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Business Segment Data | 12 Months Ended
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Dec. 27, 2024
Segment Reporting [Abstract] |
Business Segment Data | Business Segment Data We are principally engaged in the production, distribution and marketing of fresh and value-added products and bananas. Our products are sold in markets throughout the world and our major producing operations are located in North, Central and South America, Asia and Africa. Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. •Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks). •Banana •Other products and services - includes our third-party freight and logistic services business, our Jordanian poultry and meats business and our biomass initiatives. Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer ("the CODM Group"). The CODM Group uses segment gross profit, calculated as net sales less cost of products sold, as the primary measure in assessing segment performance and determining allocation of resources, with these determinations generally made as part of our annual budgeting process. Reviews of segment performance by the CODM Group occur regularly throughout the year, including monthly review of budget-to-actual results, which can result in allocation changes if deemed appropriate. The following table provides information by reportable segment, including net sales, cost of products sold and gross profit (U.S. dollars in millions):
| Year ended
| December 27, 2024 |  | December 29, 2023 |  | December 30, 2022
| Net Sales |  | Cost of products sold |  | Gross Profit |  | Net Sales |  | Cost of products sold |  | Gross Profit |  | Net Sales |  | Cost of products sold |  | Gross Profit
Fresh and value-added products | $ | 2,606.9 |  |  | $ | 2,363.6 |  |  | $ | 243.3 |  |  | $ | 2,477.8 |  |  | $ | 2,310.5 |  |  | $ | 167.3 |  |  | $ | 2,581.8 |  |  | $ | 2,398.8 |  |  | $ | 183.0 |
Banana | 1,475.9 |  |  | 1,389.1 |  |  | 86.8 |  |  | 1,638.2 |  |  | 1,474.9 |  |  | 163.3 |  |  | 1,619.8 |  |  | 1,499.1 |  |  | 120.7 |
Other products and services | 197.4 |  |  | 169.6 |  |  | 27.8 |  |  | 204.7 |  |  | 184.6 |  |  | 20.1 |  |  | 240.7 |  |  | 204.2 |  |  | 36.5 |
Totals | $ | 4,280.2 |  |  | $ | 3,922.3 |  |  | $ | 357.9 |  |  | $ | 4,320.7 |  |  | $ | 3,970.0 |  |  | $ | 350.7 |  |  | $ | 4,442.3 |  |  | $ | 4,102.1 |  |  | $ | 340.2 |
The following table indicates our net sales by product (U.S. dollars in millions) and, in each case, the percentage of the total represented thereby:
| Year ended(1)
| December 27, 2024 |  | December 29, 2023 |  | December 30, 2022
Segments: |  |  |  |  |  |  |  |  |  |  |
Fresh and value-added products: |  |  |  |  |  |  |  |  |  |  |
Fresh-cut fruit | $ | 534.0 |  |  | 12 | % |  | $ | 536.2 |  |  | 12 | % |  | $ | 524.7 |  |  | 12 | %
Fresh-cut vegetables | 329.5 |  |  | 8 | % |  | 327.7 |  |  | 8 | % |  | 341.4 |  |  | 8 | %
Pineapples | 657.1 |  |  | 15 | % |  | 622.3 |  |  | 14 | % |  | 584.6 |  |  | 13 | %
Avocados | 354.8 |  |  | 8 | % |  | 271.2 |  |  | 6 | % |  | 311.4 |  |  | 7 | %
Non-tropical fruit | 153.1 |  |  | 4 | % |  | 152.5 |  |  | 4 | % |  | 179.8 |  |  | 4 | %
Prepared foods | 273.6 |  |  | 7 | % |  | 270.9 |  |  | 6 | % |  | 293.4 |  |  | 6 | %
Melons | 108.1 |  |  | 3 | % |  | 95.7 |  |  | 2 | % |  | 94.4 |  |  | 2 | %
Vegetables | 95.9 |  |  | 2 | % |  | 112.2 |  |  | 3 | % |  | 137.3 |  |  | 3 | %
Other fruit and vegetables | 100.8 |  |  | 2 | % |  | 89.1 |  |  | 2 | % |  | 114.8 |  |  | 3 | %
Total fresh and value-added products | 2,606.9 |  |  | 61 | % |  | 2,477.8 |  |  | 57 | % |  | 2,581.8 |  |  | 58 | %
Banana | 1,475.9 |  |  | 34 | % |  | 1,638.2 |  |  | 38 | % |  | 1,619.8 |  |  | 37 | %
Other products and services | 197.4 |  |  | 5 | % |  | 204.7 |  |  | 5 | % |  | 240.7 |  |  | 5 | %
Total | $ | 4,280.2 |  |  | 100 | % |  | $ | 4,320.7 |  |  | 100 | % |  | $ | 4,442.3 |  |  | 100 | %
(1) Certain amounts from prior year have been conformed to current year presentation. The following table indicates our net sales by geographic region (U.S. dollars in millions):
| Year ended
Net sales by geographic region: | December 27, 2024 |  | December 29, 2023 |  | December 30, 2022
North America | $ | 2,541.7 |  |  | $ | 2,578.7 |  |  | $ | 2,721.3 |
Europe | 834.0 |  |  | 830.9 |  |  | 760.5 |
Asia | 411.1 |  |  | 446.4 |  |  | 451.0 |
Middle East | 393.5 |  |  | 384.9 |  |  | 427.9 |
Other | 99.9 |  |  | 79.8 |  |  | 81.6 |
Total net sales | $ | 4,280.2 |  |  | $ | 4,320.7 |  |  | $ | 4,442.3 |
North America accounted for approximately 59% of our net sales for 2024, 60% for 2023 and 61% for 2022. Our earnings are heavily dependent on operations located worldwide; however, our net sales are not dependent on any particular country other than the United States, with no other country accounting for greater than 10% of our net sales in 2024, 2023 and 2022. These operations are a significant factor in the economies of some of the countries in which we operate and are subject to the risks that are inherent in operating in such countries, including government regulations, currency and ownership restrictions and risk of expropriation. Walmart accounted for 9% of our net sales in 2024, 9% of net sales in 2023 and 8% in 2022. These sales are reported in the banana and fresh and value-added products segments. In 2024, our top 10 customers accounted for approximately 32% of net sales as compared with 31% during 2023 and 29% for 2022. The following tables indicate our (i) property, plant, and equipment, net by location and (ii) total assets by location (U.S. dollars in millions):
Property, plant and equipment, net: | December 27, 2024 |  | December 29, 2023
North America | $ | 155.3 |  |  | $ | 175.5 |
Europe | 28.8 |  |  | 34.9 |
Middle East | 48.1 |  |  | 52.5 |
Africa | 32.9 |  |  | 37.0 |
Asia | 85.7 |  |  | 94.4 |
Central America | 616.8 |  |  | 624.7 |
South America | 47.3 |  |  | 51.7 |
Maritime equipment (including containers) | 172.6 |  |  | 181.2 |
Corporate | 4.1 |  |  | 4.5 |
Total property, plant and equipment, net | $ | 1,191.6 |  |  | $ | 1,256.4 |
Total assets: | December 27, 2024 |  | December 29, 2023
North America | $ | 670.9 |  |  | $ | 744.8 |
Europe | 345.1 |  |  | 349.4 |
Middle East | 226.8 |  |  | 239.1 |
Africa | 156.8 |  |  | 150.9 |
Asia | 236.4 |  |  | 242.1 |
Central America | 1,035.6 |  |  | 1,020.5 |
South America | 110.5 |  |  | 134.5 |
Maritime equipment (including containers) | 180.6 |  |  | 187.7 |
Corporate | 133.5 |  |  | 115.1 |
Total assets | $ | 3,096.2 |  |  | $ | 3,184.1 |
Management reviews assets on the basis of geographic region and not by reportable segment, which more closely aligns our capital investment with demand for our products. Costa Rica is our most significant sourcing location and represented approximately 38% of our property, plant and equipment as of December 27, 2024. Excluding the U.S., no other country other than Costa Rica accounted for greater than 10% of our property, plant and equipment as of the years ended December 27, 2024 and December 29, 2023. Total assets by geographic area represent those assets used in the operations of each geographic area.

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- Definition The entire disclosure for reporting segments including data and tables. 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