v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Disclosure [Abstract]    
DEBT DEBT
Short-term borrowings, bank overdrafts and long-term debt consisted of the following: 
March 31, 2026December 31, 2025
(U.S. Dollars in thousands)
Corporate Revolving Credit Facility
$175,784 $67,827 
Term Loan Facilities
592,692 595,124 
Vessel financing loans
— 45,363 
Other long-term financing arrangements
49,247 54,500 
Other revolving credit facilities, at a weighted average interest rate of 4.9% as of March 31, 2026 (4.9% as of December 31, 2025)
57,709 56,990 
Other short-term financing arrangements, at a weighted average interest rate of 7.5% as of March 31, 2026
550 — 
Bank overdrafts
12,696 9,611 
Finance lease obligations, at a weighted average interest rate of 5.5% as of March 31, 2026 (5.6% as of December 31, 2025)
41,617 44,915 
Total debt, gross930,295 874,330 
Unamortized debt discounts and debt issuance costs
(6,790)(7,237)
Total debt, net923,505 867,093 
Current maturities, net of unamortized debt discounts and debt issuance costs
(40,633)(57,668)
Bank overdrafts
(12,696)(9,611)
Long-term debt, net
$870,176 $799,814 
Term Loan and Corporate Revolving Credit Facilities

On May 1, 2025, the Company entered into the Amended and Restated Credit Agreement, which includes: 1) a multicurrency five-year senior secured revolving credit facility (the “Corporate Revolving Credit Facility”) that provides for borrowings up to $600.0 million; 2) a five-year U.S. dollar senior secured term loan A facility (“Term Loan A”) of $250.0 million; and 3) a seven-year U.S. dollar senior secured Farm Credit term loan facility (“Farm Credit Term Loan”) of $350.0 million (collectively, the “Senior Secured Facilities”). The proceeds of the Corporate Revolving Credit Facility and Term Loan A and Farm Credit facilities (“Term Loan Facilities”) were used to refinance all outstanding amounts under the Credit Agreement immediately prior to giving effect to the Amended and Restated Credit Agreement (the “Refinancing”).
The Corporate Revolving Credit Facility and Term Loan A have expiration dates of May 1, 2030. The Farm Credit Term Loan has an expiration date of May 1, 2032. Principal payments of the Term Loan A and Farm Credit Term Loan are due quarterly based on the aggregate principal amount as of the closing date of the Amended and Restated Credit Agreement, adjusted for principal repayments, multiplied by 0.625% and 0.25%, respectively, until maturity.
Interest under the Corporate Revolving Credit Facility and Term Loan A is payable, at the option of Dole, either at (i) SOFR, or the respective benchmark rate depending on the currency of the loan, plus 1.00% to 2.25%, with a benchmark floor of 0.00% or (ii) a base rate plus 0.00% to 1.25%, in each case, to be determined based on the Company’s total net leverage ratio. Interest under the Farm Credit Term Loan is payable at SOFR plus 1.75% to 2.75%, to be determined based on the Company’s total net leverage ratio. As discussed in Note 14 “Derivative Financial Instruments”, the Company enters into interest rate swap arrangements to fix a portion of the Credit Agreement’s variable rate debt to fixed rate debt.
As of March 31, 2026, amounts outstanding under the Term Loan facilities were $592.7 million, in the aggregate, and borrowings under the Corporate Revolving Credit Facility were $175.8 million. After taking into account approximately $16.4 million of related outstanding letters of credit, Dole had $407.8 million available for cash borrowings under the Corporate Revolving Credit Facility as of March 31, 2026. As of December 31, 2025, amounts outstanding under the Term Loan Facilities were $595.1 million, in the aggregate, and borrowings under the Corporate Revolving Credit Facility were $67.8 million. After taking into account approximately $4.4 million of related outstanding letters of credit, Dole had $527.8 million available for cash borrowings under the Corporate Revolving Credit Facility as of December 31, 2025.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s material U.S. assets of wholly owned subsidiaries, certain European assets and by the equity interests of substantially all Dole subsidiaries located in the U.S. and certain subsidiaries located in Europe.
Lines of Credit
In addition to amounts available under the Corporate Revolving Credit Facility, Dole’s subsidiaries have lines of credit and overdraft facilities of approximately $327.2 million at various local banks, of which $253.7 million was available for use as of March 31, 2026. As of December 31, 2025, there were lines of credit of $313.0 million, of which $243.8 million was available for use. These lines of credit are used primarily for short-term borrowings or bank guarantees. The majority of Dole’s lines of credit and overdraft facilities extend indefinitely but may be cancelled at any time by Dole or the banks, and if cancelled, any outstanding amounts would be due on demand.