DEI Document
DEI Document - USD ($) | 12 Months Ended | ||
Dec. 28, 2018 | Feb. 08, 2019 | Jun. 29, 2018 | |
Document and Entity [Abstract] | |||
Entity Registrant Name | FRESH DEL MONTE PRODUCE INC | ||
Entity Central Index Key | 1,047,340 | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 48,486,637 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,368,690,093 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 21.3 | $ 25.1 |
Trade accounts receivable, net of allowance of $14.6 and $12.8, respectively | 378.3 | 358.8 |
Other accounts receivable, net of allowance of $7.2 and $8.8, respectively | 95.2 | 73.6 |
Inventories, net | 565.3 | 541.8 |
Assets held for sale | 45.4 | 0 |
Prepaid expenses and other current assets | 33.3 | 20.5 |
Total current assets | 1,138.8 | 1,019.8 |
Investments in and advances to unconsolidated companies | 6.1 | 2 |
Property, plant and equipment, net | 1,392.2 | 1,328.3 |
Goodwill | 423.4 | 261.9 |
Intangible assets, net | 166.9 | 45.9 |
Deferred income taxes | 68.1 | 59.1 |
Other noncurrent assets | 59.7 | 49.9 |
Total assets | 3,255.2 | 2,766.9 |
Current liabilities: | ||
Accounts payable and accrued expenses | 576.6 | 382.4 |
Current portion of long-term debt and capital lease obligations | 0.5 | 0.6 |
Income taxes and other taxes payable | 8.9 | 10.8 |
Total current liabilities | 586 | 393.8 |
Long-term debt and capital lease obligations | 661.9 | 357 |
Retirement benefits | 91.3 | 96.2 |
Other noncurrent liabilities | 53.4 | 42.4 |
Deferred income taxes | 93 | 86.3 |
Total liabilities | 1,485.6 | 975.7 |
Commitments and contingencies (See note 16) | ||
Redeemable noncontrolling interest | 51.8 | 0 |
Shareholders' equity: | ||
Preferred shares, $0.01 par value; 50,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Ordinary shares, $0.01 par value; 200,000,000 shares authorized; 48,442,296 and 48,759,481 issued and outstanding, respectively | 0.5 | 0.5 |
Paid-in capital | 527.1 | 522.5 |
Retained earnings | 1,206 | 1,275 |
Accumulated other comprehensive loss | (41.6) | (30.6) |
Total Fresh Del Monte Produce Inc. shareholders' equity | 1,692 | 1,767.4 |
Noncontrolling interests | 25.8 | 23.8 |
Total shareholders' equity | 1,717.8 | 1,791.2 |
Total liabilities, redeemable noncontrolling interest and shareholders' equity | $ 3,255.2 | $ 2,766.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, net of allowance of $14.6 and $12.8, respectively | $ 14.6 | $ 12.8 |
Other accounts receivable, net of allowance of $7.2 and $8.8, respectively | $ 7.2 | $ 8.8 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Ordinary shares, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, authorized (shares) | 200,000,000 | 200,000,000 |
Ordinary shares, issued (shares) | 48,442,296 | 48,759,481 |
Ordinary shares, outstanding (shares) | 48,442,296 | 48,759,481 |
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred shares, issued (shares) | 0 | 0 |
Preferred shares, outstanding (shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 |
Cost of products sold | 4,214.1 | 3,754.3 | 3,550.1 |
Gross profit | 279.8 | 331.6 | 461.4 |
Selling, general and administrative expenses | 194.7 | 173.2 | 187.4 |
(Gain) loss on disposal of property, plant and equipment | (7.1) | 3 | 0 |
Goodwill and trademarks impairment charges | 11.3 | 0.9 | 2.6 |
Asset impairment and other charges, net | 42.3 | 1.8 | 27.2 |
Operating income | 38.6 | 152.7 | 244.2 |
Interest expense | 23.6 | 6.4 | 4.1 |
Interest income | 0.9 | 0.8 | 0.7 |
Other expense, net | 15.7 | 3 | 3.4 |
Income before income taxes | 0.2 | 144.1 | 237.4 |
Provision for income taxes | 16.1 | 24.9 | 11.8 |
Net (loss) income | (15.9) | 119.2 | 225.6 |
Less: Net income (loss) attributable to redeemable and noncontrolling interests | 6 | (1.6) | 0.5 |
Net (loss) income attributable to Fresh Del Monte Produce Inc. | $ (21.9) | $ 120.8 | $ 225.1 |
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic (usd per share) | $ (0.45) | $ 2.40 | $ 4.37 |
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted (usd per share) | (0.45) | 2.39 | 4.33 |
Dividends declared per ordinary share (usd per share) | $ 0.60 | $ 0.60 | $ 0.55 |
Weighted average number of ordinary shares: | |||
Basic (in shares) | 48,625,175 | 50,247,881 | 51,507,755 |
Diluted (in shares) | 48,625,175 | 50,588,708 | 51,962,195 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (15.9) | $ 119.2 | $ 225.6 |
Other comprehensive (loss) income: | |||
Net unrealized loss on derivatives, net of tax | (4.4) | (6.8) | (6.5) |
Net unrealized foreign currency translation (loss) gain | (8.2) | 18.7 | (10.2) |
Net change in retirement benefit adjustment, net of tax | 1.6 | 1.7 | (4.1) |
Comprehensive income (loss) | (26.9) | 132.8 | 204.8 |
Less: comprehensive income (loss) attributable to redeemable and noncontrolling interests | 6 | (1.6) | 0.9 |
Comprehensive (loss) income attributable to Fresh Del Monte Produce Inc. | $ (32.9) | $ 134.4 | $ 203.9 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Operating activities: | |||
Net income (loss) | $ (15.9) | $ 119.2 | $ 225.6 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 100.5 | 79.9 | 78.5 |
Amortization of debt issuance costs | 0.7 | 0.5 | 0.5 |
Share-based compensation expense | 11.5 | 12.1 | 24.9 |
Goodwill and trademarks impairment charges | 11.3 | 0.9 | 2.6 |
Asset impairment charges, net | 35.1 | 3.7 | 6 |
Change in uncertain tax positions | 0 | 0.7 | (0.4) |
(Gain) loss on disposal of property, plant and equipment, net | (7.1) | 3 | 0 |
Equity loss of unconsolidated companies | 0 | 0.1 | 0 |
Deferred income taxes | 3.6 | 1.6 | (8.2) |
Foreign currency translation adjustment | (5.7) | 9.6 | (7.1) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Receivables | (2.4) | (16.9) | 5.8 |
Inventories | (2.8) | (49.4) | (11.8) |
Prepaid expenses and other current assets | (7.6) | 9.8 | 7.6 |
Accounts payable and accrued expenses | 131.3 | 27 | 21.1 |
Other noncurrent assets and liabilities | (5.9) | (7.6) | (0.5) |
Net cash provided by operating activities | 246.6 | 194.2 | 344.6 |
Investing activities: | |||
Capital expenditures | (150.5) | (138.5) | (146.7) |
Investments in unconsolidated companies | 4.2 | 0 | 0 |
Proceeds from sales of property, plant and equipment | 17.4 | 4.7 | 12.4 |
Purchase of businesses, net of cash aquired | (357.5) | 0 | (9) |
Net cash used in investing activities | (494.8) | (133.8) | (143.3) |
Financing activities: | |||
Proceeds from long-term debt | 1,103.1 | 800.2 | 621.9 |
Payments on long-term debt | (798.6) | (673.3) | (648.4) |
Purchase of noncontrolling interest | 0 | 0 | (45) |
Distributions to noncontrolling interests, net | (2.7) | (4.6) | (0.2) |
Proceeds from stock options exercised | 0.8 | 1.6 | 12.2 |
Repurchase and retirement of ordinary shares | (29.4) | (142) | (108.4) |
Share-based awards settled in cash for taxes | (2.2) | (5.6) | (9.3) |
Dividends paid | (29) | (30.1) | (28.2) |
Net cash provided (used) in financing activities | 242 | (53.8) | (205.4) |
Effect of exchange rate changes on cash | 2.4 | (1.6) | (0.7) |
Net (decrease) increase in cash and cash equivalents | (3.8) | 5 | (4.8) |
Cash and cash equivalents, beginning | 25.1 | 20.1 | 24.9 |
Cash and cash equivalents, ending | 21.3 | 25.1 | 20.1 |
Supplemental cash flow information: | |||
Cash paid for interest | 19.3 | 5.8 | 3.2 |
Cash paid for income taxes | 17 | 12.3 | 13.9 |
Non-cash financing and investing activities: | |||
Purchase of a businesses | 0 | 0 | 1.6 |
Retirement of ordinary shares | 29.4 | 142 | 106.6 |
Purchases of assets under capital lease obligations | 0.2 | 0.2 | 0.9 |
Dividends on restricted stock units | $ (0.3) | $ (0.7) | $ (0.7) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERST - USD ($) $ in Millions | Total | Ordinary Shares | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Fresh Del Monte Produce Inc. Shareholders' Equity | Noncontrolling Interests | Total Shareholders' Equity | Redeemable Noncontrolling Interest |
Balance, shares (shares) at Jan. 01, 2016 | 52,542,965 | ||||||||
Balance, value at Jan. 01, 2016 | $ 0.5 | $ 568.2 | $ 1,162.3 | $ (23) | $ 1,708 | $ 42.9 | $ 1,750.9 | ||
Exercises of stock options (shares) | 471,653 | ||||||||
Exercises of stock options | 12.2 | 12.2 | 12.2 | ||||||
Issuance of restricted stock awards (shares) | 22,946 | ||||||||
Issuance of restricted stock units | 0.6 | (0.6) | |||||||
Issuance of restricted stock units (shares) | 544,577 | ||||||||
Share-based payment expense | 24.9 | 24.9 | 24.9 | ||||||
Tax deficiency from share-based compensation, net | 3.6 | 3.6 | 3.6 | ||||||
Acquisition of DAVCO noncontrolling interest | (25.5) | (25.5) | (19.5) | (45) | |||||
Capital contribution from, distribution to noncontrolling interests | (0.5) | (0.5) | 0.4 | (0.1) | |||||
Repurchase and retirement of ordinary shares (shares) | (2,325,235) | ||||||||
Repurchase and retirement of ordinary shares | (33.8) | (72.8) | (106.6) | (106.6) | |||||
Dividend declared | (28.2) | (28.2) | (0.1) | (28.3) | |||||
Comprehensive income: | |||||||||
Net (loss) income | $ 225.6 | 225.1 | 225.1 | 0.5 | 225.6 | ||||
Unrealized loss on derivatives | (6.5) | (6.5) | (6.5) | ||||||
Net unrealized foreign currency translation loss | (10.6) | (10.6) | 0.4 | (10.2) | |||||
Change in retirement benefit adjustment, net of tax | (4.1) | (4.1) | (4.1) | ||||||
Comprehensive income (loss) | $ 204.8 | 203.9 | 0.9 | 204.8 | |||||
Balance, shares (shares) at Dec. 30, 2016 | 51,256,906 | ||||||||
Balance, value at Dec. 30, 2016 | $ 0.5 | 549.7 | 1,285.8 | (44.2) | 1,791.8 | 24.6 | 1,816.4 | ||
Exercises of stock options (shares) | 251,303 | 59,000 | |||||||
Exercises of stock options | 1.6 | 1.6 | 1.6 | ||||||
Issuance of restricted stock awards (shares) | 14,294 | 14,294 | |||||||
Issuance of restricted stock units | 0.7 | (0.7) | |||||||
Issuance of restricted stock units (shares) | 251,303 | ||||||||
Share-based payment expense | 12.1 | 12.1 | 12.1 | ||||||
Cumulative effect adjustment | Accounting Standards Update 2016-09 | 0.2 | (0.2) | |||||||
Capital contribution from, distribution to noncontrolling interests | (0.4) | (0.4) | 1 | 0.6 | |||||
Repurchase and retirement of ordinary shares (shares) | (2,822,022) | (2,822,022) | |||||||
Repurchase and retirement of ordinary shares | (41.4) | (100.6) | (142) | (142) | |||||
Dividend declared | (30.1) | (30.1) | (0.2) | (30.3) | |||||
Comprehensive income: | |||||||||
Net (loss) income | $ 119.2 | 120.8 | 120.8 | (1.6) | 119.2 | ||||
Unrealized loss on derivatives | (6.8) | (6.8) | (6.8) | ||||||
Net unrealized foreign currency translation loss | 18.7 | 18.7 | 0 | 18.7 | |||||
Change in retirement benefit adjustment, net of tax | 1.7 | 1.7 | 1.7 | ||||||
Comprehensive income (loss) | $ 132.8 | 134.4 | (1.6) | 132.8 | |||||
Balance, shares (shares) at Dec. 29, 2017 | 48,759,481 | 48,759,481 | |||||||
Balance, value at Dec. 29, 2017 | $ 1,791.2 | $ 0.5 | 522.5 | 1,275 | (30.6) | 1,767.4 | 23.8 | 1,791.2 | $ 0 |
Exercises of stock options (shares) | 351,856 | 38,500 | |||||||
Exercises of stock options | 0.9 | 0.9 | 0.9 | ||||||
Issuance of restricted stock awards (shares) | 22,991 | 22,991 | |||||||
Issuance of restricted stock units | 0 | 0 | |||||||
Issuance of restricted stock units (shares) | 351,856 | ||||||||
Share-based payment expense | 11.5 | 11.5 | 11.5 | ||||||
Cumulative effect adjustment | Accounting Standards Update 2016-06 | 3.2 | 3.2 | 3.2 | ||||||
Cumulative effect adjustment | ASC 606 | (0.1) | (0.1) | (0.1) | ||||||
Capital contribution from, distribution to noncontrolling interests | 0.5 | 0.5 | 0.4 | 0.9 | |||||
Fair value of redeemable noncontrolling interest resulting from business combination | 0 | 0 | 47.4 | ||||||
Repurchase and retirement of ordinary shares (shares) | (730,532) | (730,532) | |||||||
Repurchase and retirement of ordinary shares | (8.6) | (20.8) | (29.4) | (29.4) | |||||
Dividend declared | 0.3 | (29.4) | (29.1) | 0 | (29.1) | ||||
Comprehensive income: | |||||||||
Net (loss) income | $ (15.9) | (21.9) | (21.9) | 1.6 | (20.3) | 4.4 | |||
Unrealized loss on derivatives | (4.4) | (4.4) | (4.4) | ||||||
Net unrealized foreign currency translation loss | (8.2) | (8.2) | (8.2) | ||||||
Change in retirement benefit adjustment, net of tax | 1.6 | 1.6 | 1.6 | ||||||
Comprehensive income (loss) | $ (26.9) | (32.9) | 1.6 | (31.3) | 4.4 | ||||
Balance, shares (shares) at Dec. 28, 2018 | 48,442,296 | 48,442,296 | |||||||
Balance, value at Dec. 28, 2018 | $ 1,717.8 | $ 0.5 | $ 527.1 | $ 1,206 | $ (41.6) | $ 1,692 | $ 25.8 | $ 1,717.8 | $ 51.8 |
General
General | 12 Months Ended |
Dec. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Reference in this Report to "Fresh Del Monte," “we,” “our” and “us” and the “Company” refer to Fresh Del Monte Produce Inc. and its subsidiaries, unless the context indicates otherwise. We were incorporated under the laws of the Cayman Islands in 1996 and are engaged primarily in the worldwide production, transportation and marketing of fresh produce and prepared food products. We source our products, which include bananas, pineapples, melons and non-tropical fruit (including grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), avocados, vegetables, primarily from Central America, South America, North America, Africa and the Philippines. We also source products from Europe and the Middle East and distribute our products in North America, Europe, Middle East, Asia, South America and Africa. Products are sourced from our company-owned farms, through joint venture arrangements and through supply contracts with independent growers. We have the exclusive right to use the DEL MONTE ® brand for fresh fruit, fresh vegetables and other fresh and fresh-cut produce and certain other specified products on a royalty-free basis under a worldwide, perpetual license from Del Monte Corporation, an unaffiliated company that owns the DEL MONTE ® trademark. We are also a producer, marketer and distributor of prepared fruit and vegetables, juices and snacks and, we hold a perpetual, royalty-free license to use the DEL MONTE ® brand for prepared foods throughout Europe, Africa the Middle East and certain Central Asian countries. Del Monte Corporation and several other unaffiliated companies manufacture, distribute and sell under the DEL MONTE ® brand canned or processed fruit, vegetables and other produce, as well as dried fruit, snacks and other products in certain geographic regions. We can also produce, market and distribute certain prepared food products in North America utilizing the DEL MONTE ® brand. We have entered into an agreement with Del Monte Foods, Inc. to jointly; (a) produce, market and sell prepared, chilled and refrigerated (i) juices, (ii) cut-fruit and (iii) avocado/guacamole products produced using high pressure technology; and (b) develop DEL MONTE ® branded restaurants, cafes and other retail outlets. We are required to evaluate events occurring after December 28, 2018 , our fiscal year end, for recognition and disclosure in the Consolidated Financial Statements for the year ended December 28, 2018 . Events are evaluated based on whether they represent information existing as of December 28, 2018 , which require recognition in the Consolidated Financial Statements, or new events occurring after December 28, 2018 , which do not require recognition but require disclosure if the event is significant to the Consolidated Financial Statements. We evaluated events occurring subsequent to December 28, 2018 through the date of issuance of these Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation Our Consolidated Financial Statements include the accounts of our majority owned subsidiaries, which we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we have variable interests and are the primary beneficiary. We continually evaluate our involvement with VIEs to determine when these criteria are met. Our fiscal year end is the last Friday of the calendar year or the first Friday subsequent to the end of the calendar year, whichever is closest to the end of the calendar year. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassification of prior period balances have been made to confirm to current presentation. Use of Estimates The preparation of our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. Cash and Cash Equivalents We classify as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. 2 . Summary of Significant Accounting Policies (continued) Trade Receivables and Concentrations of Credit Risk Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and customers’ credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience, specific customer collection issues that we have identified and reviews of the aging of trade receivables based on contractual terms. We generally do not require collateral on trade accounts receivable. Our allowances for identified claims are recorded as a reduction to both trade accounts receivable and net sales. Write-off of accounts receivable is done only when all collection efforts have been exhausted without success. Accounts receivable from one customer represents approximately 10% of trade accounts receivable, net of allowance. This customer is current with its payments. Other Accounts Receivable Other accounts receivable less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes (“VAT”) receivables, seasonal advances to growers and suppliers, which are usually short-term in nature, and other financing receivables. VAT are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 28, 2018 , we had $29.9 million , net of allowance of $0.5 million , classified as current in other accounts receivable and $21.5 million , net of allowance of $9.2 million , classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 29, 2017 , we had $24.6 million , net of allowance of $0.9 million , classified as current in other accounts receivable and $23.6 million , net of allowance of $11.2 million , classified as other noncurrent assets in our Consolidated Balance Sheets. Advances to growers and suppliers are generally repaid to us as produce is harvested and sold. We require property liens and pledges of the current season’s produce as collateral to support the advances. Occasionally, we agree to a payment plan or take steps to recover advances through the liens or pledges. Refer to Note 8 , “ Financing Receivables ” for further discussion on advances to growers and suppliers. Allowances against VAT and advances to growers and suppliers are established based on our knowledge of the financial condition of the paying party and historical loss experience. Allowances are recorded and charged to expense when an account is deemed to be uncollectible. Recoveries of VAT and advances to growers and suppliers previously reserved in the allowance are credited to operating income. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is computed using the weighted average cost or first-in first-out methods for finished goods, which includes fresh produce and prepared food and the first-in first-out, actual cost or average cost methods for raw materials and packaging supplies. Raw materials and packaging supplies inventory consists primarily of agricultural supplies, containerboard, packaging materials, spare parts and fuel. Inventories consisted of the following (U.S. dollars in millions): December 28, 2018 December 29, 2017 Finished goods $ 217.4 $ 210.1 Raw materials and packaging supplies 167.0 165.4 Growing crops 180.9 166.3 Total inventories $ 565.3 $ 541.8 2 . Summary of Significant Accounting Policies (continued) Growing Crops Expenditures on pineapple, melon, vegetables and non-tropical fruit growing crops are valued at the lower of cost or net realizable value and are deferred and charged to cost of products sold when the related crop is harvested and sold. The deferred growing costs included in inventories in our Consolidated Balance Sheets consist primarily of land preparation, cultivation, irrigation and fertilization costs. Expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. Accounting for Planned Major Maintenance Activities We account for planned major maintenance activities, such as ship dry-dock activities, consistent with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ™ (the “Codification” or “ASC”) guidance related to “Other Assets and Deferred Costs.” We utilize the deferral method of accounting for ship dry-dock activities whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. Investments in Unconsolidated Companies Investments in unconsolidated companies are accounted for under the equity method of accounting for investments of 20% or more in companies over which we do not have control. We also use the measurement alternative election under the ASC guidance on "Financial Instruments", we do not exercise significant influence over the privately-held company’s operating or financial activities. The measurement alternative election requires us to measure the investment at cost less impairment, if any, adjusted for observable price changes in orderly transactions for the identical or similar investments. No adjustments or impairments have been made as of December 28, 2018 . We review our investments for impairment when events and circumstances indicate that the decline in fair value of such assets below the carrying value is other-than-temporary. See Note 5 , “ Investments in Unconsolidated Companies. ” Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings and leasehold improvements, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a weighted average amortization period of 21.6 years . Amortization expense related to definite-lived intangible assets totaled $7.0 million for 2018 , $0.8 million for 2017 and $0.8 million for 2016 , and is included in cost of products sold. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the asset’s fair value, we measure and record an impairment loss for the excess. The fair value of an asset is measured by either determining the expected future undiscounted cash flow of the asset or by independent appraisal. For long-lived assets held for sale, we record impairment losses when the carrying amount is greater than the fair value less the cost to sell. We discontinue depreciation of long-lived assets when these assets are classified as held for sale and include these assets as assets held for sale on our Consolidated Balance Sheets. Our long-lived assets are primarily composed of property, plant and equipment and definite-lived intangible assets. See Note 6 , “ Property, Plant and Equipment ” and Note 7 , “ Goodwill and Other Intangible Assets. ” 2 . Summary of Significant Accounting Policies (continued) We incurred charges related to impairment of long-lived assets of $35.1 million in 2018 , $3.7 million in 2017 , and $6.0 million in 2016 . Such charges are included in asset impairment and other charges, net in the accompanying Consolidated Statements of Operations for the years ended December 28, 2018 , December 29, 2017 and December 30, 2016 and as described further in Note 3 , “ Asset Impairment and Other Charges, Net. ” The gain on disposal of property, plant and equipment, net during the year ended December 28, 2018 primarily related to the sale of surplus land in the United Kingdom for $6.4 million , which was accounted for using the guidance in ASC 610. Refer to Note 22 , " Business Segment Data " for additional description of our reportable business segments and disaggregated revenue disclosures. Goodwill and Indefinite-Lived Intangible Assets Our goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fourth quarter, or sooner if events indicate such a review is necessary. An impairment exists if the fair value of a reporting unit to which goodwill has been allocated, or the fair value of indefinite-lived intangible assets, is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Future changes in the estimates used to conduct the impairment review, including revenue projections, market values and changes in the discount rate used could cause the analysis to indicate that our goodwill or indefinite-lived intangible assets are impaired in subsequent periods and result in a write-down of a portion or all of goodwill or indefinite-lived intangible assets. The discount rate used is based on independently calculated risks, our capital mix and an estimated market premium. See Note 7 , " Goodwill and Other Intangible Assets ” for further discussion on the goodwill impairment charges. Revenue Recognition Our revenues result from the sale of products or services and reflect the consideration to which we expect to be entitled. We record revenue based on a five-step model in accordance with ASC 606. For our customer contracts, we identify the performance obligations (products or services), determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when the performance obligation is fulfilled, which is when the product is shipped to or received by the customer, depending on the specific terms of the arrangement. Our revenues are recorded at a point in time. Product sales are recorded net of variable consideration, such as provisions for returns, discounts and allowances. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service, in which case the expense is classified as selling, general, and administrative expense. Provisions for customer volume rebates are based on achieving a certain level of purchases and other performance criteria that are established on a program by program basis. These rebates are estimated based on the expected amount to be provided to the customers and are recognized as a reduction of revenue. We elected the practical expedient to expense incremental costs of obtaining a contract, if the contract period is for one year or less. These costs are included in selling, general and administrative expenses. Otherwise, incremental contract costs are recognized as an asset in the consolidated balance sheets and amortized over time as promised goods and services are transferred to a customer. We also elected to adopt a policy that shipping and handling costs will be accounted for as costs to fulfill a contract and are not considered performance obligations to our customers. The impact was insignificant as the expedient and policy election align with our current practice. We also elected to exclude taxes collected from our customers assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction from our determination of transaction price. We utilize the practical expedient and do not adjust the promised amount of consideration for the effects of a significant financing component due to the fact that the period between the transfer of the promised good or service to a customer and the customer payment is one year or less. 2 . Summary of Significant Accounting Policies (continued) Cost of Products Sold Cost of products sold includes the cost of produce, packaging materials, labor, depreciation, overhead, transportation and other distribution costs, including handling costs incurred to deliver fresh produce or prepared products to customers. Advertising and Promotional Costs We expense advertising and promotional costs as incurred. Advertising and promotional costs, which are included in selling, general and administrative expenses, were $15.2 million for 2018 , $12.8 million for 2017 and $17.2 million for 2016 . Debt Issuance Costs Debt issuance costs related to long-term debt are amortized over the term of the related debt instrument because the costs are primarily related to our revolving credit facility and are included in other noncurrent assets. Debt issuance cost amortization, which is included in interest expense, was $0.7 million for 2018 , $0.5 million for 2017 , and $0.5 million for 2016 . See Note 11 , “ Long-Term Debt and Capital Lease Obligations ” for further disclosure on our credit facility. Income Taxes Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end, based on enacted tax laws and statutory tax rates applicable to the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. We account for income tax uncertainties consistent with the ASC guidance included in “ Income Taxes, ” which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. See Note 10 , “ Income Taxes, ” Environmental Remediation Liabilities Losses associated with environmental remediation obligations are accrued when such losses are probable and can be reasonably estimated. See Note 17 , “ Litigation. ” Currency Translation For our operations in countries where the functional currency is other than the U.S. dollar, balance sheet amounts are translated using the exchange rate in effect at the balance sheet date. Income statement amounts are translated monthly using the average exchange rate for the respective month. The gains and losses resulting from the changes in exchange rates from year-to-year and the effect of exchange rate changes on intercompany transactions of long-term investment nature are recorded as a component of accumulated other comprehensive income or loss as currency translation adjustments. For our operations where the functional currency is the U.S. dollar, non-monetary balance sheet amounts are translated at historical exchange rates. Other balance sheet amounts are translated at the exchange rates in effect at the balance sheet date. Income statement accounts, excluding those items of income and expenses that relate to non-monetary assets and liabilities, are translated at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other income (expense), net. 2 . Summary of Significant Accounting Policies (continued) Other expense, net, in the accompanying Consolidated Statements of Operations includes a net foreign exchange loss of $10.4 million for 2018 , $2.0 million for 2017 , and $2.2 million for 2016 . These amounts include the effect of foreign currency remeasurement and realized foreign currency transaction gains and losses. Other Expense, Net In addition to foreign currency gains and losses described above, other expense, net, also includes other items of non-operating income and expenses. Leases We lease property, plant and equipment for use in our operations. We evaluate leases consistent with the provisions of the ASC on “ Leases. ” We evaluate our leases at inception or at any subsequent modification and classify them as either a capital lease or an operating lease based on lease terms. For operating leases that contain rent escalations, rent holidays or rent concessions, rent expense is recognized on a straight-line basis over the life of the lease. See Note 16 , “ Commitments and Contingencies ” for more information. Fair Value Measurements Fair value is measured in accordance with the ASC on “ Fair Value Measurements and Disclosures ” that defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. We measure fair value for financial instruments, such as derivatives on an ongoing basis. We measure fair value for non-financial assets, when a valuation is necessary, such as for impairment of long-lived and indefinite-lived assets when indicators of impairment exist. See Note 19 , “ Fair Value Measurements ” for more information. Share-Based Compensation We account for share-based compensation expense consistent with ASC guidance on “ Compensation – Stock Compensation. ” Our share-based payments are composed entirely of Share-based compensation expense as all equity awards granted to employees and members of our Board of Directors, each of whom meets the definition of an employee under the provisions of the ASC, are stock options, performance stock units, restricted stock awards, and restricted stock units. We use the Black-Scholes option pricing model to estimate the fair value of stock options granted. We recognize share-based compensation expense over the requisite service period, which is generally the vesting period of each award. See Note 15 , “ Stock-Based Compensation ” for more information. Derivative Financial Instruments We account for derivative financial instruments in accordance with the ASC guidance on “ Derivatives and Hedging. ” The ASC on “ Derivatives and Hedging ” requires us to recognize the value of derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated as a hedge and qualifies as part of a hedging relationship. The accounting also depends on the type of hedging relationship, whether a cash flow hedge, a fair value hedge, or hedge of a net investment in a foreign operation. A fair value hedge requires that the change in the fair value of a derivative financial instrument be offset against the change in the fair value of the underlying asset, liability, or firm commitment being hedged through earnings. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. 2 . Summary of Significant Accounting Policies (continued) We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange and interest rates. We enter into foreign exchange forward contracts with varying duration to hedge exposures resulting from portions of our forecasted revenues or forecasted expenses that are denominated in currencies other than the U.S. dollar. We entered into interest rate swap agreements that qualify for and are designated as cash flow hedges to hedge exposures resulting from changes in variable interest rates. These interest rate swap contracts convert the floating interest rate on a portion of our debt to a fixed rate, plus a borrowing spread. On entry into a derivative instrument, we formally designate and document the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded in the Consolidated Balance Sheets at fair value in prepaid expenses and other current assets, other non-current assets, accounts payable and accrued expenses or other non-current liabilities, depending on whether the amount is an asset or liability and is of a short-term or long-term nature. In addition, the earnings impact resulting from our derivative instruments is recorded in the same line item within the Consolidated Statements of Operations as the items being hedged. We also classify the cash flows from our cash flow hedges in the same category as the items being hedged on our Consolidated Statements of Cash Flows based on the fact that our cash flow hedges do not contain an other-than-insignificant financing element at inception. The fair values of derivatives used to hedge or modify our risks fluctuate over time. These fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged item to the overall reduction in our risk relating to adverse fluctuations in foreign exchange and interest rates. See Note 18 , “ Derivative Financial Instruments ” for more information. Share Repurchases When stock is retired or purchased for constructive retirement, the purchase price is initially recorded as a reduction to the par value of the shares repurchased, with any excess purchase price over par value recorded as a reduction to additional paid-in capital and retained earnings. Retirement and Other Employee Benefits Using appropriate actuarial methods and assumptions, we evaluate defined benefit pension plans in accordance with ASC guidance on “ Compensation – Retirement Benefits ” . We provide disclosures about our plan assets, including investment strategies, major categories of plan assets, concentrations of risk within plan assets, and valuation techniques used to measure the fair value of plan assets consistent with the fair value hierarchy model described in the ASC on “ Fair Value Measurements and Disclosures, ” as described in Note 19 , “ Fair Value Measurements. ” See Note 14 , “ Retirement and Other Employee Benefits ” for more information. New Accounting Pronouncements Adopted In February 2018, the FASB issued Accounting Standards Update ("ASU") 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The FASB amended the guidance on using the measurement alternative for equity securities without a readily determinable fair value. We have elected to use the measurement alternative approach in regards to our equity securities or use the fair value option for liabilities. This ASU was adopted on December 30, 2017, the first day of our 2018 fiscal year and, we determined that there was no financial impact on adoption. Refer to Note 4 . "Acquisitions" for disclosure of transactions utilizing the measurement alternative occurring during the year ended December 28, 2018 . In May 2017, the FASB issued ASU 2017-09, Stock Compensation (Topic 718), Scope of Modification Accounting . This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance clarifies that modification accounting will be applied if the value, vesting conditions or classification of the award changes. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and this ASU did not have any effect on our financial condition, results of operations and cash flows. 2 . Summary of Significant Accounting Policies (continued) In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires that the service cost component of net periodic benefit costs from defined benefit and other postretirement benefit plans be included in the same Consolidated Statements of Operations captions as other compensation costs arising from services rendered by the covered employees during the period. The other components of net benefit cost will be presented in other expense, net in the Consolidated Statements of Operations separately from service costs. Following adoption, only service costs are eligible for capitalization into manufactured inventories, which reduces diversity in practice. We adopted this ASU effective December 30, 2017, the first day of our 2018 fiscal year. We utilized the practical expedient provided in this ASU and did not reclassify the net periodic pension costs for the year ended December 29, 2017 . Refer to Note 15 , " Retirement and Other Employee Benefits " for the impact of the adoption on our financial condition, results of operations and cash flows. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This standard was issued to clarify the scope of Accounting Standards Codification ASC 610, Other Income and to add guidance for partial sales of nonfinancial assets. ASC 610 also provides guidance for recognizing gains and losses from the transfer of nonfinancial assets (including real estate) in contracts with non-customers. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and this ASU did not have any effect on our financial condition, results of operations and cash flows. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step two of the goodwill impairment test. The ASU permits an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU will be effective for us beginning the first day of our 2020 fiscal year. Early adoption is permitted. We have elected to early adopt this ASU, and there was no impact of adoption to our financial condition, results of operations and cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, which adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year. Refer to Note 4 , " Acquisitions " for further discussion on acquisitions occurring during the year ended December 28, 2018 . In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which requires companies to recognize the income tax effects of intra-entity sales and transfers of assets other than inventory, particularly those asset transfers involving intellectual property, in the period in which the transfer occurs. We adopted this ASU effective December 30, 2017, the first day of our 2018 fiscal year. This guidance requires modified retrospective adoption. The impact of adoption of this ASU was an increase of $3.2 million to deferred tax assets with a corresponding adjustment to retained earnings. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses eight specific cash flow issues in an effort to reduce diversity in practice. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and determined there were no changes to disclosures or significant impacts on the Consolidated Statement of Cash Flows. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, with further clarifications made in February 2018 with the issuance of ASU 2018-03 . The amended guidance requires certain equity investments that are not consolidated and not accounted for under the equity method to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income (loss). It further states that an entity may choose to measure equity investments that do not have a readily determinable fair values using a quantitative approach, or measurement alternative, which is equal to its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and we determined that there was no financial impact on adoption. Refer to Note 4 " Acquisition s" for disclosure of transactions utilizing the measurement alternative occurring during the year ended December 28, 2018 . 2 . Summary of Significant Accounting Policies (continued) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying |
Asset Impairment and Other Char
Asset Impairment and Other Charges, Net | 12 Months Ended |
Dec. 28, 2018 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges, Net | Asset Impairment and Other Charges, Net We incurred asset impairment and other charges, net totaling $42.3 million for 2018 , $1.8 million for 2017 and $27.2 million for 2016 . The following represents the detail of asset impairment and other charges, net for the year ended December 28, 2018 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Philippine exit activities of certain low-yield areas $ 30.0 $ 2.3 $ 32.3 Underutilized assets in Central America 1.8 — 1.8 Cost reduction initiatives in Central America 1.8 — 1.8 Other fresh produce segment: Chile severance due to restructuring as a result of cost reduction initiatives — 2.4 2.4 Underutilized assets in Central America 0.5 — 0.5 Acquisition costs (1) — 4.1 4.1 Tomato production assets held for sale in the United States 1.0 — 1.0 Other fresh produce segment credits — (1.6 ) (1.6 ) Total asset impairment and other charges, net $ 35.1 $ 7.2 $ 42.3 (1) Acquisition costs primarily relate to our acquisition of Mann Packing Co., Inc. ("Mann Packing"). Refer to Note 4 ., "Acquisition." 3 . Asset Impairment and Other Charges, Net (continued) The following represents the detail of asset impairment and exit activity and other charges, net for the year ended December 29, 2017 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other charges (credits) Total Banana segment: Philippine floods $ 0.8 $ — $ 0.8 Underutilized assets in Central America 0.6 — 0.6 Prepared food segment: Write-off of investment venture in Africa 1.5 — 1.5 Other fresh produce segment: Chile insurance recoveries on current and previously announced floods — (3.4 ) (3.4 ) Chile floods 0.8 1.0 1.8 Other fresh produce segment charges — 0.5 0.5 Total asset impairment and other charges (credits), net $ 3.7 $ (1.9 ) $ 1.8 3 . Asset Impairment and Other Charges, Net (continued) The following represents the detail of asset impairment and exit activity charges (credits), net for the year ended December 30, 2016 by reportable segment (U.S. dollars in millions): Long-lived Total Banana segment: United Kingdom contract termination costs $ — $ 0.7 $ 0.7 Brazil exit activities due to drought conditions 2.2 0.2 2.4 Philippines plantation conversion to pineapple 2.5 — 2.5 Underutilized assets in Central America 1.2 — 1.2 Other fresh produce segment: Adjustment of Kunia Well Site environmental reserve in Hawaii and other charges — 0.6 0.6 Other fresh produce segment charges 0.1 — 0.1 Other: Former President/COO transition — 19.7 19.7 Total asset impairment and other charges, net $ 6.0 $ 21.2 $ 27.2 The following represents the roll forward of exit activity and other reserves for the year ended December 28, 2018 (U.S. dollars in millions): Exit activity and Impact to Earnings Cash Paid Foreign Exchange Impact Exit activity and Termination benefits $ — $ 2.8 $ (2.8 ) $ — $ — Contract termination and other exit activity charges 0.3 1.9 (1.7 ) — 0.5 $ 0.3 $ 4.7 $ (4.5 ) $ — $ 0.5 During the year ended December 28, 2018 , we paid approximately $2.8 million in termination benefits related to Chilean and Philippines restructuring, $1.4 million in contract termination for the closure of farms in the Philippines and $0.3 million in contract termination for the closure of distribution centers in Europe in previous periods. We expect additional charges for the Philippine restructuring within a range of $0.5 million to $1.0 million within the next 12 months. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 28, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On June 5, 2018, we acquired a 70% interest in a hydroponic herb farm in the Middle East for a purchase price of $1.7 million funded using operating cash flows and available borrowings under the Credit Facility (as defined in Note 11 . , “ Long-Term Debt and Capital Lease Obligations ”). The results of operations have been included in our consolidated financial statements since that date. The acquisition consisted primarily of working capital and property, plant and equipment. On May 7, 2018, we paid $4.2 million for a 10% equity ownership interest in Three Limes, Inc., d/b/a The Purple Carrot, a privately-held company providing plant-based meal kits in North America. Our investment was funded using operating cash flows and available borrowings under the Credit Facility. We account for this investment using the measurement alternative election under the ASC guidance on “Financial Instruments”, as we do not exercise significant influence over the privately-held company’s operating or financial activities. The measurement alternative election requires us to measure the investment at cost less impairment, if any, adjusted for observable price changes in orderly transactions for the identical or similar investments. No adjustments or impairments have been made as of December 28, 2018 . We review our investments for impairment when events and circumstances indicate that the decline in fair value of such assets below the carrying value is other-than-temporary. On February 26, 2018 ("the acquisition date"), we completed the acquisition of 100% of the voting interests of Mann Packing. The results of Mann Packing's operations have been included in our consolidated financial statements since that date. This acquisition expanded our fresh-cut, vegetable and prepared product offerings in North America. In addition, this transaction is expected to provide us with the following synergies: • Acceleration of expansion strategy at Mann Packing's key retailers and channels; • Improvement of our access to key retailers and food service distribution; • Development of a forward distribution model to offer just-in-time delivery services nationwide by leveraging our North America distribution infrastructure to significantly broaden national coverage for our value-added vegetable products; • Procurement savings by leveraging product sourcing in North America and lower cost sourcing opportunities using our infrastructure in Central America. In addition to enhanced packaging, materials, equipment and other consolidated component savings; • Expansion of Mann Packing's production capacity in the United States by leveraging our existing facilities to improve Mann Packing's reach; and • Marketing and overhead synergies resulting from opportunities to pursue co-branding and better pricing potential utilizing the DEL MONTE ® brand. We purchased all of its outstanding capital stock for an aggregate consideration of $357.2 million funded by a $229.7 million three-day promissory note and $127.5 million in cash. The three -day promissory note was settled with cash on hand and borrowings under our Credit Facility. During the year ended December 28, 2018 , we adjusted the purchase price to $357.2 million due to proceeds received as a result of settlement provisions contained in the purchase agreement and measurement period adjustments. The fair value of the definite-lived intangible assets including customer lists, trade names and trademarks at the acquisition date were $139.8 million . The $162.0 million allocated to goodwill on our Consolidated Balance Sheets represents the excess of the purchase price over the values of assets acquired and liabilities assumed. The goodwill is expected to be deductible for tax purposes. Our definite-lived intangible assets relate to $115.6 million in customer lists with a weighted average amortization period of 23 years and $24.2 million of trade names and trademarks with a weighted average amortization period of 11 years . Our reportable segments have included goodwill related to this acquisition of $113.2 million in the other fresh produce segment and $48.8 million in the prepared food segment. We recognized $3.8 million of acquisition related costs which primarily consist of compensatory, advisory, legal, accounting, valuation, other professional and consulting fees related to the Mann Packing acquisition, and are included in asset impairment and other charges, net. Refer to Note 3 . “ Asset Impairment and Other Charges, Net ". 4 . Acquisitions (continued) The following table summarizes the fair values of the net assets acquired and liabilities assumed at the date of the acquisition: As Previously Reported as of September 28, 2018 Adjustments As Adjusted Assets acquired Current assets: Cash and cash equivalents $ 0.1 $ 1.3 $ 1.4 Trade accounts receivable, net of allowance 39.4 (2.4 ) 37.0 Other accounts receivable, net of allowance 4.0 1.3 5.3 Inventories, net 20.9 2.9 23.8 Prepaid expenses and other current assets 2.1 1.8 3.9 Total current assets 66.5 4.9 71.4 Property, plant and equipment, net 97.1 (0.9 ) 96.2 Definite-lived intangible assets, net 135.9 3.9 139.8 Goodwill 159.9 2.1 162.0 Total assets acquired $ 459.4 $ 10.0 $ 469.4 Liabilities assumed Current liabilities: Accounts payable and accrued expenses 48.9 15.9 64.8 Total liabilities assumed 48.9 15.9 64.8 Less: Redeemable noncontrolling interest 39.1 8.3 47.4 Net assets acquired $ 371.4 $ (14.2 ) $ 357.2 The Mann Packing acquisition includes a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allows the noncontrolling shareholder to sell its 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. The noncontrolling shareholder can exercise this put option on or after April 1, 2023. Following a five -year window expiring on April 1, 2028, the put option value will be negotiated annually and the inputs are subject to change. As the put option is outside of our control, the estimated redemption value of the 25% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheets. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of 1) the accumulated earnings or 2) the contractually-defined redemption value as of the balance sheet date. The fair value of the redeemable noncontrolling interest at acquisition date is $47.4 million . 4 . Acquisitions (continued) Our consolidated results include the following financial information of Mann Packing: Period from February 27, 2018 to December 28, 2018 Net sales $ 488.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (1.7 ) The following unaudited pro forma combined financial information presents our results including Mann Packing as if the business combination had occurred at the beginning of fiscal year 2017: Year ended December 28, December 29, Net sales $ 4,573.1 $ 4,621.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (18.6 ) (1) $ 134.9 (2) (1) Unaudited pro forma results for the year ended December 28, 2018 were positively adjusted by $10.8 million consisting of $12.7 million of nonrecurring transaction related compensation benefits, advisory, legal, accounting, valuation and other professional fees, partially offset by $1.9 million of interest expense as a result of increased borrowings under our Credit Facility. (2) Unaudited pro forma results for the year ended December 29, 2017 were adjusted to include $8.7 million of interest expense as a result of increased borrowings under our Credit Facility. The change in provisional amounts resulted in $8.7 million for the year ended December 28, 2018 in additional amortization and depreciation related to definite-lived intangible assets and property, plant and equipment. The change in provisional amounts for definite-lived intangible assets resulted in amortization expense of $6.9 million for the year ended December 28, 2018 included in selling, general and administrative expenses on our Consolidated Statements of Operations. The change in provisional amounts on property, plant and equipment resulted in depreciation expense of $1.8 million for the year ended December 28, 2018 included in cost of products sold on our Consolidated Statements of Operations. |
Investments in Unconsolidated C
Investments in Unconsolidated Companies | 12 Months Ended |
Dec. 28, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Companies | Investments in Unconsolidated Companies Investments in unconsolidated companies accounted for under the equity or measurement alternative (at cost) amounted to $5.7 million for December 28, 2018 and $1.6 million for December 29, 2017 , these amounts are included in other non-current assets, and consisted of the following: Company Business Ownership Interest Accounting Method Melones De Costa Rica, S.A. Land lessor 50% Equity Hacienda Filadelfia, S.A. Land lessor 50% Equity Del Monte Chilled Fruit Snacks LLC Fruit Snacks 49% Equity Del Monte Avo LLC Guacamole 49% Equity Purple Carrot Plant-based meal kits 10% Measurement alternative (at cost) We had sales to Purple Carrot of $0.5 million for the period ended December 28, 2018 and there were no purchases from unconsolidated companies in 2018 , 2017 and 2016 . Our portion of income (losses) in unconsolidated companies were not significant and are included in other expense, net. There were no dividends received from unconsolidated subsidiaries in 2018 , 2017 and 2016 . |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 28, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment consisted of the following (U.S. dollars in millions): December 28, 2018 December 29, 2017 Land and land improvements $ 702.9 $ 716.9 Buildings and leasehold improvements 586.0 561.3 Machinery and equipment 603.6 547.3 Maritime equipment (including containers) 117.2 148.6 Furniture, fixtures and office equipment 97.2 94.3 Automotive equipment 77.1 77.0 Construction-in-progress 159.2 85.1 2,343.2 2,230.5 Less: accumulated depreciation and amortization (951.0 ) (902.2 ) Property, plant and equipment, net $ 1,392.2 $ 1,328.3 Depreciation expense on property, plant and equipment, including assets under capital leases, was $92.2 million for 2018 , $78.3 million for 2017 and $76.8 million for 2016 . Shipping containers, machinery and equipment and automotive equipment under capital leases totaled $1.4 million at December 28, 2018 and $2.7 million at December 29, 2017 . Accumulated amortization for assets under capital leases was $0.4 million at December 28, 2018 and $1.4 million at December 29, 2017 . 6 . Property, Plant and Equipment, Net (continued) The (gain) loss on disposal of property, plant and equipment was a gain of $7.1 million for 2018 , a loss of $ 3.0 million for 2017 and zero for 2016 . (Gain) loss on disposal of property, plant and equipment in 2018 comprised principally of the gain on the sale of surplus land in the United Kingdom, the gain on the sale of a refrigerated vessel and the gain on the sale of surplus plant and equipment principally in Chile, Brazil and the Philippines. Also included were losses on disposal of low-yielding banana plants in Costa Rica and Guatemala in order to replant and improve productivity, the disposal of non-tropical plants in Chile due to varietal changes and a loss on the sale of tomato assets in the State of Virginia. In 2017, the (gain) loss on disposal of property, plant and equipment primarily included charges related to losses on disposal of low-yielding banana plants in Costa Rica and Guatemala in order to replant and improve productivity, asset disposals in the Middle East and South America partially offset by gains on maritime equipment sales. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table reflects our indefinite-lived intangible assets, including goodwill and our definite-lived intangible assets along with related accumulated amortization by major category (U.S. dollars in millions): December 28, 2018 December 29, 2017 Goodwill $ 423.4 $ 261.9 Indefinite-lived intangible assets: Trademarks 31.9 43.3 Definite-lived intangible assets: Definite-lived intangible assets 150.4 10.7 Accumulated amortization (15.4 ) (8.1 ) Definite-lived intangible assets, net 135.0 2.6 Goodwill and other intangible assets, net $ 590.3 $ 307.8 Indefinite-lived and definite-lived intangible assets are included in other noncurrent assets in the Consolidated Balance Sheets. 7 . Goodwill and Other Intangible Assets (continued) The following table reflects the changes in the carrying amount of goodwill by business segment (U.S. dollars in millions): Bananas Other fresh produce Prepared food Totals Goodwill $ 64.2 $ 284.8 $ 78.3 $ 427.3 Accumulated impairment losses — (88.1 ) (78.3 ) (166.4 ) Balance at December 30, 2016 $ 64.2 $ 196.7 $ — $ 260.9 Foreign exchange and other 0.5 0.5 — 1 Goodwill $ 64.7 $ 285.3 $ — $ 350.0 Accumulated impairment losses — (88.1 ) — (88.1 ) Balance at December 29, 2017 $ 64.7 $ 197.2 $ — $ 261.9 Foreign exchange and other (0.2 ) (0.3 ) — (0.5 ) Acquisition of Mann Packing (1) — 113.2 48.8 162.0 Goodwill $ 64.7 $ 285.3 $ — $ 350.0 Accumulated impairment losses — (88.1 ) — (88.1 ) Balance at December 28, 2018 $ 64.5 $ 310.1 $ 48.8 $ 423.4 (1) See Note 4 " Acquisitions " for further discussion on acquisitions. 7 . Goodwill and Other Intangible Assets (continued) Results of Impairment Tests In accordance with the ASC guidance on “ Goodwill and Other Intangible Assets, ” we review goodwill for impairment on an annual basis or earlier if indicators of impairment arise. During 2018, based on the annual impairment review of trade names and trademarks performed on the first day of our fourth quarter of 2018 and due to underperformance in our prepared food business in Europe, Middle East and North Africa we incurred an impairment charge of $11.3 million for the prepared food segment's trade names and trademarks for which the fair value is $31.9 million . During 2017, also based on the annual impairment review of trade names and trademarks and due to the underperformance of our prepared juice business in the United Kingdom, we incurred a trade name and trademark impairment of $0.9 million . The fair value of the banana reporting unit's goodwill and the DEL MONTE ® prepared food reporting unit’s trade names and trademarks are sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of these assets. If the banana and the prepared food reporting unit do not perform to expected levels, the banana goodwill and the DEL MONTE ® trade names and trademarks associated with the prepared food reporting unit may also be at risk for impairment in the future. The following table highlights the sensitivities of the indefinite-lived intangibles as of December 28, 2018 (U.S. dollars in millions): Banana Reporting Unit Goodwill DEL MONTE ® Prepared Food Reporting Unit Trade Names and Trademarks Carrying value of indefinite-lived intangible assets $ 64.5 $ 31.9 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter 30.0 % — % Amount that a one percentage point increase in the discount rate and a 10% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment $ 19.0 $ 5.2 7 . Goodwill and Other Intangible Assets (continued) The estimated amortization expense related to definite-lived intangible assets for the five succeeding years is as follows (U.S. dollars in millions): Year Estimated amortization expense 2019 8.1 2020 8.0 2021 7.8 2022 7.8 2023 6.9 |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 28, 2018 | |
Receivables [Abstract] | |
Financing Receivables | Financing Receivables Financing receivables are defined as a contractual right to receive money, on demand or on fixed or determinable dates and is recognized as an asset in the creditor’s balance sheet. Other accounts receivable less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes receivable, seasonal advances to growers and suppliers, which are usually short-term in nature, and other financing receivables. We source our products from various independent growers primarily in Central and South America, Africa and the Philippines. We also source products from North America and Europe. A significant portion of the fresh produce we sell is acquired through supply contracts with independent growers. In order to ensure the consistent high quality of our products and packaging, we make advances to independent growers and suppliers. These growers and suppliers typically sell all of their production to us and make payments on their advances as a deduction to the agreed upon selling price of the fruit or packaging material. The majority of the advances to growers and suppliers are for terms less than one year and typically span a growing season. In certain cases, there may be longer term advances with terms of up to 10 years. These advances are collateralized by property liens and pledges of the season’s produce; however certain factors such as the impact of weather, crop disease and financial stability could impact the ability for these growers to repay their advance. Occasionally, we agree to a payment plan or take steps to recover the advance via established collateral. Reserves for uncollectible advances are determined on a case by case basis depending on the production for the season and other contributing factors. The following table details the advances to growers and suppliers along with the related allowance for advances to growers and suppliers (U.S. dollars in millions): December 28, December 29, Current Noncurrent Current Noncurrent Gross advances to growers and suppliers $ 51.9 $ 3.7 $ 38.9 $ 1.6 Allowance for advances to growers and suppliers (2.1 ) (0.7 ) (2.8 ) (0.1 ) Net advances to growers and suppliers $ 49.8 $ 3.0 $ 36.1 $ 1.5 The current and noncurrent portions of the financing receivables included above are classified in the Consolidated Balance Sheets in other accounts receivable and other noncurrent assets, respectively. 8 . Financing Receivables (continued) The following table details the credit risk profile of the above listed financing receivables (U.S. dollars in millions): Current Status Fully Reserved Total Gross advances to growers and suppliers: December 28, 2018 $ 52.8 $ 2.8 $ 55.6 December 29, 2017 37.6 2.9 40.5 The allowance for advances to growers and suppliers and the related financing receivables for the years ended December 28, 2018 and December 29, 2017 were as follows (U.S. dollars in millions): December 28, 2018 December 29, 2017 Allowance for advances to growers and suppliers: Balance, beginning of period $ 2.9 $ 1.5 Provision for uncollectible amounts 0.8 1.4 Deductions to allowance including recoveries (0.9 ) — Balance, end of period $ 2.8 $ 2.9 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 28, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (U.S. dollars in millions): December 28, December 29, 2017 Trade payables $ 330.8 $ 182.9 Accrued fruit purchases 55.1 18.8 Ship and port operating expenses 18.2 21.4 Warehouse and distribution costs 24.2 22.5 Payroll and employee benefits 71.8 61.3 Accrued promotions 21.6 22.1 Other accrued expenses 54.9 53.4 Accounts payable and accrued expenses $ 576.6 $ 382.4 Other accrued expenses are primarily composed of accruals for purchases received but not invoiced and other accruals, none of which individually exceed 5% of current liabilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consisted of the following (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Current: U.S. federal income tax $ (0.4 ) $ 8.4 $ 7.6 State 0.1 1.5 1.4 Non-U.S. 12.8 13.4 11.0 12.5 23.3 20.0 Deferred: U.S. federal income tax 2.1 2.1 (3.3 ) State 1.3 0.5 (0.6 ) Non-U.S. 0.2 (1.0 ) (4.3 ) 3.6 1.6 (8.2 ) $ 16.1 $ 24.9 $ 11.8 Income (loss) before income taxes consisted of the following (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, U.S. $ 11.9 $ 31.1 $ 16.0 Non-U.S. (11.7 ) 113.0 221.4 $ 0.2 $ 144.1 $ 237.4 10 . Income Taxes (continued) The differences between the reported provision for income taxes and income taxes computed at the U.S. statutory federal income tax rate are explained in the following reconciliation (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Income tax provision (benefit) computed at the U.S. statutory federal rate $ — $ 50.4 $ 83.1 Effect of tax rates on non-U.S. operations (33.2 ) (67.4 ) (98.8 ) Provision for uncertain tax positions — 0.7 (0.5 ) Non-deductible interest 2.3 2.4 2.0 Foreign exchange (11.5 ) 2.3 15.1 Non-deductible intercompany charges (0.1 ) — 1.2 Non-deductible differences 0.6 6.0 1.7 Non-taxable income/loss (1.5 ) 0.3 11.8 Non-deductible goodwill impairment — — 0.4 Non-deductible impairment charges 3.6 — — Adjustment to deferred balances 0.4 0.1 — Other 2.2 (0.9 ) 0.9 Other taxes in lieu of income 2.4 1.8 1.9 Change in deferred rate (1.3 ) 11.7 (3.4 ) Increase (decrease) in valuation allowance (1) 52.2 17.5 (3.6 ) Provision for income taxes $ 16.1 $ 24.9 $ 11.8 _____________ (1) The increase in valuation allowance includes effects of foreign exchange and adjustments to deferred tax balances which were fully offset by valuation allowance. 10 . Income Taxes (continued) Deferred income tax assets and liabilities consisted of the following (U.S. dollars in millions): December 28, December 29, Deferred tax liabilities: 2018 2017 Allowances and other accrued liabilities $ — $ — Inventories (13.7 ) (15.3 ) Property, plant and equipment (70.2 ) (63.2 ) Equity in earnings of unconsolidated companies (0.1 ) (0.1 ) Pension obligations (2.5 ) (2.1 ) Other noncurrent deferred tax liabilities (6.5 ) (5.6 ) Total noncurrent deferred tax liabilities $ (93.0 ) $ (86.3 ) Deferred tax assets: Allowances and other accrued assets $ 10.6 $ 10.6 Inventories 5.6 5.3 Pension obligations 24.8 24.9 Property, plant and equipment 2.3 1.5 Post-retirement benefits other than pension 1.0 1.1 Net operating loss carryforwards 287.1 249.7 Capital loss carryover 1.6 2.6 Other noncurrent assets 26.9 20.5 Total noncurrent deferred tax assets 359.9 316.2 Valuation allowance (291.8 ) (257.1 ) Total deferred tax assets, net $ 68.1 $ 59.1 Net deferred tax liabilities $ (24.9 ) $ (27.2 ) The valuation allowance increased by $34.7 million in 2018 and by $25.0 million in 2017 . The increase in 2018 and 2017 relates primarily to valuation allowance on additional net operating loss carryforwards offset by the effect of a change in judgment about our ability to realize deferred tax assets in future years, due to our current and foreseeable operations. At December 28, 2018 , the valuation allowance includes $0.8 million for which subsequently recognized tax benefits will be recognized directly in contributed capital. At December 28, 2018 , undistributed earnings of the Company’s foreign subsidiaries amounted to $1,496.0 million . Those earnings are considered to be either indefinitely reinvested, or the earnings could be distributed tax free. Accordingly, no taxes have been provided thereon. To the extent the earnings are considered indefinitely reinvested, determination of the amount of unrecognized deferred tax liability is not practicable due to the complexities associated with its hypothetical calculation. 10 . Income Taxes (continued) At December 28, 2018 , we had approximately $1,057.2 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2019 $ 3.9 2020 17.8 2021 26.2 2022 6.4 2023 and beyond 16.0 No expiration 986.9 $ 1,057.2 A reconciliation of the beginning and ending amount of uncertain tax positions excluding interest and penalties is as follows (U.S. dollars in millions): December 28, 2018 December 29, 2017 December 30, 2016 Beginning balance $ 3.2 $ 3.2 $ 3.9 Gross decreases - tax position in prior period — — — Gross increases - current-period tax positions 0.1 0.1 0.1 Settlements — — — Lapse of statute of limitations (0.3 ) (0.1 ) (0.8 ) Foreign exchange (0.1 ) — — Ending balance $ 2.9 $ 3.2 $ 3.2 We had accrued $4.2 million in 2018 and $4.2 million in 2017 , for uncertain tax positions, including interest and penalties that, if recognized would affect the effective income tax rate. The tax years 2012-2017 remain subject to examination by taxing authorities throughout the world in major jurisdictions, such as Costa Rica, Luxembourg, Switzerland and the United States. We classify interest and penalties on uncertain tax positions as a component of income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties related to uncertain tax positions are $1.3 million and $1.1 million for December 28, 2018 and December 29, 2017 , respectively and are included in other noncurrent liabilities. In connection with a current examination of the tax returns in two foreign jurisdictions, the taxing authorities have issued income tax deficiencies related to transfer pricing of approximately $141.4 million (including interest and penalties) for tax years 2012 through 2016. We strongly disagree with the proposed adjustments and have filed a protest with each of the taxing authorities as we believe that the proposed adjustments are without technical merit. We will continue to vigorously contest the adjustments and expect to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. We regularly assesses the likelihood of adverse outcomes resulting from examinations such as these to determine the adequacy of our tax reserves. Accordingly, we have not accrued any additional amounts based upon the proposed adjustments. There can be no assurance that these matters will be resolved in our favor, and an adverse outcome of either matter, or any future tax examinations involving similar assertions, could have a material effect on our financial condition, results of operations and cash flows. 10 . Income Taxes (continued) On December 22, 2017, the Act was signed into law. In accordance with Staff Accounting Bulletin (“SAB”) 118, we recognized the estimated impact of this legislation as a component of income tax expense in our audited financial statements for the year ending December 29, 2017 . SAB 118 allows for a measurement period, not to extend beyond one year from the enactment date, for companies to complete their accounting for the provisions of the Act under Accounting Standards Codification ("ASC") 740. As of September 28, 2018 , we finalized our analysis of the impact of the Act and determined that there were no adjustments required to be recorded for the financial statement for the year ending December 29, 2017 . |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 28, 2018 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-Term Debt and Capital Lease Obligations | Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions): December 28, 2018 December 29, 2017 Senior unsecured revolving credit facility (see Credit Facility below) $ 661.3 $ 356.2 Capital lease obligations 1.1 1.4 Total long-term debt and capital lease obligations 662.4 357.6 Less: Current portion (0.5 ) (0.6 ) Long-term debt and capital lease obligations $ 661.9 $ 357.0 Credit Facility On April 16, 2015 , we entered into a five -year $800.0 million syndicated senior unsecured revolving credit facility maturing on April 15, 2020 (the "Credit Facility") with Bank of America, N.A. as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. as sole lead arranger and sole book manager. Borrowings under the Credit Facility bear interest at a spread over LIBOR that varies with our leverage ratio. The Credit Facility also includes a swing line facility, and a letter of credit facility. On February 27, 2018, we exercised an option to increase the total commitments under the Credit Facility from $800.0 million to $1.1 billion . We capitalized $0.8 million of debt issuance costs during the year ended December 28, 2018 as a result of these changes to the Credit Facility. Debt issuance costs of $1.2 million are included in other noncurrent assets on our Consolidated Balance Sheets as of the year ended December 28, 2018 . On September 27, 2018, we amended certain covenant ratios of our Credit Facility. We have a renewable 364 -day, $25.0 million commercial and stand-by letter of credit facility with Rabobank Nederland. The following is a summary of the material terms of the Credit Facility and other working capital facilities at December 28, 2018 (U.S. dollars in millions): Term Maturity Date Interest Rate at Borrowing Limit Available Borrowings at December 28, 2018 Bank of America credit facility 5.0 years April 15, 2020 3.87% $ 1,100.0 $ 433.7 Rabobank letter of credit facility 364 days June 18, 2019 Varies 25.0 19.3 Other working capital facilities Varies Varies Varies 23.3 14.2 $ 1,148.3 $ 467.2 The current margin for LIBOR advances is 1.50% . We intend to use funds borrowed under the Credit Facility from time to time for general corporate purposes, which may include the repayment, redemption or refinancing of our existing indebtedness, working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations. The Credit Facility requires us to comply with financial and other covenants, including limitations on capital expenditures, the amount of dividends that can be paid in the future, the amount and types of liens and indebtedness, material asset sales and mergers. As of December 28, 2018 , we were in compliance with all of the covenants contained in the Credit Facility. The Credit Facility is unsecured and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings under the revolving commitment with an interest rate determined based on our leverage ratio and spread over LIBOR. In addition, we pay a fee on unused commitments. As of December 28, 2018 , we applied $10.7 million to the Rabobank Nederland and Bank of America letter of credit facilities, in respect of certain contingent obligations and other governmental agency guarantees, combined with guarantees for purchases of raw materials and equipment and other trade related letters of credit. We also had $17.4 million in other letter of credit and bank guarantees not included in the Rabobank or Bank of America letter of credit facilities. 11 . Long-Term Debt and Capital Lease Obligations (continued) During 2018 we entered into interest rate swaps in order to hedge the risk of the fluctuation on future interest payments related to our variable rate LIBOR-based borrowings from our Credit Facility. Refer to Note 18 , “ Derivatives ”. Maturities of long-term debt and capital lease obligations during the next five years are (U.S. dollars in millions): Fiscal Years Long-Term Capital Leases Totals 2019 $ 28.1 $ 0.5 $ 28.6 2020 695.8 0.3 696.1 2021 — 0.2 0.2 2022 — 0.1 0.1 2023 — — — 723.9 1.1 725.0 Less: Amounts representing interest (1) (62.6 ) — (62.6 ) 661.3 1.1 662.4 Less: Current portion $ — $ (0.5 ) $ (0.5 ) Totals, net of current portion of long-term debt and capital lease obligations $ 661.3 $ 0.6 $ 661.9 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 4.3% . Cash payments of interest on long-term debt, net of amounts capitalized, were $19.3 million for 2018 , $5.8 million for 2017 and $3.2 million for 2016 . Capitalized interest expense was $2.4 million for 2018 and $1.0 million for 2017 and $0.8 million for 2016 . |
Earnings (Loss) Per Ordinary Sh
Earnings (Loss) Per Ordinary Share | 12 Months Ended |
Dec. 28, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Income Per Ordinary Share | Per Ordinary Share Basic net income per share is computed using the weighted average number of common shares outstanding for the period. Basic and diluted net income per ordinary share is calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Numerator: Net (loss) income attributable to Fresh Del Monte Produce Inc. $ (21.9 ) $ 120.8 $ 225.1 Denominator: Weighted average number of ordinary shares - Basic 48,625,175 50,247,881 51,507,755 Effect of dilutive securities - share-based employee options and awards — 340,827 454,440 Weighted average number of ordinary shares - Diluted 48,625,175 50,588,708 51,962,195 Antidilutive Options and Awards (1) 851,645 96,115 — Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ (0.45 ) $ 2.40 $ 4.37 Diluted $ (0.45 ) $ 2.39 $ 4.33 (1) Options to purchase shares of common stock and unvested RSUs and PSUs are not included in the calculation of net (loss) income per ordinary share because the effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 28, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table includes the changes in accumulated other comprehensive (loss) income by component under the ASC on “ Comprehensive Income ” for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) Changes in Fair Value of Effective Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 30, 2016 $ 5.4 $ (25.4 ) $ (24.2 ) $ (44.2 ) Other comprehensive (loss) income before reclassifications (7.7 ) 18.7 (2 ) 0.5 11.5 Amounts reclassified from accumulated other comprehensive loss 0.9 — 1.2 2.1 Net current period other comprehensive (loss) income (6.8 ) 18.7 1.7 13.6 Balance at December 29, 2017 $ (1.4 ) $ (6.7 ) $ (22.5 ) $ (30.6 ) Other comprehensive (loss) income before reclassifications (0.6 ) (8.2 ) (2 ) 0.8 (8.0 ) Amounts reclassified from accumulated other comprehensive loss (3.8 ) — 0.8 (3.0 ) Net current period other comprehensive (loss) income (4.4 ) (8.2 ) 1.6 (11.0 ) Balance at December 28, 2018 $ (5.8 ) $ (14.9 ) $ (20.9 ) $ (41.6 ) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a loss of $ 1.3 million for the year ended December 28, 2018 and a gain of $5.6 million for the year ended December 29, 2017 related to intra-entity foreign currency transactions that are of a long-term-investment nature. 13 . Accumulated Other Comprehensive (Loss) Income (continued) The following table includes details about amounts reclassified from accumulated other comprehensive (loss) income by component for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): December 28, 2018 December 29, 2017 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the statement where net income is presented Changes in fair value of effective cash flow hedges: Foreign currency cash flow hedges $ (5.3 ) $ 1.2 Net sales Foreign currency cash flow hedges — (0.3 ) Cost of products sold Interest rate swaps $ 1.5 $ — Interest expense Total $ (3.8 ) $ 0.9 Amortization of retirement benefits: Actuarial losses $ — $ 0.8 Selling, general and administrative expenses Actuarial losses — 0.4 Cost of products sold Actuarial losses (1) $ 0.8 $ — Other expense, net Total $ 0.8 $ 1.2 (1) Refer to Note 14 , " Retirement and Other Employee Benefits " for additional information on reclassification of certain net periodic pension costs due to adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. |
Retirement and Other Employee B
Retirement and Other Employee Benefits | 12 Months Ended |
Dec. 28, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Other Employee Benefits | Retirement and Other Employee Benefits We sponsor a number of defined benefit pension plans and post-retirement plans. The most significant of these plans cover employees in the United States, United Kingdom, Costa Rica and Guatemala. These plans are accounted for consistent with the ASC guidance related to “ Compensation – Retirement Benefits. ” The benefit obligation is the projected benefit obligation for defined benefit pension plans and the accumulated post-retirement benefit obligation for post-retirement benefit plans other than pensions. U.S.-Based Defined Benefit Pension Plans We sponsor a defined benefit pension plan, which covers a portion of our U.S.-based employees under a collective bargaining agreement. As a result of the accelerated closing of our Hawaii facility announced in 2006, the ILWU Local 42 collective bargaining agreement was not re-negotiated and expired in 2009 and as such the U.S.-based defined benefit pension plan has ceased accruing benefits. Our funding policy for this plan is to contribute amounts sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, or such additional amounts as determined appropriate to assure that the assets of the plan would be adequate to provide benefits. Substantially all of the plan’s assets are invested in mutual funds. United Kingdom Defined Benefit Pension Plan We sponsor a defined benefit pension plan, which covers a portion of our employees in the United Kingdom (the “U.K. plan”). The U.K. plan provides benefits based on the employees’ years of service and qualifying compensation and has ceased accruing benefits. Benefit payments are based on a final pay calculation as of November 30, 2005 and are adjusted for inflation annually. Our funding policy for the U.K. plan is to contribute amounts into the plan in accordance with a recovery plan agreed by the Trustees and the Company in order to meet the statutory funding objectives of occupational trust-based arrangements of the United Kingdom or such additional amounts as determined appropriate to assure that assets of the U.K. plan are adequate to provide benefits. Substantially all of the U.K. plan’s assets are primarily invested in fixed income and equity funds. Central American Plans We provide retirement benefits to a portion of our employees of certain Costa Rican and Guatemalan subsidiaries (“Central American plans”). Generally, benefits under these programs are based on an employee’s length of service and level of compensation. These programs are commonly referred to as termination indemnities, which provide retirement benefits in accordance with regulations mandated by the respective governments. Funding generally occurs when employees cease active service. 14 . Retirement and Other Employee Benefits (continued) The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 28, 2018 and December 29, 2017 , which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 28, 2018 December 29, December 28, 2018 December 29, 2017 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 16.7 $ 64.6 $ 17.0 $ 57.0 $ 67.1 $ 61.9 Service cost — — — — 5.9 5.6 Interest cost 0.5 1.5 0.6 1.5 4.0 4.4 Actuarial (gain) loss (0.7 ) (3.0 ) 0.5 2.9 (6.6 ) 0.4 Benefits paid (1.3 ) (2.3 ) (1.4 ) (2.0 ) (5.7 ) (6.0 ) Exchange rate changes (2) — (3.8 ) — 5.5 (3.5 ) 0.8 Plan amendment — 1.4 — (0.3 ) — — Ending benefit obligation 15.2 58.4 16.7 64.6 61.2 67.1 Change in Plan Assets: Beginning fair value 13.9 61.3 13.1 50.5 — — Actual return on plan assets (0.9 ) (5.0 ) 1.8 5.9 — — Company contributions 0.2 1.8 0.4 1.8 5.7 6.0 Benefits paid (1.3 ) (2.3 ) (1.4 ) (2.0 ) (5.7 ) (6.0 ) Exchange rate changes (2) — (3.5 ) — 5.1 — — Ending fair value 11.9 52.3 13.9 61.3 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — 8.1 7.5 Retirement benefits liability (noncurrent liability) 3.2 6.0 2.8 3.3 53.1 59.6 Net amount recognized in the Consolidated Balance Sheets $ 3.2 $ 6.0 $ 2.8 $ 3.3 $ 61.2 $ 67.1 Amounts recognized in Accumulated other comprehensive loss (3) : Net actuarial loss (9.4 ) (7.7 ) (8.7 ) (1.7 ) (6.4 ) (14.2 ) Net amount recognized in accumulated other comprehensive loss $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) (1) The accumulated benefit obligation is the same as the projected benefit obligation. (2) The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 28, 2018 and December 29, 2017 , when compared to the previous year. (3) We had accumulated other comprehensive income of $5.1 million as of December 28, 2018 and $5.7 million as of December 29, 2017 related to the tax effect of unamortized pension gains. 14 . Retirement and Other Employee Benefits (continued) The following table provides a roll forward of the accumulated other comprehensive (loss) income ("AOCI") balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 28, 2018 December 29, December 28, December 29, Reconciliation of AOCI U.S. U.K. U.S. U.K. Central America Central America AOCI (loss) at beginning of plan year $ (8.7 ) $ (1.7 ) $ (9.4 ) $ (2.8 ) $ (14.2 ) $ (14.6 ) Amortization of net losses recognized during the year 0.4 (0.4 ) 0.4 — 0.8 0.9 Net (losses) gains occurring during the year (1.1 ) (5.7 ) 0.3 1.0 6.6 (0.5 ) Currency exchange rate changes — 0.1 — 0.1 0.4 — AOCI (loss) at end of plan year $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) The amounts in AOCI expected to be amortized as a component of net period cost in the upcoming year are (U.S. dollars in millions): Pension plans Post-retirement U.S. U.K. Central America 2019 amortization of net losses $ 0.4 $ — $ 0.8 The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 28, 2018 December 29, December 30, 2016 December 28, December 29, 2017 December 30, U.S. U.K. U.S. U.K. U.S. U.K. Central Central America Central Service cost $ — $ — $ — $ — $ — $ — $ 5.9 $ 5.6 $ 5.2 Interest cost 0.5 1.5 0.6 1.5 0.7 1.9 4.0 4.4 3.8 Expected return on assets (1.0 ) (2.5 ) (1.0 ) (2.4 ) (1.0 ) (2.6 ) — — — Net amortization 0.4 (0.4 ) 0.4 — 0.3 — 0.8 0.8 0.8 Net periodic cost (income) $ (0.1 ) $ (1.4 ) $ — $ (0.9 ) $ — $ (0.7 ) $ 10.7 $ 10.8 $ 9.8 There are no amounts of plan assets expected to be refunded to us over the next 12 months. The expected return on assets is calculated using the fair value of plan assets for both the U.S. and U.K. plans. 14 . Retirement and Other Employee Benefits (continued) We have adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. Service costs are presented in the same line item in the Consolidated Statements of Operations as other compensation costs arising from services rendered by the employees during the period. With the exception of service cost, the other components of net periodic benefit costs (which include interest costs, expected return on assets, amortization of net actuarial losses) are recorded in the Consolidated Statements of Operations in other expense, net. Other net periodic benefit costs of $3.3 million for the year ended December 28, 2018 were reclassified from operating income and are included in other expense, net on the Consolidated Statements of Operations. We utilized the practical expedient provided in this ASU and did not reclassify the net periodic pension costs for the year ended December 29, 2017 . The impact would have been $4.3 million for year ended December 29, 2017 of other net periodic benefit costs reclassified out of operating income and included in other expense, net in the Consolidated Statements of Operations. The reclassification of amounts related to other non-U.S.-based plans is immaterial for the years ended December 28, 2018 and December 29, 2017 . Actuarial Assumptions The assumptions used in the calculation of the benefit obligations of our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 28, 2018 December 29, 2017 December 30, 2016 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 4.10 % 2.80 % 8.06 % 3.45 % 2.45 % 6.50 % (1) 3.85 % 2.60 % 7.29 % Rate of increase in compensation levels — — 4.75 % — 2.40 % 4.75 % — 2.50 % 4.75 % The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 28, 2018 December 29, 2017 December 30, 2016 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central America Weighted average discount rate 3.45 % 2.45 % 6.51 % 3.85 % 2.60 % 7.10 % (1) 4.00 % 3.70 % 7.23 % Rate of increase in compensation levels — — 4.75 % — 2.50 % 4.75 % — 2.20 % 4.64 % Expected long-term rate of return on assets 7.50 % 4.22 % — 7.50 % 4.50 % — 7.50 % 5.47 % — (1) The increase or decrease in the weighted average discount rate assumption for the benefit obligation and net periodic pension costs increased due to an increase or decrease in inflation assumptions and country-specific investments. 14 . Retirement and Other Employee Benefits (continued) Effective December 29, 2017 , we utilized updated mortality tables for our U.S. Plan. The change related to updated mortality tables has caused a decrease of our projected benefit obligation for this plan by $0.2 million in 2017 and is included in accumulated other comprehensive income in our Consolidated Balance Sheets. This change is treated as a change in assumption, which affects the net actuarial loss and is amortized over the remaining service period of the plan participants. The annual amortization impacts net periodic cost. Cash Flows Pension plans Post-retirement U.S. U.K. Central America Expected benefit payments for: 2019 $ 1.4 $ 1.8 $ 8.1 2020 1.3 1.8 6.7 2021 1.3 1.8 6.5 2022 1.2 1.9 6.5 2023 1.2 2.0 6.4 Next 5 years 5.2 11.7 32.3 Expected benefit payments over the next 10 years $ 11.6 $ 21.0 $ 66.5 For 2019, expected contributions are $0.2 million for the U.S. pension plans and $1.8 million for the U.K. pensions plans. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations. U.S.-Based Defined Benefit Pension Plans Plan Assets Our overall investment strategy is to achieve a mix of between 50% - 70% equity securities for long-term growth and 30% - 50% fixed income securities for near-term benefit payments. Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Selection of the targeted asset allocation for U.S. plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.4 $ 5.4 $ — $ — Value securities 2.2 2.2 — — Growth securities 4.3 4.3 — — Total $ 11.9 $ 11.9 $ — $ — 14 . Retirement and Other Employee Benefits (continued) The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.7 $ 5.7 $ — $ — Value securities 3.8 3.8 — — Growth securities 4.4 4.4 — — Total $ 13.9 $ 13.9 $ — $ — Mutual Funds – This category includes investments in mutual funds that encompass both equity and fixed income securities that are designed to provide a diverse portfolio. The plan’s mutual funds are designed to track exchange indices, and invest in diverse industries. Some mutual funds are classified as regulated investment companies. Investment managers have the ability to shift investments from value to growth strategies, from small to large capitalization funds, and from U.S. to international investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. These investments are classified within Level 1 of the fair value hierarchy. Investment managers agree to operate the plan's investments within certain criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Unless exceptions have been approved or are part of a permitted mutual fund strategy, investment managers are prohibited from buying or selling commodities, futures or option contracts, as well as from short selling of securities. Furthermore, investment managers agree to obtain written approval for deviations from stated investment style or guidelines. We considered historical returns and the future expectations for returns for each asset class as well as the target asset allocation of plan assets to develop the expected long-term rate of return on assets assumption. The expected long-term rate of return assumption for U.S. plan assets is based upon the target asset allocation and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. We evaluate the rate of return assumption on an annual basis. 14 . Retirement and Other Employee Benefits (continued) United Kingdom Defined Benefit Pension Plan Plan Assets The fair values of our U.K. plan assets by asset category are as follows: Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.8 $ 0.8 $ — $ — Equity securities: United Kingdom companies 4.5 — 4.5 — Diversified growth funds 17.5 — 17.5 — Other international companies 15.0 — 15.0 — Fixed income securities: United Kingdom government bonds 6.1 — 6.1 — Liability-driven investments 8.4 — 8.4 — Total $ 52.3 $ 0.8 $ 51.5 $ — Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.2 $ 0.2 $ — $ — Equity securities: United Kingdom companies 5.5 — 5.5 — Diversified growth funds 20.8 — 20.8 — Other international companies 18.5 — 18.5 — Fixed income securities: United Kingdom government bonds 7.1 — 7.1 — Liability-driven investments 9.2 — 9.2 — Total $ 61.3 $ 0.2 $ 61.1 $ — Equity securities – This category includes pooled investments in various U.S., U.K. and other international equities over diverse industries. The portfolio of stocks is invested in diverse industries and includes a concentration of 38% in financial institutions , 15% in technology , 10% in consumer goods , 10% in telecommunications and the remaining 27% in various other industries . The diversified growth fund includes a portfolio of investment allocations of 49% cash , 23% in equities predominantly in the United States and Asia , 19% in fixed income securities including corporate and government bonds and 9% in other investments such as property and infrastructure . Units of the pooled investment accounts are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments of the fair value hierarchy. 14 . Retirement and Other Employee Benefits (continued) Fixed income securities – This category includes pooled investments in U.K. index-linked government bonds, U.K. corporate bonds, U.K. and overseas equity-linked government bonds and liability-driven investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. Units of the pooled investment accounts are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments of the fair value hierarchy. The expected long-term rate of return assumption for U.K. plan assets is adjusted based on asset allocation and is determined by reference to U.K. long dated government bond yields. According to the plan’s investment policy, approximately 33% of the U.K. plan’s assets are invested in diversified growth funds , 29% are invested in other international equities and 9% are invested in U.K. equity securities . Approximately 16% are invested in liability-driven investments and 12% of the U.K. plan’s assets are invested in U.K. index-lined government bonds . Fund managers have no discretion to make asset allocation decisions with the exception of the diversified growth fund. The trustees try to rebalance any discrepancies through selective allocations of future contributions. Performance benchmarks for each asset class are based on various FTSE indices and inflation measures. Investment performance is reviewed quarterly. Plan Amendment During 2018, The English High Court ruling in Lloyds Banking Group Pension Trustees Limited v. Lloyds Bank plc and others, held that UK pension schemes with Guaranteed Minimum Pensions (“GMP”) accrued from May 17, 1990, must equalize for different effects on GMP between male and female plan participants. Accordingly, the GMP equalization was treated as a plan amendment and included in our actuarial valuation. The estimated GMP equalization impact for the UK pension plan is an increase of approximately $1.4 million to our projected benefit obligations, with a corresponding increase in accumulated other comprehensive income. The amount recognized under accumulated other comprehensive income will be amortized as prior service cost over the average life expectancy of the plan’s participants. Other Employee Benefits We also sponsor a defined contribution plan established pursuant to Section 401(k) of the Internal Revenue Code. Subject to certain dollar limits, employees may contribute a percentage of their salaries to the plan, and we will match a portion of each employee’s contribution. This plan is in effect for U.S.-based employees only. The expense pertaining to this plan was $1.1 million for 2018 , $1.2 million for 2017 and $1.1 million for 2016 . On August 31, 1997, one of our subsidiaries ceased accruing benefits under its salary continuation plan covering certain of our Central American management personnel. At December 28, 2018 we had $4.2 million accrued for this plan, including $0.7 million in accumulated other comprehensive income (loss) related to unamortized pension gains. At December 29, 2017 we had $5.0 million accrued for this plan, including $0.6 million in accumulated other comprehensive loss related to unamortized pension gains. Net periodic pension costs were $ 0.1 million for the year ended December 28, 2018 , $0.1 million the year ended December 29, 2017 and $0.1 million for the year ended December 30, 2016 . Expected benefit payments under the plan for 2019 through 2023 total $3.1 million . For 2024 through 2028 the expected benefit payments under the plan total $1.6 million . We sponsor a service gratuity plan covering certain of our Kenyan personnel. At December 28, 2018 we had $7.3 million accrued for this plan, including a $2.0 million in accumulated other comprehensive loss related to unamortized pension losses. At December 29, 2017 we had $6.1 million accrued for this plan, including a $1.3 million in accumulated other comprehensive loss related to unamortized pension losses. Net periodic pension costs were $1.2 million for the year ended December 28, 2018 , $1.2 million for the year ended December 29, 2017 and $1.1 million for the year ended December 30, 2016 . Expected benefit payments under the plan from 2019 through 2023 total $4.4 million . Benefit payments under the plan from 2024 through 2028 are expected to total $4.8 million . We provide retirement benefits to certain employees who are not U.S.-based. Generally, benefits under these programs are based on an employee’s length of service and level of compensation. Included in retirement benefits on our consolidated balance sheets is $16.8 million at December 28, 2018 and $17.7 million at December 29, 2017 related to these programs. 14 . Retirement and Other Employee Benefits (continued) The unamortized pension losses related to other non-U.S.-based plans included in accumulated other comprehensive income (loss), a component of shareholders’ equity was $1.4 million for the year ending December 28, 2018 and $1.7 million for the year ending December 29, 2017 . We also offer certain post-employment benefits to former executives and have $2.1 million at December 28, 2018 and $2.7 million at December 29, 2017 in retirement benefits on our consolidated balance sheets related to these benefits. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 28, 2018 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation We maintain various compensation plans for officers, other employees, and non-employee members of our Board of Directors. Share-based compensation expense included in selling, general and administrative expenses related to stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") is included in the accompanying Consolidated Statements of Operations as follows (U.S. dollars in millions): Year ended Types of Awards December 28, 2018 December 29, 2017 December 30, 2016 Stock options $ 0.1 $ 0.5 $ 2.4 RSUs/PSUs 10.3 10.7 21.6 RSAs 1.1 0.9 0.9 Total $ 11.5 $ 12.1 $ 24.9 Proceeds of $0.8 million were received from the exercise of stock options for 2018 , $1.6 million for 2017 and $12.2 million for 2016 . On April 30, 2014, our shareholders approved and ratified the 2014 Omnibus Share Incentive Plan (the “2014 Plan”). The 2014 Plan allows the Company to grant equity-based compensation awards, including stock options, restricted stock awards, restricted stock units and performance stock units. Under the 2014 Plan, the Board of Directors is authorized to award up to 3,000,000 ordinary shares. The 2014 Plan replaced and superseded the 2011 Omnibus Share Incentive Plan (the "2011 Plan"), and the 2010 Non-Employee Directors Equity Plan, collectively referred to as Prior Plans. Under the 2014 Plan and Prior Plans, 20% of the options usually vest immediately, and the remaining options vest in equal installments over the next four years. Options under the 2014 Plan and Prior Plans may be exercised over a period not in excess of 10 years from the date of the grant. Prior Plan provisions are still applicable to outstanding options and awards under those plans. There were no stock options grants for the years ended December 28, 2018 , December 29, 2017 , and December 30, 2016 . Restricted Stock Awards (RSA) A share of “restricted stock” is one of our ordinary shares that has restrictions on transferability until certain vesting conditions are met. For RSAs under the 2014 Plan and Prior Plans, 50% of each award of our restricted stock vested on the date it was granted. The remaining 50% of each award vests upon the six-month anniversary of the date on which the recipient ceases to serve as a member of our Board of Directors . RSA awarded during the years ended December 28, 2018 and December 29, 2017 allow directors to retain all of their awards once they cease to serve as a member of our Board of Directors and is considered a nonsubstantive service condition in accordance with the guidance provided by the ASC on “ Compensation – Stock Compensation. ” Accordingly, we recognize compensation cost immediately for restricted stock awards granted to non-management members of the Board of Directors. The following table lists the RSA for the years ended December 28, 2018 and December 29, 2017 : Date of Award Shares of Price Per Share January 2, 2018 21,304 $ 46.93 August 2, 2018 1,687 $ 49.38 January 3, 2017 14,294 61.21 15 . Share-Based Compensation (continued) Restricted Stock Units (RSU)/ Performance Stock Units (PSU) Each RSU/PSU represents a contingent right to receive one of our ordinary shares. The PSUs are subject to meeting minimum performance criteria set by our Compensation Committee of our Board of Directors. The actual number of shares the recipient receives is determined based on the results achieved versus performance goals. Those performance goals are based on exceeding a measure of our earnings. Depending on the results achieved, the actual number of shares that an award recipient receives at the end of the period may range from 0% to 100% of the award units granted. Provided such criteria are met, the PSU will vest in three equal annual installments on each of the next three anniversary dates provided that the recipient remains employed with us. For PSU's each anniversary date vesting tranche is considered to have its own grant-date and requisite service period. The RSUs will vest 20% on the award date and 20% on each of the next four anniversaries. For RSU's there is only one grant-date and requisite service period over the four year vesting period, one vesting tranche. We recognize expense related to RSUs and PSUs based on the fair market value, as determined on the date of award, ratably over each vesting tranche, provided the performance condition, if any, is probable. RSUs/PSUs do not have the voting rights of ordinary shares, and the shares underlying the RSUs/PSUs are not considered issued and outstanding. However, shares underlying RSUs/PSUs are included in the calculation of diluted earnings per share to the extent the performance criteria are met. The fair market value for RSUs/PSUs is based on the closing price of our stock on the award date. Forfeitures are estimated based on population of employees and historical experience. The following table lists the various RSUs/PSUs awarded under the 2014 Plan and Prior Plans for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions except share and per share data): Date of Award Type of Award Units Awarded Price Per Share June 25, 2018 RSU 2,000 $ 44.78 February 21, 2018 RSU 125,000 46.35 February 21, 2018 PSU 85,000 46.35 August 2, 2017 RSU 48,700 49.75 February 22, 2017 PSU 100,000 56.52 February 22, 2017 RSU 50,000 56.52 September 2, 2016 (1) RSU 50,000 58.94 August 3, 2016 RSU 226,500 59.83 February 24, 2016 PSU 140,000 38.99 February 24, 2016 RSU 50,000 38.99 (1) New grant related to the former President/COO transition RSUs are eligible to earn Dividends Equivalent Units ("DEUs") equal to the cash dividend paid to ordinary shareholders. DEUs are subject to the same performance and/or service conditions as the underlying RSUs/PSUs and are forfeitable. 15 . Share-Based Compensation (continued) The following table summarizes RSUs/PSUs activity for the years ended December 28, 2018 , December 29, 2017 , December 30, 2016 : Number of Weighted RSUs/PSUs outstanding at January 1, 2016 988,542 $ 30.94 Granted 427,624 49.91 Converted (472,841 ) 37.77 Canceled (11,289 ) 37.89 RSUs/PSUs outstanding at December 30, 2016 932,036 36.09 Granted 208,743 54.17 Converted (336,112 ) 34.91 Canceled (43,515 ) 43.77 RSUs/PSUs outstanding at December 29, 2017 761,152 41.13 Granted 223,531 46.10 Converted (279,440 ) 41.31 Canceled (21,948 ) 50.40 RSUs/PSUs outstanding at December 28, 2018 683,295 42.39 Vested at December 30, 2016 126,250 $ 22.61 Vested at December 29, 2017 235,332 $ 26.49 Vested at December 28, 2018 249,767 $ 31.28 15 . Share-Based Compensation (continued) Information about RSUs/PSUs outstanding at December 28, 2018 was as follows: Grant Date Market Value Outstanding Outstanding Vested Vested Intrinsic Value $ 44.78 1,613 $ — — $ — $ 46.35 101,539 — — — $ 46.35 82,119 — — — $ 40.03 25,693 — — — $ 56.52 74,885 — 17,301 — $ 56.52 30,826 — — — $ 59.83 51,225 — — — $ 49.75 28,022 — — — $ 38.99 59,523 — 35,894 — $ 38.99 20,763 — — — $ 33.44 49,998 — 49,998 — $ 33.44 10,513 — — — $ 25.52 53,433 0.1 53,431 0.1 $ 26.52 54,291 0.1 54,291 0.1 $ 24.68 38,852 0.1 38,852 0.1 683,295 $ 0.3 249,767 $ 0.3 As of December 28, 2018 , the total remaining unrecognized compensation cost related to non-vested RSUs/PSUs amounted to $11.9 million , which will be amortized over the weighted-average remaining requisite service period of 1.5 years years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We lease agricultural land and certain property, plant and equipment, including office facilities and refrigerated containers, under operating leases. We also enter into ship charter agreements for the transport of our fresh produce to markets worldwide using seven chartered refrigerated ships. The remaining terms for ship charter agreements range between one to three years. The aggregate minimum payments under all operating leases and ship charter agreements with initial terms of one year or more at December 28, 2018 are as follows (U.S. dollars in millions): 2019 $ 64.2 2020 31.5 2021 22.5 2022 16.3 2023 15.3 Thereafter 69.2 $ 219.0 Total expense for all operating leases and ship charter agreements, including leases with initial terms of less than one year, amounted to $84.3 million for 2018 , $92.1 million for 2017 and $96.4 million for 2016 . 16 . Commitments and Contingencies (continued) We also have agreements to purchase the entire or partial production of certain products of our independent growers primarily in Guatemala, Costa Rica, Philippines, Ecuador, Chile, and Colombia that meet our quality standards. Total purchases under these agreements amounted to $763.9 million for 2018 , $815.0 million for 2017 and $816.0 million for 2016 . In addition, during 2017 and 2018, we entered into a definitive agreement for the building of six new refrigerated container ships for $138.9 million to be delivered in 2020. The agreement requires payments of approximately $32.4 million in 2019, $85.8 million in 2020 and $20.7 million in 2021 for these six ships. |
Litigation
Litigation | 12 Months Ended |
Dec. 28, 2018 | |
Litigation [Abstract] | |
Litigation | Litigation DBCP Litigation Beginning in December 1993, certain of our U.S. subsidiaries were named among the defendants in a number of actions in courts in Texas, Louisiana, Hawaii, California and the Philippines involving claims by numerous non-U.S. plaintiffs alleging that they were injured as a result of exposure to a nematocide containing the chemical dibromochloropropane (“DBCP”) during the period 1965 to 1990. As a result of a settlement entered into in December 1998, the remaining unresolved DBCP claims against our U.S. subsidiaries are pending in Hawaii, Delaware and the Philippines. On October 14, 2004, two of our subsidiaries were served with a complaint in an action styled Angel Abarca, et al. v. Dole Food Co., et al. filed in the Superior Court of the State of California for the County of Los Angeles on behalf of more than 2,600 Costa Rican banana workers who claim injury from exposure to DBCP. On January 2, 2009, three of our subsidiaries were served with multiple complaints in related actions styled Jorge Acosta Cortes, et al. v. Dole Food Company, et al . filed in the Superior Court of the State of California for the County of Los Angeles on behalf of 461 Costa Rican residents. An initial review of the plaintiffs in the Abarca and Cortes actions found that a substantial number of the plaintiffs were claimants in prior DBCP actions in Texas. On June 27, 2008, the court dismissed the claims of 1,329 plaintiffs who were parties to prior DBCP actions. On June 30, 2008, our subsidiaries moved to dismiss the claims of the remaining Abarca plaintiffs on grounds of forum non conveniens in favor of the courts of Costa Rica. On September 22, 2009, the court granted the motion to dismiss and on November 16, 2009 entered an order conditionally dismissing the claims of those remaining plaintiffs who allege employment on farms in Costa Rica exclusively affiliated with our subsidiaries. Those dismissed plaintiffs re-filed their claim in Costa Rica on May 17, 2012 (The "Lagos" case). On January 18, 2013, all remaining plaintiffs in California filed Requests for Dismissal effecting the dismissal of their claims without prejudice. On September 25, 2013, our subsidiaries filed an answer to the claim re-filed with the courts of Costa Rica. In the Lagos case, the trial court dismissed the claims of all plaintiffs for defective powers of attorney. On appeal from that decision, the appellate court remanded the action for the trial court to consider a preliminary issue before addressing the validity of the powers of attorney. The case is back before the trial court. Two additional DBCP-related lawsuits were filed in Costa Rica in 2015, which have since been dismissed by the court on procedural grounds. On May 31 and June 1, 2012, eight actions were filed against one of our subsidiaries in the United States District Court for the District of Delaware on behalf of approximately 3,000 plaintiffs alleging exposure to DBCP on or near banana farms in Costa Rica, Ecuador, Panama, and Guatemala. We and our subsidiaries were not involved with any banana growing operations in Ecuador or Panama during the period when DBCP was in use. The plaintiffs include 229 claimants who had cases pending in the United States District Court for the Eastern District of Louisiana which were dismissed on September 17, 2012. On August 30, 2012, our subsidiary joined a motion to dismiss the claims of those plaintiffs on the grounds that they have first-filed claims pending in the United States District Court for the Eastern District of Louisiana. The motion was granted on March 29, 2013 and appealed to the United States Court of Appeals for the Third Circuit. On September 21, 2012, our subsidiary filed an answer with respect to the claims of those plaintiffs who had not already filed in Louisiana. On May 27, 2014, the court granted a motion made by a co-defendant and entered summary judgment against all remaining plaintiffs based on the September 19, 2013 affirmance by the United States Court of Appeals for the Fifth Circuit of the dismissal on statute of limitations grounds of related cases by the United States District Court for the Eastern District of Louisiana. On July 7, 2014, our subsidiary joined in a motion for summary judgment on statute of limitations grounds as to all remaining plaintiffs on the basis of the court’s May 27, 2014 ruling. 17 . Litigation (continued) Plaintiffs agreed that judgment be entered in favor of all defendants for the claims still pending in the United States District Court for the District of Delaware on the basis of the summary judgment granted on May 27, 2014 and the district court entered judgment dismissing all plaintiffs’ claims on September 22, 2014. On October 21, 2014, a notice of appeal was filed with the United States Court of Appeals for the Third Circuit expressly limited the appeal to the claims of 57 (out of the more than 2,600 ) plaintiffs who had not previously filed claims in Louisiana. On August 11, 2015, a panel of the Court of Appeals affirmed the dismissal of the claims of these plaintiffs. Plaintiffs filed a Motion for Rehearing en Banc with the Third Circuit, which was granted on September 22, 2015. On September 2, 2016, the Third Circuit en banc reversed the District Court’s dismissal on first-filed doctrine grounds of the claims of approximately 229 of the plaintiffs and remanded the case back to the District Court for further proceedings. On June 2, 2017, the Third Circuit issued a Petition for Certification of State Law to the Delaware Supreme Court to resolve the complex procedural question pending on appeal regarding the duration of the tolling of limitations afforded by a class action that had been pending in Texas. The Delaware Supreme Court accepted certification of the pending question of law. On March 15, 2018, the Delaware Supreme court decided the complex procedural question in favor of the plaintiffs and the case is back before the United States District Court for the District of Delaware for further proceedings. On remand, there remain approximately 285 claims pending, although roughly two-thirds of those claims are of plaintiffs from Panama and Ecuador, where we have not been involved with any banana growing during the period when DBCP was in use. By agreement of the parties and the Court, discovery is first proceeding with respect to the Ecuadorian plaintiffs, followed by the Panamanian plaintiffs and then the Costa Rican plaintiffs. In Hawaii, plaintiffs filed a petition for certiorari to the Hawaii Supreme Court based upon the Hawaii Court of Appeals affirmance in March 2014 of a summary judgment ruling in defendants’ favor at the trial court level. The Hawaii Supreme Court accepted the petition and oral argument was held on September 18, 2014 with respect to whether the claims of the six named plaintiffs were properly dismissed on statute of limitations grounds. On October 21, 2015, the Hawaii Supreme Court reversed the Hawaii Court of Appeals and the Hawaii state trial court’s grant of partial summary judgment against the DBCP plaintiffs on statute of limitations grounds. The Hawaii Supreme Court remanded the claims of six remaining plaintiffs back to the Hawaii state trial court for further proceedings, where they remain pending. In late 2018, plaintiffs sought to activate the case and the Court has set a conference for March 6, 2019 at which a schedule for the case is likely to be set. There are at most 3 plaintiffs remaining in the action who allege employment on a farm affiliated with our banana growing operations. Kunia Well Site In 1980, elevated levels of certain chemicals were detected in the soil and ground-water at a plantation leased by one of our U.S. subsidiaries in Honolulu, Hawaii (the “Kunia Well Site”). Shortly thereafter, our subsidiary discontinued the use of the Kunia Well Site and provided an alternate water source to area well users and the subsidiary commenced its own voluntary cleanup operation. In 1993, the Environmental Protection Agency (“EPA”) identified the Kunia Well Site for potential listing on the National Priorities List (“NPL”) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. On December 16, 1994, the EPA issued a final rule adding the Kunia Well Site to the NPL. On September 28, 1995, our subsidiary entered into an order (the “Order”) with the EPA to conduct the remedial investigation and the feasibility study of the Kunia Well Site. Under the terms of the Order, our subsidiary submitted a remedial investigation report in November 1998 and a final draft feasibility study in December 1999 (which was updated from time to time) for review by the EPA. The EPA approved the remedial investigation report in February 1999 and the feasibility study on April 22, 2003. As a result of communications with the EPA in 2001, we recorded a charge of $15.0 million in the third quarter of 2001 to increase the recorded liability to the estimated expected future cleanup cost for the Kunia Well Site to $19.1 million . Based on conversations with the EPA in the third quarter of 2002 and consultation with our legal counsel and other experts, we recorded a charge of $7.0 million during the third quarter of 2002 to increase the accrual for the expected future clean-up costs for the Kunia Well Site to $26.1 million . On September 25, 2003, the EPA issued the Record of Decision (“ROD”). The EPA estimates in the ROD that the remediation costs associated with the cleanup of the Kunia Well Site will range from $12.9 million to $25.4 million and will last approximately 10 years . It remains to be determined how long the remediation will actually last. 17 . Litigation (continued) On January 13, 2004, the EPA deleted a portion of the Kunia Well Site (Northeast section) from the NPL. On May 2, 2005, our subsidiary signed a Consent Decree with the EPA for the performance of the clean-up work for the Kunia Well Site. On September 27, 2005, the U.S. District Court for Hawaii approved and entered the Consent Decree. Based on findings from remedial investigations at the Kunia Well Site, our subsidiary continues to evaluate with the EPA the clean-up work currently in progress in accordance with the Consent Decree. We increased the liability by $0.4 million during 2017 and 2016 due to changes to the remediation work being performed related to the Kunia Well Site clean-up. We included these charges/(credits) in asset impairment and other charges, net on our Consolidated Statements of Operations. The estimates are between $13.5 million and $28.7 million . The estimate on which our accrual is based, totals $13.5 million . As of December 28, 2018 , there is $13.2 million included in other noncurrent liabilities and $0.3 million included in accounts payable and accrued expenses in the Consolidated Balance Sheets for the Kunia Well Site clean-up, which we expect to expend in the next 12 months. We expect to expend approximately $0.3 million in 2019, $1.1 million in 2020, $1.0 million in 2021 and $0.9 million in each of the years 2022 and 2023. Additional Information In addition to the foregoing, we are involved from time to time in various claims and legal actions incident to our operations, both as plaintiff and defendant. In the opinion of management, after consulting with legal counsel, none of these other claims are currently expected to have a material adverse effect on the results of operations, financial position or our cash flows. We intend to vigorously defend ourselves in all of the above matters. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 28, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Our derivative financial instruments reduce our exposure to fluctuations in foreign exchange and interest rates. We predominantly designate our derivative financial instruments as cash flow hedges. Counterparties expose us to credit loss in the event of non-performance on hedges. We monitor our exposure to counterparty non-performance risk both at inception of the hedge and at least quarterly thereafter. Fluctuations in the value of the derivative instruments are generally offset by changes in the cash flows or fair value of the underlying exposures being hedged. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Certain of our derivative instruments contain provisions that require the current credit relationship between us and our counterparty to be maintained throughout the term of the derivative instruments. If that credit relationship changes, certain provisions could be triggered, and the counterparty could request immediate collateralization of derivative instruments in net liability position above a certain threshold. The aggregate fair value of all derivative instruments with a credit-risk-related contingent feature that are in a liability position on December 28, 2018 is $8.4 million . As of December 28, 2018 , no triggering event has occurred and thus we are not required to post collateral. If the credit-risk-related contingent features underlying these agreements were triggered on December 28, 2018 , we would not be required to post collateral to its counterparty because the collateralization threshold has not been met. Derivative instruments are disclosed on a gross basis. There are various rights of setoff associated with our derivative instruments that are subject to an enforceable master netting arrangement or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties, individually, these financial rights are not material. Foreign Currency Hedges We are exposed to fluctuations in currency exchange rates against the U.S. dollar on our results of operations and financial condition and we mitigate that exposure by entering into foreign currency forward contracts. Certain of our subsidiaries periodically enter into foreign currency forward contracts in order to hedge portions of forecasted sales or cost of sales denominated in foreign currencies with forward contracts and options, which generally expire within one year . At December 28, 2018 , our foreign currency forward contracts will hedge a portion of our 2019 foreign currency exposure. We designate our foreign currency forward contracts as single-purpose cash flow hedges of forecasted cash flows. 18 . Derivative Financial Instruments (continued) We had the following outstanding foreign currency forward contracts as of December 28, 2018 : Foreign Currency Contracts Qualifying as Cash Flow Hedges: Notional Amount Euro € 73.2 million Japanese yen JPY 2,634.5 million Korean won KRW 35,974.4 million Interest Rate Contracts We are exposed to fluctuations in variable interest rates on our results of operations and financial condition, and we mitigate that exposure by entering into interest rate swaps, from time to time. During 2018 , we entered into interest rate swaps in order to hedge the risk of the fluctuation on future interest payments related to a portion of our variable rate LIBOR-based borrowings through 2028. Gains or losses on interest rate swaps are recorded in other comprehensive income and will be subsequently reclassified into earnings as interest expense as the interest expense on debt is recognized in earnings. At December 28, 2018 , the notional value of interest rate contracts outstanding was $400.0 million , $200.0 million maturing in 2024 and the remaining $200.0 million maturing in 2028 . Refer to Note 11 , “ Long-Term Debt and Capital Lease Obligations. ” The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Derivatives Designated as Hedging Instruments (1) Foreign exchange contracts Interest Rate Swaps Total Balance Sheet Location: December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Asset derivatives: Prepaid expenses and other current assets $ 1.6 $ — $ — $ — $ 1.6 $ — Total asset derivatives $ 1.6 $ — $ — $ — $ 1.6 $ — Liability derivatives: Accounts payable and accrued expenses $ 0.8 $ 1.4 $ — $ — $ 0.8 (2) $ 1.4 Other non-current liabilities — — 7.6 — 7.6 (2) — Total liability derivatives $ 0.8 $ 1.4 $ 7.6 $ — $ 8.4 $ 1.4 (1) See Note 19 , " Fair Value Measurements, " for fair value disclosures. (2) We expect that $0.8 million of the fair value of hedges recognized as a net loss in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months, and the remaining net loss of $7.6 million in AOCI over a period of 10 years, along with the earnings effect of the related forecasted transactions. 18 . Derivative Financial Instruments (continued) The fair value of our derivatives related to our foreign currency cash flow hedges are in a net liability of $0.8 million as of December 28, 2018 and $1.4 million as of December 29, 2017 . For foreign currency hedges, these fluctuations are primarily driven by the strengthening or weakening of the U.S. dollar compared to currencies being hedged relative to the contracted exchange rates and the settling of a number of contracts throughout 2018 . During 2018 , certain derivative contracts to hedge the euro and British pound relative to our sales were settled; certain derivative contracts to hedge the Philippine peso and Korean won relative to our cost of sales were also settled. The change in 2018 was primarily related to the settling of the majority of the contracts throughout 2018 . The following table reflects the effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Derivatives in Cash Flow Amount of Gain (Loss) Recognized in Other Location of (Loss) Gain Reclassified Amount of Gain (Loss) Reclassified from Year ended Year ended December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Foreign exchange contracts $ 1.6 $ (5.4 ) Net sales $ 5.3 $ (1.2 ) Foreign exchange contracts 0.6 (1.4 ) Cost of products sold — 0.3 Interest rate swaps, net of tax (6.6 ) — Interest expense (1.5 ) — Total $ (4.4 ) $ (6.8 ) $ 3.8 $ (0.9 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value of Derivative Instruments Our derivative assets or liabilities include foreign exchange and interest rate derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk as well as an evaluation of our counterparties’ credit risks. We use an income approach to value our outstanding foreign currency and interest rate swap cash flow hedges, which consists of a discounted cash flow model that takes into account the present value of future cash flows under the terms of the contracts using current market information as of the measurement date such as foreign currency spot, forward rates, and interest rates. Additionally, we include an element of default risk based on observable inputs in the fair value calculation. Based on these inputs, the derivative assets or liabilities are classified within Level 2 of the valuation hierarchy. The following table provides a summary of the fair values of our derivative financial instruments measured on a recurring basis under “ Fair Value Measurements and Disclosures ” (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net asset (liability) Interest rate contracts, net (liability), asset December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) 0.8 (1.4 ) (7.6 ) — Significant unobservable inputs (Level 3) — — — — Refer to Note 14 , “ Retirement and Other Employee Benefits ” for further fair value disclosures related to pension assets. In estimating our fair value disclosures for financial instruments, we use the following methods and assumptions: Cash and cash equivalents: The carrying amount reported in the Consolidated Balance Sheets for these items approximates fair value due to their liquid nature and are classified as Level 1. Trade accounts receivable and other accounts receivable, net: The carrying value reported in the Consolidated Balance Sheets for these items is net of allowances for doubtful accounts, which includes a degree of counterparty non-performance risk and are classified as Level 2. Accounts payable and other current liabilities: The carrying value reported in the Consolidated Balance Sheets for these items approximates their fair value, which is the likely amount for which the liability with short settlement periods would be transferred to a market participant with a similar credit standing as ours and are classified as Level 2. Capital lease obligations: The carrying value of our capital lease obligations reported in the Consolidated Balance Sheets approximates their fair value based on current interest rates, which contain an element of default risk. The fair value of our finance lease obligations is estimated using Level 2 inputs based on quoted prices for those or similar instruments. Refer to Note 11 , “ Long-Term Debt and Capital Lease Obligations. ” Long-term debt: The carrying value of our long-term debt reported in the Consolidated Balance Sheets approximates their fair value since they bear interest at variable rates or fixed rates which contain an element of default risk. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those or similar instruments. Refer to Note 11 , “ Long-Term Debt and Capital Lease Obligations. ” 19 . Fair Value Measurements (continued) Fair Value of Non-Financial Assets The purchase price allocation for the Mann Packing acquisition reflected in the accompanying financial statements and includes $162.0 million allocated to goodwill representing the excess of the purchase price over the fair values of assets acquired and liabilities assumed and is subject to revision. The fair value of the net assets acquired are estimated using Level 3 inputs based on unobservable inputs except for items such as working capital which are valued using Level 2 inputs due to mix of quoted prices for similar instruments and cash and cash equivalents valued as Level 1 due to its highly liquid nature. We primarily utilized the cost approach for the valuation of the personal and real property. For the definite-lived intangible assets including customer list intangibles and trade names and trademark were valued primarily using an income approach methodology. The Mann Packing acquisition includes a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allows the noncontrolling owner to sell his 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. As the put option is outside of our control, the estimated value of the 25% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheets. The fair value of the redeemable noncontrolling interest and put option was valued based on a mix of the income approach for determining the value of the redeemable noncontrolling interest and market approach for determining the most advantageous redemption point for the put option using a Monte Carlo simulation method. The fair value assigned to this interest is estimated using Level 3 inputs based on unobservable inputs. Refer to Note 4 " Acquisitions " for further discussion on the acquisition of Mann Packing. The Company recorded asset impairment and other charges during the year ended December 28, 2018 , that do not fall under the scope of fair value measurement. Refer to Note 3 , "Asset Impairment and Other Charges, Net" . The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant Philippines contract terminations $ 1.9 $ — $ — $ 1.9 Underutilized assets in Central America 6.5 — — 6.5 DEL MONTE ® Prepared Foods reporting unit's trade names and trademarks 31.9 — — 31.9 Tomato production assets held for sale in the United States 45.4 — — 45.4 $ 85.7 $ — $ — $ 85.7 As of December 28, 2018 , we recognized $2.2 million in asset impairment and other charges, net related to certain underutilized assets in Central America. The asset impairment consisted of a write-down of $2.2 million related to assets with a carrying value of $8.7 million . We estimated the fair value of these assets of $6.5 million using the market approach. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to the mix of unobservable inputs utilized. 19 . Fair Value Measurements (continued) As of December 28, 2018 , we have $45.4 million in property, plant and equipment meeting the criteria of assets held for sale included in prepaid expenses and other current assets primarily related to the cessation of tomato production in the United States. These assets include land, buildings and machinery and equipment in the other fresh produce segment. During 2018 , we recognized an impairment charge of $1.0 million to recognize these assets at the lower of cost or fair value less cost to sell using the market approach. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to the mix of unobservable inputs utilized. During 2018 , based on the annual impairment review of trade names and trademarks performed on the first day of our fourth quarter in 2018 and due to the underperformance of our prepared products in Europe, the Middle East and North Africa and our prepared ambient juice business in the United Kingdom, we incurred impairments of $11.3 million . The fair value of the DEL MONTE ® prepared foods trade names and trademarks is $31.9 million . We utilized the royalty savings method, an income approach, to determine the fair value of the prepared foods trade names and trademarks. The royalty savings method estimated the fair value of an intangible asset by capitalizing the royalties saved. In other words, the owner of the intangible asset realizes a benefit from owning the intangible asset rather than licensing or paying a royalty for the use of the asset. We corroborate other inputs used in the royalty savings method with market participant assumptions such as royalty rates and discount rates utilized, however due to the mix of unobservable inputs utilized, the fair value of the trademarks are classified as Level 3 of the fair value hierarchy. During 2018 , we recognized $1.9 million in asset impairment and other charges, net for contract termination obligations in the Philippines. We estimated the fair value of this obligation using an income based approach. The fair value of the contract termination obligation is classified as Level 3 of the fair value hierarchy due to the mix of unobservable inputs utilized. The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant U.K. Beverage trademark impairment $ 1.8 $ — $ — $ 1.8 $ 1.8 $ — $ — $ 1.8 During 2017 , based on the annual impairment review of trade names and trademarks performed on the first day of our fourth quarter in 2017 and due to the underperformance of our prepared ambient juice business in the United Kingdom, we incurred a trade name and trademark impairment of $0.9 million . The fair value of the prepared food unit's U.K. Beverage trademark is $1.8 million . We utilized the royalty savings method, an income approach, to determine the fair value of the U.K. Beverage trade names and trademarks. The royalty savings method estimated the fair value of an intangible asset by capitalizing the royalties saved because the Company owns the intangible asset. In other words, the owner of the intangible asset realizes a benefit from owning the intangible asset rather than licensing or paying a royalty for the use of the asset. We corroborate other inputs used in the royalty savings method with market participant assumptions such as royalty rates and discount rates utilized, however due to the mix of unobservable inputs utilized, the fair value of the trademarks are classified as Level 3 of the fair value hierarchy. Refer to Note 3 , “ Asset Impairment and Other Charges, Net ” for further discussion related to asset impairment charges. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Receivables from related parties were $0.1 million in 2017 . Payables to related parties were $1.0 million in 2018 and $1.2 million in 2017. Cash distributions to noncontrolling interests were $2.7 million in 2018 and $4.6 million in 2017 . We have reflected the cash in contributions from (distributions to) noncontrolling interests under financing activities in the Consolidated Statements of Cash Flows. We have $15.1 million as of December 28, 2018 and $17.8 million as of December 29, 2017 in other noncurrent liabilities in our Consolidated Balance Sheets related to one of our noncontrolling interests. We incurred expenses of approximately $2.3 million for 2018 , $2.4 million for 2017 and $2.9 million for 2016 for air transportation services for chartering an aircraft that is indirectly owned by our Chairman and Chief Executive Officer. Other purchases from related parties were $8.9 million in 2018 compared to $9.3 million and $9.5 million in 2017 and 2016 respectively. Sales to related party transactions amounted to $0.7 million in 2018 compared to $0.3 million in 2017 . We have $84.1 million in accounts payable and have incurred $124.6 million in expenses to one of the Mann Packing subsidiaries for 2018 . |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 28, 2018 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Our fiscal quarter-ends correspond to the last Friday of the 13-week period, beginning the day following our fiscal year end. The following summarizes certain quarterly operating data (U.S. dollars in millions, except per share data): Quarter ended March 30, 2018 June 29, 2018 (2) September 28, 2018 (2) December 28, 2018 (2) Net sales $ 1,106.1 $ 1,272.4 $ 1,069.5 $ 1,045.9 Gross profit 106.5 78.3 52.6 42.4 Net income (loss) 43.2 (5.6 ) (21.2 ) (32.3 ) Net income (loss) attributable to Fresh Del Monte 41.5 (7.9 ) (21.5 ) (34.0 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 March 31, 2017 June 30, 2017 September 29, 2017 December 29, 2017 (3) Net sales $ 1,032.4 $ 1,147.1 $ 952.7 $ 953.7 Gross profit 99.1 123.2 58.3 51.0 Net income (loss) 45.6 69.8 10.5 (6.7 ) Net income (loss) attributable to Fresh Del Monte 46.4 69.2 11.5 (6.3 ) Net income (loss) per ordinary share attributable to (1) $ 0.91 $ 1.37 $ 0.23 $ (0.13 ) Net income (loss) per ordinary share attributable to (1) $ 0.90 $ 1.36 $ 0.23 $ (0.13 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 (1) Basic and diluted earnings per share for each of the quarters presented above is based on the respective weighted average number of shares for the quarters. The sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per share amounts due to rounding. (2) Diluted earnings per share for the following quarters excludes the impact of antidilutive share based payment awards for ordinary shares as they were antidilutive as follows: 739,106 ordinary shares for the quarter ended June 29, 2018 , 620,017 ordinary shares for the quarter ended September 28, 2018 and 851,645 for the quarter ended December 28, 2018 . (3) Diluted earnings per share for the quarter ended December 29, 2017 excludes the impact of antidilutive share-based payment awards for 275,688 ordinary shares, as they were antidilutive. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Dec. 28, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Data | Business Segment Data We are principally engaged in one major line of business, the production, distribution and marketing of bananas, other fresh produce and prepared food. Our products are sold in markets throughout the world, with our major producing operations located in North, Central and South America, Europe, Asia and Africa. Our operations are aggregated into business segments on the basis of our products: bananas, other fresh produce and prepared food. Other fresh produce includes pineapples, melons, non-tropical fruit (including grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), avocados, fresh-cut fruit and vegetables, other fruit and vegetables, a third-party ocean freight business, a plastic product and box manufacturing business. Prepared food includes prepared fruit and vegetables, juices, beverages, snacks, poultry and meat products. We evaluate performance based on several factors, of which net sales and gross profit by product are the primary financial measures (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Other fresh produce $ 2,443.0 $ 180.2 $ 1,997.2 $ 179.2 $ 1,852.6 $ 236.7 Banana 1,703.1 84.1 1,775.1 113.4 1,811.5 159.5 Prepared food 347.8 15.5 313.6 39.0 347.4 65.2 Totals $ 4,493.9 $ 279.8 $ 4,085.9 $ 331.6 $ 4,011.5 $ 461.4 Year ended Net sales by geographic region: December 28, 2018 December 29, 2017 December 30, North America $ 2,871.3 $ 2,382.4 $ 2,221.5 Europe 653.7 665.9 673.1 Middle East 445.6 518.8 569.8 Asia 465.7 460.2 477.2 Other 57.6 58.6 69.9 Total net sales $ 4,493.9 $ 4,085.9 $ 4,011.5 22 . Business Segment Data (continued) Our North America region included the following Mann Packing results: Period from February 27, 2018 to December 28, 2018 Products: Net Sales Gross Profit Other fresh produce $ 441.8 $ 28.8 Prepared foods 46.8 7.2 Totals $ 488.6 $ 36.0 Refer to Note 4 , “ Acquisitions ”, for further discussion on the Mann Packing acquisition. The following table indicates our net sales by product: Year ended December 28, 2018 December 29, 2017 December 30, 2016 Segments: Other fresh produce: Gold pineapples 487.9 11 % 492.7 12 % 495.1 12 % Fresh-cut produce: Fresh-cut fruit 510.6 11 % 496.9 12 % 417.7 10 % Fresh-cut vegetables 433.2 10 % 110.9 3 % 99.2 2 % Non-tropical fruit 221.5 5 % 235.7 6 % 259.8 7 % Avocados 329.2 7 % 314.9 8 % 229.6 6 % Melons 107.8 3 % 106.8 3 % 111.6 3 % Tomatoes 62.5 1 % 77.7 2 % 81.2 2 % Vegetables 140.2 3 % 25.9 1 % 30.3 1 % Other fruit, products and services 150.1 3 % 135.7 2 % 128.1 3 % Total other fresh produce $ 2,443.0 54 % $ 1,997.2 49 % $ 1,852.6 46 % Banana 1,703.1 38 % 1,775.1 43 % 1,811.5 45 % Prepared food 347.8 8 % 313.6 8 % 347.4 9 % Total $ 4,493.9 100 % $ 4,085.9 100 % $ 4,011.5 100 % 22 . Business Segment Data (continued) Property, plant and equipment, net: December 28, 2018 December 29, 2017 North America $ 241.4 $ 169.9 Europe 51.4 52.5 Middle East 129.6 139.9 Africa 44.8 44.2 Asia 128.4 159.3 Central America 644.1 642.1 South America 90.5 91.2 Maritime equipment (including containers) 52.9 18.3 Corporate 9.1 10.9 Total property, plant and equipment, net $ 1,392.2 $ 1,328.3 Identifiable assets: December 28, 2018 December 29, 2017 North America $ 933.0 $ 441.5 Europe 297.1 325.0 Middle East 278.9 300.0 Africa 162.0 133.6 Asia 239.2 270.1 Central America 1,026.5 1,011.7 South America 165.0 185.1 Maritime equipment (including containers) 66.9 35.0 Corporate 86.6 64.9 Total identifiable assets $ 3,255.2 $ 2,766.9 North America accounted for approximately 64% of our net sales for 2018 and 58% for 2017 and 2016 . Our earnings are heavily dependent on operations located worldwide; however, our net sales are not dependent on any particular country other than the United States, with no other country accounting for greater than 10% of our net sales for 2018 , 2017 and 2016 . These operations are a significant factor in the economies of some of the countries in which we operate and are subject to the risks that are inherent in operating in such countries, including government regulations, currency and ownership restrictions and risk of expropriation. Management reviews assets on the basis of geographic region and not by reportable segment, which more closely aligns our capital investment with demand for our products. Costa Rica is our most significant sourcing location, representing approximately 36% of our property, plant and equipment as of December 28, 2018 . No foreign country other than Costa Rica accounts for greater than 10% of our property, plant and equipment. Walmart accounted for 10% of our net sales in 2018 , 9% of net sales in 2017 and 11% in 2016 . These sales are reported in the banana and other fresh produce segments. In 2018 , our top 10 customers accounted for approximately 31% of net sales as compared with 32% during 2017 and 31% for 2016 . Identifiable assets by geographic area represent those assets used in the operations of each geographic area. Corporate assets consist of goodwill, building, leasehold improvements and furniture and fixtures. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Our shareholders have authorized 50,000,000 preferred shares at $0.01 par value, of which none are issued or outstanding, and 200,000,000 ordinary shares of common stock at $0.01 par value, of which 48,442,296 are issued and outstanding at December 28, 2018 . The ordinary share activity for the years ended December 28, 2018 and December 29, 2017 is summarized as follows: Year ended December 28, 2018 December 29, 2017 Ordinary shares issued/(retired) as a result of: Stock option exercises 38,500 59,000 Restricted stock awards 22,991 14,294 Restricted and performance stock units 351,856 251,303 Ordinary share repurchase and retirement (730,532 ) (2,822,022 ) On February 21, 2018, our Board of Directors approved a three -year stock repurchase program of up to $300 million of our ordinary shares. We have repurchased $29.4 million of ordinary shares, or 730,532 ordinary shares, under the aforementioned repurchase program and retired all the repurchased shares. As of December 28, 2018 , we have a maximum dollar value of $280.4 million that we can purchase under the approved stock repurchase program. The following represents a summary of repurchase activity during years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions, except share and per share data): Year ended December 28, 2018 December 29, 2017 Shares USD Average price per share Shares USD Average price per share Year ended: 730,532 $ 29.4 $ 40.26 2,822,022 $ 142.0 $ 50.31 Subsequent to the year ended December 28, 2018 , there were no ordinary share repurchases. The following is a summary of the dividends declared per share for the years ended December 28, 2018 and December 29, 2017 : Year ended December 28, 2018 December 29, 2017 Dividend Declared Date Cash Dividend Declared, per Ordinary Share Dividend Declared Date Cash Dividend Declared, per Ordinary Share December 7, 2018 $ 0.15 December 8, 2017 $ 0.15 September 7, 2018 $ 0.15 September 8, 2017 $ 0.15 June 1, 2018 $ 0.15 June 2, 2017 $ 0.15 March 30, 2018 $ 0.15 March 31, 2017 $ 0.15 We paid $29.0 million in dividends during the year ended December 28, 2018 and $30.1 million during the year ended December 29, 2017 . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 28, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II - Valuation and Qualifying Accounts Fresh Del Monte Produce Inc. and Subsidiaries (U.S. dollars in millions) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year ended December 28, 2018 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 12.9 $ 2.1 $ — $ (0.4 ) $ 14.6 Advances to growers and other receivables 8.8 0.5 — (2.1 ) 7.2 Deferred tax asset valuation allowance 257.1 38.6 0.8 (4.7 ) 291.8 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.9 (0.1 ) (0.3 ) 13.5 Total $ 292.7 $ 41.1 $ 0.5 $ (7.2 ) $ 327.1 Year ended December 29, 2017 Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 11.3 $ 2.9 $ — $ (1.3 ) $ 12.9 Advances to growers and other receivables 7.8 1.4 — (0.4 ) 8.8 Deferred tax asset valuation allowance 232.1 35.4 (1.8 ) (8.6 ) 257.1 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.7 — (0.2 ) 0.4 13.9 Total $ 264.9 $ 39.7 $ (2.0 ) $ (9.9 ) $ 292.7 Year ended December 30, 2016: Deducted from asset accounts: Valuation accounts: Trade accounts receivable $ 9.3 $ 4.0 $ — $ (2.0 ) $ 11.3 Advances to growers and other receivables 7.9 1.4 — (1.5 ) 7.8 Deferred tax asset valuation allowance 225.8 27.5 0.2 (21.4 ) 232.1 Current and noncurrent accrued liabilities: Provision for Kunia Well Site 13.7 — (0.4 ) 0.4 13.7 Total $ 256.7 $ 32.9 $ (0.2 ) $ (24.5 ) $ 264.9 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our Consolidated Financial Statements include the accounts of our majority owned subsidiaries, which we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we have variable interests and are the primary beneficiary. We continually evaluate our involvement with VIEs to determine when these criteria are met. Our fiscal year end is the last Friday of the calendar year or the first Friday subsequent to the end of the calendar year, whichever is closest to the end of the calendar year. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassification of prior period balances have been made to confirm to current presentation. |
Use of Estimates | Use of Estimates The preparation of our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. |
Trade Receivables and Concentrations of Credit Risk | Trade Receivables and Concentrations of Credit Risk Trade receivables less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and customers’ credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience, specific customer collection issues that we have identified and reviews of the aging of trade receivables based on contractual terms. We generally do not require collateral on trade accounts receivable. Our allowances for identified claims are recorded as a reduction to both trade accounts receivable and net sales. Write-off of accounts receivable is done only when all collection efforts have been exhausted without success. |
Other Accounts Receivable | Other Accounts Receivable Other accounts receivable less allowances are recognized on our accompanying Consolidated Balance Sheets at net realizable value, which approximates fair value. Other accounts receivable includes value-added taxes (“VAT”) receivables, seasonal advances to growers and suppliers, which are usually short-term in nature, and other financing receivables. VAT are primarily related to purchases by production units and are refunded by the taxing authorities. As of December 28, 2018 , we had $29.9 million , net of allowance of $0.5 million , classified as current in other accounts receivable and $21.5 million , net of allowance of $9.2 million , classified as other noncurrent assets on our Consolidated Balance Sheets. As of December 29, 2017 , we had $24.6 million , net of allowance of $0.9 million , classified as current in other accounts receivable and $23.6 million , net of allowance of $11.2 million , classified as other noncurrent assets in our Consolidated Balance Sheets. Advances to growers and suppliers are generally repaid to us as produce is harvested and sold. We require property liens and pledges of the current season’s produce as collateral to support the advances. Occasionally, we agree to a payment plan or take steps to recover advances through the liens or pledges. Refer to Note 8 , “ Financing Receivables ” for further discussion on advances to growers and suppliers. Allowances against VAT and advances to growers and suppliers are established based on our knowledge of the financial condition of the paying party and historical loss experience. Allowances are recorded and charged to expense when an account is deemed to be uncollectible. Recoveries of VAT and advances to growers and suppliers previously reserved in the allowance are credited to operating income. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is computed using the weighted average cost or first-in first-out methods for finished goods, which includes fresh produce and prepared food and the first-in first-out, actual cost or average cost methods for raw materials and packaging supplies. Raw materials and packaging supplies inventory consists primarily of agricultural supplies, containerboard, packaging materials, spare parts and fuel. |
Growing Crops | Growing Crops Expenditures on pineapple, melon, vegetables and non-tropical fruit growing crops are valued at the lower of cost or net realizable value and are deferred and charged to cost of products sold when the related crop is harvested and sold. The deferred growing costs included in inventories in our Consolidated Balance Sheets consist primarily of land preparation, cultivation, irrigation and fertilization costs. Expenditures related to banana crops are expensed in the year incurred due to the continuous nature of the crop. |
Accounting for Planned Major Maintenance Activities | Accounting for Planned Major Maintenance Activities We account for planned major maintenance activities, such as ship dry-dock activities, consistent with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ™ (the “Codification” or “ASC”) guidance related to “Other Assets and Deferred Costs.” We utilize the deferral method of accounting for ship dry-dock activities whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
Investments in Unconsolidated Companies | Investments in Unconsolidated Companies Investments in unconsolidated companies are accounted for under the equity method of accounting for investments of 20% or more in companies over which we do not have control. We also use the measurement alternative election under the ASC guidance on "Financial Instruments", we do not exercise significant influence over the privately-held company’s operating or financial activities. The measurement alternative election requires us to measure the investment at cost less impairment, if any, adjusted for observable price changes in orderly transactions for the identical or similar investments. No adjustments or impairments have been made as of December 28, 2018 . We review our investments for impairment when events and circumstances indicate that the decline in fair value of such assets below the carrying value is other-than-temporary. |
Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets | Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings and leasehold improvements, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a weighted average amortization period of 21.6 years . Amortization expense related to definite-lived intangible assets totaled $7.0 million for 2018 , $0.8 million for 2017 and $0.8 million for 2016 , and is included in cost of products sold. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the asset’s fair value, we measure and record an impairment loss for the excess. The fair value of an asset is measured by either determining the expected future undiscounted cash flow of the asset or by independent appraisal. For long-lived assets held for sale, we record impairment losses when the carrying amount is greater than the fair value less the cost to sell. We discontinue depreciation of long-lived assets when these assets are classified as held for sale and include these assets as assets held for sale on our Consolidated Balance Sheets. Our long-lived assets are primarily composed of property, plant and equipment and definite-lived intangible assets. |
Impairment or Disposal of Long-Lived Assets | Property, Plant and Equipment and Other Definite-Lived or Long-Lived Assets Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from ten to 40 years for buildings and leasehold improvements, five to 20 years for maritime and other equipment, including ships and containers, three to 20 years for machinery and equipment, three to seven years for furniture, fixtures and office equipment and five to 10 years for automotive equipment. Leasehold improvements are amortized over the term of the lease, or the estimated useful life of the related asset, whichever is shorter. Definite-lived intangibles are amortized over their useful lives with a weighted average amortization period of 21.6 years . Amortization expense related to definite-lived intangible assets totaled $7.0 million for 2018 , $0.8 million for 2017 and $0.8 million for 2016 , and is included in cost of products sold. When assets are retired or disposed of, the costs and accumulated depreciation or amortization are removed from the respective accounts and any related gain or loss is recognized. Maintenance and repairs are charged to expense as incurred. Significant expenditures, which extend the useful lives of assets, are capitalized. Interest is capitalized as part of the cost of construction. There are numerous uncertainties and inherent risks in conducting business, such as but not limited to general economic conditions, actions of competitors, ability to manage growth, actions of regulatory authorities, natural disasters such as earthquakes, crop disease, severe weather such as floods, pending investigations and/or litigation, customer demand and risk relating to international operations. Adverse effects from these risks may result in adjustments to the carrying value of our assets and liabilities in the future, including, but not necessarily limited to, long-lived assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the asset’s fair value, we measure and record an impairment loss for the excess. The fair value of an asset is measured by either determining the expected future undiscounted cash flow of the asset or by independent appraisal. For long-lived assets held for sale, we record impairment losses when the carrying amount is greater than the fair value less the cost to sell. We discontinue depreciation of long-lived assets when these assets are classified as held for sale and include these assets as assets held for sale on our Consolidated Balance Sheets. Our long-lived assets are primarily composed of property, plant and equipment and definite-lived intangible assets. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Our goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fourth quarter, or sooner if events indicate such a review is necessary. An impairment exists if the fair value of a reporting unit to which goodwill has been allocated, or the fair value of indefinite-lived intangible assets, is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Future changes in the estimates used to conduct the impairment review, including revenue projections, market values and changes in the discount rate used could cause the analysis to indicate that our goodwill or indefinite-lived intangible assets are impaired in subsequent periods and result in a write-down of a portion or all of goodwill or indefinite-lived intangible assets. The discount rate used is based on independently calculated risks, our capital mix and an estimated market premium. |
Revenue Recognition | Revenue Recognition Our revenues result from the sale of products or services and reflect the consideration to which we expect to be entitled. We record revenue based on a five-step model in accordance with ASC 606. For our customer contracts, we identify the performance obligations (products or services), determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when the performance obligation is fulfilled, which is when the product is shipped to or received by the customer, depending on the specific terms of the arrangement. Our revenues are recorded at a point in time. Product sales are recorded net of variable consideration, such as provisions for returns, discounts and allowances. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service, in which case the expense is classified as selling, general, and administrative expense. Provisions for customer volume rebates are based on achieving a certain level of purchases and other performance criteria that are established on a program by program basis. These rebates are estimated based on the expected amount to be provided to the customers and are recognized as a reduction of revenue. We elected the practical expedient to expense incremental costs of obtaining a contract, if the contract period is for one year or less. These costs are included in selling, general and administrative expenses. Otherwise, incremental contract costs are recognized as an asset in the consolidated balance sheets and amortized over time as promised goods and services are transferred to a customer. We also elected to adopt a policy that shipping and handling costs will be accounted for as costs to fulfill a contract and are not considered performance obligations to our customers. The impact was insignificant as the expedient and policy election align with our current practice. We also elected to exclude taxes collected from our customers assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction from our determination of transaction price. We utilize the practical expedient and do not adjust the promised amount of consideration for the effects of a significant financing component due to the fact that the period between the transfer of the promised good or service to a customer and the customer payment is one year or less. |
Cost of Products Sold | Cost of Products Sold Cost of products sold includes the cost of produce, packaging materials, labor, depreciation, overhead, transportation and other distribution costs, including handling costs incurred to deliver fresh produce or prepared products to customers. |
Advertising and Promotional Costs | Advertising and Promotional Costs We expense advertising and promotional costs as incurred. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs related to long-term debt are amortized over the term of the related debt instrument because the costs are primarily related to our revolving credit facility and are included in other noncurrent assets. |
Income Taxes | Income Taxes Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end, based on enacted tax laws and statutory tax rates applicable to the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. We account for income tax uncertainties consistent with the ASC guidance included in “ Income Taxes, ” which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Environmental Remediation Liabilities | Environmental Remediation Liabilities Losses associated with environmental remediation obligations are accrued when such losses are probable and can be reasonably estimated. |
Currency Translation | Currency Translation For our operations in countries where the functional currency is other than the U.S. dollar, balance sheet amounts are translated using the exchange rate in effect at the balance sheet date. Income statement amounts are translated monthly using the average exchange rate for the respective month. The gains and losses resulting from the changes in exchange rates from year-to-year and the effect of exchange rate changes on intercompany transactions of long-term investment nature are recorded as a component of accumulated other comprehensive income or loss as currency translation adjustments. For our operations where the functional currency is the U.S. dollar, non-monetary balance sheet amounts are translated at historical exchange rates. Other balance sheet amounts are translated at the exchange rates in effect at the balance sheet date. Income statement accounts, excluding those items of income and expenses that relate to non-monetary assets and liabilities, are translated at the average exchange rate for the month. These remeasurement adjustments are included in the determination of net income and are included in other income (expense), net. |
Other Expense, Net | Other Expense, Net In addition to foreign currency gains and losses described above, other expense, net, also includes other items of non-operating income and expenses. |
Leases | Leases We lease property, plant and equipment for use in our operations. We evaluate leases consistent with the provisions of the ASC on “ Leases. ” We evaluate our leases at inception or at any subsequent modification and classify them as either a capital lease or an operating lease based on lease terms. For operating leases that contain rent escalations, rent holidays or rent concessions, rent expense is recognized on a straight-line basis over the life of the lease. |
Fair Value Measurements | Fair Value Measurements Fair value is measured in accordance with the ASC on “ Fair Value Measurements and Disclosures ” that defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. We measure fair value for financial instruments, such as derivatives on an ongoing basis. We measure fair value for non-financial assets, when a valuation is necessary, such as for impairment of long-lived and indefinite-lived assets when indicators of impairment exist. |
Share-Based Compensation | Share-Based Compensation We account for share-based compensation expense consistent with ASC guidance on “ Compensation – Stock Compensation. ” Our share-based payments are composed entirely of Share-based compensation expense as all equity awards granted to employees and members of our Board of Directors, each of whom meets the definition of an employee under the provisions of the ASC, are stock options, performance stock units, restricted stock awards, and restricted stock units. We use the Black-Scholes option pricing model to estimate the fair value of stock options granted. We recognize share-based compensation expense over the requisite service period, which is generally the vesting period of each award. |
Derivative Financial Instruments | Derivative Financial Instruments We account for derivative financial instruments in accordance with the ASC guidance on “ Derivatives and Hedging. ” The ASC on “ Derivatives and Hedging ” requires us to recognize the value of derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated as a hedge and qualifies as part of a hedging relationship. The accounting also depends on the type of hedging relationship, whether a cash flow hedge, a fair value hedge, or hedge of a net investment in a foreign operation. A fair value hedge requires that the change in the fair value of a derivative financial instrument be offset against the change in the fair value of the underlying asset, liability, or firm commitment being hedged through earnings. A cash flow hedge requires that the change in the fair value of a derivative instrument be recognized in other comprehensive income, a component of shareholders’ equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. 2 . Summary of Significant Accounting Policies (continued) We use derivative financial instruments primarily to reduce our exposure to adverse fluctuations in foreign exchange and interest rates. We enter into foreign exchange forward contracts with varying duration to hedge exposures resulting from portions of our forecasted revenues or forecasted expenses that are denominated in currencies other than the U.S. dollar. We entered into interest rate swap agreements that qualify for and are designated as cash flow hedges to hedge exposures resulting from changes in variable interest rates. These interest rate swap contracts convert the floating interest rate on a portion of our debt to a fixed rate, plus a borrowing spread. On entry into a derivative instrument, we formally designate and document the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded in the Consolidated Balance Sheets at fair value in prepaid expenses and other current assets, other non-current assets, accounts payable and accrued expenses or other non-current liabilities, depending on whether the amount is an asset or liability and is of a short-term or long-term nature. In addition, the earnings impact resulting from our derivative instruments is recorded in the same line item within the Consolidated Statements of Operations as the items being hedged. We also classify the cash flows from our cash flow hedges in the same category as the items being hedged on our Consolidated Statements of Cash Flows based on the fact that our cash flow hedges do not contain an other-than-insignificant financing element at inception. The fair values of derivatives used to hedge or modify our risks fluctuate over time. These fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged item to the overall reduction in our risk relating to adverse fluctuations in foreign exchange and interest rates. |
Share Repurchases | Share Repurchases When stock is retired or purchased for constructive retirement, the purchase price is initially recorded as a reduction to the par value of the shares repurchased, with any excess purchase price over par value recorded as a reduction to additional paid-in capital and retained earnings. |
Retirement and Other Employee Benefits | Retirement and Other Employee Benefits Using appropriate actuarial methods and assumptions, we evaluate defined benefit pension plans in accordance with ASC guidance on “ Compensation – Retirement Benefits ” . We provide disclosures about our plan assets, including investment strategies, major categories of plan assets, concentrations of risk within plan assets, and valuation techniques used to measure the fair value of plan assets consistent with the fair value hierarchy model described in the ASC on “ Fair Value Measurements and Disclosures, ” as described in Note 19 , “ Fair Value Measurements. ” |
New Accounting Pronouncements | New Accounting Pronouncements Adopted In February 2018, the FASB issued Accounting Standards Update ("ASU") 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The FASB amended the guidance on using the measurement alternative for equity securities without a readily determinable fair value. We have elected to use the measurement alternative approach in regards to our equity securities or use the fair value option for liabilities. This ASU was adopted on December 30, 2017, the first day of our 2018 fiscal year and, we determined that there was no financial impact on adoption. Refer to Note 4 . "Acquisitions" for disclosure of transactions utilizing the measurement alternative occurring during the year ended December 28, 2018 . In May 2017, the FASB issued ASU 2017-09, Stock Compensation (Topic 718), Scope of Modification Accounting . This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance clarifies that modification accounting will be applied if the value, vesting conditions or classification of the award changes. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and this ASU did not have any effect on our financial condition, results of operations and cash flows. 2 . Summary of Significant Accounting Policies (continued) In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires that the service cost component of net periodic benefit costs from defined benefit and other postretirement benefit plans be included in the same Consolidated Statements of Operations captions as other compensation costs arising from services rendered by the covered employees during the period. The other components of net benefit cost will be presented in other expense, net in the Consolidated Statements of Operations separately from service costs. Following adoption, only service costs are eligible for capitalization into manufactured inventories, which reduces diversity in practice. We adopted this ASU effective December 30, 2017, the first day of our 2018 fiscal year. We utilized the practical expedient provided in this ASU and did not reclassify the net periodic pension costs for the year ended December 29, 2017 . Refer to Note 15 , " Retirement and Other Employee Benefits " for the impact of the adoption on our financial condition, results of operations and cash flows. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This standard was issued to clarify the scope of Accounting Standards Codification ASC 610, Other Income and to add guidance for partial sales of nonfinancial assets. ASC 610 also provides guidance for recognizing gains and losses from the transfer of nonfinancial assets (including real estate) in contracts with non-customers. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and this ASU did not have any effect on our financial condition, results of operations and cash flows. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step two of the goodwill impairment test. The ASU permits an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU will be effective for us beginning the first day of our 2020 fiscal year. Early adoption is permitted. We have elected to early adopt this ASU, and there was no impact of adoption to our financial condition, results of operations and cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, which adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year. Refer to Note 4 , " Acquisitions " for further discussion on acquisitions occurring during the year ended December 28, 2018 . In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which requires companies to recognize the income tax effects of intra-entity sales and transfers of assets other than inventory, particularly those asset transfers involving intellectual property, in the period in which the transfer occurs. We adopted this ASU effective December 30, 2017, the first day of our 2018 fiscal year. This guidance requires modified retrospective adoption. The impact of adoption of this ASU was an increase of $3.2 million to deferred tax assets with a corresponding adjustment to retained earnings. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses eight specific cash flow issues in an effort to reduce diversity in practice. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and determined there were no changes to disclosures or significant impacts on the Consolidated Statement of Cash Flows. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, with further clarifications made in February 2018 with the issuance of ASU 2018-03 . The amended guidance requires certain equity investments that are not consolidated and not accounted for under the equity method to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income (loss). It further states that an entity may choose to measure equity investments that do not have a readily determinable fair values using a quantitative approach, or measurement alternative, which is equal to its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We adopted this ASU on December 30, 2017, the first day of our 2018 fiscal year, and we determined that there was no financial impact on adoption. Refer to Note 4 " Acquisition s" for disclosure of transactions utilizing the measurement alternative occurring during the year ended December 28, 2018 . 2 . Summary of Significant Accounting Policies (continued) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASU’s (collectively, “ASC 606”), which prescribes a comprehensive new revenue recognition standard that supersedes previously existing revenue recognition guidance. The new model provides a five-step analysis in determining when and how revenue is recognized. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new, expanded disclosures regarding revenue recognition. The standard allows for initial application to be performed retrospectively to each period presented or as a modified retrospective adjustment as of the date of adoption. ASC 606, also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less, and policy elections regarding shipping and handling that provides the option to account for shipping and handling costs as contract fulfillment costs. We adopted the new revenue recognition standard effective December 30, 2017, the first day of our 2018 fiscal year, using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings for the current balance sheet period presented in the amount of $0.1 million , which is not material to our financial position, results of operations and cash flows. The adoption of this ASU resulted in increased disclosure, including qualitative and quantitative disclosures about the nature, amount timing and uncertainty of revenue and cash flows arising from contracts with customers. New Accounting Pronouncements Not Yet Adopted In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . This ASU resolves the diversity in practice concerning the manner in which entities account for transactions based on their assessment of the economics of a collaborative arrangement. This ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer and precludes recognizing as revenue consideration received from a collaborative arrangement if the participant is not a customer. This ASU will be effective for us beginning the first day of our 2020 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The new guidance is effective for fiscal years beginning after December 15, 2019. This ASU will be effective for us beginning the first day of our 2020 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This ASU expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting. The provisions of ASU 2018-16 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. This ASU will be effective for us beginning the first day of our 2019 fiscal year. We do not anticipate that adoption of this standard will have a material impact to our consolidated financial statements. 2 . Summary of Significant Accounting Policies (continued) In September 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software and deferred over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. This ASU will be effective for us beginning the first day of our 2020 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In August 2018, the FASB issued ASU 2018-14 , Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) . This ASU amends ASC 715 to add additional disclosures, remove certain disclosures that are not considered cost beneficial and to clarify certain required disclosures. Early adoption is permitted. This ASU will be effective for us beginning the first day of our 2021 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. This ASU includes additional disclosures requirements for recurring Level 3 fair value measurements including disclosure of changes in unrealized gains and losses for the period included in other comprehensive income, disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and narrative description of measurement uncertainty related to Level 3 measurements. Early adoption is permitted. This ASU will be effective for us beginning the first day of our 2020 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In July 2018, the FASB issued ASU 2018-09, Codification Improvements. The FASB issued this ASU to facilitate amendments to a variety of topics to clarify, correct errors in, or make minor improvements to the accounting standards codification. The effective date of the standard is dependent on the facts and circumstances of each amendment. Some amendments do not require transition guidance and will be effective upon the issuance of this standard. A majority of the amendments in ASU 2018-09 will be effective in annual periods beginning after December 29, 2018. We will be required to adopt this standard the first day of our 2019 fiscal year. We are evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. The FASB is issuing this update to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU will be effective for us beginning the first day of our 2019 fiscal year. We are evaluating the impact of the update of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, which amends ASC 220, Income Statement — Reporting Comprehensive Income , to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, (the "Act"). In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. This ASU is effective for us the first day of our 2019 fiscal year. Early adoption is permitted. We are evaluating the impact of adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. 2 . Summary of Significant Accounting Policies (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments, and subsequent amendment to the guidance, ASU 2018-19 in November 2018. The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2018-19 clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU will be effective for us beginning the first day of our 2020 fiscal year. Early adoption is permitted beginning the first day of our 2019 fiscal year. We are evaluating the impact of adoption of this ASU on our financial condition, results of operations and cash flows, and, as such, we are not able to estimate the effect the adoption of the new standard will have on our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, and has subsequently issued several supplemental and/or clarifying ASU's (collectively, "ASC 842"), which requires a dual approach for lease accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases may result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize lease expense on a straight-line basis. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. This ASU will be effective for us beginning the first day of our 2019 fiscal year. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, to provide another optional transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (December 29, 2018, for the Company) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases). We are currently evaluating this standard and anticipate that its adoption will have a material impact on the Consolidated Balance Sheet and related disclosures. We do not anticipate adoption will have a significant impact on our Consolidated Statements of Operations or Cash Flows. We have completed our initial scoping reviews to identify a complete population of leases to be recorded on the Consolidated Balance Sheet as a lease obligation and a right of use asset. We are in the process of implementing a new lease accounting information system to assist with the tracking and accounting for leases. Our efforts are focused on financial reporting and developing new internal controls. The standard provides a number of optional practical expedients and policy elections in transition. We will elect to apply the package of practical expedients under which we will not reassess under the standard our prior conclusions about lease classification and initial direct costs, and the expedient to not assess existing or expired land easements. We will elect the short-term lease recognition exemption for all leases that qualify, meaning we will recognize expense on a straight-line basis and will not include the recognition of a right-of-use asset or lease liability. We also will elect the policy to combine lease and non-lease components for all lease categories |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | Inventories consisted of the following (U.S. dollars in millions): December 28, 2018 December 29, 2017 Finished goods $ 217.4 $ 210.1 Raw materials and packaging supplies 167.0 165.4 Growing crops 180.9 166.3 Total inventories $ 565.3 $ 541.8 |
Asset Impairment and Other Ch_2
Asset Impairment and Other Charges, Net (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Asset Impairment and Other Charges, Net [Abstract] | |
Asset Impairment and Other Charges | The following represents the detail of asset impairment and exit activity charges (credits), net for the year ended December 30, 2016 by reportable segment (U.S. dollars in millions): Long-lived Total Banana segment: United Kingdom contract termination costs $ — $ 0.7 $ 0.7 Brazil exit activities due to drought conditions 2.2 0.2 2.4 Philippines plantation conversion to pineapple 2.5 — 2.5 Underutilized assets in Central America 1.2 — 1.2 Other fresh produce segment: Adjustment of Kunia Well Site environmental reserve in Hawaii and other charges — 0.6 0.6 Other fresh produce segment charges 0.1 — 0.1 Other: Former President/COO transition — 19.7 19.7 Total asset impairment and other charges, net $ 6.0 $ 21.2 $ 27.2 The following represents the detail of asset impairment and other charges, net for the year ended December 28, 2018 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other Total Banana segment: Philippine exit activities of certain low-yield areas $ 30.0 $ 2.3 $ 32.3 Underutilized assets in Central America 1.8 — 1.8 Cost reduction initiatives in Central America 1.8 — 1.8 Other fresh produce segment: Chile severance due to restructuring as a result of cost reduction initiatives — 2.4 2.4 Underutilized assets in Central America 0.5 — 0.5 Acquisition costs (1) — 4.1 4.1 Tomato production assets held for sale in the United States 1.0 — 1.0 Other fresh produce segment credits — (1.6 ) (1.6 ) Total asset impairment and other charges, net $ 35.1 $ 7.2 $ 42.3 (1) Acquisition costs primarily relate to our acquisition of Mann Packing Co., Inc. ("Mann Packing"). Refer to Note 4 ., "Acquisition." The following represents the detail of asset impairment and exit activity and other charges, net for the year ended December 29, 2017 by reportable segment (U.S. dollars in millions): Long-lived Exit activity and other charges (credits) Total Banana segment: Philippine floods $ 0.8 $ — $ 0.8 Underutilized assets in Central America 0.6 — 0.6 Prepared food segment: Write-off of investment venture in Africa 1.5 — 1.5 Other fresh produce segment: Chile insurance recoveries on current and previously announced floods — (3.4 ) (3.4 ) Chile floods 0.8 1.0 1.8 Other fresh produce segment charges — 0.5 0.5 Total asset impairment and other charges (credits), net $ 3.7 $ (1.9 ) $ 1.8 |
Rollforward of 2011 Exit Activity and Other Reserves | The following represents the roll forward of exit activity and other reserves for the year ended December 28, 2018 (U.S. dollars in millions): Exit activity and Impact to Earnings Cash Paid Foreign Exchange Impact Exit activity and Termination benefits $ — $ 2.8 $ (2.8 ) $ — $ — Contract termination and other exit activity charges 0.3 1.9 (1.7 ) — 0.5 $ 0.3 $ 4.7 $ (4.5 ) $ — $ 0.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Business Combinations [Abstract] | |
Schedule of business acquisition | Our consolidated results include the following financial information of Mann Packing: Period from February 27, 2018 to December 28, 2018 Net sales $ 488.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (1.7 ) The following table summarizes the fair values of the net assets acquired and liabilities assumed at the date of the acquisition: As Previously Reported as of September 28, 2018 Adjustments As Adjusted Assets acquired Current assets: Cash and cash equivalents $ 0.1 $ 1.3 $ 1.4 Trade accounts receivable, net of allowance 39.4 (2.4 ) 37.0 Other accounts receivable, net of allowance 4.0 1.3 5.3 Inventories, net 20.9 2.9 23.8 Prepaid expenses and other current assets 2.1 1.8 3.9 Total current assets 66.5 4.9 71.4 Property, plant and equipment, net 97.1 (0.9 ) 96.2 Definite-lived intangible assets, net 135.9 3.9 139.8 Goodwill 159.9 2.1 162.0 Total assets acquired $ 459.4 $ 10.0 $ 469.4 Liabilities assumed Current liabilities: Accounts payable and accrued expenses 48.9 15.9 64.8 Total liabilities assumed 48.9 15.9 64.8 Less: Redeemable noncontrolling interest 39.1 8.3 47.4 Net assets acquired $ 371.4 $ (14.2 ) $ 357.2 |
Schedule of pro forma information | The following unaudited pro forma combined financial information presents our results including Mann Packing as if the business combination had occurred at the beginning of fiscal year 2017: Year ended December 28, December 29, Net sales $ 4,573.1 $ 4,621.6 Net (loss) income attributable to Fresh Del Monte Produce, Inc. $ (18.6 ) (1) $ 134.9 (2) (1) Unaudited pro forma results for the year ended December 28, 2018 were positively adjusted by $10.8 million consisting of $12.7 million of nonrecurring transaction related compensation benefits, advisory, legal, accounting, valuation and other professional fees, partially offset by $1.9 million of interest expense as a result of increased borrowings under our Credit Facility. (2) Unaudited pro forma results for the year ended December 29, 2017 were adjusted to include $8.7 million of interest expense as a result of increased borrowings under our Credit Facility. |
Investments in Unconsolidated_2
Investments in Unconsolidated Companies (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Companies Accounted for Under the Equity Method and Cost Method | Investments in unconsolidated companies accounted for under the equity or measurement alternative (at cost) amounted to $5.7 million for December 28, 2018 and $1.6 million for December 29, 2017 , these amounts are included in other non-current assets, and consisted of the following: Company Business Ownership Interest Accounting Method Melones De Costa Rica, S.A. Land lessor 50% Equity Hacienda Filadelfia, S.A. Land lessor 50% Equity Del Monte Chilled Fruit Snacks LLC Fruit Snacks 49% Equity Del Monte Avo LLC Guacamole 49% Equity Purple Carrot Plant-based meal kits 10% Measurement alternative (at cost) |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following (U.S. dollars in millions): December 28, 2018 December 29, 2017 Land and land improvements $ 702.9 $ 716.9 Buildings and leasehold improvements 586.0 561.3 Machinery and equipment 603.6 547.3 Maritime equipment (including containers) 117.2 148.6 Furniture, fixtures and office equipment 97.2 94.3 Automotive equipment 77.1 77.0 Construction-in-progress 159.2 85.1 2,343.2 2,230.5 Less: accumulated depreciation and amortization (951.0 ) (902.2 ) Property, plant and equipment, net $ 1,392.2 $ 1,328.3 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table reflects our indefinite-lived intangible assets, including goodwill and our definite-lived intangible assets along with related accumulated amortization by major category (U.S. dollars in millions): December 28, 2018 December 29, 2017 Goodwill $ 423.4 $ 261.9 Indefinite-lived intangible assets: Trademarks 31.9 43.3 Definite-lived intangible assets: Definite-lived intangible assets 150.4 10.7 Accumulated amortization (15.4 ) (8.1 ) Definite-lived intangible assets, net 135.0 2.6 Goodwill and other intangible assets, net $ 590.3 $ 307.8 |
Schedule of Goodwill | The following table reflects the changes in the carrying amount of goodwill by business segment (U.S. dollars in millions): Bananas Other fresh produce Prepared food Totals Goodwill $ 64.2 $ 284.8 $ 78.3 $ 427.3 Accumulated impairment losses — (88.1 ) (78.3 ) (166.4 ) Balance at December 30, 2016 $ 64.2 $ 196.7 $ — $ 260.9 Foreign exchange and other 0.5 0.5 — 1 Goodwill $ 64.7 $ 285.3 $ — $ 350.0 Accumulated impairment losses — (88.1 ) — (88.1 ) Balance at December 29, 2017 $ 64.7 $ 197.2 $ — $ 261.9 Foreign exchange and other (0.2 ) (0.3 ) — (0.5 ) Acquisition of Mann Packing (1) — 113.2 48.8 162.0 Goodwill $ 64.7 $ 285.3 $ — $ 350.0 Accumulated impairment losses — (88.1 ) — (88.1 ) Balance at December 28, 2018 $ 64.5 $ 310.1 $ 48.8 $ 423.4 (1) See Note 4 " Acquisitions " for further discussion on acquisitions. |
Schedule of Sensitivities of Goodwill and Intangible Assets at Risk | The following table highlights the sensitivities of the indefinite-lived intangibles as of December 28, 2018 (U.S. dollars in millions): Banana Reporting Unit Goodwill DEL MONTE ® Prepared Food Reporting Unit Trade Names and Trademarks Carrying value of indefinite-lived intangible assets $ 64.5 $ 31.9 Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter 30.0 % — % Amount that a one percentage point increase in the discount rate and a 10% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment $ 19.0 $ 5.2 |
Schedule of Expected Amortization Expense | The estimated amortization expense related to definite-lived intangible assets for the five succeeding years is as follows (U.S. dollars in millions): Year Estimated amortization expense 2019 8.1 2020 8.0 2021 7.8 2022 7.8 2023 6.9 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Receivables [Abstract] | |
Financing Receivable Including the Related Allowance for Doubtful Accounts | The following table details the advances to growers and suppliers along with the related allowance for advances to growers and suppliers (U.S. dollars in millions): December 28, December 29, Current Noncurrent Current Noncurrent Gross advances to growers and suppliers $ 51.9 $ 3.7 $ 38.9 $ 1.6 Allowance for advances to growers and suppliers (2.1 ) (0.7 ) (2.8 ) (0.1 ) Net advances to growers and suppliers $ 49.8 $ 3.0 $ 36.1 $ 1.5 |
Credit Risk Profile of Financing Receivable | The following table details the credit risk profile of the above listed financing receivables (U.S. dollars in millions): Current Status Fully Reserved Total Gross advances to growers and suppliers: December 28, 2018 $ 52.8 $ 2.8 $ 55.6 December 29, 2017 37.6 2.9 40.5 |
Allowance for Doubtful Accounts and Related Financing Receivables | The allowance for advances to growers and suppliers and the related financing receivables for the years ended December 28, 2018 and December 29, 2017 were as follows (U.S. dollars in millions): December 28, 2018 December 29, 2017 Allowance for advances to growers and suppliers: Balance, beginning of period $ 2.9 $ 1.5 Provision for uncollectible amounts 0.8 1.4 Deductions to allowance including recoveries (0.9 ) — Balance, end of period $ 2.8 $ 2.9 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following (U.S. dollars in millions): December 28, December 29, 2017 Trade payables $ 330.8 $ 182.9 Accrued fruit purchases 55.1 18.8 Ship and port operating expenses 18.2 21.4 Warehouse and distribution costs 24.2 22.5 Payroll and employee benefits 71.8 61.3 Accrued promotions 21.6 22.1 Other accrued expenses 54.9 53.4 Accounts payable and accrued expenses $ 576.6 $ 382.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for (Benefit from) Income Taxes | The provision for income taxes consisted of the following (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Current: U.S. federal income tax $ (0.4 ) $ 8.4 $ 7.6 State 0.1 1.5 1.4 Non-U.S. 12.8 13.4 11.0 12.5 23.3 20.0 Deferred: U.S. federal income tax 2.1 2.1 (3.3 ) State 1.3 0.5 (0.6 ) Non-U.S. 0.2 (1.0 ) (4.3 ) 3.6 1.6 (8.2 ) $ 16.1 $ 24.9 $ 11.8 |
Schedule of Income Before Income Tax, Domestic and Foreign | Income (loss) before income taxes consisted of the following (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, U.S. $ 11.9 $ 31.1 $ 16.0 Non-U.S. (11.7 ) 113.0 221.4 $ 0.2 $ 144.1 $ 237.4 |
Differences Between Reported Provision for (Benefit from) Income Taxes and Income Taxes Computed at U.S. Statutory Federal Income Tax Rate | The differences between the reported provision for income taxes and income taxes computed at the U.S. statutory federal income tax rate are explained in the following reconciliation (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Income tax provision (benefit) computed at the U.S. statutory federal rate $ — $ 50.4 $ 83.1 Effect of tax rates on non-U.S. operations (33.2 ) (67.4 ) (98.8 ) Provision for uncertain tax positions — 0.7 (0.5 ) Non-deductible interest 2.3 2.4 2.0 Foreign exchange (11.5 ) 2.3 15.1 Non-deductible intercompany charges (0.1 ) — 1.2 Non-deductible differences 0.6 6.0 1.7 Non-taxable income/loss (1.5 ) 0.3 11.8 Non-deductible goodwill impairment — — 0.4 Non-deductible impairment charges 3.6 — — Adjustment to deferred balances 0.4 0.1 — Other 2.2 (0.9 ) 0.9 Other taxes in lieu of income 2.4 1.8 1.9 Change in deferred rate (1.3 ) 11.7 (3.4 ) Increase (decrease) in valuation allowance (1) 52.2 17.5 (3.6 ) Provision for income taxes $ 16.1 $ 24.9 $ 11.8 _____________ (1) The increase in valuation allowance includes effects of foreign exchange and adjustments to deferred tax balances which were fully offset by valuation allowance. |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following (U.S. dollars in millions): December 28, December 29, Deferred tax liabilities: 2018 2017 Allowances and other accrued liabilities $ — $ — Inventories (13.7 ) (15.3 ) Property, plant and equipment (70.2 ) (63.2 ) Equity in earnings of unconsolidated companies (0.1 ) (0.1 ) Pension obligations (2.5 ) (2.1 ) Other noncurrent deferred tax liabilities (6.5 ) (5.6 ) Total noncurrent deferred tax liabilities $ (93.0 ) $ (86.3 ) Deferred tax assets: Allowances and other accrued assets $ 10.6 $ 10.6 Inventories 5.6 5.3 Pension obligations 24.8 24.9 Property, plant and equipment 2.3 1.5 Post-retirement benefits other than pension 1.0 1.1 Net operating loss carryforwards 287.1 249.7 Capital loss carryover 1.6 2.6 Other noncurrent assets 26.9 20.5 Total noncurrent deferred tax assets 359.9 316.2 Valuation allowance (291.8 ) (257.1 ) Total deferred tax assets, net $ 68.1 $ 59.1 Net deferred tax liabilities $ (24.9 ) $ (27.2 ) |
Federal and Foreign Tax Operating Loss Carry-Forwards Expiring | At December 28, 2018 , we had approximately $1,057.2 million of federal and foreign tax operating loss carryforwards expiring as follows (U.S. dollars in millions): Expires: 2019 $ 3.9 2020 17.8 2021 26.2 2022 6.4 2023 and beyond 16.0 No expiration 986.9 $ 1,057.2 |
Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions Excluding Interest and Penalties | A reconciliation of the beginning and ending amount of uncertain tax positions excluding interest and penalties is as follows (U.S. dollars in millions): December 28, 2018 December 29, 2017 December 30, 2016 Beginning balance $ 3.2 $ 3.2 $ 3.9 Gross decreases - tax position in prior period — — — Gross increases - current-period tax positions 0.1 0.1 0.1 Settlements — — — Lapse of statute of limitations (0.3 ) (0.1 ) (0.8 ) Foreign exchange (0.1 ) — — Ending balance $ 2.9 $ 3.2 $ 3.2 |
Long-Term Debt and Capital Le_2
Long-Term Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule of Long-Term Debt and Capital Lease Obligation | The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions): December 28, 2018 December 29, 2017 Senior unsecured revolving credit facility (see Credit Facility below) $ 661.3 $ 356.2 Capital lease obligations 1.1 1.4 Total long-term debt and capital lease obligations 662.4 357.6 Less: Current portion (0.5 ) (0.6 ) Long-term debt and capital lease obligations $ 661.9 $ 357.0 |
Schedule of Line of Credit Facilities | The following is a summary of the material terms of the Credit Facility and other working capital facilities at December 28, 2018 (U.S. dollars in millions): Term Maturity Date Interest Rate at Borrowing Limit Available Borrowings at December 28, 2018 Bank of America credit facility 5.0 years April 15, 2020 3.87% $ 1,100.0 $ 433.7 Rabobank letter of credit facility 364 days June 18, 2019 Varies 25.0 19.3 Other working capital facilities Varies Varies Varies 23.3 14.2 $ 1,148.3 $ 467.2 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt and capital lease obligations during the next five years are (U.S. dollars in millions): Fiscal Years Long-Term Capital Leases Totals 2019 $ 28.1 $ 0.5 $ 28.6 2020 695.8 0.3 696.1 2021 — 0.2 0.2 2022 — 0.1 0.1 2023 — — — 723.9 1.1 725.0 Less: Amounts representing interest (1) (62.6 ) — (62.6 ) 661.3 1.1 662.4 Less: Current portion $ — $ (0.5 ) $ (0.5 ) Totals, net of current portion of long-term debt and capital lease obligations $ 661.3 $ 0.6 $ 661.9 (1) We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 4.3% . |
Earnings (Loss) Per Ordinary _2
Earnings (Loss) Per Ordinary Share (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted net income per ordinary share is calculated as follows (U.S. dollars in millions, except share and per share data): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Numerator: Net (loss) income attributable to Fresh Del Monte Produce Inc. $ (21.9 ) $ 120.8 $ 225.1 Denominator: Weighted average number of ordinary shares - Basic 48,625,175 50,247,881 51,507,755 Effect of dilutive securities - share-based employee options and awards — 340,827 454,440 Weighted average number of ordinary shares - Diluted 48,625,175 50,588,708 51,962,195 Antidilutive Options and Awards (1) 851,645 96,115 — Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc.: Basic $ (0.45 ) $ 2.40 $ 4.37 Diluted $ (0.45 ) $ 2.39 $ 4.33 (1) Options to purchase shares of common stock and unvested RSUs and PSUs are not included in the calculation of net (loss) income per ordinary share because the effect would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Equity [Abstract] | |
Schedule of Comprehensive Income (Loss) | The following table includes the changes in accumulated other comprehensive (loss) income by component under the ASC on “ Comprehensive Income ” for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) Changes in Fair Value of Effective Cash Flow Hedges Foreign Currency Translation Adjustment Retirement Benefit Adjustment Total Balance at December 30, 2016 $ 5.4 $ (25.4 ) $ (24.2 ) $ (44.2 ) Other comprehensive (loss) income before reclassifications (7.7 ) 18.7 (2 ) 0.5 11.5 Amounts reclassified from accumulated other comprehensive loss 0.9 — 1.2 2.1 Net current period other comprehensive (loss) income (6.8 ) 18.7 1.7 13.6 Balance at December 29, 2017 $ (1.4 ) $ (6.7 ) $ (22.5 ) $ (30.6 ) Other comprehensive (loss) income before reclassifications (0.6 ) (8.2 ) (2 ) 0.8 (8.0 ) Amounts reclassified from accumulated other comprehensive loss (3.8 ) — 0.8 (3.0 ) Net current period other comprehensive (loss) income (4.4 ) (8.2 ) 1.6 (11.0 ) Balance at December 28, 2018 $ (5.8 ) $ (14.9 ) $ (20.9 ) $ (41.6 ) (1) All amounts are net of tax and noncontrolling interests. (2) Includes a loss of $ 1.3 million for the year ended December 28, 2018 and a gain of $5.6 million for the year ended December 29, 2017 related to intra-entity foreign currency transactions that are of a long-term-investment nature |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table includes details about amounts reclassified from accumulated other comprehensive (loss) income by component for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): December 28, 2018 December 29, 2017 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the statement where net income is presented Changes in fair value of effective cash flow hedges: Foreign currency cash flow hedges $ (5.3 ) $ 1.2 Net sales Foreign currency cash flow hedges — (0.3 ) Cost of products sold Interest rate swaps $ 1.5 $ — Interest expense Total $ (3.8 ) $ 0.9 Amortization of retirement benefits: Actuarial losses $ — $ 0.8 Selling, general and administrative expenses Actuarial losses — 0.4 Cost of products sold Actuarial losses (1) $ 0.8 $ — Other expense, net Total $ 0.8 $ 1.2 (1) Refer to Note 14 , " Retirement and Other Employee Benefits " for additional information on reclassification of certain net periodic pension costs due to adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost regarding the presentation of components of net periodic pension costs. |
Retirement and Other Employee_2
Retirement and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Retirement Benefits [Abstract] | |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans | The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 28, 2018 and December 29, 2017 , which are also their measurement dates (U.S. dollars in millions): Pension plans (1) Post-retirement plans December 28, 2018 December 29, December 28, 2018 December 29, 2017 U.S. U.K. U.S. U.K. Central America Central America Change in Benefit Obligation: Beginning benefit obligation $ 16.7 $ 64.6 $ 17.0 $ 57.0 $ 67.1 $ 61.9 Service cost — — — — 5.9 5.6 Interest cost 0.5 1.5 0.6 1.5 4.0 4.4 Actuarial (gain) loss (0.7 ) (3.0 ) 0.5 2.9 (6.6 ) 0.4 Benefits paid (1.3 ) (2.3 ) (1.4 ) (2.0 ) (5.7 ) (6.0 ) Exchange rate changes (2) — (3.8 ) — 5.5 (3.5 ) 0.8 Plan amendment — 1.4 — (0.3 ) — — Ending benefit obligation 15.2 58.4 16.7 64.6 61.2 67.1 Change in Plan Assets: Beginning fair value 13.9 61.3 13.1 50.5 — — Actual return on plan assets (0.9 ) (5.0 ) 1.8 5.9 — — Company contributions 0.2 1.8 0.4 1.8 5.7 6.0 Benefits paid (1.3 ) (2.3 ) (1.4 ) (2.0 ) (5.7 ) (6.0 ) Exchange rate changes (2) — (3.5 ) — 5.1 — — Ending fair value 11.9 52.3 13.9 61.3 — — Amounts recognized in the Consolidated Balance Sheets: Accounts payable and accrued expenses (current liability) — — — — 8.1 7.5 Retirement benefits liability (noncurrent liability) 3.2 6.0 2.8 3.3 53.1 59.6 Net amount recognized in the Consolidated Balance Sheets $ 3.2 $ 6.0 $ 2.8 $ 3.3 $ 61.2 $ 67.1 Amounts recognized in Accumulated other comprehensive loss (3) : Net actuarial loss (9.4 ) (7.7 ) (8.7 ) (1.7 ) (6.4 ) (14.2 ) Net amount recognized in accumulated other comprehensive loss $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) (1) The accumulated benefit obligation is the same as the projected benefit obligation. (2) The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 28, 2018 and December 29, 2017 , when compared to the previous year. (3) We had accumulated other comprehensive income of $5.1 million as of December 28, 2018 and $5.7 million as of December 29, 2017 related to the tax effect of unamortized pension gains. |
Roll Forward of AOCI Balances | The following table provides a roll forward of the accumulated other comprehensive (loss) income ("AOCI") balances (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 28, 2018 December 29, December 28, December 29, Reconciliation of AOCI U.S. U.K. U.S. U.K. Central America Central America AOCI (loss) at beginning of plan year $ (8.7 ) $ (1.7 ) $ (9.4 ) $ (2.8 ) $ (14.2 ) $ (14.6 ) Amortization of net losses recognized during the year 0.4 (0.4 ) 0.4 — 0.8 0.9 Net (losses) gains occurring during the year (1.1 ) (5.7 ) 0.3 1.0 6.6 (0.5 ) Currency exchange rate changes — 0.1 — 0.1 0.4 — AOCI (loss) at end of plan year $ (9.4 ) $ (7.7 ) $ (8.7 ) $ (1.7 ) $ (6.4 ) $ (14.2 ) |
Post-retirement Healthcare Plans Assumptions | The amounts in AOCI expected to be amortized as a component of net period cost in the upcoming year are (U.S. dollars in millions): Pension plans Post-retirement U.S. U.K. Central America 2019 amortization of net losses $ 0.4 $ — $ 0.8 |
Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans | The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions): Pension plans Post-retirement plans Year ended Year ended December 28, 2018 December 29, December 30, 2016 December 28, December 29, 2017 December 30, U.S. U.K. U.S. U.K. U.S. U.K. Central Central America Central Service cost $ — $ — $ — $ — $ — $ — $ 5.9 $ 5.6 $ 5.2 Interest cost 0.5 1.5 0.6 1.5 0.7 1.9 4.0 4.4 3.8 Expected return on assets (1.0 ) (2.5 ) (1.0 ) (2.4 ) (1.0 ) (2.6 ) — — — Net amortization 0.4 (0.4 ) 0.4 — 0.3 — 0.8 0.8 0.8 Net periodic cost (income) $ (0.1 ) $ (1.4 ) $ — $ (0.9 ) $ — $ (0.7 ) $ 10.7 $ 10.8 $ 9.8 |
Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans | The assumptions used in the calculation of the benefit obligations of our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 28, 2018 December 29, 2017 December 30, 2016 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central Weighted average discount rate 4.10 % 2.80 % 8.06 % 3.45 % 2.45 % 6.50 % (1) 3.85 % 2.60 % 7.29 % Rate of increase in compensation levels — — 4.75 % — 2.40 % 4.75 % — 2.50 % 4.75 % The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following: December 28, 2018 December 29, 2017 December 30, 2016 Pension plans Post- Pension plans Post- Pension plans Post- U.S. U.K. Central U.S. U.K. Central U.S. U.K. Central America Weighted average discount rate 3.45 % 2.45 % 6.51 % 3.85 % 2.60 % 7.10 % (1) 4.00 % 3.70 % 7.23 % Rate of increase in compensation levels — — 4.75 % — 2.50 % 4.75 % — 2.20 % 4.64 % Expected long-term rate of return on assets 7.50 % 4.22 % — 7.50 % 4.50 % — 7.50 % 5.47 % — (1) The increase or decrease in the weighted average discount rate assumption for the benefit obligation and net periodic pension costs increased due to an increase or decrease in inflation assumptions and country-specific investments. |
Expected Benefit Payments | Cash Flows Pension plans Post-retirement U.S. U.K. Central America Expected benefit payments for: 2019 $ 1.4 $ 1.8 $ 8.1 2020 1.3 1.8 6.7 2021 1.3 1.8 6.5 2022 1.2 1.9 6.5 2023 1.2 2.0 6.4 Next 5 years 5.2 11.7 32.3 Expected benefit payments over the next 10 years $ 11.6 $ 21.0 $ 66.5 |
Fair Values of Plan Assets by Asset Category | The fair values of our U.K. plan assets by asset category are as follows: Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.8 $ 0.8 $ — $ — Equity securities: United Kingdom companies 4.5 — 4.5 — Diversified growth funds 17.5 — 17.5 — Other international companies 15.0 — 15.0 — Fixed income securities: United Kingdom government bonds 6.1 — 6.1 — Liability-driven investments 8.4 — 8.4 — Total $ 52.3 $ 0.8 $ 51.5 $ — Fair Value Measurements at Asset Category Total Fair Quoted Prices Significant Observable Significant Unobservable Cash $ 0.2 $ 0.2 $ — $ — Equity securities: United Kingdom companies 5.5 — 5.5 — Diversified growth funds 20.8 — 20.8 — Other international companies 18.5 — 18.5 — Fixed income securities: United Kingdom government bonds 7.1 — 7.1 — Liability-driven investments 9.2 — 9.2 — Total $ 61.3 $ 0.2 $ 61.1 $ — The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.4 $ 5.4 $ — $ — Value securities 2.2 2.2 — — Growth securities 4.3 4.3 — — Total $ 11.9 $ 11.9 $ — $ — 14 . Retirement and Other Employee Benefits (continued) The fair values of our U.S. plan assets by asset category are as follows: Fair Value Measurements at Quoted Prices in Significant Significant Asset Category Total (Level 1) (Level 2) (Level 3) Mutual Funds: Fixed income securities $ 5.7 $ 5.7 $ — $ — Value securities 3.8 3.8 — — Growth securities 4.4 4.4 — — Total $ 13.9 $ 13.9 $ — $ — |
Share-Based Compensation (Tabl
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards | Share-based compensation expense included in selling, general and administrative expenses related to stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") is included in the accompanying Consolidated Statements of Operations as follows (U.S. dollars in millions): Year ended Types of Awards December 28, 2018 December 29, 2017 December 30, 2016 Stock options $ 0.1 $ 0.5 $ 2.4 RSUs/PSUs 10.3 10.7 21.6 RSAs 1.1 0.9 0.9 Total $ 11.5 $ 12.1 $ 24.9 |
Restricted Stock Units Award Activity | The following table lists the RSA for the years ended December 28, 2018 and December 29, 2017 : Date of Award Shares of Price Per Share January 2, 2018 21,304 $ 46.93 August 2, 2018 1,687 $ 49.38 January 3, 2017 14,294 61.21 |
Schedule of RSUs / PSUs Awarded | The following table lists the various RSUs/PSUs awarded under the 2014 Plan and Prior Plans for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions except share and per share data): Date of Award Type of Award Units Awarded Price Per Share June 25, 2018 RSU 2,000 $ 44.78 February 21, 2018 RSU 125,000 46.35 February 21, 2018 PSU 85,000 46.35 August 2, 2017 RSU 48,700 49.75 February 22, 2017 PSU 100,000 56.52 February 22, 2017 RSU 50,000 56.52 September 2, 2016 (1) RSU 50,000 58.94 August 3, 2016 RSU 226,500 59.83 February 24, 2016 PSU 140,000 38.99 February 24, 2016 RSU 50,000 38.99 (1) New grant related to the former President/COO transition |
Schedule of RSUs / PSUs Activity | The following table summarizes RSUs/PSUs activity for the years ended December 28, 2018 , December 29, 2017 , December 30, 2016 : Number of Weighted RSUs/PSUs outstanding at January 1, 2016 988,542 $ 30.94 Granted 427,624 49.91 Converted (472,841 ) 37.77 Canceled (11,289 ) 37.89 RSUs/PSUs outstanding at December 30, 2016 932,036 36.09 Granted 208,743 54.17 Converted (336,112 ) 34.91 Canceled (43,515 ) 43.77 RSUs/PSUs outstanding at December 29, 2017 761,152 41.13 Granted 223,531 46.10 Converted (279,440 ) 41.31 Canceled (21,948 ) 50.40 RSUs/PSUs outstanding at December 28, 2018 683,295 42.39 Vested at December 30, 2016 126,250 $ 22.61 Vested at December 29, 2017 235,332 $ 26.49 Vested at December 28, 2018 249,767 $ 31.28 |
Summary of RSUs / PSUs Outstanding | Information about RSUs/PSUs outstanding at December 28, 2018 was as follows: Grant Date Market Value Outstanding Outstanding Vested Vested Intrinsic Value $ 44.78 1,613 $ — — $ — $ 46.35 101,539 — — — $ 46.35 82,119 — — — $ 40.03 25,693 — — — $ 56.52 74,885 — 17,301 — $ 56.52 30,826 — — — $ 59.83 51,225 — — — $ 49.75 28,022 — — — $ 38.99 59,523 — 35,894 — $ 38.99 20,763 — — — $ 33.44 49,998 — 49,998 — $ 33.44 10,513 — — — $ 25.52 53,433 0.1 53,431 0.1 $ 26.52 54,291 0.1 54,291 0.1 $ 24.68 38,852 0.1 38,852 0.1 683,295 $ 0.3 249,767 $ 0.3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate Minimum Payments Under all Operating Leases and Vessel Charter Agreements | The aggregate minimum payments under all operating leases and ship charter agreements with initial terms of one year or more at December 28, 2018 are as follows (U.S. dollars in millions): 2019 $ 64.2 2020 31.5 2021 22.5 2022 16.3 2023 15.3 Thereafter 69.2 $ 219.0 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows | We had the following outstanding foreign currency forward contracts as of December 28, 2018 : Foreign Currency Contracts Qualifying as Cash Flow Hedges: Notional Amount Euro € 73.2 million Japanese yen JPY 2,634.5 million Korean won KRW 35,974.4 million |
Fair Values of Derivative Instruments | The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Derivatives Designated as Hedging Instruments (1) Foreign exchange contracts Interest Rate Swaps Total Balance Sheet Location: December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Asset derivatives: Prepaid expenses and other current assets $ 1.6 $ — $ — $ — $ 1.6 $ — Total asset derivatives $ 1.6 $ — $ — $ — $ 1.6 $ — Liability derivatives: Accounts payable and accrued expenses $ 0.8 $ 1.4 $ — $ — $ 0.8 (2) $ 1.4 Other non-current liabilities — — 7.6 — 7.6 (2) — Total liability derivatives $ 0.8 $ 1.4 $ 7.6 $ — $ 8.4 $ 1.4 (1) See Note 19 , " Fair Value Measurements, " for fair value disclosures. (2) We expect that $0.8 million of the fair value of hedges recognized as a net loss in accumulated other comprehensive income ("AOCI") will be transferred to earnings during the next 12 months, and the remaining net loss of $7.6 million in AOCI over a period of 10 years, along with the earnings effect of the related forecasted transactions. |
Effect of Derivative Instruments on the Consolidated Statements of Income | The following table reflects the effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions): Derivatives in Cash Flow Amount of Gain (Loss) Recognized in Other Location of (Loss) Gain Reclassified Amount of Gain (Loss) Reclassified from Year ended Year ended December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Foreign exchange contracts $ 1.6 $ (5.4 ) Net sales $ 5.3 $ (1.2 ) Foreign exchange contracts 0.6 (1.4 ) Cost of products sold — 0.3 Interest rate swaps, net of tax (6.6 ) — Interest expense (1.5 ) — Total $ (4.4 ) $ (6.8 ) $ 3.8 $ (0.9 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities Measured on a Recurring Basis | The following table provides a summary of the fair values of our derivative financial instruments measured on a recurring basis under “ Fair Value Measurements and Disclosures ” (U.S. dollars in millions): Fair Value Measurements Foreign currency forward contracts, net asset (liability) Interest rate contracts, net (liability), asset December 28, 2018 December 29, 2017 December 28, 2018 December 29, 2017 Quoted prices in active markets for identical assets (Level 1) $ — $ — $ — $ — Significant other observable inputs (Level 2) 0.8 (1.4 ) (7.6 ) — Significant unobservable inputs (Level 3) — — — — |
Fair Values of Assets and Liabilities Measured on a Non-Recurring Basis | The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant Philippines contract terminations $ 1.9 $ — $ — $ 1.9 Underutilized assets in Central America 6.5 — — 6.5 DEL MONTE ® Prepared Foods reporting unit's trade names and trademarks 31.9 — — 31.9 Tomato production assets held for sale in the United States 45.4 — — 45.4 $ 85.7 $ — $ — $ 85.7 The following is a tabular presentation of the non-recurring fair value measurement along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls (U.S. dollars in millions): Fair Value Measurements for the year ended Total Quoted Prices in Significant Other Significant U.K. Beverage trademark impairment $ 1.8 $ — $ — $ 1.8 $ 1.8 $ — $ — $ 1.8 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Our fiscal quarter-ends correspond to the last Friday of the 13-week period, beginning the day following our fiscal year end. The following summarizes certain quarterly operating data (U.S. dollars in millions, except per share data): Quarter ended March 30, 2018 June 29, 2018 (2) September 28, 2018 (2) December 28, 2018 (2) Net sales $ 1,106.1 $ 1,272.4 $ 1,069.5 $ 1,045.9 Gross profit 106.5 78.3 52.6 42.4 Net income (loss) 43.2 (5.6 ) (21.2 ) (32.3 ) Net income (loss) attributable to Fresh Del Monte 41.5 (7.9 ) (21.5 ) (34.0 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Net income (loss) per ordinary share attributable to (1) $ 0.85 $ (0.16 ) $ (0.44 ) $ (0.70 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 March 31, 2017 June 30, 2017 September 29, 2017 December 29, 2017 (3) Net sales $ 1,032.4 $ 1,147.1 $ 952.7 $ 953.7 Gross profit 99.1 123.2 58.3 51.0 Net income (loss) 45.6 69.8 10.5 (6.7 ) Net income (loss) attributable to Fresh Del Monte 46.4 69.2 11.5 (6.3 ) Net income (loss) per ordinary share attributable to (1) $ 0.91 $ 1.37 $ 0.23 $ (0.13 ) Net income (loss) per ordinary share attributable to (1) $ 0.90 $ 1.36 $ 0.23 $ (0.13 ) Dividends declared per ordinary share $ 0.150 $ 0.150 $ 0.150 $ 0.150 (1) Basic and diluted earnings per share for each of the quarters presented above is based on the respective weighted average number of shares for the quarters. The sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per share amounts due to rounding. (2) Diluted earnings per share for the following quarters excludes the impact of antidilutive share based payment awards for ordinary shares as they were antidilutive as follows: 739,106 ordinary shares for the quarter ended June 29, 2018 , 620,017 ordinary shares for the quarter ended September 28, 2018 and 851,645 for the quarter ended December 28, 2018 . (3) Diluted earnings per share for the quarter ended December 29, 2017 excludes the impact of antidilutive share-based payment awards for 275,688 ordinary shares, as they were antidilutive. |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Segment Reporting [Abstract] | |
Net sales and gross profit by geographic region | We evaluate performance based on several factors, of which net sales and gross profit by product are the primary financial measures (U.S. dollars in millions): Year ended December 28, 2018 December 29, 2017 December 30, 2016 Net Sales Gross Profit Net Sales Gross Profit Net Sales Gross Profit Other fresh produce $ 2,443.0 $ 180.2 $ 1,997.2 $ 179.2 $ 1,852.6 $ 236.7 Banana 1,703.1 84.1 1,775.1 113.4 1,811.5 159.5 Prepared food 347.8 15.5 313.6 39.0 347.4 65.2 Totals $ 4,493.9 $ 279.8 $ 4,085.9 $ 331.6 $ 4,011.5 $ 461.4 Our North America region included the following Mann Packing results: Period from February 27, 2018 to December 28, 2018 Products: Net Sales Gross Profit Other fresh produce $ 441.8 $ 28.8 Prepared foods 46.8 7.2 Totals $ 488.6 $ 36.0 |
Net sales by geographic region | Year ended Net sales by geographic region: December 28, 2018 December 29, 2017 December 30, North America $ 2,871.3 $ 2,382.4 $ 2,221.5 Europe 653.7 665.9 673.1 Middle East 445.6 518.8 569.8 Asia 465.7 460.2 477.2 Other 57.6 58.6 69.9 Total net sales $ 4,493.9 $ 4,085.9 $ 4,011.5 |
Net sales by product | The following table indicates our net sales by product: Year ended December 28, 2018 December 29, 2017 December 30, 2016 Segments: Other fresh produce: Gold pineapples 487.9 11 % 492.7 12 % 495.1 12 % Fresh-cut produce: Fresh-cut fruit 510.6 11 % 496.9 12 % 417.7 10 % Fresh-cut vegetables 433.2 10 % 110.9 3 % 99.2 2 % Non-tropical fruit 221.5 5 % 235.7 6 % 259.8 7 % Avocados 329.2 7 % 314.9 8 % 229.6 6 % Melons 107.8 3 % 106.8 3 % 111.6 3 % Tomatoes 62.5 1 % 77.7 2 % 81.2 2 % Vegetables 140.2 3 % 25.9 1 % 30.3 1 % Other fruit, products and services 150.1 3 % 135.7 2 % 128.1 3 % Total other fresh produce $ 2,443.0 54 % $ 1,997.2 49 % $ 1,852.6 46 % Banana 1,703.1 38 % 1,775.1 43 % 1,811.5 45 % Prepared food 347.8 8 % 313.6 8 % 347.4 9 % Total $ 4,493.9 100 % $ 4,085.9 100 % $ 4,011.5 100 % |
Long-lived assets by geographical region | Property, plant and equipment, net: December 28, 2018 December 29, 2017 North America $ 241.4 $ 169.9 Europe 51.4 52.5 Middle East 129.6 139.9 Africa 44.8 44.2 Asia 128.4 159.3 Central America 644.1 642.1 South America 90.5 91.2 Maritime equipment (including containers) 52.9 18.3 Corporate 9.1 10.9 Total property, plant and equipment, net $ 1,392.2 $ 1,328.3 Identifiable assets: December 28, 2018 December 29, 2017 North America $ 933.0 $ 441.5 Europe 297.1 325.0 Middle East 278.9 300.0 Africa 162.0 133.6 Asia 239.2 270.1 Central America 1,026.5 1,011.7 South America 165.0 185.1 Maritime equipment (including containers) 66.9 35.0 Corporate 86.6 64.9 Total identifiable assets $ 3,255.2 $ 2,766.9 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Ordinary Share Activity | The ordinary share activity for the years ended December 28, 2018 and December 29, 2017 is summarized as follows: Year ended December 28, 2018 December 29, 2017 Ordinary shares issued/(retired) as a result of: Stock option exercises 38,500 59,000 Restricted stock awards 22,991 14,294 Restricted and performance stock units 351,856 251,303 Ordinary share repurchase and retirement (730,532 ) (2,822,022 ) |
Schedule of Repurchase Activity | The following represents a summary of repurchase activity during years ended December 28, 2018 and December 29, 2017 (U.S. dollars in millions, except share and per share data): Year ended December 28, 2018 December 29, 2017 Shares USD Average price per share Shares USD Average price per share Year ended: 730,532 $ 29.4 $ 40.26 2,822,022 $ 142.0 $ 50.31 |
Schedule of Dividends Declared | The following is a summary of the dividends declared per share for the years ended December 28, 2018 and December 29, 2017 : Year ended December 28, 2018 December 29, 2017 Dividend Declared Date Cash Dividend Declared, per Ordinary Share Dividend Declared Date Cash Dividend Declared, per Ordinary Share December 7, 2018 $ 0.15 December 8, 2017 $ 0.15 September 7, 2018 $ 0.15 September 8, 2017 $ 0.15 June 1, 2018 $ 0.15 June 2, 2017 $ 0.15 March 30, 2018 $ 0.15 March 31, 2017 $ 0.15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 28, 2018 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2018 | |
Significant Accounting Policies [Line Items] | |||||
Other accounts receivable, value added taxes receivable current | $ 29.9 | $ 24.6 | |||
Other accounts receivable, allowance for value added tax receivable current | 0.5 | 0.9 | |||
Other accounts receivable, value added taxes receivable noncurrent | 21.5 | 23.6 | |||
Other accounts receivable, allowance for value added tax receivable noncurrent | $ 9.2 | 11.2 | |||
Ownership interest | 20.00% | ||||
Useful life | 21 years 6 months 24 days | ||||
Amortization expense for definite-lived intangible assets | $ 7 | 0.8 | $ 0.8 | ||
Asset impairment charges | 35.1 | 3.7 | 6 | ||
Advertising and promotional costs | 15.2 | 12.8 | 17.2 | ||
Amortization of debt issuance costs | 0.7 | 0.5 | 0.5 | ||
Foreign exchange loss | 10.4 | 2 | 2.2 | ||
Excess tax benefit reclassified from financing activities | (242) | 53.8 | $ 205.4 | ||
Deferred income taxes | 68.1 | 59.1 | |||
Retained earnings | $ 1,206 | $ 1,275 | |||
Minimum | Buildings | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 10 years | ||||
Minimum | Maritime and other equipment, including ships and containers | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 5 years | ||||
Minimum | Machinery and equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 3 years | ||||
Minimum | Furniture, fixtures and office equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 3 years | ||||
Minimum | Automotive equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 5 years | ||||
Maximum | Buildings | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 40 years | ||||
Maximum | Maritime and other equipment, including ships and containers | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 20 years | ||||
Maximum | Machinery and equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 20 years | ||||
Maximum | Furniture, fixtures and office equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 7 years | ||||
Maximum | Automotive equipment | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, minimum estimated useful lives (in years) | 10 years | ||||
Accounts Receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Percent of trade accounts receivable | 10.00% | ||||
Accounting Standards Update 2016-16 | |||||
Significant Accounting Policies [Line Items] | |||||
Deferred income taxes | $ 3.2 | ||||
Retained Earnings | Accounting Standards Update 2016-16 | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | (3.2) | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||
Significant Accounting Policies [Line Items] | |||||
Retained earnings | $ 0.1 | ||||
United Kingdom | |||||
Significant Accounting Policies [Line Items] | |||||
Sale of surplus land | $ 6.4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Accounting Policies [Abstract] | ||
Finished goods | $ 217.4 | $ 210.1 |
Raw materials and packaging supplies | 167 | 165.4 |
Growing crops | 180.9 | 166.3 |
Total inventories | $ 565.3 | $ 541.8 |
Asset Impairment and Other Ch_3
Asset Impairment and Other Charges, Net - Asset Impairment and Exit Activity Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Asset impairment and other charges, net | $ 42.3 | $ 1.8 | $ 27.2 |
Long-lived and other asset impairment | 35.1 | 3.7 | 6 |
Exit activity and other charges (credits) | 7.2 | (1.9) | 21.2 |
Total | 42.3 | 1.8 | 27.2 |
Philippines | Contract termination costs | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.9 | ||
Banana | Philippines | Exit activities of low-yield areas | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 30 | ||
Exit activity and other charges (credits) | 2.3 | ||
Total | 32.3 | ||
Banana | Philippines | Floods | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.8 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 0.8 | ||
Banana | Philippines | Plantation conversion | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 2.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 2.5 | ||
Banana | Central America | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.8 | 0.6 | 1.2 |
Exit activity and other charges (credits) | 0 | 0 | 0 |
Total | 1.8 | 0.6 | 1.2 |
Banana | Central America | Cost reduction initiatives | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.8 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 1.8 | ||
Banana | United Kingdom | Contract termination costs | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 0.7 | ||
Total | 0.7 | ||
Banana | Brazil | Drought conditions | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 2.2 | ||
Exit activity and other charges (credits) | 0.2 | ||
Total | 2.4 | ||
Banana | Africa | Investment write-off | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 1.5 | ||
Prepared food | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 19.7 | ||
Total | 19.7 | ||
Other fresh produce | Acquisition costs | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 4.1 | ||
Total | 4.1 | ||
Other fresh produce | Other fresh produce segment charges (credits) | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | 0.1 | |
Exit activity and other charges (credits) | (1.6) | 0 | |
Total | (1.6) | 0.1 | |
Other fresh produce | Central America | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.5 | ||
Exit activity and other charges (credits) | 0 | ||
Total | 0.5 | ||
Other fresh produce | United States | Underutilized assets | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 1 | ||
Total | 1 | ||
Other fresh produce | Chile | Floods | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0.8 | ||
Exit activity and other charges (credits) | 1 | ||
Total | 1.8 | ||
Other fresh produce | Chile | Cost reduction initiatives | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | 2.4 | ||
Total | $ 2.4 | ||
Other fresh produce | Chile | Insurance recoveries | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | ||
Exit activity and other charges (credits) | (3.4) | ||
Total | (3.4) | ||
Other fresh produce | Hawaii | Adjustment of Kunia Well Site environmental reserve in Hawaii and other charges | |||
Schedule of Asset Impairment and Other Charges [Line Items] | |||
Long-lived and other asset impairment | 0 | 0 | |
Exit activity and other charges (credits) | 0.5 | 0.6 | |
Total | $ 0.5 | $ 0.6 |
Asset Impairment and Other Ch_4
Asset Impairment and Other Charges, Net - Exit Activity and Other Reserves (Details) $ in Millions | 12 Months Ended |
Dec. 28, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
Exit activity and other reserves balance at December 29, 2017 | $ 0.3 |
Impact to Earnings | 4.7 |
Cash Paid | (4.5) |
Foreign Exchange Impact | 0 |
Exit activity and other reserves balance at December 28, 2018 | 0.5 |
Termination Benefits | |
Restructuring Reserve [Roll Forward] | |
Exit activity and other reserves balance at December 29, 2017 | 0 |
Impact to Earnings | 2.8 |
Exit activity and other reserves balance at December 28, 2018 | 0 |
Contract termination and other exit activity charges | |
Restructuring Reserve [Roll Forward] | |
Exit activity and other reserves balance at December 29, 2017 | 0.3 |
Impact to Earnings | 1.9 |
Cash Paid | (1.7) |
Foreign Exchange Impact | 0 |
Exit activity and other reserves balance at December 28, 2018 | 0.5 |
Philippines | Contract termination and other exit activity charges | |
Restructuring Reserve [Roll Forward] | |
Exit activity and other reserves balance at December 28, 2018 | 1.4 |
Other fresh produce | Philippines and Chile | Termination Benefits | |
Restructuring Reserve [Roll Forward] | |
Cash Paid | (2.8) |
Minimum | Philippines and Chile | Termination benefits and contract termination costs | |
Restructuring Reserve [Roll Forward] | |
Expected charges | 0.5 |
Maximum | Philippines and Chile | Termination benefits and contract termination costs | |
Restructuring Reserve [Roll Forward] | |
Expected charges | $ 1 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | Jun. 05, 2018 | May 07, 2018 | Feb. 26, 2018 | Dec. 28, 2018 | Dec. 28, 2018 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Jun. 29, 2018 |
Business Acquisition [Line Items] | ||||||||||
Percentage of voting interests acquired | 70.00% | |||||||||
Payments to acquire business | $ 1,700,000 | $ 357,500,000 | $ 0 | $ 9,000,000 | ||||||
Goodwill | $ 423,400,000 | $ 423,400,000 | 423,400,000 | 261,900,000 | 260,900,000 | |||||
Additional amortization and depreciation related to definite-lived intangible assets and amortization expense | (8,700,000) | |||||||||
Selling, general and administrative expense | (6,900,000) | |||||||||
Cost of products sold | (1,800,000) | |||||||||
Three Limes Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of voting interests acquired | 10.00% | |||||||||
Consideration transferred | $ 4,200,000 | |||||||||
Adjustments or impairments made | 0 | |||||||||
Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Trade accounts receivable, net of allowance | (2,400,000) | |||||||||
Adjustments or impairments made | 14,200,000 | |||||||||
Definite-lived intangible assets, net | $ 139,800,000 | 3,900,000 | ||||||||
Goodwill | 162,000,000 | 162,000,000 | 162,000,000 | $ 159,900,000 | ||||||
Definite-lived intangible assets, net | 139,800,000 | 139,800,000 | 139,800,000 | 135,900,000 | ||||||
Put option window | 5 years | |||||||||
Redeemable noncontrolling interest | 47,400,000 | 47,400,000 | 47,400,000 | $ 39,100,000 | ||||||
Promissory Note | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Liabilities incurred for business acquisition | $ 229,700,000 | |||||||||
Term | 3 days | |||||||||
Credit Facility | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Liabilities incurred for business acquisition | $ 127,500,000 | |||||||||
Adjustment | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration transferred | 357,200,000 | |||||||||
Eliminated nonrecurring acquisition related costs | $ (3,800,000) | |||||||||
Customer Lists | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, net | $ 115,600,000 | |||||||||
Weighted average amortization period | 23 years | |||||||||
Trademarks and Trade Names | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, net | $ 24,200,000 | |||||||||
Weighted average amortization period | 11 years | |||||||||
Other fresh produce | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 310,100,000 | 310,100,000 | 310,100,000 | 197,200,000 | 196,700,000 | |||||
Other fresh produce | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 113,200,000 | |||||||||
Prepared food | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 48,800,000 | $ 48,800,000 | $ 48,800,000 | $ 0 | $ 0 | |||||
Prepared food | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 48,800,000 | |||||||||
Subsidiary | Mann Packing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of voting interests acquired | 25.00% |
Investments in Unconsolidated_3
Investments in Unconsolidated Companies - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated companies accounted for under the equity method | $ 5,700,000 | $ 1,600,000 | |
Sales to related party | 700,000 | 300,000 | |
Purchases from unconsolidated companies | 8,900,000 | 9,300,000 | $ 9,500,000 |
Dividends from unconsolidated subsidiaries | 0 | 0 | 0 |
Unconsolidated companies | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchases from unconsolidated companies | 0 | $ 0 | $ 0 |
Purple Carrot | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to related party | $ 500,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Feb. 26, 2018 | Dec. 28, 2018 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Sep. 28, 2018 |
Current assets: | ||||||
Goodwill | $ 423.4 | $ 423.4 | $ 261.9 | $ 260.9 | ||
Business Combination, Additional Disclosures [Abstract] | ||||||
Interest expense | 23.6 | 6.4 | $ 4.1 | |||
Mann Packing | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1.4 | 1.4 | $ 0.1 | |||
Trade accounts receivable, net of allowance | 37 | 37 | 39.4 | |||
Other accounts receivable, net of allowance | 5.3 | 5.3 | 4 | |||
Inventories, net | 23.8 | 23.8 | 20.9 | |||
Prepaid expenses and other current assets | 3.9 | 3.9 | 2.1 | |||
Total current assets | 71.4 | 71.4 | 66.5 | |||
Property, plant and equipment, net | 96.2 | 96.2 | 97.1 | |||
Definite-lived intangible assets, net | 139.8 | 139.8 | 135.9 | |||
Goodwill | 162 | 162 | 159.9 | |||
Total assets acquired | 469.4 | 469.4 | 459.4 | |||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 64.8 | 64.8 | 48.9 | |||
Total current liabilities | 64.8 | 64.8 | 48.9 | |||
Less: Redeemable noncontrolling interest | 47.4 | 47.4 | 39.1 | |||
Net assets acquired | 357.2 | 357.2 | $ 371.4 | |||
Adjustments | ||||||
Cash and cash equivalents | 1.3 | |||||
Trade accounts receivable, net of allowance | (2.4) | |||||
Other accounts receivable, net of allowance | 1.3 | |||||
Inventories, net | 2.9 | |||||
Prepaid expenses and other current assets | 1.8 | |||||
Total current assets | 4.9 | |||||
Property, plant and equipment, net | (0.9) | |||||
Definite-lived intangible assets, net | $ 139.8 | 3.9 | ||||
Goodwill | 2.1 | |||||
Total assets acquired | 10 | |||||
Accounts payable and accrued expenses | 15.9 | |||||
Total liabilities assumed | 15.9 | |||||
Less: Redeemable noncontrolling interest | 8.3 | |||||
Net assets (liabilities) acquired | 14.2 | |||||
Results From Acquiree Since Acquisition Date, Actual [Abstract] | ||||||
Net sales | 488.6 | |||||
Net income attributable to Fresh Del Monte Produce, Inc. | $ (1.7) | |||||
Pro Forma Information [Abstract] | ||||||
Net sales | 4,573.1 | 4,621.6 | ||||
Net income attributable to Fresh Del Monte Produce, Inc. | (18.6) | 134.9 | ||||
Mann Packing | Adjustment | ||||||
Pro Forma Information [Abstract] | ||||||
Net income attributable to Fresh Del Monte Produce, Inc. | 10.8 | |||||
Business Combination, Additional Disclosures [Abstract] | ||||||
Interest expense | 1.9 | $ 8.7 | ||||
Non-recurring acquisition transactions | $ 12.7 |
Investments in Unconsolidated_4
Investments in Unconsolidated Companies - Accounted for Under the Equity Method and Cost Method (Detail) | Dec. 28, 2018 |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 20.00% |
Melones De Costa Rica, S.A. | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 50.00% |
Hacienda Filadelfia, S.A. | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 50.00% |
Del Monte Chilled Fruit Snacks LLC | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 49.00% |
Del Monte Avo LLC | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 49.00% |
Purple Carrot | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Interest | 10.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,343.2 | $ 2,230.5 |
Less: accumulated depreciation and amortization | (951) | (902.2) |
Property, plant and equipment, net | 1,392.2 | 1,328.3 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 702.9 | 716.9 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 586 | 561.3 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 603.6 | 547.3 |
Maritime equipment (including containers) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 117.2 | 148.6 |
Property, plant and equipment, net | 52.9 | 18.3 |
Furniture, fixtures and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 97.2 | 94.3 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77.1 | 77 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 159.2 | $ 85.1 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 92.2 | $ 78.3 | $ 76.8 |
Containers, machinery and equipment and automotive equipment under capital leases | 1.4 | 2.7 | |
Assets under capital leases, accumulated amortization | 0.4 | 1.4 | |
(Gain) loss on disposal of property, plant and equipment, net | $ (7.1) | $ 3 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 423.4 | $ 261.9 | $ 260.9 |
Indefinite-lived intangible assets: | |||
Trademarks | 31.9 | 43.3 | |
Definite-lived intangible assets: | |||
Definite-lived intangible assets | 150.4 | 10.7 | |
Accumulated amortization | (15.4) | (8.1) | |
Definite-lived intangible assets, net | 135 | 2.6 | |
Goodwill and other intangible assets, net | $ 590.3 | $ 307.8 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 261.9 | $ 260.9 | |
Foreign exchange and other | (0.5) | 1 | |
Acquisition of Mann Packing | 162 | ||
Goodwill | 350 | 350 | $ 427.3 |
Accumulated impairment losses | (88.1) | (88.1) | (166.4) |
Ending Balance | 423.4 | 261.9 | |
Bananas | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 64.7 | 64.2 | |
Foreign exchange and other | (0.2) | 0.5 | |
Acquisition of Mann Packing | 0 | ||
Goodwill | 64.7 | 64.7 | 64.2 |
Accumulated impairment losses | 0 | 0 | 0 |
Ending Balance | 64.5 | 64.7 | |
Other fresh produce | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 197.2 | 196.7 | |
Foreign exchange and other | (0.3) | 0.5 | |
Acquisition of Mann Packing | 113.2 | ||
Goodwill | 285.3 | 285.3 | 284.8 |
Accumulated impairment losses | (88.1) | (88.1) | (88.1) |
Ending Balance | 310.1 | 197.2 | |
Prepared food | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Foreign exchange and other | 0 | 0 | |
Acquisition of Mann Packing | 48.8 | ||
Goodwill | 0 | 0 | 78.3 |
Accumulated impairment losses | 0 | 0 | $ (78.3) |
Ending Balance | $ 48.8 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Sensitivities of Goodwill and Indefinite-Lived Intangibles at Risk (Details) $ in Millions | Dec. 28, 2018USD ($) |
Banana | Goodwill | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible assets, including goodwill | $ 64.5 |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter | 30.00% |
Amount that a one percentage point increase in the discount rate and a 10% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment | $ 19 |
Prepared Food Reporting Unit | Remaining Del Monte Trademarks | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Approximate percentage by which the fair value exceeds the carrying value based on the annual impairment test as of first day of the fourth quarter | 0.00% |
Amount that a one percentage point increase in the discount rate and a 10% decrease in cash flows would cause the carrying value to exceed the fair value and trigger an impairment | $ 5.2 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Millions | Dec. 28, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 8.1 |
2,020 | 8 |
2,022 | 7.8 |
2,023 | 7.8 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 6.9 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and trademarks impairment charges | $ 11.3 | $ 0.9 | $ 2.6 |
Trademarks and Trade Names | Prepared food | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, including goodwill | 31.9 | ||
Trademarks and Trade Names | United Kingdom | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and trademarks impairment charges | $ 0.9 | ||
Trademarks and Trade Names | United Kingdom | Prepared food | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and trademarks impairment charges | $ 11.3 |
Financing Receivables - Narrat
Financing Receivables - Narrative (Details) - Maximum | 12 Months Ended |
Dec. 28, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable term | 1 year |
Long Term Advances to Growers | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable term | 10 years |
Financing Receivables - Advanc
Financing Receivables - Advances to Growers Along with the Related Allowance for Doubtful Accounts (Details) - Advances to Growers - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Current | ||
Gross advances to growers and suppliers | $ 51.9 | $ 38.9 |
Allowance for advances to growers and suppliers | (2.1) | (2.8) |
Net advances to growers and suppliers | 49.8 | 36.1 |
Noncurrent | ||
Gross advances to growers and suppliers | 3.7 | 1.6 |
Allowance for advances to growers and suppliers | (0.7) | (0.1) |
Net advances to growers and suppliers | $ 3 | $ 1.5 |
Financing Receivables - Credit
Financing Receivables - Credit Risk Profile (Details) - Advances to Growers - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current Status | $ 52.8 | $ 37.6 |
Fully Reserved | 2.8 | 2.9 |
Total | $ 55.6 | $ 40.5 |
Financing Receivables - Allowa
Financing Receivables - Allowance for Doubtful Accounts and Related Financing Receivables (Details) - Advances to Growers - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2018 | Dec. 29, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for advances to growers and suppliers, beginning of period | $ 2.9 | $ 1.5 |
Provision for uncollectible amounts | 0.8 | 1.4 |
Deductions to allowance including recoveries | (0.9) | 0 |
Allowance for advances to growers and suppliers, end of period | $ 2.8 | $ 2.9 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 330.8 | $ 182.9 |
Accrued fruit purchases | 55.1 | 18.8 |
Ship and port operating expenses | 18.2 | 21.4 |
Warehouse and distribution costs | 24.2 | 22.5 |
Payroll and employee benefits | 71.8 | 61.3 |
Accrued promotions | 21.6 | 22.1 |
Other accrued expenses | 54.9 | 53.4 |
Accounts payable and accrued expenses | $ 576.6 | $ 382.4 |
Other accrued expenses and accounts payable maximum risk percentage | 5.00% |
Income Taxes - Provision for (
Income Taxes - Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Current: | |||
U.S. federal income tax | $ (0.4) | $ 8.4 | $ 7.6 |
State | 0.1 | 1.5 | 1.4 |
Non-U.S. | 12.8 | 13.4 | 11 |
Total | 12.5 | 23.3 | 20 |
Deferred: | |||
U.S. federal income tax | 2.1 | 2.1 | (3.3) |
State | 1.3 | 0.5 | (0.6) |
Non-U.S. | 0.2 | (1) | (4.3) |
Total | 3.6 | 1.6 | (8.2) |
Provision for income taxes | $ 16.1 | $ 24.9 | $ 11.8 |
Income Taxes - Income Before I
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 11.9 | $ 31.1 | $ 16 |
Non-U.S. | (11.7) | 113 | 221.4 |
Income before income taxes | $ 0.2 | $ 144.1 | $ 237.4 |
Income Taxes - Differences Bet
Income Taxes - Differences Between Reported Provision for (Benefit from) Income Taxes and Income Taxes Computed at U.S. Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) computed at the U.S. statutory federal rate | $ 0 | $ 50.4 | $ 83.1 |
Effect of tax rates on non-U.S. operations | (33.2) | (67.4) | (98.8) |
Provision for uncertain tax positions | 0 | 0.7 | (0.5) |
Non-deductible interest | 2.3 | 2.4 | 2 |
Foreign exchange | (11.5) | 2.3 | 15.1 |
Non-deductible intercompany charges | (0.1) | 0 | 1.2 |
Non-deductible differences | 0.6 | 6 | 1.7 |
Non-taxable income/loss | (1.5) | 0.3 | 11.8 |
Non-deductible goodwill impairment | 0 | 0 | 0.4 |
Non-deductible impairment charges | 3.6 | 0 | 0 |
Adjustment to deferred balances | 0.4 | 0.1 | 0 |
Other | 2.2 | (0.9) | 0.9 |
Other taxes in lieu of income | 2.4 | 1.8 | 1.9 |
Change in deferred rate | (1.3) | 11.7 | (3.4) |
Increase (decrease) in valuation allowance | 52.2 | 17.5 | (3.6) |
Provision for income taxes | $ 16.1 | $ 24.9 | $ 11.8 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Deferred tax liabilities: | ||
Allowances and other accrued liabilities | $ 0 | $ 0 |
Inventories | (13.7) | (15.3) |
Property, plant and equipment | (70.2) | (63.2) |
Equity in earnings of unconsolidated companies | (0.1) | (0.1) |
Pension obligations | (2.5) | (2.1) |
Other noncurrent deferred tax liabilities | (6.5) | (5.6) |
Total noncurrent deferred tax liabilities | (93) | (86.3) |
Deferred tax assets: | ||
Allowances and other accrued assets | 10.6 | 10.6 |
Inventories | 5.6 | 5.3 |
Pension obligations | 24.8 | 24.9 |
Property, plant and equipment | 2.3 | 1.5 |
Post-retirement benefits other than pension | 1 | 1.1 |
Net operating loss carryforwards | 287.1 | 249.7 |
Capital loss carryover | 1.6 | 2.6 |
Other noncurrent assets | 26.9 | 20.5 |
Total noncurrent deferred tax assets | 359.9 | 316.2 |
Valuation allowance | (291.8) | (257.1) |
Total deferred tax assets, net | 68.1 | 59.1 |
Net deferred tax liabilities | $ (24.9) | $ (27.2) |
Income Taxes - Federal and For
Income Taxes - Federal and Foreign Tax Operating Loss Carry-Forwards Expiring (Detail) $ in Millions | Dec. 28, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
2,019 | $ 3.9 |
2,020 | 17.8 |
2,021 | 26.2 |
2,022 | 6.4 |
2023 and beyond | 16 |
No expiration | 986.9 |
Federal and foreign tax operating loss carry-forwards | $ 1,057.2 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 3.2 | $ 3.2 | $ 3.9 |
Gross decreases - tax position in prior period | 0 | 0 | 0 |
Gross increases - current-period tax positions | 0.1 | 0.1 | 0.1 |
Settlements | 0 | 0 | 0 |
Lapse of statute of limitations | (0.3) | (0.1) | (0.8) |
Foreign exchange | (0.1) | 0 | 0 |
Ending balance | $ 2.9 | $ 3.2 | $ 3.2 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Detail) $ in Millions | 12 Months Ended | |
Dec. 28, 2018USD ($)jurisdiction | Dec. 29, 2017USD ($) | |
Income Tax Contingency [Line Items] | ||
Increased (decrease) in valuation allowance | $ 34.7 | $ 25 |
Pension and other postretirement benefit plans, tax | 0.8 | |
Undistributed earnings of foreign subsidiaries | 1,496 | |
Federal and foreign tax operating loss carry-forwards | 1,057.2 | |
Accrual for uncertain tax positions, that, if recognized would affect the effective income tax rate | 4.2 | 4.2 |
Interest on income taxes accrued | $ 1.3 | $ 1.1 |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Number of jurisdictions under examination | jurisdiction | 2 | |
Estimate of possible loss | $ 141.4 |
Long-Term Debt and Capital Le_3
Long-Term Debt and Capital Lease Obligations - Schedule of Long-Term Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Long-term Debt and Capital Lease Obligations [Abstract] | ||
Senior secured revolving credit facility | $ 661.3 | $ 356.2 |
Capital lease obligations | 1.1 | 1.4 |
Total long-term debt and capital lease obligations | 662.4 | 357.6 |
Less: Current portion | (0.5) | (0.6) |
Long-term debt and capital lease obligations | $ 661.9 | $ 357 |
Long-Term Debt and Capital Le_4
Long-Term Debt and Capital Lease Obligations - Schedule of Line of Credit Facilities (Details) - USD ($) | Apr. 16, 2015 | Dec. 28, 2018 | Feb. 27, 2018 |
Line of Credit Facility [Line Items] | |||
Borrowing Limit | $ 1,148,300,000 | ||
Available Borrowings at December 28, 2018 | 467,200,000 | ||
Other working capital facilities | |||
Line of Credit Facility [Line Items] | |||
Borrowing Limit | 23,300,000 | ||
Available Borrowings at December 28, 2018 | $ 14,200,000 | ||
Revolving Credit Facility | Unsecured Debt | |||
Line of Credit Facility [Line Items] | |||
Term | 5 years | 5 years | |
Interest Rate at December 28, 2018 | 3.87% | ||
Borrowing Limit | $ 800,000,000 | $ 1,100,000,000 | $ 1,100,000,000 |
Available Borrowings at December 28, 2018 | $ 433,700,000 | ||
Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Term | 364 days | ||
Borrowing Limit | $ 25,000,000 | ||
Available Borrowings at December 28, 2018 | $ 19,300,000 |
Long-Term Debt and Capital Le_5
Long-Term Debt and Capital Lease Obligations - Maturities of Long-Term Debt and Capital Lease Obligations (Detail) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Debt Instrument [Line Items] | ||
2,019 | $ 28.6 | |
2,020 | 696.1 | |
2,021 | 0.2 | |
2,022 | 0.1 | |
2,023 | 0 | |
Total | 725 | |
Less: Amounts representing interest | (62.6) | |
Total long-term debt and capital lease obligations | 662.4 | $ 357.6 |
Less: Current portion | (0.5) | (0.6) |
Totals, net of current portion of long-term debt and capital lease obligations | 661.9 | $ 357 |
Long-Term Debt | ||
Debt Instrument [Line Items] | ||
2,019 | 28.1 | |
2,020 | 695.8 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Total | 723.9 | |
Less: Amounts representing interest | (62.6) | |
Total long-term debt and capital lease obligations | 661.3 | |
Less: Current portion | 0 | |
Totals, net of current portion of long-term debt and capital lease obligations | $ 661.3 | |
Assumed variable interest rate | (4.31724%) | |
Capital Leases | ||
Debt Instrument [Line Items] | ||
2,019 | $ 0.5 | |
2,020 | 0.3 | |
2,021 | 0.2 | |
2,022 | 0.1 | |
2,023 | 0 | |
Total | 1.1 | |
Less: Amounts representing interest | 0 | |
Total long-term debt and capital lease obligations | 1.1 | |
Less: Current portion | (0.5) | |
Totals, net of current portion of long-term debt and capital lease obligations | $ 0.6 |
Long-Term Debt and Capital Le_6
Long-Term Debt and Capital Lease Obligations - Narrative (Detail) - USD ($) | Apr. 16, 2015 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Feb. 27, 2018 |
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,148,300,000 | ||||
Amount of committed working capital facilities applied to letter of credit facility | 10,700,000 | ||||
Other letters of credit and bank guarantees | 17,400,000 | ||||
Cash payments of interest on long-term debt, net of amounts capitalized | 19,300,000 | $ 5,800,000 | $ 3,200,000 | ||
Cash payments of interest on long-term debt, amounts capitalized | $ 2,400,000 | $ 1,000,000 | $ 800,000 | ||
Revolving Credit Facility | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Term | 5 years | 5 years | |||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | ||
Debt issuance cost capitalized | $ 800,000 | ||||
Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Term | 364 days | ||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||
LIBOR | Revolving Credit Facility | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Variable rate | 1.50% | ||||
Other noncurrent assets | Revolving Credit Facility | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Capitalized debt issuance costs | $ 1,200,000 |
Earnings (Loss) Per Ordinary _3
Earnings (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Numerator: | |||||||||||
Net (loss) income attributable to Fresh Del Monte Produce Inc. | $ (34) | $ (21.5) | $ (7.9) | $ 41.5 | $ (6.3) | $ 11.5 | $ 69.2 | $ 46.4 | $ (21.9) | $ 120.8 | $ 225.1 |
Denominator: | |||||||||||
Weighted average number of ordinary share - Basic (shares) | 48,625,175 | 50,247,881 | 51,507,755 | ||||||||
Effect of dilutive securities - share-based employee options and awards (shares) | 0 | 340,827 | 454,440 | ||||||||
Weighted average number of ordinary share - Diluted (shares) | 48,625,175 | 50,588,708 | 51,962,195 | ||||||||
Antidilutive Options and Awards (shares) | 851,645 | 620,017 | 739,106 | 275,688 | 96,115 | 0 | |||||
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Onc.: | |||||||||||
Basic (usd per share) | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ (0.13) | $ 0.23 | $ 1.37 | $ 0.91 | $ (0.45) | $ 2.40 | $ 4.37 |
Diluted (usd per share) | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ (0.13) | $ 0.23 | $ 1.36 | $ 0.90 | $ (0.45) | $ 2.39 | $ 4.33 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | $ 1,791.2 | ||
Balance, value | 1,717.8 | $ 1,791.2 | |
Net unrealized foreign currency translation gain (loss) | (8.2) | 18.7 | $ (10.2) |
Changes in Fair Value of Effective Cash Flow Hedges | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (1.4) | 5.4 | |
Other comprehensive (loss) income before reclassifications | (0.6) | (7.7) | |
Amounts reclassified from accumulated other comprehensive loss | (3.8) | 0.9 | |
Net current period other comprehensive (loss) income | (4.4) | (6.8) | |
Balance, value | (5.8) | (1.4) | 5.4 |
Foreign Currency Translation Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (6.7) | (25.4) | |
Other comprehensive (loss) income before reclassifications | (8.2) | 18.7 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Net current period other comprehensive (loss) income | (8.2) | 18.7 | |
Balance, value | (14.9) | (6.7) | (25.4) |
Net unrealized foreign currency translation gain (loss) | 1.3 | 5.6 | |
Retirement Benefit Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (22.5) | (24.2) | |
Other comprehensive (loss) income before reclassifications | 0.8 | 0.5 | |
Amounts reclassified from accumulated other comprehensive loss | 0.8 | 1.2 | |
Net current period other comprehensive (loss) income | 1.6 | 1.7 | |
Balance, value | (20.9) | (22.5) | (24.2) |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, value | (30.6) | (44.2) | (23) |
Other comprehensive (loss) income before reclassifications | (8) | 11.5 | |
Amounts reclassified from accumulated other comprehensive loss | (3) | 2.1 | |
Net current period other comprehensive (loss) income | (11) | 13.6 | |
Balance, value | (41.6) | (30.6) | (44.2) |
Net unrealized foreign currency translation gain | $ (8.2) | $ 18.7 | $ (10.6) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Reclassification from OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 953.7 | $ 952.7 | $ 1,147.1 | $ 1,032.4 | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 |
Cost of products sold | (4,214.1) | (3,754.3) | (3,550.1) | ||||||||
Interest expense | (23.6) | (6.4) | (4.1) | ||||||||
Selling, general and administrative expenses | (194.7) | (173.2) | $ (187.4) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Changes in Fair Value of Effective Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | (5.3) | 1.2 | |||||||||
Cost of products sold | 0 | (0.3) | |||||||||
Interest expense | 1.5 | 0 | |||||||||
Total | (3.8) | 0.9 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefit Adjustment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products sold | 0 | 0.4 | |||||||||
Selling, general and administrative expenses | 0 | 0.8 | |||||||||
Other expense, net | 0.8 | 0 | |||||||||
Total | $ 0.8 | $ 1.2 |
Retirement and Other Employee_3
Retirement and Other Employee Benefits - Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Change in Plan Assets: | |||
Beginning fair value | $ 13.9 | ||
Ending fair value | $ 13.9 | ||
Amounts recognized in Accumulated other comprehensive loss: | |||
Net gains occurring during the year | 5.1 | 5.7 | |
United States | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 16.7 | 17 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 0.5 | 0.6 | 0.7 |
Actuarial (gain) loss | (0.7) | 0.5 | |
Benefits paid | (1.3) | (1.4) | |
Exchange rate changes | 0 | 0 | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 15.2 | 16.7 | 17 |
Change in Plan Assets: | |||
Beginning fair value | 13.9 | 13.1 | |
Actual return on plan assets | (0.9) | 1.8 | |
Company contributions | 0.2 | 0.4 | |
Benefits paid | (1.3) | (1.4) | |
Exchange rate changes | 0 | 0 | |
Ending fair value | 11.9 | 13.9 | 13.1 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Retirement benefits liability (noncurrent liability) | 3.2 | 2.8 | |
Net amount recognized in the Consolidated Balance Sheets | 3.2 | 2.8 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (9.4) | (8.7) | |
Net amount recognized in accumulated other comprehensive loss | (9.4) | (8.7) | (9.4) |
Net gains occurring during the year | 1.1 | (0.3) | |
United Kingdom | Pension plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 64.6 | 57 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1.5 | 1.5 | 1.9 |
Actuarial (gain) loss | (3) | 2.9 | |
Benefits paid | (2.3) | (2) | |
Exchange rate changes | (3.8) | 5.5 | |
Plan amendment | 1.4 | (0.3) | |
Ending benefit obligation | 58.4 | 64.6 | 57 |
Change in Plan Assets: | |||
Beginning fair value | 61.3 | 50.5 | |
Actual return on plan assets | (5) | 5.9 | |
Company contributions | 1.8 | 1.8 | |
Benefits paid | (2.3) | (2) | |
Exchange rate changes | (3.5) | 5.1 | |
Ending fair value | 52.3 | 61.3 | 50.5 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 0 | 0 | |
Retirement benefits liability (noncurrent liability) | 6 | 3.3 | |
Net amount recognized in the Consolidated Balance Sheets | 6 | 3.3 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (7.7) | (1.7) | |
Net amount recognized in accumulated other comprehensive loss | (7.7) | (1.7) | (2.8) |
Net gains occurring during the year | 5.7 | (1) | |
Central America | Post-retirement plans | |||
Change in Benefit Obligation: | |||
Beginning benefit obligation | 67.1 | 61.9 | |
Service cost | 5.9 | 5.6 | 5.2 |
Interest cost | 4 | 4.4 | 3.8 |
Actuarial (gain) loss | (6.6) | 0.4 | |
Benefits paid | (5.7) | (6) | |
Exchange rate changes | (3.5) | 0.8 | |
Plan amendment | 0 | 0 | |
Ending benefit obligation | 61.2 | 67.1 | 61.9 |
Change in Plan Assets: | |||
Beginning fair value | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 5.7 | 6 | |
Benefits paid | (5.7) | (6) | |
Exchange rate changes | 0 | 0 | |
Ending fair value | 0 | 0 | 0 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accounts payable and accrued expenses (current liability) | 8.1 | 7.5 | |
Retirement benefits liability (noncurrent liability) | 53.1 | 59.6 | |
Net amount recognized in the Consolidated Balance Sheets | 61.2 | 67.1 | |
Amounts recognized in Accumulated other comprehensive loss: | |||
Net actuarial loss | (6.4) | (14.2) | |
Net amount recognized in accumulated other comprehensive loss | (6.4) | (14.2) | $ (14.6) |
Net gains occurring during the year | $ (6.6) | $ 0.5 |
Retirement and Other Employee_4
Retirement and Other Employee Benefits - Roll Forward of AOCI Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2018 | Dec. 29, 2017 | |
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
Net (losses) gains occurring during the year | $ (5.1) | $ (5.7) |
Pension plans | United States | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (8.7) | (9.4) |
Amortization of net losses recognized during the year | 0.4 | 0.4 |
Net (losses) gains occurring during the year | (1.1) | 0.3 |
Currency exchange rate changes | 0 | 0 |
AOCI (loss) at end of plan year | (9.4) | (8.7) |
Pension plans | United Kingdom | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (1.7) | (2.8) |
Amortization of net losses recognized during the year | (0.4) | 0 |
Net (losses) gains occurring during the year | (5.7) | 1 |
Currency exchange rate changes | 0.1 | 0.1 |
AOCI (loss) at end of plan year | (7.7) | (1.7) |
Post-retirement plans | Central America | ||
(Decrease) Increase In Accumulated Other Comprehensive Income Loss Before Tax [Roll Forward] | ||
AOCI (loss) at beginning of plan year | (14.2) | (14.6) |
Amortization of net losses recognized during the year | 0.8 | 0.9 |
Net (losses) gains occurring during the year | 6.6 | (0.5) |
Currency exchange rate changes | 0.4 | 0 |
AOCI (loss) at end of plan year | $ (6.4) | $ (14.2) |
Retirement and Other Employee_5
Retirement and Other Employee Benefits - Amounts of AOCI Expected to be Amortized as a Component of Net Period Cost (Detail) $ in Millions | Dec. 28, 2018USD ($) |
Pension plans | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 amortization of net losses | $ 0.4 |
Pension plans | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 amortization of net losses | 0 |
Post-retirement plans | Central America | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 amortization of net losses | $ 0.8 |
Retirement and Other Employee_6
Retirement and Other Employee Benefits - Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.5 | 0.6 | 0.7 |
Expected return on assets | (1) | (1) | (1) |
Net amortization | 0.4 | 0.4 | 0.3 |
Net periodic cost (income) | (0.1) | 0 | 0 |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1.5 | 1.5 | 1.9 |
Expected return on assets | (2.5) | (2.4) | (2.6) |
Net amortization | (0.4) | 0 | 0 |
Net periodic cost (income) | (1.4) | (0.9) | (0.7) |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5.9 | 5.6 | 5.2 |
Interest cost | 4 | 4.4 | 3.8 |
Expected return on assets | 0 | 0 | 0 |
Net amortization | 0.8 | 0.8 | 0.8 |
Net periodic cost (income) | $ 10.7 | $ 10.8 | $ 9.8 |
Retirement and Other Employee_7
Retirement and Other Employee Benefits - Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans (Detail) | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Pension plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.10% | 3.45% | 3.85% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Weighted average discount rate | 3.45% | 3.85% | 4.00% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on assets | 7.50% | 7.50% | 7.50% |
Pension plans | United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 2.80% | 2.45% | 2.60% |
Rate of increase in compensation levels | 0.00% | 2.40% | 2.50% |
Weighted average discount rate | 2.45% | 2.60% | 3.70% |
Rate of increase in compensation levels | 0.00% | 2.50% | 2.20% |
Expected long-term rate of return on assets | 4.22% | 4.50% | 5.47% |
Post-retirement plans | Central America | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 8.06% | 6.50% | 7.29% |
Rate of increase in compensation levels | 4.75% | 4.75% | 4.75% |
Weighted average discount rate | 6.51% | 7.10% | 7.23% |
Rate of increase in compensation levels | 4.75% | 4.75% | 4.64% |
Expected long-term rate of return on assets | 0.00% | 0.00% | 0.00% |
Retirement and Other Employee_8
Retirement and Other Employee Benefits - Expected Benefit Payments (Detail) $ in Millions | Dec. 28, 2018USD ($) |
Pension plans | United States | |
Expected benefit payments for: | |
2,019 | $ 1.4 |
2,020 | 1.3 |
2,021 | 1.3 |
2,022 | 1.2 |
2,023 | 1.2 |
Next 5 years | 5.2 |
Expected benefit payments over the next 10 years | 11.6 |
Pension plans | United Kingdom | |
Expected benefit payments for: | |
2,019 | 1.8 |
2,020 | 1.8 |
2,021 | 1.8 |
2,022 | 1.9 |
2,023 | 2 |
Next 5 years | 11.7 |
Expected benefit payments over the next 10 years | 21 |
Post-retirement plans | Central America | |
Expected benefit payments for: | |
2,019 | 8.1 |
2,020 | 6.7 |
2,021 | 6.5 |
2,022 | 6.5 |
2,023 | 6.4 |
Next 5 years | 32.3 |
Expected benefit payments over the next 10 years | $ 66.5 |
Retirement and Other Employee_9
Retirement and Other Employee Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 13.9 | ||
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.7 | ||
Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3.8 | ||
Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 13.9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.7 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3.8 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.4 | ||
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Observable Inputs (Level 2) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 11.9 | 13.9 | $ 13.1 |
United States | Pension plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.4 | ||
United States | Pension plans | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.2 | ||
United States | Pension plans | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.3 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 11.9 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 5.4 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 2.2 | ||
United States | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.3 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Observable Inputs (Level 2) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Value securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United States | Pension plans | Significant Unobservable Inputs (Level 3) | Growth securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | ||
United Kingdom | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 52.3 | 61.3 | $ 50.5 |
United Kingdom | Pension plans | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.8 | 0.2 | |
United Kingdom | Pension plans | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.5 | 5.5 | |
United Kingdom | Pension plans | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 17.5 | 20.8 | |
United Kingdom | Pension plans | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 15 | 18.5 | |
United Kingdom | Pension plans | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 6.1 | 7.1 | |
United Kingdom | Pension plans | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 8.4 | 9.2 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.8 | 0.2 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0.8 | 0.2 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 51.5 | 61.1 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4.5 | 5.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 17.5 | 20.8 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 15 | 18.5 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 6.1 | 7.1 | |
United Kingdom | Pension plans | Significant Observable Inputs (Level 2) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 8.4 | 9.2 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | United Kingdom companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Other international companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | United Kingdom government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
United Kingdom | Pension plans | Significant Unobservable Inputs (Level 3) | Liability-driven investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $ 0 | $ 0 |
Retirement and Other Employe_10
Retirement and Other Employee Benefits - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net gains occurring during the year | $ 5.1 | $ 5.7 | |
Retirement benefits | $ 91.3 | 96.2 | |
Financial Institutions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Portfolio of stocks invested, industry concentration | 38.00% | ||
Consumer Goods | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Portfolio of stocks invested, industry concentration | 10.00% | ||
Industrial | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Portfolio of stocks invested, industry concentration | 10.00% | ||
Other Industries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Portfolio of stocks invested, industry concentration | 27.00% | ||
Technology | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Portfolio of stocks invested, industry concentration | 15.00% | ||
Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 23.00% | ||
Other international companies | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 9.00% | ||
Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 19.00% | ||
Cash | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 49.00% | ||
Non-United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement benefits | $ 16.8 | 17.7 | |
Pension plans | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected contributions in next fiscal year | 0.2 | ||
Plan amendment due to GMP equalization | 0 | 0 | |
Net gains occurring during the year | 1.1 | (0.3) | |
Net periodic pension costs | (0.1) | 0 | $ 0 |
Expected future benefit payments, thereafter | 5.2 | ||
Pension plans | United States | Change in Assumptions for Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Increase (decrease) in benefit obligation | (0.2) | ||
Pension plans | United Kingdom | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected contributions in next fiscal year | 1.8 | ||
Plan amendment due to GMP equalization | 1.4 | (0.3) | |
Net gains occurring during the year | 5.7 | (1) | |
Net periodic pension costs | (1.4) | (0.9) | (0.7) |
Expected future benefit payments, thereafter | $ 11.7 | ||
Pension plans | United Kingdom | United Kingdom companies | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 9.00% | ||
Pension plans | United Kingdom | Other international companies | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 29.00% | ||
Pension plans | United Kingdom | Growth securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 33.00% | ||
Pension plans | United Kingdom | Liability-driven investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 16.00% | ||
Pension plans | United Kingdom | United Kingdom corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets target allocation percentage, equity securities | 12.00% | ||
Pension plans | Non-United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net gains occurring during the year | $ 1.4 | 1.7 | |
Post-retirement plans | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan expense | 1.1 | 1.2 | 1.1 |
Post-retirement plans | Central America | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan amendment due to GMP equalization | 0 | 0 | |
Net gains occurring during the year | (6.6) | 0.5 | |
Net periodic pension costs | 10.7 | 10.8 | 9.8 |
Expected future benefit payments, thereafter | 32.3 | ||
Post-retirement plans | Kenya | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued benefits | 7.3 | 6.1 | |
Net gains occurring during the year | (2) | (1.3) | |
Net periodic pension costs | 1.2 | 1.2 | 1.1 |
Expected future benefit payments, next five years | 4.4 | ||
Expected future benefit payments, thereafter | 4.8 | ||
Post-retirement plans | Non-United States | Former Executives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement benefits | 2.1 | 2.7 | |
Supplemental unemployment benefits | Central America | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accrued benefits | 4.2 | 5 | |
Net gains occurring during the year | 0.7 | 0.6 | |
Net periodic pension costs | 0.1 | 0.1 | $ 0.1 |
Expected future benefit payments, next five years | 3.1 | ||
Expected future benefit payments, thereafter | $ 1.6 | ||
Minimum | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 50.00% | ||
Minimum | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 30.00% | ||
Maximum | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 70.00% | ||
Maximum | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset target allocation percentage | 50.00% | ||
Operating income | Accounting Standards Update 2017-07 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of new accounting principle | $ (3.3) | (4.3) | |
Other expense, net | Accounting Standards Update 2017-07 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of new accounting principle | $ 3.3 | ||
Pro Forma | Other expense, net | Accounting Standards Update 2017-07 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of new accounting principle | $ 4.3 |
Share-Based Compensation - Exp
Share-Based Compensation - Expense Included in Selling, General and Administrative Expenses Related to Stock Options and Restricted Stock Awards (Detail) - Selling, General and Administrative Expenses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 11.5 | $ 12.1 | $ 24.9 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0.1 | 0.5 | 2.4 |
RSUs/PSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 10.3 | 10.7 | 21.6 |
RSAs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 1.1 | $ 0.9 | $ 0.9 |
Share-Based Compensation - Res
Share-Based Compensation - Restricted Stock Awards and Restricted Stock Units (Details) - $ / shares | Aug. 02, 2018 | Jun. 25, 2018 | Feb. 21, 2018 | Jan. 02, 2018 | Aug. 02, 2017 | Feb. 22, 2017 | Jan. 03, 2017 | Sep. 02, 2016 | Aug. 03, 2016 | Feb. 24, 2016 |
2014 Omnibus Share Incentive Plan (2014 Plan) | Performance Stock Units (PSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares awarded (shares) | 85,000 | 100,000 | 140,000 | |||||||
Price per share (usd per share) | $ 46.35 | $ 56.52 | $ 38.99 | |||||||
2014 Omnibus Share Incentive Plan (2014 Plan) | Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares awarded (shares) | 2,000 | 125,000 | 48,700 | 50,000 | 50,000 | 226,500 | 50,000 | |||
Price per share (usd per share) | $ 44.78 | $ 46.35 | $ 49.75 | $ 56.52 | $ 58.94 | $ 59.83 | $ 38.99 | |||
Non Employee Directors Plan | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares awarded (shares) | 1,687 | 21,304 | 14,294 | |||||||
Price per share (usd per share) | $ 49.38 | $ 46.93 | $ 61.21 |
Share-Based Compensation - RSU
Share-Based Compensation - RSU and PSU Activity (Details) - RSUs/PSUs - $ / shares | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Number of Shares | |||
RSUs/PSUs outstanding at beginning of period (shares) | 761,152 | 932,036 | 988,542 |
Granted (shares) | 223,531 | 208,743 | 427,624 |
Converted (shares) | (279,440) | (336,112) | (472,841) |
Canceled (shares) | (21,948) | (43,515) | (11,289) |
RSUs/PSUs outstanding at end of period (shares) | 683,295 | 761,152 | 932,036 |
Vested as of end of period (shares) | 249,767 | 235,332 | 126,250 |
Weighted Average Grant Date Fair Value | |||
RSUs/PSUs outstanding at beginning of period (usd per share) | $ 41.13 | $ 36.09 | $ 30.94 |
Granted (usd per share) | 46.10 | 54.17 | 49.91 |
Converted (usd per share) | 41.31 | 34.91 | 37.77 |
Canceled (usd per share) | 50.40 | 43.77 | 37.89 |
RSUs/PSUs outstanding at end of period (usd per share) | 42.39 | 41.13 | 36.09 |
Vested as of end of period (usd per share) | $ 31.28 | $ 26.49 | $ 22.61 |
Share-Based Compensation - R_2
Share-Based Compensation - RSUs / PSUs Outstanding (Details) - RSUs/PSUs - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding (shares) | 683,295 | 761,152 | 932,036 | 988,542 |
Outstanding Intrinsic Value | $ 0.3 | |||
Vested (shares) | 249,767 | 235,332 | 126,250 | |
Vested Intrinsic Value | $ 0.3 | |||
$ 44.78 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 44.78 | |||
Outstanding (shares) | 1,613 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 46.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 46.35 | |||
Outstanding (shares) | 101,539 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 46.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 46.35 | |||
Outstanding (shares) | 82,119 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 40.03 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 40.03 | |||
Outstanding (shares) | 25,693 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 56.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 56.52 | |||
Outstanding (shares) | 74,885 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 17,301 | |||
Vested Intrinsic Value | $ 0 | |||
$ 56.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 56.52 | |||
Outstanding (shares) | 30,826 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 59.83 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 59.83 | |||
Outstanding (shares) | 51,225 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 49.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 49.75 | |||
Outstanding (shares) | 28,022 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 38.99 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 38.99 | |||
Outstanding (shares) | 59,523 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 35,894 | |||
Vested Intrinsic Value | $ 0 | |||
$ 38.99 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 38.99 | |||
Outstanding (shares) | 20,763 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 33.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 33.44 | |||
Outstanding (shares) | 49,998 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 49,998 | |||
Vested Intrinsic Value | $ 0 | |||
$ 25.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 33.44 | |||
Outstanding (shares) | 10,513 | |||
Outstanding Intrinsic Value | $ 0 | |||
Vested (shares) | 0 | |||
Vested Intrinsic Value | $ 0 | |||
$ 25.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 25.52 | |||
Outstanding (shares) | 53,433 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 53,431 | |||
Vested Intrinsic Value | $ 0.1 | |||
$ 26.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 26.52 | |||
Outstanding (shares) | 54,291 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 54,291 | |||
Vested Intrinsic Value | $ 0.1 | |||
$ 24.68 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price (usd per share) | $ 24.68 | |||
Outstanding (shares) | 38,852 | |||
Outstanding Intrinsic Value | $ 0.1 | |||
Vested (shares) | 38,852 | |||
Vested Intrinsic Value | $ 0.1 |
Share-Based Compensation - Nar
Share-Based Compensation - Narrative (Detail) $ / shares in Units, $ in Millions | Aug. 02, 2018$ / sharesshares | Jan. 02, 2018$ / sharesshares | Jan. 03, 2017$ / sharesshares | Dec. 28, 2018USD ($)tranche$ / sharesshares | Dec. 29, 2017USD ($)$ / sharesshares | Dec. 30, 2016USD ($)$ / sharesshares | Jan. 01, 2016shares | Apr. 30, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Proceeds from stock options exercised | $ | $ 0.8 | $ 1.6 | $ 12.2 | |||||
RSUs/PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total remaining unrecognized compensation cost related to non-vested stock options | $ | $ 11.9 | |||||||
Compensation cost not yet recognized, period for recognition | 1 year 6 months | |||||||
Number of shares awarded (shares) | 223,531 | 208,743 | 427,624 | |||||
Price per share (usd per share) | $ / shares | $ 46.10 | $ 54.17 | $ 49.91 | |||||
RSUs/PSUs outstanding (shares) | 683,295 | 761,152 | 932,036 | 988,542 | ||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 20.00% | |||||||
Award vesting period | 4 years | |||||||
Number of vesting installments | 4 years | |||||||
Number of vesting tranches | tranche | 1 | |||||||
PUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 33.00% | |||||||
Number of vesting installments | 3 years | |||||||
Maximum | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of award units granted, range | 100.00% | |||||||
Minimum | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of award units granted, range | 0.00% | |||||||
2014 Omnibus Share Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of ordinary shares that may be covered by awards (shares) | 3,000,000 | |||||||
Number of shares issued per RSU/PSU (in shares) | 1 | |||||||
2014 Omnibus Share Incentive Plan | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 20.00% | |||||||
Percentage of awards that vest immediately | 20.00% | |||||||
2014 Omnibus Share Incentive Plan | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options, expiration period | 10 years | |||||||
2011 Omnibus Share Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | 0 | 0 | |||||
2011 Omnibus Share Incentive Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options, expiration period | 10 years | |||||||
Award vesting period | 4 years | |||||||
Share Incentive Plan 1999 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | |||||||
Share Incentive Plan 1999 | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options, expiration period | 10 years | |||||||
Award vesting period | 4 years | |||||||
Non Employee Directors Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of ordinary shares that may be granted to a single participant (shares) | 0 | |||||||
Non Employee Directors Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options, expiration period | 10 years | |||||||
Award vesting period | 4 years | |||||||
Non Employee Directors Plan | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares awarded (shares) | 1,687 | 21,304 | 14,294 | |||||
Price per share (usd per share) | $ / shares | $ 49.38 | $ 46.93 | $ 61.21 | |||||
Immediate Vesting | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 50.00% | |||||||
Immediate Vesting | 2011 Omnibus Share Incentive Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 20.00% | |||||||
Immediate Vesting | Share Incentive Plan 1999 | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 20.00% | |||||||
Immediate Vesting | Non Employee Directors Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting rights | 20.00% | |||||||
Six-month Anniversary Upon Ceasing to be Member of Board of Directors | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 6 months |
Commitments and Contingencies
Commitments and Contingencies - Narrative (Detail) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 28, 2018USD ($)vessel | Dec. 29, 2017USD ($) | Dec. 30, 2016USD ($) | Dec. 28, 2018USD ($)vessel | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Chartered refrigerated vessels used for the transport of fresh produce to markets worldwide | vessel | 7 | |||
Total expense for all operating leases and vessel charter agreements | $ 84.3 | $ 92.1 | $ 96.4 | |
Total purchases under agreements to purchase certain products of our independent growers | 763.9 | 815 | $ 816 | |
Payments due in 2019 | $ 32.4 | $ 32.4 | ||
Minimum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Terms for vessel charter agreements (in years) | 1 year | |||
Maximum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Terms for vessel charter agreements (in years) | 3 years | |||
Capital Addition Purchase Commitments | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Number of refrigerated container ships | vessel | 6 | |||
Purchase commitment amount | $ 138.9 | |||
Payments due in 2020 | $ 85.8 | $ 85.8 | ||
Payments due in 2021 | $ 20.7 | $ 20.7 |
Commitments and Contingencies_2
Commitments and Contingencies - Aggregate Minimum Payments Under all Operating Leases and Vessel Charter Agreements (Detail) $ in Millions | Dec. 28, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 64.2 |
2,020 | 31.5 |
2,021 | 22.5 |
2,022 | 16.3 |
2,023 | 15.3 |
Thereafter | 69.2 |
Total | $ 219 |
Litigation (Detail)
Litigation (Detail) $ in Millions | Sep. 02, 2016claim | Oct. 21, 2014plaintiff | Sep. 18, 2014plaintiff | Sep. 17, 2012claim | Jun. 01, 2012plaintiffclaim | Jan. 02, 2009plaintiffsubsidiary | Jun. 27, 2008plaintiff | Oct. 14, 2004plaintiffsubsidiary | Sep. 25, 2003USD ($) | Sep. 27, 2002USD ($) | Sep. 28, 2001USD ($) | Dec. 28, 2018USD ($)plaintiff | Dec. 29, 2017USD ($)claim | Dec. 30, 2016USD ($) | Mar. 15, 2018claim | Dec. 31, 1980subsidiary |
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the second year | $ 1.1 | |||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the third year | 1 | |||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the fourth year | 0.9 | |||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the fifth year | $ 0.9 | |||||||||||||||
DBCP Litigation | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Number of subsidiaries involved in litigation | subsidiary | 2 | |||||||||||||||
Number of plaintiffs (more than 2,600 plaintiffs) | plaintiff | 57 | 3,000 | 3 | |||||||||||||
Actions filed | claim | 8 | |||||||||||||||
Claims dismissed | 6 | 229 | ||||||||||||||
Dismissed claims reversed | claim | 229 | |||||||||||||||
Number of pending claims | claim | 285 | |||||||||||||||
DBCP Litigation | Costa Rican Residents | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Number of subsidiaries involved in litigation | subsidiary | 3 | |||||||||||||||
Number of plaintiffs (more than 2,600 plaintiffs) | plaintiff | 2,600 | 461 | 1,329 | 2,600 | ||||||||||||
Kunia Well Site | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Number of subsidiaries involved in litigation | subsidiary | 1 | |||||||||||||||
Kunia Well Site cleanup operation, charge for estimated expected future cleanup cost | $ 7 | $ 15 | ||||||||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 26.1 | $ 19.1 | ||||||||||||||
Accrual for environmental loss contingencies, estimated payment period | 10 years | |||||||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | $ 13.5 | |||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the next 12 months | $ 0.3 | |||||||||||||||
Kunia Well Site cleanup operation, accrual expected to be paid in the fifth year | $ 0.9 | |||||||||||||||
Kunia Well Site | Minimum | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 12.9 | |||||||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 13.5 | |||||||||||||||
Kunia Well Site | Maximum | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Kunia Well Site cleanup operation, estimated remediation costs associated with the cleanup | $ 25.4 | |||||||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 28.7 | |||||||||||||||
Panama and Ecuador | DBCP Litigation | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Number of pending claims from certain countries | 66.67% | |||||||||||||||
Costa Rica | DBCP Litigation | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Actions filed | claim | 2 | |||||||||||||||
Other fresh produce | Discount Rate Adjustment | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Other increase (decrease) in environmental liabilities | $ 0.4 | 0.4 | ||||||||||||||
Other non-current liabilities | Kunia Well Site | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | 13.2 | |||||||||||||||
Accounts payable and accrued expenses current | Kunia Well Site | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||
Kunia Well Site cleanup operation, undiscounted estimated remediation costs associated with the cleanup | $ 0.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Detail) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Derivative [Line Items] | ||
Aggregate fair value of all derivative instruments with a credit-risk-related contingent feature that are in a liability position | $ 8.4 | |
Fair value of derivatives | $ (1.4) | |
Foreign currency forward contracts, liabilities | 1.6 | 0 |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 400 | |
2024 | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 200 | |
2028 | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 200 | |
Significant Observable Inputs (Level 2) | Fair Value Measurements, Recurring Basis | ||
Derivative [Line Items] | ||
Foreign currency forward contracts, liabilities | $ 0.8 | $ (1.4) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows (Detail) - Dec. 28, 2018 € in Millions, ₩ in Millions, ¥ in Millions | EUR (€) | JPY (¥) | KRW (₩) |
Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Notional Amount | € 73.2 | ¥ 2,634.5 | ₩ 35,974.4 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2018 | Dec. 29, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | $ 1.6 | $ 0 |
Interest rate swaps, asset | 0 | 0 |
Total | 1.6 | 0 |
Foreign currency forward contracts, liability | 0.8 | 1.4 |
Interest rate swaps, liability | 7.6 | 0 |
Total | 8.4 | 1.4 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 10 years | $ 7.6 | |
Reclassification period | 10 years | |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, assets | $ 1.6 | 0 |
Interest rate swaps, asset | 0 | 0 |
Total | 1.6 | 0 |
Accounts payable and accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0.8 | 1.4 |
Interest rate swaps, liability | 0 | 0 |
Total | 0.8 | 1.4 |
Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts, liability | 0 | 0 |
Interest rate swaps, liability | 7.6 | 0 |
Total | $ 7.6 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments on the Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2018 | Dec. 29, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | $ (4.4) | $ (6.8) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 3.8 | (0.9) |
Foreign Exchange Contract | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | 1.6 | (5.4) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 5.3 | (1.2) |
Foreign Exchange Contract | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | 0.6 | (1.4) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | 0.3 |
Interest rate swaps, net of tax | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | (6.6) | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (1.5) | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | $ 1.6 | $ 0 |
Fair Value Measurements, Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 0 | 0 |
Interest rate contracts, net asset (liability) | 0 | 0 |
Fair Value Measurements, Recurring Basis | Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 0.8 | (1.4) |
Interest rate contracts, net asset (liability) | (7.6) | 0 |
Fair Value Measurements, Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency cash flow hedge derivative at fair value, net | 0 | 0 |
Interest rate contracts, net asset (liability) | $ 0 | $ 0 |
Fair Value Measurements - Nonr
Fair Value Measurements - Nonrecurring Fair Value Measurement (Detail) - Nonrecurring - USD ($) $ in Millions | Dec. 28, 2018 | Dec. 29, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 85.7 | $ 1.8 |
DM Foods | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 31.9 | |
United Kingdom | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1.8 | |
Philippines | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1.9 | |
United States | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 45.4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | United Kingdom | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Significant Observable Inputs (Level 2) | United Kingdom | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 85.7 | 1.8 |
Significant Unobservable Inputs (Level 3) | DM Foods | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 31.9 | |
Significant Unobservable Inputs (Level 3) | United Kingdom | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 1.8 | |
Significant Unobservable Inputs (Level 3) | Philippines | DM Foods | Trademarks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1.9 | |
Significant Unobservable Inputs (Level 3) | United States | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 45.4 |
Fair Value Measurements - Narr
Fair Value Measurements - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Jun. 05, 2018 | Feb. 26, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill | $ 423.4 | $ 261.9 | $ 260.9 | |||
Percentage of voting interests acquired | 70.00% | |||||
Goodwill and trademarks impairment charges | 11.3 | 0.9 | 2.6 | |||
Asset impairment charges | 35.1 | 3.7 | 6 | |||
Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets | 85.7 | 1.8 | ||||
Nonrecurring | Philippines | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets | 1.9 | |||||
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets | 85.7 | 1.8 | ||||
Nonrecurring | Underutilized assets | Central America | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairment charges | 2.2 | |||||
Assets | 6.5 | |||||
Nonrecurring | Underutilized assets | Significant Unobservable Inputs (Level 3) | Central America | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets | 6.5 | |||||
Nonrecurring | Trademarks and Trade Names | Significant Unobservable Inputs (Level 3) | Europe, Middle East, North Africa and United Kingdom [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairment charges | 11.3 | |||||
Assets | 31.9 | |||||
Mann Packing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill | 162 | $ 159.9 | ||||
Subsidiary | Mann Packing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Percentage of voting interests acquired | 25.00% | |||||
Contract termination and other exit activity charges | Philippines | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairment charges | 1.9 | |||||
Other fresh produce | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill | 310.1 | $ 197.2 | $ 196.7 | |||
Other fresh produce | Mann Packing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill | $ 113.2 | |||||
Other fresh produce | Underutilized assets | Central America | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairment charges | 0.5 | |||||
Property, Plant and Equipment | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets held-for-sale | 45.4 | |||||
Reported Value Measurement | Nonrecurring | Underutilized assets | Central America | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets | $ 8.7 |
Related Party Transactions (Det
Related Party Transactions (Detail) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018USD ($)subsidiary | Dec. 29, 2017USD ($) | Dec. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | |||
Receivables from related parties | $ 0.1 | ||
Payables to related parties | $ 1 | 1.2 | |
Distributions to noncontrolling interests | 2.7 | 4.6 | $ 0.2 |
Due to related party | 15.1 | 17.8 | |
Purchases from unconsolidated companies | 8.9 | 9.3 | 9.5 |
Revenue from related parties | 0.7 | 0.3 | |
Chairman and Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 2.3 | $ 2.4 | $ 2.9 |
Affiliated Entity | Mann Packing | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 84.1 | ||
Related party expenses | $ 124.6 | ||
Number of Subsidiary | subsidiary | 1 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 07, 2018 | Sep. 07, 2018 | Jun. 01, 2018 | Mar. 30, 2018 | Dec. 08, 2017 | Sep. 08, 2017 | Jun. 02, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 |
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Net sales | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 953.7 | $ 952.7 | $ 1,147.1 | $ 1,032.4 | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 | ||||||||
Gross profit | 42.4 | 52.6 | 78.3 | 106.5 | 51 | 58.3 | 123.2 | 99.1 | 279.8 | 331.6 | 461.4 | ||||||||
Net income (loss) | (32.3) | (21.2) | (5.6) | 43.2 | (6.7) | 10.5 | 69.8 | 45.6 | (15.9) | 119.2 | 225.6 | ||||||||
Net income (loss) attributable to Fresh Del Monte Produce Inc. | $ (34) | $ (21.5) | $ (7.9) | $ 41.5 | $ (6.3) | $ 11.5 | $ 69.2 | $ 46.4 | $ (21.9) | $ 120.8 | $ 225.1 | ||||||||
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Basic (usd per share) | $ (0.70) | $ (0.44) | $ (0.16) | $ 0.85 | $ (0.13) | $ 0.23 | $ 1.37 | $ 0.91 | $ (0.45) | $ 2.40 | $ 4.37 | ||||||||
Net (loss) income per ordinary share attributable to Fresh Del Monte Produce Inc. - Diluted (usd per share) | (0.70) | (0.44) | (0.16) | 0.85 | (0.13) | 0.23 | 1.36 | 0.90 | (0.45) | 2.39 | 4.33 | ||||||||
Dividends declared per ordinary share (usd per share) | $ 0.150 | $ 0.150 | $ 0.15 | $ 0.15 | $ 0.150 | $ 0.150 | $ 0.15 | $ 0.15 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.60 | $ 0.60 | $ 0.55 |
Antidilutive options and awards (shares) | 851,645 | 620,017 | 739,106 | 275,688 | 96,115 | 0 |
Business Segment Data - Narrati
Business Segment Data - Narrative (Detail) - major_business_line | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Number of major business lines | 1 | ||
Property, Plant and Equipment | Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 36.00% | ||
Geographic Concentration Risk | Net Sales Goods | Walmart | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 10.00% | 9.00% | 11.00% |
Geographic Concentration Risk | Net Sales Goods | Top Ten Customers | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 31.00% | 32.00% | 31.00% |
Geographic Concentration Risk | Net Sales Goods | United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 64.00% | 58.00% | 58.00% |
Business Segment Data - Net Sal
Business Segment Data - Net Sales and Gross Profit by Product (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 953.7 | $ 952.7 | $ 1,147.1 | $ 1,032.4 | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 |
Gross Profit | 42.4 | $ 52.6 | $ 78.3 | $ 106.5 | 51 | $ 58.3 | $ 123.2 | $ 99.1 | 279.8 | 331.6 | 461.4 |
Property, plant and equipment, net | 1,392.2 | 1,328.3 | 1,392.2 | 1,328.3 | |||||||
Assets | 3,255.2 | 2,766.9 | 3,255.2 | 2,766.9 | |||||||
Maritime equipment (including containers) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 52.9 | 18.3 | 52.9 | 18.3 | |||||||
Assets | 66.9 | 35 | 66.9 | 35 | |||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 86.6 | 64.9 | 86.6 | 64.9 | |||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,871.3 | 2,382.4 | 2,221.5 | ||||||||
Property, plant and equipment, net | 241.4 | 169.9 | 241.4 | 169.9 | |||||||
Assets | 933 | 441.5 | 933 | 441.5 | |||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 653.7 | 665.9 | 673.1 | ||||||||
Property, plant and equipment, net | 51.4 | 52.5 | 51.4 | 52.5 | |||||||
Assets | 297.1 | 325 | 297.1 | 325 | |||||||
Middle East | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 445.6 | 518.8 | 477.2 | ||||||||
Property, plant and equipment, net | 129.6 | 139.9 | 129.6 | 139.9 | |||||||
Assets | 278.9 | 300 | 278.9 | 300 | |||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 465.7 | 460.2 | 569.8 | ||||||||
Property, plant and equipment, net | 128.4 | 159.3 | 128.4 | 159.3 | |||||||
Assets | 239.2 | 270.1 | 239.2 | 270.1 | |||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 57.6 | 58.6 | 69.9 | ||||||||
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 44.8 | 44.2 | 44.8 | 44.2 | |||||||
Assets | 162 | 133.6 | 162 | 133.6 | |||||||
Central America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 644.1 | 642.1 | 644.1 | 642.1 | |||||||
Assets | 1,026.5 | 1,011.7 | 1,026.5 | 1,011.7 | |||||||
South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 90.5 | 91.2 | 90.5 | 91.2 | |||||||
Assets | 165 | 185.1 | 165 | 185.1 | |||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | $ 9.1 | $ 10.9 | 9.1 | 10.9 | |||||||
Other fresh produce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,443 | 1,997.2 | 1,852.6 | ||||||||
Gross Profit | 180.2 | 179.2 | 236.7 | ||||||||
Banana | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,703.1 | 1,775.1 | 1,811.5 | ||||||||
Gross Profit | 84.1 | 113.4 | 159.5 | ||||||||
Prepared food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 347.8 | 313.6 | 347.4 | ||||||||
Gross Profit | $ 15.5 | $ 39 | $ 65.2 |
Business Segment Data - Net S_2
Business Segment Data - Net Sales By Product (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 953.7 | $ 952.7 | $ 1,147.1 | $ 1,032.4 | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 |
Other fresh produce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,443 | 1,997.2 | 1,852.6 | ||||||||
Other fresh produce | Gold Pineapples [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 487.9 | $ 492.7 | $ 495.1 | ||||||||
Percentage of net sales | 11.00% | 12.00% | 12.00% | ||||||||
Other fresh produce | Fresh Cut Fruit [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 510.6 | $ 496.9 | $ 417.7 | ||||||||
Percentage of net sales | 11.00% | 12.00% | 10.00% | ||||||||
Other fresh produce | Fresh-Cut Vegetables [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 433.2 | $ 110.9 | $ 99.2 | ||||||||
Percentage of net sales | 10.00% | 3.00% | 2.00% | ||||||||
Other fresh produce | Non-Tropical Fruit [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 221.5 | $ 235.7 | $ 259.8 | ||||||||
Percentage of net sales | 5.00% | 6.00% | 7.00% | ||||||||
Other fresh produce | Avocados [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 329.2 | $ 314.9 | $ 229.6 | ||||||||
Percentage of net sales | 7.00% | 8.00% | 6.00% | ||||||||
Other fresh produce | Melons [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 107.8 | $ 106.8 | $ 111.6 | ||||||||
Percentage of net sales | 3.00% | 3.00% | 3.00% | ||||||||
Other fresh produce | Tomatoes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 62.5 | $ 77.7 | $ 81.2 | ||||||||
Percentage of net sales | 1.00% | 2.00% | 2.00% | ||||||||
Other fresh produce | Vegetables [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 140.2 | $ 25.9 | $ 30.3 | ||||||||
Percentage of net sales | 3.00% | 1.00% | 1.00% | ||||||||
Other fresh produce | Other Fruit, Products and Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 150.1 | $ 135.7 | $ 128.1 | ||||||||
Percentage of net sales | 3.00% | 2.00% | 3.00% | ||||||||
Banana | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,703.1 | $ 1,775.1 | $ 1,811.5 | ||||||||
Prepared food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 347.8 | $ 313.6 | $ 347.4 | ||||||||
Net Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | ||||||||
Net Sales | Other fresh produce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 54.00% | 49.00% | 46.00% | ||||||||
Net Sales | Banana | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 38.00% | 43.00% | 45.00% | ||||||||
Net Sales | Prepared food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 8.00% | 8.00% | 9.00% |
Business Segment Data - Mann Pa
Business Segment Data - Mann Packing (Details) - USD ($) $ in Millions | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,045.9 | $ 1,069.5 | $ 1,272.4 | $ 1,106.1 | $ 953.7 | $ 952.7 | $ 1,147.1 | $ 1,032.4 | $ 4,493.9 | $ 4,085.9 | $ 4,011.5 | |
Gross Profit | $ 42.4 | $ 52.6 | $ 78.3 | $ 106.5 | $ 51 | $ 58.3 | $ 123.2 | $ 99.1 | 279.8 | 331.6 | 461.4 | |
Other fresh produce | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,443 | 1,997.2 | 1,852.6 | |||||||||
Gross Profit | 180.2 | 179.2 | 236.7 | |||||||||
Prepared food | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 347.8 | 313.6 | 347.4 | |||||||||
Gross Profit | 15.5 | 39 | 65.2 | |||||||||
North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 2,871.3 | $ 2,382.4 | $ 2,221.5 | |||||||||
Mann Packing | North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 488.6 | |||||||||||
Gross Profit | 36 | |||||||||||
Mann Packing | North America | Other fresh produce | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 441.8 | |||||||||||
Gross Profit | 28.8 | |||||||||||
Mann Packing | North America | Prepared food | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 46.8 | |||||||||||
Gross Profit | $ 7.2 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 07, 2018 | Sep. 07, 2018 | Jun. 01, 2018 | Mar. 30, 2018 | Feb. 21, 2018 | Dec. 08, 2017 | Sep. 08, 2017 | Jun. 02, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Feb. 19, 2019 |
Subsequent Event [Line Items] | |||||||||||||||||||||
Preferred shares, shares authorized (shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Preferred shares, issued (shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Preferred shares, outstanding (shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Ordinary shares, authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Ordinary shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Ordinary shares, issued (shares) | 48,442,296 | 48,759,481 | 48,442,296 | 48,759,481 | |||||||||||||||||
Ordinary shares, outstanding (shares) | 48,442,296 | 48,759,481 | 48,442,296 | 48,759,481 | |||||||||||||||||
Ordinary shares issued/ (retired) as a result of: | |||||||||||||||||||||
Stock option exercises (shares) | 38,500 | 59,000 | |||||||||||||||||||
Restricted share grants (shares) | 22,991 | 14,294 | |||||||||||||||||||
Exercises of stock options (shares) | 351,856 | 251,303 | |||||||||||||||||||
Stock repurchased during period (shares) | (730,532) | (2,822,022) | |||||||||||||||||||
Stock repurchase program, term | 3 years | ||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||||||||||||||||||
Stock repurchase program, value of ordinary shares repurchased and retired | $ 29.4 | $ 29.4 | |||||||||||||||||||
Stock repurchase program, ordinary shares repurchased and retired (shares) | 730,532 | 730,532 | |||||||||||||||||||
Common stock repurchase program, maximum remaining amount | $ 280.4 | $ 280.4 | |||||||||||||||||||
Stock Repurchase Program: | |||||||||||||||||||||
Stock repurchase program, ordinary shares value | $ 29.4 | $ 142 | |||||||||||||||||||
Stock repurchase program, average purchase price (usd per share) | $ 40.26 | $ 50.31 | |||||||||||||||||||
Dividends: | |||||||||||||||||||||
Dividends declared per ordinary share (usd per share) | $ 0.150 | $ 0.150 | $ 0.15 | $ 0.15 | $ 0.150 | $ 0.150 | $ 0.15 | $ 0.15 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.60 | $ 0.60 | $ 0.55 | ||
Payments of dividends, common stock | $ 29 | $ 30.1 | $ 28.2 | ||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Ordinary shares issued/ (retired) as a result of: | |||||||||||||||||||||
Stock repurchase program, ordinary shares repurchased and retired (shares) | 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 292.7 | $ 264.9 | $ 256.7 |
Additions Charged to Costs and Expenses | 41.1 | 39.7 | 32.9 |
Additions Charged to Other Accounts | 0.5 | (2) | (0.2) |
Deductions | (7.2) | (9.9) | (24.5) |
Balance at End of Period | 327.1 | 292.7 | 264.9 |
Trade accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 12.9 | 11.3 | 9.3 |
Additions Charged to Costs and Expenses | 2.1 | 2.9 | 4 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (0.4) | (1.3) | (2) |
Balance at End of Period | 14.6 | 12.9 | 11.3 |
Advances to growers and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 8.8 | 7.8 | 7.9 |
Additions Charged to Costs and Expenses | 0.5 | 1.4 | 1.4 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (2.1) | (0.4) | (1.5) |
Balance at End of Period | 7.2 | 8.8 | 7.8 |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 257.1 | 232.1 | 225.8 |
Additions Charged to Costs and Expenses | 38.6 | 35.4 | 27.5 |
Additions Charged to Other Accounts | 0.8 | (1.8) | 0.2 |
Deductions | (4.7) | (8.6) | (21.4) |
Balance at End of Period | 291.8 | 257.1 | 232.1 |
Provision for Kunia Well Site | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 13.9 | 13.7 | 13.7 |
Additions Charged to Costs and Expenses | (0.1) | 0 | 0 |
Additions Charged to Other Accounts | (0.3) | (0.2) | (0.4) |
Deductions | 0.4 | 0.4 | |
Balance at End of Period | $ 13.5 | $ 13.9 | $ 13.7 |