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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The gross balance of goodwill was $477.4 million, with accumulated impairment losses of $47.8 million, as of December 31, 2024 and $525.2 million, with accumulated impairment losses of $11.9 million, as of December 31, 2023. A rollforward of goodwill by reportable segment for the years ended December 31, 2024 and December 31, 2023, was as follows:
| Fresh Fruit |  | Diversified Fresh Produce - EMEA |  | Diversified Fresh Produce - Americas & ROW |  | Total
| (U.S. Dollars in thousands)
Balance as of December 31, 2022 | $ | 273,275 |  |  | $ | 135,625 |  |  | $ | 88,553 |  |  | $ | 497,453 |
Additions | — |  |  | 9,926 |  |  | — |  |  | 9,926 |
Foreign currency and other | — |  |  | 5,725 |  |  | 208 |  |  | 5,933 |
Balance as of December 31, 2023 | 273,275 |  |  | 151,276 |  |  | 88,761 |  |  | 513,312 |
Acquisitions | — |  |  | 662 |  |  | — |  |  | 662 |
Disposals | — |  |  | — |  |  | (35,956) |  |  | (35,956) |
Impairment charge | — |  |  | — |  |  | (36,684) |  |  | (36,684) |
Foreign exchange impact | — |  |  | (11,030) |  |  | (714) |  |  | (11,744) |
Balance as of December 31, 2024 | $ | 273,275 |  |  | $ | 140,908 |  |  | $ | 15,407 |  |  | $ | 429,590 |
See Note 4 “Acquisitions and Divestitures” for additional detail on the Progressive Transaction. Details of Dole’s intangible assets as of December 31, 2024 were as follows:
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  | (U.S. Dollars in thousands)
DOLE brand |  | $ | 306,280 |  |  | $ | — |  |  | $ | 306,280 |
Water rights |  | 4,051 |  |  | — |  |  | 4,051 |
Supplier relationships |  | 23,682 |  |  | (20,172) |  |  | 3,510 |
Customer relationships |  | 109,775 |  |  | (93,219) |  |  | 16,556 |
Other |  | 6,686 |  |  | (5,565) |  |  | 1,121 |
|  | $ | 450,474 |  |  | $ | (118,956) |  |  | $ | 331,518 |
Details of Dole’s intangible assets as of December 31, 2023 were as follows:
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  | (U.S. Dollars in thousands)
DOLE brand |  | $ | 306,280 |  |  | $ | — |  |  | $ | 306,280 |
Water rights |  | 4,068 |  |  | — |  |  | 4,068 |
Supplier relationships |  | 28,485 |  |  | (22,315) |  |  | 6,170 |
Customer relationships |  | 129,673 |  |  | (103,118) |  |  | 26,555 |
Other |  | 13,426 |  |  | (8,987) |  |  | 4,439 |
|  | $ | 481,932 |  |  | $ | (134,420) |  |  | $ | 347,512 |
A rollforward of intangible assets, excluding goodwill, for the years ended December 31, 2024 and December 31, 2023 was as follows:
|  | Amount
|  | (U.S. Dollars in thousands)
Balance as of December 31, 2022 |  | $ | 357,270 |
Additions |  | 20 |
Amortization |  | (10,198) |
Foreign exchange impact and other |  | 420 |
Balance as of December 31, 2023 |  | 347,512 |
Additions |  | 414 |
Disposals |  | (8,047) |
Amortization |  | (7,556) |
Foreign exchange impact and other |  | (805) |
Balance as of December 31, 2024 |  | $ | 331,518 |
Amortization expense for definite-lived intangible assets was $7.6 million, $10.2 million and $10.9 million for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively. As of December 31, 2024, the estimated amortization expense associated with Dole’s intangible assets for each of the next five fiscal years was as follows:
|  | Amount
|  | (U.S. Dollars in thousands)
2025 |  | $ | 5,919 |
2026 |  | 5,401 |
2027 |  | 4,120 |
2028 |  | 3,883 |
2029 |  | 1,505 |
Thereafter |  | 359 |
Total |  | $ | 21,187 |
Dole evaluates goodwill and other indefinite-lived intangible assets for impairment annually during the fourth quarter, or more frequently if an event occurs or circumstances change that would indicate that an impairment may exist. On February 27, 2024, Dole entered into a definitive agreement with PTF Holdings to which Dole agreed to sell its 65.0% stake in the Progressive Produce business to PTF Holdings for gross proceeds of $120.3 million in cash. On March 13, 2024, Dole completed the Progressive Transaction, and the Company concluded that the Progressive Transaction was a triggering event for the Diversified Fresh Produce – Americas & ROW reporting unit. As a result of the sale, $36.0 million of goodwill was allocated to the Progressive Produce business and was included within the carrying amount of the net assets sold. To determine the fair value of the remaining Diversified Fresh Produce – Americas & ROW reporting unit as of March 31, 2024, the Company utilized the income approach to estimate the reporting unit’s projected long-term performance. Level 3 inputs were utilized within the quantitative analysis. Based on the results of the analysis, the Company recorded a goodwill impairment charge of $36.7 million in March 2024. During fiscal year 2024, the Company performed a quantitative assessment of goodwill and the DOLE brand indefinite-lived intangible asset in conjunction with the annual impairment assessment. As of the October 1, 2024 testing date, two of Dole’s reporting units with allocated goodwill was considered at risk of future impairment. The fair value of the Fresh Fruit and Diversified Fresh Produce – Americas & ROW reporting units were approximately 10% and 8% above their carrying amounts, respectively. The fair value of the Diversified Fresh Produce – EMEA reporting unit and the DOLE brand were sufficiently above their carrying amounts. U nfavorable changes to key assumptions, market conditions, and macroeconomic circumstances could result in future impairment. There was no impairment of goodwill or intangible assets recorded for the years ended December 31, 2023 and December 31, 2022.

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