Quarterly report pursuant to Section 13 or 15(d)

Property, Buildings and Equipment, Net

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Property, Buildings and Equipment, Net
 9 Months Ended
Jun. 30, 2015
Property, Buildings and Equipment, Net [Abstract]  
Property, Buildings and Equipment, Net

Note 3. Property, Buildings and Equipment, Net

 

Property, buildings and equipment, net consist of (in thousands):

 

June 30, September 30,
2015 2014
 
Breeding herd $ 11,158     $ 11,558  
Buildings     21,377       16,282  
Citrus trees     243,878       69,952  
Equipment and other facilities     59,464       55,799  
                 
Total depreciable assets     335,877       153,591  
Less: accumulated depreciation and depletion     (75,324 )     (66,321 )
                 
Net depreciable assets     260,553       87,270  
Land and land improvements     122,547       39,563  
                 
Total property, buildings and equipment, net   $ 383,100     $ 126,833  

  

Land Sale

 

Certain Silver Nip Citrus land with a cost of $2,832,159 was classified as held for sale as of September 30, 2014. It was sold during the nine months ended June 30, 2015 resulting in a gain on sale of assets of $2,926,553.

 

Asset Impairment

 

The Company recorded an impairment loss of approximately $541,000 during the nine months ended June 30, 2015 on property classified as assets held for sale as of September 30, 2014. The Company entered into a sales contract on February 17, 2015, which triggered the impairment of the property based on the negotiated sales price. The property was sold on April 3, 2015 and the Company received approximately $1,509,000 in net sales proceeds.