Fair Value Measurements (Tables)

9 Months Ended

Sep. 25, 2015

Fair Values of Assets and Liabilities Measured on a Recurring Basis

The following table provides a summary of the fair values of assets and liabilities measured on a recurring basis under the ASC on “Fair Value Measurements and Disclosures” (U.S. dollars in millions):



	Fair Value Measurements
	Foreign currency forward contracts, net asset
	September 25, 2015		December 26, 2014
Quoted Prices in Active Markets for Identical Assets (Level 1)	$	—	$	—
Significant Observable Inputs (Level 2)	17.7		25.6
Significant Unobservable Inputs (Level 3)	—		—

Fair Value Measurements, Nonrecurring

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 nine months ended September 25, 2015
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Guatemala banana production assets held for sale	$	1.8	$	—	$	—	$	1.8
	$	1.8	$	—	$	—	$	1.8

During the quarter and nine months ended September 25, 2015, we recognized a charge of $1.0 million for Guatemala property, plant and equipment valued at fair value less cost to sell. The carrying value of these assets was $2.8 million and was written down to $1.8 million. These assets related predominantly to land, land improvements and banana plantations included in other current assets on our Consolidated Balance Sheets due to the fact that they are expected to be sold within one year. We estimated the fair value of the underlying assets using the market approach. The fair valuation of the assets are classified as Level 3 of the fair value hierarchy due to the mix of unobservable information.



	Fair value measurements for the nine months ended September 26, 2014
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
United Kingdom contract termination on leased facility	$	1.2	$	—	$	—	$	1.2
	$	1.2	$	—	$	—	$	1.2

Schedule of Sensitivities of Goodwill and Intangible Assets at Risk

The fair value of the tomato and vegetable reporting unit's goodwill is highly sensitive to differences between estimated and actual cash flows. If the tomato and vegetable goodwill is unable to meet our current volume and margin expectation, the tomato and vegetable goodwill may be at risk for future impairment.



	Tomato and Vegetable Reporting Unit Goodwill as of September 26, 2015
Goodwill Carrying Value	$	66.1

Approximate percentage by which the fair value exceeds the carrying value	5		%

Amount that a one percentage point increase in the discount rate and a 5% decrease in cash flows would cause the carrying value to exceed the fair value and trigger a change in fair value	$	17.6