Alico, Inc. Annual report pursuant to section 13 and 15(d)

Annual report pursuant to section 13 and 15(d)

Inventories

Inventories

12 Months Ended

Sep. 30, 2011

Inventories [Abstract]

Inventories

Note 5. Inventories

Inventories consist of the following at September 30, 2011 and 2010:


(dollars in thousands)	2011		2010
Unharvested fruit crop on trees	$	14,050	$	13,164
Unharvested sugarcane		7,320		4,641
Beef cattle		791		650
Sod		—		84
Other		212		62

Total inventories	$	22,373	$	18,601

The Company records its inventory at the lower of cost or net realizable value. For the years ended September 30, 2011 and 2010, the Company did not record any adjustments to inventory. During the year ended September 30, 2009, the Company recorded the following net realizable value adjustments to inventory; (i) Unharvested sugarcane totaling $1,286 thousand, (ii) Beef cattle totaling $1,011 thousand; and (iii) Plants and vegetables totaling $658 thousand. All adjustments to inventory resulted from changing market conditions for the respective crops and cattle and were recognized as operating expenses.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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