Business Segment Data

12 Months Ended

Dec. 27, 2019

We are principally engaged in the production, distribution and marketing of fresh and value-added products and bananas. Our products are sold in markets throughout the world with our major producing operations located in North, Central and South America, Europe, Asia and Africa.

During March 2019, we changed our reportable segments to reflect the manner in which we manage our business. Based on changes to our organization structure and how our Chief Operating Decision Maker “CODM” reviews operating results and makes decisions about resource allocations. We have two reportable segments that represent our primary businesses which include fresh and value-added products and bananas. We also have other products and services segment which includes our ancillary businesses. Prior period amounts were adjusted retrospectively to reflect the changes in our segment data.

Fresh and value-added products includes pineapples, melons, non-tropical fruit (including grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, fresh-cut fruit and vegetables, prepared fruit and vegetables, juices, other beverages, prepared meals and snacks. Other products and services includes poultry and meat products, plastic products and third-party freight services.

We evaluate performance based on several factors, of which net sales and gross profit by product are the primary financial measures (U.S. dollars in millions):



	Year ended
	December 27, 2019				December 28, 2018				December 29, 2017
	Net Sales		Gross Profit		Net Sales		Gross Profit		Net Sales		Gross Profit
Fresh and value-added products	$	2,704.4	$	194.7	$	2,654.7	$	190.0	$	2,184.4	$	213.4
Bananas	1,656.0		97.1		1,703.1		84.1		1,775.1		113.4
Other products and services	128.6		8.8		136.1		5.7		126.4		4.8
Totals	$	4,489.0	$	300.6	$	4,493.9	$	279.8	$	4,085.9	$	331.6



	Year ended
Net sales by geographic region:	December 27, 2019		December 28, 2018		December 29, 2017
North America	$	2,923.8	$	2,871.3	$	2,382.4
Europe	645.2		653.7		665.9
Middle East	425.8		445.6		518.8
Asia	453.0		465.7		460.2
Other	41.2		57.6		58.6
Total net sales	$	4,489.0	$	4,493.9	$	4,085.9

21. Business Segment Data (continued)

Our North America region included the following Mann Packing results:



	Period from February 27, 2018 to December 28, 2018
	Net Sales		Gross Profit
Fresh and value-added products	$	488.6	$	36.0

Refer to Note 4, “Acquisitions”, for further discussion on the Mann Packing acquisition.

The following table indicates our net sales by product:



	Year ended
	December 27, 2019				December 28, 2018				December 29, 2017
Segments:
Fresh and value-added products:
Fresh-cut fruit	$	524.4	12	%	$	507.5	11	%	$	496.9	12	%
Fresh-cut vegetables	455.9		10	%	419.8		10	%	93.9		2	%
Pineapples	454.8		10	%	487.9		11	%	492.7		12	%
Avocados	380.7		9	%	329.2		8	%	314.9		8	%
Non-tropical fruit	195.9		4	%	226.7		5	%	235.7		6	%
Prepared food	279.6		6	%	267.1		6	%	229.5		6	%
Melons	92.4		2	%	107.8		2	%	106.8		2	%
Tomatoes	52.3		1	%	62.5		1	%	77.8		2	%
Vegetables	176.6		4	%	150.8		3	%	25.9		1	%
Other fruit and vegetables	91.8		2	%	95.4		2	%	110.3		3	%
Total fresh and value-added products	$	2,704.4	60	%	$	2,654.7	59	%	$	2,184.4	54	%
Bananas	1,656.0		37	%	1,703.1		38	%	1,775.1		43	%
Other products and services	128.6		3	%	136.1		3	%	126.4		3	%
Total	$	4,489.0	100	%	$	4,493.9	100	%	$	4,085.9	100	%

21. Business Segment Data (continued)



Property, plant and equipment, net:	December 27, 2019		December 28, 2018
North America	$	238.7	$	241.4
Europe	35.2		51.4
Middle East	130.9		129.6
Africa	44.6		44.8
Asia	130.9		128.4
Central America	664.7		644.1
South America	84.8		90.5
Maritime equipment (including containers)	66.2		52.9
Corporate	7.2		9.1
Total property, plant and equipment, net	$	1,403.2	$	1,392.2



Identifiable assets:	December 27, 2019		December 28, 2018
North America	$	925.3	$	933.0
Europe	279.9		297.1
Middle East	301.4		278.9
Africa	174.9		162.0
Asia	268.0		239.2
Central America	1,066.5		1,026.5
South America	159.9		165.0
Maritime equipment (including containers)	78.0		66.9
Corporate	96.0		86.6
Total identifiable assets	$	3,349.9	$	3,255.2

North America accounted for approximately 65% of our net sales for 2019 and 64% for 2018 and 58% in 2017. Our earnings are heavily dependent on operations located worldwide; however, our net sales are not dependent on any particular country other than the United States, with no other country accounting for greater than 10% of our net sales for 2019, 2018 and 2017. These operations are a significant factor in the economies of some of the countries in which we operate and are subject to the risks that are inherent in operating in such countries, including government regulations, currency and ownership restrictions and risk of expropriation. Management reviews assets on the basis of geographic region and not by reportable segment, which more closely aligns our capital investment with demand for our products. Costa Rica is our most significant sourcing location, representing approximately 35% of our property, plant and equipment as of December 27, 2019. No foreign country other than Costa Rica accounts for greater than 10% of our property, plant and equipment.

Walmart accounted for 9% of our net sales in 2019, 10% of net sales in 2018 and 9% in 2017. These sales are reported in the banana and fresh and value-added segments. In 2019, our top 10 customers accounted for approximately 30% of net sales as compared with 32% during 2018 and 31% for 2017. Identifiable assets by geographic area represent those assets used in the operations of each geographic area. Corporate assets consist of goodwill, building, leasehold improvements and furniture and fixtures.