Asset Impairment and Other Charges, Net

12 Months Ended

Dec. 29, 2023

Asset Impairment and Other Charges, Net [Abstract]

Asset Impairment and Other Charges, Net

Asset Impairment and Other Charges (Credits), Net

We incurred asset impairment and other charges (credits), net totaling $143.4 million for 2023, $(4.8) million for 2022 and $4.5 million for 2021.

The following represents the detail of asset impairment and other charges (credits), net for the year ended December 29, 2023 by reportable segment (U.S. dollars in millions):

	Long-lived and other asset impairment		Exit activity and other charges (credits)		Total
Banana segment:
Impairment of low-yielding banana farms in the Philippines	$	3.7	$	—	$	3.7
Fresh and value-added products segment:
Impairment of fresh and value-added assets in North America (1)	109.6		—		109.6
Impairment of prepared foods reporting unit goodwill (2)	21.6		—		21.6
Impairment of low productivity grape vines in South America and related costs	1.7		0.1		1.8
Impairment of low-yielding apple farms in South America	2.6		—		2.6
Other fresh and value-added products segment charges	0.3		0.7		1.0
Other:
2023 cybersecurity incident expenses (3)	—		1.3		1.3
Impairment of assets related to idle land in Central and South America	1.8		—		1.8
Total asset impairment and other charges (credits), net	$	141.3	$	2.1	$	143.4

(1) During the year ended December 29, 2023, impairment charges related to our fresh and value-added assets in North America included impairment charges to customer relationships intangible assets of $88.6 million, trade names of $8.3 million, and building, land and land improvements of $12.7 million. Refer to Note 6, "Goodwill and Other Intangible Assets," for further information.

(2) Refer to Note 6, "Goodwill and Other Intangible Assets," for further information.

(3) During the year ended December 29, 2023, we incurred cybersecurity expenses of $1.3 million, net of insurance reimbursements received, primarily related to the engagement of specialized legal counsel and other incident response advisors.

The following represents the detail of asset impairment and other charges (credits), net for the year ended December 30, 2022 by reportable segment (U.S. dollars in millions):

	Long-lived and other asset impairment		Exit activity and other charges (credits)		Total
Banana segment:
Exit costs related to European facility	$	—	$	0.4	$	0.4
Philippine asset impairment due to floods(1)	2.7		—		2.7
Fresh and value-added products segment:
Adjustment of Kunia Well Site environmental liability in Hawaii(2)	—		(9.9)		(9.9)
Impairment of South America farm and other charges	0.8		0.1		0.9
Other fresh and value-added products segment charges	—		0.1		0.1
Other:					—
Former President/COO severance expense	—		1.0		1.0
Total asset impairment and other charges (credits), net	$	3.5	$	(8.3)	$	(4.8)

(1) $2.7 million asset impairment as a result of flooding in the Philippines due to heavy rainfall during the fourth quarter of 2022.

(2) $(9.9) million reduction in our environmental liability related to the Kunia Well Site clean-up. Refer to Note 16, “Commitments and Contingencies,” for further information.

The following represents the detail of asset impairment and other charges (credits), net for the year ended December 31, 2021 by reportable segment (U.S. dollars in millions):

	Long-lived and other asset impairment		Exit activity and other charges (credits)		Total
Banana segment:
Insurance recovery related to hurricanes(1)	$	—	$	(0.8)	$	(0.8)
Philippine asset impairment and exit activities of certain low-yield areas(2)	3.3		1.4		4.7
Fresh and value-added products segment:
Exit costs related to European facility	—		0.2		0.2
Other fresh and value-added products segment charges	0.5		(0.1)		0.4
Total asset impairment and other charges (credits), net	$	3.8	$	0.7	$	4.5

(1) $(0.8) million insurance recovery for fiscal 2021 associated with damages to certain of our banana fixed assets in Guatemala caused by hurricanes Eta and Iota in the fourth quarter of 2020.

(2) $4.7 million asset impairment and other charges primarily related to our exit from two low-yield banana farms in the Philippines in the fourth quarter of 2021.