Quarterly report pursuant to Section 13 or 15(d)

Segment Information

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information
 6 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information
Segments
Operating segments are defined in ASC Topic 280, "Segment Reporting" as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available, and which are evaluated regularly by the Company’s CODM in deciding how to assess performance and allocate resources. For the fiscal year ended September 30, 2015, the Company’s CODM assessed performance and allocated resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations. The former Citrus Groves and Agricultural Supply Chain Management segments have been combined in Orange Co. and, as a result of the disposition of its sugarcane land in fiscal year 2015, the Company is no longer involved in sugarcane, and the Improved Farmland segment is no longer material to its business and has been combined in Other Operations. Effective October 1, 2015, the Company’s CODM will assess performance and allocate resources based on three operating segments: Orange Co., Conservation and Environmental Resources and Other Operations.

The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: Orange Co. and Conservation and Environmental Resources.  In addition, Other Operations include leasing mines and oil extraction rights to third parties, as well as leasing improved farmland to third parties.  

Total revenues represent sales to unaffiliated customers, as reported in the Condensed Combined Consolidated Statements of Operations and Comprehensive Income. Intersegment sales and transfers are accounted for by the Company as if the sales or transfers were to third parties at current market prices. Goods and services produced by these segments are sold to wholesalers and processors in the United States who prepare the products for consumption. The Company evaluates the segments’ performance based on direct margins (gross profit) from operations before general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses.  All intercompany transactions between the segments have been eliminated.

Information by business segment is as follows:
(in thousands)
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Orange Co.
$
70,982

 
$
58,557

 
$
90,277

 
$
75,550

Conservation and Environmental Resources
644

 
309

 
1,651

 
1,145

Other Operations
263

 
1,146

 
565

 
2,387

Total revenues
71,889

 
60,012

 
92,493

 
79,082

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Orange Co.
51,716

 
46,383

 
69,324

 
60,597

Conservation and Environmental Resources
581

 
623

 
2,141

 
1,368

Other Operations
77

 
1,330

 
147

 
2,169

Total operating expenses
52,374

 
48,336

 
71,612

 
64,134

 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
Orange Co.
19,266

 
12,174

 
20,953

 
14,953

Conservation and Environmental Resources
63

 
(314
)
 
(490
)
 
(223
)
Other Operations
186

 
(184
)
 
418

 
218

Total gross profit
$
19,515

 
$
11,676

 
$
20,881

 
$
14,948

 
 
 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
Orange Co.
$
3,391

 
$
3,152

 
$
6,748

 
$
5,098

Conservation and Environmental Resources
297

 
242

 
529

 
485

Other Operations
94

 
270

 
200

 
398

Other Depreciation, Depletion and Amortization
254

 
(159
)
 
567

 
508

Total depreciation, depletion and amortization
$
4,036

 
$
3,505

 
$
8,044

 
$
6,489

(in thousands)
March 31,
 
September 30,
 
2016
 
2015
Assets:
 
 
 
Orange Co.
$
418,191

 
$
392,329

Conservation and Environmental Resources
14,418

 
13,779

Other Operations
21,235

 
31,468

Other Corporate Assets
10,008

 
22,512

Total Assets
$
463,852

 
$
460,088