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INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | NOTE 22 — INVESTMENTS IN UNCONSOLIDATED AFFILIATES As of December 31, 2024, Dole’s investments in unconsolidated affiliates were $129.3 million, of which $126.2 million represented equity method investments, and $3.1 million represented investments in which Dole does not have significant influence. As of December 31, 2023, Dole’s investments in unconsolidated affiliates were $131.7 million, of which $128.3 million represented equity method investments, and $3.4 million represented investments in which Dole does not have significant influence. There are no significant investees in which Dole holds 20.0% or more of their voting stock that are not accounted for using the equity method of accounting. Dole’s consolidated net income includes its proportionate share of the net income or loss of equity method investments in affiliates. When Dole records its proportionate share of net income, it increases equity method earnings in the consolidated statements of operations and the carrying value in that investment in the consolidated balance sheets. Conversely, when Dole records its proportionate share of a net loss, it decreases equity method earnings in the consolidated statements of operations and the carrying value in that investment in the consolidated balance sheets. Cash dividends received from investments in which Dole does not have significant influence are recorded in other income, net, and have historically not been significant. Investments in Other Unconsolidated affiliates A rollforward of the carrying amount of Dole’s investments in unconsolidated affiliates as of December 31, 2024 and December 31, 2023 was as follows:
| Amount
| (U.S. Dollars in thousands)
Carrying amount as of December 31, 2022 | $ | 124,234 |
Share of income after investee tax | 14,721 |
Additions | 532 |
Subsidiary becoming equity method investment | (84) |
Disposals | (1,046) |
Dividends received from investments | (9,388) |
Foreign exchange impact and other | 2,735 |
Carrying amount as of December 31, 2023 | 131,704 |
Share of income after investee tax | 16,187 |
Impairment of equity method investments | (7,158) |
Additions | 1,769 |
Equity method investment becoming subsidiary | (925) |
Disposals | (985) |
Dividends received from investments | (7,049) |
Foreign exchange impact and other | (4,221) |
Carrying amount as of December 31, 2024 | $ | 129,322 |
The Company’s investees recognized investee income tax expense of $4.9 million, $5.8 million and $4.4 million during the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively, related to equity method investments. These amounts are included within equity method earnings in the consolidated statements of operations. Impairment of equity method investment For the year ended December 31, 2024, the Company recognized an impairment loss on an investment in North America for $7.2 million. Impairment losses for December 31, 2023, and December 31, 2022 were not material. Investments in unconsolidated affiliates becoming subsidiaries For the years ended December 31, 2024, December 31, 2023, and December 31, 2022 step-up acquisitions were not material. Disposal of equity method investees During the year ended December 31, 2024, the Company disposed of a 26% investment in a South African company which had a carrying value of $0.5 million as of the disposal date. As a result of the disposal, the Company recognized a loss of $0.5 million. During the year ended December 31, 2023, the Company disposed of its 50% investment in a U.S company, which had a carrying value of $1.1 million as of the disposal date. As a result of this disposal, the Company recognized a gain of $0.5 million. During the year ended December 31, 2022, the Company disposed of its 50% investment in a fresh produce company based in India, which had a carrying value of $1.1 million as of the disposal date. As a result of this disposal, the Company recognized a $0.6 million loss. Summarized Financial Information - Other Investments Summarized aggregated financial information for all other equity method investments for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 and as of December 31, 2024 and December 31, 2023 are as follows in the tables below. Unless stated otherwise, the information reflects the amounts reported in the financial statements of the investment entities rather than the share attributable to the Company.
| Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Summary Statements of Operations: | (U.S. Dollars in thousands)
Revenue, net | $ | 1,977,013 |  |  | $ | 1,872,916 |  |  | $ | 1,720,489 |
Cost of sales | (1,840,701) |  |  | (1,743,920) |  |  | (1,614,293) |
Other activity | (105,718) |  |  | (103,921) |  |  | (88,759) |
Net income | $ | 30,594 |  |  | $ | 25,075 |  |  | $ | 17,437 |
Net income attributable to Dole plc | $ | 16,187 |  |  | $ | 14,721 |  |  | $ | 7,270 |
| December 31, 2024 |  | December 31, 2023
Summary Balance Sheets: | (U.S. Dollars in thousands)
Current assets | $ | 435,733 |  |  | $ | 398,628 |
Non-current assets | 290,138 |  |  | 315,862 |
Current liabilities | (338,855) |  |  | (295,022) |
Non-current liabilities | (118,954) |  |  | (148,892) |
Noncontrolling interest | (1,945) |  |  | (1,616) |
Net assets | $ | 266,117 |  |  | $ | 268,960 |
Dole plc share of net assets | 104,670 |  |  | 100,263 |
Goodwill | 21,504 |  |  | 28,043 |
Carrying amount of investments | $ | 126,174 |  |  | $ | 128,306 |
Transactions with Other Unconsolidated affiliates The following table presents sales to and purchases from other investments in unconsolidated affiliates 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
|  | (U.S. Dollars in thousands)
Sales |  | $ | 126,396 |  |  | $ | 127,642 |  |  | $ | 121,092 |
Purchases |  | 175,661 |  |  | 166,676 |  |  | 161,841 |
The following tables presents amounts due from and to investments in unconsolidated affiliates as of December 31, 2024 and December 31, 2023:
|  | December 31, 2024 |  | December 31, 2023
|  | (U.S. Dollars in thousands)
Amounts due from investments in unconsolidated affiliates presented within trade receivables |  | $ | 26,053 |  |  | $ | 25,066 |
Amounts due from investments in unconsolidated affiliates presented within other receivables |  | 2,374 |  |  | 4,138 |
Amounts due to investments in unconsolidated affiliates presented within accounts payable |  | (9,788) |  |  | (10,514) |
Amounts due from investments in unconsolidated affiliates presented within other assets |  | 8,132 |  |  | 9,220 |
Reconciliation of Equity Method Earnings The following table provides a reconciliation of equity method earnings in the consolidated statements of operations 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
| (U.S. Dollars in thousands)
Share of equity method earnings, net of investee tax | 16,187 |  |  | 14,721 |  |  | 7,270 |
Impairment of equity method investment | (7,158) |  |  |  |  |
Loss on step-up acquisition of equity method investments | (196) |  |  | — |  |  | — |
(Loss) gain on disposal of equity method investments | (525) |  |  | 470 |  |  | (544) |
Equity method earnings | $ | 8,308 |  |  | $ | 15,191 |  |  | $ | 6,726 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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