Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.24.3
Property and Equipment, Net
 12 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Note 5. Property and Equipment, Net
Property and equipment, net consists of the following at September 30, 2024 and September 30, 2023:
(in thousands) September 30,
2024 2023
Citrus trees $ 319,149  $ 328,421 
Equipment and other facilities 58,293  57,779 
Buildings and improvements 6,515  7,081 
Total depreciable properties 383,957  393,281 
Less: accumulated depreciation and depletion (146,086) (144,150)
Net depreciable properties 237,871  249,131 
Land and land improvements 114,862  112,718 
Property and equipment, net $ 352,733  $ 361,849 

For the years ended September 30, 2024 and 2023 the Company recognized a loss on the disposal of property and equipment of $6,990 and $9,624, respectively, due to tree clippings, which has been recognized within Operating expenses. These losses were principally driven by a decision not to continue to provide caretaking for certain groves which were under performing and a decision to enter a lease with a third-party to remove certain trees in exchange for allowing them to utilize a portion of the grove for other agricultural development during the years ended September 30, 2024 and 2023, respectively. For the years ended September 30, 2024 and 2023 depreciation expense was $14,959 and $15,444, respectively and depletion expense was $51 and $43, respectively.