Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CHIQUITA BRANDS INTERNATIONAL INC | ' |
Entity Central Index Key | '0000101063 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '8-K | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 46,829,913 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $723,062 | $714,167 | $2,309,485 | $2,340,816 |
Cost of sales | 645,170 | 643,578 | 2,017,667 | 2,076,156 |
Selling, general and administrative | 60,966 | 69,856 | 177,227 | 202,796 |
Depreciation | 13,435 | 13,319 | 40,517 | 39,376 |
Amortization | 2,342 | 2,355 | 7,025 | 7,064 |
Equity in (earnings) losses of investees | 0 | 29,112 | -72 | 31,681 |
Goodwill impairment | 0 | 1,779 | 0 | 1,779 |
Restructuring and relocation costs | -4 | 20,272 | 254 | 30,905 |
Operating income (loss) | 1,153 | -66,104 | 66,867 | -48,941 |
Interest income | 690 | 669 | 2,197 | 2,318 |
Interest expense | -15,356 | -12,219 | -44,698 | -32,965 |
Loss on debt extinguishment | 0 | 0 | -6,275 | 0 |
Other income (expense), net | -501 | 0 | 1,622 | 0 |
Income (loss) before income taxes | -14,014 | -77,654 | 19,713 | -79,588 |
Income tax (expense) benefit | -3,800 | 10,900 | -4,050 | 7,200 |
Net income (loss) | ($17,814) | ($66,754) | $15,663 | ($72,388) |
Earnings (loss) per common share - basic (in dollars per share) | ($0.38) | ($1.45) | $0.34 | ($1.57) |
Earnings (loss) per common share - diluted (in dollars per share) | ($0.38) | ($1.45) | $0.33 | ($1.57) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | ($17,814) | ($66,754) | $15,663 | ($72,388) |
Other comprehensive income (loss), net of tax, where applicable: [Abstract] | ' | ' | ' | ' |
Unrealized foreign currency translation gains (losses) | -753 | -242 | -381 | 114 |
Change in fair value of available-for-sale investment | 0 | 1,405 | 157 | 2,883 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | 0 | 0 | -561 | 0 |
Net other comprehensive income (loss) related to available-for-sale investment | 0 | 1,405 | -404 | 2,883 |
Unrealized losses on derivatives for the period | -6,183 | -1,371 | -8,308 | -5,772 |
Derivative (gains) losses reclassified into Net sales | 6,114 | 753 | 21,328 | -3,628 |
Derivative gains reclassified into Cost of sales | -2,277 | -3,822 | -7,267 | -13,475 |
Net other comprehensive income (loss) related to derivatives | -2,346 | -4,440 | 5,753 | -22,875 |
Actuarial gains (losses) for the period, net of $(3), $(18), $(133) and $(293), respectively, of income tax expense (benefit) | -42 | 18 | -1,448 | 589 |
Pension cost amortization | 342 | 274 | 1,018 | 805 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 300 | 292 | -430 | 1,394 |
Other comprehensive income (loss), net of tax | -2,799 | -2,985 | 4,538 | -18,484 |
Comprehensive income (loss) | ($20,613) | ($69,739) | $20,201 | ($90,872) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Actuarial gains (losses) for the period, tax expense (benefit) | ($3) | ($18) | ($133) | ($293) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and equivalents | $71,766 | $51,026 | $36,868 |
Trade receivables, less allowances of $19,978, $19,028 and $14,754, respectively | 269,892 | 285,151 | 305,036 |
Other receivables, net | 66,602 | 65,109 | 67,334 |
Inventories | 234,783 | 220,041 | 225,966 |
Prepaid expenses | 47,170 | 40,814 | 45,927 |
Other current assets | 17,463 | 18,335 | 32,988 |
Total current assets | 707,676 | 680,476 | 714,119 |
Property, plant and equipment, net | 392,884 | 395,299 | 385,813 |
Investments and other assets, net | 88,989 | 81,528 | 104,120 |
Trademarks | 426,085 | 426,085 | 449,085 |
Goodwill | 18,095 | 18,095 | 175,200 |
Other intangible assets, net | 89,254 | 96,279 | 98,633 |
Total assets | 1,722,983 | 1,697,762 | 1,926,970 |
Current liabilities: | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 2,191 | 65,008 | 40,903 |
Accounts payable | 283,641 | 274,624 | 288,352 |
Accrued liabilities | 148,346 | 140,700 | 124,107 |
Total current liabilities | 434,178 | 480,332 | 453,362 |
Long-term debt and capital lease obligations, net of current portion | 620,012 | 540,517 | 546,213 |
Accrued pension and other employee benefits | 82,295 | 75,144 | 73,966 |
Deferred gain - sale of shipping fleet | 9,823 | 20,204 | 23,083 |
Deferred tax liabilities | 111,942 | 111,628 | 32,254 |
Other liabilities | 70,424 | 99,535 | 83,359 |
Total liabilities | 1,328,674 | 1,327,360 | 1,212,237 |
Commitments and contingencies | 0 | 0 | 0 |
Shareholders' equity: | ' | ' | ' |
Common stock, $.01 par value (46,759,590, 46,317,433 and 46,303,732 shares outstanding, respectively) | 468 | 463 | 463 |
Capital surplus | 838,261 | 834,560 | 832,531 |
Accumulated deficit | -408,433 | -424,096 | -91,467 |
Accumulated other comprehensive loss | -35,987 | -40,525 | -26,794 |
Total shareholders' equity | 394,309 | 370,402 | 714,733 |
Total liabilities and shareholders' equity | $1,722,983 | $1,697,762 | $1,926,970 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Trade receivables allowances | $19,978 | $19,028 | $14,754 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 46,759,590 | 46,317,433 | 46,303,732 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flow (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATIONS | ' | ' |
Net income (loss) | $15,663 | ($72,388) |
Depreciation and amortization | 47,542 | 46,440 |
Goodwill impairment | 0 | 1,779 |
Loss on debt extinguishment | 6,275 | 0 |
Deferred income taxes | 232 | -8,639 |
Amortization of discount on Convertible Notes | 8,100 | 7,175 |
Equity in (earnings) losses of investees | -72 | 31,681 |
Amortization of gain on sale of the shipping fleet | -10,381 | -11,470 |
Stock-based compensation | 4,523 | 6,120 |
Restructuring related asset impairments | 0 | 4,867 |
Changes in current assets and liabilities and other | 19,856 | 15,837 |
Operating cash flow | 91,738 | 21,402 |
INVESTING | ' | ' |
Capital expenditures | -36,165 | -36,222 |
Contribution to equity-method investment | -13,102 | 0 |
Net proceeds from sale of long-term assets | 11,751 | 4,231 |
Other, net | 3,559 | -2,800 |
Investing cash flow | -33,957 | -34,791 |
FINANCING | ' | ' |
Issuance of long-term debt | 429,415 | 0 |
Repayments of long-term debt and capital lease obligations | -412,646 | -12,636 |
Borrowings under the ABL Revolver | 36,590 | 0 |
Repayments of ABL Revolver | -36,590 | 0 |
Borrowings under the Credit Facility Revolver | 0 | 50,000 |
Repayments of the Credit Facility Revolver | -40,000 | -30,000 |
Payments for debt modification and issuance costs | -13,810 | -2,368 |
Financing cash flow | -37,041 | 4,996 |
Increase in cash and equivalents | 20,740 | -8,393 |
Balance at beginning of period | 51,026 | 45,261 |
Balance at end of period | $71,766 | $36,868 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Interim results for Chiquita Brands International, Inc. ("CBII") and subsidiaries (collectively, with CBII, "Chiquita" or the "company") are subject to significant seasonal variations typical to the industry and are not indicative of the results of operations for a full fiscal year. In the opinion of management, all adjustments (which include only normal recurring adjustments unless otherwise noted) necessary for a fair statement of the results of the interim periods shown have been made. | |
See Notes to Consolidated Financial Statements included in the company's 2012 Annual Report on Form 10-K for additional information relating to the company's Consolidated Financial Statements. The December 31, 2012 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. During 2012, the company identified certain ripening expenses previously reported as "Selling, general and administrative" expense that should have been recorded as "Cost of sales." The company concluded that correction of the expense classification was not material to any prior periods, and did not affect "Income (loss) from continuing operations" for any of the periods. The company has revised amounts previously reported as "Cost of sales" and "Selling, general and administrative" expense in the Condensed Consolidated Statements of Income to classify such ripening expenses as "Cost of sales." |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic and diluted earnings (loss) per common share ("EPS") are calculated as follows: | ||||||||||||||||
  | Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income (loss) | $ | (17,814 | ) | $ | (66,754 | ) | $ | 15,663 | $ | (72,388 | ) | |||||
Weighted average common shares outstanding (used to calculate basic EPS) | 46,633 | 46,141 | 46,495 | 45,975 | ||||||||||||
Dilutive effect of stock options and other stock awards | — | — | 940 | — | ||||||||||||
Weighted average common shares outstanding (used to calculate diluted EPS) | 46,633 | 46,141 | 47,435 | 45,975 | ||||||||||||
Earnings (loss) per common share – basic | $ | (0.38 | ) | $ | (1.45 | ) | $ | 0.34 | $ | (1.57 | ) | |||||
Earnings (loss) per common share – diluted | $ | (0.38 | ) | $ | (1.45 | ) | $ | 0.33 | $ | (1.57 | ) | |||||
If the company had generated net income for each of the quarters ended September 30, 2013 and 2012 and the nine months ended September 30, 2012, an additional 1.3 million, 0.4 million and 0.5 million shares, respectively, would have been added to basic weighted average common shares outstanding to calculate diluted EPS. | ||||||||||||||||
The assumed conversions to common stock of stock options, other stock awards and 4.25% Convertible Senior Notes due 2016 ("Convertible Notes") are excluded from weighted average common shares outstanding used to calculate diluted EPS in periods when these items, on an individual basis, have an anti-dilutive effect on diluted EPS. For the quarters and nine months ended September 30, 2013 and 2012, assumed conversion of the Convertible Notes would have been anti-dilutive because the average trading price of the common shares was below the conversion price of $22.45 per share. In addition, certain stock options and other stock awards totaling 0.2 million and 1.6 million for the quarters ended September 30, 2013 and 2012, respectively, and 1.3 million and 1.9 million for the nine months ended September 30, 2013 and 2012, respectively, were outstanding but not included in the computation of diluted EPS because they were anti-dilutive. |
Restructuring_and_Relocation
Restructuring and Relocation | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Relocation | ' | |||||||||||||||||||
Restructuring and Relocation | ||||||||||||||||||||
RESTRUCTURING | ||||||||||||||||||||
In August 2012, the company announced a restructuring plan to transform the company into a branded commodity operator. The restructuring plan is designed to reduce costs and improve the company's competitive position by focusing its resources on the banana and salad businesses, reducing investment in non-core products, reducing overhead and manufacturing cost and limiting consumer marketing activities. The company expects this initiative to result in annual savings of at least $60 million across the company in 2013. In connection with this restructuring plan, the company eliminated approximately 300 positions worldwide. In the third quarter of 2012, the company recognized $9 million of severance and $5 million of impairments primarily related to fixed assets and certain promotional and packaging materials included in inventories associated with non-core European healthy snacking businesses in "Restructuring and relocation costs" in the Condensed Consolidated Statements of Income. A total of $18 million of restructuring costs, including the related goodwill impairment discussed below, were recognized during the second half of 2012. The restructuring was substantially complete at December 31, 2012, although cash payments related to the restructuring plan are expected to continue through September 2014, primarily related to severance payments to the former chief executive officer. | ||||||||||||||||||||
A reconciliation of the accrual for the restructuring activities included in "Accrued liabilities" in the Condensed Consolidated Balance Sheet at September 30, 2013 is as follows: | ||||||||||||||||||||
(In thousands) | Severance | |||||||||||||||||||
30-Jun-12 | $ | — | ||||||||||||||||||
Severance expense | 8,939 | |||||||||||||||||||
Amounts paid | (1,781 | ) | ||||||||||||||||||
30-Sep-12 | $ | 7,158 | ||||||||||||||||||
Severance expense | 1,652 | |||||||||||||||||||
Amounts paid | (1,810 | ) | ||||||||||||||||||
31-Dec-12 | $ | 7,000 | ||||||||||||||||||
Severance expense | 18 | |||||||||||||||||||
Amounts paid | (995 | ) | ||||||||||||||||||
31-Mar-13 | $ | 6,023 | ||||||||||||||||||
Severance expense | 48 | |||||||||||||||||||
Amounts paid | (1,982 | ) | ||||||||||||||||||
30-Jun-13 | $ | 4,089 | ||||||||||||||||||
Severance expense | (100 | ) | ||||||||||||||||||
Amounts paid | (1,329 | ) | ||||||||||||||||||
30-Sep-13 | $ | 2,660 | ||||||||||||||||||
Consistent with the company's new strategy of reducing investments in non-core products, the company sold one of the European healthy snacking businesses in the second quarter of 2013. The business was sold for €3 million ($4 million) resulting in a gain of $1 million recognized in "Other income (expense), net" in the Condensed Consolidated Statements of Income. This business represented approximately $12 million in net sales and an insignificant contribution to operating income on an annual basis. The restructuring described above also resulted in $2 million of goodwill impairment related to this European healthy snacking business recorded in "Goodwill impairment" in the Condensed Consolidated Statements of Income in the third quarter of 2012. | ||||||||||||||||||||
HEADQUARTERS RELOCATION | ||||||||||||||||||||
Late in 2011, the company committed to relocate its corporate headquarters from Cincinnati, Ohio to Charlotte, North Carolina, affecting approximately 300 positions. Concurrent with the headquarters relocation, the company further consolidated approximately 100 additional positions previously spread across the U.S. to improve execution and accelerate decision-making. The relocation was completed in 2012 and was expected to cost approximately $30 million (including net capital expenditures of approximately $5 million after allowances from the landlord). As of September 30, 2013, the company had incurred a total of $26 million of expense and $5 million of net capital expenditures related to the relocation, of which a significant portion is expected to be recaptured through state, local and other incentives through 2022. The company does not expect the restructuring activities described above to affect the realization of the relocation incentives. The company expects to incur an insignificant amount of additional expense primarily related to other costs through 2013, at which time related cash payments will also be substantially complete. | ||||||||||||||||||||
A reconciliation of the accrual for the relocation that is included in "Accrued liabilities" is as follows: | ||||||||||||||||||||
(In thousands) | One-Time | Relocation, | Total Exit Costs | Other Relocation Costs | Total | |||||||||||||||
Termination | Recruiting | |||||||||||||||||||
Costs | and | |||||||||||||||||||
Other Costs | ||||||||||||||||||||
December 31, 2011 | $ | 5,303 | $ | 244 | $ | 5,547 | $ | 108 | $ | 5,655 | ||||||||||
Amounts expensed | 1,131 | 2,384 | 3,515 | 348 | 3,863 | |||||||||||||||
Amounts paid | (535 | ) | (1,500 | ) | (2,035 | ) | (456 | ) | (2,491 | ) | ||||||||||
31-Mar-12 | $ | 5,899 | $ | 1,128 | $ | 7,027 | $ | — | $ | 7,027 | ||||||||||
Amounts expensed | 1,026 | 3,681 | 4,707 | 2,063 | 6,770 | |||||||||||||||
Amounts paid | (1,225 | ) | (2,712 | ) | (3,937 | ) | (1,781 | ) | (5,718 | ) | ||||||||||
30-Jun-12 | $ | 5,700 | $ | 2,097 | $ | 7,797 | $ | 282 | $ | 8,079 | ||||||||||
Amounts expensed | 748 | 4,182 | 4,930 | 1,536 | 6,466 | |||||||||||||||
Amounts paid | (2,831 | ) | (4,703 | ) | (7,534 | ) | (1,680 | ) | (9,214 | ) | ||||||||||
30-Sep-12 | $ | 3,617 | $ | 1,576 | $ | 5,193 | $ | 138 | $ | 5,331 | ||||||||||
31-Dec-12 | $ | 2,031 | $ | 1,078 | $ | 3,109 | $ | (82 | ) | $ | 3,027 | |||||||||
Amounts expensed | 63 | 54 | 117 | 82 | 199 | |||||||||||||||
Amounts paid | (890 | ) | (330 | ) | (1,220 | ) | — | (1,220 | ) | |||||||||||
31-Mar-13 | $ | 1,204 | $ | 802 | $ | 2,006 | $ | — | $ | 2,006 | ||||||||||
Amounts expensed | (23 | ) | 16 | (7 | ) | — | (7 | ) | ||||||||||||
Amounts paid | (585 | ) | (677 | ) | (1,262 | ) | — | (1,262 | ) | |||||||||||
30-Jun-13 | $ | 596 | $ | 141 | $ | 737 | $ | — | $ | 737 | ||||||||||
Amounts expensed | (89 | ) | 185 | 96 | — | 96 | ||||||||||||||
Amounts paid | (298 | ) | (232 | ) | (530 | ) | — | (530 | ) | |||||||||||
30-Sep-13 | $ | 209 | $ | 94 | $ | 303 | $ | — | $ | 303 | ||||||||||
Trade_and_Finance_Receivables
Trade and Finance Receivables | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Trade and Finance Receivables | ' | |||||||||||||||||||||||
Trade and Finance Receivables | ||||||||||||||||||||||||
TRADE RECEIVABLES | ||||||||||||||||||||||||
The company's primary markets are in North America and Europe, but it also has sales in the Middle East and other markets. The majority of the company's sales in the Middle East are in Iran under license from the U.S. government that allows sale of food products to non-sanctioned parties. Sales to Iranian customers are in U.S. dollars and represent $17 million, $20 million and $18 million of "Trade receivables, less allowances" on the Condensed Consolidated Balance Sheet as of September 30, 2013, December 31, 2012 and September 30, 2012, respectively. Even though the sales in Iran are permitted, the international sanctions against Iran are affecting the ability of Iranian customers to pay invoices within terms because it is difficult for them to obtain U.S. dollars, euros or other suitable currencies in sufficient quantity on a regular basis. Over the course of 2012, the company's receivable balance with these customers increased, and the company established payment plans with each of these customers to reduce their balances. Most customers have so far been able to find acceptable methods of payment to comply with their payment plans. However, one significant customer has not, and as a result, the company reserved $9 million of these receivables in the second half of 2012, which includes $7 million in the third quarter of 2012, representing the excess of the customer's obligations over the cash it had posted as collateral. The company sources bananas from the Philippines for sale in the Middle East under a committed-volume, long term purchase contract with a former joint venture partner through 2016. To mitigate risk in 2013, the company has reduced the amount of volume being sent to the Middle East and has developed customers in other Middle Eastern markets, such as Iraq and Saudi Arabia. However, Iran remains an important market for the company's Philippine-sourced bananas. | ||||||||||||||||||||||||
FINANCE RECEIVABLES | ||||||||||||||||||||||||
Finance receivables were as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
(In thousands) | Grower | Seller | Grower | Seller | Grower | Seller | ||||||||||||||||||
Receivables | Financing | Receivables | Financing | Receivables | Financing | |||||||||||||||||||
Gross receivable | $ | 36,092 | $ | 28,001 | $ | 41,008 | $ | 30,523 | $ | 42,138 | $ | 31,332 | ||||||||||||
Reserve | (32,927 | ) | — | (36,854 | ) | — | (36,837 | ) | — | |||||||||||||||
Net receivable | $ | 3,165 | $ | 28,001 | $ | 4,154 | $ | 30,523 | $ | 5,301 | $ | 31,332 | ||||||||||||
Current portion, net | $ | 3,165 | $ | 3,913 | $ | 4,154 | $ | 3,691 | $ | 5,301 | $ | 3,620 | ||||||||||||
Long-term portion, net | — | 24,088 | — | 26,832 | — | 27,712 | ||||||||||||||||||
Net receivable | $ | 3,165 | $ | 28,001 | $ | 4,154 | $ | 30,523 | $ | 5,301 | $ | 31,332 | ||||||||||||
Current portions of finance receivables are included in "Other receivables, net" and long-term portions are included in "Investments and other assets, net" on the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||
Activity in the reserve for grower receivables is as follows: | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||||||
Reserve at beginning of year | $ | 36,854 | $ | 37,519 | ||||||||||||||||||||
Charged to costs and expenses | 26 | 382 | ||||||||||||||||||||||
Recoveries | (51 | ) | (191 | ) | ||||||||||||||||||||
Foreign exchange and other | 1 | — | ||||||||||||||||||||||
Reserve at March 31 | $ | 36,830 | $ | 37,710 | ||||||||||||||||||||
Charged to costs and expenses | 35 | 45 | ||||||||||||||||||||||
Recoveries | (51 | ) | (516 | ) | ||||||||||||||||||||
Write-offs | (2,910 | ) | — | |||||||||||||||||||||
Foreign exchange and other | — | 1 | ||||||||||||||||||||||
Reserve at June 30 | $ | 33,904 | $ | 37,240 | ||||||||||||||||||||
Charged to costs and expenses | — | 277 | ||||||||||||||||||||||
Recoveries | (976 | ) | (680 | ) | ||||||||||||||||||||
Write-offs | — | — | ||||||||||||||||||||||
Foreign exchange and other | (1 | ) | — | |||||||||||||||||||||
Reserve at September 30 | $ | 32,927 | $ | 36,837 | ||||||||||||||||||||
Seasonal advances may be made to certain qualified growers of other produce, which are normally collected as the other produce is harvested and sold. The company generally requires asset liens and pledges of the season's produce as collateral to support these advances. If sales of the season's produce do not result in full repayment of the advance, the company may exercise the collateral provisions or renegotiate the terms, including terms of interest, to collect the remaining balance. | ||||||||||||||||||||||||
The gross grower receivable balance includes $29 million, $30 million and $31 million (all of which were classified as long-term) related to a Chilean grower of grapes and other produce as of September 30, 2013, December 31, 2012 and September 30, 2012, respectively. In 2011, the company fully reserved the advances made to this Chilean grower, who was declared bankrupt later that year. The company continues to aggressively negotiate recovery with the bankruptcy trustee and other creditors of the grower. | ||||||||||||||||||||||||
The company provided seller financing in the 2009 sale of the former joint venture that sourced bananas and pineapples from the Philippines for sale in the Middle East and Asia. The financing for the sale of this joint venture is a note receivable in equal installments through 2019. Payments are current on this note receivable. |
Inventories
Inventories | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories consist of the following: | ||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||
Finished goods | $ | 79,706 | $ | 74,246 | $ | 80,325 | ||||||
Growing crops | 79,899 | 79,046 | 74,964 | |||||||||
Raw materials, supplies and other | 75,178 | 66,749 | 70,677 | |||||||||
$ | 234,783 | $ | 220,041 | $ | 225,966 | |||||||
Debt_Including_Capital_Lease_O
Debt Including Capital Lease Obligations | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Debt Including Capital Lease Obligations | ' | |||||||||||||||||||||||
Debt including Capital Lease Obligations | ||||||||||||||||||||||||
The carrying values of the company's debt represent amortized cost and are summarized below with estimated fair values: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
Carrying Value | Estimated Fair Value1 | Carrying Value | Estimated Fair Value1 | Carrying Value | Estimated Fair Value1 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
7.875% Senior Secured Notes due 2021 | $ | 422,100 | $ | 453,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
7½% Senior Notes due 2014 | — | — | 106,438 | 106,000 | 106,438 | 105,000 | ||||||||||||||||||
4.25% Convertible Senior Notes due 2016 | 161,182 | 196,000 | 153,082 | 174,000 | 150,542 | 175,000 | ||||||||||||||||||
ABL Term Loan | 6,750 | 6,000 | — | — | — | — | ||||||||||||||||||
Credit Facility Revolver | — | — | 40,000 | 38,000 | 20,000 | 19,000 | ||||||||||||||||||
Credit Facility Term Loan | — | — | 305,250 | 296,000 | 309,375 | 300,000 | ||||||||||||||||||
Capital lease obligations2 | 32,171 | 32,000 | 755 | 700 | 761 | 700 | ||||||||||||||||||
Less current portion | (2,191 | ) | (65,008 | ) | (40,903 | ) | ||||||||||||||||||
Total long-term debt and capital lease obligations | $ | 620,012 | $ | 540,517 | $ | 546,213 | ||||||||||||||||||
1Â | The fair value of the senior notes is based on observable inputs, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs (Level 2). All other debt may be traded on the secondary loan market, and the fair value is based on either the last available trading price, if recent, or trading prices of comparable debt (Level 3). See also Note 8 for discussion of fair value. | |||||||||||||||||||||||
2Â | Capital lease obligations at September 30, 2013 include the portion of the borrowings for the salad production and warehousing facility in the Midwest that has been placed into service. The facility is being constructed under a build-to-suit lease with the construction in progress liability included in "Accrued liabilities" and "Other liabilities" on the Condensed Consolidated Balance Sheets and then reclassified to capital lease obligation as the related leased assets are placed into service. See further description of the build-to-suit lease below. | |||||||||||||||||||||||
RETIRING OF CREDIT FACILITY AND 7.5% SENIOR NOTES | ||||||||||||||||||||||||
In February 2013, the company received $457 million of net proceeds from issuance of the 7.875% Notes and the initial borrowings of the ABL Facility (defined below). The proceeds were used to retire the preceding senior secured credit facility ("Credit Facility") on February 5, 2013 and to deposit in escrow funds sufficient to retire the 7.5% Senior Notes due 2014 ("7.5% Senior Notes") at par plus accrued interest through the March 7, 2013 settlement date. Related expenses of $6 million were included in "Loss on debt extinguishment" on the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Cash Flow. The loss included the write-off of deferred financing fees relating to the Credit Facility and the 7.5% Senior Notes, which were $5 million and $1 million, respectively. | ||||||||||||||||||||||||
7.875% SENIOR SECURED NOTES | ||||||||||||||||||||||||
In February 2013, CBII and its main operating subsidiary, Chiquita Brands L.L.C. ("CBL"), completed the offering of $425 million of 7.875% senior secured notes due February 1, 2021 ("7.875% Notes"). The notes were issued at 99.274% of par, resulting in a recorded discount that will be amortized over the life of the 7.875% Notes to reflect the effective interest rate of 8.0%. | ||||||||||||||||||||||||
The 7.875% Notes are guaranteed on a senior secured basis by all of CBII's and CBL's existing direct and indirect domestic subsidiaries, other than de minimis subsidiaries and by certain future direct and indirect domestic subsidiaries. The 7.875% Notes and the guarantees are secured, subject to certain exceptions and permitted liens, on a first-priority basis by liens on CBII's, CBL's and the guarantors' existing and after acquired material domestic real estate, certain intellectual property and 100% of the stock of substantially all of CBII's and CBL's domestic subsidiaries and up to 65% of the stock of certain foreign subsidiaries with the lien on subsidiary stock limited to less than 20% of the principal amount of the 7.875% Notes. The 7.875% Notes and the guarantees are secured, on a second-priority basis, by liens on the assets that secure CBII's and CBL's obligations under the new ABL Facility described below on a first-priority basis, including present and future receivables, inventory, equipment and substantially all of CBII's, CBL's and the guarantors' other domestic assets that do not secure the 7.875% Notes on a first-priority basis. | ||||||||||||||||||||||||
The 7.875% Notes bear interest of 7.875% per year (payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2013). On or before February 1, 2016, CBII and CBL may redeem on one or more occasions up to 35% of the aggregate principal amounts with cash proceeds from certain equity sales at a redemption price of 107.875% of the principal amount plus accrued interest, provided that at least 65% of the original aggregate principal amount of the 7.875% Notes remains outstanding after each such redemption. Also, on or before February 5, 2016, CBII and CBL may redeem a portion of the 7.875% Notes at a redemption price of 103% of the principal amount plus accrued interest, provided that no more than $42.5 million aggregate principal amount may be redeemed each year. CBII and CBL may also redeem the 7.875% Notes as follows: | ||||||||||||||||||||||||
If redeemed during the 12-month period commencing February 1, | Redemption Price | |||||||||||||||||||||||
2016 | 105.906 | % | ||||||||||||||||||||||
2017 | 103.938 | % | ||||||||||||||||||||||
2018 | 101.969 | % | ||||||||||||||||||||||
2019 and thereafter | 100 | % | ||||||||||||||||||||||
Upon a change of control of CBII, CBII and CBL will be required to make an offer to purchase the notes at 101% of their principal amount plus accrued interest. | ||||||||||||||||||||||||
The 7.875% Notes contain customary covenants that, among other things and subject to a number of qualifications and exceptions, limit the ability of CBII and its subsidiaries to incur additional indebtedness and issue preferred stock, sell assets, make investments or other restricted payments, pay dividends or make distributions in respect of the capital stock of CBII and its subsidiaries, create certain liens, merge or consolidate, issue or sell preferred stock of subsidiaries, place limits on dividends and other payment restrictions affecting certain subsidiaries, enter into transactions with certain stockholders or affiliates and guarantee debt. If the 7.875% Notes are, in the future, rated investment grade by Standard & Poor's Ratings Group and Moody's Investors Services, Inc., certain of these covenants will be suspended and will not apply to the 7.875% Notes so long as the 7.875% Notes continue to be rated investment grade by both rating agencies. | ||||||||||||||||||||||||
The 7.875% Notes include customary events of default including: failure to pay principal or interest when due; acceleration of other debt agreements representing more than $30 million of indebtedness of CBII and CBL and certain subsidiaries; failure to pay non-appealable judgments in excess of $30 million against CBII or CBL and certain subsidiaries; and certain bankruptcy events. | ||||||||||||||||||||||||
The 7.875% Notes have not yet been registered under federal securities laws. The company expects to consummate an exchange offer on or before February 5, 2014, but if for any reason it is unable to complete the exchange offer by that date, the 7.875% Notes' annual interest rate could increase until the notes are exchanged or registered by up to 1.0%. | ||||||||||||||||||||||||
4.25% CONVERTIBLE SENIOR NOTES | ||||||||||||||||||||||||
The company's $200 million of 4.25% Convertible Senior Notes due 2016 ("Convertible Notes"): | ||||||||||||||||||||||||
• | are convertible at an initial conversion rate of 44.5524 shares of common stock per $1,000 in principal amount, equivalent to an initial conversion price of approximately $22.45 per share of common stock. The conversion rate is subject to adjustment based on certain dilutive events, including stock splits, stock dividends and other distributions (including cash dividends) in respect of the common stock. Holders of the Convertible Notes may tender their notes for conversion between May 15 and August 14, 2016, in multiples of $1,000 in principal amount, without limitation. Prior to May 15, 2016, holders of the Convertible Notes may tender the notes for conversion only under certain circumstances, in accordance with their terms. | |||||||||||||||||||||||
• | may be settled, upon conversion, in shares, in cash or in any combination thereof at the company's option; the company's current intent and policy is to settle with a cash amount equal to the principal portion together with shares of the company's common stock to the extent that the obligation exceeds such principal portion. | |||||||||||||||||||||||
• | are callable for redemption beginning February 19, 2014, under certain circumstances relating to the company's common stock trading price. | |||||||||||||||||||||||
• | are accounted for in two components: (i) a debt component included in "Long-term debt and capital lease obligations, net of current portion" recorded at the issuance date, representing the estimated fair value of a similar debt instrument without the debt-for-equity conversion feature; and (ii) an equity component included in "Capital surplus" representing the issuance date estimated fair value of the conversion feature. This separation results in the debt being carried at a discount, which is accreted to the principal amount of the debt component using the effective interest rate method over the expected life of the Convertible Notes (through the maturity date). | |||||||||||||||||||||||
To estimate the fair value of the debt component upon issuance, the company discounted the principal balance to result in an effective interest rate of 12.50%, the rate of similar instruments without the debt-for-equity conversion feature at the issuance date; this effective interest rate remains unchanged through the third quarter of 2013. The fair value of the equity component was estimated as the difference between the full principal amount and the estimated fair value of the debt component, net of an allocation of issuance costs and income tax effects. These were Level 3 fair value measurements (described in Note 8) and will be reconsidered in the event that any of the Convertible Notes are converted before their maturity. | ||||||||||||||||||||||||
The carrying amounts of the debt and equity components of the Convertible Notes are as follows: | ||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||||||||||||||
Principal amount of debt component1 | $ | 200,000 | $ | 200,000 | $ | 200,000 | ||||||||||||||||||
Unamortized discount | (38,818 | ) | (46,918 | ) | (49,458 | ) | ||||||||||||||||||
Net carrying amount of debt component | $ | 161,182 | $ | 153,082 | $ | 150,542 | ||||||||||||||||||
Equity component | $ | 84,904 | $ | 84,904 | $ | 84,904 | ||||||||||||||||||
Issuance costs and income taxes | (3,210 | ) | (3,210 | ) | (3,210 | ) | ||||||||||||||||||
Equity component, net of issuance costs and income taxes | $ | 81,694 | $ | 81,694 | $ | 81,694 | ||||||||||||||||||
1 | As of September 30, 2013, December 31, 2012 and September 30, 2012, the Convertible Notes' "if-converted" value did not exceed their principal amount because the company's common stock price was below the conversion price of the Convertible Notes. | |||||||||||||||||||||||
The interest expense related to the Convertible Notes was as follows: | ||||||||||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
4.25% coupon interest | $ | 2,125 | $ | 2,125 | $ | 6,375 | $ | 6,375 | ||||||||||||||||
Amortization of deferred financing fees | 117 | 117 | 352 | 352 | ||||||||||||||||||||
Amortization of discount on the debt component | 2,782 | 2,465 | 8,100 | 7,175 | ||||||||||||||||||||
Total interest expense related to the Convertible Notes | $ | 5,024 | $ | 4,707 | $ | 14,827 | $ | 13,902 | ||||||||||||||||
ASSET-BASED LENDING FACILITY | ||||||||||||||||||||||||
CBII and CBL also entered into a 5-year secured asset-based lending facility ("ABL Facility") concurrently with the closing of the 7.875% Notes offering on February 5, 2013. The ABL Facility consists of a revolver (the "ABL Revolver") and a $7.5 million term loan (the "ABL Term Loan"). The ABL Facility matures at the earlier of February 5, 2018 or 60 days prior to the maturity of the 4.25% Convertible Senior Notes due August 15, 2016, unless such notes have been satisfactorily refinanced. The ABL Term Loan requires annual repayments of approximately $2 million. | ||||||||||||||||||||||||
The ABL Facility has a maximum borrowing capacity of $200 million, with the ABL Revolver subject to a borrowing base calculation based on specified percentages of domestic receivables, certain inventory and certain domestic machinery and equipment with the potential for additional advances against foreign receivables. | ||||||||||||||||||||||||
At September 30, 2013, the borrowing capacity of the ABL Revolver was $112 million, including $20 million in the Fixed Asset Sub-Line. At September 30, 2013, the ABL Revolver was primarily used to support $24 million letters of credit, leaving an available balance of $88 million. | ||||||||||||||||||||||||
Loans under the ABL Facility bear interest at: | ||||||||||||||||||||||||
• | A rate equal to LIBOR plus a margin of from 1.75% to 2.25%, or Base Rate plus a margin of from 0.25% to 0.75%, determined based on levels of borrowing availability reset each fiscal quarter; | |||||||||||||||||||||||
• | In the case of the Fixed Asset Sub-Line, a rate equal to LIBOR plus a margin from 2.25% to 2.75%, or Base Rate plus a margin of from 0.75% to 1.25%, determined based on levels of borrowing availability reset each fiscal quarter; and | |||||||||||||||||||||||
• | In the case of the ABL Term Loan, a rate equal to LIBOR plus a margin from 2.75% to 3.25%, or Base Rate plus a margin of from 1.25% to 1.75%, determined based on levels of borrowing availability reset each fiscal quarter. | |||||||||||||||||||||||
At September 30, 2013, the weighted average interest rate for the ABL Facility was LIBOR plus 3.00%, or 3.18%. | ||||||||||||||||||||||||
Obligations under the new ABL Facility are secured by a first-priority security interest in present and future domestic receivables, inventory, equipment and substantially all other domestic assets that are not under the first-priority security interest of the 7.875% Notes, all subject to certain exceptions and permitted liens and by a second-priority interest in the existing and after acquired material domestic real estate, certain intellectual property and a pledge of 100% of the stock of substantially all of the CBII, CBL and guarantors' domestic subsidiaries and up to 65% of the stock of certain foreign subsidiaries held by CBII, CBL and the guarantors, and proceeds relating thereto. Under the ABL Facility, CBL and non-de minimis domestic subsidiaries are borrowers. The ABL Facility is guaranteed on a full and unconditional basis by CBII and limited domestic subsidiaries of CBII, with the potential for additional guarantees from foreign subsidiaries of CBII. In addition, certain foreign subsidiaries of CBII may become borrowers under the ABL Facility, and certain foreign subsidiaries may guarantee those foreign borrowings. | ||||||||||||||||||||||||
The ABL Facility contains a fixed charge coverage ratio covenant that only becomes applicable when excess availability (as defined under such facility) is less than 10% of the maximum stated revolver amount thereunder. The ABL Facility also contains a covenant requiring CBII and its subsidiaries to maintain substantially all its cash in accounts that are subject to the control of the collateral agent under the ABL Facility which only becomes applicable when (a) an event of default under the facility occurs and is continuing or (b) excess availability (as defined under such facility) is less than 12.5% of the maximum stated revolver amount thereunder. | ||||||||||||||||||||||||
The ABL Facility also contains other customary affirmative and negative covenants, including limitations on CBII and its subsidiaries' ability to incur indebtedness, create or permit the existence of liens over their assets, engage in certain mergers, asset sales and liquidations, prepay certain indebtedness, pay dividends and other "restricted payments" and engage in transactions with their affiliates, in each case subject to customary exceptions. | ||||||||||||||||||||||||
At September 30, 2013, the company was in compliance with the ABL and its other debt agreements and expects to remain in compliance for at least the next twelve months. | ||||||||||||||||||||||||
CREDIT FACILITY | ||||||||||||||||||||||||
The Credit Facility, which was retired in February 2013 as discussed above, consisted of a $330 million senior secured term loan (the "Credit Facility Term Loan") and a $150 million senior secured revolving credit facility (the "Credit Facility Revolver"), both maturing July 26, 2016 (May 1, 2014, if the company did not repay, refinance or otherwise extend the maturity of the 7.5% Senior Notes by such date). The interest rate for both the Credit Facility Term Loan and Credit Facility Revolver was 5.00% at both December 31, 2012 and September 30, 2012, respectively. The Credit Facility Term Loan required quarterly principal repayments of $4 million through June 30, 2013 and quarterly principal repayments of $8 million beginning September 30, 2013 through March 31, 2016, with any remaining principal balance due at June 30, 2016, subject to the early maturity clause described above. At December 31, 2012, there were $40 million of borrowings under the Credit Facility Revolver, in addition to $22 million used to support letters of credit, leaving an available balance of $88 million. At September 30, 2012 there were $20 million of borrowings under the Credit Facility Revolver, in addition to $21 million used to support letters of credit, leaving an available balance of $109 million. | ||||||||||||||||||||||||
BUILD-TO-SUIT LEASE FOR MIDWEST SALAD PLANT CONSOLIDATION | ||||||||||||||||||||||||
In June 2012, the company entered into a 20-year lease agreement for a salad production and warehousing facility in the Midwest that will replace three existing facilities in the region. The lease agreement contains two 5-year extension periods. Though the construction costs are being financed by the lessor, the company is acting as the construction agent and will be responsible for all construction activity during the construction period because of the specialized nature of the facility. This results in the company owning the facility for accounting purposes and as such, the company has recognized as of September 30, 2013 an asset of $38 million included in "Property, plant and equipment, net," a $31 million capital lease obligation corresponding to the portion of the lease facility placed into service and a $7 million obligation corresponding to the construction in progress of the leased facility included in "Accrued liabilities" and "Other liabilities." Total construction costs are expected to be approximately $40 million through completion of the project, which is expected to be in the fourth quarter of 2013. |
Hedging
Hedging | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Hedging | ' | |||||||||||||||||||||||
Hedging | ||||||||||||||||||||||||
Derivative instruments are carried at fair value in the Condensed Consolidated Balance Sheets. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gains or losses is deferred as a component of "Accumulated other comprehensive income (loss)" ("AOCI") and reclassified into net income in the same period during which the hedged transaction affects net income. Gains and losses on derivatives representing hedge ineffectiveness are recognized in net income currently. See further information regarding fair value measurements and balances of derivatives in Note 8. | ||||||||||||||||||||||||
To manage its exposure to exchange rates on the conversion of euro-based revenue into U.S. dollars, the company uses average rate put options, average rate collars (an average rate put option paired with an average rate call option) and average rate forward contracts. Average rate put options require an upfront premium payment and reduce the risk of a decline in the value of the euro without limiting the benefit of an increase in the value of the euro. Average rate euro call options sold by the company require an upfront premium payment to be received from the counterparty and limit the benefit of an increase in the value of the euro without limiting the risk of a decline in the value of the euro. The company may use average rate call options to reduce the cost of currency hedging coverage. In some cases, the company may simulate an average rate forward contract by entering into an average rate put option and an average rate call option at the same strike rate to lock in the future exchange rate of the notional amount. These instruments do not require upfront premium payments. These instruments are designated as cash flow hedges. At September 30, 2013, the amount of unrealized net losses on the company's currency hedging portfolio that would be reclassified to net income, if realized, in the next twelve months is $10 million; these net losses were deferred in "Accumulated other comprehensive income (loss)." | ||||||||||||||||||||||||
In connection with the February 2013 debt refinancing further discussed in Note 6, certain of the company's hedging counterparties that were members of the previous Credit Facility were no longer participants in the new ABL Facility. Upon consummation of the ABL Facility on February 5, 2013, the company transferred all outstanding hedge positions with former Credit Facility members to lenders under the ABL Facility. The transferred positions included approximately €71 million notional amount of euro call and put options that matured during the first three quarters of 2013. The change in counterparty is a change in a critical term resulting in termination of hedge accounting at the transfer date. Due to technical accounting requirements, these specific option contracts did not qualify to be re-designated as cash flow hedges at the transfer date. Therefore, the decline in fair value of these options through the transfer date was deferred in AOCI until the hedged transaction occurred because the related hedged cash flows remained probable of occurrence. However, unrealized changes in fair value after the transfer date were recognized currently in "Net sales." | ||||||||||||||||||||||||
Loss of hedge accounting did not affect the put and call options' purpose of reducing the volatility inherent in exchanging euro-based revenue into U.S. dollars or change the ultimate earnings or cash flow recognized upon settlement of each position. However, loss of hedge accounting resulted in unintended volatility of earnings for the first, second and third quarters of 2013 as the fair market value adjustments after the transfer date were recognized in "Net sales." Ultimately, for the nine months ended September 30, 2013, the effect on earnings is the same as if the company had maintained hedge accounting. Activity related to these transferred positions is as follows: | ||||||||||||||||||||||||
Realized Losses Recorded in "Net sales" | ||||||||||||||||||||||||
(In thousands) | Quarter ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||||||||||
€25 million purchased euro put option settled in Q1 2013 | $ | — | $ | — | ||||||||||||||||||||
€25 million sold euro call option settled in Q1 2013 | — | (620 | ) | |||||||||||||||||||||
€19 million purchased euro put option settled in Q2 2013 | — | — | ||||||||||||||||||||||
€19 million sold euro call option settled in Q2 2013 | — | (507 | ) | |||||||||||||||||||||
€27 million purchased euro put options settled in Q3 2013 | — | — | ||||||||||||||||||||||
€27 million sold euro call options settled in Q3 2013 | (1,265 | ) | (1,265 | ) | ||||||||||||||||||||
$ | (1,265 | ) | $ | (2,392 | ) | |||||||||||||||||||
Most of the company's foreign operations use the U.S. dollar as the functional currency. As a result, balance sheet translation adjustments due to currency fluctuations are recognized currently in "Cost of sales." To reduce the resulting volatility, the company also enters into 30-day euro forward contracts each month to economically hedge the net monetary assets exposed to euro exchange rates. These 30-day euro forward contracts are not designated as hedging instruments, and gains and losses on these forward contracts are recognized currently in "Cost of sales." | ||||||||||||||||||||||||
  | Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Gains (losses) on 30-day euro forward contracts | $ | (3,288 | ) | $ | (1,781 | ) | $ | (3,024 | ) | $ | (1,021 | ) | ||||||||||||
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates | 5,384 | 4,129 | 332 | (3,281 | ) | |||||||||||||||||||
The company also enters into bunker fuel forward contracts for its shipping operations, which permit it to lock in fuel purchase prices for up to three years and thereby minimize the volatility that changes in fuel prices could have on its operating results. These bunker fuel forward contracts are designated as cash flow hedging instruments. In the third quarter of 2013, the company determined that the specific future bunker fuel purchases that were hedged using Singapore 180 fuel derivatives had a remote probability of occurrence based on modifications to the company's shipping configuration. As a result of this change, accounting standards required the company to discontinue hedge accounting and to recognize unrealized net losses on its Singapore 180 bunker fuel forward contracts, which were recorded in "Cost of sales" in the Condensed Consolidated Statements of Income during the quarter ended September 30, 2013. Unrealized net losses recognized as a result of discontinuing hedge accounting were not significant. In October 2013, the company sold all Singapore 180 fuel derivative outstanding positions at an insignificant loss. | ||||||||||||||||||||||||
At September 30, 2013, the amount of unrealized net gains on the company's bunker fuel hedging portfolio that would be reclassified to net income, if realized, in the next twelve months is $1 million; these net gains were deferred in "Accumulated other comprehensive income (loss)." | ||||||||||||||||||||||||
At September 30, 2013, the company's hedge portfolio was comprised of the following outstanding positions: | ||||||||||||||||||||||||
Notional | Contract Average | Settlement | ||||||||||||||||||||||
Amount | Rate/Price | Period | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
      Currency derivatives: | ||||||||||||||||||||||||
              Purchased euro put options | €51 million | $1.20/€ | 2013 | |||||||||||||||||||||
              Sold euro call options | €51 million | $1.28/€ | 2013 | |||||||||||||||||||||
              Average rate forward contracts | €35 million | $1.24/€ | 2013 | |||||||||||||||||||||
              Purchased euro put options | €91 million | $1.30/€ | 20142 | |||||||||||||||||||||
              Sold euro call options | €91 million | $1.39/€ | 20142 | |||||||||||||||||||||
              Average rate forward contracts | €91 million | $1.34/€ | 20142 | |||||||||||||||||||||
  3.5% Rotterdam Barge fuel derivatives: | ||||||||||||||||||||||||
Bunker fuel forward contracts1 | 15,006 mt | $539/mt | 2013 | |||||||||||||||||||||
Bunker fuel forward contracts1 | 90,504 mt | $581/mt | 2014 | |||||||||||||||||||||
Bunker fuel forward contracts | 59,800 mt | $556/mt | 20152 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
30-day euro forward contracts | €79 million | $1.35/€ | Oct-13 | |||||||||||||||||||||
Singapore 180 fuel derivatives: | ||||||||||||||||||||||||
Bunker fuel forward contracts1,3 | 4,167 mt | $560/mt | 2013 | |||||||||||||||||||||
Bunker fuel forward contracts1,3 | 17,912 mt | $618/mt | 2014 | |||||||||||||||||||||
Bunker fuel forward contracts3 | 14,840 mt | $594/mt | 2015 | |||||||||||||||||||||
1Â | As described in Note 11 of the 2012 Annual Report on Form 10-K, new cash flow hedge relationships were established for certain bunker fuel forward contracts in 2011. These changes resulted in hedge rates for accounting purposes that are different from those in the hedge contract terms. | |||||||||||||||||||||||
2Â | Settlement periods for bunker fuel forward contracts and purchased and sold euro options are through September 2015 and December 2014, respectively. | |||||||||||||||||||||||
3Â | As discussed above, in October 2013, the company sold all Singapore 180 fuel derivative outstanding positions at an insignificant loss. | |||||||||||||||||||||||
Activity related to the company's derivative assets and liabilities designated as hedging instruments is as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Currency | Bunker Fuel | ||||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Balance at beginning of year | $ | (23,215 | ) | $ | 8,572 | $ | 5,232 | $ | 14,754 | |||||||||||||||
Realized (gains) losses included in net income | 5,601 | (2,839 | ) | (4,381 | ) | (5,514 | ) | |||||||||||||||||
Transfers1 | 7,638 | — | — | — | ||||||||||||||||||||
Purchases, net2 | 541 | — | — | — | ||||||||||||||||||||
Changes in fair value | 6,310 | 1,888 | (851 | ) | 19,471 | |||||||||||||||||||
Balance at March 31 | $ | (3,125 | ) | $ | 7,621 | $ | — | $ | 28,711 | |||||||||||||||
Realized (gains) losses included in net income | 4,766 | (2,151 | ) | (53 | ) | (4,139 | ) | |||||||||||||||||
Purchases, net 2 | 62 | — | 850 | — | ||||||||||||||||||||
Changes in fair value | (5,142 | ) | (7,673 | ) | (3,324 | ) | (20,250 | ) | ||||||||||||||||
Balance at June 30 | $ | (3,439 | ) | $ | (2,203 | ) | $ | (2,527 | ) | $ | 4,322 | |||||||||||||
Realized (gains) losses included in net income | 3,568 | (1,908 | ) | 1,018 | (3,822 | ) | ||||||||||||||||||
Transfers1 | — | 193 | — | — | ||||||||||||||||||||
Purchases (sales), net 2 | 314 | — | — | — | ||||||||||||||||||||
Changes in fair value | (10,180 | ) | 3,888 | (14,109 | ) | 12,551 | ||||||||||||||||||
Balance at September 30 | $ | (9,737 | ) | $ | (30 | ) | $ | (15,618 | ) | $ | 13,051 | |||||||||||||
1Â | Represents the fair value at the transfer date of positions where hedge accounting was terminated. See discussion above. | |||||||||||||||||||||||
2Â | Purchases represent the cash premiums paid upon the purchase of euro put options or received upon the sale of euro call options. Bunker fuel and currency forward contracts require no up-front cash payment and have an initial fair value of zero; settlements on the forward contracts (swaps) occur upon their maturity. | |||||||||||||||||||||||
Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at September 30, 2013 are expected to be reclassified into income as follows (in thousands): | ||||||||||||||||||||||||
Expected Period of Recognition | Currency | Bunker | Total | |||||||||||||||||||||
Hedge | Fuel | |||||||||||||||||||||||
Portfolio | Forward | |||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||
2013 | $ | (7,860 | ) | $ | 603 | $ | (7,257 | ) | ||||||||||||||||
2014 | (2,810 | ) | (487 | ) | (3,297 | ) | ||||||||||||||||||
2015 | — | (255 | ) | (255 | ) | |||||||||||||||||||
$ | (10,670 | ) | $ | (139 | ) | $ | (10,809 | ) | ||||||||||||||||
The following tables summarize the effect of the company's derivatives designated as cash flow hedging instruments on OCI and earnings: | ||||||||||||||||||||||||
Quarter ended September 30, 2013 | Quarter ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Total | Currency | Bunker Fuel | Total | ||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Gain (loss) recognized in OCI on derivative (effective portion) | $ | (10,201 | ) | $ | 4,018 | $ | (6,183 | ) | $ | (13,580 | ) | $ | 12,209 | $ | (1,371 | ) | ||||||||
Gain (loss) reclassified from accumulated OCI into income (effective portion)1 | (6,114 | ) | 1,908 | (4,206 | ) | (753 | ) | 3,822 | 3,069 | |||||||||||||||
Gain (loss) recognized in income on derivative (ineffective portion)1 | $ | — | $ | (130 | ) | $ | (130 | ) | $ | — | $ | 342 | $ | 342 | ||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Total | Currency | Bunker Fuel | Total | ||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Gain (loss) recognized in OCI on derivative (effective portion) | $ | (8,518 | ) | $ | 210 | $ | (8,308 | ) | $ | (17,755 | ) | $ | 11,983 | $ | (5,772 | ) | ||||||||
Gain (loss) reclassified from accumulated OCI into income (effective portion)1 | (21,328 | ) | 6,898 | (14,430 | ) | 3,628 | 13,475 | 17,103 | ||||||||||||||||
Gain (loss) recognized in income on derivative (ineffective portion)1 | $ | — | $ | (2,107 | ) | $ | (2,107 | ) | $ | — | $ | (211 | ) | $ | (211 | ) | ||||||||
1Â | Both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion, if any) are included in "Net sales" for the currency hedge portfolio and "Cost of sales" for bunker fuel forward contracts. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||
Fair Value Measurements | ||||||||||||||||||
Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest): | ||||||||||||||||||
Level 1 – observable prices in active markets for identical assets and liabilities; | ||||||||||||||||||
Level 2 – observable inputs other than quoted market prices in active markets for identical assets and liabilities, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs; and | ||||||||||||||||||
Level 3 – unobservable inputs. | ||||||||||||||||||
The following table summarizes financial assets and liabilities carried at fair value, including derivative instruments on a gross basis, and the location of these instruments on the Condensed Consolidated Balance Sheets as of September 30, 2013, December 31, 2012 and September 30, 2012: | ||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | ||||||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 515 | $ | — | $ | 515 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (465 | ) | — | (465 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 196 | — | 196 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (137 | ) | — | (137 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized assets | 22 | — | 22 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | (70 | ) | — | (70 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 61 | — | 61 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 1,163 | — | 1,163 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (10,913 | ) | — | (10,913 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 1,212 | — | 1,212 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (611 | ) | — | (611 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | 282 | — | 282 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized liabilities | (203 | ) | — | (203 | ) | — | |||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | 17 | — | 17 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (108 | ) | — | (108 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (9,161 | ) | — | (9,161 | ) | — | ||||||||||||
Derivatives recorded in "Other liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 196 | — | 196 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (233 | ) | — | (233 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 145 | — | 145 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (835 | ) | — | (835 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | 12 | — | 12 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized liabilities | (236 | ) | — | (236 | ) | — | |||||||||||
Net amount recorded in other liabilities | (951 | ) | — | (951 | ) | — | ||||||||||||
September 30, 2013 | $ | (10,051 | ) | $ | — | $ | (10,051 | ) | $ | — | ||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||
Derivatives recorded in "Other current assets": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 192 | $ | — | $ | 192 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (2,550 | ) | — | (2,550 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 4,001 | — | 4,001 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized assets | 4 | — | 4 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | (11 | ) | — | (11 | ) | — | |||||||||||
Net amount recorded in other current assets | 1,636 | — | 1,636 | — | ||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 1,889 | — | 1,889 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (1,059 | ) | — | (1,059 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 830 | — | 830 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 1,992 | — | 1,992 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (22,849 | ) | — | (22,849 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 3,741 | — | 3,741 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | 1 | — | 1 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (24 | ) | — | (24 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (17,139 | ) | — | (17,139 | ) | — | ||||||||||||
Available-for-sale investment recorded in "Other current assets": | ||||||||||||||||||
Available-for-sale investment | 1,668 | 1,668 | — | — | ||||||||||||||
December 31, 2012 | $ | (13,005 | ) | $ | 1,668 | $ | (14,673 | ) | $ | — | ||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-12 | ||||||||||||||||||
Derivatives recorded in "Other current assets": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 1,725 | $ | — | $ | 1,725 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (4,963 | ) | — | (4,963 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 9,105 | — | 9,105 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheet | (14 | ) | — | (14 | ) | — | |||||||||||
Net amount recorded in other current assets | 5,853 | — | 5,853 | — | ||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | 522 | — | 522 | — | |||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (1,152 | ) | — | (1,152 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 1,760 | — | 1,760 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (123 | ) | — | (123 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 1,007 | — | 1,007 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 2,960 | — | 2,960 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (12,217 | ) | — | (12,217 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 2,202 | — | 2,202 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (49 | ) | — | (49 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (7,104 | ) | — | (7,104 | ) | — | ||||||||||||
Derivatives recorded in "Other liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 2,133 | — | 2,133 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (4,626 | ) | — | (4,626 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 1,203 | — | 1,203 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (1,096 | ) | — | (1,096 | ) | — | |||||||||||
Net amount recorded in other liabilities | (2,386 | ) | (2,386 | ) | ||||||||||||||
Available-for-sale investment recorded in "Investments & other assets, net": | ||||||||||||||||||
Available-for-sale investment | 5,566 | 5,566 | — | — | ||||||||||||||
September 30, 2012 | $ | 2,936 | $ | 5,566 | $ | (2,630 | ) | $ | — | |||||||||
1 Bunker fuel forward contracts designated as cash flow hedges. | ||||||||||||||||||
2 Bunker fuel forward contracts not designated as hedging instruments. | ||||||||||||||||||
Except as described in Note 7, currency hedge portfolio and bunker fuel forward contracts are designated as hedging instruments. 30-day euro forward contracts are not designated as hedging instruments. To the extent derivatives in an asset position and derivatives in a liability position are with the same counterparty, they are netted in the Condensed Consolidated Balance Sheets because the company enters into master netting arrangements with each of its hedging partners. | ||||||||||||||||||
The company values fuel hedging positions by applying an observable discount rate to the current forward prices of identical hedge positions. The company values currency hedging positions by utilizing observable or market-corroborated inputs such as exchange rates, volatility and forward yield curves. The company trades only with counterparties that meet certain liquidity and creditworthiness standards and does not anticipate non-performance by any of these counterparties. The company does not require collateral from its counterparties, nor is it obligated to provide collateral when contracts are in a liability position. However, consideration of non-performance risk is required when valuing derivative instruments, and the company includes an adjustment for non-performance risk in the recognized measure of derivative instruments to reflect the full credit default spread ("CDS") applied to a net exposure by counterparty. When there is a net asset position, the company uses the counterparty's CDS; when there is a net liability position, the company uses its own estimated CDS. CDS is generally not a significant input in measuring fair value and was not significant for any of the company's derivative instruments in any period presented. See further discussion and tabular disclosure of hedging activity in Note 7. | ||||||||||||||||||
Financial instruments not carried at fair value consist of the company's debt. See further fair value discussion and tabular disclosure in Note 6. | ||||||||||||||||||
Fair value measurements of benefit plan assets included in net benefit plan liabilities are based on quoted market prices in active markets (Level 1) or quoted prices in inactive markets (Level 2). The carrying amounts of cash and equivalents, accounts receivable, other receivables including current and non-current finance receivables and accounts payable approximate fair value. Level 3 fair value measurements are used in the impairment reviews of goodwill and intangible assets, which take place annually during the fourth quarter, or as circumstances indicate the possibility of impairment. Level 3 fair value measurements are also used in measuring impairments related to long-lived assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable and in periodic assessments for other-than-temporary impairment of the company's equity-method investment in the Danone JV. The third quarter 2012 Level 3 assessment of the fair value of the investment in the Danone JV was based on expected cash flows; see Note 15 for further discussion. The initial Level 3 measurement of the equity-method investment in the Danone JV occurred in 2010 when the European smoothie business was deconsolidated and the joint venture was established. |
Pension_and_Severance_Benefits
Pension and Severance Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Severance Benefits | ' | |||||||||||||||
Pension and Severance Benefits | ||||||||||||||||
Net pension expense from the company's defined benefit and severance plans is primarily comprised of severance plans covering Central American employees and consists of the following:Â | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 1,864 | $ | 1,787 | $ | 5,592 | $ | 5,360 | ||||||||
Interest on projected benefit obligation | 1,300 | 1,247 | 3,894 | 3,746 | ||||||||||||
Expected return on plan assets | (333 | ) | (378 | ) | (996 | ) | (1,133 | ) | ||||||||
Recognized actuarial loss | 310 | 242 | 922 | 709 | ||||||||||||
Amortization of prior service cost | 32 | 32 | 96 | 96 | ||||||||||||
Defined benefit and severance plan expense | $ | 3,173 | $ | 2,930 | $ | 9,508 | $ | 8,778 | ||||||||
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income | ||||||||||||||||||||
Gains and losses deferred in "Accumulated other comprehensive income (loss)" ("AOCI") are reclassified and recognized in the Condensed Consolidated Statements of Income when they are realized. The items in the table below do not have an income tax effect because they are either permanent differences in the income tax calculation or they relate to jurisdictions where the company has established full valuation allowances against its deferred tax assets. Amounts of (income) expense reclassified from AOCI are as follows (in thousands): | ||||||||||||||||||||
AOCI Component | Line Items Affected by Reclassifications from AOCI in the Condensed Consolidated Statements of Income | (Income) / expense reclassified from AOCI for the quarter ended September 30, | (Income) / expense reclassified from AOCI for the nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Available-for-sale investment | Other income (expense), net | $ | — | $ | — | $ | (561 | ) | $ | — | ||||||||||
Currency hedge portfolio derivatives | Net sales | 6,114 | 753 | 21,328 | (3,628 | ) | ||||||||||||||
Bunker fuel forward contracts | Cost of sales | (2,277 | ) | (3,822 | ) | (7,267 | ) | (13,475 | ) | |||||||||||
Prior service cost and recognized actuarial loss amortization related to pensions* | 342 | 274 | 1,018 | 805 | ||||||||||||||||
* These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 9 for further details. | ||||||||||||||||||||
The changes in the components of accumulated other comprehensive income, net of tax, for the quarter and nine months ended September 30, 2013 were as follows: | ||||||||||||||||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | |||||||||||||||
Balance at June 30, 2013 | $ | 252 | $ | (8,463 | ) | $ | — | $ | (24,977 | ) | $ | (33,188 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (753 | ) | (6,183 | ) | — | (42 | ) | (6,978 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,837 | — | 342 | 4,179 | |||||||||||||||
Net current-period other comprehensive income | (753 | ) | (2,346 | ) | — | 300 | (2,799 | ) | ||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | ||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | |||||||||||||||
Balance at December 31, 2012 | $ | (120 | ) | $ | (16,562 | ) | $ | 404 | $ | (24,247 | ) | $ | (40,525 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (381 | ) | (8,308 | ) | 157 | (1,448 | ) | (9,980 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 14,061 | (561 | ) | 1,018 | 14,518 | ||||||||||||||
Net current-period other comprehensive income | (381 | ) | 5,753 | (404 | ) | (430 | ) | 4,538 | ||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | ||||||
(1) Net of deferred tax liability of $150, $153 and $283 as of September 30, 2013, June 30, 2013 and December 31, 2012, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rates were (27.1)% and 14.0% for the quarters ended September 30, 2013 and 2012, respectively, and 20.5% and 9.0% for the nine months ended September 30, 2013 and 2012, respectively. The company records income taxes using an estimated annual effective tax rate for interim reporting. Under the annual effective tax rate method, jurisdictions with a projected loss where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. | |
The effective tax rates for the nine months ended September 30, 2013 and 2012 were impacted by the mix in earnings among domestic and foreign jurisdictions, losses in various jurisdictions and certain discrete items. Many of these foreign jurisdictions have tax rates that are lower than the U.S. statutory rate, and the company continues to maintain full valuation allowances on net deferred tax assets in certain of these foreign jurisdictions. The effective tax rates for the quarter and nine months ended September 30, 2013 were also impacted by the company continuing to maintain a full valuation allowance on U.S. net deferred tax assets. In the fourth quarter of 2012, the company recorded a valuation allowance against most of its U.S. federal and state deferred tax assets, which are primarily net operating losses ("NOLs"). The company recorded out of period adjustments including $3 million of income tax benefit related to 2012 and 2011 in the second quarter of 2013. In the nine months ended September 30, 2012, the company recorded out of period adjustments, which included $3 million of income tax expense related to 2011 and 2010 in the first quarter of 2012. These corrections had an insignificant effect on all affected annual and quarterly periods and financial statement line items based on a quantitative and qualitative evaluation. |
Advertising_and_Promotion_Expe
Advertising and Promotion Expense | 9 Months Ended |
Sep. 30, 2013 | |
Marketing and Advertising Expense [Abstract] | ' |
Advertising and Promotion Expense | ' |
Advertising and Promotion Expense | |
Advertising and certain promotion expenses are included in "Selling, general and administrative" in the Condensed Consolidated Statements of Income and were $7 million in each of the quarters ended September 30, 2013 and 2012 and $19 million and $22 million for the nine months ended September 30, 2013 and 2012, respectively. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Stock-based compensation expense totaled $2 million and $1 million for the quarters ended September 30, 2013 and 2012, respectively, and $7 million and $6 million for the nine months ended September 30, 2013 and 2012, respectively. Stock-based compensation expense relates primarily to the company's performance-based long-term incentive program ("LTIP"), stock options and restricted stock unit ("RSU") awards. LTIP awards cover three-year performance cycles and are measured partly on performance criteria (cumulative earnings per share and/or cumulative free cash flow generation) and partly on market criteria (total shareholder return relative to a peer group of companies). The fair value of LTIP awards containing performance criteria are based on the company's expectations of performance achievement and the closing stock price on the measurement date. The fair value of LTIP awards based on market criteria are measured using a Monte-Carlo simulation using publicly available data. | ||||||||||||||||
The company's LTIP awards are liability-classified awards. All other stock-based compensation is equity-classified, and therefore affects "Capital surplus." Changes in "Capital surplus" are primarily a result of stock compensation: | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock-based compensation | $ | 1,713 | $ | 1,302 | $ | 5,541 | $ | 6,700 | ||||||||
Shares withheld for taxes | (1,508 | ) | (950 | ) | (1,840 | ) | (1,170 | ) | ||||||||
Capital surplus increase | $ | 205 | $ | 352 | $ | 3,701 | $ | 5,530 | ||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The company reports three business segments: | ||||||||||||||||
• | Bananas: Includes the sourcing (purchase and production), transportation, marketing and distribution of bananas. | |||||||||||||||
• | Salads and Healthy Snacks: Includes ready-to-eat, packaged salads, referred to in the industry as "value-added salads" and other value-added products, such as healthy snacking items, fresh vegetable and fruit ingredients used in food service; processed fruit ingredient products; and the company's equity-method investment in the Danone JV, which sold Chiquita-branded fruit smoothies in Europe. In March 2013, the Danone JV sold its smoothie operations and the Chiquita brand is now licensed to a third-party manufacturer of smoothies in Europe. The company made contributions of €10 million ($13 million) in the third quarter of 2013 and €4 million ($5 million) in the fourth quarter of 2013 that discharged its remaining financial obligations to the Danone JV. In the third quarter of 2012, the company recorded a $28 million loss to fully impair its equity-method investment and to record estimates of probable cash obligations to the Danone JV, which was a result of the JV's board of directors approving a change in strategy and the related discontinuation of a key product causing the company to determine the decline in estimated fair value of its equity-method investment was other than temporary. In the fourth quarter of 2012, the company fully accrued its obligation to fund the Danone JV by recording an additional charge of $4 million, which represented changes in the estimated funding obligations and related assets. | |||||||||||||||
• | Other Produce: Includes the sourcing, marketing and distribution of whole fresh produce other than bananas. As part of the restructuring plan, the company exited the North American deciduous product lines after the end of the California grape season at the end of 2012. Subsequently, the primary product of the Other Produce segment is pineapples. | |||||||||||||||
Certain corporate expenses are not allocated to the reportable segments and are included in "Corporate costs," including costs related to the relocation of the company's headquarters and restructuring activities described in Note 3. Inter-segment transactions are eliminated. | ||||||||||||||||
Financial information for each segment follows: | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Bananas | $ | 455,981 | $ | 446,080 | $ | 1,481,625 | $ | 1,499,096 | ||||||||
Salads and Healthy Snacks | 239,102 | 239,943 | 739,392 | 729,430 | ||||||||||||
Other Produce | 27,979 | 28,144 | 88,468 | 112,290 | ||||||||||||
$ | 723,062 | $ | 714,167 | $ | 2,309,485 | $ | 2,340,816 | |||||||||
Operating income (loss): | ||||||||||||||||
Bananas1 | $ | 18,039 | $ | (1,784 | ) | $ | 101,438 | $ | 46,328 | |||||||
Salads and Healthy Snacks2 | (5,155 | ) | (26,926 | ) | 4,595 | (16,518 | ) | |||||||||
Other Produce3 | 2,325 | (3,407 | ) | 1,904 | (12,773 | ) | ||||||||||
Corporate costs4 | (14,056 | ) | (33,987 | ) | (41,070 | ) | (65,978 | ) | ||||||||
$ | 1,153 | $ | (66,104 | ) | $ | 66,867 | $ | (48,941 | ) | |||||||
1Â | Includes the acceleration of $6 million of losses on ship sublease arrangements in the first quarter of 2012, net of $2 million of related sale-leaseback gain amortization during the sublease period. As part of the company's European shipping reconfiguration, five ships, two in the fourth quarter of 2011 and three in the first quarter of 2012, were removed from service and subleased. The primary leases for an equivalent number of ships were not renewed at the end of 2012. These accelerated sublease losses are included in "Cost of sales." | |||||||||||||||
2Â | Includes $1 million of "Cost of sales" in the first quarter of 2013 for severance costs related to a fruit ingredient business. Includes $1 million of "Cost of sales" in the first quarter of 2012 primarily related to inventory write-offs to exit healthy snacking products that were not sufficiently profitable and $1 million of "Selling, general and administrative" to restructure the European healthy snacking sales force. These costs related to actions completed during the first quarter of 2012. Includes $1 million in "Cost of sales" in the second quarter of 2012, primarily related to the closure of a research and development facility. Includes $28 million of "Equity in (earnings) losses of investees" in the third quarter of 2012 to fully impair the company's equity-method investment and to record estimates of probable cash obligations to the Danone JV as described above. | |||||||||||||||
3Â | Includes $2 million of "Cost of sales" in the first quarter of 2012, primarily related to inventory write-offs to exit low-margin other produce. | |||||||||||||||
4Â | Includes "Restructuring and relocation costs" further detailed in Note 3. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Commitments and Contingencies | ||||||
The company had an accrual of $4 million, $4 million and $3 million related to contingencies and legal proceedings in Europe at each of September 30, 2013, December 31, 2012, and September 30, 2012, respectively. While other contingent liabilities described below may be material to the financial statements, the company considered that while losses in these matters are possible, they are not probable; therefore, the company has not accrued any other amounts. Regardless of their outcomes, the company has paid, and will likely continue to incur, significant legal and other fees to defend itself in these proceedings, which may significantly affect the company's financial statements. Additionally, as described below, the company continues to be required to maintain deposits with relevant tax authorities for certain of these matters. | ||||||
COLOMBIA-RELATED MATTERS | ||||||
Tort Lawsuits. Between June 2007 and March 2011, nine civil tort lawsuits were filed against the company by Colombian nationals in U.S. federal courts. These lawsuits assert claims under various state and federal laws, including the Alien Tort Statute (the "ATS lawsuits"). The over 6,000 plaintiffs in the ATS lawsuits claim to be persons injured, or family members or legal heirs of individuals allegedly killed or injured, by armed groups that received payments from the company's former Colombian subsidiary. The company had voluntarily disclosed these payments to the U.S. Department of Justice as having been made by the subsidiary to protect its employees from risks to their safety if the payments were not made. This self-disclosure led to the company's 2007 plea to one count of Engaging in Transactions with a Specially-Designated Global Terrorist Group without having first obtained a license from the U.S. Department of Treasury's Office of Foreign Assets Control. The plaintiffs claim that, as a result of such payments, the company should be held legally responsible for the alleged injuries. Eight of the ATS lawsuits seek unspecified compensatory and punitive damages, as well as attorneys' fees and costs, with one seeking treble damages and disgorgement of profits without explanation. The other ATS lawsuit contains a specific demand of $10 million in compensatory damages and $10 million in punitive damages for each of the several hundred alleged victims in that suit. The company also has received requests to participate in mediation in Colombia concerning similar claims, which could be followed by litigation in Colombia. All of the ATS lawsuits have been centralized in the U.S. District Court for the Southern District of Florida for consolidated or coordinated pretrial proceedings ("MDL Proceeding"). The company believes the plaintiffs' claims are without merit and is defending itself vigorously. | ||||||
Between June 2011 and March 2012, the court dismissed certain of the plaintiffs' claims, but allowed the plaintiffs to move forward with some ATS claims and claims asserted under Colombian law. The company believes it has strong defenses to the remaining claims. In March 2012, the court granted the company's motion for interlocutory appeal of legal questions raised by the court's refusal to dismiss certain ATS claims, and, in September 2012, the United States Court of Appeals for the Eleventh Circuit granted permission to pursue the interlocutory appeal. The parties have briefed this appeal, and a decision is pending. On August 29, 2013, the MDL court dismissed as moot the company's November 4, 2011 motion to dismiss all of the ATS lawsuits on forum non conveniens grounds in light of the plaintiffs' subsequent filing of amended complaints. The company's motion was dismissed without prejudice to refile after the Eleventh Circuit rules on the company's interlocutory appeal. | ||||||
In addition to the ATS lawsuits, between March 2008 and March 2011, four tort lawsuits were filed against the company by American citizens who allege that they were kidnapped and held hostage by an armed group in Colombia, or that they are the survivors or the estate of a survivor of American nationals kidnapped and/or killed by the same group in Colombia. The plaintiffs in these cases make claims under the Antiterrorism Act and state tort laws (the "ATA lawsuits") and contend that the company is liable because its former Colombian subsidiary allegedly provided material support to the armed group. The ATA lawsuits, which also have been centralized in the MDL Proceeding, seek unspecified compensatory damages, treble damages, attorneys' fees and costs and punitive damages. The company believes the plaintiffs' claims are without merit and is defending itself vigorously. | ||||||
In February 2010, the company's motion to dismiss one of the ATA lawsuits was granted in part and denied in part and in March 2012, the company's motions to dismiss the other ATA lawsuits were denied. In November 2012, one of the ATA lawsuits was dismissed after the parties reached a confidential settlement agreement. In July 2013, the company filed a motion for reconsideration of the court's order denying its motions to dismiss the ATA lawsuits and that motion is pending. The company believes it has strong defenses to the remaining claims in the ATA lawsuits. | ||||||
Insurance Recovery. The company has provided notice of the ATS and ATA lawsuits to the insurers that issued primary and excess general liability insurance policies during the relevant years. The insurers have either reserved the right to deny coverage or denied coverage for these lawsuits. In 2008, the company commenced litigation in state court in Ohio against three of its primary insurers seeking coverage for defense costs incurred in connection with the ATA and ATS lawsuits; a fourth primary insurer was later joined to that lawsuit. The company entered into settlement agreements under which three of its primary insurers agreed to pay, in total, approximately 40 percent of the company's defense costs in the ATA and ATS lawsuits. In late 2012, one of these settling insurers paid the full amount of a settlement in an ATA lawsuit. In June 2013, the company received notice that the two other settling insurers, which had been paying approximately 1 percent of the company's defense costs, had been placed in liquidation. The fourth primary insurer, National Union, did not settle. In March 2013, the Ohio Court of Appeals held that National Union is not obligated to provide coverage for defense costs in the ATS and ATA lawsuits. The Ohio Supreme Court declined to accept the case for review. | ||||||
As of September 30, 2013, National Union had paid the company $12 million as reimbursement for defense costs. This sum is being deferred in "Accrued Liabilities" on the Condensed Consolidated Balance Sheet because National Union asserts that it is entitled to obtain reimbursement of this amount from the company based on the outcome of its appeal in the coverage case. In its ruling in March 2013, the Ohio Court of Appeals remanded the case to the trial court to determine whether National Union is entitled to repayment of the defense costs that it has already paid. The case is pending on remand. | ||||||
In August 2013, one of the settling primary insurers, Federal, filed a lawsuit in state court in Ohio seeking a declaratory judgment that, based on the Ohio Court of Appeals’ March 2013 decision regarding National Union’s defense obligations, Federal has no obligation to provide coverage for any settlements or judgments that may be incurred by the company in the ATS and ATA lawsuits. The company believes that Federal’s lawsuit is premature and will defend itself vigorously. | ||||||
Neither the Ohio Court of Appeals’ ruling nor Federal’s lawsuit impacts Federal’s obligation to reimburse 40 percent of the company’s defense costs pursuant to the terms of its settlement agreement with Chiquita. There can be no assurance that the insurers will provide any additional coverage for these claims. | ||||||
Colombia Investigation. The Colombian Attorney General's Office has been conducting an investigation into payments made by companies in the banana industry to paramilitary groups in Colombia. Included within the scope of the investigation are the payments that were the subject of the company's 2007 plea in the United States. In March 2012, the prosecutor in charge of the investigation issued a decision which concluded that the company's former Colombian subsidiary had made payments in response to extortion demands and that the payments were not illegal under Colombian law. Based on these findings, the prosecutor closed the investigation. As provided for under Colombian law, the prosecutor's decision was reviewed by senior officials in the Colombian Attorney General's office pursuant to a legal standard specifying that any evidence in the record suggesting that a crime may have occurred is sufficient to justify the reopening of the investigation. Applying this standard, in December 2012, the Colombian Attorney General's Office determined that the investigation should continue and not be closed. The Attorney General's office did not make any finding that persons connected with the company's former Colombian subsidiary committed wrongdoing of any kind, only that the matter warrants further investigation. The company believes that it has at all times complied with Colombian law. | ||||||
ITALIAN CUSTOMS AND TAX CASES | ||||||
1998-2000 Cases. In October 2004, the company's Italian subsidiary, Chiquita Italia, received the first of several notices from various customs authorities in Italy stating that it is potentially liable for additional duties and taxes on the import of bananas by Socoba S.r.l. ("Socoba") from 1998 to 2000 for sale to Chiquita Italia. The customs authorities claim that (i) the amounts are due because these bananas were imported with licenses (purportedly issued by Spain) that were subsequently determined to have been forged and (ii) Chiquita Italia should be jointly liable with Socoba because (a) Socoba was controlled by a former general manager of Chiquita Italia and (b) the import transactions benefited Chiquita Italia, which arranged for Socoba to purchase the bananas from another subsidiary of the company and, after customs clearance, sell them to Chiquita Italia. Chiquita Italia is contesting these claims, principally on the basis of its good faith belief at the time the import licenses were obtained and used that they were valid. | ||||||
Of the original notices, separate civil customs proceedings were ultimately brought against Chiquita Italia in four Italian jurisdictions, Genoa, Trento, Aosta and Alessandria. In Genoa, Chiquita Italia won at the trial level, lost on appeal, and appealed to the Court of Cassation, the highest level of appeal in Italy, which issued a decision in favor of Chiquita Italia in September 2013. Cases are pending in the remaining three jurisdictions. In Trento, Chiquita Italia lost at the trial level, lost at the initial appeal level in a decision published in February 2012 and has appealed to the Court of Cassation where final decisions are pending. In Aosta, Chiquita Italia lost at the trial level and in March 2013 filed an appeal against this decision. In Alessandria, Chiquita Italia lost at the trial level, and appealed but the case has been stayed pending a ruling in a separate case in Rome. The Rome case was brought by Socoba (and Chiquita Italia intervened voluntarily) on the issue of whether the forged Spanish licenses used by Socoba should be regarded as genuine in view of the apparent inability to distinguish between genuine and forged licenses. In an October 2010 decision, the Rome trial court rejected Socoba's claim that the licenses should be considered genuine on the basis that Socoba had not sufficiently demonstrated how similar the forged licenses were to genuine Spanish licenses. Socoba has appealed this decision. In an unrelated case addressing similar forged Spanish licenses used in Belgium, the EU Commission has ruled that these types of licenses were such good forgeries that they needed to be treated as genuine, and Chiquita Italia has brought this decision to the attention of the customs authorities in Genoa and Alessandria to seek relief in relation to the pending customs case. The Alessandria customs authorities have so far declined to address the request. | ||||||
Under Italian law, the amounts claimed in the Genoa, Trento, Aosta and Alessandria cases became due and payable notwithstanding the pending appeals. Deposits made in these cases are deferred in "Other current assets" and "Investments and other assets, net" on the Consolidated Balance Sheets pending resolution of the appeals process. A summary of claims and deposits paid as of September 30, 2013 is as follows: | ||||||
Claim | Interest and Penalties Claimed | Total Claim | Deposits Paid Pending Appeal | |||
(In millions) | (In millions) | (In millions) | (In millions) | |||
Trento | € 3.30 | € 3.10 | € 6.40 | € 6.40 | Deposits paid in 36 equal monthly installments ended March 2012. | |
Alessandria | € 0.30 | € 0.20 | € 0.50 | € 0.50 | Deposits paid in 36 equal monthly installments ended March 2012. | |
Aosta | € 1.20 | € 1.20 | € 2.40 | € 0.40 | Monthly deposit payments of €34 thousand began in November 2012 and will continue through October 2018. | |
Genoa (Resolved) | € 7.40 | € 1.00 | € 8.40 | € 1.60 | Following the recent decision in the Genoa case in favor of Chiquita Italia, this matter is now resolved and Chiquita Italia is entitled to claim reimbursement of deposited amounts plus interest. | |
2004-2005 Cases. In 2008, Chiquita Italia was required to provide documents and information to the Italian fiscal police in connection with a criminal investigation into imports of bananas by Chiquita Italia during 2004 and 2005, and the payment of customs duties on these imports. The focus of the investigation was an importation process whereby the company sold some of its bananas to holders of import licenses who imported the bananas and resold them to Chiquita Italia (indirect import challenge), a practice the company believes was legitimate under both Italian and EU law and was widely accepted by authorities across the EU and by the EC. The Italian prosecutors are pursuing this matter with respect to 2005 only. If criminal liability is ultimately determined, Chiquita Italia could be civilly liable for damages, including applicable duties, taxes and penalties. | ||||||
Tax authorities issued assessment notices for 2004 and 2005, which were appealed to the first level Rome tax court; in June 2011, the court rejected the appeal for 2004. Chiquita Italia appealed this decision and, in October 2012, the appeals court ruled in favor of Chiquita Italia with respect to 2004. A significant portion of the 2005 income tax assessment has been withdrawn by the tax authorities. In April 2013, the first level Rome tax court ruled against Chiquita for the remainder of the assessment and Chiquita appealed in June 2013. The hearing date has not been set. Separately, customs authorities have also issued assessments for these cases, and Chiquita Italia's appeals of these customs assessments were rejected by the first level Rome tax court and the regional court. Chiquita Italia has appealed the decisions about the customs assessments to the Court of Cassation, the highest level of appeal in Italy. In each case, Chiquita Italia has received payment notifications from the tax and customs authorities, but the 2004 tax assessment has been annulled based on the October 2012 appeals court ruling and the company is claiming reimbursement of payments made. Deposits made under these cases are deferred in "Investments and other assets, net" on the Consolidated Balance Sheets pending resolution of the appeals process. If Chiquita Italia ultimately prevails in its appeals, all amounts deposited will be reimbursed with interest. A summary of assessments and deposits paid is as follows: | ||||||
Assessment | Interest and Penalties Assessed | Total Assessment | Deposits Paid Pending Appeal | |||
(In millions) | (In millions) | (In millions) | (In millions) | |||
Income Tax Assessment for 2004/2005 | € 12.00 | € 19.10 | € 31.10 | € 1.50 | Monthly deposit payments of €113 thousand began in March 2012. The appeals court ruled in favor of Chiquita Italia in October 2012 for the 2004 assessments and all but €0.5 million of the 2005 assessments have been withdrawn. The company has requested relief from these payments and reimbursement. | |
Customs Tax Assessment for 2004/2005 | € 18.20 | € 10.20 | € 28.40 | € 10.50 | Monthly deposit payments of €350 thousand began in September 2011 and will continue through September 2017, unless a successful appeals process is completed sooner. | |
The fiscal police investigation also challenged the involvement of an entity of the company incorporated in Bermuda in the sale of bananas directly to Chiquita Italia (direct import challenge), as a result of which the tax authorities claimed additional taxes of €13 million ($17 million) for 2004 and €19 million ($25 million) for 2005, plus interest and penalties. In order to avoid a long and costly tax dispute, in April 2011, Chiquita Italia reached an agreement in principle with the Italian tax authorities to settle the dispute and recorded expense for the settlements at that time. Under the settlement, the tax authorities agreed that the Bermuda corporation's involvement in the importation of bananas was appropriate and Chiquita Italia agreed to an adjustment to the intercompany price paid by Chiquita Italia for the imported bananas it purchased from this company, resulting in a higher income tax liability for those years. Chiquita Italia paid a settlement of €3 million ($4 million) of additional income tax for 2004 and 2005, including interest and penalties, which was significantly below the amounts originally claimed. As part of the settlement, Chiquita Italia also agreed to a pricing adjustment for its intercompany purchases of bananas for the years 2006 through 2009, resulting in payments in 2011 of €2 million ($3 million) of additional tax and interest to fully settle those years. The indirect import challenge described above is not part of the settlement. | ||||||
Chiquita Italia continues to believe that it acted properly and that all the transactions for which it has received assessment notices were legitimate and reported appropriately, and, aside from those issues already settled, continues to vigorously defend the transactions at issue. | ||||||
CONSUMPTION TAX REFUNDS | ||||||
The company has and has had several open cases seeking the refund of certain consumption taxes paid between 1980 and 1990 in various Italian jurisdictions. As gain contingencies, these refunds and any related interest are recognized when realized and all gain contingencies have been removed. In January 2012, the company received €20 million ($27 million) related to a favorable decision from a court in Salerno, Italy. The claim is not considered resolved or realized, as the decision has been appealed to a higher court. Consequently, the receipt of cash has been deferred in "Other liabilities" on the Condensed Consolidated Balance Sheets. Decisions in one jurisdiction have no binding effect on pending claims in other jurisdictions and all unresolved claims may take years to resolve. If the company were to lose on appeal, it may be required to repay the consumption tax refunds received. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Changes and Error Corrections [Abstract] | ' | |||
New Accounting Standards | ' | |||
New Accounting Standards | ||||
New accounting standards that could significantly affect the company's Condensed Consolidated Financial Statements are summarized as follows: | ||||
Issued | Description | Effective Date | Effect on Chiquita's Consolidated | |
for Chiquita | Financial Statements | |||
Jul-13 | Requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. | Prospectively, beginning January 1, 2014; early adoption permitted. | The company is evaluating the impact of the standard as it may affect balance sheet classification of certain unrecognized tax benefits. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
Basic and diluted earnings (loss) per common share ("EPS") are calculated as follows: | ||||||||||||||||
  | Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income (loss) | $ | (17,814 | ) | $ | (66,754 | ) | $ | 15,663 | $ | (72,388 | ) | |||||
Weighted average common shares outstanding (used to calculate basic EPS) | 46,633 | 46,141 | 46,495 | 45,975 | ||||||||||||
Dilutive effect of stock options and other stock awards | — | — | 940 | — | ||||||||||||
Weighted average common shares outstanding (used to calculate diluted EPS) | 46,633 | 46,141 | 47,435 | 45,975 | ||||||||||||
Earnings (loss) per common share – basic | $ | (0.38 | ) | $ | (1.45 | ) | $ | 0.34 | $ | (1.57 | ) | |||||
Earnings (loss) per common share – diluted | $ | (0.38 | ) | $ | (1.45 | ) | $ | 0.33 | $ | (1.57 | ) | |||||
Restructuring_and_Relocation_T
Restructuring and Relocation (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring | ' | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||||||
A reconciliation of the accrual for the restructuring activities included in "Accrued liabilities" in the Condensed Consolidated Balance Sheet at September 30, 2013 is as follows: | ||||||||||||||||||||
(In thousands) | Severance | |||||||||||||||||||
30-Jun-12 | $ | — | ||||||||||||||||||
Severance expense | 8,939 | |||||||||||||||||||
Amounts paid | (1,781 | ) | ||||||||||||||||||
30-Sep-12 | $ | 7,158 | ||||||||||||||||||
Severance expense | 1,652 | |||||||||||||||||||
Amounts paid | (1,810 | ) | ||||||||||||||||||
31-Dec-12 | $ | 7,000 | ||||||||||||||||||
Severance expense | 18 | |||||||||||||||||||
Amounts paid | (995 | ) | ||||||||||||||||||
31-Mar-13 | $ | 6,023 | ||||||||||||||||||
Severance expense | 48 | |||||||||||||||||||
Amounts paid | (1,982 | ) | ||||||||||||||||||
30-Jun-13 | $ | 4,089 | ||||||||||||||||||
Severance expense | (100 | ) | ||||||||||||||||||
Amounts paid | (1,329 | ) | ||||||||||||||||||
30-Sep-13 | $ | 2,660 | ||||||||||||||||||
Headquarters Relocation | ' | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||||||
A reconciliation of the accrual for the relocation that is included in "Accrued liabilities" is as follows: | ||||||||||||||||||||
(In thousands) | One-Time | Relocation, | Total Exit Costs | Other Relocation Costs | Total | |||||||||||||||
Termination | Recruiting | |||||||||||||||||||
Costs | and | |||||||||||||||||||
Other Costs | ||||||||||||||||||||
December 31, 2011 | $ | 5,303 | $ | 244 | $ | 5,547 | $ | 108 | $ | 5,655 | ||||||||||
Amounts expensed | 1,131 | 2,384 | 3,515 | 348 | 3,863 | |||||||||||||||
Amounts paid | (535 | ) | (1,500 | ) | (2,035 | ) | (456 | ) | (2,491 | ) | ||||||||||
31-Mar-12 | $ | 5,899 | $ | 1,128 | $ | 7,027 | $ | — | $ | 7,027 | ||||||||||
Amounts expensed | 1,026 | 3,681 | 4,707 | 2,063 | 6,770 | |||||||||||||||
Amounts paid | (1,225 | ) | (2,712 | ) | (3,937 | ) | (1,781 | ) | (5,718 | ) | ||||||||||
30-Jun-12 | $ | 5,700 | $ | 2,097 | $ | 7,797 | $ | 282 | $ | 8,079 | ||||||||||
Amounts expensed | 748 | 4,182 | 4,930 | 1,536 | 6,466 | |||||||||||||||
Amounts paid | (2,831 | ) | (4,703 | ) | (7,534 | ) | (1,680 | ) | (9,214 | ) | ||||||||||
30-Sep-12 | $ | 3,617 | $ | 1,576 | $ | 5,193 | $ | 138 | $ | 5,331 | ||||||||||
31-Dec-12 | $ | 2,031 | $ | 1,078 | $ | 3,109 | $ | (82 | ) | $ | 3,027 | |||||||||
Amounts expensed | 63 | 54 | 117 | 82 | 199 | |||||||||||||||
Amounts paid | (890 | ) | (330 | ) | (1,220 | ) | — | (1,220 | ) | |||||||||||
31-Mar-13 | $ | 1,204 | $ | 802 | $ | 2,006 | $ | — | $ | 2,006 | ||||||||||
Amounts expensed | (23 | ) | 16 | (7 | ) | — | (7 | ) | ||||||||||||
Amounts paid | (585 | ) | (677 | ) | (1,262 | ) | — | (1,262 | ) | |||||||||||
30-Jun-13 | $ | 596 | $ | 141 | $ | 737 | $ | — | $ | 737 | ||||||||||
Amounts expensed | (89 | ) | 185 | 96 | — | 96 | ||||||||||||||
Amounts paid | (298 | ) | (232 | ) | (530 | ) | — | (530 | ) | |||||||||||
30-Sep-13 | $ | 209 | $ | 94 | $ | 303 | $ | — | $ | 303 | ||||||||||
Trade_and_Finance_Receivables_
Trade and Finance Receivables (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||||||||||||
Finance receivables were as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
(In thousands) | Grower | Seller | Grower | Seller | Grower | Seller | ||||||||||||||||||
Receivables | Financing | Receivables | Financing | Receivables | Financing | |||||||||||||||||||
Gross receivable | $ | 36,092 | $ | 28,001 | $ | 41,008 | $ | 30,523 | $ | 42,138 | $ | 31,332 | ||||||||||||
Reserve | (32,927 | ) | — | (36,854 | ) | — | (36,837 | ) | — | |||||||||||||||
Net receivable | $ | 3,165 | $ | 28,001 | $ | 4,154 | $ | 30,523 | $ | 5,301 | $ | 31,332 | ||||||||||||
Current portion, net | $ | 3,165 | $ | 3,913 | $ | 4,154 | $ | 3,691 | $ | 5,301 | $ | 3,620 | ||||||||||||
Long-term portion, net | — | 24,088 | — | 26,832 | — | 27,712 | ||||||||||||||||||
Net receivable | $ | 3,165 | $ | 28,001 | $ | 4,154 | $ | 30,523 | $ | 5,301 | $ | 31,332 | ||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||
Activity in the reserve for grower receivables is as follows: | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||||||
Reserve at beginning of year | $ | 36,854 | $ | 37,519 | ||||||||||||||||||||
Charged to costs and expenses | 26 | 382 | ||||||||||||||||||||||
Recoveries | (51 | ) | (191 | ) | ||||||||||||||||||||
Foreign exchange and other | 1 | — | ||||||||||||||||||||||
Reserve at March 31 | $ | 36,830 | $ | 37,710 | ||||||||||||||||||||
Charged to costs and expenses | 35 | 45 | ||||||||||||||||||||||
Recoveries | (51 | ) | (516 | ) | ||||||||||||||||||||
Write-offs | (2,910 | ) | — | |||||||||||||||||||||
Foreign exchange and other | — | 1 | ||||||||||||||||||||||
Reserve at June 30 | $ | 33,904 | $ | 37,240 | ||||||||||||||||||||
Charged to costs and expenses | — | 277 | ||||||||||||||||||||||
Recoveries | (976 | ) | (680 | ) | ||||||||||||||||||||
Write-offs | — | — | ||||||||||||||||||||||
Foreign exchange and other | (1 | ) | — | |||||||||||||||||||||
Reserve at September 30 | $ | 32,927 | $ | 36,837 | ||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Schedule of Inventory, Current | ' | |||||||||||
Inventories consist of the following: | ||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||
Finished goods | $ | 79,706 | $ | 74,246 | $ | 80,325 | ||||||
Growing crops | 79,899 | 79,046 | 74,964 | |||||||||
Raw materials, supplies and other | 75,178 | 66,749 | 70,677 | |||||||||
$ | 234,783 | $ | 220,041 | $ | 225,966 | |||||||
Debt_Including_Capital_Lease_O1
Debt Including Capital Lease Obligations (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of carrying values and estimated fair values of debt instruments | ' | |||||||||||||||||||||||
The carrying values of the company's debt represent amortized cost and are summarized below with estimated fair values: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||
Carrying Value | Estimated Fair Value1 | Carrying Value | Estimated Fair Value1 | Carrying Value | Estimated Fair Value1 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
7.875% Senior Secured Notes due 2021 | $ | 422,100 | $ | 453,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
7½% Senior Notes due 2014 | — | — | 106,438 | 106,000 | 106,438 | 105,000 | ||||||||||||||||||
4.25% Convertible Senior Notes due 2016 | 161,182 | 196,000 | 153,082 | 174,000 | 150,542 | 175,000 | ||||||||||||||||||
ABL Term Loan | 6,750 | 6,000 | — | — | — | — | ||||||||||||||||||
Credit Facility Revolver | — | — | 40,000 | 38,000 | 20,000 | 19,000 | ||||||||||||||||||
Credit Facility Term Loan | — | — | 305,250 | 296,000 | 309,375 | 300,000 | ||||||||||||||||||
Capital lease obligations2 | 32,171 | 32,000 | 755 | 700 | 761 | 700 | ||||||||||||||||||
Less current portion | (2,191 | ) | (65,008 | ) | (40,903 | ) | ||||||||||||||||||
Total long-term debt and capital lease obligations | $ | 620,012 | $ | 540,517 | $ | 546,213 | ||||||||||||||||||
1Â | The fair value of the senior notes is based on observable inputs, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs (Level 2). All other debt may be traded on the secondary loan market, and the fair value is based on either the last available trading price, if recent, or trading prices of comparable debt (Level 3). See also Note 8 for discussion of fair value. | |||||||||||||||||||||||
2Â | Capital lease obligations at September 30, 2013 include the portion of the borrowings for the salad production and warehousing facility in the Midwest that has been placed into service. The facility is being constructed under a build-to-suit lease with the construction in progress liability included in "Accrued liabilities" and "Other liabilities" on the Condensed Consolidated Balance Sheets and then reclassified to capital lease obligation as the related leased assets are placed into service. See further description of the build-to-suit lease below | |||||||||||||||||||||||
Redemption price percentage by period | ' | |||||||||||||||||||||||
CBII and CBL may also redeem the 7.875% Notes as follows: | ||||||||||||||||||||||||
If redeemed during the 12-month period commencing February 1, | Redemption Price | |||||||||||||||||||||||
2016 | 105.906 | % | ||||||||||||||||||||||
2017 | 103.938 | % | ||||||||||||||||||||||
2018 | 101.969 | % | ||||||||||||||||||||||
2019 and thereafter | 100 | % | ||||||||||||||||||||||
Carrying amounts of convertible debt and equity components | ' | |||||||||||||||||||||||
The carrying amounts of the debt and equity components of the Convertible Notes are as follows: | ||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||||||||||||||
Principal amount of debt component1 | $ | 200,000 | $ | 200,000 | $ | 200,000 | ||||||||||||||||||
Unamortized discount | (38,818 | ) | (46,918 | ) | (49,458 | ) | ||||||||||||||||||
Net carrying amount of debt component | $ | 161,182 | $ | 153,082 | $ | 150,542 | ||||||||||||||||||
Equity component | $ | 84,904 | $ | 84,904 | $ | 84,904 | ||||||||||||||||||
Issuance costs and income taxes | (3,210 | ) | (3,210 | ) | (3,210 | ) | ||||||||||||||||||
Equity component, net of issuance costs and income taxes | $ | 81,694 | $ | 81,694 | $ | 81,694 | ||||||||||||||||||
1 | As of September 30, 2013, December 31, 2012 and September 30, 2012, the Convertible Notes' "if-converted" value did not exceed their principal amount because the company's common stock price was below the conversion price of the Convertible Notes. | |||||||||||||||||||||||
The interest expense related to the Convertible Notes was as follows: | ||||||||||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
4.25% coupon interest | $ | 2,125 | $ | 2,125 | $ | 6,375 | $ | 6,375 | ||||||||||||||||
Amortization of deferred financing fees | 117 | 117 | 352 | 352 | ||||||||||||||||||||
Amortization of discount on the debt component | 2,782 | 2,465 | 8,100 | 7,175 | ||||||||||||||||||||
Total interest expense related to the Convertible Notes | $ | 5,024 | $ | 4,707 | $ | 14,827 | $ | 13,902 | ||||||||||||||||
Hedging_Tables
Hedging (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Derivative Instruments, Cash Flow Hedge Accounting Discontinued | ' | |||||||||||||||||||||||
Activity related to these transferred positions is as follows: | ||||||||||||||||||||||||
Realized Losses Recorded in "Net sales" | ||||||||||||||||||||||||
(In thousands) | Quarter ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||||||||||
€25 million purchased euro put option settled in Q1 2013 | $ | — | $ | — | ||||||||||||||||||||
€25 million sold euro call option settled in Q1 2013 | — | (620 | ) | |||||||||||||||||||||
€19 million purchased euro put option settled in Q2 2013 | — | — | ||||||||||||||||||||||
€19 million sold euro call option settled in Q2 2013 | — | (507 | ) | |||||||||||||||||||||
€27 million purchased euro put options settled in Q3 2013 | — | — | ||||||||||||||||||||||
€27 million sold euro call options settled in Q3 2013 | (1,265 | ) | (1,265 | ) | ||||||||||||||||||||
$ | (1,265 | ) | $ | (2,392 | ) | |||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||||||||
  | Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Gains (losses) on 30-day euro forward contracts | $ | (3,288 | ) | $ | (1,781 | ) | $ | (3,024 | ) | $ | (1,021 | ) | ||||||||||||
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates | 5,384 | 4,129 | 332 | (3,281 | ) | |||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
s)." | ||||||||||||||||||||||||
At September 30, 2013, the company's hedge portfolio was comprised of the following outstanding positions: | ||||||||||||||||||||||||
Notional | Contract Average | Settlement | ||||||||||||||||||||||
Amount | Rate/Price | Period | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
      Currency derivatives: | ||||||||||||||||||||||||
              Purchased euro put options | €51 million | $1.20/€ | 2013 | |||||||||||||||||||||
              Sold euro call options | €51 million | $1.28/€ | 2013 | |||||||||||||||||||||
              Average rate forward contracts | €35 million | $1.24/€ | 2013 | |||||||||||||||||||||
              Purchased euro put options | €91 million | $1.30/€ | 20142 | |||||||||||||||||||||
              Sold euro call options | €91 million | $1.39/€ | 20142 | |||||||||||||||||||||
              Average rate forward contracts | €91 million | $1.34/€ | 20142 | |||||||||||||||||||||
  3.5% Rotterdam Barge fuel derivatives: | ||||||||||||||||||||||||
Bunker fuel forward contracts1 | 15,006 mt | $539/mt | 2013 | |||||||||||||||||||||
Bunker fuel forward contracts1 | 90,504 mt | $581/mt | 2014 | |||||||||||||||||||||
Bunker fuel forward contracts | 59,800 mt | $556/mt | 20152 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
30-day euro forward contracts | €79 million | $1.35/€ | Oct-13 | |||||||||||||||||||||
Singapore 180 fuel derivatives: | ||||||||||||||||||||||||
Bunker fuel forward contracts1,3 | 4,167 mt | $560/mt | 2013 | |||||||||||||||||||||
Bunker fuel forward contracts1,3 | 17,912 mt | $618/mt | 2014 | |||||||||||||||||||||
Bunker fuel forward contracts3 | 14,840 mt | $594/mt | 2015 | |||||||||||||||||||||
1Â | As described in Note 11 of the 2012 Annual Report on Form 10-K, new cash flow hedge relationships were established for certain bunker fuel forward contracts in 2011. These changes resulted in hedge rates for accounting purposes that are different from those in the hedge contract terms. | |||||||||||||||||||||||
2Â | Settlement periods for bunker fuel forward contracts and purchased and sold euro options are through September 2015 and December 2014, respectively. | |||||||||||||||||||||||
3Â | As discussed above, in October 2013, the company sold all Singapore 180 fuel derivative outstanding positions at an insignificant loss. | |||||||||||||||||||||||
Schedule of Change in Fair Value of Derivative Assets and Liabilities Designated as Hedging Instruments | ' | |||||||||||||||||||||||
Activity related to the company's derivative assets and liabilities designated as hedging instruments is as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Currency | Bunker Fuel | ||||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Balance at beginning of year | $ | (23,215 | ) | $ | 8,572 | $ | 5,232 | $ | 14,754 | |||||||||||||||
Realized (gains) losses included in net income | 5,601 | (2,839 | ) | (4,381 | ) | (5,514 | ) | |||||||||||||||||
Transfers1 | 7,638 | — | — | — | ||||||||||||||||||||
Purchases, net2 | 541 | — | — | — | ||||||||||||||||||||
Changes in fair value | 6,310 | 1,888 | (851 | ) | 19,471 | |||||||||||||||||||
Balance at March 31 | $ | (3,125 | ) | $ | 7,621 | $ | — | $ | 28,711 | |||||||||||||||
Realized (gains) losses included in net income | 4,766 | (2,151 | ) | (53 | ) | (4,139 | ) | |||||||||||||||||
Purchases, net 2 | 62 | — | 850 | — | ||||||||||||||||||||
Changes in fair value | (5,142 | ) | (7,673 | ) | (3,324 | ) | (20,250 | ) | ||||||||||||||||
Balance at June 30 | $ | (3,439 | ) | $ | (2,203 | ) | $ | (2,527 | ) | $ | 4,322 | |||||||||||||
Realized (gains) losses included in net income | 3,568 | (1,908 | ) | 1,018 | (3,822 | ) | ||||||||||||||||||
Transfers1 | — | 193 | — | — | ||||||||||||||||||||
Purchases (sales), net 2 | 314 | — | — | — | ||||||||||||||||||||
Changes in fair value | (10,180 | ) | 3,888 | (14,109 | ) | 12,551 | ||||||||||||||||||
Balance at September 30 | $ | (9,737 | ) | $ | (30 | ) | $ | (15,618 | ) | $ | 13,051 | |||||||||||||
1Â | Represents the fair value at the transfer date of positions where hedge accounting was terminated. See discussion above. | |||||||||||||||||||||||
2Â | Purchases represent the cash premiums paid upon the purchase of euro put options or received upon the sale of euro call options. Bunker fuel and currency forward contracts require no up-front cash payment and have an initial fair value of zero; settlements on the forward contracts (swaps) occur upon their maturity. | |||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at September 30, 2013 are expected to be reclassified into income as follows (in thousands): | ||||||||||||||||||||||||
Expected Period of Recognition | Currency | Bunker | Total | |||||||||||||||||||||
Hedge | Fuel | |||||||||||||||||||||||
Portfolio | Forward | |||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||
2013 | $ | (7,860 | ) | $ | 603 | $ | (7,257 | ) | ||||||||||||||||
2014 | (2,810 | ) | (487 | ) | (3,297 | ) | ||||||||||||||||||
2015 | — | (255 | ) | (255 | ) | |||||||||||||||||||
$ | (10,670 | ) | $ | (139 | ) | $ | (10,809 | ) | ||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following tables summarize the effect of the company's derivatives designated as cash flow hedging instruments on OCI and earnings: | ||||||||||||||||||||||||
Quarter ended September 30, 2013 | Quarter ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Total | Currency | Bunker Fuel | Total | ||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Gain (loss) recognized in OCI on derivative (effective portion) | $ | (10,201 | ) | $ | 4,018 | $ | (6,183 | ) | $ | (13,580 | ) | $ | 12,209 | $ | (1,371 | ) | ||||||||
Gain (loss) reclassified from accumulated OCI into income (effective portion)1 | (6,114 | ) | 1,908 | (4,206 | ) | (753 | ) | 3,822 | 3,069 | |||||||||||||||
Gain (loss) recognized in income on derivative (ineffective portion)1 | $ | — | $ | (130 | ) | $ | (130 | ) | $ | — | $ | 342 | $ | 342 | ||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | Currency | Bunker Fuel | Total | Currency | Bunker Fuel | Total | ||||||||||||||||||
Hedge | Forward | Hedge | Forward | |||||||||||||||||||||
Portfolio | Contracts | Portfolio | Contracts | |||||||||||||||||||||
Gain (loss) recognized in OCI on derivative (effective portion) | $ | (8,518 | ) | $ | 210 | $ | (8,308 | ) | $ | (17,755 | ) | $ | 11,983 | $ | (5,772 | ) | ||||||||
Gain (loss) reclassified from accumulated OCI into income (effective portion)1 | (21,328 | ) | 6,898 | (14,430 | ) | 3,628 | 13,475 | 17,103 | ||||||||||||||||
Gain (loss) recognized in income on derivative (ineffective portion)1 | $ | — | $ | (2,107 | ) | $ | (2,107 | ) | $ | — | $ | (211 | ) | $ | (211 | ) | ||||||||
1Â | Both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion, if any) are included in "Net sales" for the currency hedge portfolio and "Cost of sales" for bunker fuel forward contracts. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||
The following table summarizes financial assets and liabilities carried at fair value, including derivative instruments on a gross basis, and the location of these instruments on the Condensed Consolidated Balance Sheets as of September 30, 2013, December 31, 2012 and September 30, 2012: | ||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-13 | ||||||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 515 | $ | — | $ | 515 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (465 | ) | — | (465 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 196 | — | 196 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (137 | ) | — | (137 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized assets | 22 | — | 22 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | (70 | ) | — | (70 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 61 | — | 61 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 1,163 | — | 1,163 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (10,913 | ) | — | (10,913 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 1,212 | — | 1,212 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (611 | ) | — | (611 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | 282 | — | 282 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized liabilities | (203 | ) | — | (203 | ) | — | |||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | 17 | — | 17 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (108 | ) | — | (108 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (9,161 | ) | — | (9,161 | ) | — | ||||||||||||
Derivatives recorded in "Other liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 196 | — | 196 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (233 | ) | — | (233 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 145 | — | 145 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (835 | ) | — | (835 | ) | — | |||||||||||
Bunker fuel forward contracts2 | Gross amounts offset in the balance sheets | 12 | — | 12 | — | |||||||||||||
Bunker fuel forward contracts2 | Gross amounts of recognized liabilities | (236 | ) | — | (236 | ) | — | |||||||||||
Net amount recorded in other liabilities | (951 | ) | — | (951 | ) | — | ||||||||||||
September 30, 2013 | $ | (10,051 | ) | $ | — | $ | (10,051 | ) | $ | — | ||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||
Derivatives recorded in "Other current assets": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 192 | $ | — | $ | 192 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (2,550 | ) | — | (2,550 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 4,001 | — | 4,001 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized assets | 4 | — | 4 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | (11 | ) | — | (11 | ) | — | |||||||||||
Net amount recorded in other current assets | 1,636 | — | 1,636 | — | ||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 1,889 | — | 1,889 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (1,059 | ) | — | (1,059 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 830 | — | 830 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 1,992 | — | 1,992 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (22,849 | ) | — | (22,849 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 3,741 | — | 3,741 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheets | 1 | — | 1 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (24 | ) | — | (24 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (17,139 | ) | — | (17,139 | ) | — | ||||||||||||
Available-for-sale investment recorded in "Other current assets": | ||||||||||||||||||
Available-for-sale investment | 1,668 | 1,668 | — | — | ||||||||||||||
December 31, 2012 | $ | (13,005 | ) | $ | 1,668 | $ | (14,673 | ) | $ | — | ||||||||
Assets (Liabilities) | Fair Value Measurements Using | |||||||||||||||||
(In thousands) |  at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
30-Sep-12 | ||||||||||||||||||
Derivatives recorded in "Other current assets": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | $ | 1,725 | $ | — | $ | 1,725 | $ | — | |||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (4,963 | ) | — | (4,963 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 9,105 | — | 9,105 | — | |||||||||||||
30-day euro forward contracts | Gross amounts offset in the balance sheet | (14 | ) | — | (14 | ) | — | |||||||||||
Net amount recorded in other current assets | 5,853 | — | 5,853 | — | ||||||||||||||
Derivatives recorded in "Investments & other assets, net": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts of recognized assets | 522 | — | 522 | — | |||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | (1,152 | ) | — | (1,152 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized assets | 1,760 | — | 1,760 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | (123 | ) | — | (123 | ) | — | |||||||||||
Net amount recorded in investments & other assets, net | 1,007 | — | 1,007 | — | ||||||||||||||
Derivatives recorded in "Accrued liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 2,960 | — | 2,960 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (12,217 | ) | — | (12,217 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 2,202 | — | 2,202 | — | |||||||||||||
30-day euro forward contracts | Gross amounts of recognized liabilities | (49 | ) | — | (49 | ) | — | |||||||||||
Net amount recorded in accrued liabilities | (7,104 | ) | — | (7,104 | ) | — | ||||||||||||
Derivatives recorded in "Other liabilities": | ||||||||||||||||||
Currency hedge portfolio | Gross amounts offset in the balance sheets | 2,133 | — | 2,133 | — | |||||||||||||
Currency hedge portfolio | Gross amounts of recognized liabilities | (4,626 | ) | — | (4,626 | ) | — | |||||||||||
Bunker fuel forward contracts1 | Gross amounts offset in the balance sheets | 1,203 | — | 1,203 | — | |||||||||||||
Bunker fuel forward contracts1 | Gross amounts of recognized liabilities | (1,096 | ) | — | (1,096 | ) | — | |||||||||||
Net amount recorded in other liabilities | (2,386 | ) | (2,386 | ) | ||||||||||||||
Available-for-sale investment recorded in "Investments & other assets, net": | ||||||||||||||||||
Available-for-sale investment | 5,566 | 5,566 | — | — | ||||||||||||||
September 30, 2012 | $ | 2,936 | $ | 5,566 | $ | (2,630 | ) | $ | — | |||||||||
1 Bunker fuel forward contracts designated as cash flow hedges. | ||||||||||||||||||
2 Bunker fuel forward contracts not designated as hedging instruments. |
Pension_and_Severance_Benefits1
Pension and Severance Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
Net pension expense from the company's defined benefit and severance plans is primarily comprised of severance plans covering Central American employees and consists of the following:Â | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 1,864 | $ | 1,787 | $ | 5,592 | $ | 5,360 | ||||||||
Interest on projected benefit obligation | 1,300 | 1,247 | 3,894 | 3,746 | ||||||||||||
Expected return on plan assets | (333 | ) | (378 | ) | (996 | ) | (1,133 | ) | ||||||||
Recognized actuarial loss | 310 | 242 | 922 | 709 | ||||||||||||
Amortization of prior service cost | 32 | 32 | 96 | 96 | ||||||||||||
Defined benefit and severance plan expense | $ | 3,173 | $ | 2,930 | $ | 9,508 | $ | 8,778 | ||||||||
Reclassifications_from_Accumul1
Reclassifications from Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Amounts of (income) expense reclassified from AOCI are as follows (in thousands): | |||||||||||||||||||||||||
AOCI Component | Line Items Affected by Reclassifications from AOCI in the Condensed Consolidated Statements of Income | (Income) / expense reclassified from AOCI for the quarter ended September 30, | (Income) / expense reclassified from AOCI for the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Available-for-sale investment | Other income (expense), net | $ | — | $ | — | $ | (561 | ) | $ | — | |||||||||||||||
Currency hedge portfolio derivatives | Net sales | 6,114 | 753 | 21,328 | (3,628 | ) | |||||||||||||||||||
Bunker fuel forward contracts | Cost of sales | (2,277 | ) | (3,822 | ) | (7,267 | ) | (13,475 | ) | ||||||||||||||||
Prior service cost and recognized actuarial loss amortization related to pensions* | 342 | 274 | 1,018 | 805 | |||||||||||||||||||||
* These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 9 for further details. | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The changes in the components of accumulated other comprehensive income, net of tax, for the quarter and nine months ended September 30, 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | ||||||||||||||||||||
Balance at June 30, 2013 | $ | 252 | $ | (8,463 | ) | $ | — | $ | (24,977 | ) | $ | (33,188 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | (753 | ) | (6,183 | ) | — | (42 | ) | (6,978 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,837 | — | 342 | 4,179 | ||||||||||||||||||||
Net current-period other comprehensive income | (753 | ) | (2,346 | ) | — | 300 | (2,799 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | |||||||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (120 | ) | $ | (16,562 | ) | $ | 404 | $ | (24,247 | ) | $ | (40,525 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | (381 | ) | (8,308 | ) | 157 | (1,448 | ) | (9,980 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 14,061 | (561 | ) | 1,018 | 14,518 | |||||||||||||||||||
Net current-period other comprehensive income | (381 | ) | 5,753 | (404 | ) | (430 | ) | 4,538 | |||||||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | |||||||||||
(1) Net of deferred tax liability of $150, $153 and $283 as of September 30, 2013, June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (72,388 | ) | $ | (18,170 | ) | $ | 4,203 | $ | (44,379 | ) | $ | 58,346 | $ | (72,388 | ) | |||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | 114 | — | 114 | |||||||||||||||||||
Change in fair value of available-for-sale investment | 2,883 | — | — | — | — | 2,883 | |||||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (5,772 | ) | — | (5,772 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | (3,628 | ) | — | (3,628 | ) | |||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (13,475 | ) | — | (13,475 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (22,875 | ) | — | (22,875 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | 185 | — | 404 | — | 589 | |||||||||||||||||||
Pension cost amortization | — | 281 | — | 524 | — | 805 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 466 | — | 928 | — | 1,394 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (21,367 | ) | (21,833 | ) | — | — | 43,200 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (90,872 | ) | $ | (39,537 | ) | $ | 4,203 | $ | (66,212 | ) | $ | 101,546 | $ | (90,872 | ) | |||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | 15,663 | $ | 65,117 | $ | 6,121 | $ | 76,434 | $ | (147,672 | ) | $ | 15,663 | ||||||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (381 | ) | — | (381 | ) | |||||||||||||||||
Change in fair value of available-for-sale investment | 157 | — | — | — | — | 157 | |||||||||||||||||||
Realized gains of available-for-sale investment reclassified into Other income (expense), net | (561 | ) | — | — | — | — | (561 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to available-for-sale investment | (404 | ) | — | — | — | — | (404 | ) | |||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (8,308 | ) | — | (8,308 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | 21,328 | — | 21,328 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (7,267 | ) | — | (7,267 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | 5,753 | — | 5,753 | |||||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | 841 | — | (2,289 | ) | — | (1,448 | ) | |||||||||||||||||
Pension cost amortization | — | 372 | — | 646 | — | 1,018 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 1,213 | — | (1,643 | ) | — | (430 | ) | |||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | 4,942 | 3,729 | — | — | (8,671 | ) | — | ||||||||||||||||||
Comprehensive income (loss) | $ | 20,201 | $ | 70,059 | $ | 6,121 | $ | 80,163 | $ | (156,343 | ) | $ | 20,201 | ||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (17,814 | ) | $ | 199 | $ | (1,237 | ) | $ | 9,029 | $ | (7,991 | ) | $ | (17,814 | ) | |||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (753 | ) | — | (753 | ) | |||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (6,183 | ) | — | (6,183 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net sales | — | — | — | 6,114 | — | 6,114 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (2,277 | ) | — | (2,277 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (2,346 | ) | — | (2,346 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | — | — | (42 | ) | — | (42 | ) | |||||||||||||||||
Pension cost amortization | — | 124 | — | 218 | — | 342 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 124 | — | 176 | — | 300 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (2,799 | ) | (2,923 | ) | — | — | 5,722 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (20,613 | ) | $ | (2,600 | ) | $ | (1,237 | ) | $ | 6,106 | $ | (2,269 | ) | $ | (20,613 | ) | ||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (66,754 | ) | $ | (45,478 | ) | $ | (5,043 | ) | $ | (46,499 | ) | $ | 97,020 | $ | (66,754 | ) | ||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (242 | ) | — | (242 | ) | |||||||||||||||||
Change in fair value of available-for-sale investment | 1,405 | — | — | — | — | 1,405 | |||||||||||||||||||
Unrealized gains (losses) on derivatives for the period | — | — | — | (1,371 | ) | — | (1,371 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | 753 | — | 753 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (3,822 | ) | — | (3,822 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (4,440 | ) | — | (4,440 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | — | — | 18 | — | 18 | |||||||||||||||||||
Pension cost amortization | — | 94 | — | 180 | — | 274 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 94 | — | 198 | — | 292 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (4,390 | ) | (4,484 | ) | — | — | 8,874 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (69,739 | ) | $ | (49,868 | ) | $ | (5,043 | ) | $ | (50,983 | ) | $ | 105,894 | $ | (69,739 | ) | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Changes in Capital Surplus | ' | |||||||||||||||
Changes in "Capital surplus" are primarily a result of stock compensation: | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock-based compensation | $ | 1,713 | $ | 1,302 | $ | 5,541 | $ | 6,700 | ||||||||
Shares withheld for taxes | (1,508 | ) | (950 | ) | (1,840 | ) | (1,170 | ) | ||||||||
Capital surplus increase | $ | 205 | $ | 352 | $ | 3,701 | $ | 5,530 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Financial information for each segment follows: | ||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Bananas | $ | 455,981 | $ | 446,080 | $ | 1,481,625 | $ | 1,499,096 | ||||||||
Salads and Healthy Snacks | 239,102 | 239,943 | 739,392 | 729,430 | ||||||||||||
Other Produce | 27,979 | 28,144 | 88,468 | 112,290 | ||||||||||||
$ | 723,062 | $ | 714,167 | $ | 2,309,485 | $ | 2,340,816 | |||||||||
Operating income (loss): | ||||||||||||||||
Bananas1 | $ | 18,039 | $ | (1,784 | ) | $ | 101,438 | $ | 46,328 | |||||||
Salads and Healthy Snacks2 | (5,155 | ) | (26,926 | ) | 4,595 | (16,518 | ) | |||||||||
Other Produce3 | 2,325 | (3,407 | ) | 1,904 | (12,773 | ) | ||||||||||
Corporate costs4 | (14,056 | ) | (33,987 | ) | (41,070 | ) | (65,978 | ) | ||||||||
$ | 1,153 | $ | (66,104 | ) | $ | 66,867 | $ | (48,941 | ) | |||||||
1Â | Includes the acceleration of $6 million of losses on ship sublease arrangements in the first quarter of 2012, net of $2 million of related sale-leaseback gain amortization during the sublease period. As part of the company's European shipping reconfiguration, five ships, two in the fourth quarter of 2011 and three in the first quarter of 2012, were removed from service and subleased. The primary leases for an equivalent number of ships were not renewed at the end of 2012. These accelerated sublease losses are included in "Cost of sales." | |||||||||||||||
2Â | Includes $1 million of "Cost of sales" in the first quarter of 2013 for severance costs related to a fruit ingredient business. Includes $1 million of "Cost of sales" in the first quarter of 2012 primarily related to inventory write-offs to exit healthy snacking products that were not sufficiently profitable and $1 million of "Selling, general and administrative" to restructure the European healthy snacking sales force. These costs related to actions completed during the first quarter of 2012. Includes $1 million in "Cost of sales" in the second quarter of 2012, primarily related to the closure of a research and development facility. Includes $28 million of "Equity in (earnings) losses of investees" in the third quarter of 2012 to fully impair the company's equity-method investment and to record estimates of probable cash obligations to the Danone JV as described above. | |||||||||||||||
3Â | Includes $2 million of "Cost of sales" in the first quarter of 2012, primarily related to inventory write-offs to exit low-margin other produce. | |||||||||||||||
4Â | Includes "Restructuring and relocation costs" further detailed in Note 3. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
1998-2000 cases | ' | |||||
Loss Contingencies [Line Items] | ' | |||||
Schedule of Loss Contingencies by Contingency | ' | |||||
A summary of claims and deposits paid as of September 30, 2013 is as follows: | ||||||
Claim | Interest and Penalties Claimed | Total Claim | Deposits Paid Pending Appeal | |||
(In millions) | (In millions) | (In millions) | (In millions) | |||
Trento | € 3.30 | € 3.10 | € 6.40 | € 6.40 | Deposits paid in 36 equal monthly installments ended March 2012. | |
Alessandria | € 0.30 | € 0.20 | € 0.50 | € 0.50 | Deposits paid in 36 equal monthly installments ended March 2012. | |
Aosta | € 1.20 | € 1.20 | € 2.40 | € 0.40 | Monthly deposit payments of €34 thousand began in November 2012 and will continue through October 2018. | |
Genoa (Resolved) | € 7.40 | € 1.00 | € 8.40 | € 1.60 | Following the recent decision in the Genoa case in favor of Chiquita Italia, this matter is now resolved and Chiquita Italia is entitled to claim reimbursement of deposited amounts plus interest. | |
2004 - 2005 cases | ' | |||||
Loss Contingencies [Line Items] | ' | |||||
Schedule of Loss Contingencies by Contingency | ' | |||||
A summary of assessments and deposits paid is as follows: | ||||||
Assessment | Interest and Penalties Assessed | Total Assessment | Deposits Paid Pending Appeal | |||
(In millions) | (In millions) | (In millions) | (In millions) | |||
Income Tax Assessment for 2004/2005 | € 12.00 | € 19.10 | € 31.10 | € 1.50 | Monthly deposit payments of €113 thousand began in March 2012. The appeals court ruled in favor of Chiquita Italia in October 2012 for the 2004 assessments and all but €0.5 million of the 2005 assessments have been withdrawn. The company has requested relief from these payments and reimbursement. | |
Customs Tax Assessment for 2004/2005 | € 18.20 | € 10.20 | € 28.40 | € 10.50 | Monthly deposit payments of €350 thousand began in September 2011 and will continue through September 2017, unless a successful appeals process is completed sooner. | |
New_Accounting_Standards_Table
New Accounting Standards (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Changes and Error Corrections [Abstract] | ' | |||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | ' | |||
New accounting standards that could significantly affect the company's Condensed Consolidated Financial Statements are summarized as follows: | ||||
Issued | Description | Effective Date | Effect on Chiquita's Consolidated | |
for Chiquita | Financial Statements | |||
Jul-13 | Requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. | Prospectively, beginning January 1, 2014; early adoption permitted. | The company is evaluating the impact of the standard as it may affect balance sheet classification of certain unrecognized tax benefits. | |
Guarantor_Financial_Statements
Guarantor Financial Statements Condensed Consolidating Statement of Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | 587,278 | $ | 939,662 | $ | 1,470,619 | $ | (688,074 | ) | $ | 2,309,485 | ||||||||||||
Cost of sales | — | 557,444 | 835,099 | 1,313,194 | (688,070 | ) | 2,017,667 | ||||||||||||||||||
Selling, general and administrative | 31,851 | 10,696 | 67,203 | 67,477 | — | 177,227 | |||||||||||||||||||
Depreciation | — | 3,599 | 20,397 | 16,521 | — | 40,517 | |||||||||||||||||||
Amortization | — | — | 7,007 | 18 | — | 7,025 | |||||||||||||||||||
Equity in (earnings) losses of investees and subsidiaries | (67,760 | ) | (85,792 | ) | (43 | ) | (72 | ) | 153,595 | (72 | ) | ||||||||||||||
Restructuring and relocation costs | (15 | ) | 264 | 8 | (3 | ) | — | 254 | |||||||||||||||||
Operating income (loss) | 35,924 | 101,067 | 9,991 | 73,484 | (153,599 | ) | 66,867 | ||||||||||||||||||
Interest income | — | 12 | 128 | 2,057 | — | 2,197 | |||||||||||||||||||
Interest expense | (16,405 | ) | (27,563 | ) | (701 | ) | (29 | ) | — | (44,698 | ) | ||||||||||||||
Loss on debt extinguishment | (843 | ) | (5,432 | ) | — | — | — | (6,275 | ) | ||||||||||||||||
Other income (expense), net | 1,037 | (324 | ) | 250 | 655 | 4 | 1,622 | ||||||||||||||||||
Income (loss) before income taxes | 19,713 | 67,760 | 9,668 | 76,167 | (153,595 | ) | 19,713 | ||||||||||||||||||
Income tax (expense) benefit | (4,050 | ) | (2,643 | ) | (3,547 | ) | 267 | 5,923 | (4,050 | ) | |||||||||||||||
Net income (loss) | $ | 15,663 | $ | 65,117 | $ | 6,121 | $ | 76,434 | $ | (147,672 | ) | $ | 15,663 | ||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | 200,307 | $ | 302,625 | $ | 447,080 | $ | (226,950 | ) | $ | 723,062 | ||||||||||||
Cost of sales | — | 190,790 | 271,950 | 409,395 | (226,965 | ) | 645,170 | ||||||||||||||||||
Selling, general and administrative | 12,446 | 1,955 | 23,775 | 22,790 | — | 60,966 | |||||||||||||||||||
Depreciation | — | 1,140 | 6,741 | 5,554 | — | 13,435 | |||||||||||||||||||
Amortization | — | — | 2,336 | 6 | — | 2,342 | |||||||||||||||||||
Equity in (earnings) losses of investees | (3,448 | ) | (6,878 | ) | (16 | ) | — | 10,342 | — | ||||||||||||||||
Restructuring and relocation costs | (15 | ) | 111 | (100 | ) | — | — | (4 | ) | ||||||||||||||||
Operating income (loss) | (8,983 | ) | 13,189 | (2,061 | ) | 9,335 | (10,327 | ) | 1,153 | ||||||||||||||||
Interest income | — | 1 | 26 | 663 | — | 690 | |||||||||||||||||||
Interest expense | (5,031 | ) | (9,743 | ) | (576 | ) | (6 | ) | — | (15,356 | ) | ||||||||||||||
Other income (expense), net | — | 1 | 85 | (572 | ) | (15 | ) | (501 | ) | ||||||||||||||||
Income (loss) before income taxes | (14,014 | ) | 3,448 | (2,526 | ) | 9,420 | (10,342 | ) | (14,014 | ) | |||||||||||||||
Income tax (expense) benefit | (3,800 | ) | (3,249 | ) | 1,289 | (391 | ) | 2,351 | (3,800 | ) | |||||||||||||||
Net income (loss) | $ | (17,814 | ) | $ | 199 | $ | (1,237 | ) | $ | 9,029 | $ | (7,991 | ) | $ | (17,814 | ) | |||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | 171,655 | $ | 305,288 | $ | 440,500 | $ | (203,276 | ) | $ | 714,167 | ||||||||||||
Cost of sales | 515 | 157,994 | 268,183 | 420,127 | (203,241 | ) | 643,578 | ||||||||||||||||||
Selling, general and administrative | 10,189 | 5,596 | 23,910 | 30,161 | — | 69,856 | |||||||||||||||||||
Depreciation | — | 1,067 | 7,194 | 5,058 | — | 13,319 | |||||||||||||||||||
Amortization | — | — | 2,348 | 7 | — | 2,355 | |||||||||||||||||||
Equity in (earnings) losses of investees and subsidiaries | 52,078 | 53,331 | 406 | 29,112 | (105,815 | ) | 29,112 | ||||||||||||||||||
Goodwill impairment | — | — | — | 1,779 | — | 1,779 | |||||||||||||||||||
Restructuring and relocation costs | 8,041 | 448 | 7,963 | 3,820 | — | 20,272 | |||||||||||||||||||
Operating income (loss) | (70,823 | ) | (46,781 | ) | (4,716 | ) | (49,564 | ) | 105,780 | (66,104 | ) | ||||||||||||||
Interest income | — | 15 | 75 | 579 | — | 669 | |||||||||||||||||||
Interest expense | (6,830 | ) | (5,312 | ) | (27 | ) | (50 | ) | — | (12,219 | ) | ||||||||||||||
Other income (expense), net | (1 | ) | — | 44 | (125 | ) | 82 | — | |||||||||||||||||
Income (loss) before income taxes | (77,654 | ) | (52,078 | ) | (4,624 | ) | (49,160 | ) | 105,862 | (77,654 | ) | ||||||||||||||
Income tax (expense) benefit | 10,900 | 6,600 | (419 | ) | 2,661 | (8,842 | ) | 10,900 | |||||||||||||||||
Net income (loss) | $ | (66,754 | ) | $ | (45,478 | ) | $ | (5,043 | ) | $ | (46,499 | ) | $ | 97,020 | $ | (66,754 | ) | ||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | 528,325 | $ | 958,109 | $ | 1,483,827 | $ | (629,445 | ) | $ | 2,340,816 | ||||||||||||
Cost of sales | 917 | 474,364 | 837,384 | 1,393,416 | (629,925 | ) | 2,076,156 | ||||||||||||||||||
Selling, general and administrative | 34,565 | 11,718 | 72,260 | 84,253 | — | 202,796 | |||||||||||||||||||
Depreciation | — | 2,841 | 21,230 | 15,305 | — | 39,376 | |||||||||||||||||||
Amortization | — | — | 7,045 | 19 | — | 7,064 | |||||||||||||||||||
Equity in (earnings) losses of investees and subsidiaries | 17,719 | 33,412 | 187 | 31,681 | (51,318 | ) | 31,681 | ||||||||||||||||||
Goodwill impairment | — | — | — | 1,779 | — | 1,779 | |||||||||||||||||||
Restructuring and relocation costs | 10,189 | 6,515 | 10,081 | 4,120 | — | 30,905 | |||||||||||||||||||
Operating income (loss) | (63,390 | ) | (525 | ) | 9,922 | (46,746 | ) | 51,798 | (48,941 | ) | |||||||||||||||
Interest income | — | 21 | 146 | 2,151 | — | 2,318 | |||||||||||||||||||
Interest expense | (20,262 | ) | (12,438 | ) | (64 | ) | (201 | ) | — | (32,965 | ) | ||||||||||||||
Other income (expense), net | 4,064 | (4,777 | ) | 1,133 | 60 | (480 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (79,588 | ) | (17,719 | ) | 11,137 | (44,736 | ) | 51,318 | (79,588 | ) | |||||||||||||||
Income tax (expense) benefit | 7,200 | (451 | ) | (6,934 | ) | 357 | 7,028 | 7,200 | |||||||||||||||||
Net income (loss) | $ | (72,388 | ) | $ | (18,170 | ) | $ | 4,203 | $ | (44,379 | ) | $ | 58,346 | $ | (72,388 | ) | |||||||||
Guarantor_Financial_Statements1
Guarantor Financial Statements Condensed Consolidating Statement of Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
The changes in the components of accumulated other comprehensive income, net of tax, for the quarter and nine months ended September 30, 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | ||||||||||||||||||||
Balance at June 30, 2013 | $ | 252 | $ | (8,463 | ) | $ | — | $ | (24,977 | ) | $ | (33,188 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | (753 | ) | (6,183 | ) | — | (42 | ) | (6,978 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,837 | — | 342 | 4,179 | ||||||||||||||||||||
Net current-period other comprehensive income | (753 | ) | (2,346 | ) | — | 300 | (2,799 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | |||||||||||
(In thousands) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans (1) | Total | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (120 | ) | $ | (16,562 | ) | $ | 404 | $ | (24,247 | ) | $ | (40,525 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | (381 | ) | (8,308 | ) | 157 | (1,448 | ) | (9,980 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 14,061 | (561 | ) | 1,018 | 14,518 | |||||||||||||||||||
Net current-period other comprehensive income | (381 | ) | 5,753 | (404 | ) | (430 | ) | 4,538 | |||||||||||||||||
Balance at September 30, 2013 | $ | (501 | ) | $ | (10,809 | ) | $ | — | $ | (24,677 | ) | $ | (35,987 | ) | |||||||||||
(1) Net of deferred tax liability of $150, $153 and $283 as of September 30, 2013, June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (72,388 | ) | $ | (18,170 | ) | $ | 4,203 | $ | (44,379 | ) | $ | 58,346 | $ | (72,388 | ) | |||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | 114 | — | 114 | |||||||||||||||||||
Change in fair value of available-for-sale investment | 2,883 | — | — | — | — | 2,883 | |||||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (5,772 | ) | — | (5,772 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | (3,628 | ) | — | (3,628 | ) | |||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (13,475 | ) | — | (13,475 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (22,875 | ) | — | (22,875 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | 185 | — | 404 | — | 589 | |||||||||||||||||||
Pension cost amortization | — | 281 | — | 524 | — | 805 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 466 | — | 928 | — | 1,394 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (21,367 | ) | (21,833 | ) | — | — | 43,200 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (90,872 | ) | $ | (39,537 | ) | $ | 4,203 | $ | (66,212 | ) | $ | 101,546 | $ | (90,872 | ) | |||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | 15,663 | $ | 65,117 | $ | 6,121 | $ | 76,434 | $ | (147,672 | ) | $ | 15,663 | ||||||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (381 | ) | — | (381 | ) | |||||||||||||||||
Change in fair value of available-for-sale investment | 157 | — | — | — | — | 157 | |||||||||||||||||||
Realized gains of available-for-sale investment reclassified into Other income (expense), net | (561 | ) | — | — | — | — | (561 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to available-for-sale investment | (404 | ) | — | — | — | — | (404 | ) | |||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (8,308 | ) | — | (8,308 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | 21,328 | — | 21,328 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (7,267 | ) | — | (7,267 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | 5,753 | — | 5,753 | |||||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | 841 | — | (2,289 | ) | — | (1,448 | ) | |||||||||||||||||
Pension cost amortization | — | 372 | — | 646 | — | 1,018 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 1,213 | — | (1,643 | ) | — | (430 | ) | |||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | 4,942 | 3,729 | — | — | (8,671 | ) | — | ||||||||||||||||||
Comprehensive income (loss) | $ | 20,201 | $ | 70,059 | $ | 6,121 | $ | 80,163 | $ | (156,343 | ) | $ | 20,201 | ||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (17,814 | ) | $ | 199 | $ | (1,237 | ) | $ | 9,029 | $ | (7,991 | ) | $ | (17,814 | ) | |||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (753 | ) | — | (753 | ) | |||||||||||||||||
Unrealized losses on derivatives for the period | — | — | — | (6,183 | ) | — | (6,183 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net sales | — | — | — | 6,114 | — | 6,114 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (2,277 | ) | — | (2,277 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (2,346 | ) | — | (2,346 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | — | — | (42 | ) | — | (42 | ) | |||||||||||||||||
Pension cost amortization | — | 124 | — | 218 | — | 342 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 124 | — | 176 | — | 300 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (2,799 | ) | (2,923 | ) | — | — | 5,722 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (20,613 | ) | $ | (2,600 | ) | $ | (1,237 | ) | $ | 6,106 | $ | (2,269 | ) | $ | (20,613 | ) | ||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | |||||||||||||||||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net income (loss) | $ | (66,754 | ) | $ | (45,478 | ) | $ | (5,043 | ) | $ | (46,499 | ) | $ | 97,020 | $ | (66,754 | ) | ||||||||
Other comprehensive income (loss), net of tax where applicable: | |||||||||||||||||||||||||
Unrealized foreign currency translation gains (losses) | — | — | — | (242 | ) | — | (242 | ) | |||||||||||||||||
Change in fair value of available-for-sale investment | 1,405 | — | — | — | — | 1,405 | |||||||||||||||||||
Unrealized gains (losses) on derivatives for the period | — | — | — | (1,371 | ) | — | (1,371 | ) | |||||||||||||||||
Derivative (gains) losses reclassified into Net Sales | — | — | — | 753 | — | 753 | |||||||||||||||||||
Derivative gains reclassified into Cost of sales | — | — | — | (3,822 | ) | — | (3,822 | ) | |||||||||||||||||
Net other comprehensive income (loss) related to derivatives | — | — | — | (4,440 | ) | — | (4,440 | ) | |||||||||||||||||
Actuarial gains (losses) for the period, net of tax | — | — | — | 18 | — | 18 | |||||||||||||||||||
Pension cost amortization | — | 94 | — | 180 | — | 274 | |||||||||||||||||||
Net other comprehensive income (loss) related to defined benefit pension and severance plans | — | 94 | — | 198 | — | 292 | |||||||||||||||||||
Other comprehensive income (loss) of investments in subsidiaries | (4,390 | ) | (4,484 | ) | — | — | 8,874 | — | |||||||||||||||||
Comprehensive income (loss) | $ | (69,739 | ) | $ | (49,868 | ) | $ | (5,043 | ) | $ | (50,983 | ) | $ | 105,894 | $ | (69,739 | ) | ||||||||
Guarantor_Financial_Statements2
Guarantor Financial Statements Condensed Consolidating Balance Sheet (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-Issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 11,337 | $ | — | $ | 25,531 | $ | — | $ | 36,868 | |||||||||||||
Trade receivables, less allowances | — | 50,198 | 65,918 | 188,920 | — | 305,036 | |||||||||||||||||||
Other receivables, net | — | 1,136 | 6,957 | 59,241 | — | 67,334 | |||||||||||||||||||
Inventories | — | 6,672 | 38,216 | 181,078 | — | 225,966 | |||||||||||||||||||
Prepaid expenses | 787 | 1,620 | 10,402 | 33,118 | — | 45,927 | |||||||||||||||||||
Due from affiliates | 195,264 | 1,640,085 | 976,746 | 438,826 | (3,250,921 | ) | — | ||||||||||||||||||
Other current assets | — | 23,262 | 9,726 | — | — | 32,988 | |||||||||||||||||||
          Total current assets | 196,051 | 1,734,310 | 1,107,965 | 926,714 | (3,250,921 | ) | 714,119 | ||||||||||||||||||
Property, plant and equipment, net | — | 25,080 | 191,740 | 168,993 | — | 385,813 | |||||||||||||||||||
Investments and other assets, net | 23,909 | 74,231 | 5,168 | 66,806 | (65,994 | ) | 104,120 | ||||||||||||||||||
Trademarks | — | 208,085 | 61,500 | 179,500 | — | 449,085 | |||||||||||||||||||
Goodwill | — | — | 175,200 | — | — | 175,200 | |||||||||||||||||||
Other intangible assets, net | — | — | 98,543 | 90 | — | 98,633 | |||||||||||||||||||
Investments in affiliates | 1,534,172 | 1,161,452 | 2,046 | — | (2,697,670 | ) | — | ||||||||||||||||||
          Total assets | $ | 1,754,132 | $ | 3,203,158 | $ | 1,642,162 | $ | 1,342,103 | $ | (6,014,585 | ) | $ | 1,926,970 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of long-term debt and capital lease obligations | $ | — | $ | 40,625 | $ | 173 | $ | 105 | $ | — | $ | 40,903 | |||||||||||||
Accounts payable | 1,608 | 6,424 | 94,550 | 185,770 | — | 288,352 | |||||||||||||||||||
Accrued liabilities | 10,709 | 17,809 | 51,383 | 44,206 | — | 124,107 | |||||||||||||||||||
Due to affiliates | 741,897 | 1,246,090 | 875,909 | 387,025 | (3,250,921 | ) | — | ||||||||||||||||||
Total current liabilities | 754,214 | 1,310,948 | 1,022,015 | 617,106 | (3,250,921 | ) | 453,362 | ||||||||||||||||||
Long-term debt and capital lease obligations, net of current portion | 256,980 | 288,750 | 438 | 45 | — | 546,213 | |||||||||||||||||||
Accrued pension and other employee benefits | 17,729 | 7,074 | — | 49,163 | — | 73,966 | |||||||||||||||||||
Deferred gain - sale of shipping fleet | — | — | — | 23,083 | — | 23,083 | |||||||||||||||||||
Deferred tax liabilities | 115 | 49,533 | 42,621 | 5,979 | (65,994 | ) | 32,254 | ||||||||||||||||||
Other liabilities | 10,361 | 12,681 | 28,763 | 31,554 | — | 83,359 | |||||||||||||||||||
Total liabilities | 1,039,399 | 1,668,986 | 1,093,837 | 726,930 | (3,316,915 | ) | 1,212,237 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Total shareholders' equity | 714,733 | 1,534,172 | 548,325 | 615,173 | (2,697,670 | ) | 714,733 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,754,132 | $ | 3,203,158 | $ | 1,642,162 | $ | 1,342,103 | $ | (6,014,585 | ) | $ | 1,926,970 | ||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Unaudited) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-Issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 8,121 | $ | — | $ | 63,645 | $ | — | $ | 71,766 | |||||||||||||
Trade receivables, less allowances | — | 50,964 | 59,197 | 159,731 | — | 269,892 | |||||||||||||||||||
Other receivables, net | — | 808 | 5,161 | 60,633 | — | 66,602 | |||||||||||||||||||
Inventories | — | 9,814 | 40,373 | 184,596 | — | 234,783 | |||||||||||||||||||
Prepaid expenses | 664 | 2,591 | 8,637 | 35,278 | — | 47,170 | |||||||||||||||||||
Due from affiliates | 90,543 | 2,022,139 | 1,216,321 | 473,315 | (3,802,318 | ) | — | ||||||||||||||||||
Other current assets | — | — | 17,096 | 10,197 | (9,830 | ) | 17,463 | ||||||||||||||||||
          Total current assets | 91,207 | 2,094,437 | 1,346,785 | 987,395 | (3,812,148 | ) | 707,676 | ||||||||||||||||||
Property, plant and equipment, net | — | 21,211 | 205,755 | 165,918 | — | 392,884 | |||||||||||||||||||
Investments and other assets, net | 15,245 | 27,077 | 2,393 | 57,445 | (13,171 | ) | 88,989 | ||||||||||||||||||
Trademarks | — | 208,085 | 38,500 | 179,500 | — | 426,085 | |||||||||||||||||||
Goodwill | — | — | 18,095 | — | — | 18,095 | |||||||||||||||||||
Other intangible assets, net | — | — | 89,189 | 65 | — | 89,254 | |||||||||||||||||||
Investments in affiliates | 1,388,598 | 1,063,602 | 3,205 | — | (2,455,405 | ) | — | ||||||||||||||||||
          Total assets | $ | 1,495,050 | $ | 3,414,412 | $ | 1,703,922 | $ | 1,390,323 | $ | (6,280,724 | ) | $ | 1,722,983 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of long-term debt and capital lease obligations | $ | — | $ | 1,500 | $ | 639 | $ | 52 | $ | — | $ | 2,191 | |||||||||||||
Accounts payable | 1,536 | 6,011 | 101,442 | 174,652 | — | 283,641 | |||||||||||||||||||
Accrued liabilities | 25,657 | 34,674 | 53,633 | 44,212 | (9,830 | ) | 148,346 | ||||||||||||||||||
Due to affiliates | 895,730 | 1,460,459 | 1,075,060 | 371,069 | (3,802,318 | ) | — | ||||||||||||||||||
Total current liabilities | 922,923 | 1,502,644 | 1,230,774 | 589,985 | (3,812,148 | ) | 434,178 | ||||||||||||||||||
Long-term debt and capital lease obligations, net of current portion | 161,182 | 427,453 | 31,264 | 113 | — | 620,012 | |||||||||||||||||||
Accrued pension and other employee benefits | 15,016 | 7,363 | — | 59,916 | — | 82,295 | |||||||||||||||||||
Deferred gain - sale of shipping fleet | — | — | — | 9,823 | — | 9,823 | |||||||||||||||||||
Deferred tax liabilities | 115 | 79,701 | 39,415 | 5,882 | (13,171 | ) | 111,942 | ||||||||||||||||||
Other liabilities | 1,505 | 8,653 | 19,168 | 41,098 | — | 70,424 | |||||||||||||||||||
Total liabilities | 1,100,741 | 2,025,814 | 1,320,621 | 706,817 | (3,825,319 | ) | 1,328,674 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Total shareholders' equity | 394,309 | 1,388,598 | 383,301 | 683,506 | (2,455,405 | ) | 394,309 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,495,050 | $ | 3,414,412 | $ | 1,703,922 | $ | 1,390,323 | $ | (6,280,724 | ) | $ | 1,722,983 | ||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-Issuer) | (Co-issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and equivalents | $ | 2,601 | $ | 12,704 | $ | — | $ | 35,721 | $ | — | $ | 51,026 | |||||||||||||
Trade receivables, less allowances | — | 43,847 | 56,551 | 184,753 | — | 285,151 | |||||||||||||||||||
Other receivables, net | 359 | 1,275 | 6,033 | 57,442 | — | 65,109 | |||||||||||||||||||
Inventories | — | 10,033 | 40,313 | 169,695 | — | 220,041 | |||||||||||||||||||
Prepaid expenses | 628 | 3,922 | 8,982 | 27,282 | — | 40,814 | |||||||||||||||||||
Due from affiliates | 93,502 | 1,683,425 | 1,011,067 | 368,329 | (3,156,323 | ) | — | ||||||||||||||||||
Other current assets | — | 1,636 | 17,257 | 9,365 | (9,923 | ) | 18,335 | ||||||||||||||||||
          Total current assets | 97,090 | 1,756,842 | 1,140,203 | 852,587 | (3,166,246 | ) | 680,476 | ||||||||||||||||||
Property, plant and equipment, net | — | 24,885 | 201,702 | 168,712 | — | 395,299 | |||||||||||||||||||
Investments and other assets, net | 18,919 | 20,542 | 4,484 | 50,716 | (13,133 | ) | 81,528 | ||||||||||||||||||
Trademarks | — | 208,085 | 38,500 | 179,500 | — | 426,085 | |||||||||||||||||||
Goodwill | — | — | 18,095 | — | — | 18,095 | |||||||||||||||||||
Other intangible assets, net | — | — | 96,195 | 84 | — | 96,279 | |||||||||||||||||||
Investments in affiliates | 1,316,926 | 976,368 | 3,162 | — | (2,296,456 | ) | — | ||||||||||||||||||
          Total assets | $ | 1,432,935 | $ | 2,986,722 | $ | 1,502,341 | $ | 1,251,599 | $ | (5,475,835 | ) | $ | 1,697,762 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 64,749 | $ | 206 | $ | 53 | $ | — | $ | 65,008 | |||||||||||||
Accounts payable | 1,809 | 9,620 | 80,466 | 182,729 | — | 274,624 | |||||||||||||||||||
Accrued liabilities | 13,554 | 41,114 | 55,382 | 40,573 | (9,923 | ) | 140,700 | ||||||||||||||||||
Due to affiliates | 762,957 | 1,178,596 | 906,288 | 308,482 | (3,156,323 | ) | — | ||||||||||||||||||
Total current liabilities | 778,320 | 1,294,079 | 1,042,342 | 531,837 | (3,166,246 | ) | 480,332 | ||||||||||||||||||
Long-term debt, net of current portion | 259,520 | 280,500 | 488 | 9 | — | 540,517 | |||||||||||||||||||
Accrued pension and other employee benefits | 13,317 | 8,149 | — | 53,678 | — | 75,144 | |||||||||||||||||||
Deferred gain - sale of shipping fleet | — | — | — | 20,204 | — | 20,204 | |||||||||||||||||||
Deferred tax liabilities | 115 | 79,488 | 39,302 | 5,856 | (13,133 | ) | 111,628 | ||||||||||||||||||
Other liabilities | 11,261 | 7,580 | 43,680 | 37,014 | — | 99,535 | |||||||||||||||||||
Total liabilities | 1,062,533 | 1,669,796 | 1,125,812 | 648,598 | (3,179,379 | ) | 1,327,360 | ||||||||||||||||||
Commitments and contingencies | — | — | — | — | — | — | |||||||||||||||||||
Total shareholders' equity | 370,402 | 1,316,926 | 376,529 | 603,001 | (2,296,456 | ) | 370,402 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,432,935 | $ | 2,986,722 | $ | 1,502,341 | $ | 1,251,599 | $ | (5,475,835 | ) | $ | 1,697,762 | ||||||||||||
Guarantor_Financial_Statements3
Guarantor Financial Statements Condensed Consolidating Statement of Cash Flows (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flow (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-Issuer) | (Co-Issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Cash provided (used) by: | |||||||||||||||||||||||||
Operating cash flow | $ | — | $ | (2,533 | ) | $ | 21,488 | $ | 2,447 | $ | — | $ | 21,402 | ||||||||||||
Capital expenditures | — | (4,684 | ) | (14,130 | ) | (17,408 | ) | — | (36,222 | ) | |||||||||||||||
Net proceeds from sale of long-term assets | — | — | 1,308 | 2,923 | — | 4,231 | |||||||||||||||||||
Investing activity with subsidiaries | — | — | (8,709 | ) | — | 8,709 | — | ||||||||||||||||||
Other, net | — | 14 | 162 | (2,976 | ) | — | (2,800 | ) | |||||||||||||||||
Investing cash flow | — | (4,670 | ) | (21,369 | ) | (17,461 | ) | 8,709 | (34,791 | ) | |||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (12,375 | ) | (119 | ) | (142 | ) | — | (12,636 | ) | |||||||||||||||
Borrowings under the Credit Facility Revolver | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||
Repayments of the Credit Facility Revolver | — | (30,000 | ) | — | — | — | (30,000 | ) | |||||||||||||||||
Payments for debt modification and issuance costs | — | (2,368 | ) | — | — | — | (2,368 | ) | |||||||||||||||||
Financing activity with subsidiaries | — | 4,511 | — | 4,198 | (8,709 | ) | — | ||||||||||||||||||
Financing cash flow | — | 9,768 | (119 | ) | 4,056 | (8,709 | ) | 4,996 | |||||||||||||||||
Increase in cash and equivalents | — | 2,565 | — | (10,958 | ) | — | (8,393 | ) | |||||||||||||||||
Balance at beginning of period | — | 8,772 | — | 36,489 | — | 45,261 | |||||||||||||||||||
Balance at end of period | $ | — | $ | 11,337 | $ | — | $ | 25,531 | $ | — | $ | 36,868 | |||||||||||||
Chiquita Brands International, Inc. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flow (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
CBII | CBLLC | Guarantor | Non-Guarantor | Consolidating | Company | ||||||||||||||||||||
(Co-Issuer) | (Co-Issuer) | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Cash provided (used) by: | |||||||||||||||||||||||||
Operating cash flow | $ | (4,420 | ) | $ | 30,523 | $ | 11,469 | $ | 54,166 | $ | — | $ | 91,738 | ||||||||||||
Capital expenditures | — | (1,984 | ) | (14,751 | ) | (19,430 | ) | — | (36,165 | ) | |||||||||||||||
Contribution to equity-method investment | — | — | — | (13,102 | ) | — | (13,102 | ) | |||||||||||||||||
Net proceeds from sale of long-term assets | 1,819 | — | 7,222 | 2,710 | — | 11,751 | |||||||||||||||||||
Investing activity with subsidiaries | — | — | (3,786 | ) | — | 3,786 | — | ||||||||||||||||||
Other, net | — | — | — | 3,559 | — | 3,559 | |||||||||||||||||||
Investing cash flow | 1,819 | (1,984 | ) | (11,315 | ) | (26,263 | ) | 3,786 | (33,957 | ) | |||||||||||||||
Issuance of long-term debt | — | 429,415 | — | — | — | 429,415 | |||||||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (412,425 | ) | (154 | ) | (67 | ) | — | (412,646 | ) | |||||||||||||||
Borrowings under the ABL Revolver | — | 36,590 | — | — | — | 36,590 | |||||||||||||||||||
Repayments of ABL Revolver | — | (36,590 | ) | — | — | — | (36,590 | ) | |||||||||||||||||
Repayments of the Credit Facility Revolver | — | (40,000 | ) | — | — | — | (40,000 | ) | |||||||||||||||||
Payments for debt modification and issuance costs | — | (13,810 | ) | — | — | — | (13,810 | ) | |||||||||||||||||
Financing activity with subsidiaries | — | 3,698 | — | 88 | (3,786 | ) | — | ||||||||||||||||||
Financing cash flow | — | (33,122 | ) | (154 | ) | 21 | (3,786 | ) | (37,041 | ) | |||||||||||||||
Increase in cash and equivalents | (2,601 | ) | (4,583 | ) | — | 27,924 | — | 20,740 | |||||||||||||||||
Balance at beginning of period | 2,601 | 12,704 | — | 35,721 | — | 51,026 | |||||||||||||||||||
Balance at end of period | $ | — | $ | 8,121 | $ | — | $ | 63,645 | $ | — | $ | 71,766 | |||||||||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Shares that would be added to EPS calculation if the Company had generated net income | Shares that would be added to EPS calculation if the Company had generated net income | Shares that would be added to EPS calculation if the Company had generated net income | Stock options and other stock awards | Stock options and other stock awards | Stock options and other stock awards | Stock options and other stock awards | 4.25% Convertible Senior Notes | 4.25% Convertible Senior Notes | 4.25% Convertible Senior Notes | |||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($17,814) | ($66,754) | $15,663 | ($72,388) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (used to calculate basic EPS) (in shares) | 46,633,000 | 46,141,000 | 46,495,000 | 45,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect of stock options and other stock awards (in shares) | 0 | 0 | 940,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (used to calculate diluted EPS) (in shares) | 46,633,000 | 46,141,000 | 47,435,000 | 45,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) per common share - basic (in dollars per share) | ($0.38) | ($1.45) | $0.34 | ($1.57) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) per common share - diluted (in dollars per share) | ($0.38) | ($1.45) | $0.33 | ($1.57) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares of stock options and other stock awards excluded from computation of earnings per share, amount (in shares) | ' | ' | ' | ' | 1,300,000 | 400,000 | 500,000 | 200,000 | 1,600,000 | 1,300,000 | 1,900,000 | ' | ' | ' |
Stated interest rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 4.25% | 4.25% |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.45 | ' | $22.45 |
Restructuring_and_Relocation_R
Restructuring and Relocation - Restructuring (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Goodwill And Intangible Asset Impairment [Member] | ||
USD ($) | position | USD ($) | Minimum | European | European | Severance | Severance | Severance | Severance | Severance | Restructuring | ||||||
USD ($) | Healthy snacking products | Healthy snacking products | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Healthy snacking products | |||||||||
Non-core Business | Non-core Business | Non-core Business | |||||||||||||||
USD ($) | EUR (€) | USD ($) | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual savings | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which savings will be realized | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated due to restructuring | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance costs | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments primarily related to fixed assets and certain promotional and packaging materials included in inventories | ' | ' | ' | 0 | 4,867,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, impairment loss related to restructuring | ' | 0 | 1,779,000 | 0 | 1,779,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Restructuring Reserve Roll Forward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,089,000 | 6,023,000 | 7,000,000 | 7,158,000 | 0 | ' |
Restructuring costs | ' | -4,000 | 20,272,000 | 254,000 | 30,905,000 | ' | ' | 18,000,000 | ' | ' | ' | -100,000 | 48,000 | 18,000 | 1,652,000 | 8,939,000 | ' |
Amounts paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,329,000 | -1,982,000 | -995,000 | -1,810,000 | -1,781,000 | ' |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,660,000 | 4,089,000 | 6,023,000 | 7,000,000 | 7,158,000 | ' |
Proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' |
Gain on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Approximate annual revenue contribution | ' | $723,062,000 | $714,167,000 | $2,309,485,000 | $2,340,816,000 | ' | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | ' | ' | ' |
Restructuring_and_Relocation_H
Restructuring and Relocation - HQ Relocation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | Headquarters Relocation | |||||
position | Total Exit Costs | Total Exit Costs | Total Exit Costs | Total Exit Costs | Total Exit Costs | Total Exit Costs | One-Time Termination Costs | One-Time Termination Costs | One-Time Termination Costs | One-Time Termination Costs | One-Time Termination Costs | One-Time Termination Costs | Relocation, Recruiting, and Other Costs | Relocation, Recruiting, and Other Costs | Relocation, Recruiting, and Other Costs | Relocation, Recruiting, and Other Costs | Relocation, Recruiting, and Other Costs | Relocation, Recruiting, and Other Costs | Other Relocation Costs | Other Relocation Costs | Other Relocation Costs | Other Relocation Costs | Other Relocation Costs | Other Relocation Costs | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate number of positions relocated from Cincinnati | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate number of positions relocated from elsewhere in the US | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relocation expected cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relocation expected capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relocation, cost incurred to date | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relocation, cost incurred to date, capital expenditures | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve Roll Forward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | 737,000 | 2,006,000 | 3,027,000 | 8,079,000 | 7,027,000 | 5,655,000 | 5,655,000 | ' | 737,000 | 2,006,000 | 3,109,000 | 7,797,000 | 7,027,000 | 5,547,000 | 596,000 | 1,204,000 | 2,031,000 | 5,700,000 | 5,899,000 | 5,303,000 | 141,000 | 802,000 | 1,078,000 | 2,097,000 | 1,128,000 | 244,000 | 0 | 0 | -82,000 | 282,000 | 0 | 108,000 |
Amounts expensed | -4,000 | 20,272,000 | 254,000 | 30,905,000 | 96,000 | -7,000 | 199,000 | 6,466,000 | 6,770,000 | 3,863,000 | ' | ' | 96,000 | -7,000 | 117,000 | 4,930,000 | 4,707,000 | 3,515,000 | -89,000 | -23,000 | 63,000 | 748,000 | 1,026,000 | 1,131,000 | 185,000 | 16,000 | 54,000 | 4,182,000 | 3,681,000 | 2,384,000 | 0 | 0 | 82,000 | 1,536,000 | 2,063,000 | 348,000 |
Amounts paid | ' | ' | ' | ' | -530,000 | -1,262,000 | -1,220,000 | -9,214,000 | -5,718,000 | -2,491,000 | ' | ' | -530,000 | -1,262,000 | -1,220,000 | -7,534,000 | -3,937,000 | -2,035,000 | -298,000 | -585,000 | -890,000 | -2,831,000 | -1,225,000 | -535,000 | -232,000 | -677,000 | -330,000 | -4,703,000 | -2,712,000 | -1,500,000 | 0 | 0 | 0 | -1,680,000 | -1,781,000 | -456,000 |
Ending balance | ' | ' | ' | ' | $303,000 | $737,000 | $2,006,000 | $5,331,000 | $8,079,000 | $7,027,000 | $3,027,000 | $5,655,000 | $303,000 | $737,000 | $2,006,000 | $5,193,000 | $7,797,000 | $7,027,000 | $209,000 | $596,000 | $1,204,000 | $3,617,000 | $5,700,000 | $5,899,000 | $94,000 | $141,000 | $802,000 | $1,576,000 | $2,097,000 | $1,128,000 | $0 | $0 | $0 | $138,000 | $282,000 | $0 |
Trade_and_Finance_Receivables_1
Trade and Finance Receivables - Trade Receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 |
Iranian customers | Iranian customers | Iranian customers | Iranian customers | Iranian customers | ||||
Customer not able to find acceptable methods of payment | Customer not able to find acceptable methods of payment | |||||||
customer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables, less allowances with Iranian customers | $269,892,000 | $285,151,000 | $305,036,000 | $17,000,000 | $20,000,000 | $18,000,000 | ' | ' |
Number of customers not able to find acceptable methods of payment | ' | ' | ' | ' | ' | ' | ' | 1 |
Trade receivables reserved amounts related to one customer | ' | ' | ' | ' | ' | ' | $7,000,000 | $9,000,000 |
Trade_and_Finance_Receivables_2
Trade and Finance Receivables - Finance Receivables (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Grower Receivables | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gross receivable | $36,092 | ' | ' | $41,008 | $42,138 | ' | ' | ' |
Reserve | -32,927 | -33,904 | -36,830 | -36,854 | -36,837 | -37,240 | -37,710 | -37,519 |
Net receivable | 3,165 | ' | ' | 4,154 | 5,301 | ' | ' | ' |
Current portion, net | 3,165 | ' | ' | 4,154 | 5,301 | ' | ' | ' |
Long-term portion, net | 0 | ' | ' | 0 | 0 | ' | ' | ' |
Seller Financing | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gross receivable | 28,001 | ' | ' | 30,523 | 31,332 | ' | ' | ' |
Reserve | 0 | ' | ' | 0 | 0 | ' | ' | ' |
Net receivable | 28,001 | ' | ' | 30,523 | 31,332 | ' | ' | ' |
Current portion, net | 3,913 | ' | ' | 3,691 | 3,620 | ' | ' | ' |
Long-term portion, net | $24,088 | ' | ' | $26,832 | $27,712 | ' | ' | ' |
Trade_and_Finance_Receivables_3
Trade and Finance Receivables - Finance Receivables Allowance (Details) (Grower receivables, USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Grower receivables | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' | ' |
Reserve at beginning of period | $33,904 | $36,830 | $36,854 | $37,240 | $37,710 | $37,519 |
Charged to costs and expenses | 0 | 35 | 26 | 277 | 45 | 382 |
Recoveries | -976 | -51 | -51 | -680 | -516 | -191 |
Write-offs | 0 | -2,910 | ' | 0 | 0 | ' |
Foreign exchange and other | -1 | 0 | 1 | 0 | 1 | 0 |
Reserve at end of period | $32,927 | $33,904 | $36,830 | $36,837 | $37,240 | $37,710 |
Trade_and_Finance_Receivables_4
Trade and Finance Receivables - Receivables Related to a Chilean Grower (Details) (Grower of grapes and other produce, Chile, Grower receivables, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Grower of grapes and other produce | Chile | Grower receivables | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Gross grower receivables | $29 | $30 | $31 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | ' | ' | ' |
Finished goods | $79,706 | $74,246 | $80,325 |
Growing crops | 79,899 | 79,046 | 74,964 |
Raw materials, supplies and other | 75,178 | 66,749 | 70,677 |
Inventory, net | $234,783 | $220,041 | $225,966 |
Debt_Including_Capital_Lease_O2
Debt Including Capital Lease Obligations - Carrying and Estimated Fair Value Table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 05, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 05, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | ||||||||||||||
In Thousands, unless otherwise specified | 4.25% Convertible Senior Notes | 4.25% Convertible Senior Notes | 4.25% Convertible Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.5% Senior Notes | 7.5% Senior Notes | 7.5% Senior Notes | 7.5% Senior Notes | ABL Term Loan | Credit Facility Revolver | Credit Facility Revolver | Credit Facility Term Loan | Credit Facility Term Loan | |||||||||||||||||
Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Stated interest rate on debt instrument | ' | ' | ' | 4.25% | 4.25% | 4.25% | 7.88% | 7.88% | 7.88% | 7.50% | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | ' | ||||||||||||||
Carrying Value | ' | ' | ' | $161,182 | $153,082 | $150,542 | $422,100 | ' | ' | ' | $0 | ' | $106,438 | $106,438 | $6,750 | $40,000 | $20,000 | $305,250 | $309,375 | ||||||||||||||
Carrying Value - Capital lease obligations | 32,171 | [1] | 755 | 761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Estimated Fair Value | ' | ' | ' | 196,000 | [2] | 174,000 | [2] | 175,000 | [2] | 453,000 | [2] | ' | ' | ' | 0 | ' | 106,000 | [2] | 105,000 | [2] | 6,000 | [2] | 38,000 | [2] | 19,000 | [2] | 296,000 | [2] | 300,000 | [2] | |||
Estimated Fair Value - Capital lease obligations | 32,000 | [1],[2] | 700 | [2] | 700 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current portion of long-term debt and capital lease obligations | 2,191 | 65,008 | 40,903 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total long-term debt and capital lease obligations | $620,012 | $540,517 | $546,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
[1] | Capital lease obligations at September 30, 2013 include the portion of the borrowings for the salad production and warehousing facility in the Midwest that has been placed into service. The facility is being constructed under a build-to-suit lease with the construction in progress liability included in "Accrued liabilities" and "Other liabilities" on the Condensed Consolidated Balance Sheets and then reclassified to capital lease obligation as the related leased assets are placed into service. See further description of the build-to-suit lease below. | ||||||||||||||||||||||||||||||||
[2] | The fair value of the senior notes is based on observable inputs, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs (Level 2). All other debt may be traded on the secondary loan market, and the fair value is based on either the last available trading price, if recent, or trading prices of comparable debt (Level 3). See also Note 8 for discussion of fair value. |
Debt_Including_Capital_Lease_O3
Debt Including Capital Lease Obligations - Retiring of Credit Facility & 7 1/2% Senior Notes (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Feb. 05, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Feb. 05, 2013 | Dec. 31, 2012 | Feb. 05, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.5% Senior Notes | 7.5% Senior Notes | 7.5% Senior notes | Loss on debt extinguishment | Loss on debt extinguishment | Loss on debt extinguishment | |
7.5% Senior notes | 7.5% Senior notes | 7.5% Senior notes | 7.5% Senior notes | Senior Notes and Line of Credit | 7.5% Senior notes | Line of Credit | ||||
7.5% Senior Notes and Line of Credit | ||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt instrument | 7.88% | 7.88% | 7.88% | 7.50% | 7.50% | 7.50% | 7.50% | ' | ' | ' |
Expenses related to debt extinguishment | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' |
Net proceeds from issuance of Senior Notes | 457 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $5 |
Debt_Including_Capital_Lease_O4
Debt Including Capital Lease Obligations - 7.875% Senior Secured Notes (Details) (7.875% Senior Notes, Senior notes, USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Feb. 05, 2014 | Feb. 28, 2013 | Feb. 05, 2013 | Sep. 30, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Stated interest rate on debt instrument | 7.88% | ' | 7.88% | 7.88% | 7.50% |
Face amount of senior notes | ' | ' | $425,000,000 | ' | ' |
Debt discount rate | ' | ' | 99.27% | ' | ' |
Effective interest rate | ' | ' | 8.00% | ' | ' |
Percentage of stocks of domestic subsidiaries, subject to exception and lien | 100.00% | ' | ' | ' | ' |
Threshold for acceleration of other debt agreements in event of default | 30,000,000 | ' | ' | ' | ' |
Threshold for entry of non-appealable judgments | 30,000,000 | ' | ' | ' | ' |
Debt instrument, maximum increase if notes are not registered | ' | 1.00% | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Percentage of stocks of foreign subsidiaries, subject to exception and lien | 65.00% | ' | ' | ' | ' |
Limit on lien on subsidiary stock as percentage of principal amount of debt instrument | 20.00% | ' | ' | ' | ' |
Redemption option using cash proceeds from equity offerings | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 107.88% | ' | ' | ' | ' |
Percentage of original aggregate principal amount, minimum after each redemption | 65.00% | ' | ' | ' | ' |
Redemption option using cash proceeds from equity offerings | Maximum | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption amount, percentage of principal amount | 35.00% | ' | ' | ' | ' |
On or before February 5, 2016 provided that no more than $42.5m aggregate principal amount is redeemed each year | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 103.00% | ' | ' | ' | ' |
Maximum redemption per period | $42,500,000 | ' | ' | ' | ' |
If redeemed during the 12-month period commencing February 1, 2016 | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 105.91% | ' | ' | ' | ' |
If redeemed during the 12-month period commencing February 1, 2017 | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 103.94% | ' | ' | ' | ' |
If redeemed during the 12-month period commencing February 1, 2018 | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 101.97% | ' | ' | ' | ' |
If redeemed during the 12-month period commencing February 1, 2019 and thereafter | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 100.00% | ' | ' | ' | ' |
Redemption option upon change of control | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Redemption price percentage | 101.00% | ' | ' | ' | ' |
Debt_Including_Capital_Lease_O5
Debt Including Capital Lease Obligations - 4.25% Convertible Senior Notes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||
Interest Expense, Debt [Abstract] | ' | ' | ' | ' | ' | |||||
Amortization of discount on the debt component | ' | ' | $8,100,000 | $7,175,000 | ' | |||||
4.25% Convertible Senior Notes | ' | ' | ' | ' | ' | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||||
Stated interest rate on debt instrument | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | |||||
Conversion rate of debt into equity | ' | ' | 0.0445524 | ' | ' | |||||
Conversion price (in dollars per share) | $22.45 | $22.45 | $22.45 | $22.45 | ' | |||||
Effective interest rate | 12.50% | ' | 12.50% | ' | ' | |||||
Principal amount of debt component | 200,000,000 | [1] | 200,000,000 | [1] | 200,000,000 | [1] | 200,000,000 | [1] | 200,000,000 | [1] |
Unamortized discount | -38,818,000 | -49,458,000 | -38,818,000 | -49,458,000 | -46,918,000 | |||||
Net carrying amount of debt component | 161,182,000 | 150,542,000 | 161,182,000 | 150,542,000 | 153,082,000 | |||||
Equity component | 84,904,000 | 84,904,000 | 84,904,000 | 84,904,000 | 84,904,000 | |||||
Issuance costs and income taxes | -3,210,000 | -3,210,000 | -3,210,000 | -3,210,000 | -3,210,000 | |||||
Equity component, net of issuance costs and income taxes | 81,694,000 | 81,694,000 | 81,694,000 | 81,694,000 | 81,694,000 | |||||
Interest Expense, Debt [Abstract] | ' | ' | ' | ' | ' | |||||
4.25% coupon interest | 2,125,000 | 2,125,000 | 6,375,000 | 6,375,000 | ' | |||||
Amortization of deferred financing fees | 117,000 | 117,000 | 352,000 | 352,000 | ' | |||||
Amortization of discount on the debt component | 2,782,000 | 2,465,000 | 8,100,000 | 7,175,000 | ' | |||||
Total interest expense related to the Convertible Notes | $5,024,000 | $4,707,000 | $14,827,000 | $13,902,000 | ' | |||||
[1] | As of SeptemberB 30, 2013, DecemberB 31, 2012 and SeptemberB 30, 2012, the Convertible Notes' "if-converted" value did not exceed their principal amount because the company's common stock price was below the conversion price of the Convertible Notes. |
Debt_Including_Capital_Lease_O6
Debt Including Capital Lease Obligations - Asset-Based Lending Facility (Details) (USD $) | 0 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 8 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
Feb. 05, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 05, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Term Loan | ABL Term Loan | ABL Term Loan | ABL Term Loan | ABL Term Loan | ABL Term Loan | ABL Term Loan | ABL Revolver | Fixed asset sub-line | Fixed asset sub-line | Fixed asset sub-line | Fixed asset sub-line | Fixed asset sub-line | Fixed asset sub-line | Fixed asset sub-line | ABL Facility, letter of credit | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | |
LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | 7.875% Senior Notes | ||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ABL Facility term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.88% | 7.88% | 7.88% | 7.50% | ' |
ABL Facility maturity period prior to maturity of the 4.25% Convertible Senior Notes | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ABL maximum borrowings capacity | ' | $200,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ABL Term Loan periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ABL Revolver borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ABL amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' |
Remaining borrowing capacity of the Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $88,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | 'LIBOR | ' | 'LIBOR | ' | ' | 'Base Rate | ' | ' | ' | 'LIBOR | ' | ' | 'Base Rate | ' | ' | ' | ' | 'LIBOR | ' | ' | 'Base Rate | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | 3.00% | 1.75% | 2.25% | ' | 0.25% | 0.75% | ' | ' | 2.75% | 3.25% | ' | 1.25% | 1.75% | ' | ' | ' | 2.25% | 2.75% | ' | 0.75% | 1.25% | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | 3.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stocks of domestic subsidiaries, subject to exception and lien | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Percentage of stocks of foreign subsidiaries, subject to exception and lien | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% |
Excess availability percentage - as related to the fixed charge coverage ratio covenant | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess availability percentage - as related to clause requiring to maintain cash in accounts subject to control of collateral agent | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Including_Capital_Lease_O7
Debt Including Capital Lease Obligations - Credit Facility Narrative (Details) (USD $) | Feb. 05, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 05, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 28, 2013 | Feb. 05, 2013 |
Credit Facility Revolver | Credit Facility Revolver | Credit Facility Revolver | Credit Facility Term Loan | Credit Facility Term Loan | Credit Facility Term Loan | Letter of Credit | Letter of Credit | Through June 30, 2013 | Beginning September 30, 2013 through March 31, 2016 | |
Credit Facility Term Loan | Credit Facility Term Loan | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolver maximum borrowing capacity | $150,000,000 | ' | ' | $330,000,000 | ' | ' | ' | ' | ' | ' |
Quarterly principal payment of Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 8,000,000 |
Interest rate on Credit Facility Term Loan | ' | 5.00% | 5.00% | ' | 5.00% | 5.00% | ' | ' | ' | ' |
Credit Facility amount outstanding | ' | 40,000,000 | 20,000,000 | ' | ' | ' | 22,000,000 | 21,000,000 | ' | ' |
Revolver remaining borrowing capacity | ' | $88,000,000 | $109,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt_Including_Capital_Lease_O8
Debt Including Capital Lease Obligations - Build-to-suit Lease (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
U.S. Midwest | U.S. Midwest | U.S. Midwest | U.S. Midwest | U.S. Midwest | |||||
Salad production and warehousing facility | Salad production and warehousing facility | Salad production and warehousing facility | Portion placed into service | Construction in progress | |||||
renewal_option | Property, plant and equipment | Expected contribution in Q3 2013 | Other liabilities | ||||||
facility | |||||||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease term | ' | ' | ' | '20 years | ' | ' | ' | ' | |
Number of facilities that the leased facility will replace | ' | ' | ' | 3 | ' | ' | ' | ' | |
Number of lease extensions | ' | ' | ' | 2 | ' | ' | ' | ' | |
Lease extension term | ' | ' | ' | '5 years | ' | ' | ' | ' | |
Capital leased asset | ' | ' | ' | ' | $38,000,000 | ' | ' | ' | |
Capital lease obligations | 32,171,000 | [1] | 755,000 | 761,000 | ' | ' | ' | 31,000,000 | 7,000,000 |
Total build-to-suit lease construction costs | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | |
[1] | Capital lease obligations at September 30, 2013 include the portion of the borrowings for the salad production and warehousing facility in the Midwest that has been placed into service. The facility is being constructed under a build-to-suit lease with the construction in progress liability included in "Accrued liabilities" and "Other liabilities" on the Condensed Consolidated Balance Sheets and then reclassified to capital lease obligation as the related leased assets are placed into service. See further description of the build-to-suit lease below. |
Hedging_Foreign_Currency_and_F
Hedging - Foreign Currency and Fuel Derivatives Narrative (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Derivative [Line Items] | ' |
Amount of unrealized net losses on foreign currency cash flow hedging portfolio that would be reclassified to net income, if realized in the next twelve months | $10 |
Bunker fuel forward contracts | ' |
Derivative [Line Items] | ' |
Maximum period for which the company locks in fuel purchase prices | '3 years |
Amount of unrealized net gains on bunker fuel hedging portfolio that would be reclassified to net income, if realized in the next twelve months | $1 |
Hedging_Derivatives_No_Longer_
Hedging - Derivatives No Longer Qualifying as Hedging Instruments (Details) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | Transferred from Hedging to Non-hedging Instruments | Foreign exchange option, settled in Q1 2013 | Foreign exchange option, settled in Q1 2013 | Foreign exchange option, settled in Q1 2013 | Foreign exchange option, settled in Q2 2013 | Foreign exchange option, settled in Q2 2013 | Foreign exchange option, settled in Q2 2013 | Foreign exchange option, settled in Q3 2013 | Foreign exchange option, settled in Q3 2013 | Foreign exchange option, settled in Q3 2013 | Foreign exchange option, settled in Q3 2013 | |
Euro call and put option contracts | Purchased | Sold | Sold | Purchased | Sold | Sold | Purchased | Sold | Sold | Sold | |||
EUR (€) | Foreign Exchange Put Option [Member] | Euro call option | Euro call option | Foreign Exchange Put Option [Member] | Euro call option | Euro call option | Foreign Exchange Put Option [Member] | Euro call option | Euro call option | Euro call option | |||
EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | EUR (€) | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of currency derivatives included in transferred positions | ' | ' | € 71,000,000 | € 25,000,000 | ' | € 25,000,000 | € 19,000,000 | ' | € 19,000,000 | € 27,000,000 | ' | ' | € 27,000,000 |
Realized Losses Recorded in Net sales | ($1,265,000) | ($2,392,000) | ' | ' | ($620,000) | ' | ' | ($507,000) | ' | ' | ($1,265,000) | ($1,265,000) | ' |
Hedging_Derivatives_Not_Design
Hedging - Derivatives Not Designated as Hedging Instruments (Details) (30-day euro forward contracts, settlement period - October 2013, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost of sales | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
(Gains) losses on 30 day euro forward contracts | ($3,288) | ($1,781) | ($3,024) | ($1,021) |
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates | $5,384 | $4,129 | $332 | ($3,281) |
Not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Term of contract | ' | ' | '30 days | ' |
Hedging_Hedge_Portfolio_Table_
Hedging - Hedge Portfolio Table (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||
Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2014 | Commodity forward contract, settlement period - 2013 | Commodity forward contract, settlement period - 2013 | Commodity forward contract, settlement period - 2014 | Commodity forward contract, settlement period - 2014 | Commodity forward contract, settlement period - 2015 | Commodity forward contract, settlement period - 2015 | Average rate forward contracts | Average rate forward contracts | Purchased | Purchased | Purchased | Purchased | Purchased | Purchased | Sold | Sold | Sold | Sold | Sold | Sold | |||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2013 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2014 | Foreign exchange option, settlement period - 2014 | |||||||||||||
Average rate forward contracts | Average rate forward contracts | Average rate forward contracts | Average rate forward contracts | Bunker fuel forward contracts | Bunker fuel forward contracts | Bunker fuel forward contracts | Bunker fuel forward contracts | Bunker fuel forward contracts | Bunker fuel forward contracts | 30-day euro forward contracts, settlement period - October 2013 | 30-day euro forward contracts, settlement period - October 2013 | Euro put option | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Euro put option | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Euro call option | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Euro call option | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | |||||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | Mg | Mg | Mg | Mg | Mg | Mg | USD ($) | EUR (€) | EUR (€) | Euro put option | Euro put option | EUR (€) | Euro put option | Euro put option | EUR (€) | Euro call option | Euro call option | EUR (€) | Euro call option | Euro call option | |||||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Currency derivatives - Notional Amount | ' | € 35,000,000 | ' | € 91,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | € 79,000,000 | € 25,000,000 | ' | € 51,000,000 | € 19,000,000 | ' | € 91,000,000 | [1] | € 25,000,000 | ' | € 51,000,000 | € 19,000,000 | ' | € 91,000,000 | [1] | |||||||||
Fuel derivatives - Notional Amount | ' | ' | ' | ' | 15,006 | [2] | 4,167 | [2],[3] | 90,504 | [2] | 17,912 | [2],[3] | 59,800 | [1] | 14,840 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Currency derivatives - Contract Average Rate/Price (in $ per EUR) | 1.24 | ' | 1.34 | [1] | ' | ' | ' | ' | ' | ' | ' | 1.35 | ' | ' | 1.2 | ' | ' | 1.3 | [1] | ' | ' | 1.28 | ' | ' | 1.39 | [1] | ' | |||||||||
Fuel derivatives - Contract Average Rate/Price (in $ per mt) | ' | ' | ' | ' | 539 | [2] | 560 | [2],[3] | 581 | [2] | 618 | [2] | 556 | [1] | 594 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Settlement periods for bunker fuel forward contracts and purchased and sold euro options are through September 2015 and December 2014, respectively. | |||||||||||||||||||||||||||||||||||
[2] | As described in Note 11 of the 2012 Annual Report on Form 10-K, new cash flow hedge relationships were established for certain bunker fuel forward contracts in 2011. These changes resulted in hedge rates for accounting purposes that are different from those in the hedge contract terms. | |||||||||||||||||||||||||||||||||||
[3] | ectively.3B As discussed above, in October 2013, the company sold all Singapore 180 fuel derivative outstanding positions at an insignificant loss.Ac |
Hedging_Derivative_Assets_and_
Hedging - Derivative Assets and Liabilities Table (Details) (Derivatives designated as hedging instruments, USD $) | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | ||||||
Currency Hedge Portfolio | ' | ' | ' | ' | ' | ' | ||||||
Change in Fair Value of Derivative Assets and Liabilities [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||||
Balance at beginning of year | ($3,439) | ($3,125) | ($23,215) | ($2,527) | $0 | $5,232 | ||||||
Realized (gains) losses included in net income | 3,568 | 4,766 | 5,601 | 1,018 | -53 | -4,381 | ||||||
Transfers | 0 | [1] | ' | 7,638 | [1] | 0 | [1] | ' | 0 | [1] | ||
Purchases, net | 314 | [2] | 62 | [2] | 541 | [2] | 0 | [2] | 850 | [2] | 0 | [2] |
Changes in fair value | -10,180 | -5,142 | 6,310 | -14,109 | -3,324 | -851 | ||||||
Balance at end of year | -9,737 | -3,439 | -3,125 | -15,618 | -2,527 | 0 | ||||||
Bunker Fuel Forward Contracts | ' | ' | ' | ' | ' | ' | ||||||
Change in Fair Value of Derivative Assets and Liabilities [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||||
Balance at beginning of year | -2,203 | 7,621 | 8,572 | 4,322 | 28,711 | 14,754 | ||||||
Realized (gains) losses included in net income | -1,908 | -2,151 | -2,839 | -3,822 | -4,139 | -5,514 | ||||||
Transfers | 193 | [1] | ' | 0 | [1] | 0 | [1] | ' | 0 | [1] | ||
Purchases, net | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Changes in fair value | 3,888 | -7,673 | 1,888 | 12,551 | -20,250 | 19,471 | ||||||
Balance at end of year | ($30) | ($2,203) | $7,621 | $13,051 | $4,322 | $28,711 | ||||||
[1] | Represents the fair value at the transfer date of positions where hedge accounting was terminated. See discussion above. | |||||||||||
[2] | Purchases represent the cash premiums paid upon the purchase of euro put options or received upon the sale of euro call options. Bunker fuel and currency forward contracts require no up-front cash payment and have an initial fair value of zero; settlements on the forward contracts (swaps) occur upon their maturity. |
Hedging_Deferred_Net_Gains_Los
Hedging - Deferred Net Gains (Losses) in AOCI Expected to Be Reclassed into Income (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
2013 | ($7,257) |
2014 | -3,297 |
2015 | -255 |
Deferred net gains (losses) in Accumulated other comprehensive income (loss) expected to be reclassified into income | -10,809 |
Cash flow hedging instruments | Currency Hedge Portfolio | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
2013 | -7,860 |
2014 | -2,810 |
2015 | 0 |
Deferred net gains (losses) in Accumulated other comprehensive income (loss) expected to be reclassified into income | -10,670 |
Cash flow hedging instruments | Bunker Fuel Forward Contracts | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
2013 | 603 |
2014 | -487 |
2015 | -255 |
Deferred net gains (losses) in Accumulated other comprehensive income (loss) expected to be reclassified into income | ($139) |
Hedging_Cash_Flow_Hedging_Inst
Hedging - Cash Flow Hedging Instruments (Details) (Cash flow hedging instruments, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI on derivative (effective portion) | ($6,183) | ($1,371) | ($8,308) | ($5,772) | ||||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | -4,206 | [1] | 3,069 | [1] | -14,430 | [1] | 17,103 | [1] |
Gain (loss) recognized in income on derivative (ineffective portion) | -130 | [1] | 342 | [1] | -2,107 | [1] | -211 | [1] |
Currency Hedge Portfolio | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI on derivative (effective portion) | -10,201 | -13,580 | -8,518 | -17,755 | ||||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | -6,114 | [1] | -753 | [1] | -21,328 | [1] | 3,628 | [1] |
Gain (loss) recognized in income on derivative (ineffective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Bunker Fuel Forward Contracts | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI on derivative (effective portion) | 4,018 | 12,209 | 210 | 11,983 | ||||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | 1,908 | [1] | 3,822 | [1] | 6,898 | [1] | 13,475 | [1] |
Gain (loss) recognized in income on derivative (ineffective portion) | ($130) | [1] | $342 | [1] | ($2,107) | [1] | ($211) | [1] |
[1] | Both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion, if any) are included in "Net sales" for the currency hedge portfolio and "Cost of sales" for bunker fuel forward contracts. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Assets (Liabilties) at Fair Value | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Assets (liabilities) at fair value | ($10,051) | ($13,005) | $2,936 | |||
Assets (Liabilties) at Fair Value | Other current assets | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded assets | ' | 1,636 | 5,853 | |||
Available-for-sale investment | ' | 1,668 | ' | |||
Assets (Liabilties) at Fair Value | Other current assets | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 192 | 1,725 | |||
Gross amounts offset in the balance sheets | ' | -2,550 | -4,963 | |||
Assets (Liabilties) at Fair Value | Other current assets | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 4,001 | [1] | 9,105 | [1] | |
Assets (Liabilties) at Fair Value | Other current assets | Not designated as hedging instruments | 30-day euro forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 4 | ' | |||
Gross amounts offset in the balance sheets | ' | -11 | -14 | |||
Assets (Liabilties) at Fair Value | Investments & other assets, net | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded assets | 61 | 830 | 1,007 | |||
Available-for-sale investment | ' | ' | 5,566 | |||
Assets (Liabilties) at Fair Value | Investments & other assets, net | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 515 | ' | 522 | |||
Gross amounts offset in the balance sheets | -465 | ' | -1,152 | |||
Assets (Liabilties) at Fair Value | Investments & other assets, net | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 196 | [1] | 1,889 | [1] | 1,760 | [1] |
Gross amounts offset in the balance sheets | -137 | [1] | -1,059 | [1] | -123 | [1] |
Assets (Liabilties) at Fair Value | Investments & other assets, net | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 22 | [2] | ' | ' | ||
Gross amounts offset in the balance sheets | -70 | [2] | ' | ' | ||
Assets (Liabilties) at Fair Value | Accrued liabilities | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded liabilities | -9,161 | -17,139 | -7,104 | |||
Assets (Liabilties) at Fair Value | Accrued liabilities | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 1,163 | 1,992 | 2,960 | |||
Gross amounts of recognized liabilities | -10,913 | -22,849 | -12,217 | |||
Assets (Liabilties) at Fair Value | Accrued liabilities | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 1,212 | [1] | 3,741 | [1] | 2,202 | [1] |
Gross amounts of recognized liabilities | -611 | [1] | ' | ' | ||
Assets (Liabilties) at Fair Value | Accrued liabilities | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 282 | [2] | ' | ' | ||
Gross amounts of recognized liabilities | -203 | [2] | ' | ' | ||
Assets (Liabilties) at Fair Value | Accrued liabilities | Not designated as hedging instruments | 30-day euro forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 17 | 1 | ' | |||
Gross amounts of recognized liabilities | -108 | -24 | -49 | |||
Assets (Liabilties) at Fair Value | Other liabilities | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded liabilities | -951 | ' | -2,386 | |||
Assets (Liabilties) at Fair Value | Other liabilities | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 196 | ' | 2,133 | |||
Gross amounts of recognized liabilities | -233 | ' | -4,626 | |||
Assets (Liabilties) at Fair Value | Other liabilities | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 145 | [1] | ' | 1,203 | [1] | |
Gross amounts of recognized liabilities | -835 | [1] | ' | -1,096 | [1] | |
Assets (Liabilties) at Fair Value | Other liabilities | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 12 | [2] | ' | ' | ||
Gross amounts of recognized liabilities | -236 | [2] | ' | ' | ||
Level 1 | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Assets (liabilities) at fair value | ' | 1,668 | 5,566 | |||
Level 1 | Other current assets | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Available-for-sale investment | ' | 1,668 | ' | |||
Level 1 | Investments & other assets, net | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Available-for-sale investment | ' | ' | 5,566 | |||
Level 2 | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Assets (liabilities) at fair value | -10,051 | -14,673 | -2,630 | |||
Level 2 | Other current assets | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded assets | ' | 1,636 | 5,853 | |||
Level 2 | Other current assets | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 192 | 1,725 | |||
Gross amounts offset in the balance sheets | ' | -2,550 | -4,963 | |||
Level 2 | Other current assets | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 4,001 | [1] | 9,105 | [1] | |
Level 2 | Other current assets | Not designated as hedging instruments | 30-day euro forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | ' | 4 | ' | |||
Gross amounts offset in the balance sheets | ' | -11 | -14 | |||
Level 2 | Investments & other assets, net | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded assets | 61 | 830 | 1,007 | |||
Level 2 | Investments & other assets, net | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 515 | ' | 522 | |||
Gross amounts offset in the balance sheets | -465 | ' | -1,152 | |||
Level 2 | Investments & other assets, net | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 196 | [1] | 1,889 | [1] | 1,760 | [1] |
Gross amounts offset in the balance sheets | -137 | [1] | -1,059 | [1] | -123 | [1] |
Level 2 | Investments & other assets, net | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts of recognized assets | 22 | [2] | ' | ' | ||
Gross amounts offset in the balance sheets | -70 | [2] | ' | ' | ||
Level 2 | Accrued liabilities | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded liabilities | -9,161 | -17,139 | -7,104 | |||
Level 2 | Accrued liabilities | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 1,163 | 1,992 | 2,960 | |||
Gross amounts of recognized liabilities | -10,913 | -22,849 | -12,217 | |||
Level 2 | Accrued liabilities | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 1,212 | [1] | 3,741 | [1] | 2,202 | [1] |
Gross amounts of recognized liabilities | -611 | [1] | ' | ' | ||
Level 2 | Accrued liabilities | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 282 | [2] | ' | ' | ||
Gross amounts of recognized liabilities | -203 | [2] | ' | ' | ||
Level 2 | Accrued liabilities | Not designated as hedging instruments | 30-day euro forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 17 | 1 | ' | |||
Gross amounts of recognized liabilities | -108 | -24 | -49 | |||
Level 2 | Other liabilities | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Net amount of recorded liabilities | -951 | ' | -2,386 | |||
Level 2 | Other liabilities | Designated as cash flow hedges | Currency hedge portfolio | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 196 | ' | 2,133 | |||
Gross amounts of recognized liabilities | -233 | ' | -4,626 | |||
Level 2 | Other liabilities | Designated as cash flow hedges | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 145 | [1] | ' | 1,203 | [1] | |
Gross amounts of recognized liabilities | -835 | [1] | ' | -1,096 | [1] | |
Level 2 | Other liabilities | Not designated as hedging instruments | Bunker fuel forward contracts | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Gross amounts offset in the balance sheets | 12 | [2] | ' | ' | ||
Gross amounts of recognized liabilities | ($236) | [2] | ' | ' | ||
[1] | Bunker fuel forward contracts designated as cash flow hedges. | |||||
[2] | Bunker fuel forward contracts not designated as hedging instruments. |
Pension_and_Severance_Benefits2
Pension and Severance Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $1,864 | $1,787 | $5,592 | $5,360 |
Interest on projected benefit obligation | 1,300 | 1,247 | 3,894 | 3,746 |
Expected return on plan assets | -333 | -378 | -996 | -1,133 |
Recognized actuarial loss | 310 | 242 | 922 | 709 |
Amortization of prior service cost | 32 | 32 | 96 | 96 |
Defined benefit and severance plan expense | $3,173 | $2,930 | $9,508 | $8,778 |
Reclassifications_from_Accumul2
Reclassifications from Accumulated Other Comprehensive Income - Amounts Reclassified from AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reclassifications from Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other income (expense), net | $501 | $0 | ($1,622) | $0 | ||||
Net sales | -723,062 | -714,167 | -2,309,485 | -2,340,816 | ||||
Cost of sales | 645,170 | 643,578 | 2,017,667 | 2,076,156 | ||||
Pension cost amortization | 342 | 274 | 1,018 | 805 | ||||
Available-for-sale investment | Reclassifications from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other income (expense), net | 0 | 0 | -561 | 0 | ||||
Accumulated net gain (loss) from designated or qualifying cash flow hedges | Currency hedge portfolio | Reclassifications from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Net sales | 6,114 | 753 | 21,328 | -3,628 | ||||
Accumulated net gain (loss) from designated or qualifying cash flow hedges | Bunker fuel forward contracts | Reclassifications from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Cost of sales | -2,277 | -3,822 | -7,267 | -13,475 | ||||
Prior service cost and recognized actuarial loss amortization related to pensions | Reclassifications from Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications from Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Pension cost amortization | ($342) | [1] | ($274) | [1] | ($1,018) | [1] | ($805) | [1] |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 9 for further details. |
Reclassifications_from_Accumul3
Reclassifications from Accumulated Other Comprehensive Income - AOCI Roll Forward (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||||
Net cumulative currency translation gains (losses) | Net cumulative currency translation gains (losses) | Net unrealized losses on qualifying cash flow hedges | Net unrealized losses on qualifying cash flow hedges | Unrealized gains on available-for-sale investment | Unrealized gains on available-for-sale investment | Net unrecognized losses related to pension and severance plans | Net unrecognized losses related to pension and severance plans | Net unrecognized losses related to pension and severance plans | Net unrecognized losses related to pension and severance plans | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | ($33,188) | ($40,525) | ($26,794) | $252 | ($120) | ($8,463) | ($16,562) | $0 | $404 | ($24,977) | [1] | ($24,247) | [1] | ' | ' | ||
Other comprehensive income (loss) before reclassifications | -6,978 | -9,980 | ' | -753 | -381 | -6,183 | -8,308 | 0 | 157 | -42 | -1,448 | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive income | 4,179 | 14,518 | ' | 0 | 0 | 3,837 | 14,061 | 0 | -561 | 342 | 1,018 | ' | ' | ||||
Net current-period other comprehensive income | -2,799 | 4,538 | ' | -753 | -381 | -2,346 | 5,753 | 0 | -404 | 300 | -430 | ' | ' | ||||
Balance at end of period | -35,987 | -35,987 | -26,794 | -501 | -501 | -10,809 | -10,809 | 0 | 0 | -24,677 | [1] | -24,677 | [1] | ' | ' | ||
Deferred tax liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150 | $150 | $153 | $283 | ||||
[1] | Net of deferred tax liability of $150, $153 and $283 as of September 30, 2013, June 30, 2013 and December 31, 2012, respectively. |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | -27.10% | 14.00% | 20.50% | 9.00% |
Income_Taxes_Out_of_Period_Adj
Income Taxes - Out of Period Adjustments (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2012 |
Income tax benefit related to 2012 and 2011 | Income tax expense related to 2011 and 2010 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' |
Out of period adjustments | $3 | $3 |
Advertising_and_Promotion_Expe1
Advertising and Promotion Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Marketing and Advertising Expense [Abstract] | ' | ' | ' | ' |
Advertising and certain promotion expenses | $7 | $7 | $19 | $22 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $2 | $1 | $7 | $6 |
LTIP | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance cycle covered by award | ' | ' | '3 years | ' |
StockBased_Compensation_Change
Stock-Based Compensation - Changes in Capital Surplus (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock-based compensation | $1,713 | $1,302 | $5,541 | $6,700 |
Shares withheld for taxes | -1,508 | -950 | -1,840 | -1,170 |
Capital surplus increase | $205 | $352 | $3,701 | $5,530 |
Segment_Information_Details
Segment Information (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Corporate costs | Corporate costs | Corporate costs | Corporate costs | Bananas | Bananas | Bananas | Bananas | Bananas | Bananas | Bananas | Bananas | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Other Produce | Other Produce | Other Produce | Other Produce | Other Produce | Danone JV | Danone JV | Danone JV | Danone JV | Danone JV | Danone JV | |||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ship | ship | USD ($) | USD ($) | Cost of sales | USD ($) | USD ($) | USD ($) | USD ($) | Cost of sales | Fruit ingredient business | Healthy snacking products | Healthy snacking products | USD ($) | USD ($) | USD ($) | USD ($) | Cost of sales | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | Salads and Healthy Snacks | |||||||||||||||||||||
ship | USD ($) | Closure of a research and development facility | Cost of sales | Cost of sales | Selling, general and administrative | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Investment Income [Member] | Investment Income [Member] | |||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | Sales force restructuring | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||
European | |||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Contributions to a joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | € 4,000,000 | $13,000,000 | € 10,000,000 | ' | ' | ||||||||||||||||
Net sales | 723,062,000 | 714,167,000 | 2,309,485,000 | 2,340,816,000 | ' | ' | ' | ' | 455,981,000 | 446,080,000 | ' | ' | ' | 1,481,625,000 | 1,499,096,000 | ' | 239,102,000 | 239,943,000 | 739,392,000 | 729,430,000 | ' | ' | ' | ' | 27,979,000 | 28,144,000 | 88,468,000 | 112,290,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Operating income (loss) | 1,153,000 | -66,104,000 | 66,867,000 | -48,941,000 | -14,056,000 | [1] | -33,987,000 | [1] | -41,070,000 | [1] | -65,978,000 | [1] | 18,039,000 | [2] | -1,784,000 | [2] | ' | ' | ' | 101,438,000 | [2] | 46,328,000 | [2] | ' | -5,155,000 | [3] | -26,926,000 | [3] | 4,595,000 | [3] | -16,518,000 | [3] | ' | ' | ' | ' | 2,325,000 | [4] | -3,407,000 | [4] | 1,904,000 | [4] | -12,773,000 | [4] | ' | ' | ' | ' | ' | ' | ' |
Acceleration of losses on ship sublease arrangements net of related sale-leaseback gain amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Sale-leaseback gain amortization | ' | ' | 10,381,000 | 11,470,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of ships removed from service and subleased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Severance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Inventory write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Business exit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Impairment of equity-method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | $28,000,000 | ||||||||||||||||
[1] | Includes "Restructuring and relocation costs" further detailed in Note 3. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes the acceleration of $6 million of losses on ship sublease arrangements in the first quarter of 2012, net of $2 million of related sale-leaseback gain amortization during the sublease period. As part of the company's European shipping reconfiguration, five ships, two in the fourth quarter of 2011 and three in the first quarter of 2012, were removed from service and subleased. The primary leases for an equivalent number of ships were not renewed at the end of 2012. These accelerated sublease losses are included in "Cost of sales." | ||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes $1 million of "Cost of sales" in the first quarter of 2013 for severance costs related to a fruit ingredient business. Includes $1 million of "Cost of sales" in the first quarter of 2012 primarily related to inventory write-offs to exit healthy snacking products that were not sufficiently profitable and $1 million of "Selling, general and administrative" to restructure the European healthy snacking sales force. These costs related to actions completed during the first quarter of 2012. Includes $1 million in "Cost of sales" in the second quarter of 2012, primarily related to the closure of a research and development facility. Includes $28 million of "Equity in (earnings) losses of investees" in the third quarter of 2012 to fully impair the company's equity-method investment and to record estimates of probable cash obligations to the Danone JV as described above. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes $2 million of "Cost of sales" in the first quarter of 2012, primarily related to inventory write-offs to exit low-margin other produce. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Contingency Accruals (Details) (Proceedings in Europe, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Proceedings in Europe | ' | ' | ' |
Accrual related to contingencies and legal proceedings | $4 | $4 | $3 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Colombia-Related - Tort Lawsuits (Details) (Colombia, USD $) | 12 Months Ended | 1 Months Ended | 46 Months Ended | 9 Months Ended | 37 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2007 | Nov. 30, 2012 | Feb. 28, 2010 | Mar. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2011 |
ATS lawsuits | ATA lawsuits | ATA lawsuits | Pending litigation | Pending litigation | Pending litigation | Pending litigation | Pending litigation | Pending litigation | |
count | lawsuit | lawsuit | ATS lawsuits | ATS lawsuits | Unspecified compensatory and punitive damages and attorney's fees and costs | Treble damages and disgorgement of profits without explanation | Specific demand | ATA lawsuits | |
lawsuit | Minimum | lawsuit | lawsuit | lawsuit | |||||
plaintiff | |||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new claims filed | ' | ' | ' | 9 | ' | ' | ' | ' | 4 |
Minimum number of alleged victims | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' |
Number of lawsuits plead or dismissed after the parties reached a confidential settlement agreement | 1 | 1 | ' | ' | ' | ' | ' | ' | ' |
Number of pending lawsuits | ' | ' | ' | ' | ' | 8 | 1 | ' | ' |
Specific demand for compensatory damages | ' | ' | ' | ' | ' | ' | ' | $10 | ' |
Specific demand for punitive damages | ' | ' | ' | ' | ' | ' | ' | $10 | ' |
Number of lawsuits for which the motion to dismiss was granted in part and denied in part | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Colombia-Related Matters - Insurance Recovery (Details) (Colombia, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2009 | Jun. 30, 2013 | Dec. 31, 2009 | Sep. 30, 2013 | Dec. 31, 2009 |
Insurance recovery coverage suit | Insurance recovery coverage suit | Insurance recovery coverage suit | Insurance recovery coverage suit | Two insurers who had been placed in liquidation | Two insurers who had been placed in liquidation | Defendant seeking a declaratory judgment relieving coverage obligation | Defendant seeking a declaratory judgment relieving coverage obligation | |
insurer | insurer | insurer | insurer | insurer | ||||
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Initial number of primary general liability insurers involved in coverage suit | 1 | ' | 3 | ' | 2 | ' | 1 | ' |
Number of primary insurers with which the company reached settlement agreements | ' | ' | ' | 3 | ' | ' | ' | ' |
Percent of defense costs in the ATA and ATS lawsuits to be paid by primary insurers | ' | ' | ' | 40.00% | ' | 1.00% | ' | 40.00% |
Expense reimbursement received to date which is deferred in Other liabilities | ' | $12 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies - Italian Customs and Tax Cases (Details) | 1 Months Ended | 69 Months Ended | 1 Months Ended | 69 Months Ended | 1 Months Ended | 108 Months Ended | 1 Months Ended | 108 Months Ended | 1 Months Ended | 108 Months Ended | 1 Months Ended | 108 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||
Oct. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2011 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Indirect import challenge - income tax assessment | Indirect import challenge - income tax assessment | Indirect import challenge - income tax assessment | Indirect import challenge - customs tax assessment | Indirect import challenge - customs tax assessment | Trento | Trento | Alessandria | Alessandria | Aosta | Aosta | Genoa | Genoa | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | Chiquita Italy | |
EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 1998-2000 cases | 2004 - 2005 cases | 2004 - 2005 cases | 2004 - 2005 cases | 2004 - 2005 cases | 2004 cases - direct import challenge | 2004 cases - direct import challenge | 2005 cases - direct import challenge | 2005 cases - direct import challenge | Pending litigation | |
EUR (€) | EUR (€) | USD ($) | EUR (€) | EUR (€) | EUR (€) | jurisdiction | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | 1998-2000 cases | ||||||||
jurisdiction | |||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of jurisdictions in which claims were originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Claim / Assessment | ' | ' | € 12,000,000 | ' | € 18,200,000 | ' | € 3,300,000 | ' | € 300,000 | ' | € 1,200,000 | ' | € 7,400,000 | ' | ' | ' | ' | ' | $17,000,000 | € 13,000,000 | $25,000,000 | € 19,000,000 | ' |
Interest and Penalties Claimed / Assessed | ' | ' | 19,100,000 | ' | 10,200,000 | ' | 3,100,000 | ' | 200,000 | ' | 1,200,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Claim / Assessment | 500,000 | ' | 31,100,000 | ' | 28,400,000 | ' | 6,400,000 | ' | 500,000 | ' | 2,400,000 | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits Paid Pending Appeal | ' | ' | 1,500,000 | ' | 10,500,000 | ' | 6,400,000 | ' | 500,000 | ' | 400,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment payment period | ' | ' | ' | ' | ' | '36 months | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly deposit payment | ' | 113,000 | ' | 350,000 | ' | ' | ' | ' | ' | 34,000 | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax settlement paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Pricing adjustment paid for 2006 through 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | € 2,000,000 | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_5
Commitments and Contingencies - Consumption Tax Refunds (Details) (Salerno, Consumption tax refunds) | 1 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2012 |
USD ($) | EUR (€) | |
Gain Contingencies [Line Items] | ' | ' |
Cash received from consumption tax refunds and deferred in Other Liabilities | $27 | € 20 |
Guarantor_Financial_Statements4
Guarantor Financial Statements GUARANTOR AND NON GUARANTOR SUBSIDIARIES - CONSOLIDATED STATEMENT OF INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $723,062 | $714,167 | $2,309,485 | $2,340,816 |
Cost of sales | 645,170 | 643,578 | 2,017,667 | 2,076,156 |
Selling, general and administrative | 60,966 | 69,856 | 177,227 | 202,796 |
Depreciation | 13,435 | 13,319 | 40,517 | 39,376 |
Amortization | 2,342 | 2,355 | 7,025 | 7,064 |
Equity in (earnings) losses of investees | 0 | 29,112 | -72 | 31,681 |
Goodwill impairment | 0 | 1,779 | 0 | 1,779 |
Restructuring and relocation costs | -4 | 20,272 | 254 | 30,905 |
Operating income (loss) | 1,153 | -66,104 | 66,867 | -48,941 |
Interest income | 690 | 669 | 2,197 | 2,318 |
Interest expense | -15,356 | -12,219 | -44,698 | -32,965 |
Loss on debt extinguishment | 0 | 0 | -6,275 | 0 |
Other income (expense), net | -501 | 0 | 1,622 | 0 |
Income (loss) before income taxes | -14,014 | -77,654 | 19,713 | -79,588 |
Income tax (expense) benefit | -3,800 | 10,900 | -4,050 | 7,200 |
Net income (loss) | -17,814 | -66,754 | 15,663 | -72,388 |
Parent Company [Member] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 515 | 0 | 917 |
Selling, general and administrative | 12,446 | 10,189 | 31,851 | 34,565 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Equity in (earnings) losses of investees | -3,448 | 52,078 | -67,760 | 17,719 |
Goodwill impairment | ' | 0 | ' | 0 |
Restructuring and relocation costs | -15 | 8,041 | -15 | 10,189 |
Operating income (loss) | -8,983 | -70,823 | 35,924 | -63,390 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | -5,031 | -6,830 | -16,405 | -20,262 |
Loss on debt extinguishment | ' | ' | -843 | ' |
Other income (expense), net | 0 | -1 | 1,037 | 4,064 |
Income (loss) before income taxes | -14,014 | -77,654 | 19,713 | -79,588 |
Income tax (expense) benefit | -3,800 | 10,900 | -4,050 | 7,200 |
Net income (loss) | -17,814 | -66,754 | 15,663 | -72,388 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Net sales | 200,307 | 171,655 | 587,278 | 528,325 |
Cost of sales | 190,790 | 157,994 | 557,444 | 474,364 |
Selling, general and administrative | 1,955 | 5,596 | 10,696 | 11,718 |
Depreciation | 1,140 | 1,067 | 3,599 | 2,841 |
Amortization | 0 | 0 | 0 | 0 |
Equity in (earnings) losses of investees | -6,878 | 53,331 | -85,792 | 33,412 |
Goodwill impairment | ' | 0 | ' | 0 |
Restructuring and relocation costs | 111 | 448 | 264 | 6,515 |
Operating income (loss) | 13,189 | -46,781 | 101,067 | -525 |
Interest income | 1 | 15 | 12 | 21 |
Interest expense | -9,743 | -5,312 | -27,563 | -12,438 |
Loss on debt extinguishment | ' | ' | -5,432 | ' |
Other income (expense), net | 1 | 0 | -324 | -4,777 |
Income (loss) before income taxes | 3,448 | -52,078 | 67,760 | -17,719 |
Income tax (expense) benefit | -3,249 | 6,600 | -2,643 | -451 |
Net income (loss) | 199 | -45,478 | 65,117 | -18,170 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 302,625 | 305,288 | 939,662 | 958,109 |
Cost of sales | 271,950 | 268,183 | 835,099 | 837,384 |
Selling, general and administrative | 23,775 | 23,910 | 67,203 | 72,260 |
Depreciation | 6,741 | 7,194 | 20,397 | 21,230 |
Amortization | 2,336 | 2,348 | 7,007 | 7,045 |
Equity in (earnings) losses of investees | -16 | 406 | -43 | 187 |
Goodwill impairment | ' | 0 | ' | 0 |
Restructuring and relocation costs | -100 | 7,963 | 8 | 10,081 |
Operating income (loss) | -2,061 | -4,716 | 9,991 | 9,922 |
Interest income | 26 | 75 | 128 | 146 |
Interest expense | -576 | -27 | -701 | -64 |
Loss on debt extinguishment | ' | ' | 0 | ' |
Other income (expense), net | 85 | 44 | 250 | 1,133 |
Income (loss) before income taxes | -2,526 | -4,624 | 9,668 | 11,137 |
Income tax (expense) benefit | 1,289 | -419 | -3,547 | -6,934 |
Net income (loss) | -1,237 | -5,043 | 6,121 | 4,203 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 447,080 | 440,500 | 1,470,619 | 1,483,827 |
Cost of sales | 409,395 | 420,127 | 1,313,194 | 1,393,416 |
Selling, general and administrative | 22,790 | 30,161 | 67,477 | 84,253 |
Depreciation | 5,554 | 5,058 | 16,521 | 15,305 |
Amortization | 6 | 7 | 18 | 19 |
Equity in (earnings) losses of investees | 0 | 29,112 | -72 | 31,681 |
Goodwill impairment | ' | 1,779 | ' | 1,779 |
Restructuring and relocation costs | 0 | 3,820 | -3 | 4,120 |
Operating income (loss) | 9,335 | -49,564 | 73,484 | -46,746 |
Interest income | 663 | 579 | 2,057 | 2,151 |
Interest expense | -6 | -50 | -29 | -201 |
Loss on debt extinguishment | ' | ' | 0 | ' |
Other income (expense), net | -572 | -125 | 655 | 60 |
Income (loss) before income taxes | 9,420 | -49,160 | 76,167 | -44,736 |
Income tax (expense) benefit | -391 | 2,661 | 267 | 357 |
Net income (loss) | 9,029 | -46,499 | 76,434 | -44,379 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Net sales | -226,950 | -203,276 | -688,074 | -629,445 |
Cost of sales | -226,965 | -203,241 | -688,070 | -629,925 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Equity in (earnings) losses of investees | 10,342 | -105,815 | 153,595 | -51,318 |
Goodwill impairment | ' | 0 | ' | 0 |
Restructuring and relocation costs | 0 | 0 | 0 | 0 |
Operating income (loss) | -10,327 | 105,780 | -153,599 | 51,798 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | ' | ' | 0 | ' |
Other income (expense), net | -15 | 82 | 4 | -480 |
Income (loss) before income taxes | -10,342 | 105,862 | -153,595 | 51,318 |
Income tax (expense) benefit | 2,351 | -8,842 | 5,923 | 7,028 |
Net income (loss) | ($7,991) | $97,020 | ($147,672) | $58,346 |
Guarantor_Financial_Statements5
Guarantor Financial Statements GUARANTOR AND NON GUARANTOR SUBSIDIARIES - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | ($17,814) | ($66,754) | $15,663 | ($72,388) |
Unrealized foreign currency translation gains (losses) | -753 | -242 | -381 | 114 |
Change in fair value of available-for-sale investment | 0 | 1,405 | 157 | 2,883 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | 0 | 0 | -561 | 0 |
Net other comprehensive income (loss) related to available-for-sale investment | 0 | 1,405 | -404 | 2,883 |
Unrealized gains (losses) on derivatives for the period | -6,183 | -1,371 | -8,308 | -5,772 |
Derivative (gains) losses reclassified into Net sales | 6,114 | 753 | 21,328 | -3,628 |
Derivative gains reclassified into Cost of sales | -2,277 | -3,822 | -7,267 | -13,475 |
Net other comprehensive income (loss) related to derivatives | -2,346 | -4,440 | 5,753 | -22,875 |
Actuarial gains (losses) for the period, net of tax | -42 | 18 | -1,448 | 589 |
Pension cost amortization | 342 | 274 | 1,018 | 805 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 300 | 292 | -430 | 1,394 |
Other comprehensive income (loss) of investments in subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | -20,613 | -69,739 | 20,201 | -90,872 |
Parent Company [Member] | ' | ' | ' | ' |
Net income (loss) | -17,814 | -66,754 | 15,663 | -72,388 |
Unrealized foreign currency translation gains (losses) | 0 | 0 | 0 | 0 |
Change in fair value of available-for-sale investment | ' | 1,405 | 157 | 2,883 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | ' | ' | -561 | ' |
Net other comprehensive income (loss) related to available-for-sale investment | ' | ' | -404 | ' |
Unrealized gains (losses) on derivatives for the period | 0 | 0 | 0 | 0 |
Derivative (gains) losses reclassified into Net sales | 0 | 0 | 0 | 0 |
Derivative gains reclassified into Cost of sales | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to derivatives | 0 | 0 | 0 | 0 |
Actuarial gains (losses) for the period, net of tax | 0 | 0 | 0 | 0 |
Pension cost amortization | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) of investments in subsidiaries | -2,799 | -4,390 | 4,942 | -21,367 |
Comprehensive income (loss) | -20,613 | -69,739 | 20,201 | -90,872 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Net income (loss) | 199 | -45,478 | 65,117 | -18,170 |
Unrealized foreign currency translation gains (losses) | 0 | 0 | 0 | 0 |
Change in fair value of available-for-sale investment | ' | 0 | 0 | 0 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | ' | ' | 0 | ' |
Net other comprehensive income (loss) related to available-for-sale investment | ' | ' | 0 | ' |
Unrealized gains (losses) on derivatives for the period | 0 | 0 | 0 | 0 |
Derivative (gains) losses reclassified into Net sales | 0 | 0 | 0 | 0 |
Derivative gains reclassified into Cost of sales | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to derivatives | 0 | 0 | 0 | 0 |
Actuarial gains (losses) for the period, net of tax | 0 | 0 | 841 | 185 |
Pension cost amortization | 124 | 94 | 372 | 281 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 124 | 94 | 1,213 | 466 |
Other comprehensive income (loss) of investments in subsidiaries | -2,923 | -4,484 | 3,729 | -21,833 |
Comprehensive income (loss) | -2,600 | -49,868 | 70,059 | -39,537 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | -1,237 | -5,043 | 6,121 | 4,203 |
Unrealized foreign currency translation gains (losses) | 0 | 0 | 0 | 0 |
Change in fair value of available-for-sale investment | ' | 0 | 0 | 0 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | ' | ' | 0 | ' |
Net other comprehensive income (loss) related to available-for-sale investment | ' | ' | 0 | ' |
Unrealized gains (losses) on derivatives for the period | 0 | 0 | 0 | 0 |
Derivative (gains) losses reclassified into Net sales | 0 | 0 | 0 | 0 |
Derivative gains reclassified into Cost of sales | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to derivatives | 0 | 0 | 0 | 0 |
Actuarial gains (losses) for the period, net of tax | 0 | 0 | 0 | 0 |
Pension cost amortization | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) of investments in subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | -1,237 | -5,043 | 6,121 | 4,203 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | 9,029 | -46,499 | 76,434 | -44,379 |
Unrealized foreign currency translation gains (losses) | -753 | -242 | -381 | 114 |
Change in fair value of available-for-sale investment | ' | 0 | 0 | 0 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | ' | ' | 0 | ' |
Net other comprehensive income (loss) related to available-for-sale investment | ' | ' | 0 | ' |
Unrealized gains (losses) on derivatives for the period | -6,183 | -1,371 | -8,308 | -5,772 |
Derivative (gains) losses reclassified into Net sales | 6,114 | 753 | 21,328 | -3,628 |
Derivative gains reclassified into Cost of sales | -2,277 | -3,822 | -7,267 | -13,475 |
Net other comprehensive income (loss) related to derivatives | -2,346 | -4,440 | 5,753 | -22,875 |
Actuarial gains (losses) for the period, net of tax | -42 | 18 | -2,289 | 404 |
Pension cost amortization | 218 | 180 | 646 | 524 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 176 | 198 | -1,643 | 928 |
Other comprehensive income (loss) of investments in subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 6,106 | -50,983 | 80,163 | -66,212 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Net income (loss) | -7,991 | 97,020 | -147,672 | 58,346 |
Unrealized foreign currency translation gains (losses) | 0 | 0 | 0 | 0 |
Change in fair value of available-for-sale investment | ' | 0 | 0 | 0 |
Realized gains of available-for-sale investment reclassified into Other income (expense), net | ' | ' | 0 | ' |
Net other comprehensive income (loss) related to available-for-sale investment | ' | ' | 0 | ' |
Unrealized gains (losses) on derivatives for the period | 0 | 0 | 0 | 0 |
Derivative (gains) losses reclassified into Net sales | 0 | 0 | 0 | 0 |
Derivative gains reclassified into Cost of sales | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to derivatives | 0 | 0 | 0 | 0 |
Actuarial gains (losses) for the period, net of tax | 0 | 0 | 0 | 0 |
Pension cost amortization | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) related to defined benefit pension and severance plans | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) of investments in subsidiaries | 5,722 | 8,874 | -8,671 | 43,200 |
Comprehensive income (loss) | ($2,269) | $105,894 | ($156,343) | $101,546 |
Guarantor_Financial_Statements6
Guarantor Financial Statements GUARANTOR AND NON GUARANTOR SUBSIDIARIES - CONSOLIDATED BALANCE SHEET (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and equivalents | $71,766 | $51,026 | $36,868 | $45,261 |
Trade receivables, less allowances | 269,892 | 285,151 | 305,036 | ' |
Other receivables, net | 66,602 | 65,109 | 67,334 | ' |
Inventories | 234,783 | 220,041 | 225,966 | ' |
Prepaid expenses | 47,170 | 40,814 | 45,927 | ' |
Due from affiliates | 0 | 0 | 0 | ' |
Other current assets | 17,463 | 18,335 | 32,988 | ' |
Total current assets | 707,676 | 680,476 | 714,119 | ' |
Property, plant and equipment, net | 392,884 | 395,299 | 385,813 | ' |
Investments and other assets, net | 88,989 | 81,528 | 104,120 | ' |
Trademarks | 426,085 | 426,085 | 449,085 | ' |
Goodwill | 18,095 | 18,095 | 175,200 | ' |
Other intangible assets, net | 89,254 | 96,279 | 98,633 | ' |
Investments in affiliates | 0 | 0 | 0 | ' |
Total assets | 1,722,983 | 1,697,762 | 1,926,970 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 2,191 | 65,008 | 40,903 | ' |
Accounts payable | 283,641 | 274,624 | 288,352 | ' |
Accrued liabilities | 148,346 | 140,700 | 124,107 | ' |
Due to affiliates | 0 | 0 | 0 | ' |
Total current liabilities | 434,178 | 480,332 | 453,362 | ' |
Long-term debt and capital lease obligations, net of current portion | 620,012 | 540,517 | 546,213 | ' |
Accrued pension and other employee benefits | 82,295 | 75,144 | 73,966 | ' |
Deferred gain - sale of shipping fleet | 9,823 | 20,204 | 23,083 | ' |
Deferred tax liabilities | 111,942 | 111,628 | 32,254 | ' |
Other liabilities | 70,424 | 99,535 | 83,359 | ' |
Total liabilities | 1,328,674 | 1,327,360 | 1,212,237 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | 394,309 | 370,402 | 714,733 | ' |
Total liabilities and shareholders' equity | 1,722,983 | 1,697,762 | 1,926,970 | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and equivalents | 0 | 2,601 | 0 | 0 |
Trade receivables, less allowances | 0 | 0 | 0 | ' |
Other receivables, net | 0 | 359 | 0 | ' |
Inventories | 0 | 0 | 0 | ' |
Prepaid expenses | 664 | 628 | 787 | ' |
Due from affiliates | 90,543 | 93,502 | 195,264 | ' |
Other current assets | 0 | 0 | 0 | ' |
Total current assets | 91,207 | 97,090 | 196,051 | ' |
Property, plant and equipment, net | 0 | 0 | 0 | ' |
Investments and other assets, net | 15,245 | 18,919 | 23,909 | ' |
Trademarks | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other intangible assets, net | 0 | 0 | 0 | ' |
Investments in affiliates | 1,388,598 | 1,316,926 | 1,534,172 | ' |
Total assets | 1,495,050 | 1,432,935 | 1,754,132 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 0 | 0 | 0 | ' |
Accounts payable | 1,536 | 1,809 | 1,608 | ' |
Accrued liabilities | 25,657 | 13,554 | 10,709 | ' |
Due to affiliates | 895,730 | 762,957 | 741,897 | ' |
Total current liabilities | 922,923 | 778,320 | 754,214 | ' |
Long-term debt and capital lease obligations, net of current portion | 161,182 | 259,520 | 256,980 | ' |
Accrued pension and other employee benefits | 15,016 | 13,317 | 17,729 | ' |
Deferred gain - sale of shipping fleet | 0 | 0 | 0 | ' |
Deferred tax liabilities | 115 | 115 | 115 | ' |
Other liabilities | 1,505 | 11,261 | 10,361 | ' |
Total liabilities | 1,100,741 | 1,062,533 | 1,039,399 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | 394,309 | 370,402 | 714,733 | ' |
Total liabilities and shareholders' equity | 1,495,050 | 1,432,935 | 1,754,132 | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and equivalents | 8,121 | 12,704 | 11,337 | 8,772 |
Trade receivables, less allowances | 50,964 | 43,847 | 50,198 | ' |
Other receivables, net | 808 | 1,275 | 1,136 | ' |
Inventories | 9,814 | 10,033 | 6,672 | ' |
Prepaid expenses | 2,591 | 3,922 | 1,620 | ' |
Due from affiliates | 2,022,139 | 1,683,425 | 1,640,085 | ' |
Other current assets | 0 | 1,636 | 23,262 | ' |
Total current assets | 2,094,437 | 1,756,842 | 1,734,310 | ' |
Property, plant and equipment, net | 21,211 | 24,885 | 25,080 | ' |
Investments and other assets, net | 27,077 | 20,542 | 74,231 | ' |
Trademarks | 208,085 | 208,085 | 208,085 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other intangible assets, net | 0 | 0 | 0 | ' |
Investments in affiliates | 1,063,602 | 976,368 | 1,161,452 | ' |
Total assets | 3,414,412 | 2,986,722 | 3,203,158 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 1,500 | 64,749 | 40,625 | ' |
Accounts payable | 6,011 | 9,620 | 6,424 | ' |
Accrued liabilities | 34,674 | 41,114 | 17,809 | ' |
Due to affiliates | 1,460,459 | 1,178,596 | 1,246,090 | ' |
Total current liabilities | 1,502,644 | 1,294,079 | 1,310,948 | ' |
Long-term debt and capital lease obligations, net of current portion | 427,453 | 280,500 | 288,750 | ' |
Accrued pension and other employee benefits | 7,363 | 8,149 | 7,074 | ' |
Deferred gain - sale of shipping fleet | 0 | 0 | 0 | ' |
Deferred tax liabilities | 79,701 | 79,488 | 49,533 | ' |
Other liabilities | 8,653 | 7,580 | 12,681 | ' |
Total liabilities | 2,025,814 | 1,669,796 | 1,668,986 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | 1,388,598 | 1,316,926 | 1,534,172 | ' |
Total liabilities and shareholders' equity | 3,414,412 | 2,986,722 | 3,203,158 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Trade receivables, less allowances | 59,197 | 56,551 | 65,918 | ' |
Other receivables, net | 5,161 | 6,033 | 6,957 | ' |
Inventories | 40,373 | 40,313 | 38,216 | ' |
Prepaid expenses | 8,637 | 8,982 | 10,402 | ' |
Due from affiliates | 1,216,321 | 1,011,067 | 976,746 | ' |
Other current assets | 17,096 | 17,257 | 9,726 | ' |
Total current assets | 1,346,785 | 1,140,203 | 1,107,965 | ' |
Property, plant and equipment, net | 205,755 | 201,702 | 191,740 | ' |
Investments and other assets, net | 2,393 | 4,484 | 5,168 | ' |
Trademarks | 38,500 | 38,500 | 61,500 | ' |
Goodwill | 18,095 | 18,095 | 175,200 | ' |
Other intangible assets, net | 89,189 | 96,195 | 98,543 | ' |
Investments in affiliates | 3,205 | 3,162 | 2,046 | ' |
Total assets | 1,703,922 | 1,502,341 | 1,642,162 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 639 | 206 | 173 | ' |
Accounts payable | 101,442 | 80,466 | 94,550 | ' |
Accrued liabilities | 53,633 | 55,382 | 51,383 | ' |
Due to affiliates | 1,075,060 | 906,288 | 875,909 | ' |
Total current liabilities | 1,230,774 | 1,042,342 | 1,022,015 | ' |
Long-term debt and capital lease obligations, net of current portion | 31,264 | 488 | 438 | ' |
Accrued pension and other employee benefits | 0 | 0 | 0 | ' |
Deferred gain - sale of shipping fleet | 0 | 0 | 0 | ' |
Deferred tax liabilities | 39,415 | 39,302 | 42,621 | ' |
Other liabilities | 19,168 | 43,680 | 28,763 | ' |
Total liabilities | 1,320,621 | 1,125,812 | 1,093,837 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | 383,301 | 376,529 | 548,325 | ' |
Total liabilities and shareholders' equity | 1,703,922 | 1,502,341 | 1,642,162 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and equivalents | 63,645 | 35,721 | 25,531 | 36,489 |
Trade receivables, less allowances | 159,731 | 184,753 | 188,920 | ' |
Other receivables, net | 60,633 | 57,442 | 59,241 | ' |
Inventories | 184,596 | 169,695 | 181,078 | ' |
Prepaid expenses | 35,278 | 27,282 | 33,118 | ' |
Due from affiliates | 473,315 | 368,329 | 438,826 | ' |
Other current assets | 10,197 | 9,365 | 0 | ' |
Total current assets | 987,395 | 852,587 | 926,714 | ' |
Property, plant and equipment, net | 165,918 | 168,712 | 168,993 | ' |
Investments and other assets, net | 57,445 | 50,716 | 66,806 | ' |
Trademarks | 179,500 | 179,500 | 179,500 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other intangible assets, net | 65 | 84 | 90 | ' |
Investments in affiliates | 0 | 0 | 0 | ' |
Total assets | 1,390,323 | 1,251,599 | 1,342,103 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 52 | 53 | 105 | ' |
Accounts payable | 174,652 | 182,729 | 185,770 | ' |
Accrued liabilities | 44,212 | 40,573 | 44,206 | ' |
Due to affiliates | 371,069 | 308,482 | 387,025 | ' |
Total current liabilities | 589,985 | 531,837 | 617,106 | ' |
Long-term debt and capital lease obligations, net of current portion | 113 | 9 | 45 | ' |
Accrued pension and other employee benefits | 59,916 | 53,678 | 49,163 | ' |
Deferred gain - sale of shipping fleet | 9,823 | 20,204 | 23,083 | ' |
Deferred tax liabilities | 5,882 | 5,856 | 5,979 | ' |
Other liabilities | 41,098 | 37,014 | 31,554 | ' |
Total liabilities | 706,817 | 648,598 | 726,930 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | 683,506 | 603,001 | 615,173 | ' |
Total liabilities and shareholders' equity | 1,390,323 | 1,251,599 | 1,342,103 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Trade receivables, less allowances | 0 | 0 | 0 | ' |
Other receivables, net | 0 | 0 | 0 | ' |
Inventories | 0 | 0 | 0 | ' |
Prepaid expenses | 0 | 0 | 0 | ' |
Due from affiliates | -3,802,318 | -3,156,323 | -3,250,921 | ' |
Other current assets | -9,830 | -9,923 | 0 | ' |
Total current assets | -3,812,148 | -3,166,246 | -3,250,921 | ' |
Property, plant and equipment, net | 0 | 0 | 0 | ' |
Investments and other assets, net | -13,171 | -13,133 | -65,994 | ' |
Trademarks | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other intangible assets, net | 0 | 0 | 0 | ' |
Investments in affiliates | -2,455,405 | -2,296,456 | -2,697,670 | ' |
Total assets | -6,280,724 | -5,475,835 | -6,014,585 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current portion of long-term debt and capital lease obligations | 0 | 0 | 0 | ' |
Accounts payable | 0 | 0 | 0 | ' |
Accrued liabilities | -9,830 | -9,923 | 0 | ' |
Due to affiliates | -3,802,318 | -3,156,323 | -3,250,921 | ' |
Total current liabilities | -3,812,148 | -3,166,246 | -3,250,921 | ' |
Long-term debt and capital lease obligations, net of current portion | 0 | 0 | 0 | ' |
Accrued pension and other employee benefits | 0 | 0 | 0 | ' |
Deferred gain - sale of shipping fleet | 0 | 0 | 0 | ' |
Deferred tax liabilities | -13,171 | -13,133 | -65,994 | ' |
Other liabilities | 0 | 0 | 0 | ' |
Total liabilities | -3,825,319 | -3,179,379 | -3,316,915 | ' |
Commitments and contingencies | 0 | 0 | 0 | ' |
Total shareholders' equity | -2,455,405 | -2,296,456 | -2,697,670 | ' |
Total liabilities and shareholders' equity | ($6,280,724) | ($5,475,835) | ($6,014,585) | ' |
Guarantor_Financial_Statements7
Guarantor Financial Statements GUARANTOR AND NON GUARANTOR SUBSIDIARIES - CONSOLIDATED STATEMENT OF CASH FLOW (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating cash flow | $91,738 | $21,402 |
Capital expenditures | -36,165 | -36,222 |
Contribution to equity-method investment | -13,102 | 0 |
Net proceeds from sale of long-term assets | 11,751 | 4,231 |
Investing activity with subsidiaries | 0 | 0 |
Other, net | 3,559 | -2,800 |
Investing cash flow | -33,957 | -34,791 |
Issuance of long-term debt | 429,415 | 0 |
Repayments of long-term debt and capital lease obligations | -412,646 | -12,636 |
Borrowings under the ABL Revolver | 36,590 | 0 |
Repayments of ABL Revolver | -36,590 | 0 |
Borrowings under the Credit Facility Revolver | 0 | 50,000 |
Repayments of the Credit Facility Revolver | -40,000 | -30,000 |
Payments for debt modification and issuance costs | -13,810 | -2,368 |
Financing activity with subsidiaries | 0 | 0 |
Financing cash flow | -37,041 | 4,996 |
Increase in cash and equivalents | 20,740 | -8,393 |
Balance at beginning of period | 51,026 | 45,261 |
Balance at end of period | 71,766 | 36,868 |
Parent Company [Member] | ' | ' |
Operating cash flow | -4,420 | 0 |
Capital expenditures | 0 | 0 |
Contribution to equity-method investment | 0 | ' |
Net proceeds from sale of long-term assets | 1,819 | 0 |
Investing activity with subsidiaries | 0 | 0 |
Other, net | 0 | 0 |
Investing cash flow | 1,819 | 0 |
Issuance of long-term debt | 0 | ' |
Repayments of long-term debt and capital lease obligations | 0 | 0 |
Borrowings under the ABL Revolver | 0 | ' |
Repayments of ABL Revolver | 0 | ' |
Borrowings under the Credit Facility Revolver | ' | 0 |
Repayments of the Credit Facility Revolver | 0 | 0 |
Payments for debt modification and issuance costs | 0 | 0 |
Financing activity with subsidiaries | 0 | 0 |
Financing cash flow | 0 | 0 |
Increase in cash and equivalents | -2,601 | 0 |
Balance at beginning of period | 2,601 | 0 |
Balance at end of period | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' |
Operating cash flow | 30,523 | -2,533 |
Capital expenditures | -1,984 | -4,684 |
Contribution to equity-method investment | 0 | ' |
Net proceeds from sale of long-term assets | 0 | 0 |
Investing activity with subsidiaries | 0 | 0 |
Other, net | 0 | 14 |
Investing cash flow | -1,984 | -4,670 |
Issuance of long-term debt | 429,415 | ' |
Repayments of long-term debt and capital lease obligations | -412,425 | -12,375 |
Borrowings under the ABL Revolver | 36,590 | ' |
Repayments of ABL Revolver | -36,590 | ' |
Borrowings under the Credit Facility Revolver | ' | 50,000 |
Repayments of the Credit Facility Revolver | -40,000 | -30,000 |
Payments for debt modification and issuance costs | -13,810 | -2,368 |
Financing activity with subsidiaries | 3,698 | 4,511 |
Financing cash flow | -33,122 | 9,768 |
Increase in cash and equivalents | -4,583 | 2,565 |
Balance at beginning of period | 12,704 | 8,772 |
Balance at end of period | 8,121 | 11,337 |
Guarantor Subsidiaries [Member] | ' | ' |
Operating cash flow | 11,469 | 21,488 |
Capital expenditures | -14,751 | -14,130 |
Contribution to equity-method investment | 0 | ' |
Net proceeds from sale of long-term assets | 7,222 | 1,308 |
Investing activity with subsidiaries | -3,786 | -8,709 |
Other, net | 0 | 162 |
Investing cash flow | -11,315 | -21,369 |
Issuance of long-term debt | 0 | ' |
Repayments of long-term debt and capital lease obligations | -154 | -119 |
Borrowings under the ABL Revolver | 0 | ' |
Repayments of ABL Revolver | 0 | ' |
Borrowings under the Credit Facility Revolver | ' | 0 |
Repayments of the Credit Facility Revolver | 0 | 0 |
Payments for debt modification and issuance costs | 0 | 0 |
Financing activity with subsidiaries | 0 | 0 |
Financing cash flow | -154 | -119 |
Increase in cash and equivalents | 0 | 0 |
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Operating cash flow | 54,166 | 2,447 |
Capital expenditures | -19,430 | -17,408 |
Contribution to equity-method investment | -13,102 | ' |
Net proceeds from sale of long-term assets | 2,710 | 2,923 |
Investing activity with subsidiaries | 0 | 0 |
Other, net | 3,559 | -2,976 |
Investing cash flow | -26,263 | -17,461 |
Issuance of long-term debt | 0 | ' |
Repayments of long-term debt and capital lease obligations | -67 | -142 |
Borrowings under the ABL Revolver | 0 | ' |
Repayments of ABL Revolver | 0 | ' |
Borrowings under the Credit Facility Revolver | ' | 0 |
Repayments of the Credit Facility Revolver | 0 | 0 |
Payments for debt modification and issuance costs | 0 | 0 |
Financing activity with subsidiaries | 88 | 4,198 |
Financing cash flow | 21 | 4,056 |
Increase in cash and equivalents | 27,924 | -10,958 |
Balance at beginning of period | 35,721 | 36,489 |
Balance at end of period | 63,645 | 25,531 |
Consolidation, Eliminations [Member] | ' | ' |
Operating cash flow | 0 | 0 |
Capital expenditures | 0 | 0 |
Contribution to equity-method investment | 0 | ' |
Net proceeds from sale of long-term assets | 0 | 0 |
Investing activity with subsidiaries | 3,786 | 8,709 |
Other, net | 0 | 0 |
Investing cash flow | 3,786 | 8,709 |
Issuance of long-term debt | 0 | ' |
Repayments of long-term debt and capital lease obligations | 0 | 0 |
Borrowings under the ABL Revolver | 0 | ' |
Repayments of ABL Revolver | 0 | ' |
Borrowings under the Credit Facility Revolver | ' | 0 |
Repayments of the Credit Facility Revolver | 0 | 0 |
Payments for debt modification and issuance costs | 0 | 0 |
Financing activity with subsidiaries | -3,786 | -8,709 |
Financing cash flow | -3,786 | -8,709 |
Increase in cash and equivalents | 0 | 0 |
Balance at beginning of period | 0 | 0 |
Balance at end of period | $0 | $0 |