Goodwill and Intangible Assets

3 Months Ended

Mar. 24, 2012

Goodwill and Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 8 — GOODWILL AND INTANGIBLE ASSETS

Goodwill has been allocated to Dole’s reporting segments as follows:

	Fresh Fruit			Fresh Vegetables		Packaged Foods		Total
	(In thousands)
Balance as of December 31, 2011	$	272,743		$	83,508	$	60,611	$	416,862
Additions		—			—		6,853		6,853
Disposals		(11,000	)		—		—		(11,000	)
Balance as of March 24, 2012	$	261,743		$	83,508	$	67,464	$	412,715

During the first quarter of 2012, Dole completed the sale of a German subsidiary in the fresh fruit segment. As a result of the sale, $11 million of goodwill attributable to this subsidiary was written-off. Refer to Note 7 — Assets-Held-For-Sale for further information.

During the first quarter of 2012, Dole completed the acquisition of Mrs. May’s Naturals, Inc. (“Mrs. May’s”), a company committed to providing consumers with wholesome snacks for a healthier lifestyle. Mrs. May’s is part of the packaged foods segment. Pursuant to the terms of the merger agreement, Dole purchased Mrs. May’s for total consideration of approximately $15 million, plus an annual earn-out between $0 and $1 million payable in 2013, 2014 and 2015. The acquisition resulted in goodwill of $6.9 million. In addition, Dole recorded $9.3 million of intangible assets consisting of $7.1 million for customer relationships and $2.2 million for trade names.

Details of Dole’s intangible assets were as follows:

	March 24, 2012			December 31, 2011
	(In thousands)
Amortized intangible assets:
Customer relationships	$	66,601		$	59,501
Other amortized intangible assets		17,440			15,231
		84,041			74,732
Accumulated amortization — customer relationships		(33,150	)		(31,755	)
Other accumulated amortization		(852	)		(579	)
Accumulated amortization — intangible assets		(34,002	)		(32,334	)
Amortized intangible assets, net		50,039			42,398
Indefinite-lived intangible assets:
Trademark and trade names		689,615			689,615
	$	739,654		$	732,013

Amortization expense of intangible assets totaled $1.7 million and $0.9 million in the quarters ended March 24, 2012 and March 26, 2011, respectively.

As of March 24, 2012, the estimated amortization expense associated with Dole’s intangible assets for the remainder of 2012 and in each of the next four fiscal years is as follows (in thousands):

Fiscal Year	Amount
2012 (remainder of the year)	$	6,692
2013	$	6,614
2014	$	5,958
2015	$	5,958
2016	$	5,482
Thereafter	$	19,335