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Business Segment Data
 12 Months Ended
Dec. 29, 2023
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 and our major producing operations are located in North, Central and South America, Asia and Africa.
 
Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses.

•Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks).

•Banana

•Other products and services - includes our third-party freight and logistic services business and our Jordanian poultry and meats business.

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

 Year ended
 December 29, 2023December 30, 2022December 31, 2021
 Net SalesGross ProfitNet SalesGross ProfitNet SalesGross Profit
Fresh and value-added products$2,477.8 $167.3 $2,581.8 $183.0 $2,504.8 $180.2 
Banana1,638.2 163.3 1,619.8 120.7 1,581.1 110.9 
Other products and services204.7 20.1 240.7 36.5 166.1 12.7 
Totals$4,320.7 $350.7 $4,442.3 $340.2 $4,252.0 $303.8 
 
The following table indicates our net sales by product (U.S. dollars in millions) and, in each case, the percentage of the total represented thereby:
Year ended
December 29, 2023December 30, 2022December 31, 2021
Segments:   
Fresh and value-added products:    
Fresh-cut fruit$536.2 12 %$524.7 12 %$493.5 12 %
Fresh-cut vegetables327.7 8 %341.4 8 %366.3 9 %
Pineapples622.3 14 %584.6 13 %534.4 13 %
Avocados271.2 6 %311.4 7 %320.2 7 %
Non-tropical fruit152.5 4 %179.8 4 %185.2 4 %
Prepared foods270.9 6 %293.4 6 %281.2 6 %
Melons95.7 2 %94.4 2 %67.6 2 %
Tomatoes18.7 — %23.8 1 %29.5 1 %
Vegetables112.2 3 %137.3 3 %136.6 3 %
Other fruit and vegetables70.4 2 %91.0 2 %90.3 2 %
Total fresh and value-added products2,477.8 57 %2,581.8 58 %2,504.8 59 %
Banana1,638.2 38 %1,619.8 37 %1,581.1 37 %
Other products and services204.7 5 %240.7 5 %166.1 4 %
Total$4,320.7 100 %$4,442.3 100 %$4,252.0 100 %

The following table indicates our net sales by geographic region (U.S. dollars in millions):

 Year ended
Net sales by geographic region:December 29, 2023December 30, 2022December 31,
2021
North America$2,578.7 $2,721.3 $2,570.2 
Europe830.9 760.5 696.5 
Asia446.4 451.0 488.4 
Middle East384.9 427.9 433.0 
Other79.8 81.6 63.9 
Total net sales$4,320.7 $4,442.3 $4,252.0 

North America accounted for approximately 60% of our net sales for 2023, 61% for 2022 and 60% for 2021. 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 in 2023, 2022 and 2021. 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.

Walmart accounted for 9% of our net sales in 2023, 8% of net sales in 2022 and 7% in 2021. These sales are reported in the banana and fresh and value-added products segments. In 2023, our top 10 customers accounted for approximately 31% of net sales as compared with 29% during 2022 and 30% for 2021.
The following tables indicate our (i) property, plant, and equipment, net by location and (ii) total assets by location (U.S. dollars in millions):
Property, plant and equipment, net:December 29, 2023December 30, 2022
North America$175.5 $191.7 
Europe34.9 28.8 
Middle East52.5 49.2 
Africa37.0 37.8 
Asia94.4 104.5 
Central America624.7 635.5 
South America51.7 66.4 
Maritime equipment (including containers)181.2 190.1 
Corporate4.5 5.5 
Total property, plant and equipment, net$1,256.4 $1,309.5 

Total assets:December 29, 2023December 30, 2022
North America$744.8 $929.0 
Europe349.4 330.6 
Middle East239.1 281.7 
Africa150.9 164.2 
Asia242.1 250.4 
Central America1,020.5 1,023.1 
South America134.5 170.1 
Maritime equipment (including containers)187.7 193.7 
Corporate115.1 116.1 
Total assets$3,184.1 $3,458.9 


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 and represented approximately 36% of our property, plant and equipment as of December 29, 2023. Excluding the U.S., no other country other than Costa Rica accounted for greater than 10% of our property, plant and equipment as of the years ended December 29, 2023 and December 30, 2022.

Total assets by geographic area represent those assets used in the operations of each geographic area.