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INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table presents income tax expense (benefit) by selected jurisdiction for each of the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Current tax expense (benefit):
(U.S. Dollars in thousands)
Ireland
$657 $(92)$1,132 
U.S.
25,847 18,884 (27,808)
Foreign - excluding the U.S. and Ireland
66,733 37,399 32,134 
93,237 56,191 5,458 
Deferred tax expense (benefit):
Ireland
163 (235)(115)
U.S.
(5,916)(4,562)(8,916)
Foreign - excluding the U.S. and Ireland
(11,835)(7,803)(22,030)
(17,588)(12,600)(31,061)
$75,649 $43,591 $(25,603)
Income (loss) from continuing operations before income taxes and equity earnings consisted of the following:
Year Ended
 December 31, 2024December 31, 2023December 31, 2022
(U.S. Dollars in thousands)
Ireland
$120 $(13,119)$536 
U.S.37,856 41,798 (20,188)
Foreign - excluding the U.S. and Ireland
201,664 177,248 155,553 
$239,640 $205,927 $135,901 
The differences between the reported income tax expense (benefit) and income tax expense (benefit) computed at the Irish statutory income tax rate of 12.5%, the trading income tax rate of the Company’s country of domicile, for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, are explained in the following reconciliation:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
(U.S. Dollars in thousands)
Expense (benefit) computed at the Irish statutory rate of 12.5%
$29,955 $25,741 $16,987 
Effects of:
Foreign income taxed at different rates
35,969 26,471 3,057 
Nondeductible goodwill impairment4,526 — — 
Foreign currency remeasurement effects(2,512)(7,632)(2,564)
Change in valuation allowances
(7,961)(15,366)5,183 
Expenses not deductible for income tax purposes7,289 3,393 2,669 
Income not taxable(1,179)(1,962)(4,238)
Interest expense not deductible for income tax purposes830 — 1,659 
Changes in unrecognized tax benefits, net of indirect effects5,123 (2,349)(37,763)
Recognition of deferred tax assets in respect of prior periods— — (4,523)
Changes in estimates made in respect of prior periods3,609 15,307 (6,054)
Other items
— (12)(16)
Income tax expense (benefit)
$75,649 $43,591 $(25,603)
Included in changes in estimates made in respect of prior periods are adjustments to deferred tax assets for foreign net operating loss carryforwards of $3.1 million income tax expense, offset by an $3.1 million reduction in the valuation allowance included within the change in valuation allowance row.
Deferred tax (benefit) recognized directly in other comprehensive income (loss) was as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
(U.S. Dollars in thousands)
Pension and postretirement benefits$(4,527)$(3,549)$(4,847)
Derivatives(578)(5,213)(10,598)
Equity method investments— 138 (138)
Total deferred tax expense recognized in other comprehensive income (loss)
$(5,105)$(8,624)$(15,583)

The following table provides details of the principal components of our deferred tax assets and liabilities as of December 31, 2024 and December 31, 2023:
December 31, 2024December 31, 2023
Deferred tax assets:(U.S. Dollars in thousands)
Other intangible assets
$1,154$1,567
Property, plant and equipment
37,65241,788
Operating leases47,58655,853
Accounts payable and accrued liabilities30,50321,356
Pension and postretirement benefits
27,22226,186
Operating loss carry-forwards121,788116,937
Tax credit carry-forwards1,9041,697
Investments in unconsolidated affiliates9801,416
Other
18,81719,971
Total deferred tax assets287,606286,771
Valuation allowances
(64,424)(75,462)
Offset against deferred tax liabilities(140,698)(144,824)
Total deferred tax assets, net$82,484$66,485
Deferred tax liabilities:
Other intangible assets
$6,692$14,580
DOLE brand76,57076,570
Property, plant and equipment
71,60074,326
Operating lease right-of-use assets46,99754,698
Accounts payable and accrued liabilities4,2943,215
Pension and postretirement benefits
5,9237,226
Investments in unconsolidated affiliates152714
Other
8,0686,148
Total deferred tax liabilities220,296237,477
Offset against deferred tax assets(140,698)(144,824)
Total deferred tax liabilities, net$79,598$92,653
As of December 31, 2024, Dole had approximately $1.0 billion of operating loss carryforwards expiring as follows:
 IrelandU.S.Foreign (excluding U.S. and Ireland)Total
(U.S. Dollars in thousands)
2025$—$34,384$10$34,394
2026—19,340—19,340
2027—26,2951,51627,811
2028—23,1672,89026,057
2029—27,30010,00137,301
2030-2045 —441,0874,370445,457
Indefinite41,666276,522109,387427,575
Total$41,666$848,095$128,174$1,017,935
As of December 31, 2024, U.S. state tax credit carryforwards of $0.5 million include $0.5 million which will expire between 2025 and 2029. In addition, Dole has $1.5 million of U.S. federal foreign tax credit carryforwards. If unused, $0.7 million will expire in 2029, $0.3 million will expire in 2032, $0.1 million will expire in 2033, $0.1 million will expire in 2034 and $0.3 million will expire in 2035.
The following table presents the movement in the valuation allowance for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
 Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2021$87,966 
Changes on acquisition/disposal(723)
Increase recognized in the income statement7,675 
Decrease recognized in the income statement(2,492)
Changes in other comprehensive income(234)
Translation adjustments(1,247)
Balance as of December 31, 2022
90,945 
Increase recognized in the income statement8,036 
Decrease recognized in the income statement(23,402)
Translation adjustments
(117)
Balance as of December 31, 2023
75,462 
Increase recognized in the income statement1,156 
Decrease recognized in the income statement(9,117)
Translation adjustments
(3,077)
Balance as of December 31, 2024
$64,424 
The valuation allowance decreased by $11.0 million in the year ended December 31, 2024 and by $15.5 million in the year ended December 31, 2023. The 2024 decrease includes a net decrease of $8.0 million recognized in the consolidated statements of operations and $3.1 million decrease of exchange rate translation adjustments.
Dole is an Irish holding company that operates a significant number of foreign subsidiaries. As of December 31, 2024, the Company had not recognized a deferred tax liability on approximately $653.9 million of undistributed earnings for certain foreign subsidiaries, because these earnings are intended to be indefinitely reinvested. If such earnings were distributed, some countries may impose additional taxes. The unrecognized deferred tax liability (the amount payable if distributed) is approximately $65.1 million. Dole recognizes deferred tax assets on potential foreign tax credits expected to be generated by the repatriation of undistributed earnings only when the repatriation has occurred or is apparent to occur in the foreseeable future.
A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:
Amount
(U.S. Dollars in thousands)
Balance as of December 31, 2021$48,081
Settlements(1,047)
Decreases due to lapse of statute of limitations(35,694)
Translation adjustments(607)
Balance as of December 31, 2022
10,733
Decreases due to lapse of statute of limitations(2,952)
Translation adjustments212
Balance as of December 31, 2023
7,993
Increases due to tax positions taken in the current year5,488
Decreases due to lapse of statute of limitations(2,992)
Translation adjustments(267)
Balance as of December 31, 2024
$10,222
The total of unrecognized tax benefits was $10.2 million and $8.0 million as of December 31, 2024 and December 31, 2023, respectively. If recognized, it is estimated that Dole’s effective tax rate would be affected by additional income tax benefit of $8.9 million and $5.5 million as of December 31, 2024 and December 31, 2023, respectively. At this time, Dole believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease within the next twelve months by approximately $3.3 million as a result of the lapse of the statute of limitations. The Company recognizes interest and penalties related to income taxes within income tax expense in the income statement. Dole recognized an expense of $1.6 million for interest and penalties for the year ended December 31, 2024, and a benefit $0.4 million and $4.4 million, for the years ended December 31, 2023 and December 31, 2022, respectively. A liability was recognized for accrued interest and penalties of $5.5 million and $4.0 million as of December 31, 2024 and December 31, 2023, respectively.
The tax years 2021 to 2024 remain subject to examination by taxing authorities in the United States. The tax years 2020 to 2024 remain subject to examination by taxing authorities in the U.K. The tax years 2020 to 2024 remain subject to examination by taxing authorities in Ireland, Costa Rica, Ecuador, Germany and Guatemala. The tax years 2019 to 2024 remain subject to examination by taxing authorities in Sweden and Denmark.