XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Data
6 Months Ended
Jun. 26, 2020
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
 
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.

Our operations are organized into two reportable segments that represent our primary businesses and one reportable segment that represents our ancillary businesses.

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.

Banana

Other products and services - includes our ancillary businesses consisting of sales of poultry and meat products, a plastic product business, 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): 
 Quarter ended
 June 26, 2020June 28, 2019
Segments:Net SalesGross ProfitNet SalesGross Profit
Fresh and value-added products$636.2  $37.1  $764.3  $57.5  
Banana429.6  39.0  440.0  36.9  
Other products and services26.5  2.6  35.1  3.2  
Totals$1,092.3  $78.7  $1,239.4  $97.6  
 Six months ended
 June 26, 2020June 28, 2019
Segments:Net SalesGross ProfitNet SalesGross Profit
Fresh and value-added products$1,297.2  $79.6  $1,454.3  $119.0  
Banana856.6  63.5  871.5  71.6  
Other products and services56.5  4.1  67.8  2.1  
Totals$2,210.3  $147.2  $2,393.6  $192.7  

Quarter endedSix months ended
Net Sales by geographic region:June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
North America$667.1  $816.8  $1,372.7  $1,565.6  
Europe164.0  171.2  335.2  342.5  
Asia134.1  131.1  247.3  251.8  
Middle East114.2  109.3  226.6  207.1  
Other12.9  11.0  28.5  26.6  
Totals$1,092.3  $1,239.4  $2,210.3  $2,393.6  

Our segment data disclosures for the quarter and six months ended June 28, 2019 have been adjusted to reflect a reclassification of cost of products sold between our banana and fresh and value-added products segments as the result of a refinement in our overhead cost allocation methodology. This reclassification resulted in an increase to our banana segment gross profit of $1.5 million for the quarter ended June 28, 2019 and $2.8 million for the six months ended June 28, 2019, and a corresponding
12.  Business Segment Data (continued)

decrease in our fresh and value-added products segment gross profit. On a full year basis for the year ended December 27, 2019, the reclassification results in an increase to our banana segment gross profit and corresponding decrease to our fresh and value-added products segment gross profit of $5.6 million and will be reflected accordingly in our future filings with the SEC.

Our segment data disclosures for the quarter ended June 28, 2019 also reflect the impact of a reclassification adjustment to correct the presentation of payroll and payroll-related costs associated with our sales personnel from cost of products sold to selling, general, and administrative expenses. The reclassification adjustment resulted in an increase of $0.4 million to gross profit in our banana segment and an increase of $0.9 million to gross profit in our fresh and value-added products segment for the quarter ended June 28, 2019. For the six months ended June 28, 2019, the reclassification adjustment resulted in an increase of $0.8 million to gross profit in our banana segment and an increase of $2.3 million to gross profit in our fresh and value-added products segment. For the full year ended December 27, 2019, the adjustment results in an increase to our banana segment gross profit of $1.6 million, and an increase of $4.2 million to our fresh and value-added products segment gross profit. Refer to Note 1. "General" for further information regarding this adjustment.

The following table indicates our net sales by product and the percentage of the total:
 Quarter endedSix months ended
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
Fresh and value-added products:
Fresh-cut fruit110.4  10 %146.1  12 %228.2  10 %263.7  11 %
Fresh-cut vegetables86.3  %119.4  10 %189.2  %238.0  10 %
  Gold pineapples113.9  10 %126.1  10 %216.0  10 %237.4  10 %
  Avocados93.5  %124.9  10 %187.0  %213.6  %
  Non-tropical fruit75.2  %69.5  %137.6  %130.9  %
Prepared foods66.7  %69.7  %131.3  %140.2  %
  Melons20.0  %25.0  %63.9  %69.7  %
  Tomatoes10.2  %15.4  %23.8  %28.9  %
  Vegetables35.0  %42.8  %74.3  %84.3  %
  Other fruit and vegetables
25.0  %25.4  %45.9  %47.6  %
Total fresh and value-added products$636.2  58 %$764.3  62 %$1,297.2  59 %$1,454.3  61 %
Banana429.6  39 %440.0  35 %856.6  39 %871.5  36 %
Other products and services26.5  %35.1  %56.5  %67.8  %
Totals$1,092.3  100 %$1,239.4  100 %$2,210.3  100 %$2,393.6  100 %