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Property and Equipment, Net | 6 Months Ended
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Mar. 31, 2022
Property Plant And Equipment [Abstract] |
Property and Equipment, Net | Note 4. Property and Equipment, Net Property and equipment, net consists of the following at March 31, 2022 and September 30, 2021:
(in thousands) |  | March 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |
Citrus trees |  | $ | 325,923 |  |  | $ | 320,245 |
Equipment and other facilities |  |  | 58,760 |  |  |  | 57,584 |
Buildings and improvements |  |  | 7,374 |  |  |  | 8,494 |
Total depreciable properties |  |  | 392,057 |  |  |  | 386,323 |
Less: accumulated depreciation and depletion |  |  | (131,827 | ) |  |  | (127,046 | )
Net depreciable properties |  |  | 260,230 |  |  |  | 259,277 |
Land and land improvements |  |  | 113,633 |  |  |  | 113,954 |
Property and equipment, net |  | $ | 373,863 |  |  | $ | 373,231 |
For the six months ended March 31, 2022, and fiscal year ended September 30, 2021, the Company did not record any impairments. In connection with the State of Florida’s condemnation of a certain portion of Alico’s property in October 2021, the Company received approximately $1,450,000, all of which was recognized as a gain. On October 30, 2020, the Company purchased approximately 3,280 gross citrus acres located in Hendry County for a purchase price of approximately $18,230,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in Hendry County. This purchase was part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the West Ranch.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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