Equity Method Investments

12 Months Ended

Dec. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

The company's share of the (loss) income from equity method investments was $(6) million, $(3) million and $17 million in 2011, 2010 and 2009, respectively, and its investment in these affiliates totaled $17 million and $19 million at December 31, 2011 and 2010, respectively. The company did not have undistributed earnings from its equity method investments at December 31, 2011 and 2010. The company's carrying value of equity method investments was approximately $1 million less than the company's proportionate share of the investees' underlying net assets at both December 31, 2011 and 2010. The amount associated with the property, plant and equipment of the underlying investees was not significant.

Summarized financial information for the company's equity method investments is as follows:



	Years ended December 31,
(In thousands)	2011			2010			2009
Revenue	$	43,287		$	128,166		$	567,739
Gross profit	11,530			23,617			88,562
Net (loss) income¹	(12,824		)	(8,114		)	33,823
	December 31,
(In thousands)	2011			2010
Current assets	$	7,529		$	7,888
Total assets	48,998			55,828
Current liabilities	6,609			9,316
Total liabilities	8,397			11,207


¹	2010 includes approximately $2 million of net income related to Coast Citrus Distributors that was sold in 2010.

The company's primary equity method investments were: the Danone JV, which was formed in May 2010; Coast Citrus Distributors, which was sold in April 2010; and the Asia JV, which was sold in August 2009. See further discussion in Note 20. The company's fourth quarter assessment of the investment in the Danone JV indicated no impairment.

There were no sales by Chiquita to equity method investees for year ended December 31, 2011, however, sales by Chiquita to equity method investees were approximately $13 million and $35 million in the years ended December 31, 2010 and 2009, respectively. No purchases were made by the company from equity method investees in the year ended December 31, 2011 and 2010. Purchases by the company from equity method investees were $10 million in the year ended December 31, 2009.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References+ Details