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ACQUISITIONS AND DIVESTITURES
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES
NOTE 4 — ACQUISITIONS AND DIVESTITURES
Vegetables Exit Process

On January 30, 2023, certain of Dole’s wholly owned subsidiaries entered into a Stock Purchase Agreement (the “Fresh Express Agreement”) with Fresh Express Acquisition, LLC (“Fresh Express”), pursuant to which Fresh Express agreed to acquire the Fresh Vegetables division. On March 27, 2024, the Fresh Express Agreement was terminated due to a failure to obtain regulatory approval, and Dole announced that it is in the process of pursuing alternative transactions through which it will exit the Fresh Vegetables business.
The Fresh Vegetables division comprises substantially all of the assets and liabilities of the former Fresh Vegetables reportable segment. As of June 30, 2025, certain assets and liabilities of the Fresh Vegetables reportable segment that are excluded from the exit process are not material, individually or in the aggregate.

The Company determined that exiting the Fresh Vegetables business represents a strategic shift that will have a material effect on the Company’s operations and results. As such, the results of the Fresh Vegetables division have been classified as discontinued operations in the condensed consolidated statements of operations for the periods presented, and its related assets and liabilities have been classified as held for sale in the condensed consolidated balance sheets as of March 31, 2023 and onwards. As a result, depreciation on property, plant and equipment and amortization on operating lease right-of-use assets have ceased as of March 31, 2023. The total amount of depreciation and amortization not recorded from March 31, 2023 to June 30, 2025 was $100.0 million. In accordance with held-for-sale disposal group measurement guidance, an after-tax cumulative loss of $123.5 million (gross cumulative loss of $165.8 million net of a deferred tax credit of $42.3 million) has been recorded as of June 30, 2025 to adjust the carrying amount of the Fresh Vegetables division to its estimated fair value, less costs to sell. The after-tax impact of this loss in the three and six months ended June 30, 2025 was $37.8 million (gross loss of $50.7 million net of a deferred tax credit of $12.9 million) and $45.3 million (gross loss of $60.9 million net of a deferred tax credit of $15.5 million), respectively. The cumulative pre-tax loss is presented as a valuation allowance against the disposal group and is not allocated to specific assets and liabilities and the adjustment to deferred taxes is recorded within deferred income tax liabilities, net. The estimated fair value was based on ongoing negotiations with potential market participants and therefore utilizes unobservable (Level 3) inputs.

Upon exiting the business, Dole does not anticipate having significant continuing involvement with the Fresh Vegetables division.
On August 1, 2025, the Company entered into the Transaction with OG Holdco to sell the Fresh Vegetables division. On August 5, 2025, the Transaction closed for aggregate purchase price of approximately $140.0 million and the Company completed the Vegetables exit process. See Note 20 “Subsequent Events” for additional detail.
The following tables present the results of the Fresh Vegetables division as reported in income (loss) from discontinued operations, net of income taxes, in the condensed consolidated statements of operations and the carrying value of assets and liabilities as presented within discontinued operations assets and liabilities held for sale in the condensed consolidated balance sheets.
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
(U.S. Dollars in thousands)
Revenues, net
$247,242 $297,505 $492,235 $587,795 
Cost of sales
(231,023)(265,091)(456,610)(526,621)
Gross profit
16,219 32,414 35,625 61,174 
Selling, marketing, general and administrative expenses
(9,962)(10,952)(20,588)(22,469)
Transaction and other operating costs(156)(259)(279)(714)
Loss on asset sales— — — (221)
Operating income from discontinued operations6,101 21,203 14,758 37,770 
Other (expense) income, net(260)876 239 885 
Net interest income (expense)1
26 (217)65 (1,653)
Income from discontinued operations before income taxes5,867 21,862 15,062 37,002 
Loss on classification as held for sale before income taxes(50,700)— (60,913)— 
Total (loss) income from discontinued operations before income taxes(44,833)21,862 (45,851)37,002 
Income tax benefit (expense)10,156 10,279 10,939 (11,003)
Income from discontinued operations attributable to noncontrolling interests(273)(123)(8)(32)
(Loss) income from discontinued operations, net of income taxes$(34,950)$32,018 $(34,920)$25,967 
1 Net interest income presented within discontinued operations is net of interest expense.
June 30, 2025December 31, 2024
ASSETS
(U.S. Dollars in thousands)
Cash and cash equivalents$22,456 $1,702 
Current receivables, net1
71,799 12,721 
Inventories, net25,891 32,259 
Prepaid expenses and other current assets9,460 6,724 
Property, plant and equipment, net253,456 248,545 
Operating lease right-of-use assets116,385 115,917 
Other noncurrent assets17,529 19,060 
Loss recognized on classification as held for sale(165,799)(104,886)
Total Fresh Vegetables assets held for sale$351,177 $332,042 
Fresh Vegetables current assets held for sale351,177 332,042 
Fresh Vegetables non-current assets held for sale— — 
Total Fresh Vegetables assets held for sale$351,177 $332,042 
LIABILITIES
Accounts payable$59,883 $61,646 
Accrued and other current liabilities55,214 75,185 
Operating lease liabilities57,320 70,541 
Deferred income tax liabilities7,331 19,783 
Other long-term liabilities15,989 17,514 
Total Fresh Vegetables liabilities held for sale$195,737 $244,669 
Fresh Vegetables current liabilities held for sale195,737 244,669 
Fresh Vegetables non-current liabilities held for sale— — 
Total Fresh Vegetables liabilities held for sale$195,737 $244,669 
1As of December 31, 2024, Fresh Vegetables sold its trade receivables under the facility with recourse provisions described in Note 8 “Receivables and Allowances for Credit Losses”, amounting to $62.2 million. As of June 30, 2025, Fresh Vegetables’ position under the facility was settled and these receivables are included within the disposal group.
Sale of Progressive Produce
On February 27, 2024, Dole entered into a definitive agreement with PTF Holdings, LLC (“PTF Holdings”) pursuant to which Dole agreed to sell its 65.0% stake in Progressive Produce (the “Progressive Produce business”) to PTF Holdings for gross proceeds of $120.3 million in cash (the “Progressive Transaction”). On March 13, 2024, Dole completed the Progressive Transaction. The Progressive Produce business was reported within the Diversified Fresh Produce – Americas and the Rest of World (“Diversified Fresh Produce – Americas and ROW”) reportable segment. As a result of the sale, Dole recognized a gain on the sale of $75.9 million for the six months ended June 30, 2024, included within gain on disposal of business in the condensed consolidated statements of operations. The carrying amount of net assets sold amounted to $41.9 million, including allocated goodwill of $36.0 million. During the six months ended June 30, 2024, Progressive Produce comprised $77.9 million of Dole’s consolidated net revenue. Associated transaction costs were not material. During the six months ended June 30, 2025, Dole recognized an incremental gain on the sale of $0.4 million related to amounts that were released from escrow.
Other Acquisitions and Divestitures
The Company normally engages in acquisitions to grow its business and product offerings and in divestitures to align with Dole’s long-term strategy. Other acquisitions and divestitures of subsidiaries in the three and six months ended June 30, 2025 and June 30, 2024 were not material. In the six months ended June 30, 2025 and June 30, 2024, total goodwill acquired was not material and there were no material gains or losses recorded for other acquisition and divestiture activity of subsidiaries in either period.
See Note 18 “Investments in Unconsolidated Affiliates” for additional detail on a divestiture of ownership shares in an equity method investee.