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Assets Held for Sale | 3 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale at December 31, 2023 and September 30, 2023:
(in thousands) | Carrying Value
| December 31, 2023 |  | September 30, 2023
Ranch | $ | 69 |  |  | $ | 1,632 |
Total assets held for sale | $ | 69 |  |  | $ | 1,632 |
During the three months ended December 31, 2023, the Company consummated the sale of approximately 17,556 acres of land for $79,090 and recognized a gain of $77,025, including 17,229 acres of the Alico Ranch to the State of Florida for $77,631 in gross proceeds. A portion of the proceeds from these sales was used to repay the outstanding balance on the Company’s working capital line of credit (“WCLC”) with Rabo Agrifinance, Inc. (“Rabo”) and the $19,094 Met Life Variable-Rate Term Loans, plus accrued interest. During the three months ended December 31, 2022, the Company sold approximately 609 acres to various third parties for $3,287 and recognized a gain of $3,189 (including approximately 85 acres to Mr. John E. Kiernan, the Company’s President and CEO, on October 20, 2022, for $439 ($5,161 per acre)). See Note 13. “Related Party Transactions” for further information. Unless otherwise noted above, during the three months ended December 31, 2023 and December 31, 2022, the proceeds from the sale of land were used for general corporate purposes.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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