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DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Dole is exposed to foreign currency exchange rate fluctuations, bunker fuel price fluctuations and interest rate changes in the normal course of its business. As part of its risk management strategy, Dole uses derivative instruments to hedge some of these exposures. Dole’s objective is to offset gains and losses resulting from these exposures with losses and gains from the derivative contracts used to hedge them, thereby reducing the volatility of earnings. Dole does not hold or issue derivative financial instruments for trading or speculative purposes. The types of derivative instruments utilized by Dole are described below:
Foreign currency hedges: Dole enters into foreign currency exchange forward and option contracts to hedge exposure to changes in certain foreign currency exchange rates. Dole enters into fair value hedges to hedge foreign currency exposure of non-functional currency assets and liabilities and cash flow hedges to hedge foreign currency exposure of forecasted revenue, cost of sales and operating expenses.
Interest rate swaps: Dole enters into interest rate swaps to mitigate a significant portion of the interest rate risk associated with its variable-rate debt.
The interest rate swaps pay a fixed rate of interest at rates between 0.77% and 3.31%, with the receiving rates variable based on SOFR, which was 3.66% as of March 31, 2026. All interest rate swap arrangements are classified within the condensed consolidated balance sheets based on ultimate maturity date of the arrangement. Refer to Note 12 “Debt” for further information on Company’s variable rate debt.
As a result of the Refinancing described in Note 12 “Debt”, there was a de-designation of certain interest rate swaps in which the forecasted interest payments are no longer probable.
Bunker fuel contracts: Dole incurs significant fuel costs from shipping products from sourcing locations to end customer markets. As a result, Dole is exposed to commodity and fuel cost risks and enters into bunker fuel contracts to hedge the risk of unfavorable fuel prices.
Hedge Accounting Election
The Company performs an analysis of the hedging portfolio at inception and on a quarterly basis. The Company uses the following criteria in evaluating derivative instruments for hedge accounting:
1.Hedged risk is eligible
2.Hedged item or transaction is eligible
3.Hedging instrument is eligible
4.Hedging relationship is highly effective
5.Designation and documentation requirements are met
Dole designates certain interest rate swaps and certain foreign currency cash flow hedges for hedge accounting and records the changes in the fair value of these instruments in accumulated other comprehensive loss. The changes in the fair value of foreign currency fair value hedges, non-designated interest rate swaps, non-designated cash flow hedges and bunker fuel hedges are recorded in earnings.
Notional Amounts of Derivative Instruments
Dole had the following derivative instruments outstanding as of March 31, 2026:
Aggregate Notional Amount
Foreign currency forward contracts by currency:
United States dollar
$145.6 million
Euro
€388.3 million
British pound sterling
£16.9 million
Swedish krona
SEK 165.6 million
Canadian dollar
C$35.9 million
Chilean peso
CLP$15.6 billion
South African rand
ZAR 175.0 million
Interest rate swap contracts
$645.0 million
Quantitative Disclosures
Derivatives are presented gross in the condensed consolidated balance sheets. The following table presents the balance sheet location and fair value of the derivative instruments by type:
Fair Value Measurements as of March 31, 2026
Other
Receivables, net
Other Assets
Accrued Liabilities
Other Long-Term Liabilities
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$7,004 $— $(424)$— 
Non-designated cash flow hedges
805 — (1,264)— 
Fair value hedges1,046 — (731)— 
Interest rate swap contracts4,306 1,103 — — 
$13,161 $1,103 $(2,419)$— 
Fair Value Measurements as of December 31, 2025
Other
Receivables, net
Other Assets
Accrued Liabilities
Other Long-Term Liabilities
Foreign currency forward contracts:
(U.S. Dollars in thousands)
Cash flow hedges
$456 $—$(3,040)$— 
Non-designated cash flow hedges
498 —(855)— 
Fair value hedges
122 —(976)— 
Interest rate swap contracts6,504 204 — (302)
Bunker fuel hedges——(231)— 
$7,580 $204 $(5,102)$(302)
Refer to Note 15 “Fair Value Measurements” for presentation of fair value instruments within the condensed consolidated balance sheets, which includes derivative financial instruments.
The following tables represent all of Dole’s realized and unrealized derivative gains (losses) and respective location in the financial statements for the three months ended March 31, 2026 and March 31, 2025:
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Accumulated Other
Comprehensive Loss
Cost of Sales
Other Income (Expense), netAccumulated Other
Comprehensive Loss
Cost of Sales
Other Income (Expense), net
Realized net (losses) gains:
(U.S. Dollars in thousands)
Cash flow hedges
$— $(1,289)$— $— $781 $— 
Non-designated cash flow hedges
— 137 — — 768 — 
Fair value hedges— (301)298 — (1,052)(161)
Bunker fuel hedges
— — — — 79 — 
Total net realized (losses) gains
$— $(1,453)$298 $— $576 $(161)
Unrealized net gains (losses):
Cash flow hedges$8,696 $— $— $(9,185)$— $— 
Non-designated cash flow hedges
— (389)— — (197)— 
Fair value hedges— 1,640 308 — (891)72 
Bunker fuel hedges
— — — — 115 — 
Interest rate swap contracts
(1,109)— 112 (6,905)— — 
Total net unrealized gains (losses)
$7,587 $1,251 $420 $(16,090)$(973)$72 
As of March 31, 2026, the Company expects approximately $11.7 million of net deferred gains from derivative instruments to be reclassified from accumulated other comprehensive loss into earnings over the next 12 months. Of the $11.7 million of net deferred gains, $5.1 million relates to deferred gains on interest rate swap contracts and is expected to offset future interest expense on the Senior Secured Facilities, and $6.6 million relates to net deferred gains on cash flow
hedges and is expected to offset future operational net losses on foreign currency exchange rates. Refer to Note 17 “Stockholders’ Equity” for details on reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2026 and March 31, 2025.