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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Lease Position The following tables present the lease-related assets and liabilities recorded in the consolidated balance sheets:
| Lease-related assets as of December 31, 2024 |  | Lease-related assets as of December 31, 2023
| Operating lease right-of-use assets |  | Property, plant & equipment, net |  | Operating lease right-of-use assets |  | Property, plant & equipment, net
| (U.S. Dollars in thousands)
Operating leases | $ | 337,468 |  |  | $ | — |  |  | $ | 340,458 |  |  | $ | — |
Finance leases | — |  |  | 76,257 |  |  | — |  |  | 31,618 |
| $ | 337,468 |  |  | $ | 76,257 |  |  | $ | 340,458 |  |  | $ | 31,618 |
| Lease-related liabilities as of December 31, 2024
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 62,896 |  |  | $ | 280,836 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 45,229 |  |  | 28,789 |
| $ | 62,896 |  |  | $ | 280,836 |  |  | $ | 45,229 |  |  | $ | 28,789 |
| Lease-related liabilities as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 63,653 |  |  | $ | 287,991 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 7,573 |  |  | 25,611 |
| $ | 63,653 |  |  | $ | 287,991 |  |  | $ | 7,573 |  |  | $ | 25,611 |
Lease Terms and Discount Rates The weighted-average remaining lease term and discount rate for the Company’s lease profile as of December 31, 2024 and December 31, 2023 was as follows:
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |
Operating leases | 6.9 |  | 8.0
Finance leases | 7.8 |  | 5.8
| December 31, 2024 |  | December 31, 2023
Weighted-average discount rate (%): |  |  |
Operating leases | 5.5% |  | 5.2%
Finance leases | 5.5% |  | 4.2%
Lease Costs The following table presents certain information related to lease costs for finance and operating leases for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Finance lease costs: | (U.S. Dollars in thousands)
Depreciation of lease assets | $ | 9,096 |  |  | $ | 6,852 |  |  | $ | 9,740 |
Interest on lease liabilities | 2,560 |  |  | 1,188 |  |  | 1,223 |
Operating lease costs | 59,311 |  |  | 61,872 |  |  | 65,487 |
Short-term lease costs | 28,477 |  |  | 21,420 |  |  | 14,219 |
Variable lease costs | 8,480 |  |  | 12,320 |  |  | 17,631 |
Sublease income | (134) |  |  | (346) |  |  | (684) |
Total lease costs | $ | 107,790 |  |  | $ | 103,306 |  |  | $ | 107,616 |
Supplementary Cash Flow Data The following represents the disaggregation of certain cash flow supplementary data by finance and operating lease classifications:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: | (U.S. Dollars in thousands)
Operating cash flows from finance leases | $ | 2,560 |  |  | $ | 1,188 |  |  | $ | 1,223 |
Operating cash flows from operating leases | 64,022 |  |  | 63,844 |  |  | 66,684 |
Financing cash flows from finance leases | 13,648 |  |  | 7,393 |  |  | 8,183 |
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (U.S. Dollars in thousands)
Right-of-use assets obtained in exchange for finance lease liabilities | $ | 53,296 |  |  | $ | 9,045 |  |  | $ | 776 |
Right-of-use assets obtained in exchange for operating lease liabilities | 83,434 |  |  | 86,907 |  |  | 91,063 |
The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance and operating lease liabilities recorded on the balance sheet as of December 31, 2024:
| Finance Leases |  | Operating Leases
| (U.S. Dollars in thousands)
2025 | $ | 46,841 |  |  | $ | 81,033 |
2026 | 7,301 |  |  | 71,168 |
2027 | 7,256 |  |  | 63,687 |
2028 | 7,337 |  |  | 45,362 |
2029 | 4,676 |  |  | 37,926 |
Thereafter | 6,106 |  |  | 121,023 |
Total lease payments | 79,517 |  |  | 420,199 |
Less: present value discount | (5,499) |  |  | (76,467) |
| $ | 74,018 |  |  | $ | 343,732
Related Party Lease Transactions In the ordinary course of business, Dole enters into a number of lease agreements with related parties. During the periods presented, Dole, as a lessee, had the following lease liability balances with related parties:
| Lease-related Liabilities with Related Parties as of December 31, 2024 |  | Lease-related Liabilities with Related Parties as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current maturities of operating leases |  | Operating leases, less current maturities
| (U.S. Dollars in thousands)
Operating leases | $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 4,179 |  |  | $ | 18,136 |
Finance leases | — |  |  | — |  |  | 895 |  |  | — |
| $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 5,074 |  |  | $ | 18,136 |
See Note 20 “Related Party Transactions” for revenues and expenses related to leases with related parties. Lessor Accounting The company leases various types of owned properties to external parties, mainly through operating lease agreements. Leasing assets to external parties is not significant to Dole’s operations. Rental income recognized on agreements where Dole acted as the lessor was as follows:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Rental income: | (U.S. Dollars in thousands)
Other income, net | $ | 8,011 |  |  | $ | 8,633 |  | $ | 11,005
LEASES | LEASES Lease Position The following tables present the lease-related assets and liabilities recorded in the consolidated balance sheets:
| Lease-related assets as of December 31, 2024 |  | Lease-related assets as of December 31, 2023
| Operating lease right-of-use assets |  | Property, plant & equipment, net |  | Operating lease right-of-use assets |  | Property, plant & equipment, net
| (U.S. Dollars in thousands)
Operating leases | $ | 337,468 |  |  | $ | — |  |  | $ | 340,458 |  |  | $ | — |
Finance leases | — |  |  | 76,257 |  |  | — |  |  | 31,618 |
| $ | 337,468 |  |  | $ | 76,257 |  |  | $ | 340,458 |  |  | $ | 31,618 |
| Lease-related liabilities as of December 31, 2024
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 62,896 |  |  | $ | 280,836 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 45,229 |  |  | 28,789 |
| $ | 62,896 |  |  | $ | 280,836 |  |  | $ | 45,229 |  |  | $ | 28,789 |
| Lease-related liabilities as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 63,653 |  |  | $ | 287,991 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 7,573 |  |  | 25,611 |
| $ | 63,653 |  |  | $ | 287,991 |  |  | $ | 7,573 |  |  | $ | 25,611 |
Lease Terms and Discount Rates The weighted-average remaining lease term and discount rate for the Company’s lease profile as of December 31, 2024 and December 31, 2023 was as follows:
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |
Operating leases | 6.9 |  | 8.0
Finance leases | 7.8 |  | 5.8
| December 31, 2024 |  | December 31, 2023
Weighted-average discount rate (%): |  |  |
Operating leases | 5.5% |  | 5.2%
Finance leases | 5.5% |  | 4.2%
Lease Costs The following table presents certain information related to lease costs for finance and operating leases for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Finance lease costs: | (U.S. Dollars in thousands)
Depreciation of lease assets | $ | 9,096 |  |  | $ | 6,852 |  |  | $ | 9,740 |
Interest on lease liabilities | 2,560 |  |  | 1,188 |  |  | 1,223 |
Operating lease costs | 59,311 |  |  | 61,872 |  |  | 65,487 |
Short-term lease costs | 28,477 |  |  | 21,420 |  |  | 14,219 |
Variable lease costs | 8,480 |  |  | 12,320 |  |  | 17,631 |
Sublease income | (134) |  |  | (346) |  |  | (684) |
Total lease costs | $ | 107,790 |  |  | $ | 103,306 |  |  | $ | 107,616 |
Supplementary Cash Flow Data The following represents the disaggregation of certain cash flow supplementary data by finance and operating lease classifications:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: | (U.S. Dollars in thousands)
Operating cash flows from finance leases | $ | 2,560 |  |  | $ | 1,188 |  |  | $ | 1,223 |
Operating cash flows from operating leases | 64,022 |  |  | 63,844 |  |  | 66,684 |
Financing cash flows from finance leases | 13,648 |  |  | 7,393 |  |  | 8,183 |
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (U.S. Dollars in thousands)
Right-of-use assets obtained in exchange for finance lease liabilities | $ | 53,296 |  |  | $ | 9,045 |  |  | $ | 776 |
Right-of-use assets obtained in exchange for operating lease liabilities | 83,434 |  |  | 86,907 |  |  | 91,063 |
The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance and operating lease liabilities recorded on the balance sheet as of December 31, 2024:
| Finance Leases |  | Operating Leases
| (U.S. Dollars in thousands)
2025 | $ | 46,841 |  |  | $ | 81,033 |
2026 | 7,301 |  |  | 71,168 |
2027 | 7,256 |  |  | 63,687 |
2028 | 7,337 |  |  | 45,362 |
2029 | 4,676 |  |  | 37,926 |
Thereafter | 6,106 |  |  | 121,023 |
Total lease payments | 79,517 |  |  | 420,199 |
Less: present value discount | (5,499) |  |  | (76,467) |
| $ | 74,018 |  |  | $ | 343,732
Related Party Lease Transactions In the ordinary course of business, Dole enters into a number of lease agreements with related parties. During the periods presented, Dole, as a lessee, had the following lease liability balances with related parties:
| Lease-related Liabilities with Related Parties as of December 31, 2024 |  | Lease-related Liabilities with Related Parties as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current maturities of operating leases |  | Operating leases, less current maturities
| (U.S. Dollars in thousands)
Operating leases | $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 4,179 |  |  | $ | 18,136 |
Finance leases | — |  |  | — |  |  | 895 |  |  | — |
| $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 5,074 |  |  | $ | 18,136 |
See Note 20 “Related Party Transactions” for revenues and expenses related to leases with related parties. Lessor Accounting The company leases various types of owned properties to external parties, mainly through operating lease agreements. Leasing assets to external parties is not significant to Dole’s operations. Rental income recognized on agreements where Dole acted as the lessor was as follows:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Rental income: | (U.S. Dollars in thousands)
Other income, net | $ | 8,011 |  |  | $ | 8,633 |  | $ | 11,005
LEASES | LEASES Lease Position The following tables present the lease-related assets and liabilities recorded in the consolidated balance sheets:
| Lease-related assets as of December 31, 2024 |  | Lease-related assets as of December 31, 2023
| Operating lease right-of-use assets |  | Property, plant & equipment, net |  | Operating lease right-of-use assets |  | Property, plant & equipment, net
| (U.S. Dollars in thousands)
Operating leases | $ | 337,468 |  |  | $ | — |  |  | $ | 340,458 |  |  | $ | — |
Finance leases | — |  |  | 76,257 |  |  | — |  |  | 31,618 |
| $ | 337,468 |  |  | $ | 76,257 |  |  | $ | 340,458 |  |  | $ | 31,618 |
| Lease-related liabilities as of December 31, 2024
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 62,896 |  |  | $ | 280,836 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 45,229 |  |  | 28,789 |
| $ | 62,896 |  |  | $ | 280,836 |  |  | $ | 45,229 |  |  | $ | 28,789 |
| Lease-related liabilities as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current portion of long-term debt, net |  | Long-term debt, net
| (U.S. Dollars in thousands)
Operating leases | $ | 63,653 |  |  | $ | 287,991 |  |  | $ | — |  |  | $ | — |
Finance leases | — |  |  | — |  |  | 7,573 |  |  | 25,611 |
| $ | 63,653 |  |  | $ | 287,991 |  |  | $ | 7,573 |  |  | $ | 25,611 |
Lease Terms and Discount Rates The weighted-average remaining lease term and discount rate for the Company’s lease profile as of December 31, 2024 and December 31, 2023 was as follows:
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |
Operating leases | 6.9 |  | 8.0
Finance leases | 7.8 |  | 5.8
| December 31, 2024 |  | December 31, 2023
Weighted-average discount rate (%): |  |  |
Operating leases | 5.5% |  | 5.2%
Finance leases | 5.5% |  | 4.2%
Lease Costs The following table presents certain information related to lease costs for finance and operating leases for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Finance lease costs: | (U.S. Dollars in thousands)
Depreciation of lease assets | $ | 9,096 |  |  | $ | 6,852 |  |  | $ | 9,740 |
Interest on lease liabilities | 2,560 |  |  | 1,188 |  |  | 1,223 |
Operating lease costs | 59,311 |  |  | 61,872 |  |  | 65,487 |
Short-term lease costs | 28,477 |  |  | 21,420 |  |  | 14,219 |
Variable lease costs | 8,480 |  |  | 12,320 |  |  | 17,631 |
Sublease income | (134) |  |  | (346) |  |  | (684) |
Total lease costs | $ | 107,790 |  |  | $ | 103,306 |  |  | $ | 107,616 |
Supplementary Cash Flow Data The following represents the disaggregation of certain cash flow supplementary data by finance and operating lease classifications:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: | (U.S. Dollars in thousands)
Operating cash flows from finance leases | $ | 2,560 |  |  | $ | 1,188 |  |  | $ | 1,223 |
Operating cash flows from operating leases | 64,022 |  |  | 63,844 |  |  | 66,684 |
Financing cash flows from finance leases | 13,648 |  |  | 7,393 |  |  | 8,183 |
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (U.S. Dollars in thousands)
Right-of-use assets obtained in exchange for finance lease liabilities | $ | 53,296 |  |  | $ | 9,045 |  |  | $ | 776 |
Right-of-use assets obtained in exchange for operating lease liabilities | 83,434 |  |  | 86,907 |  |  | 91,063 |
The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance and operating lease liabilities recorded on the balance sheet as of December 31, 2024:
| Finance Leases |  | Operating Leases
| (U.S. Dollars in thousands)
2025 | $ | 46,841 |  |  | $ | 81,033 |
2026 | 7,301 |  |  | 71,168 |
2027 | 7,256 |  |  | 63,687 |
2028 | 7,337 |  |  | 45,362 |
2029 | 4,676 |  |  | 37,926 |
Thereafter | 6,106 |  |  | 121,023 |
Total lease payments | 79,517 |  |  | 420,199 |
Less: present value discount | (5,499) |  |  | (76,467) |
| $ | 74,018 |  |  | $ | 343,732
Related Party Lease Transactions In the ordinary course of business, Dole enters into a number of lease agreements with related parties. During the periods presented, Dole, as a lessee, had the following lease liability balances with related parties:
| Lease-related Liabilities with Related Parties as of December 31, 2024 |  | Lease-related Liabilities with Related Parties as of December 31, 2023
| Current maturities of operating leases |  | Operating leases, less current maturities |  | Current maturities of operating leases |  | Operating leases, less current maturities
| (U.S. Dollars in thousands)
Operating leases | $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 4,179 |  |  | $ | 18,136 |
Finance leases | — |  |  | — |  |  | 895 |  |  | — |
| $ | 3,346 |  |  | $ | 13,916 |  |  | $ | 5,074 |  |  | $ | 18,136 |
See Note 20 “Related Party Transactions” for revenues and expenses related to leases with related parties. Lessor Accounting The company leases various types of owned properties to external parties, mainly through operating lease agreements. Leasing assets to external parties is not significant to Dole’s operations. Rental income recognized on agreements where Dole acted as the lessor was as follows:
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Rental income: | (U.S. Dollars in thousands)
Other income, net | $ | 8,011 |  |  | $ | 8,633 |  | $ | 11,005

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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