Variable Interest Entities
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3 Months Ended |
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Mar. 29, 2013
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Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities One of our Del Monte Gold® Extra Sweet pineapple producers meets the definition of a Variable Interest Entity ("VIE") pursuant to the ASC guidance on “Consolidation” and is consolidated. Our variable interest in this entity includes an equity investment and certain debt guarantees. All of this entity’s pineapple production is sold to us. Based on the criteria of this ASC, as amended, we are the primary beneficiary of this entity’s expected residual returns or losses in excess of our ownership interest. Although we are the primary beneficiary, the VIE’s creditors do not have recourse against our general credit. At March 29, 2013, the VIE had total assets of $44.9 million and total liabilities of $8.7 million. The VIE had long-term debt of $3.4 million, which is collateralized by its property, plant and equipment. As of December 28, 2012, the long term debt was guaranteed by a $0.8 million standby letter of credit issued by us, which expired in January 2013. We expect to issue another standby letter of credit in order to guarantee the VIE's long term debt. As of March 29, 2013, the VIE is current on its long-term debt. There are no other restrictions on the assets of the VIE. We have provided funding for capital investments in the VIE in proportion to our voting interest. We may from time to time in the future provide additional funding for capital investments in the VIE. |