Quarterly report pursuant to Section 13 or 15(d)

Property, Buildings and Equipment, Net

v2.4.0.8
Property, Buildings and Equipment, Net
 9 Months Ended
Jun. 30, 2014
Property, Buildings and Equipment, Net [Abstract]  
Property, Buildings and Equipment, Net

Note 3. Property, Buildings and Equipment, Net

 

 

Property, buildings and equipment consisted of the following at June 30, 2014 and September 30, 2013:

 

 

(in thousands) June 30,   September 30,
  2014   2013
         
Breeding herd  $                  11,667    $                  12,234  
Buildings                      13,559                        11,587  
Citrus trees                      34,923                        34,188  
Sugarcane -                        16,199  
Equipment and other facilities                      44,149                        47,278  
         
Total depreciable properties                    104,298                      121,486  
Less accumulated depreciation and depletion                    (62,698 )                    (71,857 )
         
Net depreciable properties                      41,600                        49,629  
Land and land improvements                      81,522                        81,442  
         
Net property, buildings and equipment  $               123,122    $               131,071  
         

 

 

Assets held for sale

 

In December 2013, the Company's Board of Directors approved listing certain parcels of real estate for sale in Polk and Hendry counties totaling approximately 3,200 acres. As a result, the Company reclassified the net book value of the properties to assets held for sale as of December 31, 2013. The estimated fair value of the properties exceeds their net book value, and no impairment was recognized as a result of the reclassification.

 

See Note 11. "Subsequent Events" for detail on the sale of Polk County property that was classified as held for sale.