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Restructuring
6 Months Ended
Jun. 30, 2014
Restructuring and Related Activities [Abstract]  
Restructuring
August 2012, we announced a restructuring plan to transform the company into a branded commodity operator. The restructuring plan was designed to reduce costs and improve our competitive position by focusing our resources on the banana and salad businesses, reducing investment in non-core products, reducing overhead and manufacturing cost and limiting consumer marketing activities. In connection with this restructuring plan, we eliminated approximately 300 positions worldwide and incurred $18 million of restructuring costs, including $11 million of severance and $5 million of impairments primarily related to fixed assets and certain promotional and packaging materials. The restructuring was substantially complete at December 31, 2012. At June 30, 2014 we had a remaining severance accrual of less than $1 million related to severance payments to the former chief executive officer.
Due to the restructuring plan and related reductions of investment in non-core products, we also sold one of our European healthy snacking businesses in the second quarter of 2013. The business was sold for €3 million ($4 million) resulting in a gain of $2 million recognized in "Other income (expense), net" in the Condensed Consolidated Statements of Operations. This business represented approximately $12 million in annual net sales and had an insignificant effect on operating income.
In the first quarter of 2014, we disposed of another non-core healthy snacking business in Europe, resulting in a loss of $3 million, which was recorded in “Other income (expense), net.” Of this loss, $1 million related to cash payments upon disposal. This business represented approximately $2 million in annual net sales and had an insignificant effect on operating income.