Assets Held-for-Sale and Actively Marketed Land

12 Months Ended

Dec. 31, 2011

Assets Held-for-Sale and Actively Marketed Land [Abstract]

Assets Held-for-Sale and Actively Marketed Land

Note 9 — Assets Held-for-Sale and Actively Marketed Land

Dole continuously reviews its assets in order to identify those assets 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 businesses and long-lived assets. Accordingly, Dole has reclassified these assets as either held-for-sale or actively marketed land.

Total assets held-for-sale by segment were as follows:

	Fresh Fruit			Fresh Vegetables		Packaged Foods		Fresh-Cut Flowers— Discontinued Operation			Total Assets Held-for-Sale
	(In thousands)
Balance as of January 1, 2011	$	74,641		$	599	$	3,214	$	7,596		$	86,050
Additions		98,247			—		—		—			98,247
Reclassification to actively marketed land		(54,741	)		—		—		—			(54,741	)
Sales		(51,342	)		—		—		(2,573	)		(53,915	)
Balance as of December 31, 2011	$	66,805		$	599	$	3,214	$	5,023		$	75,641

Total liabilities related to assets held-for-sale by segment were as follows:

	Fresh Fruit			Fresh Vegetables		Packaged Foods		Fresh-Cut Flowers— Discontinued Operation		Total Liabilities Held-for-Sale
	(In thousands)
Balance as of January 1, 2011	$	—		$	—	$	—	$	—	$	—
Additions		68,899			—		—		—		68,899
Sales		(19,782	)		—		—		—		(19,782	)
Balance as of December 31, 2011	$	49,117		$	—	$	—	$	—	$	49,117

The major classes of assets and liabilities held-for-sale included in Dole’s consolidated balance sheet at December 31, 2011 were as follows:

	Fresh Fruit		Fresh Vegetables		Packaged Foods		Fresh-Cut Flowers— Discontinued Operations		Total Assets Held-for-Sale
	(In thousands)
Assets held-for-sale:
Receivables	$	47,240	$	—	$	—	$	—	$	47,240
Inventories		2,209		—		—		—		2,209
Prepaid expenses and other assets		269		—		—		—		269
Property, plant and equipment, net of accumulated depreciation		15,948		599		3,214		5,023		24,784
Other assets, net		1,139		—		—		—		1,139
Total assets held-for-sale	$	66,805	$	599	$	3,214	$	5,023	$	75,641

	Fresh Fruit		Fresh Vegetables		Packaged Foods		Fresh-Cut Flowers— Discontinued Operations		Total Liabilities Related  to Held-for-Sale
	(In thousands)
Liabilities related to assets held-for-sale:
Accounts payable	$	45,088	$	—	$	—	$	—	$	45,088
Accrued liabilities		2,179		—		—		—		2,179
Other long-term liabilities		1,850		—		—		—		1,850
Total liabilities related to assets held-for-sale	$	49,117	$	—	$	—	$	—	$	49,117

Gains on asset sales by segment for fiscal 2011, 2010 and 2009 were as follows:

	Fresh Fruit		Fresh Vegetables		Packaged Foods		Total from Continuing Operations		Discontinued Operations		Total
	(In thousands)
2011	$	4,541	$	—	$	—	$	4,541	$	339	$	4,880
2010		3,017		—		—		3,017		4,143		7,160
2009		51,164		9,185		908		61,257		1,308		62,565

Proceeds from asset sales by segment for fiscal 2011, 2010 and 2009 were as follows:

	Fresh Fruit		Fresh Vegetables		Packaged Foods		Total from Continuing Operations		Discontinued Operations		Total
	(In thousands)
2011	$	32,683	$	—	$	—	$	32,683	$	2,912	$	35,595
2010		26,053		—		—		26,053		13,748		39,801
2009		112,248		44,534		1,876		158,658		21,097		179,755

Fresh Fruit

During fiscal 2011, Dole added $98.2 and $68.9 million to the assets held-for-sale and liabilities related to assets held-for-sale balances, respectively. These balances primarily relate to non-core Dole subsidiaries in Germany and Dole Food España, S.A.U. (“Dole Spain”), which are part of the European ripening and distribution business within the fresh fruit segment. Dole added $50.9 million and $49.1 million, respectively to the assets held-for-sale and liabilities related to assets held-for-sale balances for the German subsidiary. Dole entered into an agreement to sell the German subsidiary during the fourth quarter of 2011. The sale is expected to close during the first half of 2012 subject to the satisfaction of certain conditions. The German subsidiary results of operations have not been classified into discontinued operations because Dole expects to have significant continuing involvement with the subsidiary subsequent to the sale. For Dole Spain, Dole added $45 million and $19.8 million, respectively to the assets held-for-sale and liabilities related to assets held-for-sale balances. During the third quarter of 2011, Dole entered into a definitive purchase and sale agreement to sell Dole Spain to a subsidiary of Compagnie Financière de Participations (“CF”), a company in which Dole holds a non-controlling 40% ownership interest. During the fourth quarter of 2011, the sale closed and Dole received cash proceeds of $20.9 million and recorded a gain of $1.3 million. Dole also added $2.3 million during the fourth quarter of 2011 to assets held-for-sale, related to a warehouse located in Italy, which is part of the European ripening and distribution business.

Additionally, Dole sold land in Hawaii during 2011 for cash proceeds of $10.5 million and recorded gains of $3.2 million. During the fourth quarter of 2011, approximately 6,650 acres or $54.7 million of Hawaii land was reclassified from assets held-for-sale to actively marketed land in the consolidated balance sheets. At December 31, 2011, the assets held-for-sale balance in the fresh fruit reporting segment included approximately 2,300 acres of land in Hawaii.

Packaged Foods

At December 31, 2011, the assets held-for-sale balance in the packaged foods reporting segment consisted of approximately 400 acres of peach orchards located in California.

Fresh-Cut Flowers — Discontinued Operation

At December 31, 2011, the assets held-for-sale balance in the fresh-cut flowers — discontinued operation consisted of a portion of the real estate of the former flowers divisions. During the second quarter of 2011, Dole sold a warehouse located in Miami, Florida to the buyer of the flowers business. In addition, Dole sold a farm in Colombia. Related to these sales, Dole received cash proceeds of $2.9 million and recorded a gain of $0.3 million, which is included as a component of gain on disposal of discontinued operations, net of income taxes in the consolidated statement of operations for the year ended December 31, 2011.

Actively Marketed Land

Included in actively marketed land is land that does not meet Dole’s future strategic direction or internal economic return criteria. The land that has been identified is available for sale in its 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 but the timing of sale is uncertain.

During fiscal 2011, Dole added approximately 14,200 acres of Hawaii land with a net book value of $74.8 million to actively marketed land. Of these additions, 6,650 acres with a net book value of $54.7 million were reclassified from assets held-for-sale and the remaining 7,550 acres with a net book value of $20.1 million were reclassified from property, plant and equipment.