XML 71 R12.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Spin-off | 12 Months Ended
--- | ---
Sep. 30, 2015
Notes to Financial Statements |
Spin-off |
| 3. | Spin-off.
On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company”) completed the spin-off of its transportation business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”) - resulting in FRPH becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements. The results of operations associated with discontinued operations were as follows (in thousands):
|  | Years Ended September 30,
|  | 2015 |  | 2014 |  | 2013
Revenue |  | $ | 41,800 |  |  |  | 129,162 |  |  |  | 112,120 |
Cost of operations |  |  | 38,195 |  |  |  | 121,134 |  |  |  | 101,001 |
Operating profit |  |  | 3,605 |  |  |  | 8,028 |  |  |  | 11,119 |
Interest expense |  |  | (33 | ) |  |  | (102 | ) |  |  | (19 | )
Income before income taxes |  |  | 3,572 |  |  |  | 7,926 |  |  |  | 11,100 |
Provision for income taxes |  |  | 1,393 |  |  |  | 3,091 |  |  |  | 4,329 |
Income from discontinued operations |  | $ | 2,179 |  |  |  | 4,835 |  |  |  | 6,771 |
The following table presents the carrying value of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance sheets at September 30, 2014:
Property and equipment, net |  | $ | 42,174 |
Accounts receivable, net |  |  | 7,119 |
Deferred costs |  |  | 11,809 |
Other assets |  |  | 32 |
Assets of discontinued operation |  | $ | 61,134 |
Line of credit |  | $ | 7,282 |
Accounts payable and accrued liabilities |  |  | 11,489 |
Deferred compensation |  |  | 717 |
Deferred income taxes |  |  | 8,924 |
Liabilities of discontinued operation |  | $ | 28,412 |

X
- References No definition available. + Details
Name: | FRPH_NotesToFinancialStatementsAbstract
Namespace Prefix: | FRPH_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | FRPH_SpinoffTextBlock
Namespace Prefix: | FRPH_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration