Equity Method Investments

12 Months Ended

Dec. 29, 2012

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	2012		2011		2010
	(In thousands)
Revenues, net	$	1,509,927	$	1,650,199	$	1,183,877
Gross margin		185,597		241,997		424,397
Operating income		26,724		36,594		35,095
Net income		12,696		12,431		19,444

Summarized Balance Sheet information	December 29, 2012		December 31, 2011
	(In thousands)
Current assets	$	473,821	$	535,212
Noncurrent assets		363,222		342,714
Total assets		837,043		877,926
Current liabilities		313,955		407,384
Noncurrent liabilities		243,547		218,176
Total liabilities		557,502		625,560
Shareholders’ equity		263,398		237,879
Equity attributable to noncontrolling interests		16,143		14,487
Total equity		279,541		252,366
Dole’s total equity method investments		102,960		96,867

During the year ended December 29, 2012, purchases from Dole’s equity method investees were approximately $222 million, and sales to Dole’s equity method investees were approximately $109 million. In addition, Dole incurred approximately $9 million in costs during 2012 related to operating service agreements with certain equity method investees.

Dole has one principal equity method investment, Compagnie Financière de Participations (“CF”), a company in which Dole holds a non-controlling 40% ownership interest. CF accounts for approximately 74% of the December 29, 2012 investment balance.