DOLE PLC, 6-K filed on 8/17/2023
Report of Foreign Issuer
v3.23.2
Cover
 6 Months Ended
Jun. 30, 2023
Cover [Abstract]  
Entity Central Index Key 0001857475
Document Period End Date Jun. 30, 2023
Current Fiscal Year End Date --12-31
Amendment Flag false
Document Type 6-K
Entity Registrant Name Dole plc
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 231,075 $ 228,840
Short-term investments 5,676 5,367
Trade receivables, net of allowances for credit losses of $21,460 and $18,001, respectively 627,778 610,384
Grower advance receivables, net of allowances for credit losses of $17,018 and $15,817, respectively 112,517 106,864
Other receivables, net of allowances for credit losses of $13,869 and $14,538, respectively 142,167 132,947
Inventories, net of allowances of $3,322 and $4,186, respectively 352,052 394,150
Prepaid expenses 53,656 48,995
Other current assets 33,495 15,034
Fresh Vegetables current assets held for sale 390,697 62,252
Other assets held for sale 10,488 645
Total current assets 1,959,601 1,605,478
Long-term investments 16,572 16,498
Investments in unconsolidated affiliates 125,828 124,234
Actively marketed property 29,393 31,007
Property, plant and equipment, net of accumulated depreciation of $401,416 and $375,721, respectively 1,100,599 1,116,124
Operating lease right-of-use assets 322,461 293,658
Goodwill 502,309 497,453
DOLE brand 306,280 306,280
Other intangible assets, net of accumulated amortization of $127,373 and $120,315, respectively 46,226 50,990
Fresh Vegetables non-current assets held for sale 0 343,828
Other assets 139,580 142,180
Deferred tax assets, net 69,640 64,112
Total assets 4,618,489 4,591,842
LIABILITIES AND EQUITY    
Accounts payable 650,967 640,620
Income taxes payable 30,041 11,558
Accrued liabilities 329,608 381,688
Bank overdrafts 20,285 8,623
Current portion of long-term debt, net 268,203 97,435
Current maturities of operating leases 61,458 57,372
Payroll and other tax 30,329 27,187
Contingent consideration 644 1,791
Pension and other postretirement benefits 16,456 17,287
Fresh Vegetables current liabilities held for sale 302,129 199,255
Dividends payable and other current liabilities 32,198 17,698
Total current liabilities 1,742,318 1,460,514
Long-term debt, net 930,421 1,127,321
Operating leases, less current maturities 269,274 246,723
Deferred tax liabilities, net 119,148 118,403
Income taxes payable, less current portion 16,921 30,458
Contingent consideration, less current portion 6,254 5,022
Pension and other postretirement benefits, less current portion 119,663 124,646
Fresh Vegetables non-current liabilities held for sale 0 116,380
Other long-term liabilities 43,871 43,390
Total liabilities 3,247,870 3,272,857
Commitments and contingent liabilities (See Note 16)    
Redeemable noncontrolling interests 34,391 32,311
Stockholders’ equity:    
Common stock — $0.01 par value; 300,000 shares authorized and 94,929 and 94,899 shares outstanding as of June 30, 2023 and December 31, 2022 949 949
Additional paid-in capital 795,059 795,063
Retained earnings 510,306 469,249
Accumulated other comprehensive loss (97,613) (104,133)
Total equity attributable to Dole plc 1,208,701 1,161,128
Equity attributable to noncontrolling interests 127,527 125,546
Total equity 1,336,228 1,286,674
Total liabilities, redeemable noncontrolling interests and equity $ 4,618,489 $ 4,591,842
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Trade receivables, allowances for credit losses $ 21,460 $ 18,001
Grower advance receivables, allowances for credit losses 17,018 15,817
Other receivables, allowances for credit losses 13,869 14,538
Inventories, allowances 3,322 4,186
Property, plant and equipment, accumulated depreciation 401,416 375,721
Other intangible assets, accumulated amortization $ 127,373 $ 120,315
Common stock par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000 300,000
Common stock, shares outstanding (in shares) 94,929 94,899
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenues, net $ 2,141,174 $ 2,050,909 $ 4,130,341 $ 4,021,140
Cost of sales (1,944,601) (1,885,400) (3,754,729) (3,703,836)
Gross profit 196,573 165,509 375,612 317,304
Selling, marketing, general and administrative expenses (115,667) (110,365) (236,546) (219,909)
Gain on disposal of businesses 0 0 0 242
Gain on asset sales 10,723 7,926 14,696 8,421
Operating income 91,629 63,070 153,762 106,058
Other income, net 1,129 8,102 2,904 10,566
Interest income 2,640 1,410 4,949 2,994
Interest expense (19,748) (10,833) (41,460) (22,449)
Income from continuing operations before income taxes and equity earnings 75,650 61,749 120,155 97,169
Income tax expense (16,593) (5,300) (27,587) (12,658)
Equity method earnings 4,688 3,151 6,166 3,728
Income from continuing operations 63,745 59,600 98,734 88,239
Loss from discontinued operations, net of income taxes (11,438) (11,195) (25,944) (36,425)
Net income 52,307 48,405 72,790 51,814
Less: Net income attributable to noncontrolling interests (10,032) (7,133) (16,356) (11,936)
Net income attributable to Dole plc $ 42,275 $ 41,272 $ 56,434 $ 39,878
Income (loss) per share - basic:        
Continuing operations (in USD per share) $ 0.57 $ 0.55 $ 0.86 $ 0.80
Discontinued operations (in USD per share) (0.12) (0.12) (0.27) (0.38)
Net income per share attributable to Dole plc - basic (in USD per share) 0.45 0.43 0.59 0.42
Income (loss) per share - diluted:        
Continuing operations (in USD per share) 0.56 0.55 0.86 0.80
Discontinued operations (in USD per share) (0.12) (0.12) (0.27) (0.38)
Net income per share attributable to Dole plc - diluted (in USD per share) $ 0.44 $ 0.43 $ 0.59 $ 0.42
Weighted-average shares:        
Basic (in shares) 94,909 94,878 94,904 94,878
Diluted (in shares) 95,112 94,913 95,068 94,911
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 52,307 $ 48,405 $ 72,790 $ 51,814
Other comprehensive income (loss), net of income tax:        
Net unrealized gain (loss) on derivatives 2,338 9,145 (4,044) 34,343
Foreign currency translation adjustment 1,707 (43,460) 13,415 (43,852)
Total other comprehensive income (loss) 4,045 (34,315) 9,371 (9,509)
Comprehensive income 56,352 14,090 82,161 42,305
Less: Comprehensive income attributable to noncontrolling interests (10,779) (2,555) (19,207) (7,207)
Comprehensive income attributable to Dole plc $ 45,573 $ 11,535 $ 62,954 $ 35,098
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Income from continuing operations $ 72,790 $ 51,814
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 58,007 64,770
Incremental charges on biological assets related to the acquisition of Legacy Dole 0 34,944
Net (gain) on sale of assets and asset write-offs (14,696) (8,421)
Stock-based compensation expense 2,768 1,981
Equity method earnings (6,166) (3,728)
Amortization of debt discounts and debt issuance costs 3,186 2,953
Deferred tax (benefit) (1,057) (9,212)
Pension and other postretirement benefit plan expense (benefit) 3,091 (89)
Dividends received from equity method investments 5,105 4,484
Other (2,150) (5,310)
Changes in operating assets and liabilities:    
Receivables, net of allowances (22,828) 9,031
Inventories 55,755 (9,375)
Accrued and other current and long-term liabilities (79,959) (11,903)
Net cash provided by operating activities 73,846 121,939
Investing activities    
Sales of assets 18,562 26,544
Capital expenditures (41,005) (39,418)
Acquisitions, net of cash acquired (1,685) (4,923)
Insurance proceeds 1,850 2,278
Purchases of investments (1,150) (414)
Sales (purchases) of unconsolidated affiliates 1,498 (348)
Other 8 4
Net cash used in investing activities (21,922) (16,277)
Financing activities    
Proceeds from borrowings and overdrafts 869,701 683,340
Repayments on borrowings and overdrafts (889,593) (754,133)
Payment of debt issuance costs 0 (270)
Dividends paid to shareholders (15,184) (15,180)
Dividends paid to noncontrolling interests (16,174) (14,588)
Other noncontrolling interest activity, net (480) 0
Payment of contingent consideration (1,169) (696)
Net cash used in financing activities (52,899) (101,527)
Effect of foreign exchange rate changes on cash 3,210 (15,906)
Increase (decrease) in cash and cash equivalents 2,235 (11,771)
Cash and cash equivalents at beginning of period 228,840 250,561
Cash and cash equivalents at end of period $ 231,075 $ 238,790
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid- In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Equity Attributable to Dole plc
Equity Attributable to Noncontrolling Interests
Redeemable Noncontrolling Interests
Equity at beginning of period at Dec. 31, 2021 $ 1,212,630 $ 950 $ 792,223 $ 413,335 $ (125,919) $ 1,080,589 $ 132,041  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 2,554     (1,394)   (1,394) 3,948 $ 731
Dividends declared (11,281)     (7,607)   (7,607) (3,674) (294)
Stock-based compensation 648   648     648    
Other noncontrolling interest activity, net (1,317)           (1,317)  
Other redeemable noncontrolling interest activity, net (810)   (810)     (810)   810
Other comprehensive income (loss), net of income tax 24,880       24,957 24,957 (77) (74)
Equity at end of period at Mar. 31, 2022 1,227,304 950 792,061 404,334 (100,962) 1,096,383 130,921  
Redeemable noncontrolling interest at beginning of period at Dec. 31, 2021               32,776
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net income (loss) 2,554     (1,394)   (1,394) 3,948 731
Dividends declared (11,281)     (7,607)   (7,607) (3,674) (294)
Other redeemable noncontrolling interest activity, net (810)   (810)     (810)   810
Other comprehensive income (loss), net of income tax 24,880       24,957 24,957 (77) (74)
Redeemable noncontrolling interest at end of period at Mar. 31, 2022               33,949
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 47,754     41,272   41,272 6,482 742
Dividends declared (17,641)     (7,623)   (7,623) (10,018) (291)
Stock-based compensation 1,333   1,333     1,333    
Other noncontrolling interest activity, net (6,501)   (736)     (736) (5,765)  
Other redeemable noncontrolling interest activity, net 870   870     870   (870)
Other comprehensive income (loss), net of income tax (34,247)       (29,737) (29,737) (4,510) (68)
Equity at end of period at Jun. 30, 2022 1,218,872 950 793,528 437,983 (130,699) 1,101,762 117,110  
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net income (loss) 47,754     41,272   41,272 6,482 742
Dividends declared (17,641)     (7,623)   (7,623) (10,018) (291)
Other redeemable noncontrolling interest activity, net 870   870     870   (870)
Other comprehensive income (loss), net of income tax (34,247)       (29,737) (29,737) (4,510) (68)
Redeemable noncontrolling interest at end of period at Jun. 30, 2022               33,462
Equity at beginning of period at Dec. 31, 2022 1,286,674 949 795,063 469,249 (104,133) 1,161,128 125,546  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 20,058     14,159   14,159 5,899 351
Dividends declared (9,583)     (7,690)   (7,690) (1,893) (277)
Stock-based compensation 1,330   1,330     1,330    
Other noncontrolling interest activity, net 902   (863)     (863) 1,765  
Other redeemable noncontrolling interest activity, net (666)   (666)     (666)   666
Other comprehensive income (loss), net of income tax 5,413       3,222 3,222 2,191 (87)
Equity at end of period at Mar. 31, 2023 1,304,128 949 794,864 475,718 (100,911) 1,170,620 133,508  
Redeemable noncontrolling interest at beginning of period at Dec. 31, 2022               32,311
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net income (loss) 20,058     14,159   14,159 5,899 351
Dividends declared (9,583)     (7,690)   (7,690) (1,893) (277)
Other redeemable noncontrolling interest activity, net (666)   (666)     (666)   666
Other comprehensive income (loss), net of income tax 5,413       3,222 3,222 2,191 (87)
Redeemable noncontrolling interest at end of period at Mar. 31, 2023               32,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 51,633     42,275   42,275 9,358 715
Dividends declared (23,818)     (7,687)   (7,687) (16,131) (279)
Stock-based compensation 1,045   1,045     1,045    
Other noncontrolling interest activity, net 186   42     42 144  
Other redeemable noncontrolling interest activity, net (892)   (892)     (892)   892
Other comprehensive income (loss), net of income tax 3,946       3,298 3,298 648 99
Equity at end of period at Jun. 30, 2023 1,336,228 $ 949 795,059 510,306 (97,613) 1,208,701 127,527  
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net income (loss) 51,633     42,275   42,275 9,358 715
Dividends declared (23,818)     $ (7,687)   (7,687) (16,131) (279)
Other redeemable noncontrolling interest activity, net (892)   $ (892)     (892)   892
Other comprehensive income (loss), net of income tax $ 3,946       $ 3,298 $ 3,298 $ 648 99
Redeemable noncontrolling interest at end of period at Jun. 30, 2023               $ 34,391
v3.23.2
NATURE OF OPERATIONS
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS NATURE OF OPERATIONS
Dole plc is engaged in the worldwide sourcing, processing, distributing and marketing of high-quality fresh fruit and vegetables. Dole is a premier global leader in fresh produce, and the Company’s most significant products hold leading positions in their respective categories and territories. Dole is one of the largest producers of fresh bananas and pineapples, one of the largest global exporters of grapes and has a strong presence in growing categories such as berries, avocados and organic produce.
Dole conducts operations throughout North America, Latin America, Europe, Asia, the Middle East and Africa (primarily in South Africa). As a result of its global operating and financing activities, Dole is exposed to certain risks, including fluctuations in commodity and fuel costs, interest rates and foreign currency exchange rates, as well as other environmental and business risks in sourcing and selling locations.
Dole offers over 300 products that are grown and sourced, both locally and globally, from over 30 countries in various regions worldwide. These products are distributed and marketed in over 75 countries across retail, wholesale and food service channels. The Company operates through a number of business-to-business and business-to-consumer brands, the most notable being the Dole brand (“DOLE brand”).
On January 30, 2023, certain of Dole’s wholly owned subsidiaries entered into a Stock Purchase Agreement (the “Agreement”) with Fresh Express Acquisition LLC (“Fresh Express”), a wholly owned subsidiary of Chiquita Holdings Limited, pursuant to which Fresh Express has agreed to acquire Dole’s fresh vegetables division (“Fresh Vegetables division” or “Fresh Vegetables”) for approximately $293.0 million in cash, subject to certain adjustments set forth in the Agreement (the “Vegetables Transaction”). The Vegetables Transaction is expected to close after regulatory approvals are obtained, subject to the satisfaction or waiver of customary closing conditions.
As a result of the agreement to sell the Fresh Vegetables division, its results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations for all periods presented and its assets and liabilities are separately presented in our condensed consolidated balance sheets as assets and liabilities held for sale. See Note 4 “Acquisitions and Divestitures” for further detail of the Vegetables Transaction and discontinued operations.
v3.23.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements herein are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission for interim financial information. As such, the interim financial statements do not include all information and notes required for annual financial statements. In the opinion of management, the unaudited condensed consolidated financial statements of Dole include all necessary adjustments, which are of a normal recurring nature, to state fairly Dole’s financial position, results of operations and cash flows.
Dole’s unaudited condensed consolidated financial statements include the accounts of majority-owned subsidiaries over which Dole exercises control, entities that are not majority-owned but require consolidation, because Dole has the ability to exercise control over operating and financial policies or has the power to direct the activities that most significantly impact the entities’ economic performance, and all variable interest entities (“VIEs”) for which Dole is the primary beneficiary.
Intercompany accounts and transactions have been eliminated on consolidation. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that Dole becomes the primary beneficiary. The results of subsidiaries sold or otherwise deconsolidated are excluded from consolidated results as of the date that Dole ceases to control the subsidiary or, in the case of VIEs, when Dole ceases to be the primary beneficiary.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Estimates and assumptions include, but are not limited to, the areas of customer and grower receivables, inventories, impairment of assets, useful lives of property, plant and equipment, intangible assets, income taxes, self-insurance reserves, pension and other postretirement benefits, business combinations, financial instruments and contingencies. Actual results could differ from these estimates and assumptions.
During fiscal year 2022, the Company performed a quantitative assessment of goodwill and the DOLE brand indefinite-lived intangible asset in conjunction with the annual impairment assessment. As of the October 1, 2022 testing date, two of Dole’s reporting units with allocated goodwill and the DOLE brand were considered to be at risk of future impairment. The fair values of the Fresh Fruit and Diversified Fresh Produce – Americas and the Rest of the World (“Diversified Fresh Produce – Americas & ROW”) reporting units were approximately 2% and 5% above their carrying amounts, respectively, and the fair value of the Diversified Fresh Produce – Europe, the Middle East and Africa (“Diversified Fresh Produce – EMEA”) reporting unit was sufficiently above its carrying amount. The fair value of the DOLE brand exceeded its carrying amount by less than 1%. Although there have been no adverse changes since the testing date that indicate potential impairment, unfavorable changes to key assumptions in the impairment assessment, market conditions and macroeconomic circumstances could result in future impairment.
Interim results are subject to seasonal variations and are not necessarily indicative of the results of operations for a full year. Dole’s operations are sensitive to a number of factors, including weather-related phenomena and its effects on industry volumes, prices, product quality and costs. Operations are also sensitive to fluctuations in foreign currency exchange rates, as well as economic conditions and security risks. The interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes to the consolidated financial statements in the Company’s Annual Report on Form 20-F.
For further information on management estimates and Dole’s significant accounting policies, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 20-F. There have been no material changes from the significant accounting policies disclosed in the Annual Report on Form 20-F.
v3.23.2
NEW ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS NEW ACCOUNTING PRONOUNCEMENTS
New Accounting Pronouncements Adopted
ASU 2020-04, ASU 2021-01, and ASU 2022-06 – Reference Rate Reform (Topic 848)
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 in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope. The amendments in these updates provide optional expedients and exceptions related to the accounting for contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform if certain criteria are met.
As of June 2023, Dole has modified all of its borrowings and interest rate swaps that referenced LIBOR to now reference the Secured Overnight Financing Rate (“SOFR”). The Company has adopted certain elections under this guidance to account for the debt modifications as continuations of the existing agreements and maintain the hedge effectiveness of its interest rate swaps. The adoption of these elections did not impact Dole’s financial condition, results of operations, cash flows and related disclosures.
New Accounting Pronouncements Not Yet Adopted
The Company considered all new accounting pronouncements not yet adopted and concluded they are not expected to have a material impact.
v3.23.2
ACQUISITIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
Vegetables Transaction
On January 30, 2023, Dole entered into the Agreement with Fresh Express, pursuant to which Fresh Express has agreed to acquire the Fresh Vegetables division for approximately $293.0 million in cash, subject to certain adjustments set forth in the Agreement. As of June 30, 2023, the Company anticipates a closing date for the sale by the end of fiscal year 2023, subject to regulatory approvals and the satisfaction or waiver of customary closing conditions, and expects to recognize a gain upon disposal.
The Fresh Vegetables division comprises substantially all of the assets and all of the liabilities of the former Fresh Vegetables reportable segment. Certain assets of the Fresh Vegetables reportable segment that are excluded from the transaction are not material, individually or in the aggregate, and the majority of these assets have been moved to other assets held for sale in the condensed consolidated balance sheets, as an active program is underway to sell them to another third party. Refer to Note 11 “Assets Held for Sale and Actively Marketed Property” for further detail.
The Company determined that the Fresh Vegetables division met the criteria to be classified as held for sale and that the Vegetables Transaction represents a strategic shift that will have a material effect on the Company’s operations and results. As such, the results of the Fresh Vegetables division have been classified as discontinued operations in the condensed consolidated statements of operations for the periods presented, and its related assets and liabilities have been classified as held for sale in the condensed consolidated balance sheets as of March 31, 2023 and onwards. As a result, depreciation and amortization on long-lived assets have ceased as of March 31, 2023.
Upon the closing of the transaction, Dole does not anticipate having significant continuing involvement with the Fresh Vegetables division and any such involvement will be limited to certain transition service arrangements that are not expected to be material to Dole’s continuing operations.
The following tables present the results of the Fresh Vegetables division as reported in loss from discontinued operations, net of income taxes, in the condensed consolidated statements of operations, the carrying value of assets and liabilities as presented within assets and liabilities held for sale in the condensed consolidated balance sheets and the discontinued operations cash flows used in operating and investing activities in the condensed consolidated statements of cash flows.
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Revenues, net
$301,572 $309,226 $596,454 $583,977 
Cost of sales
(294,212)(304,828)(582,939)(597,335)
Gross profit (loss)
7,360 4,398 13,515 (13,358)
Selling, marketing, general and administrative expenses
(13,627)(13,193)(27,804)(27,808)
Transaction and other related costs(5,319)— (6,819)— 
Operating (loss) from discontinued operations(11,586)(8,795)(21,108)(41,166)
Other income, net353 503 406 556 
Net interest expense1
(2,967)(2,109)(3,206)(2,083)
Loss from discontinued operations before income taxes(14,200)(10,401)(23,908)(42,693)
Income tax benefit (expense)2,803 (703)(2,069)6,235 
Less: (Income) loss from discontinued operations attributable to noncontrolling interests(41)(91)33 33 
Loss from discontinued operations, net of income taxes$(11,438)$(11,195)$(25,944)$(36,425)
1 Net interest expense presented within discontinued operations is net of interest income and includes the allocated interest expense related to the portion of Term Loan A and Term Loan B required to be repaid upon the closing of the Vegetables Transaction. See Note 12 “Debt” for further detail.
June 30, 2023December 31, 2022
ASSETS
(U.S. Dollars in thousands)
Current receivables, net1
$8,953 $13,474 
Inventories, net31,255 42,728 
Prepaid expenses and other current assets6,487 6,050 
Property, plant and equipment, net227,229 227,183 
Operating lease right-of-use assets98,932 99,139 
Other noncurrent assets17,841 17,506 
Total Fresh Vegetables assets held for sale390,697 406,080 
Fresh Vegetables current assets held for sale390,697 62,252 
Fresh Vegetables non-current assets held for sale— 343,828 
Total Fresh Vegetables assets held for sale$390,697 $406,080 
LIABILITIES
Accounts payable$71,798 $88,995 
Accrued and other current liabilities94,544 85,664 
Operating lease liabilities89,212 98,145 
Deferred income tax liabilities28,857 24,973 
Other long-term liabilities17,718 17,858 
Total Fresh Vegetables liabilities held for sale302,129 315,635 
Fresh Vegetables current liabilities held for sale302,129 199,255 
Fresh Vegetables non-current liabilities held for sale— 116,380 
Total Fresh Vegetables liabilities held for sale$302,129 $315,635 
1Fresh Vegetables currently sells its trade receivables under the facility with recourse provisions described in Note 8 “Receivables and Allowances for Credit Losses.” Upon the closing of the Vegetable Transaction, Fresh Vegetables’ position under the facility will be settled.
Six Months Ended
June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Net cash (used) in operating activities - discontinued operations$(2,898)$(37,289)
Net cash (used) in investing activities - discontinued operations(5,410)(5,307)
Cash (used in) discontinued operations, net$(8,308)$(42,596)
Other Acquisitions and Divestitures
The Company normally engages in acquisitions to grow its business and product offerings. The majority of acquisitions represent an increase of an existing ownership percentage to obtain control of entities previously accounted for under the equity method.
Other acquisitions and divestitures in the three and six months ended June 30, 2023 and June 30, 2022 were not material. No goodwill was acquired in the three months ended June 30, 2023, and in the three months ended June 30, 2022, total goodwill acquired was $0.5 million and was assigned to the Diversified Fresh Produce – EMEA reportable segment. In the six months ended June 30, 2023 and June 30, 2022, total goodwill acquired was $3.3 million and $1.2 million, respectively, and was assigned to the Diversified Fresh Produce – EMEA reportable segment. There were no gains or losses recorded for acquisition activity in either period. As of June 30, 2023, all other changes in goodwill and intangible assets from December 31, 2022 are attributable to foreign currency translation and periodic amortization.
v3.23.2
REVENUE
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE Revenue consists primarily of product revenue, which includes the selling of fresh produce, health foods and consumer goods to third-party customers. Fresh produce comprises two main product categories, tropical fruit and diversified produce. Tropical fruit primarily consists of bananas and pineapples, and diversified produce primarily consists of all other fruit, vegetables and other produce. Product revenue also includes surcharges for additional product services such as freight, cooling, warehousing, fuel, containerization, handling and palletization related to the transfer of products.
Revenue also includes service revenue, which includes management fees, third-party freight and royalties for the use of Company brands and trademarks. Additionally, the Company maintains a commercial cargo business where revenue is earned by providing handling and transportation services of containerized cargo on Company vessels. Net service revenues were less than 10% of total revenue for the three and six months ended June 30, 2023 and June 30, 2022.
The following table presents the Company's disaggregated revenues by similar types of products and services for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Diversified produce
$1,317,350 $1,243,118 $2,516,111 $2,489,055 
Tropical fruit
725,859 713,209 1,417,581 1,354,648 
Health foods and consumer goods33,941 30,507 65,239 60,158 
Commercial cargo46,481 49,994 93,656 95,172 
Other17,543 14,081 37,754 22,107 
Total revenues, net$2,141,174 $2,050,909 $4,130,341 $4,021,140 
The following table presents the Company's disaggregated revenues by channel for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Third party revenue:
(U.S. Dollars in thousands)
Retail
$1,285,780 $1,178,514 $2,457,163 $2,360,520 
Wholesale
638,108 679,758 1,255,395 1,288,652 
Food service
132,345 116,512 240,204 216,165 
Commercial cargo
46,481 49,994 93,656 95,172 
Other15,043 2,950 29,915 5,166 
Revenue from sales to equity method investees23,417 23,181 54,008 55,465 
Total revenue, net
$2,141,174 $2,050,909 $4,130,341 $4,021,140 
v3.23.2
SEGMENTS
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Accounting for the anticipated sale of the Fresh Vegetables division, Dole has the following three reportable segments, which align with the manner in which the business is managed: Fresh Fruit, Diversified Fresh Produce – EMEA and Diversified Fresh Produce – Americas & ROW. The Company’s reportable segments are based on (i) financial information reviewed by the Chief Operating Decision Maker (“CODM”), defined as the Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”), (ii) internal management and related reporting structures and (iii) the basis upon which the CODM assesses performance and allocates resources.
Fresh Fruit: The Fresh Fruit reportable segment primarily sells bananas and pineapples which are sourced from local growers or Dole-owned and leased farms, predominately located in Latin America, and sold throughout North America, Europe, Latin America and Asia. This segment also operates a commercial cargo business, which offers available capacity to transport third party cargo on company-owned vessels that are primarily used internally for transporting bananas and pineapples between Latin America, North America and Europe.
Diversified Fresh Produce – EMEA: The Diversified Fresh Produce – EMEA reportable segment includes Dole’s Irish, Dutch, Spanish, Portuguese, French, Italian, United Kingdom (“U.K.”), Swedish, Danish, South African, Czech, Slovakian, Polish and Brazilian businesses, the majority of which sell a variety of imported and local fresh fruits and vegetables through retail, wholesale and, in some instances, food service channels across the European marketplace.
Diversified Fresh Produce – Americas & ROW: The Diversified Fresh Produce – Americas & ROW reportable segment includes Dole’s United States (“U.S.”), Canadian, Chilean, Peruvian, Argentinian and Indian businesses, all of which market globally and locally sourced fresh produce from third-party growers or Dole-owned farms through retail, wholesale and food service channels globally.
Segment performance is evaluated based on a variety of factors, of which revenue and adjusted earnings before interest expense, income taxes and depreciation and amortization (“Adjusted EBITDA”) are the primary financial measures. Management does not use assets by segment to evaluate performance or allocate resources. Therefore, assets by segment are not disclosed.
All transactions between reportable segments are eliminated in consolidation. Segment results for the three and six months ended June 30, 2023 and June 30, 2022 have been updated to remove the discontinued operations of the Fresh Vegetables division, and corporate costs previously allocated to the Fresh Vegetables reportable segment have been reallocated to the remaining reportable segments.
Adjusted EBITDA is reconciled below to net income by (1) subtracting the loss from discontinued operations, net of income taxes; (2) subtracting the income tax expense or adding the income tax benefit; (3) subtracting interest expense; (4) subtracting depreciation charges; (5) subtracting amortization charges on intangible assets; (6) subtracting mark to market losses or adding mark to market gains related to unrealized impacts from derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2023 and June 30, 2022, included adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, adding the gain or subtracting the loss on the disposal of business interests, subtracting the incremental costs from the fair value uplift for biological assets and inventory related to the acquisition of Legacy Dole, adding the gain or subtracting the loss on the sale of investments accounted for under the equity method, adding the gain or subtracting the loss on asset sales for assets held for sale and actively marketed property and subtracting costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.
The following table provides revenue and Adjusted EBITDA by reportable segment:
Three Months EndedSix Months Ended
June 30,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Revenue:(U.S. Dollars in thousands)
Fresh Fruit$839,043 $805,831 $1,637,953 $1,555,634 
Diversified Fresh Produce — EMEA915,629 849,848 1,713,729 1,641,003 
Diversified Fresh Produce — Americas & ROW417,645 448,200 840,396 911,892 
Total segment revenue2,172,317 2,103,879 4,192,078 4,108,529 
Intersegment revenue(31,143)(52,970)(61,737)(87,389)
Total consolidated revenue, net$2,141,174 $2,050,909 $4,130,341 $4,021,140 
Segment Adjusted EBITDA:
Fresh Fruit$65,816 $56,308 $135,027 $116,705 
Diversified Fresh Produce — EMEA42,603 38,434 66,009 57,711 
Diversified Fresh Produce — Americas & ROW14,262 17,061 22,032 29,269 
Adjustments:
Income tax expense(16,593)(5,300)(27,587)(12,658)
Interest expense(19,748)(10,833)(41,460)(22,449)
Depreciation(23,142)(25,696)(47,445)(48,229)
Amortization of intangible assets(2,574)(2,773)(5,190)(5,615)
Mark to market (losses) gains(1,035)6,991 (1,857)8,129 
Gain on asset sales10,387 7,816 14,554 7,816 
Incremental charges on biological assets related to the acquisition of Legacy Dole— (17,431)— (34,944)
Cyber-related incident(571)— (5,321)— 
Other items(190)(116)(863)752 
Adjustments from equity method investments:
Dole's share of depreciation(1,903)(2,042)(3,664)(3,635)
Dole's share of amortization(645)(624)(1,256)(1,290)
Dole's share of income tax expense(2,172)(1,161)(2,656)(1,722)
Dole's share of interest expense(750)(1,046)(2,059)(1,601)
Dole's share of other items— 12 470 — 
Income from continuing operations 63,745 59,600 98,734 88,239 
Loss from discontinued operations, net of income taxes(11,438)(11,195)(25,944)(36,425)
Net income$52,307 $48,405 $72,790 $51,814 
v3.23.2
OTHER INCOME, NET
 6 Months Ended
Jun. 30, 2023
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME, NET
Included in other income, net, in Dole’s condensed consolidated statements of operations were the following items:
Three Months EndedSix Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Rental income$2,119 $3,975 $4,704 $8,099 
Unrealized (loss) gain on foreign currency denominated borrowings(1,052)5,814 (3,347)7,305 
Realized gain on fair value hedges490 — 468 — 
Unrealized (loss) on fair value hedges(616)(1)(100)(1)
Non-cash realized gain on foreign currency denominated borrowings— — — 1,029 
Gain (loss) on investments70 (1,939)867 (3,608)
Non-service components of net periodic pension benefit (costs)226 249 (397)2,499 
(Loss) gain on contingent consideration(18)(16)37 (41)
Other(90)20 672 (4,716)
Other income, net$1,129 $8,102 $2,904 $10,566 
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES
Trade Receivables
Trade receivables as of June 30, 2023 and December 31, 2022 were $627.8 million and $610.4 million, net of allowances for credit losses of $21.5 million and $18.0 million, respectively. Trade receivables are also recorded net of allowances for sales deductions under the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
As a result of Dole’s robust credit monitoring practices, the industry in which it operates and the nature of its customer base, the credit losses associated with trade receivables have historically not been significant in comparison to net revenue and gross trade receivables. The allowance for credit losses on trade receivables is measured on a collective pool basis, when the Company believes similar risk characteristics exist among customers. Trade receivables that do not share similar risk characteristics are evaluated on a case-by-case basis. Dole estimates expected credit losses based on ongoing monitoring of customer credit, macroeconomic indicators and historical credit losses based on customer type and geographic region.
A rollforward of the allowance for credit losses for trade receivables was as follows:
Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(18,001)
Additional provisions in the period
(4,507)
Write-offs
721 
Recoveries of amounts previously reserved
2,768 
Balance sheet reclassifications(2,158)
Foreign exchange impact
(283)
Balance as of June 30, 2023
$(21,460)
Dole utilizes third-party trade receivables sales arrangements to help manage its liquidity. Certain arrangements contain recourse provisions in which Dole’s maximum financial loss is limited to a percentage of receivables sold under the arrangements. Dole derecognizes all sold receivables from the condensed consolidated balance sheets, as it accounts for the transfers as sales under ASC 860, Transfers and Servicing.
As of June 30, 2023, the Company had derecognized trade receivables under non-recourse facilities and facilities with recourse provisions of $17.8 million and $255.0 million, respectively. As of December 31, 2022, the Company had derecognized trade receivables under non-recourse facilities and facilities with recourse provisions of $11.9 million and $237.2 million, respectively. The fees associated with the securitization of such receivables are recorded in interest expense in the condensed consolidated statements of operations. The Company continues to service sold receivables, and the fair value of any resulting servicing liability is immaterial.
Grower Advances
Dole makes cash advances and materials advances to third-party growers for various production needs, including labor, fertilization, irrigation, pruning and harvesting costs, and additionally incurs other supply chain costs on behalf of third-party growers that are recorded as grower advance receivables. Some of these advances are secured by collateral owned by the growers.
Grower advances are categorized as either working capital advances or term advances. Working capital advances are made to the growers during a normal seasonal growing cycle to support operational working capital needs. These advances are short-term in nature and are intended to be repaid with excess cash proceeds from the current crop harvest. Short-term grower loans and advances, whether secured or unsecured, are classified as grower advance receivables, net, in the condensed consolidated balance sheets.
Term advances are made to support longer-term grower investments. These advances are long-term in nature, are typically secured by long-term grower assets and also usually involve a long-term supply agreement for the marketing of fruit. These advances typically have structured repayment terms which are payable over the term of the advance or supply agreement with excess cash proceeds from the crop harvest, after payment of any outstanding working capital advances. The term of supply agreements and term advances is generally one to ten years. Term advances are classified as other assets in the condensed consolidated balance sheets.
Both working capital advances and term advances may bear interest. Accrued interest on these arrangements has not historically been significant to the financial statements.
The following table summarizes growers advances as of June 30, 2023 and December 31, 2022 based on whether the advances are secured or unsecured:
June 30, 2023December 31, 2022
Short-Term
Long-Term
Short-Term
Long-Term
(U.S. Dollars in thousands)
Secured gross advances to growers and suppliers
$73,550 $10,770 $66,485 $8,317 
Allowance for secured advances to growers and suppliers
(13,771)(599)(12,534)— 
Unsecured gross advances to growers and suppliers55,985 8,335 56,196 5,316 
Allowance for unsecured advances to growers and suppliers(3,247)(3,157)(3,283)(3,147)
Net advances to growers and suppliers
$112,517 $15,349 $106,864 $10,486 
Of the $127.9 million and $117.4 million of net advances to growers and suppliers as of June 30, 2023 and December 31, 2022, $10.6 million and $12.9 million, respectively, was considered past due.
Dole monitors the collectability of grower advances through periodic review of financial information received from growers. The allowance for credit losses for grower advances is monitored by management on a case-by-case basis, considering historical credit loss information for the grower, the timing of the growing season and expected yields, the fair value of the collateral, macroeconomic indicators, weather conditions and other miscellaneous contributing factors. Dole generally considers an advance to a grower to be past due when the advance is not fully recovered by the excess cash proceeds on the current year crop harvest or when the advance is not repaid by the excess cash proceeds by the end of the supply term agreement.
A rollforward of the allowance for expected credit losses related to grower loans and advances was as follows:
Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(18,964)
Additional provisions in the period
(2,359)
Recoveries of amounts previously reserved542 
Balance sheet reclassifications30 
Foreign exchange impact
(23)
Balance as of June 30, 2023
$(20,774)
Other Receivables
Other receivables less allowances are recognized at net realizable value, which reflects the net amount expected to be collected. Current and non-current balances of other receivables are included in other receivables, net, and other assets, respectively, in the condensed consolidated balance sheets. Other receivables primarily comprise value-added taxes (“VAT”) receivables, other receivables from government and tax authorities and non-trade receivables from customers, suppliers and other third parties. Based on the nature of these agreements, the timing of collection is dependent on many factors, including government legislation and the timing of settlement of the contract or arrangement.
Total other receivables as of June 30, 2023 and December 31, 2022 were $168.2 million and $152.2 million, net of allowances for credit losses of $21.0 million and $21.5 million, respectively. Of these amounts outstanding, VAT receivables represent $44.2 million and $39.8 million, net of allowances of $14.0 million and $14.7 million, respectively. VAT receivables are primarily related to purchases by production units and are refunded by certain taxing authorities. As of June 30, 2023 and December 31, 2022, the allowance related to non-trade receivables from customers, suppliers and other third parties was n
v3.23.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Dole recorded an income tax expense of $16.6 million on $75.7 million of income from continuing operations before income taxes and equity earnings for the three months ended June 30, 2023 and $27.6 million on $120.2 million of income from continuing operations before income taxes and equity earnings for the six months ended June 30, 2023. Dole recorded income tax expense of $5.3 million on $61.7 million of income from continuing operations before income taxes and equity earnings for the three months ended June 30, 2022 and $12.7 million on $97.2 million on income from continuing operations before income taxes and equity earnings for the six months ended June 30, 2022. Dole’s effective tax rate varies significantly from period to period due to the level, mix and seasonality of earnings generated in Ireland and its various foreign jurisdictions, including the U.S. For the three and six months ended June 30, 2023, the Company’s income tax expense differed from the Irish statutory rate of 12.5% primarily due to U.S. Global Intangible Low-Taxed Income (“GILTI”) provisions of the 2017 Tax Cuts and Jobs Act (“Tax Act”), U.S. Subpart F income inclusion and operations in foreign jurisdictions that are taxed at different rates than the Irish statutory tax rate. For the three and six months ended June 30, 2022, the Company’s income tax expense differed from the Irish statutory rate of 12.5% primarily due to GILTI provisions of the Tax Act, U.S. Subpart F income inclusion, a decrease in liabilities for uncertain tax positions and operations in foreign jurisdictions that are taxed at different rates than the Irish statutory tax rate.
Dole is required to adjust its effective tax rate for each quarter to be consistent with the estimated annual effective tax rate. Jurisdictions with a projected loss where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. This could result in a higher or lower effective tax rate during a particular quarter based upon the mix and timing of actual earnings compared to annual projections.
The Company’s net deferred tax liability is primarily related to acquired intangible assets and fair value adjustments resulting from the Merger and is net of deferred tax assets related to the U.S. federal interest disallowance carryforward, U.S. state and non-U.S. net operating loss carryforwards and other temporary differences. Dole maintains a valuation allowance against certain U.S state and non-U.S. deferred tax assets. Each reporting period, the Company evaluates the need for a valuation allowance on deferred tax assets by jurisdiction and adjusts estimates as more information becomes available.
The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. As a result, Dole has recorded a reserve against tax benefits that do not meet the more likely than not threshold to sustain the tax position.
During the year ended December 31, 2022, the taxing authorities in one of Dole’s foreign jurisdictions issued an income tax assessment related to transfer pricing of approximately $30.0 million (including interest and penalties) for the 2017 tax year. The Company’s subsidiary appealed the assessment, and on March 9, 2023, the reviewing body annulled the assessment. The tax authority has begun a new audit, which the Company’s subsidiary has challenged based on the expiration of the statute of limitations.
Dole plc and one or more of its subsidiaries files income tax returns in Ireland, the U.S. (both at the federal level and in various state jurisdictions), Canada and jurisdictions in Latin America and Europe. With few exceptions, Dole is no longer subject to income tax examinations by tax authorities for years prior to 2015.
v3.23.2
INVENTORY
 6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
INVENTORY INVENTORY
Inventories are valued at the lower of cost or net realizable value. Costs are determined on the first-in, first-out basis. Specific identification and average cost methods are also used, primarily for certain packing materials and operating supplies. In the normal course of business, the Company incurs certain crop growing costs such as land preparation, planting, fertilization, grafting, pruning and irrigation. Based on the nature of these costs and type of crop production, these costs may be capitalized into inventory. Generally, all recurring direct and indirect costs of growing crops for fresh produce other than bananas and pineapples are capitalized into inventory. These costs are recognized into cost of sales during each harvest period.
Details of inventory in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 were as follows:
June 30, 2023
December 31, 2022
(U.S. Dollars in thousands)
Finished products
$206,055 $208,671 
Raw materials and work in progress
87,059 105,771 
Crop growing costs
11,866 26,923 
Agricultural and other operating supplies
47,072 52,785 
Inventories, net of allowances$352,052 $394,150 
Due to the nature of the Company’s inventory, allowances for excess production and obsolescence have not historically been significant.
v3.23.2
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY
Dole continuously reviews its assets in order to identify those that do not meet Dole’s future strategic direction or internal economic return criteria. As a result of this review, Dole has identified and is in the process of selling certain assets which are classified as either held for sale or actively marketed property. The assets that have been identified are available for sale in their present condition and an active program is underway to sell the properties. Dole is actively marketing these properties at a price that is in excess of book value. For property classified as held for sale, their sale is anticipated to occur during the ensuing year, while the timing of the sale of property classified as actively marketed is uncertain.
Assets held for sale
As of June 30, 2023 and December 31, 2022, assets held for sale were $10.5 million and $0.6 million, respectively, of property, plant and equipment. There were no liabilities held for sale as of June 30, 2023 and December 31, 2022. During the the three months ended June 30, 2023, Dole approved and committed to sell two vessels in Latin America in the Fresh Fruit reportable segment, and as a result, transferred related assets with a total net book value of $1.0 million to assets held for sale. Also, during the six months ended June 30, 2023, Dole approved and committed to sell two properties in the U.S. in the Diversified Fresh Produce – Americas & ROW reportable segment, one property in Ireland in the Diversified Fresh Produce – EMEA segment and certain assets in the U.S. that are excluded from the Vegetables Transaction. As a result, assets with total net book values of $3.4 million, $0.2 million and $6.9 million, respectively, were transferred to assets held for sale.
In the three months ended June 30, 2023, Dole sold the vessels and a property in Latin America, both in the Fresh Fruit reportable segment, and a property in the U.S. in the Diversified Fresh Produce – Americas & ROW reportable segment with net book values of $0.1 million, $0.2 million and $0.1 million, respectively, at total gains of $5.5 million, $4.8 million and $0.1 million, respectively. Also, in the six months ended June 30, 2023, Dole sold a property in the U.S. in the Diversified Fresh Produce – Americas & ROW reportable segment with a net book value of $0.3 million at a total gain of $0.3 million.
During the six months ended June 30, 2022, Dole approved and committed to sell two buildings in Europe in the Diversified – EMEA reportable segment and transferred related assets with a net book value of $2.8 million to assets held for sale. These buildings were subsequently sold at a total gain of $7.8 million for the three and six months ended June 30, 2022.
A rollforward of assets held for sale for the six months ended June 30, 2023 was as follows:

Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$645 
Additions 11,457 
Sales(1,620)
Foreign exchange impact6
Balance as of June 30, 2023
$10,488 
Actively marketed property
As of June 30, 2023 and December 31, 2022, actively marketed property was $29.4 million and $31.0 million, respectively, and consisted entirely of land in Hawaii in the Fresh Fruit reportable segment. During the six months ended June 30, 2023, Dole sold actively marketed Hawaii land with a net book value of $1.6 million at a total gain of $3.9 million. During the six months ended June 30, 2022, Dole sold actively marketed Hawaii land with a net book value of $14.7 million. There was no gain or loss from the sale in the three and six months ended June 30, 2022.
A rollforward of actively marketed property for the six months ended June 30, 2023 was as follows:

Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$31,007 
Land sales(1,614)
Balance as of June 30, 2023
$29,393 
v3.23.2
DEBT
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Short-term borrowings, bank overdrafts and long-term debt consisted of the following: 
June 30, 2023December 31, 2022
(U.S. Dollars in thousands)
Revolving Credit Facility
$153,547 $183,909 
Term Loan A and Term Loan B
817,425 823,875 
Vessel financing loans
82,125 89,479 
Other long-term financing arrangements
42,502 41,483 
Other revolving credit facilities, at a weighted average interest rate of 6.8% as of June 30, 2023 (4.8% as of December 31, 2022)
88,796 73,999 
Bank overdrafts
20,285 8,623 
Finance lease obligations, at a weighted average interest rate of 4.1% as of June 30, 2023 (3.7% as of December 31, 2022)
30,354 29,885 
Total debt, gross1,235,034 1,251,253 
Unamortized debt discounts and debt issuance costs
(16,125)(17,874)
Total debt, net1,218,909 1,233,379 
Current maturities, net of unamortized debt discounts and debt issuance costs
(268,203)(97,435)
Bank overdrafts
(20,285)(8,623)
Long-term debt, net
$930,421 $1,127,321 
Term Loan and Revolving Credit Facility
Under the terms of the Credit Agreement entered into on March 26, 2021 (and subsequently amended on August 3, 2021), the Company has a senior secured revolving credit facility (the “Revolving Credit Facility”) in place which provides for borrowings of up to $600.0 million and two term loan facilities (“Term Loan A” and “Term Loan B”) which provided for borrowings of $300.0 million and $540.0 million, respectively.

In June 2023, the Company amended the Credit Agreement to replace the U.S. Dollar LIBOR benchmark rate with SOFR plus a spread. U.S. Dollar borrowings under the Revolving Credit Facility refers to SOFR as the benchmark rate plus an additional spread adjustment of 0.10%. U.S. Dollar borrowings under the Term Loan A refers to SOFR as the benchmark rate plus an additional spread adjustment of 0.10%. For Term Loan B borrowings, the Company elected to adopt the LIBOR fallback provisions and replaced LIBOR with SOFR as the benchmark rate plus a spread adjustment that varies from 0.11% to 0.72%, depending on the tenor of the borrowing.

Interest under the Revolving Credit Facility and Term Loan A is payable, at the option of Dole, either at (i) SOFR plus 0.10%, or the respective benchmark rate depending on the currency of the loan, plus 1.00% to 2.75%, with a benchmark floor of 0.00% or (ii) a base rate plus 0.00% to 1.75%, in each case, to be determined based on credit ratings and the Company’s total net leverage ratio. Interest under Term Loan B is payable, at the option of Dole, either at (i) SOFR plus the applicable credit spread adjustment, or the respective benchmark rate depending on the currency of the loan, plus 2.00% to 2.25%, with a benchmark floor of 0.00% or (ii) a base rate plus 1.00% to 1.25%, in each case, to be determined based on credit ratings. As discussed in Note 14 “Derivative Financial Instruments”, the Company enters into interest rate swap arrangements to fix a portion of the Credit Agreement’s variable rate debt to fixed rate debt.
Principal payments of $1.9 million under Term Loan A are due quarterly until maturity, with the remaining balance due on the maturity date of August 3, 2026. Principal payments of $1.4 million under Term Loan B are due quarterly until maturity, with the remaining balance due on the maturity date of August 3, 2028. Under the terms of the Credit Agreement, upon the closing of the Vegetables Transaction, the Company will be required to use a portion of the proceeds to make a prepayment on Term Loan A and Term Loan B. The estimated minimum prepayment has been reclassified from long-term debt, net, to current maturities in the condensed consolidated balance sheets as of June 30, 2023. The Revolving Credit Facility has an expiration date of August 3, 2026.
As of June 30, 2023, amounts outstanding under Term Loan A and Term Loan B were $817.4 million, in the aggregate, and borrowings under the Revolving Credit Facility were $153.5 million. After taking into account approximately $14.5 million of related outstanding letters of credit, Dole had $432.0 million available for cash borrowings under the Revolving Credit Facility as of June 30, 2023. As of December 31, 2022, amounts outstanding under Term Loan A and Term Loan B were $823.9 million, in the aggregate, and borrowings under the Revolving Credit Facility were $183.9 million. After taking into account approximately $15.0 million of related outstanding letters of credit, Dole had $401.1 million available for cash borrowings under the Revolving Credit Facility as of December 31, 2022.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s material U.S. assets of wholly owned subsidiaries and by the equity interests of substantially all Dole subsidiaries located in the U.S. and certain subsidiaries located in Europe.
Lines of Credit
In addition to amounts available under the Revolving Credit Facility, Dole’s subsidiaries have lines of credit of approximately $243.2 million at various local banks, of which $131.3 million was available for use as of June 30, 2023. As of December 31, 2022, there were lines of credit of $252.3 million, of which $167.6 million was available for use. These lines of credit are used primarily for short-term borrowings or bank guarantees. The majority of Dole’s lines of credit extend indefinitely but may be cancelled at any time by Dole or the banks, and if cancelled, any outstanding amounts would be due on demand.
v3.23.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Components of Net Periodic Benefit Cost (Benefit)
The components of net periodic benefit cost (benefit) for Dole’s U.S. and international pension plans and other postretirement benefit (“OPRB”) plans were as follows:
U.S. Pension Plans
International Pension PlansOPRB Plans
 
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
 (U.S. Dollars in thousands)
Service cost
$53 $64 $1,293 $1,119 $— $1 
Interest cost
2,231 1,236 2,910 2,175 173 111 
Expected return on plan assets
(3,307)(2,819)(2,048)(1,911)— — 
Amortization of:
Net (gain) loss(145)— (531)597 (77)— 
Prior service benefit
— — (158)(136)— — 
Curtailments, settlements and terminations, net
— — 711 205 — — 
Foreign exchange and other— — 15 293 — — 
Net periodic cost (benefit)
$(1,168)$(1,519)$2,192 $2,342 $96 $112 
U.S. Pension Plans
International Pension PlansOPRB Plans
 Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022		Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022		Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
 (U.S. Dollars in thousands)
Service cost
$107 $128 $2,587 $2,281 $— $1 
Interest cost
4,462 2,471 5,820 4,350 346 221 
Expected return on plan assets
(6,613)(5,637)(4,096)(3,827)— — 
Amortization of:
Net (gain) loss(290)— (1,063)1,166 (154)— 
Prior service benefit
— — (317)(334)— — 
Curtailments, settlements and terminations, net
— — 2,332 (1,025)— — 
Foreign exchange and other— — (30)116 — — 
Net periodic cost (benefit)
$(2,334)$(3,038)$5,233 $2,727 $192 $222 
The Company classifies the non-service components of net periodic pension cost (benefit) within other income, net, in the condensed consolidated statements of operations. Non-service components include interest costs, expected return on plan assets, amortization of net loss and prior service benefit and other curtailment or settlement costs.During the three and six months ended June 30, 2023, the Company settled certain obligations of international defined benefit plans in Latin America and Europe, which resulted in net settlement costs of $0.7 million and $2.3 million, respectively. During the three and six months ended June 30, 2022, the Company settled certain obligations of international defined benefit plans in Latin America and Europe, which resulted in net settlement and curtailment costs of $0.2 million for the three months ended June 30, 2022 and net gains of $1.0 million for the six months ended
Plan Contributions and Estimated Future Benefit Payments
During the six months ended June 30, 2023, Dole contributed $1.3 million to its defined benefit plans and made benefit payments of $8.9 million directly to participants. Dole expects to make further contributions of approximately $1.1 million to its defined benefit plans and $8.9 million of benefit payments directly to participants during the remainder of 2023. Dole also intends to make any additional unforeseen contributions that will satisfy minimum funding requirements. Future contributions to the defined benefit plans in excess of the minimum funding requirements are voluntary and may change depending on Dole’s operating performance or at management’s discretion.
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Dole is exposed to foreign currency exchange rate fluctuations, bunker fuel price fluctuations and interest rate changes in the normal course of its business. As part of its risk management strategy, Dole uses derivative instruments to hedge some of these exposures. Dole’s objective is to offset gains and losses resulting from these exposures with losses and gains from the derivative contracts used to hedge them, thereby reducing the volatility of earnings. Dole does not hold or issue derivative financial instruments for trading or speculative purposes. The types of derivative instruments utilized by Dole are described below:
Foreign currency hedges: Dole enters into foreign currency exchange forward and option contracts to hedge exposure to changes in certain foreign currency exchange rates. Dole enters into fair value hedges to hedge foreign currency exposure of non-functional currency assets and liabilities and cash flow hedges to hedge foreign currency exposure of forecasted revenue, cost of sales and operating expenses.
Interest rate swaps: Dole enters into interest rate swaps to mitigate a significant portion of the interest rate risk associated with its variable-rate debt.
In June 2023, Dole amended $700.0 million notional value of its interest rate swaps to change the benchmark interest rate from U.S. Dollar LIBOR to SOFR. In addition, the floor for each of the swaps that have been designated to hedge Term Loan A borrowings was changed to (0.10%), and the floor for each of the swaps that have been designated to hedge Term Loan B borrowings was changed to (0.11%). Due to the change in the floating rate benchmark to SOFR, the fixed rate of each swap was adjusted to account for the market value difference between the LIBOR and SOFR reference rates.
The interest rate swaps pay a fixed rate of interest at rates between 0.42% and 2.50%, with the receiving rates variable based on SOFR, which were between 5.09% and 5.22% as of June 30, 2023. All interest rate swap arrangements are classified within the condensed consolidated balance sheets based on ultimate maturity date of the arrangement.
Bunker fuel contracts: Dole incurs significant fuel costs from shipping products from sourcing locations to end customer markets and from arranging air or land transportation for products of third-party entities. As a result, Dole is exposed to commodity and fuel cost risks and enters into bunker fuel contracts to hedge the risk of unfavorable fuel prices.
Hedge Accounting Election
The Company performs an analysis of the hedging portfolio at inception and on a quarterly basis. The Company uses the following criteria in evaluating derivative instruments for hedge accounting:
1.Hedged risk is eligible
2.Hedged item or transaction is eligible
3.Hedging instrument is eligible
4.Hedging relationship is highly effective
5.Designation and documentation requirements are met
Dole designates the interest rate swaps and certain foreign currency cash flow hedges for hedge accounting and records the changes in the fair value of these instruments in accumulated other comprehensive loss. The changes in the fair value of foreign currency fair value hedges, non-designated cash flow hedges and bunker fuel hedges are recorded in earnings.
Notional Amounts of Derivative Instruments
Dole had the following derivative instruments outstanding as of June 30, 2023:
Aggregate Notional Amount
Foreign currency forward contracts by currency:
United States Dollar
$35.4 million
Euro
€229.4 million
Sterling
£10.2 million
Swedish Krona
SEK 22.0 million
Interest rate swap contracts
$700.0 million
Bunker fuel hedges
12.8 thousand metric tons
Quantitative Disclosures
Derivatives are presented gross in the condensed consolidated balance sheets. The following table presents the balance sheet location and fair value of the derivative instruments by type:
Fair Value Measurements as of June 30, 2023
Accrued
Liabilities
Other Assets
Other
Receivables, net
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$(5,157)$— $46 
Non-designated cash flow hedges
(123)— 150 
Fair value hedges— — 359 
Interest rate swap contracts— 54,130 — 
Bunker fuel hedges(1,386)— — 
$(6,666)$54,130 $555 
Fair Value Measurements as of December 31, 2022
Accrued Liabilities
Other Assets
Other
Receivables, net
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$(5,726)$—$490 
Non-designated cash flow hedges
(206)—872 
Fair value hedges
——4
Interest rate swap contracts—59,104 — 
Bunker fuel hedges(3,396)—— 
$(9,328)$59,104 $1,366 
Refer to Note 15 “Fair Value Measurements” for presentation of fair value instruments within the condensed consolidated balance sheets, which includes derivative financial instruments.
The following tables represent all of Dole’s realized and unrealized derivative gains (losses) and respective location in the financial statements for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
Net gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, netNet gains (losses) deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, net
Realized net gains (losses):
(U.S. Dollars in thousands)
Cash flow hedges
$— $(3,124)$— $— $(5,039)$— 
Non-designated cash flow hedges
— 745 — — 922 — 
Fair value hedges— — 490 — — 468 
Bunker fuel hedges
— (461)— — (726)— 
Total net realized gains (losses)
$— $(2,840)$490 $— $(4,843)$468 
Unrealized net gains (losses):
Cash flow hedges$3,142 $— $— $145 $— $— 
Non-designated cash flow hedges
— 342 (6)— (186)— 
Fair value hedges— — (610)— — (100)
Bunker fuel hedges
— (141)— — 1,650 — 
Interest rate swap contracts
5,246 — — (4,974)— — 
Total net unrealized gains (losses)
$8,388 $201 $(616)$(4,829)$1,464 $(100)
Three Months Ended June 30, 2022
Six Months Ended June 30, 2022
Net gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, netNet gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, net
Realized net gains:
(U.S. Dollars in thousands)
Cash flow hedges
$— $5,373 $— $— $6,564 $— 
Non-designated cash flow hedges
— 803 — — 3,329 — 
Bunker fuel hedges
— 1,123 — — 1,876 — 
Total net realized gains
$— $7,299 $— $— $11,769 $— 
Unrealized net gains (losses):
Cash flow hedges$4,273 $— $— $11,027 $— $— 
Non-designated cash flow hedges
— (802)— — 400 — 
Fair value hedges— — (1)— 4,957 (1)
Bunker fuel hedges
— 2,071 — — — — 
Interest rate swap contracts
6,458 — — 34,076 — — 
Total net unrealized gains (losses)
$10,731 $1,269 $(1)$45,103 $5,357 $(1)
As of June 30, 2023, the Company expects approximately $24.4 million of net deferred gains from derivative instruments to be reclassified from accumulated other comprehensive loss into earnings over the next 12 months. Of the $24.4 million of net deferred gains, $29.5 million relates to deferred gains on interest rate swap contracts and is expected to offset future interest expense on Term Loan A and Term Loan B, and $5.1 million relates to net deferred losses on cash flow hedges and is expected to offset future operational gains on foreign currency exchange rates. Refer to Note 17 “Stockholders’ Equity” for details on reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2023 and June 30, 2022.
v3.23.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The inputs used to measure fair value are based on a hierarchy that prioritizes observable and unobservable inputs used in valuation techniques. These levels, in order of highest to lowest priority, are described below:
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.
Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair values of the Company’s assets and liabilities that are remeasured at fair value as of June 30, 2023 and December 31, 2022.
Fair Value Measurements as of June 30, 2023 Using
Balance Sheet Classification
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant
Unobservable
Inputs 
(Level 3)
Total
Foreign currency forward contracts:(U.S. Dollars in thousands)
Other receivables, net
$— $555 $— $555 
Accrued liabilities— (5,280)— (5,280)
Bunker fuel hedges:
Accrued liabilities— (1,386)— (1,386)
Interest rate swap contracts:
Other assets— 54,130 — 54,130 
Rabbi Trust investments:
Short-term investments— — 5,676 5,676 
Long-term investments— — 16,572 16,572 
Contingent consideration:
Contingent consideration
— — (644)(644)
Contingent consideration, less current portion
— — (6,254)(6,254)
Total$— $48,019 $15,350 $63,369 
Fair Value Measurements as of December 31, 2022 Using
Balance Sheet Classification
Quoted Prices in
Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant
Unobservable
Inputs 
(Level 3) 
Total
Foreign currency forward contracts:(U.S. Dollars in thousands)
Other receivables, net
$— $1,366 $— $1,366 
Accrued liabilities— (5,932)— (5,932)
Bunker fuel hedges:
Accrued liabilities— (3,396)— (3,396)
Interest rate swap contracts:
Other assets— 59,104 — 59,104 
Rabbi Trust investments:
Short-term investments— — 5,367 5,367 
Long-term investments— — 16,498 16,498 
Contingent consideration:
Contingent consideration
— — (1,791)(1,791)
Contingent consideration, less current portion
— — (5,022)(5,022)
Total$— $51,142 $15,052 $66,194 
The table below sets forth a summary of changes in the fair value of the Level 3 Rabbi Trust investments for the six months ended June 30, 2023:
Fair Value Measurements
Using Significant
Unobservable Inputs (Level 3)
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$21,865 
Net realized and unrealized losses recognized in earnings*
867 
Plan contributions1,150 
Plan distributions
(1,634)
Balance as of June 30, 2023
$22,248 
*Net amount comprised of realized and unrealized gains of $0.3 million and $0.6 million, respectively, recorded in other income, net, in the condensed consolidated statements of operations.

The assets and liabilities that are required to be recorded at fair value on a recurring basis are derivative instruments, contingent consideration and Rabbi Trust investments. The fair values of the Company’s derivative instruments are determined using Level 2 inputs, which are defined as “observable prices that are based on inputs not quoted on active markets but corroborated by market data.” The fair values of the foreign currency forward contracts, the interest rate swaps and bunker fuel hedges were estimated using internal discounted cash flow calculations based upon forward foreign currency exchange rates, bunker fuel futures, interest rate yield curves or quotes obtained from brokers for contracts with similar terms, less any credit valuation adjustments based on Dole’s own credit risk and any counterparties' credit risk.
Dole sponsors a non-qualified deferred compensation plan and a frozen non-qualified supplemental defined benefit plan for executives. The plans are funded through investments in Rabbi Trusts. Securities are recorded at fair value with realized and unrealized holding gains or losses included in earnings. As of June 30, 2023, securities totaled $22.2 million, of which $5.7 million was classified as short-term and included in short-term investments in the condensed consolidated balance sheets, and $16.5 million was classified as long-term and included in long-term investments in the condensed consolidated balance sheets. As of December 31, 2022, securities totaled $21.9 million, of which $5.4 million was classified as short-term and $16.5 million was classified as long-term. Dole estimates the fair value of its Rabbi Trust investments using prices provided by its custodian, which are based on various third-party pricing services or valuation models developed by the underlying fund managers. The Rabbi Trust investments are held by the custodian in various Master Trust Units (“MTUs”), where the fair value is derived from the individual investment components. Each investment within the MTU is individually valued, after considering gains, losses, contributions and distributions, and the collective value of the MTU represents the total fair value. Dole has evaluated the methodologies used by the custodian to develop the estimate of fair value and assessed whether such valuations are representative of fair value, including net asset value. Dole has determined the valuations to be Level 3 inputs, because they are based upon significant unobservable inputs.
The table below sets forth a summary of changes in the fair value of the Level 3 contingent consideration for the six months ended June 30, 2023:
Fair Value Measurements
Using Significant
Unobservable Inputs (Level 3)
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(6,813)
Additions(1,118)
Payments1,169 
Remeasurement gain37 
Foreign exchange impact
(173)
Balance as of June 30, 2023
$(6,898)
The carrying value of contingent consideration in the condensed consolidated balance sheets approximates fair value based on the present value of the expected payments, discounted using a risk-adjusted rate. The expected payments are determined by forecasting the acquiree's earnings over the applicable period. Dole has determined the valuations are Level 3 inputs, because they are based upon significant unobservable inputs.
Fair Value of Financial Instruments
In estimating the Company’s fair value disclosures for financial instruments, Dole used the following methods and assumptions:
Cash and cash equivalents: These items have carrying values reported in the condensed consolidated balance sheets that approximate fair value due to their liquid nature, and they are classified as Level 1.
Short-term trade and grower receivables: These items have carrying values reported in the condensed consolidated balance sheets that are net of allowances, and they are classified as Level 2.
Trade payables: These items have carrying values reported in the condensed consolidated balance sheets that approximate fair value, and they are classified as Level 2.
Notes receivable and notes payable: These items have carrying values reported in the condensed consolidated balance sheets that approximate fair value, and they are classified as Level 2.
Long-term grower receivables: These items have carrying values reported in the condensed consolidated balance sheets that are net of allowances, and they are classified as Level 2.
Finance and operating leases: The carrying value of finance lease obligations reported in the condensed consolidated balance sheets approximates fair value based on current interest rates, which contain an element of default risk. The fair value of finance lease obligations is estimated using Level 2 inputs based on quoted prices for those or similar instruments. For operating leases, Dole uses the rate implicit in the lease to discount leases payments to present value, when available. However, most leases do not provide a readily determinable implicit rate. Therefore, the Company’s incremental borrowing rate is used to discount the lease payments based on information available at lease commencement.
Interest-bearing loans and borrowings: For floating rate interest-bearing loans and borrowings with a contractual repricing date of less than one year, the nominal amount is deemed to reflect fair value. For loans with repricing dates of greater than one year, fair value is calculated based on the present value of the expected future principal and interest cash flows, discounted at interest rates effective at the reporting date and adjusted for movements in credit spreads. Based on these inputs, these instruments are classified as Level 2.
Fair Value of Debt
Dole estimates the fair value of its Term Loan A and Term Loan B based on the bid side of current quoted market prices.
The carrying value, net of debt issuance costs, and gross estimated fair value of these term loans based on Level 2 inputs in the fair value hierarchy are summarized below:
June 30, 2023December 31, 2022
(U.S. Dollars in thousands)
Carrying value, net of unamortized debt issuance costs$801,582 $806,326 
Unamortized debt issuance costs15,844 17,549 
Gross carrying value$817,426 $823,875 
Estimated fair value
$810,273 $795,039 
See Note 12 “Debt” for additional detail on long-term debt instruments.
Credit Risk The counterparties to the foreign currency exchange contracts consist of a number of major international financial institutions. Dole has established counterparty guidelines and regularly monitors its positions and the financial strength of these institutions. While counterparties to hedging contracts expose Dole to credit-related losses in the event of a counterparty’s non-performance, the risk would be limited to the unrealized gains on such affected contracts. Dole does not anticipate any such losses.
v3.23.2
CONTINGENCIES
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Dole provides guarantees for obligations of subsidiaries to third parties directly and indirectly through letters of credit from its revolving credit facilities, other major banking institutions and surety bonds issued by insurance companies for legal and other claims. These letters of credit, bank guarantees and surety bonds are required by certain regulatory authorities, suppliers and other operating agreements and generally have contract terms of one to twenty years, often with an option to renew. As of June 30, 2023 and December 31, 2022, total letters of credit, bank guarantees and surety bonds outstanding under these arrangements were $58.6 million and $61.4 million, respectively, which represents the maximum potential future payments that Dole could be required to make.
Additionally, the Company guarantees certain bank borrowings and other obligations of certain equity method investees. As of June 30, 2023 and December 31, 2022, total guarantees under these arrangements were $6.0 million and $9.2 million, respectively, which represents the maximum potential future payments that Dole could be required to make.
In February of 2020, the State of Hawaii and Department of Land and Natural Resources provided notice to Dole of a deficiency in the spillway and embankment stability of a Company-owned reservoir that requires remediation by 2025. Dole contracted a third party to perform an improvement study which resulted in an estimate of costs to modify the spillway of approximately $20.0 million. On July 5, 2023, Hawaii Senate Bill 833 was signed into law by the Governor of Hawaii, pursuant to which the Office of the Governor will negotiate the acquisition of Dole’s interests in the reservoir and associated irrigation system. The bill also appropriates funds for the State to repair and maintain the irrigation system and the associated spillway. The Company does not deem a resulting loss from the contingency associated with the costs to modify the spillway to be probable and, thus, has not recognized a liability in the condensed consolidated balance sheets.
Legal Contingencies
Dole is involved from time to time in claims and legal actions incidental to its operations, both as plaintiff and defendant. Legal fees are expensed as incurred or expected to be incurred when the resulting loss from legal matters related to underlying events that have already occurred is probable and estimable. Dole has established what management currently believes to be adequate reserves for pending legal matters. These reserves are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as changes in the pending case load (including resolved and new matters), opinions of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery and past experience in defending and settling similar claims. In the opinion of management, after consultation with legal counsel, the claims or actions to which Dole is a party are not expected to have a material adverse effect, individually or in the aggregate, on Dole’s results of operations, financial condition or cash flows.
DBCP Cases: Dole Food Company, Inc. and certain of its subsidiaries are involved in lawsuits pending in the U.S. and in foreign countries alleging injury because of exposure to the agricultural chemical DBCP (1,2- dibromo-3-chloropropane). Currently, there are approximately 180 lawsuits in various stages of proceedings alleging injury or seeking enforcement of Nicaraguan judgments, most of which are pending in Nicaragua and are inactive. In addition, there are multiple labor cases pending in Costa Rica under that country’s national insurance program.
Settlements have been reached that, when fully implemented, will significantly reduce DBCP litigation in Nicaragua and the Philippines. Currently, claimed damages in DBCP cases worldwide total approximately $17.8 billion, with lawsuits in Nicaragua representing almost all of this amount. 24 of the cases in Nicaragua have resulted in judgments, although many of these are being eliminated as part of the current settlements. The Company believes that none of the Nicaraguan judgments that remain will be enforceable against any Dole entity in the U.S. or in any other country.
As to all the DBCP matters, Dole has denied liability and asserted substantial defenses. The Company believes there is no reliable scientific basis for alleged injuries from the agricultural field application of DBCP. Although no assurance can be given concerning the outcome of the DBCP cases, in the opinion of management, after consultation with legal counsel and based on experience defending and resolving DBCP claims, neither the pending lawsuits and claims nor their resolution are expected to have a material adverse effect on Dole’s financial position or results of operations, because the probable loss is not material.
Former Shell Site: Beginning in 2009, Shell Oil Company and Dole Food Company, Inc. were sued in several cases filed in Los Angeles Superior Court by the City of Carson and persons claiming to be current or former residents in the area of a housing development built in the 1960’s by a predecessor of what is now a Dole subsidiary, Barclay Hollander Corporation (“BHC”), on land that had been owned and used by Shell as a crude oil storage facility for 40 years prior to the housing development. The homeowner and City of Carson complaints have been settled and the litigation has been dismissed. On May 6, 2013, Shell filed a complaint against Dole Food Company, Inc. (which was later voluntarily dismissed), BHC and Lomita Development Company (“Lomita”), seeking indemnity for the costs associated with the lawsuits discussed above (approximately $90.0 million plus attorney fees) and for the cleanup discussed below (approximately $310.0 million). Shell’s indemnification claims were based on an early entry side agreement between Shell and an entity related to BHC and on claims based in equity. The trial court dismissed Shell’s contract-based claims and eliminated Shell’s demands for indemnification related to the homeowner and City of Carson cases. Shell’s equitable claims related to the cleanup costs were tried and, on November 9, 2022, the jury delivered a verdict deciding that Shell properly incurred and will incur a total of $266.6 million in cleanup costs, and that BHC should bear 50.0% of those costs, or $133.3 million. BHC has filed an appeal. In June 2023, the trial court granted Shell’s motion to add Dole Food Company, Inc. to the BHC judgment as an alter ego of BHC and ordered Shell to reimburse BHC approximately $26.7 million in attorney’s fees, which serves as an offset to the BHC judgment amount. Dole Food Company, Inc., has appealed the alter ego ruling and secured a bond sufficient to stay enforcement of the judgement. Shell has appealed the award of the attorney’s fees.
The California Regional Water Quality Control Board (“Water Board”) is supervising the cleanup on the former Shell site. On March 11, 2011, the Water Board issued a Cleanup and Abatement Order (“CAO”) naming Shell as the Discharger and a Responsible Party and ordering Shell to assess, monitor and cleanup and abate the effects of contaminants discharged to soil and groundwater at the site. On April 30, 2015, the CAO was amended to also name BHC as a discharger. BHC appealed this CAO revision to the California State Water Resources Control Board, which appeal was denied by operation of law when the Water Board took no action. On September 30, 2015, BHC filed a writ petition in the Superior Court challenging the CAO on several grounds. The trial court denied BHC’s petition, which denial was subsequently upheld by the California Court of Appeals, thereby ending BHC’s challenge to the CAO revision naming BHC as a discharger. In the opinion of management, after consultation with legal counsel, the claims or actions related to the CAO are not expected to have a material adverse effect, individually or in the aggregate, on Dole’s results of operations, financial condition or cash flows, because management believes the risk of loss is remote.
v3.23.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Common Stock
As of June 30, 2023, the Company was authorized to issue 600.0 million total shares of capital stock, consisting of 300.0 million shares of common stock and 300.0 million shares of preferred stock. As of June 30, 2023 and December 31, 2022, there were 94.9 million shares of common stock outstanding and no shares of preferred stock outstanding.
Stock-Based Compensation
The Company’s primary stock-based compensation plan is the 2021 Omnibus Incentive Compensation Plan (“the Plan”), under which to date, share options and two different types of restricted stock units (“RSUs”) have been issued. The purpose of the Plan is to benefit and advance the interests of Dole by attracting, retaining and motivating participants and to compensate participants for contributions to the success of the Company. Upon exercise of share options or vesting of RSUs, new shares are issued from existing authorization. A total of 7.4 million shares of the Company’s common stock were initially reserved for issuance pursuant to the Omnibus Plan. Upon the exercise of any option or vesting of any RSU, the related award is cancelled to the extent of the number of shares exercised or vested, and that number of shares is no longer available under the Plan. If any part of the award terminates without delivery of the related shares, the extent of the award will then be available for future grant under the Plan. As of June 30, 2023, there were 5.7 million shares available for future grant under the Plan and 1.6 million shares available for future issue under awards granted.
In the six months ended June 30, 2023, additional RSU awards were issued under the Plan that vest over a one to three year service period, and additional RSU awards were issued under the Plan that vest over three years if certain market conditions are met. Compensation expense under the awards that include a market condition is determined based on the grant date fair value of the award calculated using a Monte Carlo simulation approach. For the three and six months ended June 30, 2023, total stock-based compensation expense related to the Plan was $1.5 million and $2.8 million, respectively. For the three and six months ended June 30, 2022, total stock-based compensation expense related to the Plan was $1.3 million and $2.0 million, respectively. Stock-based compensation expense related to the Plan is recorded in selling, marketing, general and administrative expenses in the condensed consolidated statements of operations. The total unrecognized compensation cost related to the unvested awards as of June 30, 2023 was $11.6 million.
Dividends Declared
The following table summarizes dividends per share declared for the six months ended June 30, 2023 and June 30, 2022:
Date DeclaredAmount
(per share)
(U.S. Dollars)
5/17/2023$0.08 
3/6/2023$0.08 
5/24/2022$0.08 
3/14/2022$0.08 
The following table summarizes total dividends declared for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Dividends
$(7,687)$(7,623)$(15,377)$(15,230)
In January of 2023, Dole paid a cash dividend of $0.08 per share, totaling $7.7 million, to shareholders for the third quarter dividend declared on November 16, 2022. In April of 2023, Dole paid a cash dividend of $0.08 per share, totaling $7.7 million, for the fourth quarter dividend declared on March 6, 2023.
Dole’s ability to declare and pay dividends is subject to limitations contained in its various debt agreements. As of June 30, 2023, Dole had the ability to make dividend payments of $236.4 million before these limitations would come into effect.
See Note 20 “Subsequent Events” for additional detail on dividends declared and paid.
Accumulated Other Comprehensive Loss
Dole’s accumulated other comprehensive loss primarily consists of unrealized foreign currency translation gains and losses, unrealized derivative gains and losses and pension and postretirement obligation adjustments. A rollforward of the changes in accumulated other comprehensive loss, disaggregated by component, was as follows for the three and six months ended June 30, 2023 and June 30, 2022:

Changes in Accumulated Other Comprehensive Loss by Component
Fair Value of Derivatives
Pension & Other
Postretirement Benefits
Foreign Currency
Translation
Total
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$40,417 $(36,938)$(107,612)$(104,133)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
3,432 — 9,604 13,036 
Amounts reclassified from accumulated other comprehensive loss
(4,223)— — (4,223)
Tax reclassified from accumulated other comprehensive loss(5,591)— — (5,591)
Net other comprehensive income (loss) attributable to Dole plc
(6,382)— 9,604 3,222 
Balance as of March 31, 202334,035 (36,938)(98,008)(100,911)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
(1,237)— 960 (277)
Amounts reclassified from accumulated other comprehensive loss
(4,148)— — (4,148)
Tax reclassified from accumulated other comprehensive loss7,723 — — 7,723 
Net other comprehensive income attributable to Dole plc
2,338 — 960 3,298 
Balance as of June 30, 2023
$36,373 $(36,938)$(97,048)$(97,613)
Changes in Accumulated Other Comprehensive Loss by Component
Fair Value of Derivatives
Pension & Other
Postretirement Benefits
Foreign Currency
Translation
Total
(U.S. Dollars in thousands)
Balance as of December 31, 2021
$8,631 $(59,822)$(74,728)$(125,919)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
25,801 — (5,686)20,115 
Amounts reclassified from accumulated other comprehensive loss
(373)— 5,445 5,072 
Tax reclassified from accumulated other comprehensive loss(230)— — (230)
Net other comprehensive income (loss) attributable to Dole plc
25,198 — (241)24,957 
Balance as of March 31, 202233,829 (59,822)(74,969)(100,962)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
12,574 — (38,882)(26,308)
Amounts reclassified from accumulated other comprehensive loss
(5,798)— — (5,798)
Tax reclassified from accumulated other comprehensive loss2,369 — — 2,369 
Net other comprehensive income (loss) attributable to Dole plc
9,145 — (38,882)(29,737)
Balance as of June 30, 2022
$42,974 $(59,822)$(113,851)$(130,699)
For the three months ended June 30, 2023, amounts reclassified out of accumulated other comprehensive loss include the following:
•The reclassification of net gains of $4.2 million related to the fair value of cash flow hedges, of which $7.2 million was reclassified to interest expense, offset by a $3.0 million loss reclassified to cost of sales.
For the three months ended June 30, 2022, amounts reclassified out of accumulated other comprehensive loss include the following:
•The reclassification of net gains of $5.8 million related to the fair value of cash flow hedges, of which $6.1 million was reclassified to cost of sales, offset by a $0.3 million loss reclassified to interest expense.
For the six months ended June 30, 2023, amounts reclassified out of accumulated other comprehensive loss include the following:
•The reclassification of net gains of $8.4 million related to the fair value of cash flow hedges, of which $13.4 million was reclassified to interest expense, offset by a $5.0 million loss reclassified to cost of sales.
For the six months ended June 30, 2022, amounts reclassified out of accumulated other comprehensive loss include the following:
•The reclassification of net gains of $6.2 million related to the fair value of cash flow hedges, of which $7.2 million was reclassified to cost of sales, offset by a $1.0 million loss reclassified to interest expense.
•The reclassification of net losses of $5.4 million related to foreign currency translation to other income, net.
v3.23.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED AFFILIATES INVESTMENTS IN UNCONSOLIDATED AFFILIATES
As of June 30, 2023, Dole’s investments in unconsolidated affiliates were $125.8 million, of which $122.4 million represented equity method investments, and $3.4 million represented investments in which Dole does not have significant influence. As of December 31, 2022, Dole’s investments in unconsolidated affiliates were $124.2 million, of which $120.9 million represented equity method investments, and $3.3 million represented investments in which Dole does not have significant influence.
Dole’s consolidated net income includes its proportionate share of the net income or loss of equity method investments in affiliates. When Dole records its proportionate share of net income, it increases equity method earnings in the condensed consolidated statements of operations and the carrying value in that investment in the condensed consolidated balance sheets. Conversely, when Dole records its proportionate share of a net loss, it decreases equity method earnings in the condensed consolidated statements of operations and the carrying value in that investment in the condensed consolidated balance sheets. Cash dividends received from investments in which Dole does not have significant influence are recorded in other income, net, and have historically not been significant.
Transactions with Unconsolidated Affiliates
In the ordinary course of business, Dole enters into arm’s length transactions with unconsolidated affiliates, which include trading sales and purchases of goods and other supplies. From time to time, Dole also provides both seasonal and long-term loans to these affiliates, though these amounts have historically not been significant. The following table presents sales to and purchases from investments in unconsolidated affiliates for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Sales$23,417 $23,181 $54,008 $55,465 
Purchases41,087 43,289 75,225 79,053 
The following tables presents amounts due from and to investments in unconsolidated affiliates as of June 30, 2023 and December 31, 2022:
June 30,
2023
December 31, 2022
(U.S. Dollars in thousands)
Amounts due from investments in unconsolidated affiliates presented within trade receivables$11,513 $27,950 
Amounts due from investments in unconsolidated affiliates presented within other receivables10,290 3,224 
Amounts due from investments in unconsolidated affiliates presented within other assets8,437 8,396 
Amounts due to investments in unconsolidated affiliates presented within accounts payable(15,296)(9,225)
v3.23.2
EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share
Basic earnings (loss) per share is calculated by dividing the net income (loss) for the period attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income (loss) for the period attributable to shareholders of the Company by the weighted average number of shares outstanding after adjusting for the impact of all share options and RSUs with a dilutive effect. The Company uses the treasury stock method to calculate the dilutive effect of outstanding equity awards for diluted earnings (loss) per share.
The following table presents basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars and shares in thousands, except per share amounts)
(U.S. Dollars and shares in thousands, except per share amounts)
Income from continuing operations
$63,745 $59,600 $98,734 $88,239 
Less: Net income attributable to noncontrolling interests(10,032)(7,133)(16,356)(11,936)
Income from continuing operations attributable to Dole plc53,713 52,467 82,378 76,303 
Loss from discontinued operations, net of income taxes(11,438)(11,195)(25,944)(36,425)
Net income attributable to Dole plc$42,275 $41,272 $56,434 $39,878 
Weighted average number of shares outstanding:
Weighted average number of shares – basic
94,909 94,878 94,904 94,878 
Effect of share awards with a dilutive effect
203 35 164 33 
Weighted average number of shares – diluted
95,112 94,913 95,068 94,911 
Income (loss) per share:
Basic:
Continuing operations$0.57 $0.55 $0.86 $0.80 
Discontinued operations(0.12)(0.12)(0.27)(0.38)
Net income per share attributable to Dole plc$0.45 $0.43 $0.59 $0.42 
Diluted:
Continuing operations$0.56 $0.55 $0.86 $0.80 
Discontinued operations(0.12)(0.12)(0.27)(0.38)
Net income per share attributable to Dole plc$0.44 $0.43 $0.59 $0.42 
The average market value of the Company’s shares used for the purpose of calculating the dilutive effect of share options and RSUs with a market condition is based on quoted market prices for the period during which the awards were outstanding during the three and six months ended June 30, 2023 and June 30, 2022. The calculation of diluted earnings per share for the three and six months ended June 30, 2023 and June 30, 2022 does not include the effect of certain awards, because to do so would be antidilutive.
v3.23.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS Dole evaluated subsequent events through August 17, 2023, the date that Dole’s unaudited condensed consolidated financial statements were issued.On July 6, 2023, a cash dividend was paid to shareholders of record on June 16, 2023. On August 16, 2023, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2023 of $0.08 per share, payable on October 5, 2023, to shareholders of record on September 14, 2023.
v3.23.2
Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
New Accounting Pronouncements Adopted and New Accounting Not Yet Pronouncements Adopted
New Accounting Pronouncements Adopted
ASU 2020-04, ASU 2021-01, and ASU 2022-06 – Reference Rate Reform (Topic 848)
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 in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope. The amendments in these updates provide optional expedients and exceptions related to the accounting for contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform if certain criteria are met.
As of June 2023, Dole has modified all of its borrowings and interest rate swaps that referenced LIBOR to now reference the Secured Overnight Financing Rate (“SOFR”). The Company has adopted certain elections under this guidance to account for the debt modifications as continuations of the existing agreements and maintain the hedge effectiveness of its interest rate swaps. The adoption of these elections did not impact Dole’s financial condition, results of operations, cash flows and related disclosures.
New Accounting Pronouncements Not Yet Adopted
The Company considered all new accounting pronouncements not yet adopted and concluded they are not expected to have a material impact.
v3.23.2
ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Disposal Groups, Including Discontinued Operations
The following tables present the results of the Fresh Vegetables division as reported in loss from discontinued operations, net of income taxes, in the condensed consolidated statements of operations, the carrying value of assets and liabilities as presented within assets and liabilities held for sale in the condensed consolidated balance sheets and the discontinued operations cash flows used in operating and investing activities in the condensed consolidated statements of cash flows.
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Revenues, net
$301,572 $309,226 $596,454 $583,977 
Cost of sales
(294,212)(304,828)(582,939)(597,335)
Gross profit (loss)
7,360 4,398 13,515 (13,358)
Selling, marketing, general and administrative expenses
(13,627)(13,193)(27,804)(27,808)
Transaction and other related costs(5,319)— (6,819)— 
Operating (loss) from discontinued operations(11,586)(8,795)(21,108)(41,166)
Other income, net353 503 406 556 
Net interest expense1
(2,967)(2,109)(3,206)(2,083)
Loss from discontinued operations before income taxes(14,200)(10,401)(23,908)(42,693)
Income tax benefit (expense)2,803 (703)(2,069)6,235 
Less: (Income) loss from discontinued operations attributable to noncontrolling interests(41)(91)33 33 
Loss from discontinued operations, net of income taxes$(11,438)$(11,195)$(25,944)$(36,425)
1 Net interest expense presented within discontinued operations is net of interest income and includes the allocated interest expense related to the portion of Term Loan A and Term Loan B required to be repaid upon the closing of the Vegetables Transaction. See Note 12 “Debt” for further detail.
June 30, 2023December 31, 2022
ASSETS
(U.S. Dollars in thousands)
Current receivables, net1
$8,953 $13,474 
Inventories, net31,255 42,728 
Prepaid expenses and other current assets6,487 6,050 
Property, plant and equipment, net227,229 227,183 
Operating lease right-of-use assets98,932 99,139 
Other noncurrent assets17,841 17,506 
Total Fresh Vegetables assets held for sale390,697 406,080 
Fresh Vegetables current assets held for sale390,697 62,252 
Fresh Vegetables non-current assets held for sale— 343,828 
Total Fresh Vegetables assets held for sale$390,697 $406,080 
LIABILITIES
Accounts payable$71,798 $88,995 
Accrued and other current liabilities94,544 85,664 
Operating lease liabilities89,212 98,145 
Deferred income tax liabilities28,857 24,973 
Other long-term liabilities17,718 17,858 
Total Fresh Vegetables liabilities held for sale302,129 315,635 
Fresh Vegetables current liabilities held for sale302,129 199,255 
Fresh Vegetables non-current liabilities held for sale— 116,380 
Total Fresh Vegetables liabilities held for sale$302,129 $315,635 
1Fresh Vegetables currently sells its trade receivables under the facility with recourse provisions described in Note 8 “Receivables and Allowances for Credit Losses.” Upon the closing of the Vegetable Transaction, Fresh Vegetables’ position under the facility will be settled.
Six Months Ended
June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Net cash (used) in operating activities - discontinued operations$(2,898)$(37,289)
Net cash (used) in investing activities - discontinued operations(5,410)(5,307)
Cash (used in) discontinued operations, net$(8,308)$(42,596)
v3.23.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
The following table presents the Company's disaggregated revenues by similar types of products and services for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Diversified produce
$1,317,350 $1,243,118 $2,516,111 $2,489,055 
Tropical fruit
725,859 713,209 1,417,581 1,354,648 
Health foods and consumer goods33,941 30,507 65,239 60,158 
Commercial cargo46,481 49,994 93,656 95,172 
Other17,543 14,081 37,754 22,107 
Total revenues, net$2,141,174 $2,050,909 $4,130,341 $4,021,140 
The following table presents the Company's disaggregated revenues by channel for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Third party revenue:
(U.S. Dollars in thousands)
Retail
$1,285,780 $1,178,514 $2,457,163 $2,360,520 
Wholesale
638,108 679,758 1,255,395 1,288,652 
Food service
132,345 116,512 240,204 216,165 
Commercial cargo
46,481 49,994 93,656 95,172 
Other15,043 2,950 29,915 5,166 
Revenue from sales to equity method investees23,417 23,181 54,008 55,465 
Total revenue, net
$2,141,174 $2,050,909 $4,130,341 $4,021,140 
v3.23.2
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Sales and Adjusted EBITDA by Reportable Segment
The following table provides revenue and Adjusted EBITDA by reportable segment:
Three Months EndedSix Months Ended
June 30,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Revenue:(U.S. Dollars in thousands)
Fresh Fruit$839,043 $805,831 $1,637,953 $1,555,634 
Diversified Fresh Produce — EMEA915,629 849,848 1,713,729 1,641,003 
Diversified Fresh Produce — Americas & ROW417,645 448,200 840,396 911,892 
Total segment revenue2,172,317 2,103,879 4,192,078 4,108,529 
Intersegment revenue(31,143)(52,970)(61,737)(87,389)
Total consolidated revenue, net$2,141,174 $2,050,909 $4,130,341 $4,021,140 
Segment Adjusted EBITDA:
Fresh Fruit$65,816 $56,308 $135,027 $116,705 
Diversified Fresh Produce — EMEA42,603 38,434 66,009 57,711 
Diversified Fresh Produce — Americas & ROW14,262 17,061 22,032 29,269 
Adjustments:
Income tax expense(16,593)(5,300)(27,587)(12,658)
Interest expense(19,748)(10,833)(41,460)(22,449)
Depreciation(23,142)(25,696)(47,445)(48,229)
Amortization of intangible assets(2,574)(2,773)(5,190)(5,615)
Mark to market (losses) gains(1,035)6,991 (1,857)8,129 
Gain on asset sales10,387 7,816 14,554 7,816 
Incremental charges on biological assets related to the acquisition of Legacy Dole— (17,431)— (34,944)
Cyber-related incident(571)— (5,321)— 
Other items(190)(116)(863)752 
Adjustments from equity method investments:
Dole's share of depreciation(1,903)(2,042)(3,664)(3,635)
Dole's share of amortization(645)(624)(1,256)(1,290)
Dole's share of income tax expense(2,172)(1,161)(2,656)(1,722)
Dole's share of interest expense(750)(1,046)(2,059)(1,601)
Dole's share of other items— 12 470 — 
Income from continuing operations 63,745 59,600 98,734 88,239 
Loss from discontinued operations, net of income taxes(11,438)(11,195)(25,944)(36,425)
Net income$52,307 $48,405 $72,790 $51,814 
v3.23.2
OTHER INCOME, NET (Tables)
 6 Months Ended
Jun. 30, 2023
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense), Net
Included in other income, net, in Dole’s condensed consolidated statements of operations were the following items:
Three Months EndedSix Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Rental income$2,119 $3,975 $4,704 $8,099 
Unrealized (loss) gain on foreign currency denominated borrowings(1,052)5,814 (3,347)7,305 
Realized gain on fair value hedges490 — 468 — 
Unrealized (loss) on fair value hedges(616)(1)(100)(1)
Non-cash realized gain on foreign currency denominated borrowings— — — 1,029 
Gain (loss) on investments70 (1,939)867 (3,608)
Non-service components of net periodic pension benefit (costs)226 249 (397)2,499 
(Loss) gain on contingent consideration(18)(16)37 (41)
Other(90)20 672 (4,716)
Other income, net$1,129 $8,102 $2,904 $10,566 
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Accounts Receivable, Allowance for Credit Loss
A rollforward of the allowance for credit losses for trade receivables was as follows:
Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(18,001)
Additional provisions in the period
(4,507)
Write-offs
721 
Recoveries of amounts previously reserved
2,768 
Balance sheet reclassifications(2,158)
Foreign exchange impact
(283)
Balance as of June 30, 2023
$(21,460)
Schedule of Accounts, Notes, Loans and Financing Receivable
The following table summarizes growers advances as of June 30, 2023 and December 31, 2022 based on whether the advances are secured or unsecured:
June 30, 2023December 31, 2022
Short-Term
Long-Term
Short-Term
Long-Term
(U.S. Dollars in thousands)
Secured gross advances to growers and suppliers
$73,550 $10,770 $66,485 $8,317 
Allowance for secured advances to growers and suppliers
(13,771)(599)(12,534)— 
Unsecured gross advances to growers and suppliers55,985 8,335 56,196 5,316 
Allowance for unsecured advances to growers and suppliers(3,247)(3,157)(3,283)(3,147)
Net advances to growers and suppliers
$112,517 $15,349 $106,864 $10,486 
Financing Receivable, Allowance for Credit Loss
A rollforward of the allowance for expected credit losses related to grower loans and advances was as follows:
Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(18,964)
Additional provisions in the period
(2,359)
Recoveries of amounts previously reserved542 
Balance sheet reclassifications30 
Foreign exchange impact
(23)
Balance as of June 30, 2023
$(20,774)
v3.23.2
INVENTORY (Tables)
 6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventory
Details of inventory in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 were as follows:
June 30, 2023
December 31, 2022
(U.S. Dollars in thousands)
Finished products
$206,055 $208,671 
Raw materials and work in progress
87,059 105,771 
Crop growing costs
11,866 26,923 
Agricultural and other operating supplies
47,072 52,785 
Inventories, net of allowances$352,052 $394,150 
v3.23.2
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY (Tables)
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Disclosure of Long Lived Assets Held for sale
A rollforward of assets held for sale for the six months ended June 30, 2023 was as follows:

Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$645 
Additions 11,457 
Sales(1,620)
Foreign exchange impact6
Balance as of June 30, 2023
$10,488 
Disclosure of Long Lived Assets Actively Marketed
A rollforward of actively marketed property for the six months ended June 30, 2023 was as follows:

Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$31,007 
Land sales(1,614)
Balance as of June 30, 2023
$29,393 
v3.23.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings, Bank Overdrafts and Long-term Debt
Short-term borrowings, bank overdrafts and long-term debt consisted of the following: 
June 30, 2023December 31, 2022
(U.S. Dollars in thousands)
Revolving Credit Facility
$153,547 $183,909 
Term Loan A and Term Loan B
817,425 823,875 
Vessel financing loans
82,125 89,479 
Other long-term financing arrangements
42,502 41,483 
Other revolving credit facilities, at a weighted average interest rate of 6.8% as of June 30, 2023 (4.8% as of December 31, 2022)
88,796 73,999 
Bank overdrafts
20,285 8,623 
Finance lease obligations, at a weighted average interest rate of 4.1% as of June 30, 2023 (3.7% as of December 31, 2022)
30,354 29,885 
Total debt, gross1,235,034 1,251,253 
Unamortized debt discounts and debt issuance costs
(16,125)(17,874)
Total debt, net1,218,909 1,233,379 
Current maturities, net of unamortized debt discounts and debt issuance costs
(268,203)(97,435)
Bank overdrafts
(20,285)(8,623)
Long-term debt, net
$930,421 $1,127,321 
v3.23.2
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The components of net periodic benefit cost (benefit) for Dole’s U.S. and international pension plans and other postretirement benefit (“OPRB”) plans were as follows:
U.S. Pension Plans
International Pension PlansOPRB Plans
 
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
 (U.S. Dollars in thousands)
Service cost
$53 $64 $1,293 $1,119 $— $1 
Interest cost
2,231 1,236 2,910 2,175 173 111 
Expected return on plan assets
(3,307)(2,819)(2,048)(1,911)— — 
Amortization of:
Net (gain) loss(145)— (531)597 (77)— 
Prior service benefit
— — (158)(136)— — 
Curtailments, settlements and terminations, net
— — 711 205 — — 
Foreign exchange and other— — 15 293 — — 
Net periodic cost (benefit)
$(1,168)$(1,519)$2,192 $2,342 $96 $112 
U.S. Pension Plans
International Pension PlansOPRB Plans
 Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022		Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022		Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
 (U.S. Dollars in thousands)
Service cost
$107 $128 $2,587 $2,281 $— $1 
Interest cost
4,462 2,471 5,820 4,350 346 221 
Expected return on plan assets
(6,613)(5,637)(4,096)(3,827)— — 
Amortization of:
Net (gain) loss(290)— (1,063)1,166 (154)— 
Prior service benefit
— — (317)(334)— — 
Curtailments, settlements and terminations, net
— — 2,332 (1,025)— — 
Foreign exchange and other— — (30)116 — — 
Net periodic cost (benefit)
$(2,334)$(3,038)$5,233 $2,727 $192 $222 
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Dole had the following derivative instruments outstanding as of June 30, 2023:
Aggregate Notional Amount
Foreign currency forward contracts by currency:
United States Dollar
$35.4 million
Euro
€229.4 million
Sterling
£10.2 million
Swedish Krona
SEK 22.0 million
Interest rate swap contracts
$700.0 million
Bunker fuel hedges
12.8 thousand metric tons
Schedule of Derivative Instruments in the Balance Sheet at Fair Value The following table presents the balance sheet location and fair value of the derivative instruments by type:
Fair Value Measurements as of June 30, 2023
Accrued
Liabilities
Other Assets
Other
Receivables, net
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$(5,157)$— $46 
Non-designated cash flow hedges
(123)— 150 
Fair value hedges— — 359 
Interest rate swap contracts— 54,130 — 
Bunker fuel hedges(1,386)— — 
$(6,666)$54,130 $555 
Fair Value Measurements as of December 31, 2022
Accrued Liabilities
Other Assets
Other
Receivables, net
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$(5,726)$—$490 
Non-designated cash flow hedges
(206)—872 
Fair value hedges
——4
Interest rate swap contracts—59,104 — 
Bunker fuel hedges(3,396)—— 
$(9,328)$59,104 $1,366 
Schedule of Realized and Unrealized Derivative Gains (Losses)
The following tables represent all of Dole’s realized and unrealized derivative gains (losses) and respective location in the financial statements for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
Net gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, netNet gains (losses) deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, net
Realized net gains (losses):
(U.S. Dollars in thousands)
Cash flow hedges
$— $(3,124)$— $— $(5,039)$— 
Non-designated cash flow hedges
— 745 — — 922 — 
Fair value hedges— — 490 — — 468 
Bunker fuel hedges
— (461)— — (726)— 
Total net realized gains (losses)
$— $(2,840)$490 $— $(4,843)$468 
Unrealized net gains (losses):
Cash flow hedges$3,142 $— $— $145 $— $— 
Non-designated cash flow hedges
— 342 (6)— (186)— 
Fair value hedges— — (610)— — (100)
Bunker fuel hedges
— (141)— — 1,650 — 
Interest rate swap contracts
5,246 — — (4,974)— — 
Total net unrealized gains (losses)
$8,388 $201 $(616)$(4,829)$1,464 $(100)
Three Months Ended June 30, 2022
Six Months Ended June 30, 2022
Net gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, netNet gains deferred in Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income, net
Realized net gains:
(U.S. Dollars in thousands)
Cash flow hedges
$— $5,373 $— $— $6,564 $— 
Non-designated cash flow hedges
— 803 — — 3,329 — 
Bunker fuel hedges
— 1,123 — — 1,876 — 
Total net realized gains
$— $7,299 $— $— $11,769 $— 
Unrealized net gains (losses):
Cash flow hedges$4,273 $— $— $11,027 $— $— 
Non-designated cash flow hedges
— (802)— — 400 — 
Fair value hedges— — (1)— 4,957 (1)
Bunker fuel hedges
— 2,071 — — — — 
Interest rate swap contracts
6,458 — — 34,076 — — 
Total net unrealized gains (losses)
$10,731 $1,269 $(1)$45,103 $5,357 $(1)
v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair values of the Company’s assets and liabilities that are remeasured at fair value as of June 30, 2023 and December 31, 2022.
Fair Value Measurements as of June 30, 2023 Using
Balance Sheet Classification
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant
Unobservable
Inputs 
(Level 3)
Total
Foreign currency forward contracts:(U.S. Dollars in thousands)
Other receivables, net
$— $555 $— $555 
Accrued liabilities— (5,280)— (5,280)
Bunker fuel hedges:
Accrued liabilities— (1,386)— (1,386)
Interest rate swap contracts:
Other assets— 54,130 — 54,130 
Rabbi Trust investments:
Short-term investments— — 5,676 5,676 
Long-term investments— — 16,572 16,572 
Contingent consideration:
Contingent consideration
— — (644)(644)
Contingent consideration, less current portion
— — (6,254)(6,254)
Total$— $48,019 $15,350 $63,369 
Fair Value Measurements as of December 31, 2022 Using
Balance Sheet Classification
Quoted Prices in
Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant
Unobservable
Inputs 
(Level 3) 
Total
Foreign currency forward contracts:(U.S. Dollars in thousands)
Other receivables, net
$— $1,366 $— $1,366 
Accrued liabilities— (5,932)— (5,932)
Bunker fuel hedges:
Accrued liabilities— (3,396)— (3,396)
Interest rate swap contracts:
Other assets— 59,104 — 59,104 
Rabbi Trust investments:
Short-term investments— — 5,367 5,367 
Long-term investments— — 16,498 16,498 
Contingent consideration:
Contingent consideration
— — (1,791)(1,791)
Contingent consideration, less current portion
— — (5,022)(5,022)
Total$— $51,142 $15,052 $66,194 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The table below sets forth a summary of changes in the fair value of the Level 3 Rabbi Trust investments for the six months ended June 30, 2023:
Fair Value Measurements
Using Significant
Unobservable Inputs (Level 3)
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$21,865 
Net realized and unrealized losses recognized in earnings*
867 
Plan contributions1,150 
Plan distributions
(1,634)
Balance as of June 30, 2023
$22,248 
*Net amount comprised of realized and unrealized gains of $0.3 million and $0.6 million, respectively, recorded in other income, net, in the condensed consolidated statements of operations.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The table below sets forth a summary of changes in the fair value of the Level 3 contingent consideration for the six months ended June 30, 2023:
Fair Value Measurements
Using Significant
Unobservable Inputs (Level 3)
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$(6,813)
Additions(1,118)
Payments1,169 
Remeasurement gain37 
Foreign exchange impact
(173)
Balance as of June 30, 2023
$(6,898)
Fair Value, Liabilities Measured on Recurring Basis
The carrying value, net of debt issuance costs, and gross estimated fair value of these term loans based on Level 2 inputs in the fair value hierarchy are summarized below:
June 30, 2023December 31, 2022
(U.S. Dollars in thousands)
Carrying value, net of unamortized debt issuance costs$801,582 $806,326 
Unamortized debt issuance costs15,844 17,549 
Gross carrying value$817,426 $823,875 
Estimated fair value
$810,273 $795,039 
v3.23.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Summary of Dividends Declared and Paid
The following table summarizes dividends per share declared for the six months ended June 30, 2023 and June 30, 2022:
Date DeclaredAmount
(per share)
(U.S. Dollars)
5/17/2023$0.08 
3/6/2023$0.08 
5/24/2022$0.08 
3/14/2022$0.08 
The following table summarizes total dividends declared for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars in thousands)
Dividends
$(7,687)$(7,623)$(15,377)$(15,230)
Schedule of Accumulated Other Comprehensive Loss A rollforward of the changes in accumulated other comprehensive loss, disaggregated by component, was as follows for the three and six months ended June 30, 2023 and June 30, 2022:
Changes in Accumulated Other Comprehensive Loss by Component
Fair Value of Derivatives
Pension & Other
Postretirement Benefits
Foreign Currency
Translation
Total
(U.S. Dollars in thousands)
Balance as of December 31, 2022
$40,417 $(36,938)$(107,612)$(104,133)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
3,432 — 9,604 13,036 
Amounts reclassified from accumulated other comprehensive loss
(4,223)— — (4,223)
Tax reclassified from accumulated other comprehensive loss(5,591)— — (5,591)
Net other comprehensive income (loss) attributable to Dole plc
(6,382)— 9,604 3,222 
Balance as of March 31, 202334,035 (36,938)(98,008)(100,911)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
(1,237)— 960 (277)
Amounts reclassified from accumulated other comprehensive loss
(4,148)— — (4,148)
Tax reclassified from accumulated other comprehensive loss7,723 — — 7,723 
Net other comprehensive income attributable to Dole plc
2,338 — 960 3,298 
Balance as of June 30, 2023
$36,373 $(36,938)$(97,048)$(97,613)
Changes in Accumulated Other Comprehensive Loss by Component
Fair Value of Derivatives
Pension & Other
Postretirement Benefits
Foreign Currency
Translation
Total
(U.S. Dollars in thousands)
Balance as of December 31, 2021
$8,631 $(59,822)$(74,728)$(125,919)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
25,801 — (5,686)20,115 
Amounts reclassified from accumulated other comprehensive loss
(373)— 5,445 5,072 
Tax reclassified from accumulated other comprehensive loss(230)— — (230)
Net other comprehensive income (loss) attributable to Dole plc
25,198 — (241)24,957 
Balance as of March 31, 202233,829 (59,822)(74,969)(100,962)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes
12,574 — (38,882)(26,308)
Amounts reclassified from accumulated other comprehensive loss
(5,798)— — (5,798)
Tax reclassified from accumulated other comprehensive loss2,369 — — 2,369 
Net other comprehensive income (loss) attributable to Dole plc
9,145 — (38,882)(29,737)
Balance as of June 30, 2022
$42,974 $(59,822)$(113,851)$(130,699)
v3.23.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Equity Method Investments The following table presents sales to and purchases from investments in unconsolidated affiliates for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Sales$23,417 $23,181 $54,008 $55,465 
Purchases41,087 43,289 75,225 79,053 
The following tables presents amounts due from and to investments in unconsolidated affiliates as of June 30, 2023 and December 31, 2022:
June 30,
2023
December 31, 2022
(U.S. Dollars in thousands)
Amounts due from investments in unconsolidated affiliates presented within trade receivables$11,513 $27,950 
Amounts due from investments in unconsolidated affiliates presented within other receivables10,290 3,224 
Amounts due from investments in unconsolidated affiliates presented within other assets8,437 8,396 
Amounts due to investments in unconsolidated affiliates presented within accounts payable(15,296)(9,225)
v3.23.2
EARNINGS (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(U.S. Dollars and shares in thousands, except per share amounts)
(U.S. Dollars and shares in thousands, except per share amounts)
Income from continuing operations
$63,745 $59,600 $98,734 $88,239 
Less: Net income attributable to noncontrolling interests(10,032)(7,133)(16,356)(11,936)
Income from continuing operations attributable to Dole plc53,713 52,467 82,378 76,303 
Loss from discontinued operations, net of income taxes(11,438)(11,195)(25,944)(36,425)
Net income attributable to Dole plc$42,275 $41,272 $56,434 $39,878 
Weighted average number of shares outstanding:
Weighted average number of shares – basic
94,909 94,878 94,904 94,878 
Effect of share awards with a dilutive effect
203 35 164 33 
Weighted average number of shares – diluted
95,112 94,913 95,068 94,911 
Income (loss) per share:
Basic:
Continuing operations$0.57 $0.55 $0.86 $0.80 
Discontinued operations(0.12)(0.12)(0.27)(0.38)
Net income per share attributable to Dole plc$0.45 $0.43 $0.59 $0.42 
Diluted:
Continuing operations$0.56 $0.55 $0.86 $0.80 
Discontinued operations(0.12)(0.12)(0.27)(0.38)
Net income per share attributable to Dole plc$0.44 $0.43 $0.59 $0.42 
v3.23.2
NATURE OF OPERATIONS (Details)
$ in Millions
Jun. 30, 2023
country
product
Jan. 30, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Number of products grown and sourced | product 300  
Number of countries products are grown and sourced 30  
Number of countries products are distributed to 75  
Fresh Vegetables | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fresh Express Acquisitions LLC    
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Sale of division | $   $ 293.0
v3.23.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
Oct. 01, 2022
reportingUnit
Basis Of Presentation [Line Items]  
Number of reporting units considered to be at risk of future impairment 2
DOLE brand  
Basis Of Presentation [Line Items]  
Percentage of intangible asset fair value exceeding carrying amount 0.01
Fresh Fruit  
Basis Of Presentation [Line Items]  
Percentage of reporting unit fair value exceeding carrying amount 0.02
Diversified Fresh Produce - Americas & ROW  
Basis Of Presentation [Line Items]  
Percentage of reporting unit fair value exceeding carrying amount 0.05
v3.23.2
ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Jan. 30, 2023
Other Acquisitions          
Business Acquisition [Line Items]          
Goodwill acquired $ 0 $ 500,000 $ 3,300,000 $ 1,200,000  
Gains (losses) recorded for acquisition activity     $ 0 $ 0  
Fresh Vegetables | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fresh Express Acquisitions LLC          
Business Acquisition [Line Items]          
Sale of division         $ 293,000,000
v3.23.2
ACQUISITIONS AND DIVESTITURES - Schedule of Statement of Operations Related to Discontinued Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss from discontinued operations, net of income taxes   $ (11,195)   $ (36,425)
Fresh Vegetables | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Revenues, net $ 301,572 309,226 $ 596,454 583,977
Cost of sales (294,212) (304,828) (582,939) (597,335)
Gross profit (loss) 7,360 4,398 13,515 (13,358)
Selling, marketing, general and administrative expenses (13,627) (13,193) (27,804) (27,808)
Transaction and other related costs (5,319) 0 (6,819) 0
Operating (loss) from discontinued operations (11,586) (8,795) (21,108) (41,166)
Other income, net 353 503 406 556
Net interest expense (2,967) (2,109) (3,206) (2,083)
Loss from discontinued operations before income taxes (14,200) (10,401) (23,908) (42,693)
Income tax benefit (expense) 2,803 (703) (2,069) 6,235
Less: (Income) loss from discontinued operations attributable to noncontrolling interests (41) (91) 33 33
Loss from discontinued operations, net of income taxes $ (11,438) $ (11,195) $ (25,944) $ (36,425)
v3.23.2
ACQUISITIONS AND DIVESTITURES - Schedule of Balance Sheets Related to Discontinued Operations (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Fresh Vegetables current assets held for sale $ 390,697 $ 62,252
Fresh Vegetables non-current assets held for sale 0 343,828
Fresh Vegetables current liabilities held for sale 302,129 199,255
Fresh Vegetables non-current liabilities held for sale 0 116,380
Fresh Vegetables | Disposal Group, Disposed of by Sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current receivables, net 8,953 13,474
Inventories, net 31,255 42,728
Prepaid expenses and other current assets 6,487 6,050
Property, plant and equipment, net 227,229 227,183
Operating lease right-of-use assets 98,932 99,139
Other noncurrent assets 17,841 17,506
Total Fresh Vegetables assets held for sale 390,697 406,080
Fresh Vegetables current assets held for sale 390,697 62,252
Fresh Vegetables non-current assets held for sale 0 343,828
Accounts payable 71,798 88,995
Accrued and other current liabilities 94,544 85,664
Operating lease liabilities 89,212 98,145
Deferred income tax liabilities 28,857 24,973
Other long-term liabilities 17,718 17,858
Total Fresh Vegetables liabilities held for sale 302,129 315,635
Fresh Vegetables current liabilities held for sale 302,129 199,255
Fresh Vegetables non-current liabilities held for sale $ 0 $ 116,380
v3.23.2
ACQUISITIONS AND DIVESTITURES - Schedule of Statement of Cash Flows Related to Discontinued Operations (Details) - Fresh Vegetables - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash (used) in operating activities - discontinued operations $ (2,898) $ (37,289)
Net cash (used) in investing activities - discontinued operations (5,410) (5,307)
Cash (used in) discontinued operations, net $ (8,308) $ (42,596)
v3.23.2
REVENUE - Narrative (Details)
Jun. 30, 2023
productCategory
Revenue from Contract with Customer [Abstract]  
Number of fresh produce main product categories 2
v3.23.2
REVENUE - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Total revenues, net $ 2,141,174 $ 2,050,909 $ 4,130,341 $ 4,021,140
Retail        
Disaggregation of Revenue [Line Items]        
Total revenues, net 1,285,780 1,178,514 2,457,163 2,360,520
Wholesale        
Disaggregation of Revenue [Line Items]        
Total revenues, net 638,108 679,758 1,255,395 1,288,652
Food service        
Disaggregation of Revenue [Line Items]        
Total revenues, net 132,345 116,512 240,204 216,165
Commercial cargo        
Disaggregation of Revenue [Line Items]        
Total revenues, net 46,481 49,994 93,656 95,172
Other        
Disaggregation of Revenue [Line Items]        
Total revenues, net 15,043 2,950 29,915 5,166
Revenue from sales to equity method investees        
Disaggregation of Revenue [Line Items]        
Total revenues, net 23,417 23,181 54,008 55,465
Diversified produce        
Disaggregation of Revenue [Line Items]        
Total revenues, net 1,317,350 1,243,118 2,516,111 2,489,055
Tropical fruit        
Disaggregation of Revenue [Line Items]        
Total revenues, net 725,859 713,209 1,417,581 1,354,648
Health foods and consumer goods        
Disaggregation of Revenue [Line Items]        
Total revenues, net 33,941 30,507 65,239 60,158
Commercial cargo        
Disaggregation of Revenue [Line Items]        
Total revenues, net 46,481 49,994 93,656 95,172
Other        
Disaggregation of Revenue [Line Items]        
Total revenues, net $ 17,543 $ 14,081 $ 37,754 $ 22,107
v3.23.2
SEGMENTS - Narrative (Details)
 5 Months Ended
Dec. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.23.2
SEGMENTS - Schedule of Sales and Adjusted EBITDA by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total revenues, net $ 2,141,174 $ 2,050,909 $ 4,130,341 $ 4,021,140
Income tax expense (16,593) (5,300) (27,587) (12,658)
Interest expense (19,748) (10,833) (41,460) (22,449)
Depreciation (23,142) (25,696) (47,445) (48,229)
Amortization of intangible assets (2,574) (2,773) (5,190) (5,615)
Mark to market (losses) gains (1,035) 6,991 (1,857) 8,129
Gain on asset sales 10,387 7,816 14,554 7,816
Incremental charges on biological assets related to the acquisition of Legacy Dole 0 (17,431) 0 (34,944)
Cyber-related incident (571) 0 (5,321) 0
Other items (190) (116) (863) 752
Income from continuing operations 63,745 59,600 98,734 88,239
Loss from discontinued operations, net of income taxes (11,438) (11,195) (25,944) (36,425)
Net income 52,307 48,405 72,790 51,814
Legacy Dole Equity Method Investment        
Segment Reporting Information [Line Items]        
Income tax expense (2,172) (1,161) (2,656) (1,722)
Interest expense (750) (1,046) (2,059) (1,601)
Depreciation (1,903) (2,042) (3,664) (3,635)
Amortization of intangible assets (645) (624) (1,256) (1,290)
Other items 0 12 470 0
Fresh Fruit        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA: 65,816 56,308 135,027 116,705
Diversified Fresh Produce - EMEA        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA: 42,603 38,434 66,009 57,711
Diversified Fresh Produce - Americas & ROW        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA: 14,262 17,061 22,032 29,269
Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues, net 2,172,317 2,103,879 4,192,078 4,108,529
Operating Segments | Fresh Fruit        
Segment Reporting Information [Line Items]        
Total revenues, net 839,043 805,831 1,637,953 1,555,634
Operating Segments | Diversified Fresh Produce - EMEA        
Segment Reporting Information [Line Items]        
Total revenues, net 915,629 849,848 1,713,729 1,641,003
Operating Segments | Diversified Fresh Produce - Americas & ROW        
Segment Reporting Information [Line Items]        
Total revenues, net 417,645 448,200 840,396 911,892
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenues, net $ (31,143) $ (52,970) $ (61,737) $ (87,389)
v3.23.2
OTHER INCOME, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Other Income and Expenses [Abstract]        
Rental income $ 2,119 $ 3,975 $ 4,704 $ 8,099
Unrealized (loss) gain on foreign currency denominated borrowings (1,052) 5,814 (3,347) 7,305
Realized gain on fair value hedges 490 0 468 0
Unrealized (loss) on fair value hedges (616) (1) (100) (1)
Non-cash realized gain on foreign currency denominated borrowings 0 0 0 1,029
Gain (loss) on investments 70 (1,939) 867 (3,608)
Non-service components of net periodic pension benefit (costs) 226 249 (397) 2,499
(Loss) gain on contingent consideration (18) (16) 37 (41)
Other   20 672  
Other (90)     (4,716)
Other income, net $ 1,129 $ 8,102 $ 2,904 $ 10,566
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES - Narrative (Details) - USD ($)
$ in Thousands
May 23, 2022
Jun. 30, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]      
Trade receivables   $ 627,778 $ 610,384
Trade receivables, allowances for credit losses   21,460 18,001
Derecognized trade receivables under non-recourse facilitates   17,800 11,900
Derecognized trade receivables under facilitates with recourse provisions   255,000 237,200
Net advances to growers   127,900 117,400
Other receivables   168,200 152,200
Other receivables, allowances for credit losses   21,000 21,500
Value-Added Taxes Receivable      
Financing Receivable, Past Due [Line Items]      
Other receivables   44,200 39,800
Other receivables, allowances for credit losses   14,000 14,700
Past Due      
Financing Receivable, Past Due [Line Items]      
Net advances to growers   $ 10,600 $ 12,900
Minimum      
Financing Receivable, Past Due [Line Items]      
Term of supply agreement 1 year    
Maximum      
Financing Receivable, Past Due [Line Items]      
Term of supply agreement 10 years    
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Trade Receivables (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Trade receivables, allowances for credit losses at beginning of period $ (18,001)
Additional provisions in the period (4,507)
Write-offs 721
Recoveries of amounts previously reserved 2,768
Balance sheet reclassifications (2,158)
Foreign exchange impact (283)
Trade receivables, allowances for credit losses at end of period $ (21,460)
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES - Schedule of Grower Advances (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Short-Term    
Allowances for advances to growers and suppliers $ (17,018) $ (15,817)
Net advances to growers and suppliers 112,517 106,864
Long-Term    
Net advances to growers and suppliers 15,349 10,486
Secured advances    
Short-Term    
Gross advances to growers and suppliers 73,550 66,485
Allowances for advances to growers and suppliers (13,771) (12,534)
Long-Term    
Gross advances to growers and suppliers 10,770 8,317
Allowance for advances to growers and suppliers (599) 0
Unsecured advances    
Short-Term    
Gross advances to growers and suppliers 55,985 56,196
Allowances for advances to growers and suppliers (3,247) (3,283)
Long-Term    
Gross advances to growers and suppliers 8,335 5,316
Allowance for advances to growers and suppliers $ (3,157) $ (3,147)
v3.23.2
RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Growers Advances (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]  
Allowance for expected credit losses related to grower advances at beginning of period $ (18,964)
Additional provisions in the period (2,359)
Recoveries of amounts previously reserved 542
Balance sheet reclassifications 30
Foreign exchange impact (23)
Allowance for expected credit losses related to grower advances at end of period $ (20,774)
v3.23.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Income Taxes [Line Items]          
Income tax expense $ 16,593 $ 5,300 $ 27,587 $ 12,658  
Income from continuing operations before income taxes and equity earnings $ 75,650 $ 61,749 $ 120,155 $ 97,169  
Irish statutory tax rate 12.50% 12.50% 12.50% 12.50%  
Foreign Tax Authority | Tax Year 2017          
Income Taxes [Line Items]          
Income tax assessment related to transfer pricing         $ 30,000
v3.23.2
INVENTORY (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Finished products $ 206,055 $ 208,671
Raw materials and work in progress 87,059 105,771
Crop growing costs 11,866 26,923
Agricultural and other operating supplies 47,072 52,785
Inventories, net of allowances $ 352,052 $ 394,150
v3.23.2
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
property
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
property
Jun. 30, 2022
USD ($)
building
Dec. 31, 2022
USD ($)
Real Estate [Line Items]          
Assets held for sale $ 10,488,000   $ 10,488,000   $ 645,000
Liabilities held for sale 0   0   0
Actively marketed property $ 29,393,000   29,393,000   $ 31,007,000
Sale of actively marketed property     1,614,000    
Hawaii Land          
Real Estate [Line Items]          
Gain on asset sales   $ 0 3,900,000 $ 0  
Sale of actively marketed property     1,600,000 $ 14,700,000  
Fresh Fruit | Vessels in Latin America | Disposal Group, Held-for-sale, Not Discontinued Operations          
Real Estate [Line Items]          
Number of held-for-sale assets sold | property 2        
Net book value of disposal group assets $ 1,000,000.0   1,000,000.0    
Fresh Fruit | Vessels in Latin America | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate [Line Items]          
Net book value of disposal group assets 100,000   100,000    
Gain on asset sales 5,500,000        
Fresh Fruit | Property in Latin America | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate [Line Items]          
Net book value of disposal group assets 200,000   200,000    
Gain on asset sales 4,800,000        
Diversified Fresh Produce - Americas & ROW | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate [Line Items]          
Net book value of disposal group assets 300,000   300,000    
Gain on asset sales     $ 300,000    
Diversified Fresh Produce - Americas & ROW | Properties in US | Disposal Group, Held-for-sale, Not Discontinued Operations          
Real Estate [Line Items]          
Number of held-for-sale assets sold | property     2    
Net book value of disposal group assets 3,400,000   $ 3,400,000    
Diversified Fresh Produce - Americas & ROW | Properties in US | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate [Line Items]          
Net book value of disposal group assets 100,000   $ 100,000    
Gain on asset sales 100,000        
Diversified Fresh Produce - EMEA | Property in Ireland | Disposal Group, Held-for-sale, Not Discontinued Operations          
Real Estate [Line Items]          
Number of held-for-sale assets sold | property     1    
Net book value of disposal group assets 200,000   $ 200,000    
Diversified Fresh Produce - EMEA | Building Located In Europe | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate [Line Items]          
Number of held-for-sale assets sold | building       2  
Net book value of disposal group assets   $ 2,800,000   $ 2,800,000  
Gain on asset sales       $ 7,800,000  
Fresh Vegetables | Disposal Group, Held-for-sale, Not Discontinued Operations          
Real Estate [Line Items]          
Net book value of disposal group assets $ 6,900,000   $ 6,900,000    
v3.23.2
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY - Rollforward of Assets Held for Sale (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Assets Held for Sale [Roll Forward]  
Balance at beginning of period $ 645
Additions 11,457
Sales (1,620)
Foreign exchange impact 6
Balance at end of period $ 10,488
v3.23.2
ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY - Rollforward of Actively Marketed Property (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Actively Marketed Assets [Roll Forward]  
Balance at beginning of period $ 31,007
Land sales (1,614)
Balance at end of period $ 29,393
v3.23.2
DEBT - Schedule of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total debt, gross $ 1,235,034 $ 1,251,253
Bank overdrafts 20,285 8,623
Finance lease obligations 30,354 29,885
Unamortized debt discounts and debt issuance costs (16,125) (17,874)
Total debt, net 1,218,909 1,233,379
Current maturities, net of unamortized debt discounts and debt issuance costs (268,203) (97,435)
Bank overdrafts (20,285) (8,623)
Long-term debt, net $ 930,421 $ 1,127,321
Weighted average discount rate of finance lease obligations 4.10% 3.70%
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Total debt, gross $ 153,547 $ 183,909
Line of Credit | Other revolving credit facilities    
Debt Instrument [Line Items]    
Total debt, gross $ 88,796 $ 73,999
Weighted average interest rate 6.80% 4.80%
Loans Payable | Term Loan A and Term Loan B    
Debt Instrument [Line Items]    
Total debt, gross $ 817,425 $ 823,875
Loans Payable | Vessel financing loans    
Debt Instrument [Line Items]    
Total debt, gross 82,125 89,479
Loans Payable | Other long-term financing arrangements    
Debt Instrument [Line Items]    
Total debt, gross $ 42,502 $ 41,483
v3.23.2
DEBT - Narrative (Details)
 1 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Aug. 03, 2021
USD ($)
facility
Debt Instrument [Line Items]        
Debt outstanding $ 1,235,034,000 $ 1,235,034,000 $ 1,251,253,000  
Line of Credit        
Debt Instrument [Line Items]        
Current borrowing capacity 432,000,000.0 432,000,000.0 401,100,000  
Line of Credit | Subsidiaries        
Debt Instrument [Line Items]        
Maximum borrowing capacity 243,200,000 243,200,000 252,300,000  
Current borrowing capacity 131,300,000 131,300,000 167,600,000  
Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 600,000,000
Debt outstanding $ 153,547,000 $ 153,547,000 183,909,000  
Line of Credit | Revolving Credit Facility | SOFR        
Debt Instrument [Line Items]        
Adjustment to basis spread 0.10%      
Basis spread 0.10%      
Interest rate benchmark   0.00%    
Line of Credit | Revolving Credit Facility | SOFR | Minimum        
Debt Instrument [Line Items]        
Basis spread   1.00%    
Line of Credit | Revolving Credit Facility | SOFR | Maximum        
Debt Instrument [Line Items]        
Basis spread   2.75%    
Line of Credit | Revolving Credit Facility | Base Rate | Minimum        
Debt Instrument [Line Items]        
Basis spread   0.00%    
Line of Credit | Revolving Credit Facility | Base Rate | Maximum        
Debt Instrument [Line Items]        
Basis spread   1.75%    
Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Revolving credit facility drawn amount $ 14,500,000 $ 14,500,000 15,000,000.0  
Loans Payable | Term Loan A and Term Loan B        
Debt Instrument [Line Items]        
Number of term loan facilities | facility       2
Debt outstanding $ 817,425,000 817,425,000 $ 823,875,000  
Loans Payable | Term Loan A        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 300,000,000
Periodic principal payment   $ 1,900,000    
Loans Payable | Term Loan A | SOFR        
Debt Instrument [Line Items]        
Adjustment to basis spread 0.10%      
Interest rate benchmark   0.00%    
Loans Payable | Term Loan A | SOFR | Minimum        
Debt Instrument [Line Items]        
Basis spread   1.00%    
Loans Payable | Term Loan A | SOFR | Maximum        
Debt Instrument [Line Items]        
Basis spread   2.75%    
Loans Payable | Term Loan A | Base Rate | Minimum        
Debt Instrument [Line Items]        
Basis spread   0.00%    
Loans Payable | Term Loan A | Base Rate | Maximum        
Debt Instrument [Line Items]        
Basis spread   1.75%    
Loans Payable | Term Loan B        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 540,000,000
Periodic principal payment   $ 1,400,000    
Loans Payable | Term Loan B | SOFR        
Debt Instrument [Line Items]        
Interest rate benchmark   0.00%    
Loans Payable | Term Loan B | SOFR | Minimum        
Debt Instrument [Line Items]        
Adjustment to basis spread 0.11%      
Basis spread   2.00%    
Loans Payable | Term Loan B | SOFR | Maximum        
Debt Instrument [Line Items]        
Adjustment to basis spread 0.72%      
Basis spread   2.25%    
Loans Payable | Term Loan B | Base Rate | Minimum        
Debt Instrument [Line Items]        
Basis spread   1.00%    
Loans Payable | Term Loan B | Base Rate | Maximum        
Debt Instrument [Line Items]        
Basis spread   1.25%    
v3.23.2
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pension Plan | UNITED STATES        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost $ 53 $ 64 $ 107 $ 128
Interest cost 2,231 1,236 4,462 2,471
Expected return on plan assets (3,307) (2,819) (6,613) (5,637)
Amortization of:        
Net (gain) loss (145) 0 (290) 0
Prior service benefit 0 0 0 0
Curtailments, settlements and terminations, net 0 0 0 0
Foreign exchange and other 0 0 0 0
Net periodic cost (benefit) (1,168) (1,519) (2,334) (3,038)
Pension Plan | International Pension Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 1,293 1,119 2,587 2,281
Interest cost 2,910 2,175 5,820 4,350
Expected return on plan assets (2,048) (1,911) (4,096) (3,827)
Amortization of:        
Net (gain) loss (531) 597 (1,063) 1,166
Prior service benefit (158) (136) (317) (334)
Curtailments, settlements and terminations, net 711 205 2,332 (1,025)
Foreign exchange and other 15 293 (30) 116
Net periodic cost (benefit) 2,192 2,342 5,233 2,727
OPRB Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 0 1 0 1
Interest cost 173 111 346 221
Expected return on plan assets 0 0 0 0
Amortization of:        
Net (gain) loss (77) 0 (154) 0
Prior service benefit 0 0 0 0
Curtailments, settlements and terminations, net 0 0 0 0
Foreign exchange and other 0 0 0 0
Net periodic cost (benefit) $ 96 $ 112 $ 192 $ 222
v3.23.2
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Defined Benefit Plan, Plan Assets, Allocation [Line Items]        
Contributions to defined benefit plans     $ 1.3  
Benefit payments     8.9  
Expected contributions to defined benefit plans during remainder of year $ 1.1   1.1  
Expected benefit payments during remainder of year 8.9   8.9  
International Pension Plans | Pension Plan, Latin America and Europe        
Defined Benefit Plan, Plan Assets, Allocation [Line Items]        
Net settlement costs $ 0.7   $ 2.3  
Net settlement and curtailment costs   $ 0.2    
Net gains       $ 1.0
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)
kr in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2023
SEK (kr)
Derivative [Line Items]    
Deferred gains (losses) to be reclassified over the next 12 months $ 24.4  
Cash flow hedges    
Derivative [Line Items]    
Deferred gains (losses) to be reclassified over the next 12 months $ (5.1)  
Line of Credit | Revolving Credit Facility | Minimum    
Derivative [Line Items]    
Interest rate 0.42% 0.42%
Line of Credit | Revolving Credit Facility | Minimum | SOFR    
Derivative [Line Items]    
Basis spread on variable rate 2.50% 2.50%
Line of Credit | Revolving Credit Facility | Maximum    
Derivative [Line Items]    
Interest rate 5.22% 5.22%
Line of Credit | Revolving Credit Facility | Maximum | SOFR    
Derivative [Line Items]    
Basis spread on variable rate 5.09% 5.09%
Interest rate swap contracts    
Derivative [Line Items]    
Notional amount $ 700.0 kr 22.0
Deferred gains (losses) to be reclassified over the next 12 months 29.5  
Interest rate swap contracts | SOFR    
Derivative [Line Items]    
Notional amount $ 700.0  
Interest rate swap contracts | Loans Payable | Term Loan A    
Derivative [Line Items]    
Floor rate 0.10% 0.10%
Interest rate swap contracts | Loans Payable | Term Loan B    
Derivative [Line Items]    
Floor rate 0.11% 0.11%
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amounts (Details) - 6 months ended Jun. 30, 2023
€ in Millions, £ in Millions, kr in Millions, $ in Millions
USD ($)
t
EUR (€)
GBP (£)
SEK (kr)
Foreign currency forward contracts:        
Derivative [Line Items]        
Notional amount $ 35.4 € 229.4 £ 10.2  
Interest rate swap contracts:        
Derivative [Line Items]        
Notional amount $ 700.0     kr 22.0
Bunker fuel hedges        
Derivative [Line Items]        
Nonmonetary notional amount (in metric tons) 12,800      
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value by Balance Sheet Location (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Accrued Liabilities    
Derivative [Line Items]    
Derivative liability $ (6,666) $ (9,328)
Accrued Liabilities | Foreign currency forward contracts: | Fair value hedges    
Derivative [Line Items]    
Derivative liability 0 0
Accrued Liabilities | Interest rate swap contracts:    
Derivative [Line Items]    
Derivative liability 0 0
Accrued Liabilities | Bunker fuel hedges    
Derivative [Line Items]    
Derivative liability (1,386) (3,396)
Other Assets    
Derivative [Line Items]    
Derivative asset 54,130 59,104
Other Assets | Foreign currency forward contracts: | Fair value hedges    
Derivative [Line Items]    
Derivative asset 0 0
Other Assets | Interest rate swap contracts:    
Derivative [Line Items]    
Derivative asset 54,130 59,104
Other Assets | Bunker fuel hedges    
Derivative [Line Items]    
Derivative asset 0 0
Other Receivables, net    
Derivative [Line Items]    
Derivative asset 555 1,366
Other Receivables, net | Foreign currency forward contracts: | Fair value hedges    
Derivative [Line Items]    
Derivative asset 359 4
Other Receivables, net | Interest rate swap contracts:    
Derivative [Line Items]    
Derivative asset 0 0
Other Receivables, net | Bunker fuel hedges    
Derivative [Line Items]    
Derivative asset 0 0
Designated as Hedging Instrument | Accrued Liabilities | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative liability (5,157) (5,726)
Designated as Hedging Instrument | Other Assets | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative asset 0 0
Designated as Hedging Instrument | Other Receivables, net | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative asset 46 490
Non-designated cash flow hedges | Accrued Liabilities | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative liability (123) (206)
Non-designated cash flow hedges | Other Assets | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative asset 0 0
Non-designated cash flow hedges | Other Receivables, net | Foreign currency forward contracts: | Cash flow hedges    
Derivative [Line Items]    
Derivative asset $ 150 $ 872
v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS - Realized and Unrealized Gain (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of sales Cost of sales Cost of sales Cost of sales
Net gains (losses) deferred in Accumulated Other Comprehensive Loss $ 2,338 $ 9,145 $ (4,044) $ 34,343
Accumulated Other Comprehensive Loss        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 8,388 10,731 (4,829) 45,103
Cost of Sales        
Derivative [Line Items]        
Realized net gains (losses): (2,840)   (4,843)  
Unrealized net gains (losses): 201 1,269 1,464 5,357
Other Income, net        
Derivative [Line Items]        
Realized net gains (losses): 490   468  
Unrealized net gains (losses): (616) (1) (100)  
Foreign currency forward contracts: | Accumulated Other Comprehensive Loss | Cash flow hedges | Designated as Hedging Instrument        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 3,142 4,273 145 11,027
Foreign currency forward contracts: | Accumulated Other Comprehensive Loss | Cash flow hedges | Non-designated cash flow hedges        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 0 0 0 0
Foreign currency forward contracts: | Accumulated Other Comprehensive Loss | Fair value hedges        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 0 0 0 0
Foreign currency forward contracts: | Cost of Sales        
Derivative [Line Items]        
Realized net gains (losses):   1,123   1,876
Foreign currency forward contracts: | Cost of Sales | Designated as Hedging Instrument        
Derivative [Line Items]        
Realized net gains (losses):   5,373   6,564
Foreign currency forward contracts: | Cost of Sales | Non-designated cash flow hedges        
Derivative [Line Items]        
Realized net gains (losses):   803   3,329
Foreign currency forward contracts: | Cost of Sales | Cash flow hedges | Designated as Hedging Instrument        
Derivative [Line Items]        
Realized net gains (losses): (3,124)   (5,039)  
Unrealized net gains (losses): 0 0 0 0
Foreign currency forward contracts: | Cost of Sales | Cash flow hedges | Non-designated cash flow hedges        
Derivative [Line Items]        
Realized net gains (losses): 745   922  
Unrealized net gains (losses): 342 (802) (186) 400
Foreign currency forward contracts: | Cost of Sales | Fair value hedges        
Derivative [Line Items]        
Realized net gains (losses): 0   0  
Unrealized net gains (losses): 0 0 0 4,957
Foreign currency forward contracts: | Other Income, net        
Derivative [Line Items]        
Realized net gains (losses):   0   0
Foreign currency forward contracts: | Other Income, net | Designated as Hedging Instrument        
Derivative [Line Items]        
Realized net gains (losses):   0   0
Foreign currency forward contracts: | Other Income, net | Non-designated cash flow hedges        
Derivative [Line Items]        
Realized net gains (losses):   0   0
Foreign currency forward contracts: | Other Income, net | Cash flow hedges | Designated as Hedging Instrument        
Derivative [Line Items]        
Realized net gains (losses): 0   0  
Unrealized net gains (losses): 0 0 0 0
Foreign currency forward contracts: | Other Income, net | Cash flow hedges | Non-designated cash flow hedges        
Derivative [Line Items]        
Realized net gains (losses): 0   0  
Unrealized net gains (losses): (6) 0 0 0
Foreign currency forward contracts: | Other Income, net | Fair value hedges        
Derivative [Line Items]        
Realized net gains (losses): 490   468  
Unrealized net gains (losses): (610) (1) (100) (1)
Bunker fuel hedges | Accumulated Other Comprehensive Loss        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 0 0 0 0
Bunker fuel hedges | Cost of Sales        
Derivative [Line Items]        
Realized net gains (losses): (461) 7,299 (726) 11,769
Unrealized net gains (losses): (141) 2,071 1,650 0
Bunker fuel hedges | Other Income, net        
Derivative [Line Items]        
Realized net gains (losses): 0 0 0 0
Unrealized net gains (losses): 0 0 0 0
Interest rate swap contracts: | Accumulated Other Comprehensive Loss        
Derivative [Line Items]        
Net gains (losses) deferred in Accumulated Other Comprehensive Loss 5,246 6,458 (4,974) 34,076
Interest rate swap contracts: | Cost of Sales        
Derivative [Line Items]        
Unrealized net gains (losses): 0 0 0 0
Interest rate swap contracts: | Other Income, net        
Derivative [Line Items]        
Unrealized net gains (losses): $ 0 $ 0 $ 0 $ 0
v3.23.2
FAIR VALUE MEASUREMENTS - Schedule of Assets and Labilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 63,369 $ 66,194
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 48,019 51,142
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 15,350 15,052
Foreign currency forward contracts:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 555 1,366
Liabilities at fair value (5,280) (5,932)
Foreign currency forward contracts: | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Liabilities at fair value 0 0
Foreign currency forward contracts: | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 555 1,366
Liabilities at fair value (5,280) (5,932)
Foreign currency forward contracts: | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Liabilities at fair value 0 0
Bunker fuel hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value (1,386) (3,396)
Bunker fuel hedges: | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Bunker fuel hedges: | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value (1,386) (3,396)
Bunker fuel hedges: | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Interest rate swap contracts:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 54,130 59,104
Interest rate swap contracts: | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Interest rate swap contracts: | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 54,130 59,104
Interest rate swap contracts: | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Rabbi Trust investments, short-term    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 5,676 5,367
Rabbi Trust investments, short-term | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Rabbi Trust investments, short-term | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Rabbi Trust investments, short-term | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 5,676 5,367
Rabbi Trust investments, long-term    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 16,572 16,498
Rabbi Trust investments, long-term | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Rabbi Trust investments, long-term | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 0 0
Rabbi Trust investments, long-term | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets at fair value 16,572 16,498
Contingent consideration:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value (644) (1,791)
Contingent consideration: | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Contingent consideration: | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Contingent consideration: | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value (644) (1,791)
Contingent consideration, less current portion    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value (6,254) (5,022)
Contingent consideration, less current portion | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Contingent consideration, less current portion | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value 0 0
Contingent consideration, less current portion | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities at fair value $ (6,254) $ (5,022)
v3.23.2
FAIR VALUE MEASUREMENTS - Fair Value Assets with Unobservable Inputs (Details) - Rabbi Trust investments:
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at beginning of period $ 21,865
Net realized and unrealized losses recognized in earnings 867
Plan contributions 1,150
Plan distributions (1,634)
Balance at end of period 22,248
Realized gains 300
Unrealized gains $ 600
v3.23.2
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Investments $ 22,200 $ 21,900
Short-term investments 5,676 5,367
Long-term investments $ 16,500 $ 16,500
v3.23.2
FAIR VALUE MEASUREMENTS - Fair Value Liabilities with Unobservable Inputs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance at beginning of period     $ (6,813)  
Additions     (1,118)  
Payments     1,169  
Remeasurement gain $ (18) $ (16) 37 $ (41)
Foreign exchange impact     (173)  
Balance at end of period $ (6,898)   $ (6,898)  
v3.23.2
FAIR VALUE MEASUREMENTS - Fair Value Liabilities with Unobservable Inputs (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Unamortized debt issuance costs $ 16,125 $ 17,874
Total debt, gross 1,235,034 1,251,253
Level 2 | Term Loan A and Term Loan B | Carrying value, net of unamortized debt issuance costs    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair value of debt 801,582 806,326
Unamortized debt issuance costs 15,844 17,549
Total debt, gross 817,426 823,875
Level 2 | Term Loan A and Term Loan B | Estimated fair value    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair value of debt $ 810,273 $ 795,039
v3.23.2
CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Nov. 09, 2022
USD ($)
Jun. 30, 2023
USD ($)
lawsuit
Jun. 30, 2023
USD ($)
lawsuit
Dec. 31, 2022
USD ($)
Feb. 29, 2020
USD ($)
May 06, 2013
USD ($)
DBCP Cases            
Concentration Risk [Line Items]            
Pending lawsuits | lawsuit   180 180      
Damages claimed     $ 17,800.0      
Number of cases resulted in judgments | lawsuit     24      
Former Shell Site            
Concentration Risk [Line Items]            
Estimated possible loss           $ 310.0
Former Shell Site | Shell            
Concentration Risk [Line Items]            
Lawsuit related costs incurred $ 266.6          
Former Shell Site | BHC            
Concentration Risk [Line Items]            
Lawsuit related costs incurred $ 133.3          
Percentage of defendant's lawsuit costs attributable to other party 0.500          
Former Shell Site, Costs Associated With Lawsuit            
Concentration Risk [Line Items]            
Estimated possible loss           $ 90.0
Former Shell Site, Costs Associated With Lawsuit | BHC            
Concentration Risk [Line Items]            
Reimbursement of attorney fees   $ 26.7        
Unfavorable Regulatory Action            
Concentration Risk [Line Items]            
Estimated possible loss         $ 20.0  
Letter Of Credit, Bank And Surety Bonds            
Concentration Risk [Line Items]            
Guarantees   58.6 $ 58.6 $ 61.4    
Bank Borrowings And Equity Method Investments            
Concentration Risk [Line Items]            
Guarantees   $ 6.0 $ 6.0 $ 9.2    
Minimum | Letter Of Credit, Bank And Surety Bonds            
Concentration Risk [Line Items]            
Guarantee term     1 year      
Maximum | Letter Of Credit, Bank And Surety Bonds            
Concentration Risk [Line Items]            
Guarantee term     20 years      
v3.23.2
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 24, 2023
May 17, 2023
Mar. 06, 2023
Mar. 14, 2022
Apr. 30, 2023
Jan. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Capital stock, shares authorized (in shares)             600,000,000.0   600,000,000.0    
Common stock, shares authorized (in shares)             300,000,000   300,000,000   300,000,000
Preferred stock, shares authorized (in shares)             300,000,000.0   300,000,000.0    
Common stock, shares outstanding (in shares)             94,929,000   94,929,000   94,899,000
Preferred stock, shares outstanding (in shares)             0   0   0
Common stock initially reserved for issuance (in shares)             7,400,000   7,400,000    
Shares available for future issuance (in shares)             5,700,000   5,700,000    
Shares available for future issuance under awards granted (in shares)             1,600,000   1,600,000    
Stock-based compensation expense             $ 1,500 $ 1,300 $ 2,800 $ 2,000  
Unrecognized compensation cost             11,600   11,600    
Cash dividend paid (in USD per share) $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08          
Value of cash dividend paid         $ 7,700 $ 7,700          
Amount available to declare or pay a dividend             236,400   236,400    
Net gains (losses)             52,307 48,405 72,790 51,814  
Interest expense             19,748 10,833 41,460 22,449  
Cost of sales             1,944,601 1,885,400 3,754,729 3,703,836  
Reclassification out of Accumulated Other Comprehensive Income | Fair Value of Derivatives                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Net gains (losses)             4,200 5,800 8,400 6,200  
Interest expense             7,200 (300) 13,400 (1,000)  
Cost of sales             $ (3,000) $ 6,100 $ (5,000) 7,200  
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Net gains (losses)                   $ (5,400)  
Restricted Stock Units (RSUs)                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period                 3 years    
Restricted Stock Units (RSUs) | Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period                 1 year    
Restricted Stock Units (RSUs) | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period                 3 years    
v3.23.2
STOCKHOLDERS’ EQUITY - Dividends Declared and Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 24, 2023
May 17, 2023
Mar. 06, 2023
Mar. 14, 2022
Apr. 30, 2023
Jan. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity [Abstract]                    
Cash dividend paid (in USD per share) $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08        
Dividends             $ (7,687) $ (7,623) $ (15,377) $ (15,230)
v3.23.2
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Equity at beginning of period $ 1,304,128 $ 1,286,674 $ 1,227,304 $ 1,212,630 $ 1,286,674 $ 1,212,630
Total other comprehensive income (loss) 4,045   (34,315)   9,371 (9,509)
Equity at end of period 1,336,228 1,304,128 1,218,872 1,227,304 1,336,228 1,218,872
Fair Value of Derivatives            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Equity at beginning of period 34,035 40,417 33,829 8,631 40,417 8,631
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes (1,237) 3,432 12,574 25,801    
Amounts reclassified from accumulated other comprehensive loss (4,148) (4,223) (5,798) (373)    
Tax reclassified from accumulated other comprehensive loss 7,723 (5,591) 2,369 (230)    
Total other comprehensive income (loss) 2,338 (6,382) 9,145 25,198    
Equity at end of period 36,373 34,035 42,974 33,829 36,373 42,974
Pension & Other Postretirement Benefits            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Equity at beginning of period (36,938) (36,938) (59,822) (59,822) (36,938) (59,822)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes 0 0 0 0    
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0    
Tax reclassified from accumulated other comprehensive loss 0 0 0 0    
Total other comprehensive income (loss) 0 0 0 0    
Equity at end of period (36,938) (36,938) (59,822) (59,822) (36,938) (59,822)
Foreign Currency Translation            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Equity at beginning of period (98,008) (107,612) (74,969) (74,728) (107,612) (74,728)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes 960 9,604 (38,882) (5,686)    
Amounts reclassified from accumulated other comprehensive loss 0 0 0 5,445    
Tax reclassified from accumulated other comprehensive loss 0 0 0 0    
Total other comprehensive income (loss) 960 9,604 (38,882) (241)    
Equity at end of period (97,048) (98,008) (113,851) (74,969) (97,048) (113,851)
Accumulated Other Comprehensive Loss            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]            
Equity at beginning of period (100,911) (104,133) (100,962) (125,919) (104,133) (125,919)
Other comprehensive income (loss) attributable to Dole plc before reclassifications, net of income taxes (277) 13,036 (26,308) 20,115    
Amounts reclassified from accumulated other comprehensive loss (4,148) (4,223) (5,798) 5,072    
Tax reclassified from accumulated other comprehensive loss 7,723 (5,591) 2,369 (230)    
Total other comprehensive income (loss) 3,298 3,222 (29,737) 24,957    
Equity at end of period $ (97,613) $ (100,911) $ (130,699) $ (100,962) $ (97,613) $ (130,699)
v3.23.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]    
Investments in unconsolidated affiliates $ 125,828 $ 124,234
Equity method investments 122,400 120,900
Other investments $ 3,400 $ 3,300
v3.23.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Sales And Purchases From Other Unconsolidated Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]        
Revenues, net $ 2,141,174 $ 2,050,909 $ 4,130,341 $ 4,021,140
Other Unconsolidated Affiliates        
Schedule of Equity Method Investments [Line Items]        
Purchases 41,087 43,289 75,225 79,053
Other Unconsolidated Affiliates | Related Party        
Schedule of Equity Method Investments [Line Items]        
Revenues, net $ 23,417 $ 23,181 $ 54,008 $ 55,465
v3.23.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Amounts Due To and From Other Unconsolidated Affiliates (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]    
Amounts due from investments in unconsolidated affiliates presented within trade receivables $ 627,778 $ 610,384
Amounts due from investments in unconsolidated affiliates presented within other receivables 142,167 132,947
Amounts due from investments in unconsolidated affiliates presented within other assets 33,495 15,034
Amounts due to investments in unconsolidated affiliates presented within accounts payable (650,967) (640,620)
Other Unconsolidated Affiliates | Related Party    
Schedule of Equity Method Investments [Line Items]    
Amounts due from investments in unconsolidated affiliates presented within trade receivables 11,513 27,950
Amounts due from investments in unconsolidated affiliates presented within other receivables 10,290 3,224
Amounts due from investments in unconsolidated affiliates presented within other assets 8,437 8,396
Amounts due to investments in unconsolidated affiliates presented within accounts payable $ (15,296) $ (9,225)
v3.23.2
EARNINGS (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Earnings Per Share [Abstract]        
Income from continuing operations $ 63,745 $ 59,600 $ 98,734 $ 88,239
Less: Net income attributable to noncontrolling interests (10,032) (7,133) (16,356) (11,936)
Income from continuing operations attributable to Dole plc 53,713 52,467 82,378 76,303
Loss from discontinued operations, net of income taxes   (11,195)   (36,425)
Net income attributable to Dole plc $ 42,275 $ 41,272 $ 56,434 $ 39,878
Weighted average number of shares outstanding:        
Weighted average shares - basic (in shares) 94,909 94,878 94,904 94,878
Effect of share options with a dilutive effect (in shares) 203 35 164 33
Weighted average shares - diluted (in shares) 95,112 94,913 95,068 94,911
Basic:        
Continuing operations (in USD per share) $ 0.57 $ 0.55 $ 0.86 $ 0.80
Discontinued operations (in USD per share) (0.12) (0.12) (0.27) (0.38)
Net income per share attributable to Dole plc - basic (in USD per share) 0.45 0.43 0.59 0.42
Diluted:        
Continuing operations (in USD per share) 0.56 0.55 0.86 0.80
Discontinued operations (in USD per share) (0.12) (0.12) (0.27) (0.38)
Net income per share attributable to Dole plc - diluted (in USD per share) $ 0.44 $ 0.43 $ 0.59 $ 0.42
v3.23.2
SUBSEQUENT EVENTS (Details)
Aug. 16, 2023
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Cash dividend declared (in USD per share) $ 0.08