11-K 1 cqb11k2011.htm CQB 11K 2011


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 11-K
 
(Mark One)
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2011
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from             to             
Commission file number 1-1550
 
Full title of the plan and the address of the plan if different from that of the issuer named below:
CHIQUITA SAVINGS AND INVESTMENT PLAN
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Chiquita Brands International, Inc.
Chiquita Center
250 East Fifth Street
Cincinnati, Ohio 45202













Index
 
 
 
 
Page(s)
 
 
Report of Independent Registered Public Accounting Firm
1

 
 
Financial Statements
 
 
 
Statements of Net Assets Available for Benefits at December 31, 2011 and 2010
2

 
 
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2011 and 2010
3

 
 
Notes to Financial Statements
4 – 9

 
 
Supplemental Schedules *
 
 
 
Schedule of Assets (Held at End of Year)
10

 
 
Schedule of Delinquent Participant Contributions
11

 
 
Signature
12

 
 
Exhibits
 
 
 
Consent of Independent Registered Public Accounting Firm
Exhibit 23.1

 
*
Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.






Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
Chiquita Savings and Investment Plan

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of Chiquita Savings and Investment Plan (the “Plan”) at December 31, 2011 and 2010, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedules of assets (held at end of year) and of delinquent participant contributions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  These supplemental schedules are the responsibility of the Plan's management.  The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP
Cincinnati, Ohio
June 27, 2012

1





Chiquita Savings and Investment Plan
Statements of Net Assets Available for Benefits
 
 
 
December 31,
2011
 
2010
Investments, at fair value
 
$
137,595,295

 
$
132,949,026

Contributions receivable:
 
 
 
 
Due from Participants
 
41,974

 
46,496

Due from Company
 
53,043

 
354,525

Notes receivable from participants
 
5,221,312

 
5,240,048

Net assets available for benefits
 
$
142,911,624

 
$
138,590,095

See accompanying notes to financial statements.

2




Chiquita Savings and Investment Plan
Statements of Changes in Net Assets Available for Benefits
 
 
 
Year Ended December 31,
2011
 
2010
Additions:
 
 
 
 
Investment income:
 
 
 
 
Dividends
 
$
1,661,029

 
$
1,374,066

Interest
 
235,509

 
244,936

Net (depreciation) appreciation in fair value of investments
 
(3,517,537
)
 
11,541,311

 
 
(1,620,999
)
 
13,160,313

Contributions:
 
 
 
 
Participant
 
8,039,964

 
8,260,489

Company
 
8,897,218

 
9,293,561

Rollover
 
336,875

 
162,877

 
 
17,274,057

 
17,716,927

Deductions:
 
 
 
 
Distributions to participants
 
(11,331,529
)
 
(12,402,408
)
 
 
 
 
 
Increase in net assets available for benefits
 
4,321,529

 
18,474,832

 
 
 
 
 
Net assets available for benefits:
 
 
 
 
Beginning of the year
 
138,590,095

 
120,115,263

End of the year
 
$
142,911,624

 
$
138,590,095

See accompanying notes to financial statements.

3




Chiquita Savings and Investment Plan
Notes to Financial Statements
December 31, 2011 and 2010
Note 1 – Plan Description
The following description of the Chiquita Savings and Investment Plan (the “Plan”) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan available for participation by substantially all full-time and part-time domestic nonunion employees of Chiquita Brands International, Inc. (the “Company” or the “Plan Sponsor”) and its participating subsidiaries who have completed 60 days of service and have attained the age of 21. Although it is anticipated that the Plan will continue indefinitely, the Board of Directors of the Company can amend, suspend or terminate the Plan at any time, subject to the provisions of the Plan, the Internal Revenue Code of 1986 (the “IRC”) and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In the event of Plan termination, active participants become 100% vested in their accounts.
The Plan Document was amended and restated effective January 1, 2011 to incorporate all plan amendments since the last restatement. No amendments were made to the Plan during 2011.
Participant Accounts
Participants may have up to six accounts under the Plan:
 
Account
  
Description of Account
Employee Accounts:
  
 
Employee Before-Tax Contributions


  
Reflect all before-tax, after-tax Designated Roth,
Employee After-Tax Designated Roth Contributions
  
 catch-up and rollover contributions, and the income,
Rollover Contributions
 
losses, withdrawals and distributions attributable to such
 
 
employee contributions.
Company Accounts:
 
 
Matching Contributions
  
Reflect a participant’s share of Company contributions,
Profit Sharing Contributions
 
profit-sharing contributions of certain merged plans,
Non-elective Contributions
 
and an amount equal to a participant’s unspent employee
 
  
credits contributed prior to January 1, 2004 from the
 
 
Company’s separate welfare benefit plans, and the
 
 
income, losses, withdrawals and distributions attributable
 
 
to such contributions.
Participant Contributions
Participants may elect to defer as a Before-Tax Contribution or After-Tax Designated Roth Contribution any whole percentage of their compensation from 1% to 50%, subject to the non-discrimination standards of the IRC. A participant's taxable compensation is reduced by the amount of Before-Tax Contributions, and those amounts are contributed to the Plan on the participant's behalf by the Company. A participant's Before-Tax Contributions and Designated Roth Contributions in any one year are also limited to a fixed dollar maximum ($16,500 for 2011 and 2010), as specified by the IRC. The first 6% of compensation contributed to the Plan (“Eligible Participant Contributions”) is eligible for employer matching contributions. In July 2002, participants age 50 or older could begin making catch-up contributions if they contributed the maximum elective deferral under the Plan. A participant's catch-up contributions in any one year are limited to a fixed dollar maximum ($5,500 for 2011 and 2010), as specified by the IRC
Eligible employees hired on or after July 2, 2007 are automatically enrolled in a 2% payroll reduction that is contributed to the Plan on the participant's behalf as a Before-Tax Contribution, unless and until the participant affirmatively elects otherwise. Such contributions will be invested in the Plan's default fund, which is the target retirement fund closest to the participant's estimated retirement year, unless and until the participant elects otherwise.
Participants are permitted to direct up to 10% of their new contributions to the Chiquita Common Stock Fund and allocate existing amounts in other investment options, provided that at no time may a participant's holdings in the Chiquita Common Stock Fund exceed 50% of his or her total holdings in the Plan.

4



The Plan also accepts rollover contributions (“Rollovers”) from other qualified plans and from certain individual retirement accounts. Rollovers are credited to a participant's Rollover Contributions Account, are treated in a manner similar to Before-Tax Contributions or Designated Roth Contributions (consistent with the manner they were treated as in the previous plan) for Plan accounting and federal income tax purposes, but are not eligible for matching contributions by the Company.
Company Contributions
The Company makes a Basic Matching Contribution and may make a Discretionary Matching Contribution, as described below. These contributions are based on Eligible Participant Contributions. The Company's matching contributions are subject to the non-discrimination standards of the IRC.
Basic Matching Contributions: The Basic Matching Contribution (also referred to as the “Safe Harbor Matching Contribution) is 100% of a participant's Before-Tax Contributions and/or After-Tax Designated Roth Contributions up to 6% of compensation in 2011 and 2010, respectively.
Discretionary Matching Contributions: The Company may, at its discretion, make an additional contribution to the account of each participant who is actively employed by the Company on the last day of the Plan year. In 2011 and 2010, Discretionary Matching Contributions were 50% of the participant's Before-Tax Contributions and/or After-Tax Designated Roth Contributions up to 6% of compensation. Discretionary match contributions were $2,883,578 and $2,951,662 for the Plan years ended December 31, 2011 and 2010, respectively.
All Company matching contributions are made in cash. There were no non-elective or profit sharing contributions made for 2011 or 2010.
Under the IRC, a participant's annual Before-Tax Contributions, After-Tax Designated Roth Contributions, employer Matching Contributions and Non-elective Contributions for any calendar year cannot exceed the lesser of a fixed dollar amount ($49,000 for 2011 and 2010) or 100% of the participant's compensation for that calendar year.
Investment Options
The Plan offers a variety of investment options, primarily mutual funds. Subject to the limits on investments in the Chiquita Common Stock Fund described above, participants are permitted to direct their new contributions, and allocate prior contributions, to any of the Plan's investment options. Participants may change the investment allocation of accumulated account balances daily. A participant's future contribution deferral amount and investment allocation may be changed with each pay period. The Plan Administrator may change any of the investment funds offered to participants at its discretion.
Vesting and Forfeitures
Participants are fully vested in their Employee Accounts and their Non-elective Contributions Accounts. Vesting for the Verdelli participants merged accounts follows the vesting schedule adopted by the Verdelli Plan. Contributions and related earnings are vested at a rate of 20% each year, starting after two years of service. Any contributions made by Verdelli participants into the Plan on or after January 1, 2009, including related earnings, are vested using the Plan vesting schedule. Vesting service for the Verdelli participants is based on the date of hire with Verdelli.
Basic Matching and Discretionary Contributions made by the Company for periods prior to January 1, 2009 and the related earnings become vested at a rate of 20% for each year of service to the Company. Basic Matching Contributions made by the Company for periods after January 1, 2009 and the related earnings are fully vested at the time the contribution is made. Any Discretionary Matching Contributions made by the Company for periods after January 1, 2009 and the related earnings become vested at a rate of 20% for each year of service to the Company. A participant with less than five years of service becomes fully vested in his or her Matching Contributions Account immediately at age 65 while still actively employed or when employment terminates as a result of retirement, death, or disability.
The non-vested portions of a terminating participant's Company Accounts are forfeited upon termination and are used to reduce future Company contributions. Cumulative forfeitures available to offset Company contributions were $31,526 and $0 at December 31, 2011 and 2010, respectively. During the years ended December 31, 2011 and 2010, forfeitures used to offset Company contributions was $235,318 and $260,015, respectively.
Withdrawals and Distributions
A participant’s account may be withdrawn only in limited circumstances, as permitted by the IRC and the Plan.
Upon termination of service, a participant may apply to receive a distribution of the vested portion of his or her account balance in a lump-sum amount or, if the vested portion exceeds $5,000, leave the account balance in the Plan until age 65. If the participant's account is greater than $1,000 and less than $5,000, the participant may elect to receive distribution in a single lump-sum in cash and/or direct rollover. If the participant does not specify an election, the payment will be automatically rolled over to an individual retirement plan designated by the Plan Administrator. If the participant's account is less than $1,000, the participant

5



will receive a lump-sum amount. Distributions consist of cash or shares of Chiquita common stock if invested in the Chiquita Common Stock Fund and cash from all other investment funds, at the participant's election.
Notes Receivable from Participants
The Plan has a loan feature under which active participants may borrow up to 50% of the present value of their vested and nonforfeitable account balance (up to a maximum of $50,000). The loan must bear interest at a rate reasonable at the time of application. The Plan has established a fixed interest rate which is the prime rate plus 1%. Loans are repaid via payroll deduction over a period of not less than one year or more than five years, except for loans used to purchase a primary residence, which are repaid over a period of up to ten years. The participant may prepay the entire outstanding balance of the loan at any time. Upon participant termination, retirement or death, the outstanding loan balance is treated as a distribution to the participant if repayment is not made by the participant within 60 days after notification is received by the participant.
Note 2 – Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting.
Use of Estimates
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. The most significant of these estimates and assumptions relate to fair value measurements of the Plan investments. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from those estimates.
Valuation of Investments
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See note 4 for discussion of fair value measurements.
The Plan presents in its Statement of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in fair value of investments which consists of realized gains and losses, as well as the unrealized appreciation (depreciation) on these investments.
Securities Transactions
Purchases and sales of investments are recorded on a trade date basis.
Dividend and Interest Income
Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued and unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.
Distributions to Participants
Distributions to participants are reported when paid.
Administrative Expenses
While it has no obligation to do so, the Company has provided certain administrative services to the Plan for no compensation and has paid professional fees for the benefit of the Plan. Certain expenses of the Plan are netted against investment income.
New Accounting Standards 
 
 
 
 
 
 
 
Issue Date
 
Description
 
Effective Date for The
Plan
 
Effect on The
Plan’s Financial
Statements
January 2010
 
Expanded disclosures for Level 3 fair value measurements to include separate disclosures of purchases, sales, issuances and settlements.
 
Prospectively, beginning
January 1, 2011.
 
The Plan has no
level 3 investments.

6



Note 3 – Investments
The following investments, at fair value, represent 5% or more of the Plan’s net assets available for benefits:
 
 
December 31,
2011
 
2010
*
Wells Fargo Cash Investment Money Market
$
35,143,020

 
$
31,247,212

*
Wells Fargo S&P 500 Index
11,299,648

 
11,565,982

 
Wells Fargo Advantage Growth
10,901,611

 
10,025,879

 
Dodge & Cox Stock Fund
7,693,864

 
8,104,380

 
American Funds Euro Pacific Growth
7,617,869

 
9,198,602

*
Wells Fargo Advantage Small Cap Value
7,217,878

 
8,630,252

* Denotes party-in-interest
During 2011 and 2010, the Plan’s investment balances (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
 
 
 
Year Ended December 31,
2011
 
2010
Mutual funds
 
$
(3,350,182
)
 
$
8,858,196

Common collective trust (Wells Fargo S&P 500 Index)
 
294,785

 
3,083,026

Chiquita Brands International, Inc. common stock
 
(462,140
)
 
(399,911
)
 
 
$
(3,517,537
)
 
$
11,541,311

Note 4 – Fair Value Measurements
Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest):
 
 
 
Level 1 –
 
observable prices in active markets for identical assets and liabilities;
Level 2 –
 
observable inputs other than quoted market prices in active markets for identical assets and liabilities, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs; and
Level 3 –
 
unobservable inputs.
A description of the valuation methodologies used for assets measured at fair value is as follows:
Mutual funds: Mutual funds held by the Plan are publicly traded in active markets and are valued using the closing price of shares held by the Plan at December 31, 2011 and 2010.
Common collective trust fund: Common collective trust fund values are determined by reference to the funds’ underlying assets, which are principally marketable equity and fixed income securities at December 31, 2011 and 2010.
Chiquita Common Stock Fund (Managed Fund): The Chiquita Common Stock Fund holds the Company's common stock and a small amount of cash equivalents and is valued at the unit value, which is principally determined by the closing price of the Company's common stock on the New York Stock Exchange at December 31, 2011 and 2010.
There have been no changes in the methodologies used at December 31, 2011 and 2010. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The Plan carried the following assets at fair value:


7



 
 
Total
 
Fair Value Measurements Using
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Unobservable
Inputs
(Level 3)
December 31, 2011:
 
 
 
 
 
 
 
 
Money market fund
 
$
35,143,020

 
$
35,143,020

 
$

 
$

Mutual funds – value
 
18,063,376

 
18,063,376

 

 

Mutual funds – fixed income
 
13,253,798

 
13,253,798

 

 

Mutual funds – growth
 
23,839,531

 
23,839,531

 

 

Mutual funds – foreign
 
9,241,140

 
9,241,140

 

 

Mutual funds – target retirement
 
25,899,192

 
25,899,192

 

 

Common collective trust - equity
 
11,299,648

 

 
11,299,648

 

Chiquita common stock
 
855,590

 
855,590

 

 

 
 
$
137,595,295

 
$
126,295,647

 
$
11,299,648

 
$

December 31, 2010:
 
 
 
 
 
 
 
 
Money market fund
 
$
31,247,212

 
$
31,247,212

 
$

 
$

Mutual funds – value
 
19,652,015

 
19,652,015

 

 

Mutual funds – balanced
 
5,412,621

 
5,412,621

 

 

Mutual funds – fixed income
 
11,620,932

 
11,620,932

 

 

Mutual funds – growth
 
22,957,680

 
22,957,680

 

 

Mutual funds – foreign
 
11,552,977

 
11,552,977

 

 

Mutual funds – target retirement
 
17,888,794

 
17,888,794

 

 

Common collective trust - equity
 
11,565,982

 

 
11,565,982

 

Chiquita common stock
 
1,050,813

 
1,050,813

 

 

 
 
$
132,949,026

 
$
121,383,044

 
$
11,565,982

 
$

The Plan adopted the amended fair value measurements and disclosures guidance as it relates to investments in entities calculating Net Asset Value (“NAV”) or an equivalent measure of fair value. As a practical expedient, the amendments permit, but do not require, the Plan to measure the fair value of certain investments based on the investee's NAV or its equivalent. Investments valued using NAV as a practical expedient as of December 31, 2011 and 2010 consisted of the Wells Fargo S&P 500 Index (“WFSP”).
The WFSP invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. stock market's value. The key risk for the fund is the volatility that comes with its full exposure to the stock market. The NAV of the WFSP is determined using the market value or fair value, if market data is unavailable, of the underlying investments. The WFSP allows for daily liquidity with no additional days notice required for redemption for participant directed transactions.  The fair value of the fund at December 31, 2011 and 2010 was $11,299,648 and $11,565,982, respectively. Based upon information provided by the trustee, the account is fully liquid and events limiting the account's ability to transact at NAV are not probable.

Note 5 – Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Note 6 – Related Party Transactions
The Plan has invested in the Chiquita Common Stock Fund, which primarily invests in shares of the Company's common stock. As of December 31, 2011 and 2010, the Plan's interest in the Chiquita Common Stock Fund represented 164,304 and 128,177 units of the Company's common stock fund with fair market values of $855,590 and $1,093,907, respectively. During the years ended December 31, 2011 and 2010, the Plan sold 29,620 and 23,437 units, respectively, and purchased 65,747 and 20,625 units, respectively, of the Chiquita Common Stock Fund.
Certain Plan investments are shares of registered investment companies managed by Wells Fargo. Wells Fargo is the Trustee and recordkeeper of the Plan. These transactions qualify as party-in-interest transactions. All purchases and sales were market

8



transactions.
 
While it has no obligation to do so, the Company has provided certain administrative services to the Plan for no compensation and has paid professional fees for the benefit of the Plan.
Note 7 – Tax Status
As of January 1, 2011, the Plan has filed for, but has not received, a determination letter from the Internal Revenue Service (“IRS”) stating that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has received an acknowledgement of request for determination of its tax status from the IRS. The Plan Administrator believes the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt. Prior to January 1, 2011, the Plan was operating in accordance with the determination letter from the IRS dated April 3, 2003, which stated that the Plan is qualified under Section 401(a) of the IRS and, therefore, the related trust is exempt from taxation.
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2008.

Note 8 – Financial Statements versus Form 5500 Filing Differences
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2011 and 2010: 
 
 
Year Ended December 31,
2011
 
2010
Net assets available for benefits per the financial statements
 
$
142,911,624

 
$
138,590,095

 
 
 
 
 
Deemed distributions
 
(24,466
)
 
(44,345
)
Net assets available for benefits per the Form 5500
 
$
142,887,158

 
$
138,545,750

The following is a reconciliation of total benefit payments per the financial statements to the Form 5500 as of December 31, 2011 and 2010: 
 
 
Year Ended December 31,
2011
 
2010
Total distributions to participants per financial statements
 
$
(11,331,529
)
 
$
(12,402,408
)
 
 
 
 
 
Amounts allocated to withdrawing participants at December 31, 2009
 

 
33,698

 
 
 
 
 
Total benefit payments per Form 5500
 
$
(11,331,529
)
 
$
(12,368,710
)
The following is a reconciliation of deemed distributions per the financial statements to the Form 5500 as of December 31, 2011:
 
 
Total deemed distributions per financial statements
$

Deemed distributions associated with defaulted participant loans
19,879

 
 
Total deemed distributions per Form 5500
$
19,879

 
 

9




Chiquita Savings and Investment Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2011
EIN No. 04-1923360, Plan No. 003
 
 
 
Identity of Issue, Borrower,
Lessor, or Similar Party
 
Description of investment including maturity
date, rate of interest, collateral, par,
or maturity value
 
Cost
 
Current
Value
*
 
Wells Fargo Cash Investment
Money Market
 
Money Market Fund
 
35,143,020

 
shares
 
**
 
$
35,143,020

*
 
Wells Fargo S&P 500 Index
 
Common Collective Trust
 
249,385

 
units
 
**
 
11,299,648

*
 
Wells Fargo Advantage Growth
 
Mutual Fund
 
296,562

 
shares
 
**
 
10,901,611

 
 
Dodge & Cox Stock Fund
 
Mutual Fund
 
75,697

 
shares
 
**
 
7,693,864

 
 
American Funds Euro Pacific Growth
 
Mutual Fund
 
216,848

 
shares
 
**
 
7,617,869

*
 
Wells Fargo Advantage Small Cap
Value
 
Mutual Fund
 
241,805

 
shares
 
**
 
7,217,878

 
 
T. Rowe Price Mid Cap Growth
 
Mutual Fund
 
107,112

 
shares
 
 
 
5,648,033

*
 
Wells Fargo Advantage Government
Securities
 
Mutual Fund
 
485,959

 
shares
 
**
 
5,462,178

 
 
Vanguard Target Retirement 2025
 
Mutual Fund
 
436,976

 
shares
 
**
 
5,361,700

 
 
Dodge & Cox Income Fund
 
Mutual Fund
 
369,431

 
shares
 
**
 
4,913,432

 
 
American Growth Fund
 
Mutual Fund
 
135,183

 
shares
 
**
 
3,882,466

 
 
Vanguard Target Retirement 2035
 
Mutual Fund
 
305,900

 
shares
 
**
 
3,826,810

 
 
Vanguard Target Retirement 2030
 
Mutual Fund
 
170,043

 
shares
 
**
 
3,557,294

 
 
Hartford Small Company HLS
 
Mutual Fund
 
199,615

 
shares
 
**
 
3,407,421

*
 
Vanguard Target Retirement 2040
 
Common Stock
 
162,430

 
shares
 
**
 
3,329,823

 
 
Vanguard Selected Value
 
Mutual Fund
 
169,534

 
shares
 
**
 
3,151,634

 
 
Vanguard Target Retirement 2020
 
Mutual Fund
 
134,615

 
shares
 
**
 
2,919,804

 
 
Vanguard Target Retirement 2015
 
Mutual Fund
 
201,898

 
shares
 
**
 
2,483,345

 
 
Vanguard Target Retirement 2045
 
Mutual Fund
 
152,512

 
shares
 
**
 
1,962,831

 
 
Pimco High Yield Fund
 
Mutual Fund
 
199,925

 
shares
 
**
 
1,795,329

 
 
Lazard Emerging Markets Equity Intsl
 
Mutual Fund
 
96,623

 
shares
 
**
 
1,623,271

 
 
Vanguard Target Retirement 2050
 
Mutual Fund
 
71,504

 
shares
 
**
 
1,459,389

 
 
Pimco Real Return Fund
 
Mutual Fund
 
91,846

 
shares
 
**
 
1,082,859

 
 
Chiquita Brands International, Inc. Common Stock
 
Common Stock
 
164,304

 
shares
 
**
 
855,590

 
 
Vanguard Target Retirement 2010
 
Mutual Fund
 
34,142

 
shares
 
**
 
765,807

 
 
Vanguard Target Retirement 2005
 
Mutual Fund
 
19,398

 
shares
 
**
 
232,389

*
 
Notes Receivable from Participants
 
Participant Loans
 
Interest rates range from
4.25% to 9.25%; maturities
at various dates through 2020
 
5,196,846

 
 
 
 
 
 
 
 
$
142,792,141

*
Denotes party-in-interest.
**
Cost information is not required for participant-directed investments.

10




Chiquita Savings and Investment Plan
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions
Years Ended December 31, 2011 and 2010
EIN No. 04-1923360, Plan No. 003
 
 
 
Total that Constitute Nonexempt Prohibited
Transactions
 
Total Fully
Corrected Under
VFCP and PTE
2002-51
Participant Contributions Transferred Late to Plan
 
Contributions
Not Corrected
 
Contributions
Corrected
Outside
VFCP
 
Contributions
Pending
Correction in
VFCP
 
Check here if Late
Participant Loan
Repayments are included:
 
$

 
$
7,070

*
$

 
$

 
*
Late employee contributions in 2010 attributable to the last pay period in 2010. These late contributions were fully corrected in January 2011.

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SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
CHIQUITA SAVINGS AND INVESTMENT PLAN
 
 
 
 
 
 
 
 
Date: June 27, 2012
 
 
 
By:
 
/s/ Kevin R. Holland
 
 
 
 
 
 
Kevin R. Holland
 
 
 
 
 
 
Senior Vice President and Chief People Officer
 
 
 
 
 
 
Chairman, Employee Benefits Committee

12