $ 10.2 |
Long Term Advances to Growers | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable term | 5 years | ||
Long Term Advances to Growers | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable term | 1 year |
Allowance for Credit Losses - A
Allowance for Credit Losses - Advances to Growers Along with the Related Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | $ 7.4 | $ 9.3 | $ 10.2 |
Provision for Loan, Lease, and Other Losses | 1.6 | 0.3 | |
Accounts Receivable, Credit Loss Expense (Reversal) | (0.2) | (0.4) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3.3) | (0.7) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | (0.1) | |
Advances to Growers | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for Loan, Lease, and Other Losses | (2.6) | (3.2) | |
Financing Receivable, before Allowance for Credit Loss, Current | 25.1 | 44.6 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 10.8 | 5.6 | |
Financing Receivable, Allowance for Credit Loss | 7.5 | 4.9 | $ 1.8 |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | (0.1) | |
Advances to Growers | Accounting Standards Update 2016-13 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | $ 4.9 |
Financing Receivables - Allowan
Financing Receivables - Allowance for Doubtful Accounts and Related Financing Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Provision for Loan, Lease, and Other Losses | $ 1.6 | $ 0.3 |
Advances to Growers | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for advances to growers and suppliers, beginning of period | 4.9 | 1.8 |
Provision for Loan, Lease, and Other Losses | (2.6) | (3.2) |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (0.1) |
Allowance for advances to growers and suppliers, end of period | 7.5 | 4.9 |
Advances to Growers | Accounting Standards Update 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for advances to growers and suppliers, beginning of period | $ 4.9 | |
Allowance for advances to growers and suppliers, end of period | $ 4.9 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 243.1 | $ 295.9 |
Accrued fruit purchases | 29.6 | 37.3 |
Ship and port operating expenses | 19.1 | 18.4 |
Warehouse and distribution costs | 36.4 | 29.5 |
Payroll and employee benefits | 73.1 | 78.2 |
Accrued promotions | 26.3 | 27.1 |
Other accrued expenses | 51.4 | 63.5 |
Accounts payable and accrued expenses | $ 479 | $ 549.9 |
Other accrued expenses and accounts payable maximum risk percentage | 5% |
Income Taxes - Provision for (B
Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Current: | |||
U.S. federal income tax | $ 0.1 | $ 0.3 | $ (2.1) |
State | 1 | 0.7 | 0.3 |
Non-U.S. | 20.8 | 16.6 | 18.8 |
Total | 21.9 | 17.6 | 17 |
Deferred: | |||
U.S. federal income tax | (1.1) | 0 | (5) |
State | (0.2) | 0 | (1.2) |
Non-U.S. | (2.5) | 2.5 | (8.8) |
Total | (3.8) | 2.5 | (15) |
Provision for income taxes | 18.1 | 20.1 | 2 |
Benefit from net operating loss carryback provision (C.A.R.E.S. Act) | 0 | $ 0 | $ (0.8) |
Undistributed earnings of foreign subsidiaries | $ 770.6 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (136.4) | $ 1 | $ (24.7) |
Non-U.S. | 152.9 | 116.8 | 106.6 |
Income before income taxes | 16.5 | $ 117.8 | $ 81.9 |
Deferred Tax Liabilities, Tax Deferred Income | $ 0.7 |
Income Taxes - Differences Betw
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. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision computed at the U.S. statutory federal rate | $ 3.4 | $ 24.7 | $ 17.2 |
Effect of tax rates on non-U.S. operations | (70.8) | (71.7) | (67.9) |
Provision for uncertain tax positions | 1.5 | 1.7 | 2.3 |
Non-deductible interest | 23.1 | 0.7 | 0.6 |
Foreign exchange | 8.1 | 2.8 | (6.1) |
Non-deductible intercompany charges | 0 | 0.5 | 0.1 |
Non-deductible differences | (0.7) | 0.9 | 2 |
Non-taxable income/loss | (0.5) | 0.6 | (4.8) |
Non-deductible impairment charges | 5.4 | 0 | 1.1 |
Adjustment to deferred balances | 0 | 0 | 0.1 |
Other | 0.8 | (3.3) | 3.1 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (4.4) | 0.1 | (1) |
Other taxes in lieu of income | 3.5 | 5.5 | 4.5 |
Change in deferred rate | 0 | 0 | 0.1 |
Benefit from net operating loss carryback provision (C.A.R.E.S. Act) | 0 | 0 | 0.8 |
Increase (decrease) in valuation allowance | 48.7 | 57.6 | 51.5 |
Provision for income taxes | $ 18.1 | $ 20.1 | $ 2 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Deferred tax liabilities: | ||
Allowances and other accrued liabilities | $ (0.2) | $ (0.1) |
Inventories | (14.8) | (17.1) |
Property, plant and equipment | (69.7) | (75.7) |
Equity in earnings of unconsolidated companies | (0.5) | (0.2) |
Pension obligations | (2.7) | (2.6) |
Other noncurrent deferred tax liabilities | (28.1) | (26.8) |
ROU assets | (21.6) | (21) |
Total noncurrent deferred tax liabilities | (137.6) | (143.5) |
Deferred tax assets: | ||
Allowances and other accrued assets | 13.9 | 17.9 |
Inventories | 9.6 | 5.9 |
Pension obligations | 22.4 | 21.4 |
Property, plant and equipment | 3.6 | 1 |
Post-retirement benefits other than pension | 2.7 | 3.6 |
Net operating loss carryforwards | 434.5 | 434.2 |
Capital loss carryover | 2.2 | 2.1 |
Other noncurrent assets | 129.7 | 93.9 |
Operating lease | 23.5 | 22.9 |
Total noncurrent deferred tax assets | 642.1 | 602.9 |
Valuation allowance | (525.7) | (483.5) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 116.4 | 119.4 |
Net deferred tax liabilities | $ (21.2) | $ (24.1) |
Income Taxes - Federal and Fore
Income Taxes - Federal and Foreign Tax Operating Loss Carry-Forwards Expiring (Detail) $ in Millions | Dec. 29, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
2022 | $ 1.4 |
2023 | 24.3 |
2024 | 20.1 |
2025 | 11.2 |
2028 and beyond | 13.3 |
No expiration | 1,594.1 |
Federal and foreign tax operating loss carry-forwards | $ 1,664.4 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 6.1 | $ 5 | $ 3.5 |
Gross increases - current-period tax positions | 1.2 | 1.2 | 1.7 |
Foreign exchange | 0.2 | (0.1) | (0.2) |
Ending balance | 6.4 | 6.1 | 5 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 1.1 | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Income Tax Contingency [Line Items] | ||
Increased (decrease) in valuation allowance | $ 42.2 | |
Federal and foreign tax operating loss carry-forwards | 1,664.4 | |
Accrual for uncertain tax positions, that, if recognized would affect the effective income tax rate | 9.9 | $ 9.2 |
Interest on income taxes accrued | 3.5 | $ 3 |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Estimate of possible loss | $ 165.4 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense | $ 72.1 | $ 66.3 | $ 61.9 |
Proceeds from Sale of Property, Plant, and Equipment | 119.9 | 8.7 | 17.5 |
Gain (loss) on disposal of property, plant and equipment, net and subsidiary | $ 37.9 | $ (1.9) | $ 4.6 |
Lessee, Operating Lease, Renewal Term | 12 months | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Terms for vessel charter agreements (in years) | 10 months |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 213.8 | $ 213.8 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Property, plant and equipment, net | $ 7.3 | $ 8.6 |
Total lease assets | 221.1 | 222.4 |
Current maturities of operating leases | 48.6 | 41.6 |
Current maturities of debt and finance leases | 1.4 | 1.3 |
Operating leases, less current maturities | 142.1 | 147.3 |
Long-term debt and finance leases, less current maturities | 6.1 | 7.3 |
Total lease liabilities | $ 198.2 | $ 197.5 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance leases | Long-term debt and finance leases |
Operating leases, Weighted-average remaining lease term (years) | 5 years 9 months 18 days | 6 years 6 months |
Finance leases, Weighted-average remaining lease term (years) | 4 years 6 months | 5 years 8 months 12 days |
Operating leases, Weighted-average discount rate (percentage) | 5.37% | 5.23% |
Finance leases, Weighted-average discount rate (percentage) | 4.47% | 2.91% |
Nonrelated Party | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 213.8 | $ 213.8 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Finance lease cost, Amortization of lease assets | $ 1.5 | $ 1.4 | $ 0.3 |
Operating lease cost | 72.1 | 66.3 | 61.9 |
Short-term lease cost | 7 | 5.3 | 8.4 |
Variable lease cost | 7.4 | 5.1 | 5.9 |
Total lease cost | 88 | 78.1 | 76.5 |
Operating cash flows for operating leases | 58.1 | 51.2 | 41.2 |
Financing cash flows for finance leases | 1.3 | 1.3 | 0.3 |
Right-of-use assets obtained in exchange for new operating lease obligations | 51 | 59.6 | 78.8 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0.2 | $ 0.1 | $ 9.9 |
Leases - Operating and Finance
Leases - Operating and Finance Lease Maturities (Details) $ in Millions | Dec. 29, 2023 USD ($) |
Operating Leases | |
2023 | $ 59.5 |
2024 | 40.7 |
2025 | 34.4 |
2026 | 29.2 |
2027 | 22.5 |
Thereafter | 52.2 |
Total lease payments | 238.5 |
Less: imputed interest | 47.8 |
Total lease liabilities | $ 190.7 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating leases, less current maturities |
Finance Leases | |
2023 | $ 1.6 |
2024 | 1.6 |
2025 | 1.6 |
2026 | 1.6 |
2027 | 1.5 |
Thereafter | 0 |
Total lease payments | 7.9 |
Less: imputed interest | 0.4 |
Total lease liabilities | $ 7.5 |
Debt - Narrative (Detail)
Debt - Narrative (Detail) | 12 Months Ended | |||||
Oct. 01, 2019 USD ($) | Dec. 29, 2023 USD ($) | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 21, 2024 USD ($) | Sep. 13, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 955,900,000 | |||||
Payments of dividends, common stock | 35,900,000 | $ 28,700,000 | $ 23,700,000 | |||
Cash payments of interest on long-term debt, net of amounts capitalized | 24,200,000 | 23,500,000 | 19,900,000 | |||
Cash payments of interest on long-term debt, amounts capitalized | 300,000 | 500,000 | $ 500,000 | |||
Amount of committed working capital facilities applied to letter of credit facility | $ 40,300,000 | |||||
Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Term | 5 years | 5 years | ||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | $ 750,000,000 | $ 1,100,000,000 | ||
Line of credit facility, increase (decrease) | $ 300,000,000 | |||||
Debt Instrument, Covenant Description | 25 million | |||||
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 | |||||
SOFR | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1.125% | |||||
Other noncurrent assets | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Capitalized debt issuance costs | $ 100,000 | $ 600,000 | ||||
Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant Description | 1.00 | |||||
Minimum | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant, consolidated leverage ratio | 2.50 | |||||
Debt Instrument, Covenant Description | 2.25 | |||||
Minimum | Eurodollar | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 1% | |||||
Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Assumed variable interest rate | 0% | |||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Credit Agreement term in percentage | 50% | |||||
Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant Description | 3.50 | |||||
Maximum | Revolving Credit Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant, consolidated leverage ratio | 1 | |||||
Debt Instrument, Covenant Description | 3.25 | |||||
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. 29, 2023 | Dec. 30, 2022 |
Debt Disclosure [Abstract] | ||
Less: Current portion | $ (1.4) | $ (1.3) |
Long-term debt and finance leases | $ 406.1 | $ 547.1 |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) - USD ($) | 12 Months Ended | |||
Oct. 01, 2019 | Dec. 29, 2023 | Feb. 21, 2024 | Sep. 13, 2022 | |
Line of Credit Facility [Line Items] | ||||
Borrowing Limit | $ 955,900,000 | |||
Available Borrowings | 525,500,000 | |||
Other working capital facilities | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing Limit | 30,900,000 | |||
Available Borrowings | $ 7,900,000 | |||
Revolving Credit Facility | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Term | 5 years | 5 years | ||
Interest Rate | 6.59% | |||
Borrowing Limit | $ 900,000,000 | $ 900,000,000 | $ 750,000,000 | $ 1,100,000,000 |
Available Borrowings | $ 500,000,000 | |||
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Term | 364 days | |||
Borrowing Limit | $ 25,000,000 | |||
Available Borrowings | $ 17,600,000 |
Debt - Maturities of Long-Term
Debt - Maturities of Long-Term Debt and Finance Lease Obligations (Detail) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
Debt Instrument [Line Items] | ||
Less: Current portion | $ (1.4) | $ (1.3) |
Totals, net of current portion of long-term debt and finance lease obligations | 406.1 | $ 547.1 |
Long-Term Debt | ||
Debt Instrument [Line Items] | ||
2024 | 26.1 | |
2024 | 24 | |
2025 | 21 | |
2026 | 20.3 | |
2027 | 21.2 | |
Long-Term Debt, Maturity, after Year Five | 401.8 | |
Total | 514.4 | |
Less: Amounts representing interest | (114.4) | |
Total long-term debt and finance lease obligations | 400 | |
Less: Current portion | 0 | |
Totals, net of current portion of long-term debt and finance lease obligations | $ 400 | |
Assumed variable interest rate | 4.40% |
Earnings (Loss) Per Ordinary _3
Earnings (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net (loss) income attributable to Fresh Del Monte Produce Inc. | $ (11.4) | $ 98.6 | $ 80 |
Denominator: | |||
Weighted average number of ordinary share - Basic (shares) | 47,979,143 | 47,790,920 | 47,508,208 |
Effect of dilutive securities - share-based employee options and awards (shares) | 0 | 152,544 | 193,189 |
Weighted average number of ordinary share - Diluted (shares) | 47,979,143 | 47,943,464 | 47,701,397 |
Antidilutive Options and Awards (shares) | 692,680 | 103,148 | 2,039 |
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Onc.: | |||
Basic (usd per share) | $ (0.24) | $ 2.06 | $ 1.68 |
Diluted (usd per share) | $ (0.24) | $ 2.06 | $ 1.68 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | $ 1,925.6 | ||
Balance, value | 1,912.7 | $ 1,925.6 | |
Net unrealized foreign currency translation gain (loss) | 3.5 | 18.6 | $ 14.1 |
Cash Flow Hedges | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | 6 | (40.9) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8.8 | 67.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (11) | (20.2) | |
Net current period other comprehensive income (loss) | (2.2) | 46.9 | |
Balance, value | 3.8 | 6 | (40.9) |
Tax on other comprehensive income (loss) before reclassifications | 1.7 | (5.8) | |
Foreign Currency Translation Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (36) | (17.4) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3.5) | (18.6) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.4 | 0 | |
Net current period other comprehensive income (loss) | (1.1) | (18.6) | |
Balance, value | (37.1) | (36) | (17.4) |
Net unrealized foreign currency translation gain (loss) | (1) | 4.8 | |
Retirement Benefit Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (11.5) | (8.6) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0.9 | (4.1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | 1.2 | |
Net current period other comprehensive income (loss) | 1.5 | (2.9) | |
Balance, value | (10) | (11.5) | (8.6) |
Accumulated Other Comprehensive Loss | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (41.5) | (66.9) | (77) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6.2 | 44.4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8) | (19) | |
Net current period other comprehensive income (loss) | (1.8) | 25.4 | |
Balance, value | $ (43.3) | $ (41.5) | $ (66.9) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Reclassification from OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | $ (4,320.7) | $ (4,442.3) | $ (4,252) |
Cost of products sold | (3,970) | (4,102.1) | (3,948.2) |
Interest expense | (24.1) | (24.4) | (20.3) |
Selling, general and administrative expenses | (186.7) | (186.8) | $ (192.9) |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | (3.2) | (31.4) | |
Cost of products sold | 1 | 6.5 | |
Interest expense | (8.8) | 4.7 | |
Total | (11) | (20.2) | |
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefit Adjustment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense, net | 0.6 | 0.8 | |
Total | 0.6 | 1.2 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Adjustment, Curtailment And Settlement Gains And Losses, Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense, net | $ 0 | $ 0.4 |
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. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Change in Plan Assets: | |||
Beginning fair value | $ 11.1 | ||
Ending fair value | $ 11.1 | ||
Amounts recognized in Accumulated other comprehensive loss: | |||
Net gains occurring during the year | 3.1 | 3.1 | |
Foreign Plan | Pension plans | |||
Amounts recognized in Accumulated other comprehensive loss: | |||
Net gains occurring during the year | 2.5 | 1.8 | |
United States | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 11.4 | 14.9 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 0.6 | 0.4 | 0.3 |
Actuarial loss (gain) | 0.4 | (2.7) | |
Benefits paid | (1.2) | (1.2) | |
Exchange rate changes | 0 | 0 | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 11.2 | 11.4 | 14.9 |
Change in Plan Assets: | |||
Beginning fair value | 11.1 | 14.3 | |
Actual return on plan assets | 1.5 | (2) | |
Company contributions | 0 | 0 | |
Benefits paid | (1.2) | (1.2) | |
Exchange rate changes | 0 | 0 | |
Ending fair value | 11.4 | 11.1 | 14.3 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Liability, Defined Benefit Plan, Noncurrent | 0 | (0.3) | |
Assets for Plan Benefits, Defined Benefit Plan | 0.2 | 0 | |
Net amount recognized in the Consolidated Balance Sheets | 0.2 | (0.3) | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial (loss) gain | (6.9) | (7.5) | |
Net amount recognized in accumulated other comprehensive loss | 6.9 | 7.5 | 7.8 |
Net gains occurring during the year | (0.3) | 0.2 | |
United Kingdom | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 36.2 | 63.5 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1.8 | 1 | 1 |
Actuarial loss (gain) | 2.6 | (18.9) | |
Benefits paid | (2.1) | (3) | |
Exchange rate changes | 2.1 | (6.4) | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 40.6 | 36.2 | 63.5 |
Change in Plan Assets: | |||
Beginning fair value | 37.9 | 72.5 | |
Actual return on plan assets | 2.5 | (26.2) | |
Company contributions | 1.8 | 1.8 | |
Benefits paid | (2.1) | (3) | |
Exchange rate changes | 2.1 | (7.2) | |
Ending fair value | 42.2 | 37.9 | 72.5 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Liability, Defined Benefit Plan, Noncurrent | 0 | 0 | |
Assets for Plan Benefits, Defined Benefit Plan | 1.6 | 1.7 | |
Net amount recognized in the Consolidated Balance Sheets | 1.6 | 1.7 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial (loss) gain | 10.7 | (8.4) | |
Net amount recognized in accumulated other comprehensive loss | 10.7 | 8.4 | (0.8) |
Net gains occurring during the year | 2.5 | 9.1 | |
Central America | Post-retirement plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 66.7 | 66.9 | |
Service cost | 6 | 5.7 | 6 |
Interest cost | 5.2 | 3.9 | 4 |
Actuarial loss (gain) | (2.4) | (3.7) | |
Benefits paid | (6) | (6.1) | |
Exchange rate changes | 3.2 | 0 | |
Plan amendment | (2.2) | 0 | |
Ending benefit obligation | 70.2 | 66.7 | 66.9 |
Change in Plan Assets: | |||
Beginning fair value | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 6 | 6.1 | |
Benefits paid | (6) | (6.1) | |
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) | (10) | (10.2) | |
Liability, Defined Benefit Plan, Noncurrent | (60.2) | (56.5) | |
Net amount recognized in the Consolidated Balance Sheets | (70.2) | (66.7) | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial (loss) gain | 8.1 | 2.8 | |
Net amount recognized in accumulated other comprehensive loss | (8.1) | (2.8) | $ 1 |
Net gains occurring during the year | $ (2.5) | $ (3.7) |
Retirement and Other Employee_4
Retirement and Other Employee Benefits - Roll Forward of AOCI Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Net gain (loss) during the year | $ (3.1) | $ (3.1) |
Pension plans | Foreign Plan | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Net gain (loss) during the year | (2.5) | (1.8) |
Pension plans | United States | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) gain at beginning of plan year | (7.5) | (7.8) |
Amortization of net losses recognized during the year | 0.3 | 0.5 |
Net gain (loss) during the year | 0.3 | (0.2) |
Currency exchange rate changes | 0 | 0 |
Accumulated other comprehensive (loss) gain at end of plan year | (6.9) | (7.5) |
Pension plans | United Kingdom | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) gain at beginning of plan year | (8.4) | 0.8 |
Amortization of net losses recognized during the year | 0.1 | 0.1 |
Net gain (loss) during the year | (2.5) | (9.1) |
Currency exchange rate changes | 0.1 | (0.2) |
Accumulated other comprehensive (loss) gain at end of plan year | (10.7) | (8.4) |
Post-retirement plans | Central America | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) gain at beginning of plan year | 2.8 | (1) |
Amortization of net losses recognized during the year | 0.1 | 0.1 |
Net gain (loss) during the year | 2.5 | 3.7 |
Currency exchange rate changes | 0.5 | 0 |
Accumulated other comprehensive (loss) gain at end of plan year | $ 8.1 | $ 2.8 |
Retirement and Other Employee_5
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. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.6 | 0.4 | 0.3 |
Expected return on assets | (0.8) | (0.8) | (0.8) |
Net amortization | 0.3 | 0.5 | 0.5 |
Net periodic cost (income) | 0.1 | 0.1 | 0 |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1.8 | 1 | 1 |
Expected return on assets | (2.4) | (1.8) | (1.4) |
Net amortization | 0.1 | 0.1 | 0.1 |
Net periodic cost (income) | (0.5) | (0.7) | (0.3) |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 6 | 5.7 | 6 |
Interest cost | 5.2 | 3.9 | 4 |
Expected return on assets | 0 | 0 | 0 |
Net amortization | 0.1 | 0.1 | 0 |
Net periodic cost (income) | $ 11.3 | $ 9.7 | $ 10 |
Retirement and Other Employee_6
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. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.90% | 5.15% | 2.65% |
Rate of increase in compensation levels | 0% | 0% | 0% |
Weighted average discount rate | 5.15% | 2.65% | 2.15% |
Rate of increase in compensation levels | 0% | 0% | 0% |
Expected long-term rate of return on assets | 7% | 6.50% | 6.50% |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.80% | 5% | 1.80% |
Rate of increase in compensation levels | 0% | 0% | 0% |
Weighted average discount rate | 5% | 1.80% | 1.40% |
Rate of increase in compensation levels | 0% | 0% | 0% |
Expected long-term rate of return on assets | 6.16% | 2.77% | 1.98% |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 7.79% | 8.26% | 6.39% |
Rate of increase in compensation levels | 4.78% | 4.80% | 4.82% |
Weighted average discount rate | 8.21% | 6.39% | 6.34% |
Rate of increase in compensation levels | 3.22% | 4.69% | 4.70% |
Expected long-term rate of return on assets | 0% | 0% | 0% |
Retirement and Other Employee_7
Retirement and Other Employee Benefits - Expected Benefit Payments (Detail) $ in Millions | Dec. 29, 2023 USD ($) |
Pension plans | United States | |
Expected benefit payments for: | |
2022 | $ 1.2 |
2023 | 1.1 |
2024 | 1 |
2025 | 1 |
2026 | 1 |
Next 5 years | 4.1 |
Expected benefit payments over the next 10 years | 9.4 |
Pension plans | United Kingdom | |
Expected benefit payments for: | |
2022 | 2.6 |
2023 | 2.5 |
2024 | 2.3 |
2025 | 2.2 |
2026 | 2.3 |
Next 5 years | 12.5 |
Expected benefit payments over the next 10 years | 24.4 |
Post-retirement plans | Central America | |
Expected benefit payments for: | |
2022 | 9.9 |
2023 | 9.1 |
2024 | 8.4 |
2025 | 8.4 |
2026 | 9 |
Next 5 years | 40.6 |
Expected benefit payments over the next 10 years | $ 85.4 |
Retirement and Other Employee_8
Retirement and Other Employee Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 11.1 | ||
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.7 | ||
Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.3 | ||
Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.1 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 11.1 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.7 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.3 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.1 | ||
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 | $ 11.4 | 11.1 | $ 14.3 |
United States | Pension plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.2 | ||
United States | Pension plans | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.3 | ||
United States | Pension plans | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3.9 | ||
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 | 11.4 | ||
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 | 5.2 | ||
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 | 2.3 | ||
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 | 3.9 | ||
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 | 42.2 | 37.9 | $ 72.5 |
United Kingdom | Pension plans | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.5 | 0.3 | |
United Kingdom | Pension plans | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 1.7 | 1.2 | |
United Kingdom | Pension plans | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 7.1 | 8.4 | |
United Kingdom | Pension plans | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.7 | 0.8 | |
United Kingdom | Pension plans | Government and corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 20.3 | 19.5 | |
United Kingdom | Pension plans | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 11.9 | 7.7 | |
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 | 0.3 | |
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 | 0.3 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate investment trusts | |||
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) | Government and corporate 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 | 41.7 | 37.6 | |
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) | Real estate investment trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 1.7 | 1.2 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 7.1 | 8.4 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.7 | 0.8 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Government and corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 20.3 | 19.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 11.9 | 7.7 | |
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) | Real estate investment trusts | |||
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) | Government and corporate 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 Employee_9
Retirement and Other Employee Benefits - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net gains occurring during the year | $ 3.1 | $ 3.1 | |
Retirement benefits | 82.3 | 82.4 | |
Foreign Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement benefits | 16.8 | 18 | |
Kenya | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected future benefit payments, thereafter | 4.8 | ||
Pension plans | Foreign Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net gains occurring during the year | 2.5 | 1.8 | |
Pension plans | United States | |||
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 | (0.3) | 0.2 | |
Net periodic pension costs | 0.1 | 0.1 | $ 0 |
Expected future benefit payments, thereafter | 4.1 | ||
Pension plans | United Kingdom | |||
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 | 2.5 | 9.1 | |
Net periodic pension costs | (0.5) | (0.7) | (0.3) |
Expected future benefit payments, thereafter | 12.5 | ||
Post-retirement plans | Foreign Plan | Former Executives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement benefits | 1.3 | 1.3 | |
Post-retirement plans | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan expense | 1.3 | 1.2 | 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 | (2.2) | 0 | |
Net gains occurring during the year | (2.5) | (3.7) | |
Net periodic pension costs | 11.3 | 9.7 | 10 |
Expected future benefit payments, thereafter | 40.6 | ||
Post-retirement plans | Kenya | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic pension costs | $ 2.2 | $ 1.4 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0.8 | ||
Minimum | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 50% | ||
Minimum | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 30% | ||
Minimum | Post-retirement plans | Kenya | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued benefits | $ 6.6 | ||
Maximum | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 70% | ||
Maximum | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 50% |
Share-Based Compensation - Expe
Share-Based Compensation - Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Selling, General and Administrative Expenses | RSUs/PSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 9.9 | $ 6.9 | $ 7.6 |
Share-Based Compensation - RSU
Share-Based Compensation - RSU and PSU Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
RSAs | ||||
Number of Shares | ||||
RSUs/PSUs outstanding at beginning of period (shares) | 360,097 | 455,233 | 276,790 | |
Granted (shares) | 267,671 | 153,944 | 333,785 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 25.94 | $ 28.76 | $ 35.30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 194,900 | 212,464 | 129,194 | |
Canceled (shares) | (24,409) | (36,616) | (26,148) | |
RSUs/PSUs outstanding at end of period (shares) | 408,459 | 360,097 | 455,233 | 276,790 |
Weighted Average Grant Date Fair Value | ||||
Granted (usd per share) | $ 31.13 | $ 24.28 | $ 26.25 | |
Canceled (usd per share) | 27.35 | 26.14 | 27.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 29.01 | $ 25.68 | $ 27.63 | $ 32.89 |
PUs | ||||
Number of Shares | ||||
RSUs/PSUs outstanding at beginning of period (shares) | 215,543 | 174,220 | 120,039 | |
Granted (shares) | 102,171 | 152,211 | 123,158 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 28.12 | $ 27.38 | $ 28.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 92,760 | 67,599 | 48,191 | |
Canceled (shares) | (13,302) | (43,289) | (20,786) | |
RSUs/PSUs outstanding at end of period (shares) | 211,652 | 215,543 | 174,220 | 120,039 |
Weighted Average Grant Date Fair Value | ||||
Granted (usd per share) | $ 31.59 | $ 28.92 | $ 26.02 | |
Canceled (usd per share) | 28.45 | 26.85 | 25.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 30 | $ 28.18 | $ 26.89 | $ 28.42 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 29, 2023 USD ($) installment $ / shares shares | Dec. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Jan. 01, 2021 shares | Apr. 30, 2014 shares | |
RSUs/PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total remaining unrecognized compensation cost related to non-vested stock options | $ | $ 8.7 | ||||
Compensation cost not yet recognized, period for recognition | 2 years 6 months | ||||
PUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded (shares) | 102,171 | 152,211 | 123,158 | ||
Price per share (usd per share) | $ / shares | $ 31.59 | $ 28.92 | $ 26.02 | ||
RSUs/PSUs outstanding (shares) | 211,652 | 215,543 | 174,220 | 120,039 | |
Number of vesting installments | installment | 3 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded (shares) | 267,671 | 153,944 | 333,785 | ||
Price per share (usd per share) | $ / shares | $ 31.13 | $ 24.28 | $ 26.25 | ||
RSUs/PSUs outstanding (shares) | 408,459 | 360,097 | 455,233 | 276,790 | |
Maximum | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of award units granted, range | 100% | ||||
Minimum | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of award units granted, range | 0% | ||||
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) | 2,800,000 | 241,263 | |||
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% | ||||
Percentage of awards that vest immediately | 2,000% | ||||
2011 Omnibus Share Incentive Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Total purchases under agreements to purchase certain products of our independent growers | $ 631.6 | $ 625.9 | $ 683.2 |
Kunia Well Site cleanup operation, accrual expected to be paid in the next 12 months | 0.3 | ||
Kunia Well Site cleanup operation, accrual expected to be paid in the second year | 0.6 | ||
Kunia Well Site cleanup operation, accrual expected to be paid in the third year | 0.5 | ||
Kunia Well Site cleanup operation, accrual expected to be paid in the fourth year | 0.4 | ||
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Five | 0.4 | ||
Kunia Well Site | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | 2.4 | ||
Kunia Well Site | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | 0.3 | ||
Kunia Well Site | Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | $ 2.7 | ||
Other noncurrent liabilities | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | ||
Accounts payable and accrued expenses | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Derivative [Line Items] | ||
Derivative, net liability position | $ 400,000 | |
Derivative, collateral posted | 0 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,300,000 | |
Prepaid expenses and other current assets | ||
Derivative [Line Items] | ||
Foreign currency forward contracts, liabilities | 100,000 | $ 0 |
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 | $ (300,000) | $ (6,700,000) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows (Detail) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 29, 2023 USD ($) | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 29, 2023 GBP (£) | Dec. 29, 2023 EUR (€) | |
Derivative [Line Items] | |||||
Other expense, net | $ (19.3) | $ (14.8) | $ (9.4) | ||
Foreign Exchange Contract | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | £ 5.9 | € 67.8 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Total | $ 8 | $ 15.8 |
Foreign currency forward contracts, liability | 0.4 | 6.7 |
Interest rate swaps, liability | 0 | 0 |
Total | 0.4 | 6.7 |
Cash flow hedge gain (loss) to be reclassified during next 7 years | $ 2.1 | |
Reclassification period | 5 years | |
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 0.1 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 7.9 | 15.8 |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | 0.1 | 0 |
Total | 2.2 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 2.1 | 0 |
Accounts payable and accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0.4 | 6.5 |
Interest rate swaps, liability | 0 | 0 |
Total | 0.4 | 6.5 |
Other noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0 | 0.2 |
Interest rate swaps, liability | 0 | 0 |
Total | 0 | 0.2 |
Other noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | 0 | 0 |
Total | 5.8 | 15.8 |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 5.8 | $ 15.8 |
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. 29, 2023 | Dec. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (2.2) | $ 46.9 |
Foreign Exchange Contract | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4 | 7.5 |
Interest rate swaps, net of tax | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (6.2) | $ 39.4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Detail) - Fair Value Measurements, Recurring Basis - USD ($) $ in Millions | Dec. 29, 2023 | Dec. 30, 2022 |
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 |
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 | (0.3) | (6.7) |
Interest rate contracts, net asset (liability) | 7.9 | 15.8 |
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 - Narra
Fair Value Measurements - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Proceeds from sale of assets held-for-sale | $ 119.4 | ||
Gain on disposal of property, plant and equipment, net | 40.9 | ||
Asset impairment charges | 141.3 | $ 3.5 | $ 3.8 |
Goodwill | 401.9 | 422.9 | 423.7 |
Fresh and Value-Added Products | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | 337.5 | $ 358.8 | $ 359.4 |
Property, Plant and Equipment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held-for-sale | 4.5 | ||
Property, Plant and Equipment | United States | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held-for-sale | $ 2.9 |
Related Party Transactions (Det
Related Party Transactions (Detail) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 USD ($) subsidiary | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||
Advances and receivables | $ 387 | $ 373.5 | |
Purchases from unconsolidated companies | 46.1 | 109.4 | $ 119.6 |
Right-of-use asset | 213.8 | 213.8 | |
Net sales | 4,320.7 | 4,442.3 | 4,252 |
Distributions to noncontrolling interests | (17.9) | (0.9) | (6.5) |
Other noncurrent liabilities | 27.6 | 28.5 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Advances and receivables | 3.4 | 1.6 | |
Payables | 0.1 | 15.3 | |
Net sales | $ 1 | 1 | 0.9 |
Affiliated Entity | Mann Packing | |||
Related Party Transaction [Line Items] | |||
Payables | 14.7 | ||
Number of subsidiaries | subsidiary | 1 | ||
Expenses | $ 43 | 107.1 | 117.4 |
Operating Lease, Expense | 0.7 | 1.2 | 1.2 |
Right-of-use asset | 5.9 | ||
Right-of-use liabilities | 6.2 | ||
Chairman and Chief Executive Officer | Chartered Air Transportation Services | |||
Related Party Transaction [Line Items] | |||
Expenses | 0.3 | 2.5 | $ 2.4 |
Noncontrolling Interests | |||
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | $ 0 | $ 2 |
Business Segment Data - Narrati
Business Segment Data - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Gross Profit | $ 350.7 | $ 340.2 | $ 303.8 |
Banana | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 163.3 | 120.7 | 110.9 |
Other fresh produce | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | $ 167.3 | $ 183 | $ 180.2 |
Geographic Concentration Risk | Net sales | Walmart | |||
Segment Reporting Information [Line Items] | |||
Percentage of Net Sales | 9% | 8% | 7% |
Geographic Concentration Risk | Net sales | Top Ten Customers | |||
Segment Reporting Information [Line Items] | |||
Percentage of Net Sales | 31% | 29% | 30% |
Geographic Concentration Risk | Net sales | United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of Net Sales | 60% | 61% | 60% |
Geographic Concentration Risk | Property, Plant and Equipment | Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Percentage of Net Sales | 36% |
Business Segment Data - Net Sal
Business Segment Data - Net Sales and Gross Profit by Product (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 4,320.7 | $ 4,442.3 | $ 4,252 |
Gross Profit | 350.7 | 340.2 | 303.8 |
Property, plant and equipment, net | 1,256.4 | 1,309.5 | |
Assets | 3,184.1 | 3,458.9 | |
Maritime equipment (including containers) | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 181.2 | 190.1 | |
Assets | 187.7 | 193.7 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | 115.1 | 116.1 | |
North America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,578.7 | 2,721.3 | 2,570.2 |
Property, plant and equipment, net | 175.5 | 191.7 | |
Assets | 744.8 | 929 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 830.9 | 760.5 | 696.5 |
Property, plant and equipment, net | 34.9 | 28.8 | |
Assets | 349.4 | 330.6 | |
Middle East | |||
Segment Reporting Information [Line Items] | |||
Net sales | 384.9 | 427.9 | 433 |
Property, plant and equipment, net | 52.5 | 49.2 | |
Assets | 239.1 | 281.7 | |
Africa | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 37 | 37.8 | |
Assets | 150.9 | 164.2 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
Net sales | 446.4 | 451 | 488.4 |
Property, plant and equipment, net | 94.4 | 104.5 | |
Assets | 242.1 | 250.4 | |
Central America | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 624.7 | 635.5 | |
Assets | 1,020.5 | 1,023.1 | |
South America | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 51.7 | 66.4 | |
Assets | 134.5 | 170.1 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 79.8 | 81.6 | 63.9 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 4.5 | 5.5 | |
Fresh and Value-Added Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,477.8 | 2,581.8 | 2,504.8 |
Gross Profit | 167.3 | 183 | 180.2 |
Banana | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,638.2 | 1,619.8 | 1,581.1 |
Gross Profit | 163.3 | 120.7 | 110.9 |
Other Products and Services | |||
Segment Reporting Information [Line Items] | |||
Net sales | 204.7 | 240.7 | 166.1 |
Gross Profit | $ 20.1 | $ 36.5 | $ 12.7 |
Business Segment Data - Net S_2
Business Segment Data - Net Sales By Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 4,320.7 | $ 4,442.3 | $ 4,252 |
Gross Profit | 350.7 | 340.2 | 303.8 |
Fresh and Value-Added Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,477.8 | 2,581.8 | 2,504.8 |
Gross Profit | 167.3 | 183 | 180.2 |
Fresh and Value-Added Products | Fresh-cut fruit | |||
Segment Reporting Information [Line Items] | |||
Net sales | 536.2 | 524.7 | 493.5 |
Fresh and Value-Added Products | Fresh-cut vegetables | |||
Segment Reporting Information [Line Items] | |||
Net sales | 327.7 | 341.4 | 366.3 |
Fresh and Value-Added Products | Pineapples | |||
Segment Reporting Information [Line Items] | |||
Net sales | 622.3 | 584.6 | 534.4 |
Fresh and Value-Added Products | Avocados | |||
Segment Reporting Information [Line Items] | |||
Net sales | 271.2 | 311.4 | 320.2 |
Fresh and Value-Added Products | Non-tropical fruit | |||
Segment Reporting Information [Line Items] | |||
Net sales | 152.5 | 179.8 | 185.2 |
Fresh and Value-Added Products | Prepared foods | |||
Segment Reporting Information [Line Items] | |||
Net sales | 270.9 | 293.4 | 281.2 |
Fresh and Value-Added Products | Melons | |||
Segment Reporting Information [Line Items] | |||
Net sales | 95.7 | 94.4 | 67.6 |
Fresh and Value-Added Products | Tomatoes | |||
Segment Reporting Information [Line Items] | |||
Net sales | 18.7 | 23.8 | 29.5 |
Fresh and Value-Added Products | Vegetables | |||
Segment Reporting Information [Line Items] | |||
Net sales | 112.2 | 137.3 | 136.6 |
Fresh and Value-Added Products | Other fruit and vegetables | |||
Segment Reporting Information [Line Items] | |||
Net sales | 70.4 | 91 | 90.3 |
Banana | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,638.2 | 1,619.8 | 1,581.1 |
Gross Profit | 163.3 | 120.7 | 110.9 |
Other Products and Services | |||
Segment Reporting Information [Line Items] | |||
Net sales | 204.7 | 240.7 | 166.1 |
Gross Profit | $ 20.1 | $ 36.5 | $ 12.7 |
Net Sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 100% | 100% | 100% |
Net Sales | Fresh and Value-Added Products | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 57% | 58% | 59% |
Net Sales | Fresh and Value-Added Products | Fresh-cut fruit | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 12% | 12% | 12% |
Net Sales | Fresh and Value-Added Products | Fresh-cut vegetables | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 8% | 8% | 9% |
Net Sales | Fresh and Value-Added Products | Pineapples | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 14% | 13% | 13% |
Net Sales | Fresh and Value-Added Products | Avocados | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 6% | 7% | 7% |
Net Sales | Fresh and Value-Added Products | Non-tropical fruit | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 4% | 4% | 4% |
Net Sales | Fresh and Value-Added Products | Prepared foods | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 6% | 6% | 6% |
Net Sales | Fresh and Value-Added Products | Melons | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 2% | 2% | 2% |
Net Sales | Fresh and Value-Added Products | Tomatoes | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 0% | 1% | 1% |
Net Sales | Fresh and Value-Added Products | Vegetables | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 3% | 3% | 3% |
Net Sales | Fresh and Value-Added Products | Other fruit and vegetables | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 2% | 2% | 2% |
Net Sales | Banana | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 38% | 37% | 37% |
Net Sales | Other Products and Services | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Trade accounts Receivable | 5% | 5% | 4% |
Business Segment Data - Quarter
Business Segment Data - Quarterly Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 4,320.7 | $ 4,442.3 | $ 4,252 |
Gross Profit | 350.7 | 340.2 | 303.8 |
Fresh and Value-Added Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,477.8 | 2,581.8 | 2,504.8 |
Gross Profit | 167.3 | 183 | 180.2 |
Totals | |||
Segment Reporting Information [Line Items] | |||
Net sales | 204.7 | 240.7 | 166.1 |
Gross Profit | 20.1 | 36.5 | 12.7 |
North America | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,578.7 | $ 2,721.3 | $ 2,570.2 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||||
Feb. 23, 2024 | Dec. 09, 2022 | Sep. 09, 2022 | Jun. 10, 2022 | Apr. 01, 2022 | Dec. 10, 2021 | Sep. 10, 2021 | Jun. 11, 2021 | Apr. 02, 2021 | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||||||||
Preferred shares, shares authorized (shares) | 50,000,000 | 50,000,000 | ||||||||||
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 | ||||||||||
Preferred shares, issued (shares) | 0 | 0 | ||||||||||
Ordinary shares, authorized (shares) | 200,000,000 | 200,000,000 | ||||||||||
Ordinary shares, par value (usd per share) | $ 0.01 | $ 0.01 | ||||||||||
Ordinary shares, issued (shares) | 47,629,018 | 47,838,680 | ||||||||||
Ordinary shares, outstanding (shares) | 47,629,018 | 47,838,680 | ||||||||||
Dividends: | ||||||||||||
Dividends declared per ordinary share (usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.75 | $ 0.60 | $ 0.50 | |
Payments of dividends, common stock | $ 35.9 | $ 28.7 | $ 23.7 | |||||||||
Subsequent Event | ||||||||||||
Dividends: | ||||||||||||
Dividends declared per ordinary share (usd per share) | $ 0.25 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest Acquisition (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Feb. 26, 2018 | |
Noncontrolling Interest [Line Items] | ||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 5.2 | $ 0 | $ 0 | |
Paid-in Capital | ||||
Noncontrolling Interest [Line Items] | ||||
Settlement of redeemable noncontrolling interest | $ 42.7 | |||
Mann Packing Subsidiary, Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage, noncontrolling owner | 25% | 25% | ||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 5.2 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 513.6 | $ 463.3 | |
Additions Charged to Costs and Expenses | 64.8 | 58.6 | $ 71.1 |
Additions Charged to Other Accounts | (7.3) | 0.1 | (6.8) |
Deductions | (16.3) | (8.4) | (16.9) |
Balance at End of Period | 554.8 | 513.6 | 463.3 |
Accounting Standards Update 2016-13 [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 513.6 | 463.3 | 415.9 |
Balance at End of Period | 513.6 | 463.3 | |
Trade accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 21.6 | 21.8 | |
Additions Charged to Costs and Expenses | 2.5 | 0.7 | (1.6) |
Additions Charged to Other Accounts | 0 | (0.1) | (5.1) |
Deductions | (3.3) | (0.8) | 0 |
Balance at End of Period | 20.8 | 21.6 | 21.8 |
Trade accounts receivable | Accounting Standards Update 2016-13 [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 21.6 | 21.8 | 28.5 |
Balance at End of Period | 21.6 | 21.8 | |
Advances to growers and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5.7 | 3.8 | |
Additions Charged to Costs and Expenses | 0.2 | 2 | 0.5 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (0.3) | (0.1) | (0.4) |
Balance at End of Period | 5.6 | 5.7 | 3.8 |
Advances to growers and other receivables | Accounting Standards Update 2016-13 [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5.7 | 3.8 | 3.7 |
Balance at End of Period | 5.7 | 3.8 | |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 483.5 | 424.8 | 370.7 |
Additions Charged to Costs and Expenses | 62.2 | 66 | 72.3 |
Additions Charged to Other Accounts | (7.3) | 0.2 | (1.7) |
Deductions | (12.7) | (7.5) | (16.5) |
Balance at End of Period | 525.7 | 483.5 | 424.8 |
Provision for Kunia Well Site | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2.8 | 12.9 | 13 |
Additions Charged to Costs and Expenses | (0.1) | (10.1) | (0.1) |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $ 2.7 | $ 2.8 | $ 12.9 |