Equity Method Investments

12 Months Ended

Dec. 31, 2011

Equity Method Investments [Abstract]

Equity Method Investments

Note 23 — Equity Method Investments

Dole’s consolidated net income (loss) includes the proportionate share of the net income or loss of Dole’s equity method investments in affiliates. When Dole records the proportionate share of net income, it increases earnings from equity method investments in Dole’s consolidated statements of operations and the carrying value in that investment. Conversely, when Dole records the proportionate share of a net loss, it decreases earnings from equity method investments in Dole’s consolidated statements of operations and the carrying value in that investment. Dole eliminates from its consolidated financial results all significant intercompany transactions, including the intercompany portion of transactions with equity method investees.

The summarized financial information presented below represents the combined accounts (at 100 percent) of Dole’s equity method investees:

Summarized Statement of Operations information for fiscal year	2011		2010		2009
	(In thousands)
Revenues, net	$	1,650,199	$	1,183,877	$	1,157,173
Gross margin		241,997		424,397		484,460
Operating income		36,594		35,095		48,497
Net income		12,431		19,444		28,956

Summarized Balance Sheet information	December 31, 2011		January 1, 2011
	(In thousands)
Current assets	$	535,212	$	441,281
Noncurrent assets		342,714		242,142
Total assets		877,926		683,423
Current liabilities		407,384		217,726
Noncurrent liabilities		218,176		230,955
Total liabilities		625,560		448,681
Shareholders’ equity		237,879		223,526
Equity attributable to noncontrolling interests		14,487		11,216
Total equity		252,366		234,742
Dole’s total equity method investments		96,867		87,343

During the year ended December 31, 2011, purchases from Dole’s equity method investees were approximately $203 million, and sales to Dole’s equity method investees were approximately $77 million. In addition, Dole incurred approximately $21 million in costs during 2011 related to operating service agreements with certain equity method investees.

During the fourth quarter of 2011, Dole signed a definitive agreement to invest $6 million for a 30% ownership in Healthy Foods, LLC (“Healthy Foods”). Healthy Foods produces the yonanas^® frozen treat maker.