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Disclosures about reportable segments | 6 Months Ended
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Mar. 31, 2015
Disclosures about reportable segments [Abstract] |
Disclosures about reportable segments | Note 8. Disclosures about reportable segments The Company manages its land based upon its primary usage and reviews its performance based upon three primary classifications – Citrus Groves, Improved Farmland and Ranch and Conservation. In addition, it operates an Agricultural Supply Chain Management business that is not tied directly to its land holdings and Other Operations that include a citrus nursery and leasing mines and oil extraction rights to third parties. The Company presents its financial results and the related discussions based upon these five segments (Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations). A description of the Company's business segments is as follows:
| • | Citrus Groves include activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets.
| • | Agricultural Supply Chain Management and Support includes activities related to the purchase and resale of fruit, as well as, to value-added services which include contracting for the harvesting, marketing and hauling of citrus.
| • | Improved Farmland includes activities related to owning and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which has various improvements including irrigation, drainage and roads.
| • | Ranch and Conservation includes activities related to cattle grazing, sod, native plant and animal sales, leasing, management and/or conservation of unimproved native pasture land.
| • | Other Operations include activities related to rock mining royalties, oil exploration, a citrus nursery and other insignificant lines of business.
Intersegment sales and transfers are accounted 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 from operations before general and administrative costs, interest expense and income taxes not including nonrecurring gains and losses. The accounting policies of the segments are the same as those described in Note 1, Description of Business and Basis of Presentation. Total revenues represent sales to unaffiliated customers, as reported in the Company's Condensed Combined Consolidated Statement of Comprehensive Income. All intercompany transactions have been eliminated. Information by business segment is as follows:
(in thousands) | Three Months Ended March 31, |  |  |  | Six Months Ended March 31, |
|  | 2015 |  |  |  | 2014 |  |  |  | 2015 |  |  |  | 2014 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 50,371 |  |  | $ | 22,590 |  |  | $ | 63,289 |  |  | $ | 28,223 |
Agricultural Supply Chain Management |  | 3,296 |  |  |  | 6,135 |  |  |  | 4,479 |  |  |  | 8,241 |
Improved Farmland |  | 982 |  |  |  | 10,750 |  |  |  | 2,074 |  |  |  | 17,282 |
Ranch and Conservation |  | 309 |  |  |  | 910 |  |  |  | 1,145 |  |  |  | 1,441 |
Other Operations |  | 164 |  |  |  | 257 |  |  |  | 313 |  |  |  | 444 |
Intersegment Revenues |  | 4,115 |  |  |  | 4,000 |  |  |  | 5,386 |  |  |  | 6,245 |
Eliminations |  | (4,115 | ) |  |  | (4,000 | ) |  |  | (5,386 | ) |  |  | (6,245 | )
Total revenue |  | 55,122 |  |  |  | 40,642 |  |  |  | 71,300 |  |  |  | 55,631 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves |  | 40,349 |  |  |  | 14,699 |  |  |  | 50,476 |  |  |  | 18,243 |
Agricultural Supply Chain Management |  | 2,740 |  |  |  | 5,844 |  |  |  | 4,111 |  |  |  | 8,169 |
Improved Farmland |  | 1,286 |  |  |  | 8,865 |  |  |  | 2,077 |  |  |  | 14,395 |
Ranch and Conservation |  | 623 |  |  |  | 1,171 |  |  |  | 1,368 |  |  |  | 1,547 |
Other Operations |  | 45 |  |  |  | 90 |  |  |  | 93 |  |  |  | 507 |
Total operating expenses |  | 45,043 |  |  |  | 30,669 |  |  |  | 58,125 |  |  |  | 42,861 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves |  | 10,022 |  |  |  | 7,891 |  |  |  | 12,813 |  |  |  | 9,980 |
Agricultural Supply Chain Management |  | 556 |  |  |  | 291 |  |  |  | 368 |  |  |  | 72 |
Improved Farmland |  | (304 | ) |  |  | 1,885 |  |  |  | (3 | ) |  |  | 2,887 |
Ranch and Conservation |  | (314 | ) |  |  | (261 | ) |  |  | (223 | ) |  |  | (106 | )
Other Operations |  | 119 |  |  |  | 167 |  |  |  | 220 |  |  |  | (63 | )
Total gross profit | $ | 10,079 |  |  | $ | 9,973 |  |  | $ | 13,175 |  |  | $ | 12,770 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 17,661 |  |  | $ | 2,083 |  |  | $ | 19,230 |  |  | $ | 4,026 |
Agricultural Supply Chain Management |  | 119 |  |  |  | 38 |  |  |  | 329 |  |  |  | 71 |
Improved Farmland |  | - |  |  |  | 212 |  |  |  | - |  |  |  | 3,685 |
Ranch and Conservation |  | 14 |  |  |  | 33 |  |  |  | 190 |  |  |  | 776 |
Other Operations |  | 3,396 |  |  |  | 196 |  |  |  | 3,411 |  |  |  | 200 |
Other Capital Expenditures |  | - |  |  |  | (343 | ) |  |  | 79 |  |  |  | - |
Total capital expenditures | $ | 21,190 |  |  | $ | 2,219 |  |  | $ | 23,239 |  |  | $ | 8,758 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 3,584 |  |  | $ | 525 |  |  | $ | 4,840 |  |  | $ | 1,054 |
Agricultural Supply Chain Management |  | 93 |  |  |  | 53 |  |  |  | 145 |  |  |  | 82 |
Improved Farmland |  | - |  |  |  | 1,285 |  |  |  | - |  |  |  | 2,622 |
Ranch and Conservation |  | 242 |  |  |  | 329 |  |  |  | 485 |  |  |  | 662 |
Other Operations |  | 270 |  |  |  | 21 |  |  |  | 398 |  |  |  | 109 |
Other Depreciation, Depletion and Amortization |  | 36 |  |  |  | 214 |  |  |  | 200 |  |  |  | 400 |
Total depreciation, depletion and amortization | $ | 4,225 |  |  | $ | 2,427 |  |  | $ | 6,068 |  |  | $ | 4,929 |
(in thousands) |  | March 31, 2015 |  | September 30, 2014
Assets: |  |  |  |  |  |
Citrus Groves |  | $ | 422,070 |  | $ | 121,399
Agricultural Supply Chain Management |  |  | 3,097 |  |  | 2,498
Improved Farmland |  |  | 119 |  |  | 57,726
Ranch and Conservation |  |  | 13,384 |  |  | 13,920
Other Operations |  |  | 31,292 |  |  | 26,356
Other Corporate Assets |  |  | 8,460 |  |  | 35,679
Total assets |  | $ | 478,422 |  | $ | 257,578

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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