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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The inputs used to measure fair value are based on a hierarchy that prioritizes observable and unobservable inputs used in valuation techniques. These levels, in order of highest to lowest priority, are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the fair values of the Company’s assets and liabilities remeasured at fair value as of December 31, 2024 and December 31, 2023.
|  |  | Fair Value Measurements as of December 31, 2024 Using
| Balance Sheet Classification |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Foreign currency forward contracts: |  | (U.S. Dollars in thousands)
| Other receivables, net |  | $ | — |  |  | $ | 7,553 |  |  | $ | — |  |  | $ | 7,553 |
| Accrued liabilities |  | — |  |  | (2,181) |  |  | — |  |  | (2,181) |
Bunker fuel hedges: | Accrued liabilities |  | — |  |  | (7) |  |  | — |  |  | (7) |
Interest rate swap contracts: |  |  |  |  |  |  |  |  |
| Other receivables, net |  | — |  |  | 278 |  |  | — |  |  | 278 |
| Other assets |  | — |  |  | 24,036 |  |  | — |  |  | 24,036 |
Rabbi Trust investments: |  |  |  |  |  |  |  |  |
| Short-term investments |  | — |  |  | — |  |  | 6,019 |  |  | 6,019 |
| Long-term investments |  | — |  |  | — |  |  | 14,630 |  |  | 14,630 |
Contingent consideration: |  |  |  |  |  |  |  |  |
| Contingent consideration |  | — |  |  | — |  |  | (3,399) |  |  | (3,399) |
| Contingent consideration, less current portion |  | — |  |  | — |  |  | (4,007) |  |  | (4,007) |
Total |  | $ | — |  |  | $ | 29,679 |  |  | $ | 13,243 |  |  | $ | 42,922 |
|  |  | Fair Value Measurements as of December 31, 2023 Using
| Balance Sheet Classification |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Foreign currency forward contracts: |  | (U.S. Dollars in thousands)
| Other receivables, net |  | $ | — |  |  | $ | 1,889 |  |  | $ | — |  |  | $ | 1,889 |
| Accrued liabilities |  | — |  |  | (6,875) |  |  | — |  |  | (6,875) |
Bunker fuel hedges: | Accrued liabilities |  | — |  |  | (129) |  |  | — |  |  | (129) |
Interest rate swap contracts: |  |  |  |  |  |  |  |  |
| Other receivables, net |  | — |  |  | 7,304 |  |  | — |  |  | 7,304 |
| Other assets |  | — |  |  | 29,868 |  |  | — |  |  | 29,868 |
Rabbi Trust investments: |  |  |  |  |  |  |  |  |
| Short-term investments |  | — |  |  | — |  |  | 5,899 |  |  | 5,899 |
| Long-term investments |  | — |  |  | — |  |  | 15,970 |  |  | 15,970 |
Contingent consideration: |  |  |  |  |  |  |  |  |
| Contingent consideration |  | — |  |  | — |  |  | (1,788) |  |  | (1,788) |
| Contingent consideration, less current portion |  | — |  |  | — |  |  | (7,327) |  |  | (7,327) |
Total |  | $ | — |  |  | $ | 32,057 |  |  | $ | 12,754 |  |  | $ | 44,811 |
The table below sets forth a summary of changes in the fair value of the Level 3 investments, excluding contingent consideration and pension assets, for the years ended December 31, 2024 and December 31, 2023:
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| (U.S. Dollars in thousands)
Balance as of December 31, 2022 | $ | 21,865 |
Net realized and unrealized losses recognized in earnings | 1,872 |
Plan contributions | 1,153 |
Plan distributions | (3,021) |
Balance as of December 31, 2023 | 21,869 |
Net realized gains and unrealized losses recognized in earnings* | 1,219 |
Plan contributions | 262 |
Plan distributions | (2,701) |
Balance as of December 31, 2024 | $ | 20,649 |
* Net amount comprised realized gains of $1.3 million and unrealized losses of $0.1 million recorded in other income, net, in the consolidated statements of operations. The assets and liabilities that are required to be recorded at fair value on a recurring basis are derivative instruments, contingent consideration and Rabbi Trust investments. The fair values of the Company’s derivative instruments are determined using Level 2 inputs, which are defined as “o bservable prices that are based on inputs not quoted on active markets but corroborated by market data.” The fair values of the foreign currency forward contracts, the interest rate swaps and bunker fuel hedges were estimated using internal discounted cash flow calculations based upon forward foreign currency exchange rates, bunker fuel futures, interest rate yield curves or quotes obtained from brokers for contracts with similar terms, less any credit valuation adjustments based on Dole’s own credit risk and any counterparties' credit risk. Dole sponsors a non-qualified deferred compensation plan and a frozen non-qualified supplemental defined benefit plan for executives. The plans are funded through investments in Rabbi Trusts. Securities are recorded at fair value with realized and unrealized holding gains or losses included in earnings. As of December 31, 2024, securities totaled $20.6 million, of which $6.0 million was classified as short-term and included in short-term investments in the consolidated balance sheets, and $14.6 million was classified as long-term and included in long-term investments in the consolidated balance sheets. As of December 31, 2023, securities totaled $21.9 million of which $5.9 million was classified as short-term and $16.0 million was classified as long-term. Dole estimates the fair value of its Rabbi Trust investments using prices provided by its custodian, which are based on various third-party pricing services or valuation models developed by the underlying fund managers. The Rabbi Trust investments are held by the custodian in various Master Trust Units (“MTUs”), where the fair value is derived from the individual investment components. Each investment within the MTU is individually valued, after considering gains, losses, contributions and distributions, and the collective value of the MTU represents the total fair value. Dole has evaluated the methodologies used by the custodian to develop the estimate of fair value and assessed whether such valuations are representative of fair value, including net asset value. Dole has determined the valuations to be Level 3 inputs, because they are based upon significant unobservable inputs. The table below sets forth a summary of changes in the fair value of the Level 3 contingent consideration for the years ended December 31, 2024 and December 31, 2023:
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| (U.S. Dollars in thousands)
Balance as of December 31, 2022 | $ | (6,813) |
Additions | (3,854) |
Payments | 1,662 |
Remeasurement gain | 91 |
Foreign exchange impact | (201) |
Balance as of December 31, 2023 | (9,115) |
Additions | (497) |
Payments | 1,567 |
Remeasurement gain | 152 |
Foreign exchange impact | 487 |
Balance as of December 31, 2024 | $ | (7,406) |
The carrying value of contingent consideration in the consolidated balance sheets approximates fair value based on the present value of the expected payments, discounted using a risk-adjusted rate. The expected payments are determined by forecasting the acquiree's earnings over the applicable period. Dole has determined the valuations are Level 3 inputs, because they are based upon significant unobservable inputs. Fair Value of Financial Instruments In estimating the Company’s fair value disclosures for financial instruments, Dole used the following methods and assumptions: Cash and cash equivalents: These items have carrying values reported in the consolidated balance sheets that approximate fair value due to their liquid nature, and they are classified as Level 1. Short-term trade and grower receivables: These items have carrying values reported in the consolidated balance sheets that are net of allowances, and they are classified as Level 2. Trade payables: These items have carrying values reported in the consolidated balance sheets that approximate fair value, and they are classified as Level 2. Notes receivable and notes payable: These items have carrying values reported in the consolidated balance sheets that approximate fair value, and they are classified as Level 2. Long-term grower receivables: These items have carrying values reported in the consolidated balance sheets that are net of allowances, and they are classified as Level 2. Finance and operating leases: The carrying value o f finance lease obligations reported in the consolidated balance sheets approximates fair value based on current interest rates, which contain an element of default risk. The fair value of finance lease obligations is estimated using Level 2 inputs based on quoted prices for those or similar instruments. For operating leases, Dole uses the rate implicit in the lease to discount leases payments to present value, when available. However, most leases do not provide a readily determinable implicit rate. Therefore, the Company’s incremental borrowing rate is used to discount the lease payments based on information available at lease commencement. Interest-bearing loans and borrowings: For floating rate interest-bearing loans and borrowings with a contractual repricing date of less than one year, the nominal amount is deemed to reflect fair value. For loans with repricing dates of greater than one year, f air value is calculated based on the present value of the expected future principal and interest cash flows, discounted at interest rates effective at the reporting date and adjusted for movements in credit spreads. Based on these inputs, these instruments are classified as Level 2. Fair Value of Debt Dole estimates the fair valu e of its Term Loan A and Term Loan B based on the bid side of current quoted market prices. The carrying value, net of debt issuance costs, and gross estimated fair value of these term loans based on Level 2 inputs in the fair value hierarchy are summarized below:
| December 31, 2024 |  | December 31, 2023
| (U.S. Dollars in thousands)
Carrying value, net of unamortized debt issuance costs | $ | 694,362 |  |  | $ | 796,857 |
Unamortized debt issuance costs | 9,338 |  |  | 14,118 |
Gross carrying value | $ | 703,700 |  |  | $ | 810,975 |
Estimated fair value | $ | 702,820 |  |  | $ | 809,961 |
See Note 14 “Debt” for additional detail on long-term debt instruments. Credit Risk The counterparties to the foreign currency exchange contracts consist of a number of major international financial institutions. Dole has established counterparty guidelines and regularly monitors its positions and the financial strength of these institutions. While counterparties to hedging contracts expose Dole to credit-related losses in the event of a counterparty’s non-performance, the risk would be limited to the unrealized gains on such affected contracts. Dole does not anticipate any such losses.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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