XML 53 R14.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Segments | 9 Months Ended
--- | ---
Jun. 30, 2015
Segments [Abstract] |
Segments | Note 9. Segments Operating segments are defined in ASC Topic 280 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 is evaluated regularly by the Company's chief operating decision makers (“CODMs”) in deciding how to assess performance and allocate resources. The Company's CODMs assess performance and allocate resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations. 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. 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 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 corporate, 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 June 30, |  |  |  | Nine Months Ended June 30, |
|  | 2015 |  |  |  | 2014 |  |  |  | 2015 |  |  |  | 2014 |
Operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 65,795 |  |  | $ | 27,167 |  |  | $ | 129,084 |  |  | $ | 55,390 |
Agricultural Supply Chain Management |  | 2,105 |  |  |  | 4,083 |  |  |  | 6,584 |  |  |  | 12,324 |
Improved Farmland |  | 418 |  |  |  | 2,159 |  |  |  | 2,492 |  |  |  | 19,441 |
Ranch and Conservation |  | 296 |  |  |  | 408 |  |  |  | 1,441 |  |  |  | 1,849 |
Other Operations |  | 195 |  |  |  | 58 |  |  |  | 508 |  |  |  | 502 |
Intersegment Revenues |  | 5,058 |  |  |  | 4,173 |  |  |  | 10,444 |  |  |  | 9,299 |
Eliminations |  | (5,058 | ) |  |  | (4,173 | ) |  |  | (10,444 | ) |  |  | (9,299 | )
Total revenues | $ | 68,809 |  |  | $ | 33,875 |  |  | $ | 140,109 |  |  | $ | 89,506 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 45,551 |  |  | $ | 18,317 |  |  | $ | 96,027 |  |  | $ | 36,560 |
Agricultural Supply Chain Management |  | 1,467 |  |  |  | 3,916 |  |  |  | 5,578 |  |  |  | 12,085 |
Improved Farmland |  | 659 |  |  |  | 6,591 |  |  |  | 2,736 |  |  |  | 20,986 |
Ranch and Conservation |  | 624 |  |  |  | 684 |  |  |  | 1,992 |  |  |  | 2,231 |
Other Operations |  | 693 |  |  |  | (226 | ) |  |  | 786 |  |  |  | 281 |
Total operating expenses | $ | 48,994 |  |  | $ | 29,282 |  |  | $ | 107,119 |  |  | $ | 72,143 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 20,244 |  |  | $ | 8,850 |  |  | $ | 33,057 |  |  | $ | 18,830 |
Agricultural Supply Chain Management |  | 638 |  |  |  | 167 |  |  |  | 1,006 |  |  |  | 239 |
Improved Farmland |  | (241 | ) |  |  | (4,432 | ) |  |  | (244 | ) |  |  | (1,545 | )
Ranch and Conservation |  | (328 | ) |  |  | (276 | ) |  |  | (551 | ) |  |  | (382 | )
Other Operations |  | (498 | ) |  |  | 284 |  |  |  | (278 | ) |  |  | 221 |
Total gross profit (loss) | $ | 19,815 |  |  | $ | 4,593 |  |  | $ | 32,990 |  |  | $ | 17,363 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 4,413 |  |  | $ | 2,354 |  |  | $ | 5,018 |  |  | $ | 6,380 |
Agricultural Supply Chain Management |  | 17 |  |  |  | - |  |  |  | 346 |  |  |  | 71 |
Improved Farmland |  | - |  |  |  | 44 |  |  |  | - |  |  |  | 3,729 |
Ranch and Conservation |  | 369 |  |  |  | 103 |  |  |  | 559 |  |  |  | 879 |
Other Operations |  | 47 |  |  |  | (172 | ) |  |  | 3,458 |  |  |  | 28 |
Other Capital Expenditures |  | 214 |  |  |  | 168 |  |  |  | 293 |  |  |  | 168 |
Total capital expenditures | $ | 5,060 |  |  | $ | 2,497 |  |  | $ | 9,674 |  |  | $ | 11,255 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citrus Groves | $ | 3,037 |  |  | $ | 1,132 |  |  | $ | 7,877 |  |  | $ | 2,196 |
Agricultural Supply Chain Management |  | 109 |  |  |  | 41 |  |  |  | 254 |  |  |  | 123 |
Improved Farmland |  | - |  |  |  | 572 |  |  |  | - |  |  |  | 3,194 |
Ranch and Conservation |  | 291 |  |  |  | 335 |  |  |  | 776 |  |  |  | 997 |
Other Operations |  | 347 |  |  |  | 477 |  |  |  | 745 |  |  |  | 586 |
Other Depreciation, Depletion and Amortization |  | 67 |  |  |  | (252 | ) |  |  | 267 |  |  |  | 148 |
Total depreciation, depletion and amortization | $ | 3,851 |  |  | $ | 2,305 |  |  | $ | 9,919 |  |  | $ | 7,244 |
(in thousands) |  |  |  |
|  | June 30, 2015 |  | September 30, 2014
Assets: |  |  |  |  |  |
Citrus Groves |  | $ | 407,107 |  | $ | 121,399
Agricultural Supply Chain Management |  |  | 2,717 |  |  | 2,498
Improved Farmland |  |  | 1,556 |  |  | 57,726
Ranch and Conservation |  |  | 14,480 |  |  | 13,920
Other Operations |  |  | 33,836 |  |  | 26,356
Other Corporate Assets |  |  | 10,526 |  |  | 35,679
Total assets |  | $ | 470,222 |  | $ | 257,578

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

X
- 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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration