XML 62 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Danone JV Impairment
9 Months Ended
Sep. 30, 2012
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
Danone JV Impairment
In 2010, the company sold 51% of its European smoothies business to Danone S.A., resulting in a 49% ownership in an equity-method investment, Danone Chiquita Fruits SAS (“Danone JV”). In the third quarter of 2012, the board of directors of the Danone JV approved a change in strategy and the related discontinuation of a key product. As a result, the company determined that the decline in estimated fair value of its equity-method investment was other than temporary and recorded a $28 million loss to fully impair its equity-method investment and to record estimates of probable cash obligations to the Danone JV. This loss is included in “Equity in losses of investees” in the Condensed Consolidated Statements of Income. The company believes its obligations to fund the Danone JV are limited to an aggregate €14 million ($18 million) without unanimous consent of the owners. The Danone JV is a variable interest entity; however, the company is not the primary beneficiary, and does not consolidate it.