Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 03, 2018 | Mar. 29, 2018 | |
Document and Entity Information: | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ALICO INC | ||
Entity Central Index Key | 3,545 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Smaller Reporting Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,454,795 | ||
Entity Public Float | $ 89,596,038 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 25,260 | $ 3,395 |
Accounts receivable, net | 2,544 | 4,286 |
Inventories | 41,033 | 36,204 |
Assets held for sale | 1,391 | 20,983 |
Prepaid expenses and other current assets | 2,012 | 1,621 |
Total current assets | 72,240 | 66,489 |
Restricted cash | 7,000 | 0 |
Property and equipment, net | 340,403 | 349,337 |
Goodwill | 2,246 | 2,246 |
Deferred financing costs, net of accumulated amortization | 136 | 262 |
Other non-current assets | 1,397 | 848 |
Total assets | 423,422 | 419,182 |
Current liabilities: | ||
Accounts payable | 3,764 | 3,192 |
Accrued liabilities | 9,226 | 6,781 |
Income taxes payable | 2,320 | 0 |
Long-term debt, current portion | 5,275 | 4,550 |
Other current liabilities | 913 | 1,460 |
Total current liabilities | 21,498 | 15,983 |
Long-term debt: | ||
Principal | 169,074 | 181,926 |
Less: deferred financing costs, net | (1,563) | (1,767) |
Long-term debt less deferred financing costs, net | 167,511 | 180,159 |
Lines of credit | 2,685 | 0 |
Deferred income tax liability | 25,153 | 27,108 |
Deferred gain on sale | 24,928 | 26,440 |
Deferred retirement obligations, net of current portion | 4,052 | 4,123 |
Total liabilities | 245,827 | 253,813 |
Commitments and Contingencies (Note 16) | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 and 8,416,145 shares issued and 8,199,957 and 8,238,830 shares outstanding at September 30, 2018 and 2017, respectively | 8,416 | 8,416 |
Additional paid in capital | 20,126 | 18,694 |
Treasury stock, at cost, 216,188 and 177,315 shares held at September 30, 2018 and 2017, respectively | (7,536) | (6,502) |
Retained earnings | 151,111 | 140,033 |
Total Alico stockholders' equity | 172,117 | 160,641 |
Noncontrolling interest | 5,478 | 4,728 |
Total stockholders' equity | 177,595 | 165,369 |
Total liabilities and stockholders' equity | $ 423,422 | $ 419,182 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Sep. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 8,416,145 | 8,416,145 |
Common stock, shares outstanding (in shares) | 8,199,957 | 8,238,830 |
Treasury stock at cost, shares (in shares) | 216,188 | 177,315 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Total operating revenues | $ 81,281 | $ 129,829 | $ 144,196 |
Total operating expenses | 55,688 | 120,899 | 109,137 |
Gross profit | 25,593 | 8,930 | 35,059 |
General and administrative expenses | 15,058 | 15,024 | 13,213 |
Income (loss) from operations | 10,535 | (6,094) | 21,846 |
Other income (expense): | |||
Investment and interest (loss) income, net | 39 | (148) | 0 |
Interest expense | (8,561) | (9,141) | (9,893) |
Gain on sale of real estate, property and equipment and assets held for sale | 11,041 | 2,181 | 618 |
Other income (expense), net | 136 | (140) | (91) |
Total other income (expense), net | 2,655 | (7,248) | (9,366) |
Income (loss) before income taxes | 13,190 | (13,342) | 12,480 |
Provision (benefit) for income taxes | 390 | (3,846) | 5,521 |
Net income (loss) | 12,800 | (9,496) | 6,959 |
Net loss attributable to noncontrolling interests | 250 | 45 | 34 |
Net income (loss) attributable to Alico, Inc. common stockholders | $ 13,050 | $ (9,451) | $ 6,993 |
Earnings (loss) per common share: | |||
Basic (in dollars per share) | $ 1.59 | $ (1.14) | $ 0.84 |
Diluted (in dollars per share) | $ 1.57 | $ (1.14) | $ 0.84 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 8,232 | 8,300 | 8,303 |
Diluted (in shares) | 8,301 | 8,300 | 8,311 |
Cash dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 |
Alico Citrus | |||
Total operating revenues | $ 78,121 | $ 123,441 | $ 137,282 |
Total operating expenses | 51,709 | 111,947 | 102,347 |
Water Resources and Other Operations | |||
Total operating revenues | 3,160 | 6,388 | 6,914 |
Total operating expenses | $ 3,979 | $ 8,952 | $ 6,790 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands | Total | Directors | Executives | Total Alico, Inc. Equity | Total Alico, Inc. EquityDirectors | Total Alico, Inc. EquityExecutives | Common Stock | Additional Paid In Capital | Additional Paid In CapitalDirectors | Additional Paid In CapitalExecutives | Treasury Stock | Treasury StockDirectors | Retained Earnings | Retained EarningsDirectors | Noncontrolling Interest |
Beginning balance (in shares) at Sep. 30, 2015 | 8,416 | ||||||||||||||
Beginning balance at Sep. 30, 2015 | $ 175,511,000 | $ 170,704,000 | $ 8,416,000 | $ 19,795,000 | $ (3,962,000) | $ 146,455,000 | $ 4,807,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 6,959,000 | 6,993,000 | 6,993,000 | (34,000) | |||||||||||
Dividends | (1,990,000) | (1,990,000) | (1,990,000) | ||||||||||||
Treasury stock purchases | (3,141,000) | (3,141,000) | (3,141,000) | ||||||||||||
Contingent consideration | 0 | (1,483,000) | 1,483,000 | ||||||||||||
Stock-based compensation | $ 774,000 | $ 150,000 | $ 774,000 | $ 150,000 | $ (307,000) | $ 150,000 | $ 1,035,000 | $ 46,000 | |||||||
Ending balance (in shares) at Sep. 30, 2016 | 8,416 | ||||||||||||||
Ending balance at Sep. 30, 2016 | 178,263,000 | 173,490,000 | $ 8,416,000 | 18,155,000 | (4,585,000) | 151,504,000 | 4,773,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income (loss) | (9,496,000) | (9,451,000) | (9,451,000) | (45,000) | |||||||||||
Dividends | (1,987,000) | (1,987,000) | (1,987,000) | ||||||||||||
Treasury stock purchases | (3,064,000) | (3,064,000) | (3,064,000) | ||||||||||||
Stock-based compensation | 773,000 | 880,000 | 773,000 | 880,000 | (374,000) | 880,000 | 1,147,000 | ||||||||
Other | 0 | 33,000 | (33,000) | ||||||||||||
Ending balance (in shares) at Sep. 30, 2017 | 8,416 | ||||||||||||||
Ending balance at Sep. 30, 2017 | 165,369,000 | 160,641,000 | $ 8,416,000 | 18,694,000 | (6,502,000) | 140,033,000 | 4,728,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 12,800,000 | 13,050,000 | 13,050,000 | (250,000) | |||||||||||
Dividends | (1,972,000) | (1,972,000) | (1,972,000) | ||||||||||||
Treasury stock purchases | (2,214,756) | (2,215,000) | (2,215,000) | ||||||||||||
Capital contribution received from noncontrolling interest funding | 1,000,000 | 1,000,000 | |||||||||||||
Stock-based compensation | $ 859,000 | $ 1,754,000 | $ 859,000 | $ 1,754,000 | $ (322,000) | $ 1,754,000 | $ 1,181,000 | ||||||||
Ending balance (in shares) at Sep. 30, 2018 | 8,416 | ||||||||||||||
Ending balance at Sep. 30, 2018 | $ 177,595,000 | $ 172,117,000 | $ 8,416,000 | $ 20,126,000 | $ (7,536,000) | $ 151,111,000 | $ 5,478,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 12,800 | $ (9,496) | $ 6,959 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on sale of sugarcane land | (967) | (538) | (618) |
Depreciation, depletion and amortization | 13,756 | 15,226 | 15,382 |
Loss on breeding herd sales | 13 | 337 | 296 |
Deferred income tax (benefit) expense | (1,955) | (3,948) | 5,277 |
Cash surrender value | (27) | (15) | (20) |
Deferred retirement benefits | (41) | (102) | 65 |
Magnolia Fund undistributed (earnings) loss | (8) | 202 | 103 |
(Gain) loss on sale of real estate, property and equipment and assets held for sale | (10,281) | (1,373) | 147 |
Inventory casualty loss | 0 | 13,489 | 0 |
Inventory net realizable value adjustment | 1,115 | 1,199 | 0 |
Impairment of long-lived assets and assets held for sale | 2,234 | 9,346 | 0 |
Loss on disposal of property and equipment | 207 | 0 | 0 |
Non-cash interest expense on deferred gain on sugarcane land | 1,361 | 1,413 | 1,406 |
Bad debt expense | 24 | 312 | 0 |
Stock-based compensation expense | 2,613 | 1,653 | 924 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,718 | 142 | (1,707) |
Inventories | (6,554) | 3,724 | (196) |
Prepaid expenses | 177 | (604) | (1,758) |
Income tax receivable | (15) | 1,013 | 1,074 |
Other assets | 23 | 333 | 821 |
Accounts payable and accrued expenses | 2,987 | (2,895) | 3,720 |
Income tax payable | 2,320 | 0 | 0 |
Other liabilities | (2,445) | (1,189) | (1,518) |
Net cash provided by operating activities | 19,055 | 28,229 | 30,357 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (16,352) | (13,353) | (14,305) |
Return on investment in Magnolia Fund | 25 | 324 | 171 |
Net proceeds from sales of property and equipment and assets held for sale | 37,969 | 760 | 799 |
Proceeds from surrender of life insurance policies | 0 | 0 | 297 |
Net proceeds from sales of real estate | 1,811 | 2,184 | 0 |
Deposit on purchase of citrus trees | (431) | 0 | 0 |
Notes receivable | (575) | 0 | 0 |
Other | 0 | 0 | 4 |
Net cash provided by (used in) investing activities | 22,447 | (10,085) | (13,034) |
Cash flows from financing activities: | |||
Proceeds from term loans | 0 | 0 | 2,500 |
Principal payments on revolving line of credit | (25,600) | (70,770) | (53,882) |
Borrowings on revolving line of credit | 28,285 | 65,770 | 58,882 |
Principal payments on term loans | (12,127) | (10,743) | (10,761) |
Contingent consideration paid | 0 | 0 | (7,500) |
Treasury stock purchases | (2,215) | (3,064) | (3,141) |
Dividends paid | (1,972) | (1,987) | (1,993) |
Capital contribution received from noncontrolling interest | 1,000 | 0 | 0 |
Capital lease obligation principal payments | (8) | (580) | (277) |
Net cash used in financing activities | (12,637) | (21,374) | (16,172) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 28,865 | (3,230) | 1,151 |
Cash and cash equivalents and restricted cash at beginning of the year | 3,395 | 6,625 | 5,474 |
Cash and cash equivalents and restricted cash at end of the year | 32,260 | 3,395 | 6,625 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of amount capitalized | 7,654 | 7,534 | 7,530 |
Cash paid (refunded) for income taxes, net of income tax | 25 | (911) | (878) |
Supplemental disclosure of non-cash investing and financing activities: | |||
Dividend declared but unpaid | $ 492 | $ 494 | $ 498 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Alico, Inc. (“Alico”), together with its subsidiaries (collectively, the “Company", "we", "us" or "our”), is a Florida agribusiness and land management company owning approximately 117,000 acres of land throughout Florida, including approximately 90,000 acres of mineral rights. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications - Alico Citrus and Water Resources and Other Operations . Financial results are presented based upon its two business segments ( Alico Citrus and Water Resources and Other Operations ). Basis of Presentation The Company has prepared the accompanying financial statements on a consolidated basis. These accompanying Consolidated Financial Statements, which are referred to herein as the “Financial Statements”, have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany transactions and account balances between the consolidated businesses have been eliminated. Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Water Resources and Other Operations . As a result of the sale of the Company’s breeding herd in January 2018, the Company is no longer in the cattle ranching business and has revised its reportable segments to most accurately reflect the current operations and the information regularly reviewed by the CODM. The segment data for all prior periods disclosed have been presented on the same basis as the current fiscal year. Principles of Consolidation The Financial Statements include the accounts of Alico, Inc. and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings LLC and subsidiaries, Alico Fresh Fruit LLC, Alico Skink Mitigation, LLC and Citree Holdings 1, LLC. The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates based upon future events. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable. The Company may employ outside experts to assist in the Company’s evaluations. Noncontrolling Interest in Consolidated Affiliate The Financial Statements include all assets and liabilities of the less-than- 100% -owned affiliate the Company controls, Citree Holdings I, LLC (“Citree”). Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had net losses of $511,854 , $91,432 , and $69,230 for the fiscal years ended September 30, 2018 , 2017 , and 2016 , respectively, of which $261,046 , $46,630 , and $35,307 was attributable to the Company for the fiscal years ended September 30, 2018 , 2017 , and 2016 , respectively. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASU’s (collectively, “ASC 606”), which prescribes a comprehensive new revenue recognition standard that supersedes previously existing revenue recognition guidance. The new model provides a five-step analysis in determining when and how revenue is recognized. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new, expanded disclosures regarding revenue recognition. The standard allows initial application to be performed retrospectively to each period presented or as a modified retrospective adjustment as of the date of adoption. ASC 606, also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less, and policy elections regarding shipping and handling that provides the option to account for shipping and handling costs as contract fulfillment costs. The Company adopted ASC 606 effective October 1, 2018, the first day of our 2019 fiscal year, using the modified retrospective method. The implementation of ASC 606 did not require an adjustment to the opening balance of retained earnings as of October 1, 2018. The adoption of this ASU will result in increased disclosure, including qualitative and quantitative disclosures about the nature, amount timing and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)." This guidance will require entities that enter into leases as a lessee to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under previous GAAP. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The Company is currently evaluating the impact this guidance will have on our Financial Statements, and it will become effective for Alico October 1, 2019. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230).” This ASU will provide guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. This ASU is effective for the Company for our fiscal year beginning October 1, 2018. Although permitted, the Company did not choose to elect early adoption. This ASU would impact the Company by requiring certain proceeds from insurance claims relating to property and crop damage to be reported in the statement of cash flows from investing activities in the Consolidated Statement of Cash Flows. In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASC Topic 740, Income Taxes), which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for the Company on October 1, 2018. This guidance is not expected to have a significant impact on our Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other” (Topic 350) which simplifies the accounting for goodwill impairment. The updated guidance eliminates Step 2 of the impairment test, which requires entities to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, determined in Step 1. This guidance will become effective for us in fiscal years beginning after December 15, 2019, including interim periods within those reporting periods. We will adopt this guidance using a prospective approach. Earlier adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" (Subtopic 610-20): The ASU clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies. As a result, it will not apply to the derecognition of businesses, nonprofit activities, or financial assets (including equity method investments), or to contracts with customers. The ASU also clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. In addition, transfers of nonfinancial assets to another entity in exchange for a noncontrolling ownership interest in that entity will be accounted for under ASC 610-20, removing specific guidance on such partial exchanges from ASC 845, Nonmonetary Transactions . As a result of the ASU, guidance specific to real estate sales in ASC 360-20 will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The ASU will also impact the accounting for partial sales of nonfinancial assets (including in substance real estate). When an entity transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the entity will measure the retained interest at fair value. This will result in full gain/loss recognition upon the sale of a controlling interest in a nonfinancial asset. Current guidance generally prohibits gain recognition on the retained interest. The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years and thus is effective for the Company for our fiscal year beginning October 1, 2018. The ASU will be applied prospectively to any transaction occurring from the date of adoption. The Company continues to evaluate the impact that the adoption of this ASU might have on our consolidated financial statements as it relates to the deferred gain on the sale of the Company’s sugarcane lands (see Note 8. “Deferred Gain on Sale”). In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation” (Topic 718) which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a share-based payment award if the award's fair value, vesting conditions and classification as an equity or liability instrument are the same immediately before and after the change. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. We do not expect this new guidance to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” which clarifies the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. Under ASU 2016-18, an entity will be required within the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. Early adoption is permitted and the Company, as such, has adopted this guidance as of September 30, 2018. The Company has reviewed other recently issued accounting standards which have not yet been adopted in order to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures. Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported. Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of our fiscal year generally produce the majority of our annual revenue, and working capital requirements are typically greater in the first and fourth quarters of the fiscal year. The results of the reported periods herein are not necessarily indicative of the results for any other interim periods or the entire fiscal year. Summary of Significant Accounting Policies Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When Alico acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated similar to the pooling of interests method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair value of assets and liabilities. Revenue Recognition Revenues from agricultural crops are recognized at the time the crop is harvested and delivered to the customer. Receivables from crops sold are recorded for the estimated proceeds to be received from the customer. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues can be significant and can be either an increase or decrease to reported revenues. During the periods presented in this report, no material adjustments were made to the reported revenues of the Company’s crops. During the time that Alico was engaged in the business of raising and selling cattle, Alico recognized revenues from cattle sales at the time the cattle were delivered. Alico Fruit Company, LLC ("AFC") operations primarily consist of providing supply chain management services to Alico, as well as to other citrus growers and processors in the state of Florida. AFC also purchases and resells citrus fruit; in these transactions, AFC (i) acts as a principal; (ii) takes title to the products; and (iii) has the risks and rewards of ownership, including the risk of loss for collection, delivery or returns. Therefore, AFC recognizes revenues based on the gross amounts due from customers for its marketing activities. Supply chain management services revenues are recognized when the services are performed. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term and immediate nature of these financial instruments. The carrying amounts of our debt approximates fair value as the debt is with commercial lenders at interest rates that vary with market conditions or have fixed rates that approximate market rates for obligations with similar terms and maturities (see Note 9. “Fair Value Measurements”). Cash and Cash Equivalents The Company considers cash in banks and highly liquid instruments with an original maturity of three months or less to be cash and cash equivalents. At various times throughout the fiscal year, and as of September 30, 2018 , some accounts held at financial institutions were in excess of the federally insured limit of $250,000. The Company has not experienced any losses on these accounts and believes credit risk to be minimal. Restricted Cash Restricted cash is comprised of cash received from the sale of certain assets in which the use of funds is restricted. For certain sale transactions, the Company sells property which serves as collateral for specific debt obligations. As a result, the sale proceeds can only be used to purchase like-kind citrus groves which is acceptable to the debt holder. If the restricted cash is not used for such purchases within a twelve month period, it will be used to pay down principal on Company debt. Based on the contractual uses of restricted cash, these amounts have been classified as non-current. Accounts receivable Accounts receivable from customers are generated from revenues based on the sale of citrus, cattle, leasing and other transactions. The Company grants credit in the course of its operations to third party customers. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company provides an allowance for doubtful accounts for amounts which are not probable of collection. The estimate, evaluated quarterly by the Company, is based on historical collection experience, current macroeconomic climate and market conditions and a review of the current status of each customer’s account. Changes in the financial viability of significant customers and worsening of economic conditions may require changes to its estimate of the recoverability of the receivables. Such changes in estimates are recorded in the period in which these changes become known. The allowance for doubtful accounts is included in general and administrative expenses in the Consolidated Statements of Operations. The following table presents accounts receivable, net as of September 30, 2018 and 2017 : (in thousands) September 30, 2018 2017 Accounts receivable $ 2,577 $ 4,314 Allowance for doubtful accounts (33 ) (28 ) Accounts receivable, net $ 2,544 $ 4,286 Concentrations Accounts receivable from the Company’s major customers as of September 30, 2018 and 2017 and revenue from such customers for the fiscal years ended September 30, 2018 , 2017 and 2016 , are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2018 2017 2018 2017 2016 2018 2017 2016 Tropicana $ 1,797 $ 2,506 $ 70,396 $ 111,197 $ 46,898 86.6 % 85.6 % 32.5 % Cutrale Citrus Juice $ — $ — $ — $ 1,364 $ 22,735 — % 1.1 % 15.8 % Minute Maid $ — $ — $ — $ — $ 49,271 — % — % 34.2 % The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. Real Estate In recognizing revenues from land sales, the Company applies specific revenue recognition criteria, in accordance with U.S. GAAP, to determine when land sales revenues can be recorded. For example, in order to fully recognize a gain resulting from a real estate transaction, the sale must be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold and any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold. When these criteria are not met, the Company recognizes a gain proportionate to collections utilizing either the installment method or deposit method as appropriate. Inventories The costs of growing crops, including but not limited to labor, fertilization, fuel, crop nutrition and irrigation, are capitalized into inventory throughout the respective crop year. Such costs are expensed as cost of sales when the crops are harvested and are recorded as operating expenses in the Consolidated Statements of Operations. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. The cost of the beef cattle inventory was based on the accumulated cost of developing such animals for sale from July 1 through the balance sheet date (see Note 3. “Inventories”). The breeding herd was sold in January 2018 (see Note 4. “Assets Held For Sale”). Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, depletion and amortization. Major improvements are capitalized while expenditures for maintenance and repairs are expensed when incurred. Costs related to the development of citrus groves through planting of trees are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads, and reservoirs, among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for four years. After four years, a planting is considered to have reached maturity and the accumulated costs are depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. The breeding herd consisted of purchased animals and animals raised on the Company’s ranches. Purchased animals were stated at the cost of acquisition. The cost of animals raised on the ranch was based on the accumulated cost of developing such animals for productive use. The breeding herd was sold in January 2018 (see Note 4. “Assets Held For Sale”). Real estate costs incurred for the acquisition, development and construction of real estate projects are capitalized. Depreciation is provided on a straight-line basis over the estimated useful lives of the depreciable assets, with the exception of leasehold improvements and assets acquired through capital leases, which are depreciated over their estimated useful lives if the lease transfers ownership or contains a bargain purchase option, otherwise the term of the lease. The estimated useful lives for property and equipment are primarily as follows: Citrus trees 25 years Equipment and other facilities 3-20 years Buildings and improvements 25-39 years Changes in circumstances, such as technological advances or changes to our business model or capital strategy could result in the actual useful lives differing from the original estimates. In those cases where the Company determines that the useful life of property and equipment should be shortened, Alico depreciates the asset over its revised estimated remaining useful life, thereby increasing depreciation expense (see Note 5. “Property and Equipment, Net”). Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company records impairment losses on long-lived assets used in operations, or asset group, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets or asset group over the remaining lives of the assets or asset group are less than the carrying amounts of those assets. In calculating impairments and the estimated cash flows, the Company assigns its asset groups by determining the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other Company assets. The net carrying values of assets or asset group not recoverable are reduced to their fair values. Alico's cash flow estimates are based on historical results adjusted to reflect best estimates of future market conditions and operating conditions. As of September 30, 2018 and 2017, the Company recorded impairments to its long-lived assets (see Note 5. “Property and Equipment, Net”). As of September 30, 2018 and 2017 , long-lived assets were comprised of property and equipment. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquired businesses over the fair value of the assets acquired less liabilities assumed in connection with such acquisition. In accordance with the provisions of ASC 350, Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives acquired in an acquisition are not amortized, but instead are tested for impairment at least annually, on the same date, or more frequently should an event occur or circumstances indicate that the carrying amount may be impaired. Such events or circumstances may be a significant change in business climate, economic and industry trends, legal factors, negative operating performance indicators, significant competition, changes in strategy or disposition of a reporting unit or a portion thereof. In the evaluation of goodwill for impairment, Alico has the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Under the qualitative assessment, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. If, under the quantitative assessment, the fair value of a reporting unit is less than its carrying amount, then the amount of the impairment loss, if any, must be measured under step two of the impairment analysis. In step two of the analysis, Alico would record an impairment loss equal to the excess of the carrying value of the reporting unit’s goodwill over its implied fair value, should such a circumstance arise. As of September 30, 2018 and 2017 , no impairment was required. Other Non-Current Assets Other non-current assets primarily include investments owned in agricultural cooperatives, cash surrender value on life insurance and equity investment in affiliate (Magnolia). Investments in stock related to agricultural cooperatives are carried at cost. Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company’s income tax provision and net income or loss in the period the determination is made. For the fiscal year ended September 30, 2018 and 2017, the Company recorded a valuation allowances of $5,634,000 and $581,000 , respectively, relating to the unutilized capital loss carryforwards which expired. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company records interest related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings per share for our common stock is calculated by dividing net income attributable to Alico common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares of common stock issuable under equity-based compensation plans in accordance with the treasury stock method, or any other type of securities convertible into common stock, except where the inclusion of such common shares would have an anti-dilutive effect. The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for fiscal years ended September 30, 2018 , 2017 and 2016 : (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Weighted Average Common Shares Outstanding - Basic 8,232 8,300 8,303 Effect of dilutive securities - stock options and unrestricted stock 69 — 8 Weighted Average Common Shares Outstanding - Diluted 8,301 8,300 8,311 For the fiscal years ended September 30, 2018 and 2017 , the Company issued 300,000 and 750,000 , respectively, stock options to certain executives of the Company. There were no employee stock options granted for the fiscal year ended September 30, 2016 . Non-vested restricted shares of common stock entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of diluted earnings per common share. For the fiscal year ended September 30, 2018 , the Company had certain stock options that were excluded from the diluted earnings per share because they were anti-dilutive. For the fiscal year ended September 30, 2016, there were no anti-dilutive equity awards or convertible securities that were excluded from the calculation of diluted earnings per common share. Stock-Based Compensation Stock-based compensation is measured based on the fair value of the equity award at the grant date and is typically expensed on a straight-line basis over the vesting period. Upon the ves |
Summary of Significant Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Description of Business and Basis of Presentation Description of Business Alico, Inc. (“Alico”), together with its subsidiaries (collectively, the “Company", "we", "us" or "our”), is a Florida agribusiness and land management company owning approximately 117,000 acres of land throughout Florida, including approximately 90,000 acres of mineral rights. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications - Alico Citrus and Water Resources and Other Operations . Financial results are presented based upon its two business segments ( Alico Citrus and Water Resources and Other Operations ). Basis of Presentation The Company has prepared the accompanying financial statements on a consolidated basis. These accompanying Consolidated Financial Statements, which are referred to herein as the “Financial Statements”, have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany transactions and account balances between the consolidated businesses have been eliminated. Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Water Resources and Other Operations . As a result of the sale of the Company’s breeding herd in January 2018, the Company is no longer in the cattle ranching business and has revised its reportable segments to most accurately reflect the current operations and the information regularly reviewed by the CODM. The segment data for all prior periods disclosed have been presented on the same basis as the current fiscal year. Principles of Consolidation The Financial Statements include the accounts of Alico, Inc. and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings LLC and subsidiaries, Alico Fresh Fruit LLC, Alico Skink Mitigation, LLC and Citree Holdings 1, LLC. The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates based upon future events. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable. The Company may employ outside experts to assist in the Company’s evaluations. Noncontrolling Interest in Consolidated Affiliate The Financial Statements include all assets and liabilities of the less-than- 100% -owned affiliate the Company controls, Citree Holdings I, LLC (“Citree”). Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had net losses of $511,854 , $91,432 , and $69,230 for the fiscal years ended September 30, 2018 , 2017 , and 2016 , respectively, of which $261,046 , $46,630 , and $35,307 was attributable to the Company for the fiscal years ended September 30, 2018 , 2017 , and 2016 , respectively. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASU’s (collectively, “ASC 606”), which prescribes a comprehensive new revenue recognition standard that supersedes previously existing revenue recognition guidance. The new model provides a five-step analysis in determining when and how revenue is recognized. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new, expanded disclosures regarding revenue recognition. The standard allows initial application to be performed retrospectively to each period presented or as a modified retrospective adjustment as of the date of adoption. ASC 606, also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less, and policy elections regarding shipping and handling that provides the option to account for shipping and handling costs as contract fulfillment costs. The Company adopted ASC 606 effective October 1, 2018, the first day of our 2019 fiscal year, using the modified retrospective method. The implementation of ASC 606 did not require an adjustment to the opening balance of retained earnings as of October 1, 2018. The adoption of this ASU will result in increased disclosure, including qualitative and quantitative disclosures about the nature, amount timing and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)." This guidance will require entities that enter into leases as a lessee to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under previous GAAP. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The Company is currently evaluating the impact this guidance will have on our Financial Statements, and it will become effective for Alico October 1, 2019. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230).” This ASU will provide guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. This ASU is effective for the Company for our fiscal year beginning October 1, 2018. Although permitted, the Company did not choose to elect early adoption. This ASU would impact the Company by requiring certain proceeds from insurance claims relating to property and crop damage to be reported in the statement of cash flows from investing activities in the Consolidated Statement of Cash Flows. In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASC Topic 740, Income Taxes), which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for the Company on October 1, 2018. This guidance is not expected to have a significant impact on our Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other” (Topic 350) which simplifies the accounting for goodwill impairment. The updated guidance eliminates Step 2 of the impairment test, which requires entities to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, determined in Step 1. This guidance will become effective for us in fiscal years beginning after December 15, 2019, including interim periods within those reporting periods. We will adopt this guidance using a prospective approach. Earlier adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" (Subtopic 610-20): The ASU clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies. As a result, it will not apply to the derecognition of businesses, nonprofit activities, or financial assets (including equity method investments), or to contracts with customers. The ASU also clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. In addition, transfers of nonfinancial assets to another entity in exchange for a noncontrolling ownership interest in that entity will be accounted for under ASC 610-20, removing specific guidance on such partial exchanges from ASC 845, Nonmonetary Transactions . As a result of the ASU, guidance specific to real estate sales in ASC 360-20 will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The ASU will also impact the accounting for partial sales of nonfinancial assets (including in substance real estate). When an entity transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the entity will measure the retained interest at fair value. This will result in full gain/loss recognition upon the sale of a controlling interest in a nonfinancial asset. Current guidance generally prohibits gain recognition on the retained interest. The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years and thus is effective for the Company for our fiscal year beginning October 1, 2018. The ASU will be applied prospectively to any transaction occurring from the date of adoption. The Company continues to evaluate the impact that the adoption of this ASU might have on our consolidated financial statements as it relates to the deferred gain on the sale of the Company’s sugarcane lands (see Note 8. “Deferred Gain on Sale”). In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation” (Topic 718) which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a share-based payment award if the award's fair value, vesting conditions and classification as an equity or liability instrument are the same immediately before and after the change. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. We do not expect this new guidance to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” which clarifies the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. Under ASU 2016-18, an entity will be required within the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. Early adoption is permitted and the Company, as such, has adopted this guidance as of September 30, 2018. The Company has reviewed other recently issued accounting standards which have not yet been adopted in order to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures. Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported. Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of our fiscal year generally produce the majority of our annual revenue, and working capital requirements are typically greater in the first and fourth quarters of the fiscal year. The results of the reported periods herein are not necessarily indicative of the results for any other interim periods or the entire fiscal year. Summary of Significant Accounting Policies Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When Alico acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated similar to the pooling of interests method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair value of assets and liabilities. Revenue Recognition Revenues from agricultural crops are recognized at the time the crop is harvested and delivered to the customer. Receivables from crops sold are recorded for the estimated proceeds to be received from the customer. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues can be significant and can be either an increase or decrease to reported revenues. During the periods presented in this report, no material adjustments were made to the reported revenues of the Company’s crops. During the time that Alico was engaged in the business of raising and selling cattle, Alico recognized revenues from cattle sales at the time the cattle were delivered. Alico Fruit Company, LLC ("AFC") operations primarily consist of providing supply chain management services to Alico, as well as to other citrus growers and processors in the state of Florida. AFC also purchases and resells citrus fruit; in these transactions, AFC (i) acts as a principal; (ii) takes title to the products; and (iii) has the risks and rewards of ownership, including the risk of loss for collection, delivery or returns. Therefore, AFC recognizes revenues based on the gross amounts due from customers for its marketing activities. Supply chain management services revenues are recognized when the services are performed. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term and immediate nature of these financial instruments. The carrying amounts of our debt approximates fair value as the debt is with commercial lenders at interest rates that vary with market conditions or have fixed rates that approximate market rates for obligations with similar terms and maturities (see Note 9. “Fair Value Measurements”). Cash and Cash Equivalents The Company considers cash in banks and highly liquid instruments with an original maturity of three months or less to be cash and cash equivalents. At various times throughout the fiscal year, and as of September 30, 2018 , some accounts held at financial institutions were in excess of the federally insured limit of $250,000. The Company has not experienced any losses on these accounts and believes credit risk to be minimal. Restricted Cash Restricted cash is comprised of cash received from the sale of certain assets in which the use of funds is restricted. For certain sale transactions, the Company sells property which serves as collateral for specific debt obligations. As a result, the sale proceeds can only be used to purchase like-kind citrus groves which is acceptable to the debt holder. If the restricted cash is not used for such purchases within a twelve month period, it will be used to pay down principal on Company debt. Based on the contractual uses of restricted cash, these amounts have been classified as non-current. Accounts receivable Accounts receivable from customers are generated from revenues based on the sale of citrus, cattle, leasing and other transactions. The Company grants credit in the course of its operations to third party customers. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company provides an allowance for doubtful accounts for amounts which are not probable of collection. The estimate, evaluated quarterly by the Company, is based on historical collection experience, current macroeconomic climate and market conditions and a review of the current status of each customer’s account. Changes in the financial viability of significant customers and worsening of economic conditions may require changes to its estimate of the recoverability of the receivables. Such changes in estimates are recorded in the period in which these changes become known. The allowance for doubtful accounts is included in general and administrative expenses in the Consolidated Statements of Operations. The following table presents accounts receivable, net as of September 30, 2018 and 2017 : (in thousands) September 30, 2018 2017 Accounts receivable $ 2,577 $ 4,314 Allowance for doubtful accounts (33 ) (28 ) Accounts receivable, net $ 2,544 $ 4,286 Concentrations Accounts receivable from the Company’s major customers as of September 30, 2018 and 2017 and revenue from such customers for the fiscal years ended September 30, 2018 , 2017 and 2016 , are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2018 2017 2018 2017 2016 2018 2017 2016 Tropicana $ 1,797 $ 2,506 $ 70,396 $ 111,197 $ 46,898 86.6 % 85.6 % 32.5 % Cutrale Citrus Juice $ — $ — $ — $ 1,364 $ 22,735 — % 1.1 % 15.8 % Minute Maid $ — $ — $ — $ — $ 49,271 — % — % 34.2 % The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. Real Estate In recognizing revenues from land sales, the Company applies specific revenue recognition criteria, in accordance with U.S. GAAP, to determine when land sales revenues can be recorded. For example, in order to fully recognize a gain resulting from a real estate transaction, the sale must be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold and any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold. When these criteria are not met, the Company recognizes a gain proportionate to collections utilizing either the installment method or deposit method as appropriate. Inventories The costs of growing crops, including but not limited to labor, fertilization, fuel, crop nutrition and irrigation, are capitalized into inventory throughout the respective crop year. Such costs are expensed as cost of sales when the crops are harvested and are recorded as operating expenses in the Consolidated Statements of Operations. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. The cost of the beef cattle inventory was based on the accumulated cost of developing such animals for sale from July 1 through the balance sheet date (see Note 3. “Inventories”). The breeding herd was sold in January 2018 (see Note 4. “Assets Held For Sale”). Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, depletion and amortization. Major improvements are capitalized while expenditures for maintenance and repairs are expensed when incurred. Costs related to the development of citrus groves through planting of trees are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads, and reservoirs, among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for four years. After four years, a planting is considered to have reached maturity and the accumulated costs are depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. The breeding herd consisted of purchased animals and animals raised on the Company’s ranches. Purchased animals were stated at the cost of acquisition. The cost of animals raised on the ranch was based on the accumulated cost of developing such animals for productive use. The breeding herd was sold in January 2018 (see Note 4. “Assets Held For Sale”). Real estate costs incurred for the acquisition, development and construction of real estate projects are capitalized. Depreciation is provided on a straight-line basis over the estimated useful lives of the depreciable assets, with the exception of leasehold improvements and assets acquired through capital leases, which are depreciated over their estimated useful lives if the lease transfers ownership or contains a bargain purchase option, otherwise the term of the lease. The estimated useful lives for property and equipment are primarily as follows: Citrus trees 25 years Equipment and other facilities 3-20 years Buildings and improvements 25-39 years Changes in circumstances, such as technological advances or changes to our business model or capital strategy could result in the actual useful lives differing from the original estimates. In those cases where the Company determines that the useful life of property and equipment should be shortened, Alico depreciates the asset over its revised estimated remaining useful life, thereby increasing depreciation expense (see Note 5. “Property and Equipment, Net”). Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company records impairment losses on long-lived assets used in operations, or asset group, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets or asset group over the remaining lives of the assets or asset group are less than the carrying amounts of those assets. In calculating impairments and the estimated cash flows, the Company assigns its asset groups by determining the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other Company assets. The net carrying values of assets or asset group not recoverable are reduced to their fair values. Alico's cash flow estimates are based on historical results adjusted to reflect best estimates of future market conditions and operating conditions. As of September 30, 2018 and 2017, the Company recorded impairments to its long-lived assets (see Note 5. “Property and Equipment, Net”). As of September 30, 2018 and 2017 , long-lived assets were comprised of property and equipment. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquired businesses over the fair value of the assets acquired less liabilities assumed in connection with such acquisition. In accordance with the provisions of ASC 350, Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives acquired in an acquisition are not amortized, but instead are tested for impairment at least annually, on the same date, or more frequently should an event occur or circumstances indicate that the carrying amount may be impaired. Such events or circumstances may be a significant change in business climate, economic and industry trends, legal factors, negative operating performance indicators, significant competition, changes in strategy or disposition of a reporting unit or a portion thereof. In the evaluation of goodwill for impairment, Alico has the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Under the qualitative assessment, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. If, under the quantitative assessment, the fair value of a reporting unit is less than its carrying amount, then the amount of the impairment loss, if any, must be measured under step two of the impairment analysis. In step two of the analysis, Alico would record an impairment loss equal to the excess of the carrying value of the reporting unit’s goodwill over its implied fair value, should such a circumstance arise. As of September 30, 2018 and 2017 , no impairment was required. Other Non-Current Assets Other non-current assets primarily include investments owned in agricultural cooperatives, cash surrender value on life insurance and equity investment in affiliate (Magnolia). Investments in stock related to agricultural cooperatives are carried at cost. Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company’s income tax provision and net income or loss in the period the determination is made. For the fiscal year ended September 30, 2018 and 2017, the Company recorded a valuation allowances of $5,634,000 and $581,000 , respectively, relating to the unutilized capital loss carryforwards which expired. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company records interest related to unrecognized tax benefits in income tax expense. Earnings per Share Basic earnings per share for our common stock is calculated by dividing net income attributable to Alico common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares of common stock issuable under equity-based compensation plans in accordance with the treasury stock method, or any other type of securities convertible into common stock, except where the inclusion of such common shares would have an anti-dilutive effect. The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for fiscal years ended September 30, 2018 , 2017 and 2016 : (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Weighted Average Common Shares Outstanding - Basic 8,232 8,300 8,303 Effect of dilutive securities - stock options and unrestricted stock 69 — 8 Weighted Average Common Shares Outstanding - Diluted 8,301 8,300 8,311 For the fiscal years ended September 30, 2018 and 2017 , the Company issued 300,000 and 750,000 , respectively, stock options to certain executives of the Company. There were no employee stock options granted for the fiscal year ended September 30, 2016 . Non-vested restricted shares of common stock entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of diluted earnings per common share. For the fiscal year ended September 30, 2018 , the Company had certain stock options that were excluded from the diluted earnings per share because they were anti-dilutive. For the fiscal year ended September 30, 2016, there were no anti-dilutive equity awards or convertible securities that were excluded from the calculation of diluted earnings per common share. Stock-Based Compensation Stock-based compensation is measured based on the fair value of the equity award at the grant date and is typically expensed on a straight-line basis over the vesting period. Upon the ves |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Unharvested fruit crop on the trees $ 39,888 $ 32,145 Beef cattle — 1,954 Other 1,145 2,105 Total inventories $ 41,033 $ 36,204 In September 2017, the State of Florida’s citrus business, including the Company’s unharvested citrus crop, was significantly impacted by Hurricane Irma. The impact of Hurricane Irma resulted in the premature drop of unharvested fruit and damage to citrus trees, which will impact fruit production until such time as the citrus trees recover, potentially through the 2018/2019 harvest season. The Company undertook a process to estimate the amount of inventory casualty loss as of the date of Hurricane Irma. Such process included a number of factors including: (1) touring all of the citrus groves by operational personnel to assess the estimated fruit drop by grove and the impact of damage to the citrus trees; (2) consideration of independent estimates of the reduced citrus production for the State of Florida; and (3) an estimate of fruit the Company expects to produce for the 2017/2018 harvest season after Hurricane Irma. As a result, the Company recorded a casualty loss to reduce the carrying value of unharvested fruit crop on trees inventory by approximately $13,489,000 . During the fiscal year ended September 30, 2018 , the Company received insurance proceeds relating to Hurricane Irma of approximately $477,000 for property and casualty damage claims, and approximately $8,952,000 for crop claims, which have been recorded as contra-expenses in operating expenses. The Company has additional property and casualty insurance claims outstanding, and is awaiting determination of what additional proceeds are to be received, if any. Insurance proceeds are recorded in the period they are both probable and reasonably estimable. In addition to the remaining commercial insurance claims which have been submitted, the Company may be eligible for Irma federal relief programs distributed by the Farm Service Agency under the 2017 Wildfires and Hurricane Indemnity Program (2017 WHIP) as well as block grants that will be administered through the State of Florida. The specifics of these programs are still being finalized, and at this time the Company cannot determine the amount of federal relief funds, if any, which will be received, or when these funds will be disbursed. After determining and applying the amount of loss due to shrinkage to the inventory value, the Company evaluated the remaining inventory and determined an additional reduction was necessary in the amounts of $1,115,000 and $1,199,000 to properly reflect the net realizable value of such inventory at September 30, 2018 and September 30, 2017 , respectively. |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held For Sale | Assets Held For Sale The following assets have been classified as assets held for sale as of September 30, 2018 and September 30, 2017 : (in thousands) Carrying Value Twelve Months Ended September 30, 2018 2017 Office Building $ — $ 3,214 Nursery - Gainesville — 6,500 Chancey Bay — 4,179 Gal Hog — 70 Breeding Herd — 5,858 Trailers 456 1,162 Frostproof Parcels 176 — East Ranch Parcels 759 — Total Assets Held For Sale $ 1,391 $ 20,983 On May 2, 2018, the Company sold its Gal Hog property for approximately $7,300,000 and recognized a gain of approximately $6,709,000 . On February 12, 2018, the Company sold its property at Chancey Bay for approximately $4,200,000 and realized a loss of approximately $51,000 . As part of the transaction, the Company paid the purchaser rent of $200,000 in exchange for Alico retaining the rights of harvesting and selling of the fruit in the 2017/2018 harvest season. On February 9, 2018, the Company sold its nursery located in Gainesville for approximately $6,500,000 and realized a gain of approximately $111,000 . On January 25, 2018, the Company sold its breeding herd to a third party for approximately $7,800,000 . As part of this transaction, the purchaser is leasing grazing and other rights on the Alico Ranch from the Company at a rate of $100,000 per month. Upon the sale of a parcel within the East Ranch, the lease rate was adjusted to $98,750 per month. On January 19, 2018, the Company sold certain trailers to a third party for $500,000 . The Company received $125,000 and the remaining portion is to be paid in accordance with the terms of a promissory note, which bears interest at 5% and is payable in equal monthly amortization payments over a period of three years. During the fourth quarter 2018, the Company sold additional trailers for $31,000 . On October 30, 2017, the Company sold its corporate office building in Fort Myers, Florida for $5,300,000 and realized a gain of approximately $1,751,000 . The sales agreement provides that the Company lease back a portion of the office space for five years. Such lease is classified as an operating lease. The Company recorded an impairment loss of approximately $150,000 and $4,131,000 for the fiscal years ended September 30, 2018 and 2017, respectively, on those assets classified as assets held for sale as of September 30, 2018 and 2017, respectively. These impairments are included in operating expenses on the Consolidated Statements of Operations. The Company has used a portion of the proceeds to pay down debt (see Note 6. "Long-Term Debt and Lines of Credit") and repurchase common shares, and plans to use the remaining cash proceeds from the sale of these assets towards future working capital requirements and other corporate purposes. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Citrus trees $ 264,714 $ 258,949 Equipment and other facilities 53,544 54,592 Buildings and improvements 8,052 8,835 Total depreciable properties 326,310 322,376 Less: accumulated depreciation and depletion (91,858 ) (82,443 ) Net depreciable properties 234,452 239,933 Land and land improvements 105,951 109,404 Net property and equipment $ 340,403 $ 349,337 On September 29, 2018, the Company sold its property at Island Pond for $7,900,000 . As Island Pond was collateralized under one of the Company’s loan documents, $7,000,000 of the proceeds is restricted in use (see Note 2. “Summary of Significant Accounting Policies”). On September 28, 2018, the Company sold a parcel within the East Ranch for $1,920,000 and realized a gain of $1,759,000 . On March 30, 2018, the Company sold property located on its Winter Haven location for approximately $225,000 and recognized a loss of approximately $50,000 . This asset was classified as an asset held for sale during the first quarter of fiscal year 2018. On March 15, 2018, the Company sold certain parcels comprised of citrus trees and land located on its Ranch One grove for approximately $586,000 , and recognized a loss of approximately $87,000 . On February 2, 2017, the Company sold 49 acres of land and facilities in Hendry County, Florida, to its former tenant for $2,200,000 , resulting in a gain of approximately $1,371,000 , which is included in gain on sale of real estate on the Consolidated Statement of Operations for the fiscal year ended September 30, 2017. During the fiscal year ended September 30, 2018, the Company recorded impairments aggregating to approximately $2,084,000 ; $1,032,000 relating to Island Pond and $1,052,000 relating to certain citrus trees damaged by Hurricane Irma and from other natural attrition. During the fiscal year ended September 30, 2017, the Company recorded impairments aggregating to approximately $5,215,000 on certain mines located within its properties and other property and equipment related to the Company's decision to phase out its operation at one of its nurseries. These impairments incurred for the fiscal years ended September 30, 2018 and 2017 are included in operating expenses on the Consolidated Statements of Operations. |
Long-Term Debt and Lines of Cre
Long-Term Debt and Lines of Credit | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lines of Credit | Long-Term Debt and Lines of Credit The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization, at September 30, 2018 and September 30, 2017 : September 30, 2018 September 30, 2017 Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net (in thousands) Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 95,938 $ 836 $ 99,062 $ 954 Met Variable-Rate Term Loans 46,719 385 49,594 439 Met Citree Term Loan 4,925 44 5,000 49 Pru Loans A & B 17,417 241 23,030 258 Pru Loan E 4,675 17 4,895 25 Pru Loan F 4,675 40 4,895 42 174,349 1,563 186,476 1,767 Less current portion 5,275 — 4,550 — Long-term debt $ 169,074 $ 1,563 $ 181,926 $ 1,767 The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization, at September 30, 2018 and September 30, 2017 : September 30, 2018 September 30, 2017 Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net (in thousands) Lines of Credit: RLOC $ — $ 58 $ — $ 109 WCLC 2,685 78 — 153 Lines of Credit $ 2,685 $ 136 $ — $ 262 Future maturities of long-term debt and line of credit as of September 30, 2018 are as follows: (in thousands) Due within one year $ 5,275 Due between one and two years 10,963 Due between two and three years 14,990 Due between three and four years 13,440 Due between four and five years 10,755 Due beyond five years 121,611 Total future maturities $ 177,034 Interest costs expensed and capitalized were as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Interest expense $ 8,561 $ 9,141 $ 9,893 Interest capitalized 933 294 172 Total $ 9,494 $ 9,435 $ 10,065 Debt The Company refinanced its outstanding debt obligations on December 3, 2014 in connection with an acquisition. These credit facilities initially included $125,000,000 in fixed interest rate term loans (“Met Fixed-Rate Term Loans”), $57,500,000 in variable interest rate term loans (“Met Variable-Rate Term Loans”), a $25,000,000 revolving line of credit (“RLOC”) with Metropolitan Life Insurance Company and New England Life Insurance Company (collectively “Met”), and a $70,000,000 working capital line of credit (“WCLC”) with Rabo Agrifinance, Inc. (“Rabo”). The term loans and RLOC are secured by real property. The security for the term loans and RLOC consists of approximately 38,200 gross acres of citrus groves and 5,762 gross acres of ranch land. The WCLC is collateralized by the Company’s current assets and certain other personal property owned by the Company. The term loans, collectively, are subject to quarterly principal payments of $2,281,250 , and mature November 1, 2029 . The Met Fixed-Rate Term Loans bear interest at 4.15% per annum, and the Met Variable-Rate Term Loans bear interest at a rate equal to 90 day LIBOR plus 165 basis points (the “LIBOR spread”). The LIBOR spread is subject to adjustment by the lender beginning May 1, 2017 and is subject to further adjustment every two years thereafter until maturity. Interest on the term loans is payable quarterly. The interest rates on the Met Variable-Rate Term Loans were 3.99% per annum and 2.96% per annum as of September 30, 2018 and September 30, 2017 , respectively. The Company may prepay up to $8,750,000 of the Met Fixed-Rate Term Loan principal annually without penalty, and any such prepayments may be applied to reduce subsequent mandatory principal payments. The maximum annual prepayment was made for calendar year 2015. During the first and second quarters of fiscal year 2018, the Company elected not to make its principal payment and utilized its prepayment to satisfy its principal payment requirements for such quarters. At September 30, 2018 , the Company had $5,625,000 remaining available to reduce future mandatory principal payments should the Company elect to do so. The Met Variable-Rate Term Loans may be prepaid without penalty. The RLOC bears interest at a floating rate equal to 90 day LIBOR plus 165 basis points, payable quarterly. The LIBOR spread was adjusted by the lender on May 1, 2017 and is subject to further adjustment every two years thereafter. Outstanding principal, if any, is due at maturity on November 1, 2019. The RLOC is subject to an annual commitment fee of 25 basis points on the unused portion of the line of credit. The RLOC is available for funding general corporate needs. The variable interest rate was 3.99% per annum and 2.96% per annum as of September 30, 2018 and September 30, 2017 , respectively. Availability under the RLOC was $25,000,000 as of September 30, 2018 . The WCLC is a revolving credit facility and is available for funding working capital and general corporate requirements. The interest rate on the WCLC is based on one month LIBOR, plus a spread, which is adjusted quarterly, based on the Company's debt service coverage ratio for the preceding quarter and can vary from 175 to 250 basis points. The rate is currently at LIBOR plus 175 basis points. The variable interest rate was 3.85% per annum and 2.99% per annum as of September 30, 2018 and September 30, 2017 , respectively. The WCLC agreement was amended on September 20, 2018, and the primary terms of the amendment were an extension of the maturity to November 1, 2021. There were no changes to the commitment amount or interest rate. Availability under the WCLC was approximately $57,015,000 as of September 30, 2018 . The WCLC is subject to a quarterly commitment fee on the daily unused availability under the line computed as the commitment amount less the aggregate of the outstanding loans and outstanding letters of credit. The commitment fee is adjusted quarterly based on Alico's debt service coverage ratio for the preceding quarter and can vary from a minimum of 20 basis points to a maximum of 30 basis points. Commitment fees to date have been charged at 20 basis points. As of September 30, 2018 , there was an outstanding balance on the WCLC of $2,685,000 . The WCLC agreement provides for Rabo to issue up to $20,000,000 in letters of credit on the Company’s behalf. As of September 30, 2018 , there was approximately $10,300,000 in outstanding letters of credit, which correspondingly reduced the Company's availability under the line of credit. In 2014, the Company capitalized approximately $2,834,000 of debt financing costs related to the refinancing. These costs, together with approximately $339,000 of costs related to the retired debt, are being amortized to interest expense over the applicable terms of the loans. Additionally, approximately $123,000 of financing costs were incurred for the fiscal year ended September 30, 2018 and September 30, 2017, respectively, in connection with letters of credit. These costs are also being amortized to interest expense over the applicable terms of the obligations. The unamortized balance of deferred financing costs related to the financing above was approximately $1,357,000 and $1,655,000 at September 30, 2018 and 2017 , respectively. The credit facilities above are subject to various covenants including the following financial covenants: (i) minimum debt service coverage ratio of 1.10 to 1.00, (ii) tangible net worth of at least $160,000,000 increased annually by 10% of consolidated net income for the preceding year, or approximately $162,300,000 for the year ending September 30, 2018 , (iii) minimum current ratio of 1.50 to 1.00, (iv) debt to total assets ratio not greater than .625 to 1.00, and, solely in the case of the WCLC, (v) a limit on capital expenditures of $30,000,000 per fiscal year. As of September 30, 2018 , the Company was in compliance with these financial covenants. Credit facilities also include a Met Life term loan collateralized by real estate owned by Citree ("Met Citree Loan"). This is a $5,000,000 credit facility that bears interest at a fixed rate of 5.28% per annum. At September 30, 2018 and 2017, there was an outstanding balance of $4,925,000 and $5,000,000 , respectively. The loan matures in February 2029. The unamortized balance of deferred financing costs related to this loan was approximately $44,000 and $49,000 at September 30, 2018 and 2017 , respectively. Silver Nip Citrus Debt There are two fixed-rate term loans, with an original combined balance of $27,550,000 , bearing interest at 5.35% per annum ("Pru Loans A & B"). Principal of $290,000 is payable quarterly, together with accrued interest. The Company may prepay up to $5,000,000 of principal without penalty. On February 15, 2015, Silver Nip Citrus made a prepayment of $750,000 . In addition, the Company made prepayments of approximately $4,453,000 in the second fiscal quarter of 2018 with the sale of certain properties which were collateralized under these loans. As such, the Company exceeded the allowed $5,000,000 prepayment by approximately $203,000 and was required to make a premium payment of approximately $22,000 . The loans are collateralized by real estate in Collier, Hardee, Highlands and Polk Counties, Florida and mature on June 1, 2029 and June 1, 2033, respectively. Silver Nip Citrus entered into two additional fixed-rate term loans with Prudential to finance the acquisition of a 1,500 acre citrus grove on September 4, 2014. Each loan was in the original amount of $5,500,000 . Principal of $55,000 per loan is payable quarterly, together with accrued interest. One loan bears interest at 3.85% per annum (Pru Loan E"), while the other bears interest at 3.45% per annum ("Pru Loan F"). The interest rate on Pru Loan E is subject to adjustment on September 1, 2019 and every year thereafter until maturity. Both loans are collateralized by real estate in Charlotte County, Florida. Pru Note E matures September 1, 2021, and Pru Note F matures September 1, 2039. The Silver Nip Citrus credit agreements were amended on December 1, 2016. The primary terms of the amendments were (1) the Company provided a limited $8,000,000 guaranty of the Silver Nip debt, (2) the limited personal guarantees provided by George Brokaw, Remy W. Trafelet and Clayton Wilson prior to the Company’s merger with Silver Nip Citrus, and also totaling $8,000,000 , were released and (3) the consolidated current ratio covenant requirement, measured on an annual basis, was reduced from 1.50 to 1.00 to 1.00 to 1.00. Silver Nip Citrus was in compliance with the current ratio covenant as of September 30, 2018 , the most recent measurement date. The unamortized balance of deferred financing costs related to the Silver Nip Citrus debt was approximately $298,000 and $325,000 at September 30, 2018 and 2017 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued Liabilities consist of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Ad valorem taxes $ 2,196 $ 2,648 Accrued interest 1,191 1,165 Accrued employee wages and benefits 3,115 1,320 Inventory received but not invoiced 726 — Accrued dividends 492 494 Current portion of deferred retirement obligations 345 315 Accrued insurance 223 166 Accrued tender offer consulting charges 274 — Other accrued liabilities 664 673 Total accrued liabilities $ 9,226 $ 6,781 |
Deferred Gain on Sale
Deferred Gain on Sale | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Deferred Gain on Sale | Deferred Gain on Sale Deferred gain on sale consists of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Deferred gain on sale $ 26,167 $ 27,482 Annual guarantee payment, net (1,239 ) (1,042 ) Total deferred gain on sale $ 24,928 $ 26,440 Estimated payments over the remaining term of the post-closing agreement arising out of the 2014 sale of property to Global Ag Properties, LLC are summarized in the following table. (in thousands) 2019 $ 2,871 2020 3,264 2021 3,681 2022 4,123 2023 4,572 Thereafter 13,804 Total $ 32,315 These estimated payments represent undiscounted cash flows. On November 21, 2014, the Company completed the sale of approximately 36,000 acres of land used for sugarcane production and land leasing in Hendry County, Florida to Global Ag Properties, LLC (“Global”) for approximately $97,900,000 in cash. It had previously leased approximately 30,600 of these acres to United States Sugar Corporation (the “USSC Lease”). The USSC Lease was assigned to Global in conjunction with the land sale. The sales price is subject to post-closing adjustments over a ten year period. The Company realized a gain of approximately $42,753,000 on the sale. Initially, $29,140,000 of the gain was deferred due to the Company’s continuing involvement in the property pursuant to a post-closing agreement and the potential price adjustments. The deferral represents the Company’s estimate of the maximum exposure to loss as a result of the continuing involvement (see below). A net gain of approximately $13,613,000 was recognized at the time of the sale. The Company estimated its maximum exposure to loss over the ten year period to total approximately $42,172,000 on an aggregate undiscounted basis. This estimated maximum exposure to loss was discounted at five percent to determine the initial deferred gain. In May 2018 , 2017 and 2016 the Company made payments of $1,889,000 and $1,580,000 and $1,702,000 , respectively, to Global pursuant to the sales contract. The amount of USSC’s lease is tied to the market price of sugar, and the Company's payment is required annually in advance, to supplement the lease paid by USSC in the event that the sugar prices are below certain thresholds. The Company has recognized approximately $1,361,000 , $1,413,000 and $1,406,000 in interest expense and approximately $967,000 , $538,000 and $618,000 of the deferred gain for the fiscal years ended September 30, 2018 , 2017 and 2016, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company complies with the provisions of FASB ASC 820 “Fair Value Measurements” for its financial and non-financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The majority of the carrying amounts of the Company’s assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities as of September 30, 2018 and 2017 , approximate their fair value because of the immediate or short term maturity of these financial instruments. The carrying amounts reported for long-term debt approximates fair value as the Company’s borrowings with commercial lenders are at interest rates that vary with market conditions and fixed rates that approximate market rates for similar obligations. The majority of our non-financial instruments, which include inventories and property and equipment, are not required to be carried at fair value on a recurring basis. The Company has certain assets classified as Assets Held for Sale which have been recorded at the lower of carrying value or the estimated fair value less costs to sell. ASC 820 clarifies that fair value is an exit price representing the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: The following table represents certain assets held for sale as of September 30, 2018, which have been measured at fair value on a non-recurring basis (see Note 4. for complete listing of assets held for sale): • Level 1- Observable inputs such as quoted prices in active markets; • Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and • Level 3- Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions. The following table represents certain assets held for sale as of September 30, 2018 , which have been measured at fair value on a non-recurring basis (see Note 4. Assets Held for Sale): Fair Value Hierarchy Carrying Value Adjustment to Fair Value Fair Value Trailers Level 3 $ 606 $ 150 $ 456 The following table represents certain assets held for sale as of September 30, 2017, which have been measured at fair value on a non-recurring basis (see Note 4. "Assets Held For Sale"): Fair Value Hierarchy Carrying Value Adjustment to Fair Value Fair Value Nursery - Gainesville Level 3 $ 10,107 $ 3,607 $ 6,500 Chancey Bay Level 3 $ 4,587 $ 408 $ 4,179 Trailers Level 3 $ 1,278 $ 116 $ 1,162 There were no gains or losses included in earnings attributable to changes in unrealized gains or losses relating to the Company’s assets for the fiscal years ended as of September 30, 2018 and 2017 . The Company uses third-party service providers to assist in the evaluation of investments. For investment valuations, current market interest rates, quality estimates by rating agencies and valuation estimates by active market participants were used to determine values. Deferred retirement benefits were valued based on actuarial data, contracted payment schedules and an estimated discount rate of 4.08% and 4.08% as of September 30, 2018 and 2017 , respectively. |
Common Stock and Options
Common Stock and Options | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Common Stock and Options | Common Stock and Options Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. The Company’s 2015 Plan provides for grants to executives in various forms including restricted shares of the Company’s common stock and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant. Restricted Stock In November 2017, the Company awarded 5,000 restricted shares of the Company’s common stock (“Restricted Stock”) to one senior executive under the 2015 Plan at a weighted average fair value of $31.95 per common share, vesting over two and a half years. The following table represents a summary of the status of the Company’s nonvested shares is as follows: Nonvested Shares Shares Weighted-Average Grant Date Fair Value Nonvested Shares at September 30, 2015 12,500 $ 49.49 Granted during fiscal year 2016 — — Vested during fiscal year 2016 (2,233 ) $ 49.50 Forfeited during fiscal year 2016 — — Nonvested Shares at September 30, 2016 10,267 $ 49.49 Granted during fiscal year 2017 — — Vested during fiscal year 2017 (4,933 ) $ 49.58 Forfeited during fiscal year 2017 — — Nonvested Shares at September 30, 2017 5,334 $ 49.39 Granted during fiscal year 2018 5,000 $ 31.95 Vested during fiscal year 2018 (3,001 ) $ 39.70 Forfeited during fiscal year 2018 — — Nonvested Shares at September 30, 2018 7,333 $ 41.46 Stock compensation expense related to the Restricted Stock totaled approximately $137,000 , $264,000 and $150,000 for the fiscal years ended September 30, 2018 , 2017 and 2016, respectively. There was approximately $172,000 and $149,000 of unrecognized stock compensation costs related to the Restricted Stock grants at September 30, 2018 and 2017 , respectively. Stock Options Stock option grants of 210,000 options to Mr. Trafelet and 90,000 options to Mr. Kiernan (collectively, the “2018 Option Grants”) were granted on September 7, 2018. The option exercise price for these options was set at $33.60 , the closing price on September 7, 2018. The 2018 Option Grants will vest as follows: (i) 25% of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $35.00 ; (ii) 25% of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $40.00 ; (iii) 25% of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $45.00 ; and (iv) 25% of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $50.00 . If the applicable stock price hurdles have not been achieved by (A) the date that is 18 months following the Executive’s termination of employment, if the Executive’s employment is terminated due to death or disability, (B) the date that is 12 months following the Executive’s termination of employment, if the Executive’s employment is terminated by the Company without cause, by the Executive with good reason, or due to the Executive’s retirement, or (C) the date of the termination of the Executive’s employment for any other reason, then any unvested options will be forfeited. In addition, if the applicable stock price hurdles have not been achieved by December 31, 2021 then any unvested options will be forfeited. The 2018 Option Grants will also become vested to the extent that the applicable stock price hurdles are satisfied in connection with a change in control of the Company. As of September 30, 2018, the Company’s stock was trading at $33.80 per share, and during fiscal year 2018 the stock did not trade above $35.00 per share; accordingly, none of the stock options are vested at September 30, 2018. Stock option grants of 300,000 options to Mr. Trafelet and 225,000 options to each of Messrs. Slack and Brokaw (collectively, the “2016 Option Grants”) were granted on December 31, 2016. The option exercise price for these options was set at $27.15 , the closing price on December 31, 2016. The 2016 Option Grants will vest as follows: (i) 25% of the options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $60.00 ; (ii) 25% of the options will vest if such price exceeds $75.00 ; (iii) 25% of the options will vest if such price exceeds $90.00 ; and (iv) 25% of the options will vest if such price exceeds $105.00 . If the applicable stock price hurdles have not been achieved by (A) the second anniversary of the Executive’s termination of employment, if the Executive’s employment is terminated due to death or disability, (B) the date that is 18 months following the Executive’s termination of employment, if the Executive’s employment is terminated by the Company without cause, by the Executive with good reason, or due to the Executive’s retirement, or (C) the date of the termination of the Executive’s employment for any other reason, then any unvested options will be forfeited. In addition, if the applicable stock price hurdles have not been achieved by the fifth anniversary of the grant date (or the fourth anniversary of the grant date, in the case of the tranche described in clause (i) above), then any unvested options will be forfeited. The 2016 Option Grants will also become vested to the extent that the applicable stock price hurdles are satisfied in connection with a change in control of the Company. As of September 30, 2018 , the Company’s stock was trading at $33.80 per share, and during fiscal year 2018 the stock did not trade above $60.00 per share; accordingly, none of the stock options are vested at September 30, 2018 . Additionally, 187,500 shares of the 2016 Option Grants made to each of Messrs. Slack and Brokaw were forfeited on September 5, 2018 and no replacement options were granted. As such, the remaining unrecognized expense associated with these options of approximately $783,000 was accelerated and recorded for the fiscal year ended September 30, 2018 . The following table represents a summary of the Company’s stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance - September 30, 2016 — $ — 0.00 — Granted during fiscal year 2017 750,000 $ 27.15 3.33 — Forfeitures/expired in fiscal year 2017 — $ — 0.00 — Exercised during fiscal year 2017 — $ — 0.00 — Balance - September 30, 2017 750,000 $ 27.15 2.58 — Granted during fiscal year 2018 300,000 $ 33.60 3.25 — Forfeitures/expired in fiscal year 2018 (375,000 ) $ 27.15 1.86 — Exercised during fiscal year 2018 — $ — 0.00 — Balance - September 30, 2018 675,000 $ 30.02 2.22 — Stock compensation expense related to the options totaled approximately $1,617,000 and $616,000 for the fiscal years ended September 30, 2018 and 2017 , respectively. No stock compensation expense related to options was recorded for the fiscal year ended September 30, 2016. At September 30, 2018 and 2017 , there was approximately $2,174,000 and $2,030,000 , respectively, of total unrecognized stock compensation costs related to nonvested share-based compensation for the option grants. The fair value of the 2016 Option Grants and 2018 Option Grants was estimated on the date of grant using a Monte Carlo valuation model that uses the assumptions noted in the following table. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different time-frames for the various market conditions being met. 2018 Option Grant Expected Volatility 30.0 % Expected Term (in years) 3.32 Risk Free Rate 2.80 % The weighted-average grant-date fair value of the 2018 Option Grants was $7.40 . There were no additional stock options granted or exercised for the fiscal year ended September 30, 2018. 2016 Option Grant Expected Volatility 32.19 % Expected Term (in years) 2.6 - 4.0 Risk Free Rate 2.45 % The weighted-average grant-date fair value of the 2016 Option Grants was $3.53 . There were no additional stock options granted, exercised or forfeited for the fiscal year ended September 30, 2017. As of September 30, 2018 , there remained 557,500 common shares available for issuance under the 2015 Plan. |
Treasury Stock
Treasury Stock | 12 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Treasury Stock | Treasury Stock In fiscal year 2017, the Board of Directors authorized the repurchase of up to $7,000,000 of the Company’s common stock in two separate authorizations (collectively, the "2017 Authorization"). In March 2017, the Board of Directors authorized the repurchase of up to $5,000,000 of the Company’s common stock beginning March 9, 2017, and continuing through March 9, 2019. In May 2017, the Board of Directors authorized the repurchase of up to an additional $2,000,000 of the Company’s common stock beginning May 24, 2017, and continuing through May 24, 2019. The stock repurchases made under this repurchase were made through open market transactions at times and in such amounts as the Company’s broker determined subject to the provisions of SEC Rule 10b-18. In September 2013, the Board of Directors authorized the repurchase of up to 105,000 shares of the Company’s common stock beginning in November 2013 and continuing through April 2018. In fiscal year 2016, the Board of Directors authorized the repurchase of up to 50,000 shares of the Company’s outstanding common stock beginning February 18, 2016 and continuing through February 17, 2017 (the "2016 Authorization"). In fiscal year 2015, the Board of Directors authorized the repurchase of up to 170,000 shares of the Company’s common stock beginning March 25, 2015, and continuing through December 31, 2016. During fiscal year 2018, the Company purchased 72,266 shares at a cost of $2,214,756 under the 2017 Authorization. As of June 29, 2018, the Company suspended its stock repurchase activity; however, if the Company chooses to resume repurchasing stock it has $1,676,443 available to repurchase stock under the 2017 Authorization. The following table illustrates the Company’s treasury stock purchases for the fiscal years ended September 30, 2018 , 2017 and 2016 : (in thousands, except share amounts) Total Number of Average Price Total Shares Purchased as Part of Publicly Announced Plan or Program Total Dollar Value of Shares Purchased Fiscal Year Ended September 30,: 2018 72,266 $ 30.65 722,406 $ 2,215 2017 104,145 $ 29.42 650,140 $ 3,064 2016 78,446 $ 40.04 545,995 $ 3,141 The following table outlines the Company’s treasury stock transactions during the past three fiscal years: (in thousands, except share amounts) Shares Cost Balance at September 30, 2015 90,565 $ 3,962 Purchased 78,446 3,141 Issued to Employees and Directors (35,478 ) (1,035 ) Issued to former Silver Nip Citrus equity holders (32,923 ) (1,483 ) Balance at September 30, 2016 100,610 4,585 Purchased 104,145 3,064 Issued to Employees and Directors (27,440 ) (1,147 ) Balance at September 30, 2017 177,315 6,502 Purchased 72,266 2,215 Issued to Employees and Directors (33,393 ) (1,181 ) Balance at September 30, 2018 216,188 $ 7,536 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income tax for the years ended September 30, 2018 , 2017 and 2016 consists of the following: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Current: Federal income tax $ 1,961 $ 102 $ 244 State income tax 384 — — Total current 2,345 102 244 Deferred: Federal income tax (3,917 ) (3,286 ) 4,538 State income tax 1,962 (662 ) 739 Total deferred (1,955 ) (3,948 ) 5,277 Provision (benefit) for income taxes $ 390 $ (3,846 ) $ 5,521 Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 24.53% , based on a blended rate calculation, to income (loss) before income taxes for the fiscal year ended September 30, 2018 and 35% for the fiscal years ended September 30, 2017 and 2016 as a result of the following: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Tax at the statutory federal rate $ 3,198 $ (4,670 ) $ 4,382 Increase (decrease) resulting from: State income taxes, net of federal benefit 857 (402 ) 457 Permanent and other reconciling items, net 221 548 773 Expiration of capital loss carryforward 5,634 581 — Reduction in deferred tax liability resulting from the Act (9,847 ) — — Stock option cancellation 347 — — Other (20 ) 97 (91 ) Provision (benefit) for income taxes $ 390 $ (3,846 ) $ 5,521 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2018 , and 2017 are presented below: (in thousands) September 30, 2018 2017 Deferred tax assets: Deferred retirement benefits $ 1,114 $ 1,712 Investment in Citree 89 45 Deferred gain recognition 6,318 10,199 Goodwill 20,095 33,233 Inventories 711 6,435 Stock compensation 261 292 Accrued bonus 612 248 Capital loss carryforwards — 9,462 Tax credits 28 293 Net operating losses — 3,160 Intangibles 620 1,027 Other 190 332 Total deferred tax assets 30,038 66,438 Deferred tax liabilities: Revenue recognized from citrus and sugarcane 162 357 Property and equipment 54,925 91,995 Accrual-to-cash method — 950 Prepaid insurance 104 220 Investment in Magnolia — 24 Total deferred tax liabilities 55,191 93,546 Net deferred income tax liabilities $ (25,153 ) $ (27,108 ) On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act contains significant changes to corporate taxes, including a permanent reduction of the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s statutory rate for fiscal year ended September 30, 2018 was 24.53% , based on a fiscal year blended rate calculation. The 21% U.S. corporate tax rate will apply to fiscal years ending September 30, 2019 and each year thereafter. Additionally, the Act requires a one-time remeasurement of certain tax related assets and liabilities. During the first fiscal quarter ended December 31, 2017, the Company made certain estimates related to the impact of the Act, including the remeasurement of deferred taxes at the new expected tax rate and a revised effective tax rate for the fiscal year ended September 30, 2018. The amounts recorded for the fiscal year ended September 30, 2018 for the remeasurement of deferred taxes principally relate to the reduction in the U.S. corporate income tax rate. For the fiscal year ended September 30, 2018, the Company has recorded a tax benefit of approximately $9,847,000 to account for these deferred tax impacts. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Water Resources and Other Operations . Total revenues represent sales to unaffiliated customers, as reported in the Consolidated Statements of Operations. 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 general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses. Information by operating segment is as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Revenues: Alico Citrus $ 78,121 $ 123,441 $ 137,282 Water Resources and Other Operations 3,160 6,388 6,914 Total revenues 81,281 129,829 144,196 Operating expenses: Alico Citrus 51,709 111,947 102,347 Water Resources and Other Operations 3,979 8,952 6,790 Total operating expenses 55,688 120,899 109,137 Gross profit (loss): Alico Citrus 26,412 11,494 34,935 Water Resources and Other Operations (819 ) (2,564 ) 124 Total gross profit (loss) $ 25,593 $ 8,930 $ 35,059 Capital expenditures: Alico Citrus $ 15,968 $ 11,738 $ 10,393 Water Resources and Other Operations 304 646 2,293 Other Capital Expenditures 80 969 1,619 Total capital expenditures $ 16,352 $ 13,353 $ 14,305 Depreciation, depletion and amortization: Alico Citrus $ 13,467 $ 14,054 $ 13,982 Water Resources and Other Operations 219 652 932 Other Depreciation, Depletion and Amortization 70 520 468 Total depreciation, depletion and amortization $ 13,756 $ 15,226 $ 15,382 (in thousands) September 30, 2018 2017 Assets: Alico Citrus $ 405,752 $ 387,972 Water Resources and Other Operations 15,904 24,819 Other Corporate Assets 1,766 6,391 Total Assets $ 423,422 $ 419,182 |
Employee Benefits Plans
Employee Benefits Plans | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefits Plans Management Security Plan The management security plan (“MSP”) is a nonqualified, noncontributory defined supplemental deferred retirement benefit plan for a select group of management personnel. The MSP provides a fixed supplemental retirement benefit for 180 months . The MSP was frozen as of September 30, 2017. As a result, no new participants are being added to the MSP and no further benefits are accumulating. The MSP benefit expense and the projected management security plan benefit obligation are determined using assumptions as of the end of the year. The weighted-average discount rate used to compute the obligation was 4.08% and 4.08% in fiscal years 2018 and 2017 , respectively. Actuarial gains or losses are recognized when incurred; therefore, the end of year benefit obligation is the same as the accrued benefit costs recognized in the Consolidated Balance Sheets. The amount of MSP benefit expense charged to costs and expenses was as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Service cost $ — $ 200 $ 213 Interest cost 293 140 210 Recognized actuarial gain (loss) adjustment 16 (78 ) (5 ) Total $ 309 $ 262 $ 418 The following provides a roll-forward of the MSP benefit obligation: (in thousands) September 30, 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 4,438 $ 4,543 Service cost — 200 Interest cost 293 140 Benefits paid (350 ) (367 ) Recognized actuarial gain (loss) adjustment 16 (78 ) Benefit obligation at end of year $ 4,397 $ 4,438 Funded status at end of year $ (4,397 ) $ (4,438 ) Effective September 30, 2018, the Company terminated the MSP. Under the MSP termination, payout for benefits covered under the applicable Internal Revenue Code regulations cannot commence until at least twelve months following plan termination decision, but must be fully paid out within twenty-four ( 24 ) months following plan termination. The MSP is unfunded and benefits are paid as they become due. The estimated future benefit payments under the plan for the next twelve months is approximately $357,000 . The Company has established a “Rabbi Trust” to provide for the funding of accrued benefits under the MSP. According to the terms of the Rabbi Trust, funding is voluntary until a change of control of the Company as defined in the Management Security Plan Trust Agreement occurs. Upon a change of control, funding is triggered. As of September 30, 2018 , the Rabbi Trust had no assets, and no change of control had occurred. Profit Sharing and 401(k) Plans The Company maintains a 401(k) employee savings plan for eligible employees, which provides up to a 4% matching contribution payable on employee payroll deferrals. The Company’s matching funds vest to the employee immediately, pursuant to a safe harbor election effective in October 2012. The Company’s contribution to the plan was approximately $342,000 , $445,000 and $401,000 for the fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. The Profit Sharing Plan (“Plan”) is fully funded by contributions from the Company. Contributions to the Plan are discretionary and determined annually by the Company’s Board of Directors. Contributions to employee accounts are based on the participant’s compensation. The Company’s paid contribution to the Profit Sharing Plan was $0 , $378,000 , and $291,000 for the fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Clayton G. Wilson The Company entered into a Separation and Consulting Agreement with Clayton G. Wilson (the “Separation and Consulting Agreement”), pursuant to which Mr. Wilson stepped down as Chief Executive Officer of the Company effective as of December 31, 2016. Under the Separation and Consulting Agreement, Mr. Wilson also acknowledged and agreed that he will continue to be bound by the restrictive covenants set forth in his Employment Agreement with the Company. The Separation and Consulting Agreement provides that, subject to his execution, delivery, and non-revocation of a general release of claims in favor of the Company, Mr. Wilson will be entitled to vesting of any unvested portion of the restricted stock award granted to him under his Employment Agreement. In addition, the Separation and Consulting Agreement provides that Mr. Wilson serve as a consultant to the Company during 2017 and received an aggregate consulting fee of $750,000 for such services ( $200,000 paid in an initial lump sum, $275,000 paid in a lump sum on July 1, 2017, and $275,000 paid in six equal monthly installments commencing July 31, 2017 and ended December 31, 2017). As of September 30, 2017, the Company satisfied its obligation to Mr. Wilson in full, including a prepayment of $187,500 . The Company expensed $187,500 and $562,500 for the fiscal years ended September 30, 2018 and September 30, 2017, respectively. Mr. Wilson resigned as a member of the Company’s Board of Directors effective February 27, 2017. Remy W. Trafelet, Henry R. Slack, and George R. Brokaw On December 31, 2016, the Company entered into new employment agreements (collectively, the “Employment Agreements”) with each of Remy W. Trafelet, Henry R. Slack, and George R. Brokaw (collectively, the “Executives”). Mr. Trafelet serves as the President and Chief Executive Officer of the Company, Mr. Slack serves as the Executive Chairman of the Company, and Mr. Brokaw serves as the Executive Vice Chairman of the Company, and each of them continues to serve on the Company’s Board of Directors. The Employment Agreements provide for an annual base salary of $400,000 in the case of Mr. Trafelet and $250,000 in the case of each of Messrs. Slack and Brokaw and, additionally, provided for payment to the Executives an amount in cash equal to $400,000 to Mr. Trafelet and $250,000 to each of Messrs. Slack and Brokaw within five business days of December 31, 2016. The Employment Agreements also provide that, if the applicable Executive’s employment is terminated by the Company without “cause” or the applicable Executive resigns with “good reason” (as each such term is defined in the Employment Agreements), then, subject to his execution, delivery, and non-revocation of a general release of claims in favor of the Company, the Executive will be entitled to cash severance in an amount equal to 24 months (in the case of Mr. Trafelet) or 18 months (in the case of Messrs. Slack and Brokaw) of the Executive’s annual base salary. The Employment Agreement includes various restrictive covenants in favor of the Company, including a confidentiality covenant, a nondisparagement covenant, and 12 -month post-termination noncompetition and customer and employee nonsolicitation covenants. As of June 26, 2017, both Messrs. Slack and Brokaw have agreed to waive payment of their salary. JD Alexander On November 6, 2013, JD Alexander tendered his resignation as Chief Executive Officer, and as an employee of the Company, subject to and effective immediately after the Closing of the Share Purchase transaction on November 19, 2013. Mr. Alexander’s resignation included a waiver of any rights to any payments under his Change-in-Control Agreement with the Company. On November 6, 2013, the Company and Mr. Alexander also entered into a Consulting and Non-Competition Agreement under which (i) Mr. Alexander will provide consulting services to the Company during the two -year period after the Closing, (ii) Mr. Alexander agreed to be bound by certain non-competition covenants relating to the Company’s citrus operations and non-solicitation and non-interference covenants for a period of two years after the Closing, and (iii) the Company paid Mr. Alexander for such services and covenants $2,000,000 in twenty-four monthly installments. The Company expensed approximately $0 , $0 and $167,000 under the Consulting and Non-Competition Agreement for the fiscal years ended September 30, 2018 , 2017 and 2016 . Ken Smith On March 20, 2015, Ken Smith tendered his resignation as Chief Operating Officer, and as an employee of the Company. Mr. Smith’s resignation included a waiver of any rights to any payments under his Change-in-Control Agreement with the Company. On March 20, 2015, the Company and Mr. Smith also entered into a Consulting and Non-Competition Agreement under which (i) Mr. Smith will provide consulting services to the Company during the three -year period after the resignation date, (ii) Mr. Smith agreed to be bound by certain non-competition covenants relating to the Company’s citrus operations and non-solicitation and non-interference covenants for a period of two years after the resignation date, and (iii) the Company paid Mr. Smith $925,000 for such services and covenants. The Company expensed approximately $0 , $100,000 and $200,000 under the Consulting and Non-Competition Agreement for fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. W. Mark Humphrey On June 1, 2015, W. Mark Humphrey tendered his resignation as Senior Vice President and Chief Financial Officer, and as an employee of the Company. On June 1, 2015, the Company and Mr. Humphrey entered into a Separation and Consulting Agreement under which (i) Mr. Humphrey will provide consulting services to the Company for a one -year period after his resignation, and (ii) Mr. Humphrey will be entitled to the following benefits: (a) $100,000 in cash in a lump sum and (b) a consulting fee of $350,000 payable monthly during the period commencing on his resignation date and ending on the first anniversary of his resignation date. The Company expensed approximately $0 , $0 and $238,000 under the Separation and Consulting Agreement for the fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. On June 1, 2015 the Company appointed John E. Kiernan to serve as Senior Vice President and Chief Financial Officer. Effective September 1, 2015, Mr. Humphrey was appointed to serve as Senior Vice President and Chief Accounting Officer, and continued to receive monthly payments under The Consulting Agreement through the first anniversary of his resignation date. Mr. Humphrey resigned as Senior Vice President and Chief Accounting Officer and as an employee of the Company effective April 3, 2017. Shared Services Agreement The Company has a shared services agreement with Trafelet Brokaw & Co., LLC (“TBCO”), whereby the Company will reimburse TBCO for use of office space and various administrative and support services. The annual cost of the office and services is approximately $618,000 . The agreement will expire in December 2018. The Company expensed approximately $592,000 , $564,000 and $479,000 under the Shared Services Agreement for the fiscal years ended September 30, 2018 , 2017 and 2016 , respectively. As of September 30, 2018 and 2017 , the Company had outstanding amounts due of approximately $163,000 and $148,000 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company has obligations under various non-cancelable long-term operating leases for equipment. In addition, the Company has various obligations under other equipment leases of less than one year. Total rent expense was approximately $1,062,000 , $725,000 , and $667,000 for the years ended September 30, 2018 , 2017 and 2016 , respectively. The future minimum annual rental payments under non-cancelable operating leases are as follows: (in thousands) 2019 $ 319 2020 166 2021 169 2022 175 2023 14 Total $ 843 Purchase Commitments During fiscal year 2018 , the Company entered into contracts to purchase citrus trees. As of September 30, 2018 , the Company had approximately $2,161,000 relating to outstanding commitments for these purchases that will be paid upon delivery of the remaining citrus trees. Letters of Credit The Company has outstanding standby letters of credit in the total amount of approximately $10,300,000 at September 30, 2018 and September 30, 2017 , respectively, to secure its various contractual obligations. Legal Proceedings Florida Litigation On November 16, 2018, 734 Agriculture, RCF 2014 Legacy LLC, Delta Offshore Master II, LTD. and Mr. Remy W. Trafelet, the Company's President and Chief Executive Officer and a member of the Board of Directors, filed a lawsuit against Messrs. George R. Brokaw, Henry R. Slack, W. Andrew Krusen and Greg Eisner, members of the Board of Directors, in the Circuit Court (the “Circuit Court”) for Hillsborough County, Florida (the “Florida Litigation”). The plaintiffs in the Florida Litigation seek, among other things, a declaration that (1) a purported stockholder action by written consent, delivered to the Company in the name of 734 Investors and the plaintiffs in the Florida Litigation on November 11, 2018 (the “Purported Consent”) is valid and binding, (2) the resolutions passed at a meeting of the Board of Directors on November 12, 2018, to, among other things, constitute an ad hoc committee of the Board of Directors to consider, evaluate and make any and all determinations, and to take any and all actions, on behalf of the Board of Directors, in connection with the Purported Consent are null and void and (3) the four defendants in the Florida Litigation were properly removed from the Board of Directors by the Purported Consent. On November 27, 2018, the Circuit Court denied without prejudice plaintiffs’ motion for a temporary restraining order and an affirmative injunction restoring Mr. Remy W. Trafelet from administrative leave to active status in his capacity as President and CEO of the Company. On November 28, 2018, the parties in the Florida Litigation stipulated to an order which provides, pending the resolution of the Delaware Litigation (as defined below), that (1) the record date for the Purported Consent is stayed indefinitely, and (2) Mr. Trafelet and the Company’s Board of Directors shall not take any action out of routine day-to-day operations conducted in the ordinary course of business, including any action to change the corporate governance of Alico or removing any corporate officers or directors from positions held as of November 27, 2018. Due to the inherent uncertainties of litigation, we cannot predict the outcome of the Florida Litigation at this time, and we can give no assurance that the Florida Litigation will not have a material adverse effect on our financial position or results of operations. Delaware Litigation On November 20, 2018, members of 734 Investors filed a lawsuit against 734 Agriculture and Mr. Remy W. Trafelet, the Company's President and Chief Executive Officer and a member of the Board of Directors in the Delaware Court of Chancery (the "Delaware Court"), captioned Arlon Valencia Holdings v. Trafelet, C.A. No. 2018-0842-JTL (the “Members’ Delaware Litigation”). The plaintiffs seek, among other things, a declaration that (1) 734 Agriculture was validly replaced as the managing member of 734 Investors pursuant to the Amended and Restated Limited Liability Company Operating Agreement of 734 Investors (the “LLC Agreement”) and the 734 Consent (described above), and (2) the Purported Consent is invalid under the LLC Agreement. Also on November 20, 2018, 734 Agriculture filed a lawsuit contesting the 734 Consent in the Delaware Court, captioned 734 Agriculture v. Arlon Valencia Holdings, LLC, C.A. No. 2018-0844-JTL (the “734 Delaware Litigation”). On November 27, 2018, the Delaware Court entered a stipulated order consolidating the Members’ Delaware Litigation and the 734 Delaware Litigation into a single lawsuit, captioned In re 734 Investors, LLC Litigation, Consol. C.A. No. 2018-0844-JTL (the consolidated suit, the “Delaware Litigation”). On December 5, 2018, the Delaware Court entered a stipulated status quo order which provides, among other things, that 734 Agriculture shall serve as the managing member of 734 Investors during the pendency of the Delaware Litigation. The status quo order also provides that 734 Agriculture shall not take any actions outside of the ordinary course of business of 734 Investors without the consent of two-thirds of the membership interests of 734 Investors, including exercising any voting rights with respect to any shares of the Company’s common stock beneficially owned by 734 Investors. Due to the inherent uncertainties of litigation, we cannot predict the outcome of the Delaware Litigation at this time, and we can give no assurance that Delaware Litigation will not have a material adverse effect on our financial position or results of operations. From time to time, Alico may be involved in litigation relating to claims arising out of its operations in the normal course of business. There are no other current legal proceedings to which the Company is a party to or of which any of its property is subject to that it believes will have a material adverse effect on its business financial position or results of operations. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) Summarized quarterly financial data for the fiscal years ended September 30, 2018 , and 2017 are computed independently each quarter, therefore, the sum of the quarter amounts may not equal the total amount for the respective year due to rounding as follows: (in thousands, except per share amounts) Fiscal Quarter Ended December 31, March 31, June 30, September 30, 2017 2016 2018 2017 2018 2017 2018 2017 Total operating revenue $ 17,533 $ 17,445 $ 35,600 $ 56,200 $ 26,517 $ 51,518 $ 1,631 $ 4,666 Total operating expenses 16,951 14,692 27,767 41,684 14,603 36,510 (3,633 ) 28,013 Gross profit 582 2,753 7,833 14,516 11,914 15,008 5,264 (23,347 ) General and administrative 3,886 3,788 3,073 3,399 2,955 3,709 5,144 4,128 Other (expense) income, net (375 ) (1,981 ) (2,140 ) (912 ) 5,074 (2,162 ) 96 (2,193 ) Income (loss) before income taxes (3,679 ) (3,016 ) 2,620 10,205 14,033 9,137 216 (29,668 ) Income tax expense (benefit) (12,417 ) (1,273 ) 8,150 4,321 4,941 3,665 (284 ) (10,559 ) Net income (loss) 8,738 (1,743 ) (5,530 ) 5,884 9,092 5,472 500 (19,109 ) Net loss attributable to noncontrolling interests 8 8 16 (51 ) 8 7 218 81 Net income (loss) attributable to Alico Inc. common stockholders $ 8,746 $ (1,735 ) $ (5,514 ) $ 5,833 $ 9,100 $ 5,479 $ 718 $ (19,028 ) Earnings per share: Basic $ 1.06 $ (0.21 ) $ (0.67 ) $ 0.70 $ 1.11 $ 0.66 $ 0.09 $ (2.29 ) Diluted $ 1.05 $ (0.21 ) $ (0.67 ) $ 0.70 $ 1.09 $ 0.66 $ 0.09 $ (2.29 ) Note - Total operating expenses for the fiscal quarter ended September 30, 2017 include an inventory casualty loss and net realizable value adjustment of approximately $14,688,000 and impairments of long-lived assets of approximately $9,346,000 . Total operating expenses for the fiscal quarter ended June 30, 2018 include insurance proceeds relating to Hurricane Irma of $477,000 for property and casualty damage claims and $3,726,000 for crop claims. Total operating expenses for the fiscal quarter ended September 30, 2018 included insurance proceeds relating to the Hurricane Irma of $5,226,000 for crop damage claims (see Note 3. “Inventories”, Note 4. “Assets Held For Sale” and Note 5. “Property and Equipment, Net” for further information). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 3, 2018, the Company completed a tender offer of 752,234 shares at a price of $34.00 per share aggregating $25,575,956 . 734 Investors, Alico's largest stockholder since 2013, participated in the tender offer and sold a small percentage of its holdings. A stock option grant of 10,000 options was made to Mr. Kiernan on October 25, 2018. The option price was set at $33.34 , the closing price on October 25, 2018. This grant will vest as follows: (i) 3,333 options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $40.00 ; (ii) 3,333 options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $45.00 ; and (iii) 3,334 options will vest if the price of the Company’s common stock during a consecutive 20 -trading day period exceeds $50.00 . If the applicable stock price hurdles have not been achieved by (A) the date that is 18 months following the Executive’s termination of employment, if the Executive’s employment is terminated due to death or disability, (B) the date that is 12 months following the Executive’s termination of employment, if the Executive’s employment is terminated by the Company without cause, by the Executive with good reason, or due to the Executive’s retirement, or (C) the date of the termination of the Executive’s employment for any other reason, then any unvested options will be forfeited. In addition, if the applicable stock price hurdles have not been achieved by December 31, 2021 then any unvested options will be forfeited. This grant will also become vested to the extent that the applicable stock price hurdles are satisfied in connection with a change in control of the Company. |
Summary of Significant Accou_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared the accompanying financial statements on a consolidated basis. These accompanying Consolidated Financial Statements, which are referred to herein as the “Financial Statements”, have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany transactions and account balances between the consolidated businesses have been eliminated. |
Segments | Segments Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Water Resources and Other Operations . As a result of the sale of the Company’s breeding herd in January 2018, the Company is no longer in the cattle ranching business and has revised its reportable segments to most accurately reflect the current operations and the information regularly reviewed by the CODM. The segment data for all prior periods disclosed have been presented on the same basis as the current fiscal year. |
Principles of Consolidation and Noncontrolling Interest in Consolidated Affiliate | Noncontrolling Interest in Consolidated Affiliate The Financial Statements include all assets and liabilities of the less-than- 100% -owned affiliate the Company controls, Citree Holdings I, LLC (“Citree”). Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Principles of Consolidation The Financial Statements include the accounts of Alico, Inc. and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings LLC and subsidiaries, Alico Fresh Fruit LLC, Alico Skink Mitigation, LLC and Citree Holdings 1, LLC. The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates based upon future events. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable. The Company may employ outside experts to assist in the Company’s evaluations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASU’s (collectively, “ASC 606”), which prescribes a comprehensive new revenue recognition standard that supersedes previously existing revenue recognition guidance. The new model provides a five-step analysis in determining when and how revenue is recognized. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new, expanded disclosures regarding revenue recognition. The standard allows initial application to be performed retrospectively to each period presented or as a modified retrospective adjustment as of the date of adoption. ASC 606, also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less, and policy elections regarding shipping and handling that provides the option to account for shipping and handling costs as contract fulfillment costs. The Company adopted ASC 606 effective October 1, 2018, the first day of our 2019 fiscal year, using the modified retrospective method. The implementation of ASC 606 did not require an adjustment to the opening balance of retained earnings as of October 1, 2018. The adoption of this ASU will result in increased disclosure, including qualitative and quantitative disclosures about the nature, amount timing and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)." This guidance will require entities that enter into leases as a lessee to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under previous GAAP. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The Company is currently evaluating the impact this guidance will have on our Financial Statements, and it will become effective for Alico October 1, 2019. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230).” This ASU will provide guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. This ASU is effective for the Company for our fiscal year beginning October 1, 2018. Although permitted, the Company did not choose to elect early adoption. This ASU would impact the Company by requiring certain proceeds from insurance claims relating to property and crop damage to be reported in the statement of cash flows from investing activities in the Consolidated Statement of Cash Flows. In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASC Topic 740, Income Taxes), which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for the Company on October 1, 2018. This guidance is not expected to have a significant impact on our Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other” (Topic 350) which simplifies the accounting for goodwill impairment. The updated guidance eliminates Step 2 of the impairment test, which requires entities to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, determined in Step 1. This guidance will become effective for us in fiscal years beginning after December 15, 2019, including interim periods within those reporting periods. We will adopt this guidance using a prospective approach. Earlier adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" (Subtopic 610-20): The ASU clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies. As a result, it will not apply to the derecognition of businesses, nonprofit activities, or financial assets (including equity method investments), or to contracts with customers. The ASU also clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. In addition, transfers of nonfinancial assets to another entity in exchange for a noncontrolling ownership interest in that entity will be accounted for under ASC 610-20, removing specific guidance on such partial exchanges from ASC 845, Nonmonetary Transactions . As a result of the ASU, guidance specific to real estate sales in ASC 360-20 will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The ASU will also impact the accounting for partial sales of nonfinancial assets (including in substance real estate). When an entity transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the entity will measure the retained interest at fair value. This will result in full gain/loss recognition upon the sale of a controlling interest in a nonfinancial asset. Current guidance generally prohibits gain recognition on the retained interest. The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years and thus is effective for the Company for our fiscal year beginning October 1, 2018. The ASU will be applied prospectively to any transaction occurring from the date of adoption. The Company continues to evaluate the impact that the adoption of this ASU might have on our consolidated financial statements as it relates to the deferred gain on the sale of the Company’s sugarcane lands (see Note 8. “Deferred Gain on Sale”). In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation” (Topic 718) which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a share-based payment award if the award's fair value, vesting conditions and classification as an equity or liability instrument are the same immediately before and after the change. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. We do not expect this new guidance to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” which clarifies the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. Under ASU 2016-18, an entity will be required within the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and thus is effective for the Company for our fiscal year beginning October 1, 2018. Early adoption is permitted and the Company, as such, has adopted this guidance as of September 30, 2018. The Company has reviewed other recently issued accounting standards which have not yet been adopted in order to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported |
Revenue Recognition | Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of our fiscal year generally produce the majority of our annual revenue, and working capital requirements are typically greater in the first and fourth quarters of the fiscal year. The results of the reported periods herein are not necessarily indicative of the results for any other interim periods or the entire fiscal year. Revenue Recognition Revenues from agricultural crops are recognized at the time the crop is harvested and delivered to the customer. Receivables from crops sold are recorded for the estimated proceeds to be received from the customer. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues can be significant and can be either an increase or decrease to reported revenues. During the periods presented in this report, no material adjustments were made to the reported revenues of the Company’s crops. During the time that Alico was engaged in the business of raising and selling cattle, Alico recognized revenues from cattle sales at the time the cattle were delivered. Alico Fruit Company, LLC ("AFC") operations primarily consist of providing supply chain management services to Alico, as well as to other citrus growers and processors in the state of Florida. AFC also purchases and resells citrus fruit; in these transactions, AFC (i) acts as a principal; (ii) takes title to the products; and (iii) has the risks and rewards of ownership, including the risk of loss for collection, delivery or returns. Therefore, AFC recognizes revenues based on the gross amounts due from customers for its marketing activities. Supply chain management services revenues are recognized when the services are performed. |
Business Combinations | Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When Alico acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated similar to the pooling of interests method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair value of assets and liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term and immediate nature of these financial instruments. The carrying amounts of our debt approximates fair value as the debt is with commercial lenders at interest rates that vary with market conditions or have fixed rates that approximate market rates for obligations with similar terms and maturities |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents The Company considers cash in banks and highly liquid instruments with an original maturity of three months or less to be cash and cash equivalents. At various times throughout the fiscal year, and as of September 30, 2018 , some accounts held at financial institutions were in excess of the federally insured limit of $250,000. The Company has not experienced any losses on these accounts and believes credit risk to be minimal. Restricted Cash Restricted cash is comprised of cash received from the sale of certain assets in which the use of funds is restricted. For certain sale transactions, the Company sells property which serves as collateral for specific debt obligations. As a result, the sale proceeds can only be used to purchase like-kind citrus groves which is acceptable to the debt holder. If the restricted cash is not used for such purchases within a twelve month period, it will be used to pay down principal on Company debt. Based on the contractual uses of restricted cash, these amounts have been classified as non-current. |
Accounts receivable | Accounts receivable Accounts receivable from customers are generated from revenues based on the sale of citrus, cattle, leasing and other transactions. The Company grants credit in the course of its operations to third party customers. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company provides an allowance for doubtful accounts for amounts which are not probable of collection. The estimate, evaluated quarterly by the Company, is based on historical collection experience, current macroeconomic climate and market conditions and a review of the current status of each customer’s account. Changes in the financial viability of significant customers and worsening of economic conditions may require changes to its estimate of the recoverability of the receivables. Such changes in estimates are recorded in the period in which these changes become known. The allowance for doubtful accounts is included in general and administrative expenses in the Consolidated Statements of Operations. |
Concentrations | Concentrations The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. |
Real Estate | Real Estate In recognizing revenues from land sales, the Company applies specific revenue recognition criteria, in accordance with U.S. GAAP, to determine when land sales revenues can be recorded. For example, in order to fully recognize a gain resulting from a real estate transaction, the sale must be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold and any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold. When these criteria are not met, the Company recognizes a gain proportionate to collections utilizing either the installment method or deposit method as appropriate. |
Inventories | Inventories The costs of growing crops, including but not limited to labor, fertilization, fuel, crop nutrition and irrigation, are capitalized into inventory throughout the respective crop year. Such costs are expensed as cost of sales when the crops are harvested and are recorded as operating expenses in the Consolidated Statements of Operations. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. The cost of the beef cattle inventory was based on the accumulated cost of developing such animals for sale from July 1 through the balance sheet date |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, depletion and amortization. Major improvements are capitalized while expenditures for maintenance and repairs are expensed when incurred. Costs related to the development of citrus groves through planting of trees are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads, and reservoirs, among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for four years. After four years, a planting is considered to have reached maturity and the accumulated costs are depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. The breeding herd consisted of purchased animals and animals raised on the Company’s ranches. Purchased animals were stated at the cost of acquisition. The cost of animals raised on the ranch was based on the accumulated cost of developing such animals for productive use. The breeding herd was sold in January 2018 (see Note 4. “Assets Held For Sale”). Real estate costs incurred for the acquisition, development and construction of real estate projects are capitalized. Depreciation is provided on a straight-line basis over the estimated useful lives of the depreciable assets, with the exception of leasehold improvements and assets acquired through capital leases, which are depreciated over their estimated useful lives if the lease transfers ownership or contains a bargain purchase option, otherwise the term of the lease. The estimated useful lives for property and equipment are primarily as follows: Citrus trees 25 years Equipment and other facilities 3-20 years Buildings and improvements 25-39 years Changes in circumstances, such as technological advances or changes to our business model or capital strategy could result in the actual useful lives differing from the original estimates. In those cases where the Company determines that the useful life of property and equipment should be shortened, Alico depreciates the asset over its revised estimated remaining useful life, thereby increasing depreciation expense |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company records impairment losses on long-lived assets used in operations, or asset group, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets or asset group over the remaining lives of the assets or asset group are less than the carrying amounts of those assets. In calculating impairments and the estimated cash flows, the Company assigns its asset groups by determining the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other Company assets. The net carrying values of assets or asset group not recoverable are reduced to their fair values. Alico's cash flow estimates are based on historical results adjusted to reflect best estimates of future market conditions and operating conditions. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquired businesses over the fair value of the assets acquired less liabilities assumed in connection with such acquisition. In accordance with the provisions of ASC 350, Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives acquired in an acquisition are not amortized, but instead are tested for impairment at least annually, on the same date, or more frequently should an event occur or circumstances indicate that the carrying amount may be impaired. Such events or circumstances may be a significant change in business climate, economic and industry trends, legal factors, negative operating performance indicators, significant competition, changes in strategy or disposition of a reporting unit or a portion thereof. In the evaluation of goodwill for impairment, Alico has the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Under the qualitative assessment, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. If, under the quantitative assessment, the fair value of a reporting unit is less than its carrying amount, then the amount of the impairment loss, if any, must be measured under step two of the impairment analysis. In step two of the analysis, Alico would record an impairment loss equal to the excess of the carrying value of the reporting unit’s goodwill over its implied fair value, should such a circumstance arise. |
Other Non-Current Assets | Other Non-Current Assets Other non-current assets primarily include investments owned in agricultural cooperatives, cash surrender value on life insurance and equity investment in affiliate (Magnolia). Investments in stock related to agricultural cooperatives are carried at cost. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company’s income tax provision and net income or loss in the period the determination is made. For the fiscal year ended September 30, 2018 and 2017, the Company recorded a valuation allowances of $5,634,000 and $581,000 , respectively, relating to the unutilized capital loss carryforwards which expired. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company records interest related to unrecognized tax benefits in income tax expense. |
Earnings per Share | Earnings per Share Basic earnings per share for our common stock is calculated by dividing net income attributable to Alico common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares of common stock issuable under equity-based compensation plans in accordance with the treasury stock method, or any other type of securities convertible into common stock, except where the inclusion of such common shares would have an anti-dilutive effect. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured based on the fair value of the equity award at the grant date and is typically expensed on a straight-line basis over the vesting period. Upon the vesting of restricted stock, the Company issues common stock from common shares held in treasury. |
Equity Method Investments and Variable Interest Entities | Equity Method Investments and Variable Interest Entities The Company evaluates the method of accounting for investments in which it does not hold an equity interest of at least 50% based on the amount of control it exercises over the operations of the investee, exposure to losses in excess of its investment, the ability to significantly influence the investee and whether the Company is the primary beneficiary of the investee. Investments not qualifying for consolidation are accounted for under the equity method whereby the ongoing investment in the entity, consisting of its initial investment adjusted for distributions, gains and losses of the entity are classified as a single line in the balance sheet and as a non-operating item in the statements of operation. |
Summary of Significant Accou_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable, Net | The following table presents accounts receivable, net as of September 30, 2018 and 2017 : (in thousands) September 30, 2018 2017 Accounts receivable $ 2,577 $ 4,314 Allowance for doubtful accounts (33 ) (28 ) Accounts receivable, net $ 2,544 $ 4,286 |
Schedule of Revenues and Accounts Receivable From Major Customers | Accounts receivable from the Company’s major customers as of September 30, 2018 and 2017 and revenue from such customers for the fiscal years ended September 30, 2018 , 2017 and 2016 , are as follows: (in thousands) Accounts Receivable Revenue % of Total Revenue 2018 2017 2018 2017 2016 2018 2017 2016 Tropicana $ 1,797 $ 2,506 $ 70,396 $ 111,197 $ 46,898 86.6 % 85.6 % 32.5 % Cutrale Citrus Juice $ — $ — $ — $ 1,364 $ 22,735 — % 1.1 % 15.8 % Minute Maid $ — $ — $ — $ — $ 49,271 — % — % 34.2 % |
Schedule of Estimated Useful Lives For Property and Equipment | The estimated useful lives for property and equipment are primarily as follows: Citrus trees 25 years Equipment and other facilities 3-20 years Buildings and improvements 25-39 years |
Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Outstanding | The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for fiscal years ended September 30, 2018 , 2017 and 2016 : (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Weighted Average Common Shares Outstanding - Basic 8,232 8,300 8,303 Effect of dilutive securities - stock options and unrestricted stock 69 — 8 Weighted Average Common Shares Outstanding - Diluted 8,301 8,300 8,311 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense for the three years ended September 30, 2018 in general and administrative expense was as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Stock compensation expense: Executives $ 1,754 $ 880 $ 150 Board of Directors 859 773 774 Total stock compensation expense $ 2,613 $ 1,653 $ 924 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Unharvested fruit crop on the trees $ 39,888 $ 32,145 Beef cattle — 1,954 Other 1,145 2,105 Total inventories $ 41,033 $ 36,204 |
Assets Held For Sale (Tables)
Assets Held For Sale (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Assets Held For Sale | The following assets have been classified as assets held for sale as of September 30, 2018 and September 30, 2017 : (in thousands) Carrying Value Twelve Months Ended September 30, 2018 2017 Office Building $ — $ 3,214 Nursery - Gainesville — 6,500 Chancey Bay — 4,179 Gal Hog — 70 Breeding Herd — 5,858 Trailers 456 1,162 Frostproof Parcels 176 — East Ranch Parcels 759 — Total Assets Held For Sale $ 1,391 $ 20,983 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property And Equipment, Net | Property and equipment, net consists of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Citrus trees $ 264,714 $ 258,949 Equipment and other facilities 53,544 54,592 Buildings and improvements 8,052 8,835 Total depreciable properties 326,310 322,376 Less: accumulated depreciation and depletion (91,858 ) (82,443 ) Net depreciable properties 234,452 239,933 Land and land improvements 105,951 109,404 Net property and equipment $ 340,403 $ 349,337 |
Long-Term Debt and Lines of C_2
Long-Term Debt and Lines of Credit (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net of current portion | The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization, at September 30, 2018 and September 30, 2017 : September 30, 2018 September 30, 2017 Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net (in thousands) Long-term debt, net of current portion: Met Fixed-Rate Term Loans $ 95,938 $ 836 $ 99,062 $ 954 Met Variable-Rate Term Loans 46,719 385 49,594 439 Met Citree Term Loan 4,925 44 5,000 49 Pru Loans A & B 17,417 241 23,030 258 Pru Loan E 4,675 17 4,895 25 Pru Loan F 4,675 40 4,895 42 174,349 1,563 186,476 1,767 Less current portion 5,275 — 4,550 — Long-term debt $ 169,074 $ 1,563 $ 181,926 $ 1,767 |
Schedule of lines of credit | The following table summarizes lines of credit and related deferred financing costs, net of accumulated amortization, at September 30, 2018 and September 30, 2017 : September 30, 2018 September 30, 2017 Principal Deferred Financing Costs, Net Principal Deferred Financing Costs, Net (in thousands) Lines of Credit: RLOC $ — $ 58 $ — $ 109 WCLC 2,685 78 — 153 Lines of Credit $ 2,685 $ 136 $ — $ 262 |
Schedule of future maturities of debt and lines of credit | Future maturities of long-term debt and line of credit as of September 30, 2018 are as follows: (in thousands) Due within one year $ 5,275 Due between one and two years 10,963 Due between two and three years 14,990 Due between three and four years 13,440 Due between four and five years 10,755 Due beyond five years 121,611 Total future maturities $ 177,034 |
Schedule of interest costs expensed and capitalized | Interest costs expensed and capitalized were as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Interest expense $ 8,561 $ 9,141 $ 9,893 Interest capitalized 933 294 172 Total $ 9,494 $ 9,435 $ 10,065 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued Liabilities consist of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Ad valorem taxes $ 2,196 $ 2,648 Accrued interest 1,191 1,165 Accrued employee wages and benefits 3,115 1,320 Inventory received but not invoiced 726 — Accrued dividends 492 494 Current portion of deferred retirement obligations 345 315 Accrued insurance 223 166 Accrued tender offer consulting charges 274 — Other accrued liabilities 664 673 Total accrued liabilities $ 9,226 $ 6,781 |
Deferred Gain on Sale (Tables)
Deferred Gain on Sale (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule Of Deferred Gain On Sale | Deferred gain on sale consists of the following at September 30, 2018 and September 30, 2017 : (in thousands) September 30, 2018 2017 Deferred gain on sale $ 26,167 $ 27,482 Annual guarantee payment, net (1,239 ) (1,042 ) Total deferred gain on sale $ 24,928 $ 26,440 |
Schedule of Contractual Obligation, Fiscal Year Maturity | Estimated payments over the remaining term of the post-closing agreement arising out of the 2014 sale of property to Global Ag Properties, LLC are summarized in the following table. (in thousands) 2019 $ 2,871 2020 3,264 2021 3,681 2022 4,123 2023 4,572 Thereafter 13,804 Total $ 32,315 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities on Nonrecurring Basis | The following table represents certain assets held for sale as of September 30, 2018 , which have been measured at fair value on a non-recurring basis (see Note 4. Assets Held for Sale): Fair Value Hierarchy Carrying Value Adjustment to Fair Value Fair Value Trailers Level 3 $ 606 $ 150 $ 456 The following table represents certain assets held for sale as of September 30, 2017, which have been measured at fair value on a non-recurring basis (see Note 4. "Assets Held For Sale"): Fair Value Hierarchy Carrying Value Adjustment to Fair Value Fair Value Nursery - Gainesville Level 3 $ 10,107 $ 3,607 $ 6,500 Chancey Bay Level 3 $ 4,587 $ 408 $ 4,179 Trailers Level 3 $ 1,278 $ 116 $ 1,162 |
Common Stock and Options (Table
Common Stock and Options (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents a summary of the status of the Company’s nonvested shares is as follows: Nonvested Shares Shares Weighted-Average Grant Date Fair Value Nonvested Shares at September 30, 2015 12,500 $ 49.49 Granted during fiscal year 2016 — — Vested during fiscal year 2016 (2,233 ) $ 49.50 Forfeited during fiscal year 2016 — — Nonvested Shares at September 30, 2016 10,267 $ 49.49 Granted during fiscal year 2017 — — Vested during fiscal year 2017 (4,933 ) $ 49.58 Forfeited during fiscal year 2017 — — Nonvested Shares at September 30, 2017 5,334 $ 49.39 Granted during fiscal year 2018 5,000 $ 31.95 Vested during fiscal year 2018 (3,001 ) $ 39.70 Forfeited during fiscal year 2018 — — Nonvested Shares at September 30, 2018 7,333 $ 41.46 The following table represents a summary of the Company’s stock option activity: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance - September 30, 2016 — $ — 0.00 — Granted during fiscal year 2017 750,000 $ 27.15 3.33 — Forfeitures/expired in fiscal year 2017 — $ — 0.00 — Exercised during fiscal year 2017 — $ — 0.00 — Balance - September 30, 2017 750,000 $ 27.15 2.58 — Granted during fiscal year 2018 300,000 $ 33.60 3.25 — Forfeitures/expired in fiscal year 2018 (375,000 ) $ 27.15 1.86 — Exercised during fiscal year 2018 — $ — 0.00 — Balance - September 30, 2018 675,000 $ 30.02 2.22 — |
Schedule of Stock Options Using Valuation Assumptions | 2018 Option Grant Expected Volatility 30.0 % Expected Term (in years) 3.32 Risk Free Rate 2.80 % The weighted-average grant-date fair value of the 2018 Option Grants was $7.40 . There were no additional stock options granted or exercised for the fiscal year ended September 30, 2018. 2016 Option Grant Expected Volatility 32.19 % Expected Term (in years) 2.6 - 4.0 Risk Free Rate 2.45 % |
Treasury Stock (Tables)
Treasury Stock (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Treasury Stock Purchases | The following table illustrates the Company’s treasury stock purchases for the fiscal years ended September 30, 2018 , 2017 and 2016 : (in thousands, except share amounts) Total Number of Average Price Total Shares Purchased as Part of Publicly Announced Plan or Program Total Dollar Value of Shares Purchased Fiscal Year Ended September 30,: 2018 72,266 $ 30.65 722,406 $ 2,215 2017 104,145 $ 29.42 650,140 $ 3,064 2016 78,446 $ 40.04 545,995 $ 3,141 |
Schedule of Treasury Stock Transactions | The following table outlines the Company’s treasury stock transactions during the past three fiscal years: (in thousands, except share amounts) Shares Cost Balance at September 30, 2015 90,565 $ 3,962 Purchased 78,446 3,141 Issued to Employees and Directors (35,478 ) (1,035 ) Issued to former Silver Nip Citrus equity holders (32,923 ) (1,483 ) Balance at September 30, 2016 100,610 4,585 Purchased 104,145 3,064 Issued to Employees and Directors (27,440 ) (1,147 ) Balance at September 30, 2017 177,315 6,502 Purchased 72,266 2,215 Issued to Employees and Directors (33,393 ) (1,181 ) Balance at September 30, 2018 216,188 $ 7,536 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax | The provision (benefit) for income tax for the years ended September 30, 2018 , 2017 and 2016 consists of the following: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Current: Federal income tax $ 1,961 $ 102 $ 244 State income tax 384 — — Total current 2,345 102 244 Deferred: Federal income tax (3,917 ) (3,286 ) 4,538 State income tax 1,962 (662 ) 739 Total deferred (1,955 ) (3,948 ) 5,277 Provision (benefit) for income taxes $ 390 $ (3,846 ) $ 5,521 |
Schedule of Income Tax Provision Attributable to Income from Continuing Operations | Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 24.53% , based on a blended rate calculation, to income (loss) before income taxes for the fiscal year ended September 30, 2018 and 35% for the fiscal years ended September 30, 2017 and 2016 as a result of the following: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Tax at the statutory federal rate $ 3,198 $ (4,670 ) $ 4,382 Increase (decrease) resulting from: State income taxes, net of federal benefit 857 (402 ) 457 Permanent and other reconciling items, net 221 548 773 Expiration of capital loss carryforward 5,634 581 — Reduction in deferred tax liability resulting from the Act (9,847 ) — — Stock option cancellation 347 — — Other (20 ) 97 (91 ) Provision (benefit) for income taxes $ 390 $ (3,846 ) $ 5,521 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2018 , and 2017 are presented below: (in thousands) September 30, 2018 2017 Deferred tax assets: Deferred retirement benefits $ 1,114 $ 1,712 Investment in Citree 89 45 Deferred gain recognition 6,318 10,199 Goodwill 20,095 33,233 Inventories 711 6,435 Stock compensation 261 292 Accrued bonus 612 248 Capital loss carryforwards — 9,462 Tax credits 28 293 Net operating losses — 3,160 Intangibles 620 1,027 Other 190 332 Total deferred tax assets 30,038 66,438 Deferred tax liabilities: Revenue recognized from citrus and sugarcane 162 357 Property and equipment 54,925 91,995 Accrual-to-cash method — 950 Prepaid insurance 104 220 Investment in Magnolia — 24 Total deferred tax liabilities 55,191 93,546 Net deferred income tax liabilities $ (25,153 ) $ (27,108 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Information by Business Segment | Information by operating segment is as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Revenues: Alico Citrus $ 78,121 $ 123,441 $ 137,282 Water Resources and Other Operations 3,160 6,388 6,914 Total revenues 81,281 129,829 144,196 Operating expenses: Alico Citrus 51,709 111,947 102,347 Water Resources and Other Operations 3,979 8,952 6,790 Total operating expenses 55,688 120,899 109,137 Gross profit (loss): Alico Citrus 26,412 11,494 34,935 Water Resources and Other Operations (819 ) (2,564 ) 124 Total gross profit (loss) $ 25,593 $ 8,930 $ 35,059 Capital expenditures: Alico Citrus $ 15,968 $ 11,738 $ 10,393 Water Resources and Other Operations 304 646 2,293 Other Capital Expenditures 80 969 1,619 Total capital expenditures $ 16,352 $ 13,353 $ 14,305 Depreciation, depletion and amortization: Alico Citrus $ 13,467 $ 14,054 $ 13,982 Water Resources and Other Operations 219 652 932 Other Depreciation, Depletion and Amortization 70 520 468 Total depreciation, depletion and amortization $ 13,756 $ 15,226 $ 15,382 (in thousands) September 30, 2018 2017 Assets: Alico Citrus $ 405,752 $ 387,972 Water Resources and Other Operations 15,904 24,819 Other Corporate Assets 1,766 6,391 Total Assets $ 423,422 $ 419,182 |
Employee Benefits Plans (Tables
Employee Benefits Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of MSP Benefit Expense Charged to Costs and Expenses | The amount of MSP benefit expense charged to costs and expenses was as follows: (in thousands) Fiscal Year Ended September 30, 2018 2017 2016 Service cost $ — $ 200 $ 213 Interest cost 293 140 210 Recognized actuarial gain (loss) adjustment 16 (78 ) (5 ) Total $ 309 $ 262 $ 418 |
Summary of Roll-Forward of MSP Benefit Obligation | The following provides a roll-forward of the MSP benefit obligation: (in thousands) September 30, 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 4,438 $ 4,543 Service cost — 200 Interest cost 293 140 Benefits paid (350 ) (367 ) Recognized actuarial gain (loss) adjustment 16 (78 ) Benefit obligation at end of year $ 4,397 $ 4,438 Funded status at end of year $ (4,397 ) $ (4,438 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum annual rental payments under non-cancelable operating leases are as follows: (in thousands) 2019 $ 319 2020 166 2021 169 2022 175 2023 14 Total $ 843 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Summarized quarterly financial data for the fiscal years ended September 30, 2018 , and 2017 are computed independently each quarter, therefore, the sum of the quarter amounts may not equal the total amount for the respective year due to rounding as follows: (in thousands, except per share amounts) Fiscal Quarter Ended December 31, March 31, June 30, September 30, 2017 2016 2018 2017 2018 2017 2018 2017 Total operating revenue $ 17,533 $ 17,445 $ 35,600 $ 56,200 $ 26,517 $ 51,518 $ 1,631 $ 4,666 Total operating expenses 16,951 14,692 27,767 41,684 14,603 36,510 (3,633 ) 28,013 Gross profit 582 2,753 7,833 14,516 11,914 15,008 5,264 (23,347 ) General and administrative 3,886 3,788 3,073 3,399 2,955 3,709 5,144 4,128 Other (expense) income, net (375 ) (1,981 ) (2,140 ) (912 ) 5,074 (2,162 ) 96 (2,193 ) Income (loss) before income taxes (3,679 ) (3,016 ) 2,620 10,205 14,033 9,137 216 (29,668 ) Income tax expense (benefit) (12,417 ) (1,273 ) 8,150 4,321 4,941 3,665 (284 ) (10,559 ) Net income (loss) 8,738 (1,743 ) (5,530 ) 5,884 9,092 5,472 500 (19,109 ) Net loss attributable to noncontrolling interests 8 8 16 (51 ) 8 7 218 81 Net income (loss) attributable to Alico Inc. common stockholders $ 8,746 $ (1,735 ) $ (5,514 ) $ 5,833 $ 9,100 $ 5,479 $ 718 $ (19,028 ) Earnings per share: Basic $ 1.06 $ (0.21 ) $ (0.67 ) $ 0.70 $ 1.11 $ 0.66 $ 0.09 $ (2.29 ) Diluted $ 1.05 $ (0.21 ) $ (0.67 ) $ 0.70 $ 1.09 $ 0.66 $ 0.09 $ (2.29 ) Note - Total operating expenses for the fiscal quarter ended September 30, 2017 include an inventory casualty loss and net realizable value adjustment of approximately $14,688,000 and impairments of long-lived assets of approximately $9,346,000 . Total operating expenses for the fiscal quarter ended June 30, 2018 include insurance proceeds relating to Hurricane Irma of $477,000 for property and casualty damage claims and $3,726,000 for crop claims. Total operating expenses for the fiscal quarter ended September 30, 2018 included insurance proceeds relating to the Hurricane Irma of $5,226,000 for crop damage claims (see Note 3. “Inventories”, Note 4. “Assets Held For Sale” and Note 5. “Property and Equipment, Net” for further information) |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) a in Thousands | Oct. 01, 2015segment | Sep. 30, 2018USD ($)aclassification | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($)aclassificationsegment | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)segment |
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of business segments | segment | 2 | 2 | 2 | |||||||||
Net loss attributable to subsidiary | $ (218,000) | $ (8,000) | $ (16,000) | $ (8,000) | $ (81,000) | $ (7,000) | $ 51,000 | $ (8,000) | $ (250,000) | $ (45,000) | $ (34,000) | |
Net income (loss) | $ 718,000 | $ 9,100,000 | $ (5,514,000) | $ 8,746,000 | $ (19,028,000) | $ 5,479,000 | $ 5,833,000 | $ (1,735,000) | 13,050,000 | (9,451,000) | 6,993,000 | |
Citree | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Net loss attributable to subsidiary | 511,854 | 91,432 | 69,230 | |||||||||
Net income (loss) | $ 261,046 | $ 46,630 | $ 35,307 | |||||||||
Land | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land owned (in acres) | a | 117 | 117 | ||||||||||
Number of primary classifications | classification | 2 | 2 | ||||||||||
Mineral Rights | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of land owned (in acres) | a | 90 | 90 |
Summary of Significant Accou_4
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 2,577 | $ 4,314 |
Allowance for doubtful accounts | (33) | (28) |
Accounts receivable, net | $ 2,544 | $ 4,286 |
Summary of Significant Accou_5
Summary of Significant Accounting Policies - Concentrations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | $ 2,544 | $ 4,286 | $ 2,544 | $ 4,286 | |||||||
Operating revenue | 1,631 | $ 26,517 | $ 35,600 | $ 17,533 | 4,666 | $ 51,518 | $ 56,200 | $ 17,445 | 81,281 | 129,829 | $ 144,196 |
Tropicana | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | 1,797 | 2,506 | 1,797 | 2,506 | |||||||
Operating revenue | $ 70,396 | $ 111,197 | $ 46,898 | ||||||||
Tropicana | Total Revenue | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
% of Total Revenue | 86.60% | 85.60% | 32.50% | ||||||||
Cutrale Citrus Juice | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | 0 | 0 | $ 0 | $ 0 | |||||||
Operating revenue | $ 0 | $ 1,364 | $ 22,735 | ||||||||
Cutrale Citrus Juice | Total Revenue | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
% of Total Revenue | 0.00% | 1.10% | 15.80% | ||||||||
Minute Maid | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts Receivable | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Operating revenue | $ 0 | $ 0 | $ 49,271 | ||||||||
Minute Maid | Total Revenue | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
% of Total Revenue | 0.00% | 0.00% | 34.20% |
Summary of Significant Accou_6
Summary of Significant Accounting Policies - Real Estate (Details) | 12 Months Ended |
Sep. 30, 2018 | |
Minimum | |
Real Estate Properties [Line Items] | |
Percentage of sales price (at least) | 20.00% |
Maximum | |
Real Estate Properties [Line Items] | |
Percentage of sales price (at least) | 25.00% |
Summary of Significant Accou_7
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Sep. 30, 2018 | |
Citrus trees | |
Property, Plant and Equipment [Line Items] | |
Pre-productive maintenance costs capitalization period | 4 years |
Useful life | 25 years |
Equipment and other facilities | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Equipment and other facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 39 years |
Summary of Significant Accou_8
Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||
Weighted Average Common Shares Outstanding - Basic (in shares) | 8,232 | 8,300 | 8,303 |
Effect of dilutive securities - stock options and unrestricted stock (in shares) | 69 | 0 | 8 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 8,301 | 8,300 | 8,311 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Accounting Policies [Abstract] | ||
Valuation allowance relating to unutilized capital loss | $ 5,634 | $ 581 |
Summary of Significant Accou_9
Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Employee stock options granted (in shares) | 0 | 300,000 | 750,000 | 0 |
Anti-dilutive equity awards (in shares) | 0 | |||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Employee stock options granted (in shares) | 300,000 | 750,000 |
Summary of Significant Acco_10
Summary of Significant Accounting Policies - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 2,613 | $ 1,653 | $ 924 |
Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | 1,754 | 880 | 150 |
Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 859 | $ 773 | $ 774 |
Summary of Significant Acco_11
Summary of Significant Accounting Policies - Equity Method Investments and Variable Interest Entities (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2010USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Limited partner equity interest (as a percent) | 50.00% | ||||
Net investment gain (loss) recognized | $ 8 | $ (202) | $ (103) | ||
Share of distributions | $ 171 | $ 25 | $ 324 | ||
Magnolia | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Limited partner equity interest (as a percent) | 39.00% | ||||
Investment amount | $ 12,150 | ||||
Minimum percentage of certificate face amount | 0.05 | ||||
Acquisition fee (as a percent) | 0.01 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Inventory [Line Items] | |||
Other | $ 1,145 | $ 2,105 | |
Total inventories | 41,033 | 36,204 | |
Inventory casualty loss | 0 | 13,489 | $ 0 |
Unharvested fruit crop on the trees | |||
Inventory [Line Items] | |||
Unharvested fruit crop on the trees and Beef cattle | 39,888 | 32,145 | |
Beef cattle | |||
Inventory [Line Items] | |||
Unharvested fruit crop on the trees and Beef cattle | 0 | 1,954 | |
Year-End Adjustment | |||
Inventory [Line Items] | |||
Inventory casualty loss | 1,115 | $ 1,199 | |
Property And Casualty Claims | |||
Inventory [Line Items] | |||
Inventory casualty loss | 13,500 | ||
Insurance proceeds received | 477 | ||
Crop Claims | |||
Inventory [Line Items] | |||
Insurance proceeds received | $ 8,952 |
Assets Held For Sale - Schedule
Assets Held For Sale - Schedule Of Assets Held For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | $ 1,391 | $ 20,983 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 1,391 | 20,983 |
Office Building | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 0 | 3,214 |
Nursery - Gainesville | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 0 | 6,500 |
Chancey Bay | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 0 | 4,179 |
Gal Hog | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 0 | 70 |
Breeding Herd | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 0 | 5,858 |
Trailers | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 456 | 1,162 |
Frostproof Parcels | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | 176 | 0 |
East Ranch Parcels | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held-for-sale | $ 759 | $ 0 |
Assets Held For Sale - Narrativ
Assets Held For Sale - Narrative (Details) - USD ($) | Sep. 28, 2018 | May 02, 2018 | Feb. 12, 2018 | Feb. 09, 2018 | Jan. 25, 2018 | Jan. 19, 2018 | Oct. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Held-for-sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Impairment loss | $ 150,000 | $ 4,131,000 | |||||||
Chancey Bay | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 4,200,000 | ||||||||
Gain (loss) recognized in sale of property | (51,000) | ||||||||
Disposal group, rent expense | $ 200,000 | ||||||||
Nursery - Gainesville | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 6,500,000 | ||||||||
Gain (loss) recognized in sale of property | $ 111,000 | ||||||||
Breeding Herd | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 7,800,000 | ||||||||
Disposal group, rent expense | 100,000 | ||||||||
East Ranch Parcels | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 1,920,000 | ||||||||
Gain (loss) recognized in sale of property | $ 1,759,000 | ||||||||
Disposal group, rent expense | $ 98,750 | ||||||||
Trailers | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 500,000 | $ 31,000 | |||||||
Gain (loss) recognized in sale of property | $ 125,000 | ||||||||
Interest rate, stated percentage | 5.00% | ||||||||
Period remaining for amount to be paid | 3 years | ||||||||
Gal Hog | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 7,300,000 | ||||||||
Gain (loss) recognized in sale of property | $ 6,709,000 | ||||||||
Office Building | Fort Myers Property, Florida | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net cash proceeds | $ 5,300,000 | ||||||||
Gain (loss) recognized in sale of property | $ 1,751,000 | ||||||||
Period of portion of office space in regards to sales agreement | 5 years |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $ 105,951 | $ 109,404 |
Net depreciable properties, property and equipment | 340,403 | 349,337 |
Citrus trees | ||
Property, Plant and Equipment [Line Items] | ||
Cost of land | 264,714 | 258,949 |
Equipment and other facilities | ||
Property, Plant and Equipment [Line Items] | ||
Cost of land | 53,544 | 54,592 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost of land | 8,052 | 8,835 |
Depreciable Properties | ||
Property, Plant and Equipment [Line Items] | ||
Cost of land | 326,310 | 322,376 |
Less accumulated depreciation and depletion | (91,858) | (82,443) |
Net depreciable properties, property and equipment | $ 234,452 | $ 239,933 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) $ in Thousands | Sep. 28, 2018USD ($) | Mar. 30, 2018USD ($) | Mar. 15, 2018USD ($) | Nov. 21, 2014USD ($)a | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 29, 2018USD ($) | Feb. 02, 2017USD ($)a |
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on sale of real estate, property and equipment and assets held for sale | $ 11,041 | $ 2,181 | $ 618 | |||||||
Hendry County Florida | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 97,900 | |||||||||
Gain (loss) recognized in sale of property | $ (42,172) | |||||||||
Land held for sale (in acres) | a | 36,000 | |||||||||
Disposed of by Sale | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Impairment loss | 2,084 | |||||||||
Disposed of by Sale | Island Pond | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 7,900 | |||||||||
Impairment loss | 1,032 | |||||||||
Disposed of by Sale | East Ranch Parcels | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 1,920 | |||||||||
Gain (loss) recognized in sale of property | $ 1,759 | |||||||||
Disposed of by Sale | Winter Haven | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 225 | |||||||||
Gain (loss) recognized in sale of property | $ (50) | |||||||||
Disposed of by Sale | Ranch One Grove | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 586 | |||||||||
Gain (loss) recognized in sale of property | $ (87) | |||||||||
Disposed of by Sale | Hendry County Florida | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 2,200 | |||||||||
Land held for sale (in acres) | a | 49 | |||||||||
Gain on sale of real estate, property and equipment and assets held for sale | 1,371 | |||||||||
Disposed of by Sale | Citrus trees | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Impairment loss | $ 1,052 | |||||||||
Held-for-sale | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Impairment loss | $ 1,855 | $ 5,215 | ||||||||
Restricted Cash | Disposed of by Sale | Island Pond | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Net cash proceeds | $ 7,000 |
Long-Term Debt and Lines of C_3
Long-Term Debt and Lines of Credit - Schedule of Long-term Debt, Net of Current Portion (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 03, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | $ 174,349,000 | $ 186,476,000 | |
Deferred financing costs | 1,563,000 | 1,767,000 | |
Less current portion | 5,275,000 | 4,550,000 | |
Long-term debt | 169,074,000 | 181,926,000 | |
Met Fixed-Rate Term Loans | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 95,938,000 | 99,062,000 | $ 125,000,000 |
Deferred financing costs | 836,000 | 954,000 | |
Met Variable-Rate Term Loans | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 46,719,000 | 49,594,000 | $ 57,500,000 |
Deferred financing costs | 385,000 | 439,000 | |
Met Citree Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 4,925,000 | 5,000,000 | |
Deferred financing costs | 44,000 | 49,000 | |
Pru Loans A & B | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 17,417,000 | 23,030,000 | |
Deferred financing costs | 241,000 | 258,000 | |
Pru Loan E | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 4,675,000 | 4,895,000 | |
Deferred financing costs | 17,000 | 25,000 | |
Pru Loan F | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of current portion | 4,675,000 | 4,895,000 | |
Deferred financing costs | $ 40,000 | $ 42,000 |
Long-Term Debt and Lines of C_4
Long-Term Debt and Lines of Credit - Schedule of Lines of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | $ 1,563 | $ 1,767 | |
RLOC | |||
Line of Credit Facility [Line Items] | |||
Deferred Financing Costs, Net | 1,357 | 1,655,000 | $ 339 |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Principal | 2,685 | 0 | |
Deferred Financing Costs, Net | 136 | 262 | |
Line of Credit | RLOC | |||
Line of Credit Facility [Line Items] | |||
Principal | 0 | 0 | |
Deferred Financing Costs, Net | 58 | 109 | |
Line of Credit | WCLC | |||
Line of Credit Facility [Line Items] | |||
Principal | 2,685 | 0 | |
Deferred Financing Costs, Net | $ 78 | $ 153 |
Long-Term Debt and Lines of C_5
Long-Term Debt and Lines of Credit - Schedule of Future Maturities of Debt and Lines of Credit (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
Due within one year | $ 5,275 |
Due between one and two years | 10,963 |
Due between two and three years | 14,990 |
Due between three and four years | 13,440 |
Due between four and five years | 10,755 |
Due beyond five years | 121,611 |
Total future maturities | $ 177,034 |
Long-Term Debt and Lines of C_6
Long-Term Debt and Lines of Credit - Schedule of Interest Costs Expensed and Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 8,561 | $ 9,141 | $ 9,893 |
Interest capitalized | 933 | 294 | 172 |
Total | $ 9,494 | $ 9,435 | $ 10,065 |
Long-Term Debt and Lines of C_7
Long-Term Debt and Lines of Credit - Narrative (Details) | Dec. 01, 2016USD ($) | Dec. 03, 2014USD ($)a | Sep. 04, 2014USD ($)aloan | Mar. 04, 2014USD ($) | Sep. 30, 2018USD ($)loan | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Feb. 15, 2015USD ($) | Sep. 30, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | $ 174,349,000 | $ 186,476,000 | |||||||
Deferred financing costs | 1,563,000 | $ 1,767,000 | |||||||
Minimum debt service coverage ratio | 1.10 | ||||||||
Tangible net worth | $ 160,000,000 | ||||||||
Percentage of consolidated net income | 10.00% | ||||||||
Annual increase of tangible net worth | 162,300,000 | ||||||||
Covenant ratio | 1.50 | ||||||||
Debt to total assets ratio | 0.625 | ||||||||
Limit on capital expenditures | $ 30,000,000 | ||||||||
RLOC | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 25,000,000 | ||||||||
Annual commitment fee (as a percent) | 0.25% | ||||||||
Availability under line of credit | $ 25,000,000 | ||||||||
RLOC | 90 Day London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate spread | 1.65% | ||||||||
WCLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 70,000,000 | ||||||||
Variable interest rate (as a percentage) | 3.85% | 2.99% | |||||||
Availability under line of credit | $ 57,015,000 | ||||||||
Outstanding letters of credit | $ 10,300,000 | ||||||||
WCLC | One Month London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate spread | 1.75% | ||||||||
WCLC | One Month London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate spread | 0.25% | ||||||||
Annual commitment fee (as a percent) | 0.03% | ||||||||
WCLC | One Month London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate spread | 1.75% | ||||||||
Annual commitment fee (as a percent) | 0.02% | ||||||||
Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs, gross | $ 123,000 | $ 123,000 | |||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs, gross | $ 2,834,000 | ||||||||
Deferred financing costs | 1,357,000 | 1,655,000,000 | $ 339,000 | ||||||
Metlife Term Loan | Citree | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 5,000,000 | ||||||||
Outstanding balance | 4,925,000 | 5,000,000 | |||||||
Deferred financing costs | 44,000 | 49,000 | |||||||
Interest rate | 5.28% | ||||||||
Fixed Interest Rate Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | $ 125,000,000 | 95,938,000 | 99,062,000 | ||||||
Quarterly principal payments | $ 2,281,250 | ||||||||
Fixed interest rate (as a percentage) | 4.15% | ||||||||
Availability under line of credit | 5,625,000 | ||||||||
Deferred financing costs | 836,000 | 954,000 | |||||||
Prepayment amount of the fixed term loan (up to) | $ 8,750,000 | ||||||||
Variable Interest Rate Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | $ 57,500,000 | $ 46,719,000 | $ 49,594,000 | ||||||
LIBOR spread subject to adjustment period | 2 years | ||||||||
Variable interest rate (as a percentage) | 3.99% | 2.96% | |||||||
Deferred financing costs | $ 385,000 | $ 439,000 | |||||||
Variable Interest Rate Term Loans | 90 Day London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate spread | 1.65% | ||||||||
Pru Loans A & B | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | 17,417,000 | 23,030,000 | |||||||
Deferred financing costs | 241,000 | 258,000 | |||||||
Pru Loans A & B | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | 27,550,000 | ||||||||
Quarterly principal payments | $ 290,000 | ||||||||
Fixed interest rate (as a percentage) | 5.35% | ||||||||
Amount of prepayment | $ 4,453,000 | $ 750,000 | |||||||
Number of fixed rate term loans | loan | 2 | ||||||||
Prepayment amount of the fixed term loan (up to) | $ 5,000,000 | ||||||||
Prepayment without penalty, amount exceeded | 203,000 | ||||||||
Premium payments | 22,000 | ||||||||
Pru Loan E | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | 4,675,000 | 4,895,000 | |||||||
Deferred financing costs | 17,000 | 25,000 | |||||||
Pru Loan F | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | 4,675,000 | 4,895,000 | |||||||
Deferred financing costs | 40,000 | 42,000 | |||||||
Silver Nip Citrus Debt | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred financing costs | 298,000 | $ 325,000 | |||||||
Silver Nip Citrus Debt | Line of Credit | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Limited guaranty and security agreement | $ 8,000,000 | ||||||||
Silver Nip Citrus Debt | Line of Credit | Maximum | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Current covenant ratio | 1.50 | ||||||||
Silver Nip Citrus Debt | Line of Credit | Minimum | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Current covenant ratio | 1 | ||||||||
Prudential | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate term loans | $ 5,500,000 | ||||||||
Quarterly principal payments | $ 55,000 | ||||||||
Number of fixed rate term loans | loan | 2 | ||||||||
Prudential | Pru Loan E | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate (as a percentage) | 3.85% | ||||||||
Prudential | Pru Loan F | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate (as a percentage) | 3.45% | ||||||||
Prudential | Citrus Grove | Silver Nip Citrus | |||||||||
Debt Instrument [Line Items] | |||||||||
Area of land owned (in acres) | a | 1,500 | ||||||||
Citrus Groves | |||||||||
Debt Instrument [Line Items] | |||||||||
Area of land (in acres) | a | 38,200 | ||||||||
Farm and Ranch Land | |||||||||
Debt Instrument [Line Items] | |||||||||
Area of land (in acres) | a | 5,762 | ||||||||
Letter of Credit | WCLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 20,000,000 | ||||||||
Outstanding balance | $ 2,685,000 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Payables and Accruals [Abstract] | ||
Ad valorem taxes | $ 2,196 | $ 2,648 |
Accrued interest | 1,191 | 1,165 |
Accrued employee wages and benefits | 3,115 | 1,320 |
Inventory received but not invoiced | 726 | 0 |
Accrued dividends | 492 | 494 |
Current portion of deferred retirement obligations | 345 | 315 |
Accrued insurance | 223 | 166 |
Accrued tender offer consulting charges | 274 | 0 |
Other accrued liabilities | 664 | 673 |
Total accrued liabilities | $ 9,226 | $ 6,781 |
Deferred Gain on Sale - Schedul
Deferred Gain on Sale - Schedule Of Deferred Gain On Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | ||
Deferred gain on sale | $ 26,167 | $ 27,482 |
Annual guarantee payment, net | (1,239) | (1,042) |
Total deferred gain on sale | $ 24,928 | $ 26,440 |
Deferred Gain on Sale - Sched_2
Deferred Gain on Sale - Schedule of Estimated Payments of Post-Closing Agreement (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Business Combinations [Abstract] | |
2,019 | $ 2,871 |
2,020 | 3,264 |
2,021 | 3,681 |
2,022 | 4,123 |
2,023 | 4,572 |
Thereafter | 13,804 |
Total | $ 32,315 |
Deferred Gain on Sale - Narrati
Deferred Gain on Sale - Narrative (Details) $ in Thousands | Nov. 21, 2014USD ($)a | May 31, 2018USD ($) | May 31, 2017USD ($) | May 31, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Deferred gain on sale | $ 24,928 | $ 26,440 | |||||
Gain on sale of real estate, property and equipment and assets held for sale | 11,041 | 2,181 | $ 618 | ||||
Gain on sale of assets | 10,281 | 1,373 | (147) | ||||
Hendry County Florida | |||||||
Business Acquisition [Line Items] | |||||||
Land held for sale (in acres) | a | 36,000 | ||||||
Cash payment for land | $ 97,900 | ||||||
Post-closing adjustment period | 10 years | ||||||
Gain on sale | $ 42,753 | ||||||
Deferred gain on sale | 29,140 | ||||||
Maximum exposure to loss on a aggregate undiscounted basis | $ 42,172 | ||||||
Percentage of estimated maximum exposure to loss | 5.00% | ||||||
Hendry County Florida | Other Income (Expense) | |||||||
Business Acquisition [Line Items] | |||||||
Gain on sale of real estate, property and equipment and assets held for sale | 13,613 | ||||||
Property Subject to Operating Lease | |||||||
Business Acquisition [Line Items] | |||||||
Payments | $ 1,889 | $ 1,580 | $ 1,702 | ||||
Interest expense | 1,361 | 1,413 | 1,406 | ||||
Gain on sale of assets | $ 967 | $ 538 | $ 618 | ||||
Property Subject to Operating Lease | Hendry County Florida | |||||||
Business Acquisition [Line Items] | |||||||
Land held for sale (in acres) | a | 30,600 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated discount rate | 4.08% | 4.08% |
Fair Value, Inputs, Level 3 | Carrying Value | Trailers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 606 | $ 1,278 |
Fair Value, Inputs, Level 3 | Carrying Value | Nursery - Gainesville | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 10,107 | |
Fair Value, Inputs, Level 3 | Carrying Value | Chancey Bay | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 4,587 | |
Fair Value, Inputs, Level 3 | Adjustment to Fair Value | Trailers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 150 | 116 |
Fair Value, Inputs, Level 3 | Adjustment to Fair Value | Nursery - Gainesville | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,607 | |
Fair Value, Inputs, Level 3 | Adjustment to Fair Value | Chancey Bay | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 408 | |
Fair Value, Inputs, Level 3 | Fair Value | Trailers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 456 | 1,162 |
Fair Value, Inputs, Level 3 | Fair Value | Nursery - Gainesville | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 6,500 | |
Fair Value, Inputs, Level 3 | Fair Value | Chancey Bay | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 4,179 |
Common Stock and Options - Narr
Common Stock and Options - Narrative (Details) - USD ($) | Sep. 07, 2018 | Dec. 31, 2016 | Nov. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | May 31, 2017 | Mar. 31, 2017 | Jan. 27, 2017 | Sep. 30, 2015 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized to be repurchased (up to) (in shares) | 7,000,000 | 2,000,000 | 5,000,000 | 170,000 | 105,000 | |||||||
Total stock compensation expense | $ 2,613,000 | $ 1,653,000 | $ 924,000 | |||||||||
Employee stock options granted (in shares) | 0 | 300,000 | 750,000 | 0 | ||||||||
Restricted Shares | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares of common stock awarded (in shares) | 5,000 | 0 | 0 | |||||||||
Weighted average fair value (in dollars per share) | $ 31.95 | $ 0 | $ 0 | |||||||||
Total stock compensation expense | $ 137,000 | $ 264,000 | $ 150,000 | |||||||||
Unrecognized compensation costs | 172,000 | 149,000 | ||||||||||
Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total stock compensation expense | 1,617,000 | 616,000 | $ 0 | |||||||||
Unrecognized compensation costs | $ 2,174,000 | $ 2,030,000 | ||||||||||
Employee stock options granted (in shares) | 300,000 | 750,000 | ||||||||||
Number of shares available for issuance (in shares) | 0 | 675,000 | 750,000 | 0 | ||||||||
2015 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized to be repurchased (up to) (in shares) | 1,250,000 | |||||||||||
2015 Plan | Restricted Shares | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 2 years 6 months | |||||||||||
Restricted shares of common stock awarded (in shares) | 5,000 | |||||||||||
Weighted average fair value (in dollars per share) | $ 31.95 | |||||||||||
2015 Plan | Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares available for issuance (in shares) | 557,500 | |||||||||||
2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares issued (in dollars per share) | $ 33.60 | |||||||||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||||||||
Period following an executive's termination of employment without cause | 12 months | |||||||||||
Share price (in dollars per share) | $ 33.80 | |||||||||||
2018 Plan | Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted average grant date fair value (in dollars per share) | 7.40 | |||||||||||
2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares issued (in dollars per share) | $ 27.15 | |||||||||||
Period of consecutive trading days | 20 days | |||||||||||
Period following an executive's termination of employment without cause | 18 months | |||||||||||
Share price (in dollars per share) | $ 33.80 | |||||||||||
2016 Plan | Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted average grant date fair value of option grant (in dollars per share) | $ 3.53 | |||||||||||
Minimum | 2015 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 1 year | |||||||||||
Maximum | 2015 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 6 years | |||||||||||
Maximum | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share price (in dollars per share) | $ 35 | |||||||||||
Maximum | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share price (in dollars per share) | $ 60 | |||||||||||
Chief Executive Officer | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Employee stock options granted (in shares) | 210,000 | |||||||||||
Chief Executive Officer | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Employee stock options granted (in shares) | 300,000 | |||||||||||
Chief Financial Officer | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Employee stock options granted (in shares) | 90,000 | |||||||||||
Board of Directors Chairman | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Employee stock options granted (in shares) | 225,000 | |||||||||||
Shares forfeited (in shares) | 187,500 | |||||||||||
Unrecognized compensation expense | $ 783,000 | |||||||||||
Tranche One | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Period of consecutive trading days | 20 days | |||||||||||
Amount per share (in dollars per share) | $ 35 | |||||||||||
Tranche One | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Amount per share (in dollars per share) | $ 60 | |||||||||||
Tranche Two | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Period of consecutive trading days | 20 days | |||||||||||
Amount per share (in dollars per share) | $ 40 | |||||||||||
Tranche Two | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Amount per share (in dollars per share) | $ 75 | |||||||||||
Tranche Three | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Period of consecutive trading days | 20 days | |||||||||||
Amount per share (in dollars per share) | $ 45 | |||||||||||
Tranche Three | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Amount per share (in dollars per share) | $ 90 | |||||||||||
Tranche Four | 2018 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Period of consecutive trading days | 20 days | |||||||||||
Amount per share (in dollars per share) | $ 50 | |||||||||||
Tranche Four | 2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of option price to vest | 25.00% | |||||||||||
Amount per share (in dollars per share) | $ 105 |
Common Stock and Options - Sche
Common Stock and Options - Schedule Of Nonvested Shares (Details) - Restricted Shares - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 5,334 | 10,267 | 12,500 |
Granted (in shares) | 5,000 | 0 | 0 |
Vested (in shares) | (3,001) | (4,933) | (2,233) |
Forfeited (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 7,333 | 5,334 | 10,267 |
Weighted-Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 49.39 | $ 49.49 | $ 49.49 |
Granted (in dollars per share) | 31.95 | 0 | 0 |
Vested (in dollars per share) | 39.70 | 49.58 | 49.50 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 41.46 | $ 49.39 | $ 49.49 |
Common Stock and Options - Sc_2
Common Stock and Options - Schedule Of Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Granted (in shares) | 0 | 300,000 | 750,000 | 0 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 750,000 | 0 | ||
Granted (in shares) | 300,000 | 750,000 | ||
Forfeitures and expiration (in shares) | (375,000) | 0 | ||
Exercised (in shares) | 0 | 0 | ||
Ending balance (in shares) | 0 | 675,000 | 750,000 | 0 |
Weighted Average Exercise Price | ||||
Beginning balance (in dollars per share) | $ 27.15 | $ 0 | ||
Granted (in dollars per share) | 33.60 | 27.15 | ||
Forfeitures and expirations (in dollars per share) | 27.15 | 0 | ||
Exercised (in dollars per share) | 0 | 0 | ||
Ending balance (in dollars per share) | $ 0 | $ 30.02 | $ 27.15 | $ 0 |
Weighted Average Remaining Contractual Term (years) | ||||
Granted | 3 years 3 months | 3 years 3 months 29 days | ||
Forfeitures/Expired | 1 year 10 months 10 days | |||
Weighted Average Remaining Contractual Term (years) | 2 years 2 months 19 days | 2 years 6 months 29 days | ||
Aggregate Intrinsic Value | ||||
Beginning balance | $ 0 | $ 0 | ||
Granted | 0 | 0 | ||
Forfeitures/expired | 0 | 0 | ||
Exercised | 0 | 0 | ||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Common Stock and Options - Sc_3
Common Stock and Options - Schedule Of Valuation Model (Details) - Employee Stock Option | 12 Months Ended |
Sep. 30, 2018 | |
2016 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Volatility | 32.19% |
Risk Free Rate | 2.45% |
2016 Plan | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Term (in years) | 2 years 7 months 6 days |
2016 Plan | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Term (in years) | 4 years |
2018 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Volatility | 30.00% |
Expected Term (in years) | 3 years 3 months 26 days |
Risk Free Rate | 2.80% |
Treasury Stock - Narrative (Det
Treasury Stock - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||||
Jun. 29, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | May 31, 2017 | Mar. 31, 2017 | Sep. 30, 2015 | Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ||||||||
Number of shares authorized to be repurchased (up to) (in shares) | 7,000,000 | 2,000,000 | 5,000,000 | 170,000 | 105,000 | |||
Purchased (in shares) | 72,266 | 104,145 | 78,446 | |||||
Purchased | $ 1,676,443 | $ 2,214,756 | $ 3,064,000 | $ 3,141,000 |
Treasury Stock - Schedule of Tr
Treasury Stock - Schedule of Treasury Stock Purchases (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | ||||
Total Number of Shares Purchased (in shares) | 72,266 | 104,145 | 78,446 | |
Average Price Paid Per Share (in dollars per share) | $ 30.65 | $ 29.42 | $ 40.04 | |
Total Shares Purchased as Part of Publicly Announced Plan or Program (in shares) | 722,406 | 650,140 | 545,995 | |
Total Dollar Value of Shares Purchased | $ 1,676,443 | $ 2,214,756 | $ 3,064,000 | $ 3,141,000 |
Treasury Stock - Schedule of _2
Treasury Stock - Schedule of Treasury Stock Transactions (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Shares | ||||
Beginning Balance (in shares) | 177,315 | 177,315 | 100,610 | 90,565 |
Purchased (in shares) | 72,266 | 104,145 | 78,446 | |
Issued to Employees and Directors (in shares) | (33,393) | (27,440) | (35,478) | |
Issued to former Silver Nip Citrus equity holders (in shares) | (32,923) | |||
Ending Balance (in shares) | 216,188 | 177,315 | 100,610 | |
Cost | ||||
Beginning Balance | $ 6,502,000 | $ 6,502,000 | $ 4,585,000 | $ 3,962,000 |
Purchased | $ 1,676,443 | 2,214,756 | 3,064,000 | 3,141,000 |
Issued to Employees and Directors | (1,181,000) | (1,147,000) | (1,035,000) | |
Issued to former Silver Nip Citrus equity holders | (1,483,000) | |||
Ending Balance | $ 7,536,000 | $ 6,502,000 | $ 4,585,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current: | |||||||||||
Federal income tax | $ 1,961 | $ 102 | $ 244 | ||||||||
State income tax | 384 | 0 | 0 | ||||||||
Total current | 2,345 | 102 | 244 | ||||||||
Deferred: | |||||||||||
Federal income tax | (3,917) | (3,286) | 4,538 | ||||||||
State income tax | 1,962 | (662) | 739 | ||||||||
Total deferred | (1,955) | (3,948) | 5,277 | ||||||||
Provision (benefit) for income taxes | $ (284) | $ 4,941 | $ 8,150 | $ (12,417) | $ (10,559) | $ 3,665 | $ 4,321 | $ (1,273) | $ 390 | $ (3,846) | $ 5,521 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Statutory federal income tax rate | 35.00% | 24.53% | 35.00% | |
Tax benefit | $ 9,847 | $ 0 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision Attributable to Income from Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Statutory federal income tax rate | 35.00% | 24.53% | 35.00% | |||||||||
Tax at the statutory federal rate | $ 3,198 | $ (4,670) | $ 4,382 | |||||||||
Increase (decrease) resulting from: | ||||||||||||
State income taxes, net of federal benefit | 857 | (402) | 457 | |||||||||
Permanent and other reconciling items, net | 221 | 548 | 773 | |||||||||
Expiration of capital loss carryforward | 5,634 | 581 | 0 | |||||||||
Reduction in deferred tax liability resulting from the Act | (9,847) | 0 | 0 | |||||||||
Stock option cancellation | 347 | 0 | 0 | |||||||||
Other | (20) | 97 | (91) | |||||||||
Provision (benefit) for income taxes | $ (284) | $ 4,941 | $ 8,150 | $ (12,417) | $ (10,559) | $ 3,665 | $ 4,321 | $ (1,273) | $ 390 | $ (3,846) | $ 5,521 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Deferred tax assets: | ||
Deferred retirement benefits | $ 1,114 | $ 1,712 |
Investment in Citree | 89 | 45 |
Deferred gain recognition | 6,318 | 10,199 |
Goodwill | 20,095 | 33,233 |
Inventories | 711 | 6,435 |
Stock compensation | 261 | 292 |
Accrued bonus | 612 | 248 |
Capital loss carryforwards | 0 | 9,462 |
Tax credits | 28 | 293 |
Net operating losses | 0 | 3,160 |
Intangibles | 620 | 1,027 |
Other | 190 | 332 |
Total deferred tax assets | 30,038 | 66,438 |
Deferred tax liabilities: | ||
Revenue recognized from citrus and sugarcane | 162 | 357 |
Property and equipment | 54,925 | 91,995 |
Accrual-to-cash method | 0 | 950 |
Prepaid insurance | 104 | 220 |
Investment in Magnolia | 0 | 24 |
Total deferred tax liabilities | 55,191 | 93,546 |
Net deferred income tax liabilities | $ (25,153) | $ (27,108) |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | Oct. 01, 2015 | Sep. 30, 2018 | Sep. 30, 2016 |
Segment Reporting [Abstract] | |||
Number of operating segments | 2 | 2 | 2 |
Segment Information - Schedule
Segment Information - Schedule of Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | $ 1,631 | $ 26,517 | $ 35,600 | $ 17,533 | $ 4,666 | $ 51,518 | $ 56,200 | $ 17,445 | $ 81,281 | $ 129,829 | $ 144,196 |
Total operating expenses | (3,633) | 14,603 | 27,767 | 16,951 | 28,013 | 36,510 | 41,684 | 14,692 | 55,688 | 120,899 | 109,137 |
Total gross profit (loss) | 5,264 | $ 11,914 | $ 7,833 | $ 582 | (23,347) | $ 15,008 | $ 14,516 | $ 2,753 | 25,593 | 8,930 | 35,059 |
Total capital expenditures | 16,352 | 13,353 | 14,305 | ||||||||
Total depreciation, depletion and amortization | 13,756 | 15,226 | 15,382 | ||||||||
Total Assets | 423,422 | 419,182 | 423,422 | 419,182 | |||||||
Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 81,281 | 129,829 | 144,196 | ||||||||
Total operating expenses | 55,688 | 120,899 | 109,137 | ||||||||
Total gross profit (loss) | 25,593 | 8,930 | 35,059 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total capital expenditures | 80 | 969 | 1,619 | ||||||||
Total depreciation, depletion and amortization | 70 | 520 | 468 | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Assets | 1,766 | 6,391 | 1,766 | 6,391 | |||||||
Alico Citrus | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 78,121 | 123,441 | 137,282 | ||||||||
Total operating expenses | 51,709 | 111,947 | 102,347 | ||||||||
Alico Citrus | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total gross profit (loss) | 26,412 | 11,494 | 34,935 | ||||||||
Total capital expenditures | 15,968 | 11,738 | 10,393 | ||||||||
Total depreciation, depletion and amortization | 13,467 | 14,054 | 13,982 | ||||||||
Total Assets | 405,752 | 387,972 | 405,752 | 387,972 | |||||||
Water Resources and Other Operations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 3,160 | 6,388 | 6,914 | ||||||||
Total operating expenses | 3,979 | 8,952 | 6,790 | ||||||||
Water Resources and Other Operations | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total gross profit (loss) | (819) | (2,564) | 124 | ||||||||
Total capital expenditures | 304 | 646 | 2,293 | ||||||||
Total depreciation, depletion and amortization | 219 | 652 | $ 932 | ||||||||
Total Assets | $ 15,904 | $ 24,819 | $ 15,904 | $ 24,819 |
Employee Benefits Plans - Narra
Employee Benefits Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Benefit plan period | 180 months | ||
Weighted-average discount rate | 4.08% | 4.08% | |
Estimated future benefit payments | $ 357 | ||
Matching contribution (as a percent) (up to) | 4.00% | ||
Contribution to plan | $ 342 | $ 445 | $ 401 |
Contribution to profit sharing plan | $ 0 | $ 378 | $ 291 |
Employee Benefits Plans - Sched
Employee Benefits Plans - Schedule of MSP Benefit Expense Charged to Costs and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 200 | $ 213 |
Interest cost | 293 | 140 | 210 |
Recognized actuarial gain (loss) adjustment | 16 | (78) | (5) |
Total | $ 309 | $ 262 | $ 418 |
Employee Benefits Plans - Summa
Employee Benefits Plans - Summary of Roll-forward of the MSP Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Change in projected benefit obligation: | |||
Benefit obligation at beginning of year | $ 4,438 | $ 4,543 | |
Service cost | 0 | 200 | $ 213 |
Interest cost | 293 | 140 | 210 |
Benefits paid | (350) | (367) | |
Recognized actuarial gain (loss) adjustment | 16 | (78) | (5) |
Benefit obligation at end of year | 4,397 | 4,438 | $ 4,543 |
Funded status at end of year | $ (4,397) | $ (4,438) |
Related Party Transactions - Cl
Related Party Transactions - Clayton G. Wilson (Details) - Clayton G. Wilson - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jul. 31, 2017 | Jul. 01, 2017 | |
Related Party Transaction [Line Items] | ||||
Payments for services and covenants | $ 750,000 | $ 187,500 | ||
Cash in a lump sum | 200,000 | $ 275,000 | $ 275,000 | |
Expense under consulting and non-compete agreement | $ 187,500 | $ 562,500 |
Related Party Transactions - Re
Related Party Transactions - Remy W. Trafelet, Henry R. Slack, and George R. Brokaw (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |
Period of post-termination noncompetition and customer employee nonconsolidation covenants | 12 months |
Chief Executive Officer | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 400 |
Cash amount | $ 400 |
Period equivalent to severance cost payment | 24 months |
Board of Directors Chairman | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 250 |
Cash amount | $ 250 |
Period equivalent to severance cost payment | 18 months |
Executive Vice President | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 250 |
Cash amount | $ 250 |
Period equivalent to severance cost payment | 18 months |
Related Party Transactions - JD
Related Party Transactions - JD Alexander (Details) - JD Alexander | Nov. 06, 2013USD ($)installment | Sep. 30, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Related Party Transaction [Line Items] | ||||
Consulting services and covenant period | 2 years | |||
Payments for services and covenants | $ 2,000,000 | |||
Number of monthly installments | installment | 24 | |||
Expense under consulting and non-compete agreement | $ 167,000 | $ 0 | $ 0 |
Related Party Transactions - Ke
Related Party Transactions - Ken Smith (Details) - Ken Smith - USD ($) | Mar. 20, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Related Party Transaction [Line Items] | ||||
Payments for services and covenants (up to) | $ 925,000 | |||
Expense under consulting and non-compete agreement | $ 0 | $ 100,000 | $ 200,000 | |
Consulting Services | ||||
Related Party Transaction [Line Items] | ||||
Consulting services and covenant period | 3 years | |||
Covenants | ||||
Related Party Transaction [Line Items] | ||||
Consulting services and covenant period | 2 years |
Related Party Transactions - W.
Related Party Transactions - W. Mark Humphrey (Details) - W. Mark Humphrey - USD ($) | Jun. 01, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Related Party Transaction [Line Items] | ||||
Consulting services and covenant period | 1 year | |||
Cash in a lump sum | $ 100,000 | |||
Payments for services and covenants | $ 350,000 | |||
Expense under separation and consulting agreement | $ 0 | $ 0 | $ 238,000 |
Related Party Transactions - Sh
Related Party Transactions - Shared Services Agreement (Details) - TBCO - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |||
Payments for services and covenants | $ 618 | ||
Expense under shared services agreement | 592 | $ 564 | $ 479 |
Due to related parties | $ 163 | $ 148 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Total rent expense | $ 1,062 | $ 725 | $ 667 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 319 |
2,020 | 166 |
2,021 | 169 |
2,022 | 175 |
2,023 | 14 |
Total | $ 843 |
Commitments and Contingencies_3
Commitments and Contingencies - Letters of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Line of Credit Facility [Line Items] | ||
Standby letters of credit | $ 2,161 | |
Financial Standby Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Standby letters of credit | $ 10,300 | $ 10,300 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) - Schedule of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenue | $ 1,631 | $ 26,517 | $ 35,600 | $ 17,533 | $ 4,666 | $ 51,518 | $ 56,200 | $ 17,445 | $ 81,281 | $ 129,829 | $ 144,196 |
Total operating expenses | (3,633) | 14,603 | 27,767 | 16,951 | 28,013 | 36,510 | 41,684 | 14,692 | 55,688 | 120,899 | 109,137 |
Gross profit | 5,264 | 11,914 | 7,833 | 582 | (23,347) | 15,008 | 14,516 | 2,753 | 25,593 | 8,930 | 35,059 |
General and administrative | 5,144 | 2,955 | 3,073 | 3,886 | 4,128 | 3,709 | 3,399 | 3,788 | 15,058 | 15,024 | 13,213 |
Other (expense) income, net | 96 | 5,074 | (2,140) | (375) | (2,193) | (2,162) | (912) | (1,981) | 2,655 | (7,248) | (9,366) |
Income (loss) before income taxes | 216 | 14,033 | 2,620 | (3,679) | (29,668) | 9,137 | 10,205 | (3,016) | 13,190 | (13,342) | 12,480 |
Income tax expense (benefit) | (284) | 4,941 | 8,150 | (12,417) | (10,559) | 3,665 | 4,321 | (1,273) | 390 | (3,846) | 5,521 |
Net income (loss) | 500 | 9,092 | (5,530) | 8,738 | (19,109) | 5,472 | 5,884 | (1,743) | 12,800 | (9,496) | 6,959 |
Net loss attributable to noncontrolling interests | 218 | 8 | 16 | 8 | 81 | 7 | (51) | 8 | 250 | 45 | 34 |
Net income (loss) attributable to Alico, Inc. common stockholders | $ 718 | $ 9,100 | $ (5,514) | $ 8,746 | $ (19,028) | $ 5,479 | $ 5,833 | $ (1,735) | $ 13,050 | $ (9,451) | $ 6,993 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.09 | $ 1.11 | $ (0.67) | $ 1.06 | $ (2.29) | $ 0.66 | $ 0.70 | $ (0.21) | $ 1.59 | $ (1.14) | $ 0.84 |
Diluted (in dollars per share) | $ 0.09 | $ 1.09 | $ (0.67) | $ 1.05 | $ (2.29) | $ 0.66 | $ 0.70 | $ (0.21) | $ 1.57 | $ (1.14) | $ 0.84 |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (unaudited) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Inventory casualty loss and net realizable value adjustment | $ 14,688 | ||||
Impairments of long-lived assets | $ 9,346 | ||||
Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment loss | $ 1,855 | $ 5,215 | |||
Proceeds received from property and casualty damage claims | 477 | ||||
Proceeds received from crop claims | $ 3,726 | ||||
Crop Claims | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Insurance proceeds received | $ 8,952 | ||||
Crop Claims | Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Insurance proceeds received | $ 5,226 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Oct. 25, 2018 | Oct. 03, 2018 | Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||||
Granted (in shares) | 0 | 300,000 | 750,000 | 0 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
New shares issued (in shares) | 752,234 | |||||
Shares issued (in dollars per share) | $ 34 | |||||
Amount of stock issued during period | $ 25,575,956 | |||||
Period following an executive's termination of employment for a number of reasons | 18 months | |||||
Period following an executive's termination of employment without cause | 12 months | |||||
Tranche One | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Options vesting (in shares) | 3,333 | |||||
Period of consecutive trading days | 20 days | |||||
Sale of stock (in dollars per share) | $ 40 | |||||
Tranche Two | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Options vesting (in shares) | 3,333 | |||||
Period of consecutive trading days | 20 days | |||||
Sale of stock (in dollars per share) | $ 45 | |||||
Tranche Three | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Options vesting (in shares) | 3,334 | |||||
Period of consecutive trading days | 20 days | |||||
Sale of stock (in dollars per share) | $ 50 | |||||
Chief Financial Officer | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Shares issued (in dollars per share) | $ 33.34 | |||||
Granted (in shares) | 10,000 |