Dole plcDOLE
Dole plc Goodwill & Intangibles Disclosure
NOTE 13 — GOODWILL AND INTANGIBLE ASSETS
The gross balance of goodwill was $499.6 million, with accumulated impairment losses of $49.3 million, as of December 31, 2025 and $477.4 million, with accumulated impairment losses of $47.8 million, as of December 31, 2024.
A rollforward of goodwill by reportable segment for the years ended December 31, 2025 and December 31, 2024, was as follows:
Fresh Fruit | Diversified Fresh Produce - EMEA | Diversified Fresh Produce - Americas & ROW | Total | ||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||
Balance as of December 31, 2023 | $ | 273,275 | $ | 151,276 | $ | 88,761 | $ | 513,312 | |||||||||||||||
| Acquisitions | — | 662 | — | 662 | |||||||||||||||||||
| Disposals | — | — | (35,956) | (35,956) | |||||||||||||||||||
| Impairment charge | — | — | (36,684) | (36,684) | |||||||||||||||||||
Foreign currency and other | — | (11,030) | (714) | (11,744) | |||||||||||||||||||
Balance as of December 31, 2024 | 273,275 | 140,908 | 15,407 | 429,590 | |||||||||||||||||||
Foreign currency and other | — | 20,346 | 409 | 20,755 | |||||||||||||||||||
| Held for sale reclassification | (16,000) | — | — | (16,000) | |||||||||||||||||||
Balance as of December 31, 2025 | $ | 257,275 | $ | 161,254 | $ | 15,816 | $ | 434,345 | |||||||||||||||
Details of Dole’s intangible assets as of December 31, 2025 were as follows:
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
| (U.S. Dollars in thousands) | ||||||||||||||||||||
DOLE® brand | $ | 306,280 | $ | — | $ | 306,280 | ||||||||||||||
Water rights | 4,133 | — | 4,133 | |||||||||||||||||
Supplier relationships | 23,725 | (21,847) | 1,878 | |||||||||||||||||
Customer relationships | 116,830 | (104,759) | 12,071 | |||||||||||||||||
Other | 7,331 | (6,416) | 915 | |||||||||||||||||
| $ | 458,299 | $ | (133,022) | $ | 325,277 | |||||||||||||||
Details of Dole’s intangible assets as of December 31, 2024 were as follows:
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
| (U.S. Dollars in thousands) | ||||||||||||||||||||
DOLE® brand | $ | 306,280 | $ | — | $ | 306,280 | ||||||||||||||
Water rights | 4,051 | — | 4,051 | |||||||||||||||||
Supplier relationships | 23,682 | (20,172) | 3,510 | |||||||||||||||||
Customer relationships | 109,775 | (93,219) | 16,556 | |||||||||||||||||
Other | 6,686 | (5,565) | 1,121 | |||||||||||||||||
| $ | 450,474 | $ | (118,956) | $ | 331,518 | |||||||||||||||
A rollforward of intangible assets, excluding goodwill, for the years ended December 31, 2025 and December 31, 2024 was as follows:
Amount | ||||||||
(U.S. Dollars in thousands) | ||||||||
Balance as of December 31, 2023 | $ | 347,512 | ||||||
Additions | 414 | |||||||
Disposals | (8,047) | |||||||
| Amortization | (7,556) | |||||||
Foreign exchange impact and other | (805) | |||||||
Balance as of December 31, 2024 | 331,518 | |||||||
Additions | 105 | |||||||
| Amortization | (7,102) | |||||||
Foreign exchange impact and other | 756 | |||||||
Balance as of December 31, 2025 | $ | 325,277 | ||||||
Amortization expense for definite-lived intangible assets was $7.1 million, $7.6 million and $10.2 million for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively.
As of December 31, 2025, the estimated amortization expense associated with Dole’s intangible assets for each of the next five fiscal years was as follows:
Amount | ||||||||
(U.S. Dollars in thousands) | ||||||||
| 2026 | $ | 5,692 | ||||||
| 2027 | 4,028 | |||||||
| 2028 | 3,848 | |||||||
| 2029 | 765 | |||||||
| 2030 | 247 | |||||||
| Thereafter | 356 | |||||||
Total | $ | 14,936 | ||||||
Dole evaluates goodwill and other indefinite-lived intangible assets for impairment annually during the fourth quarter, or more frequently if an event occurs or circumstances change that would indicate that an impairment may exist. During fiscal year 2025, the Company performed a quantitative assessment of goodwill and the DOLE® brand indefinite-lived intangible asset in conjunction with the annual impairment assessment. As of the October 1, 2025 testing date, one of Dole’s reporting units with allocated goodwill was considered at risk of future impairment. The fair value of the Fresh Fruit reporting unit was less than 1% and above its carrying amounts.The fair value of the Diversified Fresh Produce – EMEA and Diversified Fresh Produce – Americas & ROW reporting units and the DOLE® brand were sufficiently above their carrying amounts. Unfavorable changes to key assumptions, market conditions, and macroeconomic circumstances could result in future impairment.
On December 13, 2025, the Company entered into the Port Sale Transaction and the planned disposal of the Ecuadorian Port Business disposal group met the criteria for held for sale classification as of December 31, 2025. As a result of the reclassification, $16.0 million of goodwill was allocated to the Ecuadorian Port Business disposal group and was included within assets held for sale. The Company assessed qualitative factors to determine whether it was more likely than not that the fair value of the remaining Fresh Fruit reporting unit was less than its carrying value as of December 31, 2025. Qualitative factors considered included market conditions, overall financial performance and other relevant events and factors. Based on the qualitative impairment test performed as of December 31, 2025, the Company determined that there was no impairment to the goodwill allocated to the Fresh Fruit reporting unit.
On February 27, 2024, Dole entered into a definitive agreement with PTF Holdings to which Dole agreed to sell its 65.0% stake in the Progressive Produce business to PTF Holdings for gross proceeds of $120.3 million in cash. On March 13, 2024, Dole completed the Progressive Transaction, and the Company concluded that the Progressive Transaction was a triggering event for the Diversified Fresh Produce – Americas & ROW reporting unit. As a result of the sale, $36.0 million of goodwill was allocated to the Progressive Produce business and was included within the carrying amount of the net assets sold. To determine the fair value of the remaining Diversified Fresh Produce – Americas & ROW reporting unit as of March 31, 2024, the Company utilized the income approach to estimate the reporting unit’s projected long-term performance. Level 3 inputs were utilized within the quantitative analysis. Based on the results of the analysis, the Company recorded a goodwill impairment charge of $36.7 million in March 2024.
There was no impairment of goodwill or intangible assets recorded for the years ended December 31, 2023.
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About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.